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MORTGAGE LOANS RECEIVABLE (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Mortgage Loans Receivable Held by Loan Type and Activity for Mortgage Loans Receivable
The following table summarizes residential mortgage loans outstanding by loan type:
June 30, 2024
December 31, 2023
(As Restated)
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$3,577,247 $3,347,246 10,411 5.5 %25.9$3,038,587 
Residential mortgage loans, HFI, at fair value$421,507 $368,866 7,823 8.5 %5.2$379,044 
Residential mortgage loans, HFS
Acquired performing loans(C)
61,427 53,951 1,790 8.0 %5.557,038 
Acquired non-performing loans(D)
21,874 18,943 247 6.1 %3.921,839 
Total residential mortgage loans, HFS
$83,301 $72,894 2,037 7.5 %5.1$78,877 
Residential mortgage loans, HFS, at fair value
Acquired performing loans(C)(E)
850,561 834,383 3,041 5.8 %11.2400,603 
Acquired non-performing loans(D)(E)
233,580 214,071 1,130 3.7 %23.0204,950 
Originated loans2,723,582 2,789,475 9,872 7.2 %29.21,856,312 
Total residential mortgage loans, HFS, at fair value
$3,807,723 $3,837,929 14,043 6.7 %24.8$2,461,865 
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For Level 2 loans, the weighted average life is based on the contractual term of the loan.
(B)Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.
(C)Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)As of June 30, 2024, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below.
(E)Includes $217.2 million and $192.6 million UPB of Ginnie Mae early buyout options performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA.
The following table summarizes Mortgage loans receivable, at fair value and mortgage loans receivable held by consolidated CFEs by loan type as of June 30, 2024:
Mortgage Loans Receivable - Carrying
Value(A)
Mortgage Loans Receivable of Consolidated CFEs - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
Construction$886,359 $211,184 $1,097,543 43.3 %39628.3 %11.2 %18.3
72.8% / 62.3%
Bridge898,306 220,071 1,118,377 43.8 %57541.2 %10.1 %24.667.7%
Renovation264,601 60,848 325,449 12.9 %42630.5 %10.5 %12.5
81.7%/ 67.4%
$2,049,266 $492,103 $2,541,369 100.0 %1,397100.0 %10.6 %20.4N/A
(A)Mortgage loans receivable are carried at fair value under the fair value option election. Mortgage loans of consolidated CFEs are classified as Level 2, as their value is based on the fair value of the more observable financial liabilities of consolidated CFEs. See Note 19 regarding fair value measurements.
(B)Weighted by commitment LTV for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans.
The following table summarizes the activity for the period of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets:
Balance at December 31, 2023 (As Restated)
$1,879,319 
Initial loan advances931,574 
Construction holdbacks and draws392,874 
Paydowns and payoffs(798,720)
Fair value adjustments17,418 
Purchased loans discount amortization871 
Transfer of loans to REO(4,311)
Transfers from (to) assets of consolidated CFEs(369,759)
Balance at June 30, 2024$2,049,266 
The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2023
$398,227 $31,323 $429,550 
Fundings— — — 
Payment in Kind— 2,211 2,211 
Proceeds from repayments(33,250)(4,420)(37,670)
Balance at June 30, 2024
$364,977 $29,114 $394,091 
Schedule of Difference Between Aggregate UPB and Aggregate Carrying Value of Loans
The following table summarizes the difference between the aggregate UPB and the aggregate carrying value of Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment at fair value on the Consolidated Balance Sheets which are 90 days or more past due:
June 30, 2024December 31, 2023
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
90+$340,323 $304,967 $(35,356)$313,122 $281,556 $(31,566)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets:
June 30, 2024December 31, 2023 (As Restated)
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$1,991,233 $2,009,083 $17,850 $1,838,935 $1,837,513 $(1,422)
90+45,996 40,183 $(5,813)41,869 41,806 (63)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
June 30, 2024December 31, 2023
Days Past DueUPB
Carrying
Value(A)
Carrying Value Over (Under) UPBUPB
Carrying
Value(A)
Carrying Value Over (Under) UPB
Current$493,354 $394,091 $(99,263)$565,786 $429,550 $(136,236)
90+— — $— — — $— 
(A)Notes and loans receivable are carried at fair value. See Note 19 regarding fair value measurements.
Schedule of Geographic Distribution of the Underlying Mortgage Loans Receivable
The following table summarizes the geographic distribution of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets as of June 30, 2024:
Percentage of Total
Loan Commitment
State ConcentrationJune 30, 2024December 31, 2023 (As Restated)
California45.6 %47.8 %
Florida8.8 %7.8 %
Georgia8.0 %2.5 %
Washington6.4 %7.9 %
New York5.7 %6.7 %
Colorado3.9 %3.1 %
Arizona3.8 %4.8 %
Virginia3.6 %4.1 %
South Carolina2.2 %0.6 %
Texas2.0 %2.7 %
Other US10.0 %12.0 %
100.0 %100.0 %