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RESIDENTIAL MORTGAGE LOANS (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Residential Mortgage Loans Outstanding by Loan Type, Excluding REO

The following table summarizes residential mortgage loans outstanding by loan type:




	September 30, 2025								December 31, 2024
	Outstanding Face Amount		Carrying Value		Loan Count	Weighted Average Yield		Weighted Average Life (Years)(A)	Carrying Value
Investments of consolidated CFEs(B)	$	3,156,142	$	3,051,688	8,025	6.0	%	25.7	$	2,791,027
Residential mortgage loans, HFI, at fair value	360,448		334,589		6,836	7.7	%	4.6	361,890

Residential Mortgage Loans, HFS:
Acquired performing loans(C)	50,718		46,458		1,543	6.6	%	4.3	51,011
Acquired non-performing loans(D)	15,025		12,333		181	10.6	%	4.3	15,659
Total Residential Mortgage Loans, HFS	$	65,743	$	58,791	1,724	7.5	%	4.3	$	66,670

Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(C)(E)	1,657,670		1,694,140		4,049	6.2	%	9.7	408,421
Acquired non-performing loans(D)(E)	244,650		222,502		1,063	5.2	%	27.5	270,879
Originated loans	3,860,883		3,971,969		12,577	6.6	%	28.9	3,628,271
Total Residential Mortgage Loans, HFS, at Fair Value	$	5,763,203	$	5,888,611	17,689	6.4	%	23.3	$	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 loans classified as Level 2 in the fair value hierarchy, 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 September 30, 2025, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below.

(E)Includes $236.8 million and $234.1 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 September 30, 2025.

The following table summarizes residential transition loans, at fair value and residential transition loans (“RTL”) held by consolidated entities by loan type:


	Residential Transition Loans - Carrying Value(A)		Residential Transition Loans of Consolidated Entities - Carrying Value(A)		Total Carrying Value		% of Portfolio		Loan Count	% of Portfolio		Weighted Average Yield		Weighted Average Original Life (Months)	Weighted Average Committed Loan Balance to Value(B)
September 30, 2025
Construction	$	1,019,526	$	579,036	$	1,598,562	41.7	%	561	33.9	%	11.2	%	20.2	72.1% / 62.1%
Bridge	1,274,957		455,451		1,730,408		45.2	%	537	32.5	%	9.5	%	26.2	67.2%
Renovation	280,871		221,376		502,247		13.1	%	555	33.6	%	9.9	%	13.5	82.7% / 68.1%
	$	2,575,354	$	1,255,863	$	3,831,217	100.0	%	1,653	100.0	%	10.3	%	21.0	N/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%
Bridge	972,443		363,946		1,336,389		42.6	%	600	39.1	%	10.0	%	23.9	66.6%
Renovation	270,490		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	%	20.4	N/A

(A)Residential transition loans are carried at fair value under the FVO election. Certain residential transition loans of consolidated entities, classified as CFEs, are valued based on the more observable financial liabilities of consolidated CFEs and are classified as Level 3. 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
Purchases	3,434
Initial loan advances	2,136,360
Construction holdbacks and draws	851,226
Repayments and sales	(1,475,250)
Purchased loans discount amortization	33
Transfer of loans to REO	(7,702)
Transfers to assets of consolidated entities	(1,108,269)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk	(27,538)
Other factors	24,985
Balance at September 30, 2025	$	2,575,354

The following table summarizes the activity for the period for notes and loans receivable:


	Notes Receivable		Loans Receivable		Total







Balance at December 31, 2024	$	393,786	$	31,580	$	425,366
Fundings	49,167		—		49,167
Payment in kind	3,467		1,458		4,925
Proceeds from repayments	—		(25,000)		(25,000)
Fair Value Adjustments due to:

Other factors(A)	3,087		—		3,087
Balance at September 30, 2025	$	449,507	$	8,038	$	457,545

(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:




	September 30, 2025						December 31, 2024
Days Past Due	UPB		Carrying Value		Carrying Value Over (Under) UPB		UPB		Carrying Value		Carrying Value Over (Under) UPB
Current	$	5,876,523	$	5,996,369	$	119,846	$	4,377,435	$	4,400,113	$	22,678
90+	312,871		285,622		(27,249)		369,118		336,018		(33,100)
Total	$	6,189,394	$	6,281,991	$	92,597	$	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:




	September 30, 2025						December 31, 2024
Days Past Due	UPB		Carrying Value		Carrying Value Over (Under) UPB		UPB		Carrying Value		Carrying Value Over (Under) UPB
Current	$	2,472,492	$	2,483,692	$	11,200	$	2,117,479	$	2,128,802	$	11,323
90+	100,399		91,662		(8,737)		55,234		49,273		(5,961)
Total	$	2,572,891	$	2,575,354	$	2,463	$	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:




	September 30, 2025						December 31, 2024
Days Past Due	UPB		Carrying Value(A)		Carrying Value Over (Under) UPB		UPB		Carrying Value(A)		Carrying Value Over (Under) UPB
Current	$	539,910	$	449,507	$	(90,403)	$	518,856	$	425,366	$	(93,490)
90+	8,038		8,038		—		—		—		—
Total	$	547,948	$	457,545	$	(90,403)	$	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 Value		Loans HFS, at Lower of Cost or Fair Value		Loans HFS, at Fair Value		Total













Balance at December 31, 2024	$	361,890	$	66,670	$	4,307,571	$	4,736,131
Originations	—		—		43,215,508		43,215,508
Sales	—		—		(44,836,309)		(44,836,309)
Purchases/additional fundings	—		—		3,732,587		3,732,587
Proceeds from repayments	(31,996)		(7,478)		(104,792)		(144,266)
Transfer of loans to other assets(A)	—		(799)		(466,220)		(467,019)
Transfer of loans to REO	(1,945)		(706)		(609)		(3,260)


Valuation reversal on loans	—		1,104		—		1,104
Fair Value Adjustments due to:
Changes in instrument-specific credit risk	(1,260)		—		(11,375)		(12,635)
Other factors	7,900		—		52,250		60,150
Balance at September 30, 2025	$	334,589	$	58,791	$	5,888,611	$	6,281,991

(A)Includes receivable modifications resulting in transfers between other assets and residential mortgage loans as well as transfers to consolidated CFEs.

Schedule of Originated Mortgage Loans

The following table summarizes the components of gain on originated residential mortgage loans, HFS, net:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Loss on residential mortgage loans originated and sold, net(A)	$	(135,071)	$	(94,216)	$	(551,923)	$	(435,845)
Loss on settlement of residential mortgage loan origination derivative instruments(B)	(105,636)		(95,899)		(67,867)		(101,346)
MSRs retained on transfer of residential mortgage loans(C)	360,212		343,884		1,056,434		915,194
Other(D)	15,663		11,464		52,039		32,006
Realized gain on sale of originated residential mortgage loans, net	135,168		165,233		488,683		410,009
Change in fair value of residential mortgage loans	44,175		22,987		81,846		28,348
Change in fair value of interest rate lock commitments (Note 17)	(29,957)		15,711		9,271		8,379
Change in fair value of derivative instruments (Note 17)	46,922		(19,236)		(54,005)		34,158
Gain on Originated Residential Mortgage Loans, HFS, Net	$	196,308	$	184,695	$	525,795	$	480,894

(A)Includes residential mortgage loan origination fees of $296.4 million and $289.0 million in the three months ended September 30, 2025 and 2024, respectively, and $742.3 million and $700.4 million in the nine months ended September 30, 2025 and 2024, respectively. Includes gain on residential mortgage loan securitizations accounted for as sales of $(0.8) million and $17.0 million for the three months ended September 30, 2025 and 2024, respectively, and $24.2 million and $17.0 million for the nine months ended September 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.