DEBT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2024

The following table summarizes secured financing agreements, secured notes and bonds payable and also includes notes payable of consolidated CFEs:


	December 31, 2024															December 31, 2023
									Collateral
Debt Obligations/Collateral(C)	Outstanding Face Amount		Carrying Value(A)		Final Stated Maturity(B)	Weighted Average Funding Cost		Weighted Average Life (Years)	Outstanding Face		Amortized Cost Basis		Carrying Value		Weighted Average Life (Years)	Carrying Value(A)
Secured Financing Agreements:
Warehouse credit facilities - residential mortgage loans(D)	$	4,235,333	$	4,235,333	Jan-25 to Mar-28	5.6	%	0.7	$	4,676,659	$	4,734,520	$	4,691,298	26.0	$	1,940,038
Warehouse credit facilities - residential transition loans(E)	1,547,307		1,547,307		Mar-25 to Dec-25	7.1	%	0.9	1,867,607		1,872,028		1,872,028		1.1	1,337,010
Government and government-backed securities(F)	9,782,976		9,782,976		Jan-25 to Jul-25	5.1	%	0.2	9,920,895		9,766,248		10,117,712		4.3	8,152,469
Non-Agency RMBS(D)	744,457		744,457		Jan-25 to Jul-25	6.6	%	0.7	15,764,455		1,063,159		1,122,686		5.9	610,189
Excess MSRs(E)	223,241		222,452		Sep-26	6.9	%	1.7	53,494,378		303,849		347,652		5.9	—
CLOs(E)	172,239		170,990		Jan-30 to Jan-38	5.6	%	9.3	173,238		N/A		172,753		9.3	183,947
SFR properties and commercial(E)	78,952		78,952		Dec-26	8.0	%	1.9	N/A		148,637		148,637		N/A	337,630
Total secured financing agreements	16,784,505		16,782,467			5.5	%	0.5								12,561,283
Secured Notes and Bonds Payable:
MSRs(G)	5,845,839		5,838,250		Jun-25 to Nov-29	6.8	%	1.6	563,546,914		7,685,659		10,018,862		6.4	4,800,728
Servicer advance investments and Excess MSR(H)	258,183		258,183		Mar-26	6.2	%	1.2	298,945		327,471		339,646		7.6	459,564
Servicer advances(H)	2,630,428		2,629,802		Feb-25 to Dec-26	7.0	%	1.2	3,038,170		3,026,989		3,026,989		0.6	2,254,369
Residential mortgage loans	—		—		—	—	%	—	—		—		—		—	650,000
Consumer loans(I)	585,034		564,791		Jun-28 to Sep 37	5.3	%	3.5	767,623		749,539		665,565		1.7	1,106,974
SFR properties(J)	740,618		716,649		Mar-26 to Sep-27	4.2	%	2.3	N/A		879,656		879,656		N/A	789,174
Residential transition loans	200,000		200,000		Jul-26	5.8	%	1.5	226,535		226,535		226,798		0.4	200,000
Secured facility - asset management	75,000		71,971		Nov-25	8.8	%	0.8	N/A		N/A		N/A		N/A	69,121
CLOs(E)	18,459		18,429		Jul-30	6.8	%	5.5	21,762		N/A		21,226		5.5	30,258
Total secured notes and bonds payable	10,353,561		10,298,075			6.6	%	1.6								10,360,188
Notes Payable of Consolidated CFEs:
Consolidated funds(K)	960,390		959,958		May-28 to Jan-38	6.0	%	10.7	1,055,721		N/A		1,096,207		4.0	218,157
Residential mortgage loans	2,540,874		2,369,934		Jul-53	4.6	%	25.8	2,966,605		N/A		2,791,027		25.8	2,618,082
Residential transition loans	861,949		859,023		Mar-39 to Sep-39	6.3	%	14.4	933,823		N/A		962,192		0.8	318,998
Total notes payable of consolidated CFEs	4,363,213		4,188,915			5.2	%	20.3								3,155,237
Total / Weighted Average	$	31,501,279	$	31,269,457		5.8	%	3.6								$	26,076,708

(A)Net of deferred financing costs.

(B)Debt obligations with a stated maturity through the date of issuance of the consolidated financial statements were refinanced, extended or repaid.

(C)Associated with accrued interest payable of approximately $239.4 million and $142.3 million as of December 31, 2024 and 2023, respectively.

(D)Based on SOFR interest rates. Includes repurchase agreements and related collateral on non-Agency securities retained through consolidated securitizations.

(E)All SOFR- or Euro Interbank Offered Rate (EURIBOR)-based floating interest rates.

(F)Repurchase agreements are based on a fixed-rate. Collateral carrying value includes margin deposits.

(G)Includes $4.6 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 3.3%; and $1.3 billion of MSR notes with fixed interest rates ranging 3.0% to 7.4%. 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.

(H)Includes $1,868.7 million of 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 3.0%; and $1,020.0 million of debt with fixed interest rates ranging 3.9% to 5.7%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and Newrez.

(I)Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $148.6 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) $383.4 million of debt collateralized by the Marcus loans with an interest rate of SOFR plus a margin of 2.4%.

(J)Includes $740.6 million of fixed rate notes which bear interest ranging from 3.5% to 7.1%.

(K)Includes notes payable of CLOs and of a structured alternative investment solution. Weighted average rate is the effective rate for the senior notes with stated coupon rates. The subordinate notes with UPB of $49.3 million do not have a stated rate of interest. Weighted average life of a structured alternative investment solution is based on expected maturity.

The following table summarizes activities related to the carrying value of debt obligations:


	Servicer Advances and Excess MSRs(A)		MSRs		Government and Government-Backed and Other Securities		Residential Mortgage Loans and REO		Consumer Loans		SFR Properties and Commercial		Residential Transition Loans		Asset Management, CLOs and Consolidated Funds		Total
Balance at December 31, 2022	$	2,907,300	$	4,791,543	$	7,431,070	$	5,466,794	$	299,498	$	822,372	$	1,733,581	$	—	$	23,452,158
Secured Financing Agreements:
Acquired borrowings, net of discount (Note 3)	—		—		—		—		—		—		—		177,551		177,551
Borrowings	—		—		50,253,463		37,971,788		—		343,986		2,572,154		—		91,141,391
Repayments	—		—		(48,921,875)		(38,634,841)		—		(4,677)		(2,455,805)		(718)		(90,017,916)
FX remeasurement	—		—		—		—		—		—		—		7,114		7,114
Capitalized deferred financing costs, net of amortization	—		—		—		1,763		—		(6,356)		—		—		(4,593)
Secured Notes and Bonds Payable:
Acquired borrowings, net of discount (Note 3)	—		—		—		—		—		—		—		99,232		99,232
Borrowings	2,757,587		4,156,358		—		—		1,185,612		—		—		405		8,099,962
Repayments	(2,954,228)		(4,148,588)		—		(116,730)		(381,718)		(35,690)		—		—		(7,636,954)
FX remeasurement	—		—		—		—		—		—		—		(1,008)		(1,008)
Unrealized (gain) loss on notes, fair value	—		—		—		(3,258)		8,818		—		—		—		5,560
Capitalized deferred financing costs, net of amortization	3,274		1,415		—		—		(5,236)		7,169		—		750		7,372
Notes Payable of Consolidated CFEs:
Borrowings	—		—		—		725,902		—		—		—		218,746		944,648
Repayments	—		—		—		(264,134)		—		—		—		—		(264,134)
Unrealized (gain) loss on notes, fair value	—		—		—		60,836		—		—		6,078		(589)		66,325

Balance at December 31, 2023	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	223,241		—		70,352,653		63,522,887		—		52,361		3,450,754		25,715		137,627,611
Repayments	—		—		(68,587,878)		(61,227,849)		—		(314,313)		(3,240,457)		(28,143)		(133,398,640)
FX remeasurement	—		—		—		—		—		(3,082)		—		(10,641)		(13,723)
Capitalized deferred financing costs, net of amortization	(789)		—		—		257		—		6,356		—		110		5,934
Secured Notes and Bonds Payable:
Acquired borrowings, net of discount (Note 3)	190,596		—		—		—		—		—		—		—		190,596
Borrowings	2,843,835		2,671,987		—		—		—		—		—		14,078		5,529,900
Repayments	(2,860,702)		(1,633,923)		—		(650,000)		(549,633)		(83,716)		—		(25,222)		(5,803,196)
FX remeasurement	—		—		—		—		—		—		—		(377)		(377)
Unrealized (gain) loss on notes, fair value	—		—		—		—		6,262		—		—		—		6,262
Capitalized deferred financing costs, net of amortization	323		(542)		—		—		1,188		11,191		—		2,544		14,704
Notes Payable of Consolidated CFEs:
Non-cash borrowings	—		—		—		—		—		—		—		512,590		512,590
Borrowings	—		—		—		49,726		—		—		861,949		721,341		1,633,016
Repayments	—		—		—		(358,443)		—		—		(324,062)		(494,135)		(1,176,640)
Discount on borrowings, net of amortization	—		—		—		(16,369)		—		—		—		—		(16,369)
Unrealized (gain) loss on notes, fair value	—		—		—		76,938		—		—		901		2,039		79,878
Capitalized deferred financing costs, net of amortization	—		—		—		—		—		—		1,237		(34)		1,203
Balance at December 31, 2024	$	3,110,437	$	5,838,250	$	10,527,433	$	6,605,267	$	564,791	$	795,601	$	2,606,330	$	1,221,348	$	31,269,457

(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, including the Senior Unsecured Notes (as defined below), as of December 31, 2024, are as follows:


Year Ending	Nonrecourse(A)		Recourse(B)		Total
2025	$	1,115,221	$	19,524,826	$	20,640,047
2026	2,558,810		1,787,926		4,346,736
2027	650,457		307,000		957,457
2028	503,381		—		503,381
2029 and thereafter	4,635,565		1,468,093		6,103,658
	$	9,463,434	$	23,087,845	$	32,551,279

(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs and notes payable of consolidated CFEs of $1.3 billion, $3.6 billion, $0.3 billion, and $3.4 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 $16.2 billion, $6.6 billion, $1.1 billion, and $0.0 billion, respectively.

Schedule of Borrowing Capacity

The following table represents borrowing capacity as of December 31, 2024:


Debt Obligations / Collateral	Borrowing Capacity		Balance Outstanding		Available Financing(A)
Secured Financing Agreements:
Residential mortgage loans, residential transition loans, SFR and commercial notes receivable	$	6,485,023	$	2,081,228	$	4,403,795
Loan originations	5,627,000		3,780,365		1,846,635
CLOs	410,665		172,239		238,426
Excess MSRs	350,000		223,241		126,759

Secured Notes and Bonds Payable:
MSRs	6,577,890		5,845,839		732,051
Servicer advances	4,150,000		2,888,609		1,261,391
SFR	200,000		90,160		109,840

Liabilities of Consolidated CFEs:
Consolidated funds	52,500		—		52,500
	$	23,853,078	$	15,081,681	$	8,771,397

(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):


Year	Price
2026	104.000	%
2027	102.000	%
2028 and thereafter	100.000	%

Schedule of Tax Receivable Agreement Estimated Undiscounted Future Payments

The table below presents the Company’s estimate as of December 31, 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 Ending	Potential Payments Under TRA
2025	$	16,603
2026	17,215
2027	17,506
2028	16,176
2029 and thereafter	184,992
	$	252,492