XML 64 R52.htm IDEA: XBRL DOCUMENT v3.24.2.u1
DEBT OBLIGATIONS (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Schedule of Secured Financing Agreements, Secured Notes and Bonds Payable and Debt Obligations Related to Consolidated Funds and Carrying Value of Debt Obligations
The following table summarizes Secured Financing Agreements, Secured Notes and Bonds Payable and also includes debt obligations of consolidated CFEs:
June 30, 2024
December 31, 2023
Collateral(As Restated)
Debt Obligations/Collateral(C)
Outstanding Face Amount
Carrying Value(A)
Final Stated Maturity(B)
Weighted Average Funding CostWeighted Average Life (Years)Outstanding FaceAmortized Cost BasisCarrying ValueWeighted Average Life (Years)
Carrying Value(A)
Secured Financing Agreements
Warehouse Credit Facilities-Residential Mortgage Loans(D)
$3,799,496 $3,799,496 Jul-24 to Feb-266.9 %0.6$4,244,227 $4,296,216 $4,238,965 22.8$1,940,038 
Warehouse Credit Facilities-Mortgage Loans Receivable(G)
1,411,054 1,411,054 Mar-25 to Dec-258.0 %1.31,721,912 1,731,239 1,731,239 1.11,337,010 
Government and government-backed securities(F)
9,114,181 9,114,181 Jul-24 to Feb-255.4 %0.29,559,841 9,361,449 9,496,785 8.68,152,469 
Non-Agency RMBS(E)
630,000 630,000 Jul-24 to Oct-287.4 %0.617,276,385 985,108 1,008,536 7.1610,189 
CLOs(G)
191,655 190,196 Jan-30 to Oct-366.4 %8.8192,683 N/A193,560 8.8183,947 
SFR Properties and Commercial(G)
34,972 34,972 Dec-248.2 %0.5N/A82,407 82,407 N/A337,630 
Total Secured Financing Agreements15,181,358 15,179,899 6.1 %0.512,561,283 
Secured Notes and Bonds Payable
Excess MSRs(E)
161,406 161,406 Oct-258.7 %3.356,559,914 221,408 255,389 6.0181,522 
MSRs(H)
5,395,119 5,389,633 Dec-24 to Nov-277.5 %1.4569,894,934 7,212,153 9,429,829 6.44,800,728 
Servicer Advance Investments(I)
262,069 262,069 Mar-267.3 %1.7302,282 336,131 357,220 8.3278,042 
Servicer Advances(I)
2,281,451 2,280,652 Jul-24 to Jun-268.1 %1.52,634,706 2,623,070 2,623,070 0.72,254,369 
Consumer Loans(J)
811,073 786,425 Jun-28 to Sep 376.4 %3.91,011,653 984,285 946,367 1.61,106,974 
SFR Properties(K)
830,582 791,984 Mar-26 to Sep-274.1 %2.8N/A940,601 940,601 N/A789,174 
Mortgage Loans Receivable200,000 200,000 Jul-265.8 %2.0224,995 224,995 224,995 0.6200,000 
Secured Facility- Asset Management75,000 70,393 Nov-258.8 %1.3N/AN/AN/AN/A69,121 
CLOs(G)
13,361 13,329 Jul-306.8 %6.015,780 N/A15,017 6.030,258 
Total Secured Notes and Bonds Payable10,030,061 9,955,891 7.3 %1.810,360,188 
Notes Payable of Consolidated CFEs(L)
Consolidated funds(M)
222,250 221,801 May-375.0 %4.3202,130 N/A200,552 N/A218,157 
Residential Mortgage Loans3,126,741 2,887,692 Mar-644.4 %25.93,577,247 N/A3,347,246 25.92,618,082 
Mortgage Loans Receivable454,249 451,682 Mar-396.8 %14.7479,203 479,203 492,103 1.0318,998 
Total Notes Payable of Consolidated CFEs3,803,240 3,561,175 4.8 %23.13,155,237 
Total / Weighted Average$29,014,659 $28,696,965 6.3 %4.0$26,076,708 
(A)Net of deferred financing costs.
(B)Debt obligations with a stated maturity through the date of issuance were refinanced, extended or repaid.
(C)Associated with accrued interest payable of approximately $164.5 million as of June 30, 2024.
(D)Includes $11.3 million with an average fixed-rate of 5.0% with the remaining based on SOFR interest rates.
(E)SOFR-based floating interest rates. Includes repurchase agreements and related collateral on Non-Agency securities retained through consolidated securitizations.
(F)Repurchase agreements have a fixed-rate. Includes financing on and collateral for US Treasuries purchased to cover short sales. Collateral carrying value includes margin deposits.
(G)All SOFR- or Euro Interbank Offered Rate (EURIBOR) based floating interest rates.
(H)Includes $4.5 billion of MSR notes with an interest equal to the sum of (i) a floating rate index equal to SOFR, and (ii) a margin ranging from 2.5% to 3.7%; and $0.9 billion of MSR notes with fixed interest rates ranging 3.0% to 5.4%. The outstanding face amount of the collateral represents the UPB of the residential mortgage loans underlying the MSRs and MSR financing receivables securing these notes.
(I)Includes debt with an interest rate equal to the sum of (i) a floating rate index equal to SOFR, and (ii) a margin ranging from 1.6% to 3.7%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and Newrez.
(J)Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $172.2 million UPB of Class A notes with a coupon of 2.0% and $53.0 million UPB of Class B notes with a coupon of 2.7% and (ii) $581.1 billion of debt collateralized by the Marcus loans with an interest rate of SOFR plus a margin of 3.0%.
(K)Includes $830.6 million of fixed-rate notes with an interest rate ranging from 3.5% to 7.1%.
(L)See Note 20 for the balance sheets of consolidated CFEs.
(M)Includes $120.0 million UPB of Class A notes with a fixed coupon of 4.3%, $70.0 million UPB of Class B notes with a fixed coupon of 6.0%, $15.0 million UPB of Class C notes with a fixed coupon of 6.8%, and $17.3 million UPB of Subordinated notes, held within consolidated funds (Note 20). Weighted average life is based on expected maturity.
The following table summarizes activities related to the carrying value of debt obligations:
Servicer Advances and Excess MSRs(A)
MSRsReal Estate and Other SecuritiesResidential Mortgage Loans and REOConsumer LoansSFR Properties and CommercialMortgage Loans ReceivableAsset ManagementTotal
Balance at December 31, 2023 (As Restated)
$2,713,933 $4,800,728 $8,762,658 $5,208,120 $1,106,974 $1,126,804 $1,856,008 $501,483 $26,076,708 
Secured Financing Agreements
Borrowings— — 40,053,308 26,670,929 — 15,183 1,807,048 17,404 68,563,872 
Repayments— — (39,071,785)(24,811,728)— (324,197)(1,733,004)(6,068)(65,946,782)
FX remeasurement— — — — — — — (4,987)(4,987)
Capitalized deferred financing costs, net of amortization— — — 257 — 6,356 — (100)6,513 
Secured Notes and Bonds Payable
Acquired borrowings, net of discount (Note 3)
190,596 — — — — — — — 190,596 
Borrowings1,157,000 1,191,159 — — — — — 5,225 2,353,384 
Repayments(1,357,552)(603,815)— (650,000)(323,594)(2,811)— (22,194)(2,959,966)
FX remeasurement— — — — — — — (99)(99)
Unrealized (gain) loss on notes, fair value— — — — 2,451 — — — 2,451 
Capitalized deferred financing costs, net of amortization150 1,561 — — 594 5,621 — 1,411 9,337 
Notes Payable of Consolidated CFEs
Borrowings— — — 445,250 — — 454,249 — 899,499 
Repayments— — — (169,363)— — (324,062)— (493,425)
Discount on borrowings, net of amortization— — — (24,260)— — — — (24,260)
Unrealized (gain) loss on notes, fair value— — — 17,983 — — 5,228 3,644 26,855 
Capitalized deferred financing costs, net of amortization — — — — — — (2,731)— (2,731)
Balance at June 30, 2024$2,704,127 $5,389,633 $9,744,181 $6,687,188 $786,425 $826,956 $2,062,736 $495,719 $28,696,965 
(A)Rithm Capital net settles daily borrowings and repayments of the secured notes and bonds payable on its servicer advances.
Schedule of Contractual Maturities of Debt Obligations
Contractual maturities of debt obligations as of June 30, 2024 are as follows:
Year Ending
Nonrecourse(A)
Recourse(B)
Total
July 1 through December 31, 2024$842,943 $12,869,976 $13,712,919 
2025247,781 5,299,929 5,547,710 
20262,084,833 1,950,470 4,035,303 
2027734,398 440,000 1,174,398 
2028705,783 — 705,783 
2029 and thereafter4,113,546 775,000 4,888,546 
$8,729,284 $21,335,375 $30,064,659 
(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs, and notes payable of consolidated CFEs of $1.0 billion, $3.9 billion, $0.2 billion, and $3.6 billion, respectively.
(B)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs, and notes payable of consolidated CFEs of $14.1 billion, $6.1 billion, $1.1 billion, and $0.0 billion, respectively.
Schedule of Borrowing Capacity
The following table represents borrowing capacity as of June 30, 2024:
Debt Obligations / CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements
Residential mortgage loans, mortgage loans receivable, SFR and commercial notes receivable$5,282,943 $2,342,051 $2,940,892 
Loan originations5,627,000 2,903,472 2,723,528 
CLOs314,230 191,655 122,575 
Secured Notes and Bonds Payable
Excess MSRs197,016 161,406 35,610 
MSRs5,983,998 5,395,119 588,879 
Servicer advances4,210,000 2,543,520 1,666,480 
SFR296,423 192,606 103,816 
Liabilities of Consolidated CFEs
Consolidated funds52,500 — 52,500 
$21,964,110 $13,729,830 $8,234,280 
(A)Although available financing is uncommitted, Rithm Capital’s unused borrowing capacity is available if it has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate.
Schedule of Debt Redemption
The notes become redeemable at any time and from time to time, on or after April 1, 2026, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2029 Senior Notes to be redeemed):

YearPrice
2026104.000 %
2027102.000 %
2028 and thereafter100.000 %
Schedule of Potential Payments Under TRA
The table below presents the Company’s estimate as of June 30, 2024, of the maximum undiscounted amounts that would be payable under the TRA using the assumptions described above. In light of the numerous factors affecting Sculptor’s obligation to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table.
Year EndingPotential Payments Under TRA
July 1 through December 31, 2024$— 
202529,819 
202617,374 
202718,994 
202815,940 
2029 and thereafter174,203 
$256,330