XML 61 R46.htm IDEA: XBRL DOCUMENT v3.25.0.1
RESIDENTIAL MORTGAGE LOANS (Tables)
 12 Months Ended
Dec. 31, 2024
Receivables [Abstract]  
Schedule of Residential Mortgage Loans Outstanding by Loan Type, Excluding REO
The following table summarizes residential mortgage loans outstanding by loan type:
December 31,
20242023
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$2,966,605 $2,791,027 7,996 5.8 %25.8$3,038,587 
Residential mortgage loans, HFI, at fair value396,061 361,890 7,405 8.4 %4.5379,044 
Residential Mortgage Loans, HFS:
Acquired performing loans(C)
56,469 51,011 1,668 7.7 %4.457,038 
Acquired non-performing loans(D)
19,403 15,659 234 9.1 %5.721,839 
Total Residential Mortgage Loans, HFS$75,872 $66,670 1,902 8.1 %4.7$78,877 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(C)(E)
422,680 408,421 1,679 5.8 %20.5400,603 
Acquired non-performing loans(D)(E)
294,104 270,879 1,311 4.8 %27.1204,950 
Originated loans3,557,836 3,628,271 11,530 6.7 %29.11,856,312 
Total Residential Mortgage Loans, HFS, at Fair Value$4,274,620 $4,307,571 14,520 6.5 %28.1$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 December 31, 2024, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below.
(E)Includes $245.8 million and $281.6 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 as of December 31, 2024.
The following table summarizes residential transition loans, at fair value and residential transition loans held by consolidated CFEs by loan type:
Residential Transition Loans - Carrying
Value(A)
Residential Transition Loans 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)
December 31, 2024
Construction$935,142 $492,071 $1,427,213 45.4 %490 31.9 %11.4 %20.0
72.7% / 62.2%
Bridge972,443 363,946 1,336,389 42.6 %600 39.1 %10.0 %23.966.6%
Renovation270,490 106,175 376,665 12.0 %445 29.0 %10.5 %12.8
82.8% / 68.2%
$2,178,075 $962,192 $3,140,267 100.0 %1,535 100.0 %10.7 %20.4N/A
December 31, 2023
Construction$787,740 $146,391 $934,131 41.8 %371 27.0 %10.5 %16.2
74.0% / 63.0%
Bridge841,040 168,627 1,009,667 45.3 %652 47.6 %9.6 %26.568.9%
Renovation250,539 38,576 289,115 12.9 %349 25.4 %10.0 %13.5
80.5% / 68.6%
$1,879,319 $353,594 $2,232,913 100.0 %1,372 100.0 %10.1 %20.4N/A
(A)Residential transition loans are carried at fair value under the FVO election. Residential transition loans held by consolidated CFEs are classified as Level 3 and valued based on the more observable financial liabilities of consolidated CFEs. See Note 19 regarding fair value measurements.
(B)Weighted by commitment loan-to-value (“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 residential transition loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2022$1,714,053 
Purchases146,631 
Initial loan advances1,380,187 
Construction holdbacks and draws667,656 
Paydowns and payoffs(1,671,895)
Purchased loans discount (premium) amortization668 
Transfers to assets of consolidated CFEs(357,614)
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk— 
Other factors(367)
Balance at December 31, 20231,879,319 
Purchases— 
Initial loan advances1,991,047 
Construction holdbacks and draws882,623 
Paydowns and payoffs(1,394,313)
Purchased loans discount (premium) amortization1,087 
Transfer of loans to REO(11,649)
Transfers to assets of consolidated CFEs(1,200,446)
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk8,549 
Other factors21,858 
Balance at December 31, 2024$2,178,075 
The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2022$— $94,401 $94,401 
Fundings(A)
399,977 — 399,977 
Payment in kind— 5,636 5,636 
Proceeds from repayments(1,750)(68,945)(70,695)
Fair Value Adjustments Due To:
Other factors— 231 231 
Balance at December 31, 2023398,227 31,323 429,550 
Fundings(A)
23,036 — 23,036 
Payment in kind— 4,677 4,677 
Proceeds from repayments(33,250)(4,420)(37,670)
Fair Value Adjustments Due To:
Other factors5,773 — 5,773 
Balance at December 31, 2024$393,786 $31,580 $425,366 
(A)Rithm Capital acquired one and two notes receivable during 2024 and 2023, respectively, collateralized by commercial real estate.
Schedule of Performing Loans Past Due
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of residential mortgage loans, HFS and residential mortgage loans, HFI, at fair value on the consolidated balance sheets:
December 31,
20242023
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$4,377,435 $4,400,113 $22,678 $2,690,198 $2,638,230 $(51,968)
90+369,118 336,018 (33,100)313,122 281,556 (31,566)
Total$4,746,553 $4,736,131 $(10,422)$3,003,320 $2,919,786 $(83,534)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in residential transition loans, at fair value on the consolidated balance sheets:
December 31,
20242023
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$2,117,479 $2,128,802 $11,323 $1,838,935 $1,837,513 $(1,422)
90+55,234 49,273 (5,961)41,869 41,806 (63)
Total$2,172,713 $2,178,075 $5,362 $1,880,804 $1,879,319 $(1,485)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
December 31,
20242023
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
Current$518,856 $425,366 $(93,490)$565,786 $429,550 $(136,236)
90+— — — — — — 
Total$518,856 $425,366 $(93,490)$565,786 $429,550 $(136,236)
(A)Notes and loans receivable are carried at fair value. See Note 19 regarding fair value measurements.
Schedule of Loans Held For Sale, Fair Value
The following table summarizes the activity of residential mortgage loans, HFS and residential mortgage loans, HFI, at fair value on the consolidated balance sheets:
Loans HFI, at Fair ValueLoans HFS, at Lower of Cost or Fair ValueLoans HFS, at Fair ValueTotal
Balance at December 31, 2022$452,519 $101,027 $3,297,271 $3,850,817 
Originations— — 37,123,264 37,123,264 
Sales— (6,946)(37,500,199)(37,507,145)
Purchases/additional fundings1,269 — 375,435 376,704 
Proceeds from repayments(51,195)(10,773)(181,166)(243,134)
Transfer of loans to other assets(A)
— 286 (696,228)(695,942)
Transfer of loans to REO(7,148)(2,858)(1,459)(11,465)
Transfers of loans to HFS(30,556)— — (30,556)
Transfers of loans from HFI— — 30,556 30,556 
Valuation provision on loans— (1,859)— (1,859)
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk7,540 — 4,639 12,179 
Other factors6,615 — 9,752 16,367 
Balance at December 31, 2023379,044 78,877 2,461,865 2,919,786 
Originations — — 57,796,441 57,796,441 
Sales— (2,307)(57,973,190)(57,975,497)
Purchases/additional fundings— — 2,566,210 2,566,210 
Proceeds from repayments(45,159)(9,680)(97,975)(152,814)
Transfer of loans to other assets(A)
— (2,968)(449,065)(452,033)
Transfer of loans to REO(3,990)(1,232)(3,203)(8,425)
Transfers of loans to HFS(52)— — (52)
Transfers of loans from HFI— — 52 52 
Valuation (provision) reversal on loans— 3,980 — 3,980 
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk24,061 — 12,784 36,845 
Other factors7,986 — (6,348)1,638 
Balance at December 31, 2024$361,890 $66,670 $4,307,571 $4,736,131 
(A)Includes loans transferred to consolidated CFEs and receivable modifications resulting in transfers between other assets and residential mortgage loans.
Schedule of Originated Mortgage Loans
The following table summarizes the components of gain on originated residential mortgage loans, HFS, net:
Year Ended December 31,
202420232022
Gain (loss) on residential mortgage loans originated and sold, net(A)
$(822,641)$(392,137)$(1,099,941)
Gain (loss) on settlement of residential mortgage loan origination derivative instruments(B)
28,157 73,476 1,285,219 
MSRs retained on transfer of residential mortgage loans(C)
1,341,728 786,655 1,222,742
Other(D)
54,969 14,622 33,551
Realized gain on sale of originated residential mortgage loans, net602,213 482,616 1,441,571 
Change in fair value of residential mortgage loans2,096 99,877 (271,530)
Change in fair value of interest rate lock commitments (Note 17)
(12,449)15,018 (102,992)
Change in fair value of derivative instruments (Note 17)
90,675 (64,034)25,700 
Gain on Originated Residential Mortgage Loans, HFS, Net$682,535 $533,477 $1,092,749 
(A)Includes residential mortgage loan origination fees of $0.9 billion, $0.4 billion and $0.6 billion in the years ended December 31, 2024, 2023 and 2022, respectively. Includes gain on residential mortgage loan securitizations accounted for as sales of $24.2 million for the year ended December 31, 2024 and no gain or loss for the years ended December 31, 2023 and 2022.
(B)Represents settlement of forward securities delivery commitments utilized as an economic hedge for mortgage loans not included within forward loan sale commitments.
(C)Represents the initial fair value of the capitalized MSRs upon loan sales with servicing retained.
(D)Includes fees for services associated with the residential mortgage loan origination process.