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SEGMENT REPORTING
 12 Months Ended
Dec. 31, 2024
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Rithm Capital conducts its business and generates substantially all of its revenues primarily in the U.S. through operating segments that have been aggregated into the following reportable segments: (i) Origination and Servicing, (ii) Investment Portfolio, (iii) Residential Transitional Lending and (iv) Asset Management. Activities that are not directly attributable or not allocated to any of the reportable segments are reported under Corporate as a reconciling item to the Company’s consolidated financial statements. The activities within Corporate primarily consist of general and administrative expenses, corporate cash and related interest income and the Senior Unsecured Notes (as defined in Note 18) and related interest expense.

In 2024, Rithm Capital reevaluated and revised the composition of its reportable segments based on the changes to its management reporting structure and performance assessment. MSR portfolio serviced by third-parties, government and government-backed securities, including corresponding hedges, servicer advances receivable and Guardian’s operations that were previously reflected within the Investment Portfolio segment are now reflected within the Origination and Servicing segment. Segment information for prior periods has been recast to reflect these changes. Additionally, the title of the Mortgage Loans Receivable segment was changed to Residential Transitional Lending.

The structure of the reportable segments is differentiated by the nature of the Company’s business activities, which is consistent with the reporting structure of the Company’s internal organization, as well as by the financial information used by the Company’s chief operating decision maker (“CODM”) to make decisions regarding the Company’s business, including resource allocation and performance assessment. The Company’s CODM is the Chairman, Chief Executive Office and President.

The Origination and Servicing segment generates revenue through servicing fee revenue, interest income and gain on originated and sold residential mortgage loans. The Investment Portfolio segment generates revenue from certain real estate securities, SFR properties, residential mortgage loans, consumer loans and certain ancillary and equity method investments primarily in the form of interest income and other investment portfolio revenues. The Residential Transitional Lending segment generates revenue through interest income related to the origination and management of a portfolio of short-term mortgage loans to fund the construction and development of, or investment in, residential properties. The Asset Management segment generates revenue through management and incentive fees based primarily on the AUM and performance of funds and accounts managed by the Company.

Income before income taxes is the measure of segment profit and loss that is determined in accordance with the measurement principles used in measuring the corresponding amounts in the consolidated financial statements and used by the CODM to evaluate segment results. It is also one of the factors considered in determining capital allocation among the segments, assessing performance for each segment and determining compensation for certain employees.

The following tables summarize segment financial information, including the Corporate category explained above, which in total reconciles to the same data for Rithm Capital on a consolidated basis:
Origination and ServicingInvestment PortfolioResidential Transitional LendingAsset ManagementCorporate CategoryTotal
Year Ended December 31, 2024
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$1,993,319 $— $— $— $— $1,993,319 
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(602,241))
(167,574)— — — — (167,574)
Servicing revenue, net1,825,745 — — — — 1,825,745 
Interest income1,351,066 319,596 257,833 21,288 7 1,949,790 
Gain on originated residential mortgage loans, held-for-sale, net672,093 10,442 — — — 682,535 
Other revenues121,291 106,181 — — — 227,472 
Asset management revenues— — — 520,294 — 520,294 
Total Revenues3,970,195 436,219 257,833 541,582 7 5,205,836 
Interest expense and warehouse line fees1,327,115 271,908 125,722 36,274 74,306 1,835,325 
Other segment expenses(A)
500,347 80,724 19,578 97,550 46,154 744,353 
Compensation and benefits706,805 3,809 47,320 328,758 48,076 1,134,768 
Depreciation and amortization56,496 30,748 6,268 30,598 21 124,131 
Total Operating Expenses2,590,763 387,189 198,888 493,180 168,557 3,838,577 
Realized and unrealized gains (losses), net(288,322)18,671 54,020 (74)— (215,705)
Other income (loss), net21,677 22,032 (1,603)15,100 49 57,255 
Total Other Income (Loss)(266,645)40,703 52,417 15,026 49 (158,450)
Income (Loss) before Income Taxes1,112,787 89,733 111,362 63,428 (168,501)1,208,809 
Income tax expense219,086 6,949 5,224 36,058 — 267,317 
Net Income (Loss)893,701 82,784 106,138 27,370 (168,501)941,492 
Noncontrolling interests in income (loss) of consolidated subsidiaries2,554 3,133 — 4,302 — 9,989 
Dividends on preferred stock— — — — 96,456 96,456 
Net Income (Loss) Attributable to Common Stockholders$891,147 $79,651 $106,138 $23,068 $(264,957)$835,047 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to loan origination and servicing, information technology, occupancy and legal and professional. The Investment Portfolio segment’s other segment expenses primarily include expenses related to loan servicing and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination, occupancy and information technology. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional, information technology and occupancy.

Origination and ServicingInvestment PortfolioResidential Transitional LendingAsset ManagementCorporate CategoryTotal
December 31, 2024
Investments$24,108,692 $2,379,086 $2,178,075 $— $— $28,665,853 
Cash and cash equivalents1,004,326 27,987 37,605 174,819 214,006 1,458,743 
Restricted cash207,724 49,126 33,555 18,038 — 308,443 
Other assets7,068,046 2,199,220 138,397 962,845 5,752 10,374,260 
Goodwill29,468 — 55,731 48,633 — 133,832 
Assets of consolidated CFEs— 2,808,319 995,712 1,303,795 — 5,107,826 
Total Assets$32,418,256 $7,463,738 $3,439,075 $2,508,130 $219,758 $46,048,957 
Debt$21,968,357 $3,103,488 $1,747,307 $431,806 $1,033,804 $28,284,762 
Other liabilities4,725,155 433,762 29,999 104,879 235,846 5,529,641 
Liabilities of consolidated CFEs— 2,361,345 860,123 1,126,776 — 4,348,244 
Total Liabilities26,693,512 5,898,595 2,637,429 1,663,461 1,269,650 38,162,647 
Total Equity5,724,744 1,565,143 801,646 844,669 (1,049,892)7,886,310 
Noncontrolling interests in equity of consolidated subsidiaries9,687 41,707 — 39,942 — 91,336 
Total Rithm Capital Stockholders’ Equity$5,715,057 $1,523,436 $801,646 $804,727 $(1,049,892)$7,794,974 
Investments in Equity Method Investees$24,488 $291,637 $13,352 $113,662 $— $443,139 
Origination and ServicingInvestment PortfolioResidential Transitional LendingAsset ManagementCorporate CategoryTotal
Year Ended December 31, 2023
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$1,859,357 $— $— $— $— $1,859,357 
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978))
(565,684)— — — — (565,684)
Servicing revenue, net1,293,673 — — — — 1,293,673 
Interest income1,084,479 322,143 205,779 3,788 — 1,616,189 
Gain on originated residential mortgage loans, held-for-sale, net494,693 38,784 — — — 533,477 
Other revenues133,424 102,743 — — — 236,167 
Asset management revenues— — — 82,681 — 82,681 
Total Revenues3,006,269 463,670 205,779 86,469 — 3,762,187 
Interest expense and warehouse line fees1,011,387 245,120 105,909 2,727 36,184 1,401,327 
Other segment expenses(A)
513,453 59,698 12,529 16,801 77,940 680,421 
Compensation and benefits655,819 8,681 43,547 42,839 36,206 787,092 
Depreciation and amortization44,174 25,930 6,282 4,230 65 80,681 
Total Operating Expenses2,224,833 339,429 168,267 66,597 150,395 2,949,521 
Realized and unrealized gains (losses), net(29,289)273 1,500 8,060 — (19,456)
Other income (loss), net(20,125)(657)6,209 557 (26,361)(40,377)
Total Other Income (Loss)(49,414)(384)7,709 8,617 (26,361)(59,833)
Income (Loss) before Income Taxes732,022 123,857 45,221 28,489 (176,756)752,833 
Income tax expense (benefit)107,617 (7,457)(5,122)27,121 — 122,159 
Net Income (Loss)624,405 131,314 50,343 1,368 (176,756)630,674 
Noncontrolling interests in income (loss) of consolidated subsidiaries581 7,471 — 365 — 8,417 
Dividends on preferred stock— — — — 89,579 89,579 
Net Income (Loss) Attributable to Common Stockholders$623,824 $123,843 $50,343 $1,003 $(266,335)$532,678 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to loan origination and servicing, information technology, occupancy and legal and professional. The Investment Portfolio segment’s other segment expenses primarily include expenses related to loan servicing and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination, occupancy and information technology. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional, information technology and occupancy.

Origination and ServicingInvestment PortfolioResidential Transitional LendingAsset ManagementCorporate CategoryTotal
December 31, 2023
Investments$19,014,526 $3,144,814 $1,879,319 $— $— $24,038,659 
Cash and cash equivalents548,666 30,639 58,628 230,008 419,258 1,287,199 
Restricted cash300,941 38,718 30,233 8,156 — 378,048 
Other assets5,210,015 3,721,620 108,523 1,069,203 20,483 10,129,844 
Goodwill29,468 — 55,731 46,658 — 131,857 
Assets of consolidated entities— 3,044,850 365,698 340,929 — 3,751,477 
Total Assets$25,103,616 $9,980,641 $2,498,132 $1,694,954 $439,741 $39,717,084 
Debt$17,116,565 $3,984,572 $1,537,008 $455,512 $546,818 $23,640,475 
Other liabilities3,391,408 1,837,801 23,608 345,999 213,121 5,811,937 
Liabilities of consolidated entities— 2,624,345 319,369 219,920 — 3,163,634 
Total Liabilities20,507,973 8,446,718 1,879,985 1,021,431 759,939 32,616,046 
Total Equity4,595,643 1,533,923 618,147 673,523 (320,198)7,101,038 
Noncontrolling interests in equity of consolidated subsidiaries8,220 44,905 — 40,971 — 94,096 
Total Rithm Capital Stockholders’ Equity$4,587,423 $1,489,018 $618,147 $632,552 $(320,198)$7,006,942 
Investments in Equity Method Investees$— $110,883 $— $91,563 $— $202,446 
Origination and ServicingInvestment PortfolioResidential Transitional LendingAsset ManagementCorporate CategoryTotal
Year Ended December 31, 2022
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$1,831,354 $— $— $— $— $1,831,354 
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(631,120))
727,334 — — — — 727,334 
Servicing revenue, net2,558,688 — — — — 2,558,688 
Interest income615,809 277,057 145,315 — 278 1,038,459 
Gain on originated residential mortgage loans, held-for-sale, net1,127,282 (34,533)— — — 1,092,749 
Other revenues132,432 98,473 — — — 230,905 
Asset management revenues— — — — — — 
Total Revenues4,434,211 340,997 145,315 — 278 4,920,801 
Interest expense and warehouse line fees522,963 167,304 50,980 — 36,546 777,793 
Other segment expenses(A)
740,629 14,675 16,313 — 481,118 1,252,735 
Compensation and benefits1,172,089 1,786 41,662 — 15,909 1,231,446 
Depreciation and amortization59,458 23,393 6,302 — 348 89,501 
Total Operating Expenses2,495,139 207,158 115,257 — 533,921 3,351,475 
Realized and unrealized gains (losses), net(342,789)126,273 36,390 — 67 (180,059)
Other income (loss), net(5,664)(113,875)12,243 — (19,170)(126,466)
Total Other Income (Loss)(348,453)12,398 48,633 — (19,103)(306,525)
Income (Loss) before Income Taxes1,590,619 146,237 78,691 — (552,746)1,262,801 
Income tax expense (benefit)327,318 35,378 (7,792)— (75,388)279,516 
Net Income (Loss)1,263,301 110,859 86,483 — (477,358)983,285 
Noncontrolling interests in income (loss) of consolidated subsidiaries2,716 26,050 — — — 28,766 
Dividends on preferred stock— — — — 89,726 89,726 
Net Income (Loss) Attributable to Common Stockholders$1,260,585 $84,809 $86,483 $— $(567,084)$864,793 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to loan origination and servicing, information technology, occupancy and legal and professional. The Investment Portfolio segment’s other segment expenses primarily include expenses related to loan servicing and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination, occupancy and information technology.

Origination and ServicingInvestment PortfolioResidential Transitional LendingAsset ManagementCorporate CategoryTotal
December 31, 2022
Investments$18,801,342 $2,612,347 $1,714,053 $— $— $23,127,742 
Cash and cash equivalents604,191 159,635 52,441 — 520,241 1,336,508 
Restricted cash218,435 37,322 16,001 — — 271,758 
Other assets4,970,130 1,794,096 169,894 — 28,043 6,962,163 
Goodwill29,468 — 55,731 — — 85,199 
Assets of consolidated entities— 2,443,561 359,577 — — 2,803,138 
Total Assets$24,623,566 $7,046,961 $2,367,697 $— $548,284 $34,586,508 
Debt$16,209,175 $3,413,925 $1,420,661 $— $545,056 $21,588,817 
Other liabilities3,095,524 286,408 25,469 — 159,783 3,567,184 
Liabilities of consolidated entities— 2,107,173 313,266 — — 2,420,439 
Total Liabilities19,304,699 5,807,506 1,759,396 — 704,839 27,576,440 
Total Equity5,318,867 1,239,455 608,301 — (156,555)7,010,068 
Noncontrolling interests in equity of consolidated subsidiaries12,437 54,630 — — — 67,067 
Total Rithm Capital Stockholders’ Equity$5,306,430 $1,184,825 $608,301 $— $(156,555)$6,943,001 
Investments in Equity Method Investees$— $96,210 $— $— $— $96,210