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OTHER ASSETS AND LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2024
Other Income Assets And Liabilities [Abstract]  
Schedule of Other Assets and Accrued Expenses and Other Liabilities
Other Assets and Accrued Expenses and Other Liabilities consist of the following:
Other AssetsAccrued Expenses
and Other Liabilities
June 30, 2024December 31, 2023 (As Restated)June 30, 2024December 31, 2023 (As Restated)
CLOs, at fair value(A)
261,492 226,486Accounts payable$201,544 $165,144 
Deferred tax asset283,071 279,019Accrued compensation and benefits159,470 290,464 
Derivative and hedging assets (Note 17)
54,357 28,080Deferred tax liability950,986 801,857 
Due from related parties38,346 32,319
Derivative liabilities (Note 17)
35,100 51,765 
Equity investments(B)
244,222 173,882Escheat payable197,816 169,914 
Excess MSRs, at fair value (Note 13)
395,606 271,150Excess spread financing116,142 — 
Goodwill (Note 15)(C)
131,857 131,857Interest payable186,695 166,620 
Income and fees receivable55,378 59,134
Lease liability (Note 16)
175,106 159,236 
Intangible assets (Note 15)
364,942 387,920
Notes Receivable Financing(G)
352,683 — 
Loans receivable, at fair value(D)
29,114 31,323Unearned income and fees30,284 37,468 
Margin receivable, net(E)
205,207 75,947Other liabilities238,902 223,293 
Non-Agency RMBS, at fair value(A)
548,047 577,543$2,644,728 $2,065,761 
Notes receivable, at fair value(F)
364,977 398,227
Operating lease right-of-use assets (Note 16)
104,983 104,207
Other receivables159,726 152,046
Prepaid expenses68,724 62,513
Principal and interest receivable154,945 168,516
Property and equipment37,428 40,038
REO27,163 15,507
Servicer advance investments, at fair value (Note 14)
357,220 376,881
Servicing fee receivables162,888 156,777
Warrants, at fair value11,564 16,599
Other assets189,929 182,881
$4,251,186 $3,948,852 
(A)Non-Agency RMBS and CLOs were reclassified from Real estate and other securities, as presented in prior periods, to Other assets on the Consolidated Balance Sheets as of June 30, 2024.
(B)Represents equity investments in (i) commercial redevelopment projects and (ii) operating companies providing services throughout the real estate industry, including investments in Covius Holding Inc., a provider of various technology-enabled services to the mortgage and real estate sectors, preferred stock of Valon, a residential mortgage servicing and technology company, and preferred stock of Covalto Ltd. (formerly known as Credijusto Ltd.), a financial services company and (iii) funds managed by Sculptor.
(C)Includes goodwill derived from the acquisition of Newrez, Guardian, Genesis and Sculptor.
(D)Represents loans made pursuant to a senior credit agreement and a senior subordinated credit agreement to an entity affiliated with funds managed by an affiliate of the Former Manager. The loans are accounted for under the fair value option.
(E)Represents collateral posted as a result of changes in fair value of Rithm Capital’s (i) government and government-backed securities securing its secured financing agreements and (ii) derivative instruments.
(F)Represents notes receivable secured by commercial properties. The notes are accounted for under the fair value option.
(G)During the second quarter of 2024, the Company transferred an investment in a note receivable with a fair value of $365.0 million subject to a repo financing of $323.5 million from a third party, to a nonconsolidated joint venture for cash consideration of $36.8 million. The transaction did not meet sale accounting under ASC 860 and, as a result, was treated as a secured borrowing for accounting purposes for which the Company elected the fair value option and is included in Other liabilities in our Consolidated Balance Sheets. The amount presented within Notes receivable financing is comprised of the repo financing and the non-recourse liability in a secured borrowing. The Company continues to reflect the transferred note in Other Assets in our Consolidated Balance Sheets, at fair value.
Schedule of Activity Related to the Carrying Value of Investments in REO
The following table presents activity for the period related to the carrying value of investments in REO:
Balance at December 31, 2023$15,507 
Purchases10,541 
Property received in satisfaction of loan17,934 
Sales(A)
(15,454)
Valuation (provision) reversal (1,365)
Balance at June 30, 2024$27,163 
(A)Recognized when control of the property has transferred to the buyer.
Schedule of Notes and 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 Notes and Loans Receivable
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.