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OTHER ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 2024
Other Income Assets And Liabilities  
Schedule of Other Assets and Liabilities
Other assets and accrued expenses and other liabilities — other assets and accrued expenses and other liabilities on the consolidated balance sheets consist of the following:
Other AssetsAccrued Expenses
and Other Liabilities
December 31,December 31,
2024202320242023
CLOs, at fair value(A)
$242,227 $226,486 Accounts payable$133,037 $165,144 
Deferred tax asset(G)
— 279,019 Accrued compensation and benefits322,957 290,464 
Derivative and hedging assets (Note 17)
75,147 28,080 
Deferred tax liability(G)
786,141 801,857 
Due from related parties35,198 32,319 
Derivative liabilities (Note 17)
52,610 51,765 
Equity investments(B)
502,610 173,882 Escheat payable187,830 169,914 
Excess MSRs, at fair value (Note 13)
369,162 271,150 Excess spread financing, at fair value101,088 — 
Goodwill (Note 15)
133,832 131,857 Interest payable260,931 166,620 
Income and fees receivable208,672 59,134 
Lease liability (Note 16)
160,437 159,236 
Intangible assets (Note 15)
331,949 387,920 
Notes receivable financing(F), at fair value
371,788 — 
Loans receivable, at fair value(C)
31,580 31,323 Unearned income and fees17,280 37,468 
Margin receivable, net(D)
414,404 75,947 Other liabilities236,672 223,293 
Non-Agency RMBS, at fair value(A)
552,797 577,543 $2,630,771 $2,065,761 
Notes receivable, at fair value(E)
393,786 398,227 
Operating lease ROU assets (Note 16)
99,224 104,207 
Other receivables178,651 152,046  
Prepaid expenses59,198 62,513 
Principal and interest receivable181,271 168,516 
Property and equipment70,495 40,038 
REO27,898 15,507 
Servicer advance investments, at fair value (Note 14)
339,646 376,881 
Servicing fee receivables106,228 156,777 
Warrants, at fair value9,316 16,599 
Other assets200,124 182,881 
$4,563,415 $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.
(B)Represents equity investments in (i) certain real estate redevelopment projects, (ii) various real estate services operating companies, (iii) funds managed by Sculptor, (iv) credit risk transfer entity that holds exposure in residential mortgage loan warehouse lines (measured at fair value under the FVO election with changes in fair value presented in other income (loss) in the consolidated statements of operations), (v) Rithm Property Trust securities, (vi) Newrez Joint Ventures (as defined in Note 20), (vii) APM and (viii) an energy focused fund managed by Rithm.
(C)Represents a loan made pursuant to a senior subordinated credit agreement to an entity affiliated with funds managed by an affiliate of the Former Manager. The loans are measured at fair value under the FVO election.
(D)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.
(E)Represents notes receivable secured by commercial properties. The notes are measured at fair value under the FVO election.
(F)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 $48.0 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 FVO and is included in accrued expenses and other liabilities in the 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 the consolidated balance sheets, at fair value.
(G)Effective in the third quarter of 2024, Rithm Capital’s taxable subsidiaries file combined federal and state returns and as a result, present deferred tax liability or asset on a net basis on its consolidated balance sheets.
Schedule of Real Estate Owned
The following table presents activity for the period related to the carrying value of investments in REO:
Balance at December 31, 2022$19,379 
Property received in satisfaction of loan21,943 
Sales(A)
(27,512)
Valuation reversal1,697 
Balance at December 31, 202315,507 
Purchases16,256 
Property received in satisfaction of loan28,859 
Sales(A)
(31,614)
Valuation provision(1,110)
Balance at December 31, 2024$27,898 
(A)Recognized when control of the property has transferred to the buyer.
Schedule of Accounts, Notes and Loans Receivable
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.