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RESIDENTIAL TRANSITION LOANS (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Residential Mortgage Loans Outstanding by Loan Type, Excluding REO
The following table summarizes residential mortgage loans outstanding by loan type:
March 31, 2025December 31,
2024
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$2,866,929 $2,703,112 7,503 5.8 %25.6$2,791,027 
Residential mortgage loans, HFI, at fair value384,304 354,003 7,220 8.0 %4.7361,890 
Residential Mortgage Loans, HFS:
Acquired performing loans(C)
54,503 49,558 1,629 7.0 %4.351,011 
Acquired non-performing loans(D)
18,138 14,690 219 9.4 %4.015,659 
Total Residential Mortgage Loans, HFS$72,641 $64,248 1,848 7.6 %4.2$66,670 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(C)(E)
339,705 328,564 1,582 5.8 %22.2408,421 
Acquired non-performing loans(D)(E)
285,134 263,040 1,302 5.0 %27.5270,879 
Originated loans2,422,958 2,500,498 8,556 6.8 %28.63,628,271 
Total Residential Mortgage Loans, HFS, at Fair Value$3,047,797 $3,092,102 11,440 6.5 %27.8$4,307,571 
(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 March 31, 2025, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below.
(E)Includes $226.3 million and $273.8 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 March 31, 2025.
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)
March 31, 2025
Construction$1,003,657 $417,895 $1,421,552 43.4 %477 32.1 %11.4 %19.8
72.0% / 62.0%
Bridge1,063,102 382,927 1,446,029 44.2 %570 38.5 %10.0 %23.666.6%
Renovation268,459 137,710 406,169 12.4 %437 29.4 %10.3 %14.8
83.4% / 68.4%
$2,335,218 $938,532 $3,273,750 100.0 %1,484 100.0 %10.6 %20.4N/A
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
(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 of loans included in residential transition loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2024$2,178,075 
Initial loan advances526,672 
Construction holdbacks and draws248,857 
Repayments and sales(353,127)
Purchased loans discount (premium) amortization27 
Transfer of loans to REO(1,206)
Transfers to assets of consolidated CFEs(263,356)
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk(8,561)
Other factors7,837 
Balance at March 31, 2025$2,335,218 
The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2024$393,786 $31,580 $425,366 
Fundings(A)
37,913 — 37,913 
Payment in kind981 1,137 2,118 
Proceeds from repayments— (15,000)(15,000)
Fair Value Adjustments Due To:
Other factors(B)
1,444 — 1,444 
Balance at March 31, 2025$434,124 $17,717 $451,841 
(A)Rithm Capital acquired one additional note receivable during 2025 collateralized by commercial real estate.
(B)There were no fair value adjustments due to changes in instrument-specific credit risk in the current period.
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:
March 31, 2025December 31, 2024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,149,818 $3,186,176 $36,358 $4,377,435 $4,400,113 $22,678 
90+354,924 324,177 (30,747)369,118 336,018 (33,100)
Total$3,504,742 $3,510,353 $5,611 $4,746,553 $4,736,131 $(10,422)
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:
March 31, 2025December 31, 2024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$2,276,488 $2,287,856 $11,368 $2,117,479 $2,128,802 $11,323 
90+54,300 47,362 (6,938)55,234 49,273 (5,961)
Total$2,330,788 $2,335,218 $4,430 $2,172,713 $2,178,075 $5,362 
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
March 31, 2025December 31, 2024
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
Current$543,887 $451,841 $(92,046)$518,856 $425,366 $(93,490)
90+— — — — — — 
Total$543,887 $451,841 $(92,046)$518,856 $425,366 $(93,490)
(A)Notes and loans receivable are carried at fair value. See Note 19 regarding fair value measurements.