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RESIDENTIAL MORTGAGE LOANS (Tables)
 6 Months Ended
Jun. 30, 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:
June 30, 2025December 31,
2024
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$2,769,184 $2,637,931 7,299 5.7 %25.3$2,791,027 
Residential mortgage loans, HFI, at fair value371,253 343,333 7,017 7.9 %4.7361,890 
Residential Mortgage Loans, HFS:
Acquired performing loans(C)
52,362 47,792 1,575 6.8 %4.351,011 
Acquired non-performing loans(D)
16,163 13,174 194 10.5 %4.215,659 
Total Residential Mortgage Loans, HFS$68,525 $60,966 1,769 7.7 %4.3$66,670 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(C)(E)
682,059 682,947 2,075 6.2 %10.7408,421 
Acquired non-performing loans(D)(E)
246,049 222,535 1,121 5.1 %27.7270,879 
Originated loans3,121,871 3,220,853 10,911 6.8 %29.03,628,271 
Total Residential Mortgage Loans, HFS, at Fair Value$4,049,979 $4,126,335 14,107 6.6 %25.8$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 June 30, 2025, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below.
(E)Includes $162.3 million and $235.1 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 June 30, 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)
June 30, 2025
Construction$1,072,844 $449,253 $1,522,097 44.0 %528 34.4 %11.4 %18.9
72.2% / 61.9%
Bridge1,137,869 367,342 1,505,211 43.4 %542 35.4 %9.8 %25.065.9%
Renovation287,051 150,866 437,917 12.6 %463 30.2 %10.0 %15.0
83.4% / 68.6%
$2,497,764 $967,461 $3,465,225 100.0 %1,533 100.0 %10.5 %20.7N/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 advances1,172,259 
Construction holdbacks and draws536,868 
Repayments and sales(766,439)
Purchased loans discount amortization32 
Transfer of loans to REO(5,565)
Transfers to assets of consolidated CFEs(617,203)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(15,818)
Other factors15,555 
Balance at June 30, 2025$2,497,764 
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 
Fundings43,096 — 43,096 
Payment in kind2,145 1,458 3,603 
Proceeds from repayments— (25,000)(25,000)
Fair Value Adjustments due to:
Other factors(A)
3,866 — 3,866 
Balance at June 30, 2025$442,893 $8,038 $450,931 
(A)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:
June 30, 2025December 31, 2024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$4,176,033 $4,246,321 $70,288 $4,377,435 $4,400,113 $22,678 
90+313,724 284,313 (29,411)369,118 336,018 (33,100)
Total$4,489,757 $4,530,634 $40,877 $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:
June 30, 2025December 31, 2024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$2,446,520 $2,454,473 $7,953 $2,117,479 $2,128,802 $11,323 
90+46,423 43,291 (3,132)55,234 49,273 (5,961)
Total$2,492,943 $2,497,764 $4,821 $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:
June 30, 2025December 31, 2024
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
Current$540,555 $450,931 $(89,624)$518,856 $425,366 $(93,490)
90+— — — — — — 
Total$540,555 $450,931 $(89,624)$518,856 $425,366 $(93,490)
(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, 2024$361,890 $66,670 $4,307,571 $4,736,131 
Originations — — 27,450,957 27,450,957 
Sales— — (29,550,058)(29,550,058)
Purchases/additional fundings— — 1,952,393 1,952,393 
Proceeds from repayments(22,140)(5,502)(61,482)(89,124)
Transfer of loans from (to) other assets(A)
— (687)19,464 18,777 
Transfer of loans to REO(1,418)(345)(457)(2,220)
Valuation reversal on loans— 830 — 830 
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(1,304)— (4,204)(5,508)
Other factors6,305 — 12,151 18,456 
Balance at June 30, 2025$343,333 $60,966 $4,126,335 $4,530,634 
(A)Includes 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:
Three Months Ended
June 30,		Six Months Ended
June 30,
2025202420252024
Loss on residential mortgage loans originated and sold, net(A)
$(257,202)$(217,515)$(416,852)$(341,629)
Gain (loss) on settlement of residential mortgage loan origination derivative instruments(B)
24,980 10,077 37,769 (5,447)
MSRs retained on transfer of residential mortgage loans(C)
377,074 364,305 696,222 580,244 
Other(D)
14,394 5,114 36,376 11,608 
Realized gain on sale of originated residential mortgage loans, net159,246 161,981 353,515 244,776 
Change in fair value of residential mortgage loans25,072 (8,907)37,671 5,361 
Change in fair value of interest rate lock commitments (Note 17)
16,135 (14,817)39,228 (7,332)
Change in fair value of derivative instruments (Note 17)
(30,755)15,484 (100,927)53,394 
Gain on Originated Residential Mortgage Loans, HFS, Net$169,698 $153,741 $329,487 $296,199 
(A)Includes residential mortgage loan origination fees of $248.3 million and $233.8 million in the three months ended June 30, 2025 and 2024, respectively, and $445.9 million and $411.5 million in the six months ended June 30, 2025 and 2024, respectively. Includes gain on residential mortgage loan securitizations accounted for as sales of $9.6 million and no gain or loss for the three months ended June 30, 2025 and 2024, respectively, and $25.0 million and no gain or loss for the six months ended June 30, 2025 and 2024, respectively.
(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.