XML 79 R68.htm IDEA: XBRL DOCUMENT v3.25.2
SEGMENT REPORTING (Details) - USD ($)
$ in Thousands
3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2024
Jun. 30, 2025
Jun. 30, 2024
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]                
Total Revenues $ 1,217,039 $ 1,155,421 $ 2,193,956 $ 2,350,782        
Interest expense and warehouse line fees 417,868 465,944 836,922 875,771        
Other segment expenses 215,781 181,617 428,759 354,717        
Compensation and benefits 294,407 270,448 565,874 506,226        
Depreciation and amortization 23,794 32,857 48,362 64,809        
Total Operating Expenses 951,850 950,866 1,879,917 1,801,523        
Realized and unrealized gains (losses), net 22,741 59,217 21,598 79,628        
Other income (loss), net 18,478 26,393 27,551 42,177        
Total Other Income, Net 41,219 85,610 49,149 121,805        
Income before Income Taxes 306,408 290,165 363,188 671,064        
Income tax expense (benefit) (11,598) 51,648 (35,528) 145,060        
Net Income (Loss) 318,006 238,517 398,716 526,004        
Noncontrolling interests in income of consolidated subsidiaries 3,169 2,961 4,255 6,413        
Redeemable noncontrolling interests in income of consolidated subsidiaries 3,120 0 3,933 0        
Net Income Attributable to Rithm Capital Corp. 311,717 235,556 390,528 519,591        
Change in redemption value of redeemable noncontrolling interests 0 0 15,611 0        
Dividends on preferred stock 27,818 22,395 54,495 44,790        
Net Income Attributable to Common Stockholders 283,899 213,161 320,422 474,801        
Investments 27,724,832   27,724,832          
Cash and cash equivalents 1,600,948   1,600,948          
Restricted cash 485,402   485,402          
Other assets 9,505,337   9,505,337          
Goodwill 133,832   133,832     $ 133,832    
Assets of consolidated CFEs 4,865,602   4,865,602     5,107,826    
Total Assets 44,315,953   44,315,953     46,048,957    
Debt 27,077,132   27,077,132          
Other liabilities 4,786,953   4,786,953          
Liabilities of consolidated CFEs [1] 4,131,696   4,131,696     4,348,244    
Total Liabilities 35,995,781   35,995,781     38,162,647    
Redeemable Noncontrolling Interests of Consolidated Subsidiaries 260,963   260,963     0    
Total Stockholders’ Equity 8,059,209 7,420,614 8,059,209 7,420,614 $ 7,884,840 7,886,310 $ 7,243,372 $ 7,101,038
Noncontrolling interests in equity of consolidated subsidiaries 110,826   110,826     91,336    
Stockholders’ Equity in Rithm Capital Corp. 7,948,383   7,948,383     7,794,974    
Investments in Equity Method Investees 555,183   555,183          
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 574,817 498,978 1,145,618 968,869        
Change in fair value of MSRs and MSR financing receivables                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues (155,005) (141,884) (488,383) (122,966)        
Servicing revenue, net                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 419,812 357,094 657,235 845,903        
Interest income                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 478,455 478,653 919,715 913,448        
Gain on originated residential mortgage loans, held-for-sale, net                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 169,698 153,741 329,487 296,199        
Other revenues                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 54,066 56,500 104,839 114,848        
Asset management revenues                
Segment Reporting Information [Line Items]                
Total Revenues 95,008 109,433 182,680 180,384        
Mortgage Servicing Rights                
Segment Reporting Information [Line Items]                
Realization of cash flows (176,680) (165,138) (323,571) (281,977)        
Origination and Servicing                
Segment Reporting Information [Line Items]                
Goodwill 29,468   29,468     29,468    
Residential Transitional Lending                
Segment Reporting Information [Line Items]                
Goodwill 55,731   55,731     55,731    
Asset Management                
Segment Reporting Information [Line Items]                
Goodwill 48,633   48,633     48,633    
Operating Segments | Origination and Servicing                
Segment Reporting Information [Line Items]                
Total Revenues 925,629 886,156 1,632,845 1,828,418        
Interest expense and warehouse line fees 283,616 344,729 576,564 633,585        
Other segment expenses 146,989 117,703 290,756 232,209        
Compensation and benefits 190,169 187,987 362,871 345,968        
Depreciation and amortization 6,281 16,536 13,940 31,166        
Total Operating Expenses 627,055 666,955 1,244,131 1,242,928        
Realized and unrealized gains (losses), net 0 0 0 0        
Other income (loss), net 6,435 27,336 6,317 27,361        
Total Other Income, Net 6,435 27,336 6,317 27,361        
Income before Income Taxes 305,009 246,537 395,031 612,851        
Income tax expense (benefit) (11,647) 38,960 (68,341) 135,161        
Net Income (Loss) 316,656 207,577 463,372 477,690        
Noncontrolling interests in income of consolidated subsidiaries 981 1,016 1,335 1,071        
Redeemable noncontrolling interests in income of consolidated subsidiaries 0   0          
Net Income Attributable to Rithm Capital Corp. 315,675 206,561 462,037 476,619        
Change in redemption value of redeemable noncontrolling interests     0          
Dividends on preferred stock 0 0 0 0        
Net Income Attributable to Common Stockholders 315,675 206,561 462,037 476,619        
Investments 21,460,303   21,460,303          
Cash and cash equivalents 1,044,115   1,044,115          
Restricted cash 179,882   179,882          
Other assets 5,895,066   5,895,066          
Goodwill 29,468   29,468          
Assets of consolidated CFEs 0   0          
Total Assets 28,608,834   28,608,834     32,418,256    
Debt 18,685,960   18,685,960          
Other liabilities 4,090,923   4,090,923          
Liabilities of consolidated CFEs 0   0          
Total Liabilities 22,776,883   22,776,883          
Redeemable Noncontrolling Interests of Consolidated Subsidiaries 0   0          
Total Stockholders’ Equity 5,831,951   5,831,951          
Noncontrolling interests in equity of consolidated subsidiaries 9,443   9,443          
Stockholders’ Equity in Rithm Capital Corp. 5,822,508   5,822,508          
Investments in Equity Method Investees 24,712   24,712          
Operating Segments | Origination and Servicing | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 574,817 498,978 1,145,618 968,869        
Operating Segments | Origination and Servicing | Change in fair value of MSRs and MSR financing receivables                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues (155,005) (141,884) (488,383) (122,966)        
Operating Segments | Origination and Servicing | Servicing revenue, net                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 419,812 357,094 657,235 845,903        
Operating Segments | Origination and Servicing | Interest income                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 309,940 343,335 602,501 618,540        
Operating Segments | Origination and Servicing | Gain on originated residential mortgage loans, held-for-sale, net                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 168,438 155,771 319,932 301,640        
Operating Segments | Origination and Servicing | Other revenues                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 27,439 29,956 53,177 62,335        
Operating Segments | Origination and Servicing | Asset management revenues                
Segment Reporting Information [Line Items]                
Total Revenues 0 0 0 0        
Operating Segments | Investment Portfolio                
Segment Reporting Information [Line Items]                
Total Revenues 110,030 95,286 215,150 207,803        
Interest expense and warehouse line fees 69,904 62,079 129,540 132,471        
Other segment expenses 22,162 17,569 45,154 39,110        
Compensation and benefits 1,004 344 2,166 912        
Depreciation and amortization 7,849 7,305 15,803 15,047        
Total Operating Expenses 100,919 87,297 192,663 187,540        
Realized and unrealized gains (losses), net 16,177 32,011 19,271 34,698        
Other income (loss), net 8,841 (1,502) 10,330 9,977        
Total Other Income, Net 25,018 30,509 29,601 44,675        
Income before Income Taxes 34,129 38,498 52,088 64,938        
Income tax expense (benefit) (1,507) 2,909 (10,019) 4,157        
Net Income (Loss) 35,636 35,589 62,107 60,781        
Noncontrolling interests in income of consolidated subsidiaries 1,533 1,110 2,261 3,147        
Redeemable noncontrolling interests in income of consolidated subsidiaries 0   0          
Net Income Attributable to Rithm Capital Corp. 34,103 34,479 59,846 57,634        
Change in redemption value of redeemable noncontrolling interests     0          
Dividends on preferred stock 0 0 0 0        
Net Income Attributable to Common Stockholders 34,103 34,479 59,846 57,634        
Investments 3,766,765   3,766,765          
Cash and cash equivalents 24,943   24,943          
Restricted cash 43,755   43,755          
Other assets 2,376,924   2,376,924          
Goodwill 0   0          
Assets of consolidated CFEs 2,645,929   2,645,929          
Total Assets 8,858,316   8,858,316     7,463,738    
Debt 4,589,739   4,589,739          
Other liabilities 417,466   417,466          
Liabilities of consolidated CFEs 2,240,815   2,240,815          
Total Liabilities 7,248,020   7,248,020          
Redeemable Noncontrolling Interests of Consolidated Subsidiaries 0   0          
Total Stockholders’ Equity 1,610,296   1,610,296          
Noncontrolling interests in equity of consolidated subsidiaries 58,630   58,630          
Stockholders’ Equity in Rithm Capital Corp. 1,551,666   1,551,666          
Investments in Equity Method Investees 308,288   308,288          
Operating Segments | Investment Portfolio | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Investment Portfolio | Change in fair value of MSRs and MSR financing receivables                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Investment Portfolio | Servicing revenue, net                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Investment Portfolio | Interest income                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 82,143 70,772 153,933 160,731        
Operating Segments | Investment Portfolio | Gain on originated residential mortgage loans, held-for-sale, net                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 1,260 (2,030) 9,555 (5,441)        
Operating Segments | Investment Portfolio | Other revenues                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 26,627 26,544 51,662 52,513        
Operating Segments | Investment Portfolio | Asset management revenues                
Segment Reporting Information [Line Items]                
Total Revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending                
Segment Reporting Information [Line Items]                
Total Revenues 75,405 59,573 141,913 124,293        
Interest expense and warehouse line fees 33,620 29,106 65,321 61,520        
Other segment expenses 5,234 4,739 10,065 7,926        
Compensation and benefits 15,308 9,113 29,699 20,416        
Depreciation and amortization 2,289 1,567 3,856 3,134        
Total Operating Expenses 56,451 44,525 108,941 92,996        
Realized and unrealized gains (losses), net 6,809 18,739 8,852 43,305        
Other income (loss), net (713) (2,116) (854) (1,842)        
Total Other Income, Net 6,096 16,623 7,998 41,463        
Income before Income Taxes 25,050 31,671 40,970 72,760        
Income tax expense (benefit) 330 1,952 (760) 1,619        
Net Income (Loss) 24,720 29,719 41,730 71,141        
Noncontrolling interests in income of consolidated subsidiaries 0 0 0 0        
Redeemable noncontrolling interests in income of consolidated subsidiaries 0   0          
Net Income Attributable to Rithm Capital Corp. 24,720 29,719 41,730 71,141        
Change in redemption value of redeemable noncontrolling interests     0          
Dividends on preferred stock 0 0 0 0        
Net Income Attributable to Common Stockholders 24,720 29,719 41,730 71,141        
Investments 2,497,764   2,497,764          
Cash and cash equivalents 67,078   67,078          
Restricted cash 21,025   21,025          
Other assets 156,817   156,817          
Goodwill 55,731   55,731          
Assets of consolidated CFEs 989,398   989,398          
Total Assets 3,787,813   3,787,813     3,439,075    
Debt 2,073,586   2,073,586          
Other liabilities 29,487   29,487          
Liabilities of consolidated CFEs 863,994   863,994          
Total Liabilities 2,967,067   2,967,067          
Redeemable Noncontrolling Interests of Consolidated Subsidiaries 0   0          
Total Stockholders’ Equity 820,746   820,746          
Noncontrolling interests in equity of consolidated subsidiaries 0   0          
Stockholders’ Equity in Rithm Capital Corp. 820,746   820,746          
Investments in Equity Method Investees 14,700   14,700          
Operating Segments | Residential Transitional Lending | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending | Change in fair value of MSRs and MSR financing receivables                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending | Servicing revenue, net                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending | Interest income                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 75,405 59,573 141,913 124,293        
Operating Segments | Residential Transitional Lending | Gain on originated residential mortgage loans, held-for-sale, net                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending | Other revenues                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending | Asset management revenues                
Segment Reporting Information [Line Items]                
Total Revenues 0 0 0 0        
Operating Segments | Asset Management                
Segment Reporting Information [Line Items]                
Total Revenues 102,849 114,404 199,934 190,264        
Interest expense and warehouse line fees 8,710 8,333 22,799 15,954        
Other segment expenses 26,487 23,991 58,078 47,913        
Compensation and benefits 67,401 51,982 132,731 115,094        
Depreciation and amortization 7,348 7,449 14,732 15,462        
Total Operating Expenses 109,946 91,755 228,340 194,423        
Realized and unrealized gains (losses), net 416 8,467 (5,864) 1,625        
Other income (loss), net 5,124 2,675 12,962 6,644        
Total Other Income, Net 5,540 11,142 7,098 8,269        
Income before Income Taxes (1,557) 33,791 (21,308) 4,110        
Income tax expense (benefit) 1,226 7,827 43,592 4,123        
Net Income (Loss) (2,783) 25,964 (64,900) (13)        
Noncontrolling interests in income of consolidated subsidiaries 655 835 659 2,195        
Redeemable noncontrolling interests in income of consolidated subsidiaries 561   564          
Net Income Attributable to Rithm Capital Corp. (3,999) 25,129 (66,123) (2,208)        
Change in redemption value of redeemable noncontrolling interests     0          
Dividends on preferred stock 0 0 0 0        
Net Income Attributable to Common Stockholders (3,999) 25,129 (66,123) (2,208)        
Investments 0   0          
Cash and cash equivalents 111,218   111,218          
Restricted cash 7,370   7,370          
Other assets 1,073,222   1,073,222          
Goodwill 48,633   48,633          
Assets of consolidated CFEs 1,230,275   1,230,275          
Total Assets 2,470,718   2,470,718     2,508,130    
Debt 471,585   471,585          
Other liabilities 6,492   6,492          
Liabilities of consolidated CFEs 1,026,887   1,026,887          
Total Liabilities 1,504,964   1,504,964          
Redeemable Noncontrolling Interests of Consolidated Subsidiaries 27,594   27,594          
Total Stockholders’ Equity 938,160   938,160          
Noncontrolling interests in equity of consolidated subsidiaries 42,753   42,753          
Stockholders’ Equity in Rithm Capital Corp. 895,407   895,407          
Investments in Equity Method Investees 207,483   207,483          
Operating Segments | Asset Management | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Asset Management | Change in fair value of MSRs and MSR financing receivables                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Asset Management | Servicing revenue, net                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Asset Management | Interest income                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 7,841 4,971 17,254 9,880        
Operating Segments | Asset Management | Gain on originated residential mortgage loans, held-for-sale, net                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Asset Management | Other revenues                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Asset Management | Asset management revenues                
Segment Reporting Information [Line Items]                
Total Revenues 95,008 109,433 182,680 180,384        
Operating Segments | Corporate Category                
Segment Reporting Information [Line Items]                
Total Revenues 3,126 2 4,114 4        
Interest expense and warehouse line fees 22,018 21,697 42,698 32,241        
Other segment expenses 14,909 17,615 24,706 27,559        
Compensation and benefits 20,525 21,022 38,407 23,836        
Depreciation and amortization 27 0 31 0        
Total Operating Expenses 57,479 60,334 105,842 83,636        
Realized and unrealized gains (losses), net (661) 0 (661) 0        
Other income (loss), net (1,209) 0 (1,204) 37        
Total Other Income, Net (1,870) 0 (1,865) 37        
Income before Income Taxes (56,223) (60,332) (103,593) (83,595)        
Income tax expense (benefit) 0 0 0 0        
Net Income (Loss) (56,223) (60,332) (103,593) (83,595)        
Noncontrolling interests in income of consolidated subsidiaries 0 0 0 0        
Redeemable noncontrolling interests in income of consolidated subsidiaries 2,559   3,369          
Net Income Attributable to Rithm Capital Corp. (58,782) (60,332) (106,962) (83,595)        
Change in redemption value of redeemable noncontrolling interests     15,611          
Dividends on preferred stock 27,818 22,395 54,495 44,790        
Net Income Attributable to Common Stockholders (86,600) (82,727) (177,068) (128,385)        
Investments 0   0          
Cash and cash equivalents 353,594   353,594          
Restricted cash 233,370   233,370          
Other assets 3,308   3,308          
Goodwill 0   0          
Assets of consolidated CFEs 0   0          
Total Assets 590,272   590,272     $ 219,758    
Debt 1,256,262   1,256,262          
Other liabilities 242,585   242,585          
Liabilities of consolidated CFEs 0   0          
Total Liabilities 1,498,847   1,498,847          
Redeemable Noncontrolling Interests of Consolidated Subsidiaries 233,369   233,369          
Total Stockholders’ Equity (1,141,944)   (1,141,944)          
Noncontrolling interests in equity of consolidated subsidiaries 0   0          
Stockholders’ Equity in Rithm Capital Corp. (1,141,944)   (1,141,944)          
Investments in Equity Method Investees 0   0          
Operating Segments | Corporate Category | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Corporate Category | Change in fair value of MSRs and MSR financing receivables                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Corporate Category | Servicing revenue, net                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Corporate Category | Interest income                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 3,126 2 4,114 4        
Operating Segments | Corporate Category | Gain on originated residential mortgage loans, held-for-sale, net                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Corporate Category | Other revenues                
Segment Reporting Information [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Corporate Category | Asset management revenues                
Segment Reporting Information [Line Items]                
Total Revenues $ 0 $ 0 $ 0 $ 0        
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of June 30, 2025 and December 31, 2024, total assets of such consolidated VIEs were $6.2 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $4.9 billion and $5.2 billion, respectively. See Note 20 for further details.