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DEBT OBLIGATIONS (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The following table summarizes secured financing agreements, secured notes, bonds payable and notes payable and other liabilities of consolidated entities:
September 30, 2025December 31, 2024
Collateral
Debt Obligations/Collateral(C)
Outstanding Face Amount
Carrying Value(A)
Final Stated Maturity(B)
Weighted Average Funding CostWeighted Average Life (Years)Outstanding FaceAmortized Cost BasisCarrying ValueWeighted Average Life (Years)
Carrying Value(A)
Secured Financing Agreements:
Warehouse credit facilities - residential mortgage loans and REO(D)
$5,542,562 $5,542,562 Oct-25 to Mar-285.7 %0.6$6,136,848 $6,263,642 $6,255,340 21.6$4,235,333 
Warehouse credit facilities - RTLs(E)
1,831,767 1,831,762 Dec-25 to Mar-286.6 %1.22,147,448 2,148,536 2,148,536 1.21,547,307 
Government and government-backed securities(F)
7,794,765 7,794,765 Oct-25 to Jul-264.4 %0.58,024,993 7,844,409 8,145,095 7.89,782,976 
Non-Agency securities(D)
896,129 896,129 Oct-25 to Oct-285.9 %0.415,353,048 1,225,723 1,304,980 4.9744,457 
Excess MSRs(E)
217,000 216,549 Sep-266.7 %1.249,260,027 274,105 314,916 5.9222,452 
CLOs(E)
256,437 254,871 Jan-30 to Jul-393.8 %7.4259,170 N/A258,847 7.4170,990 
SFR properties and commercial(E)
2,047 2,047 Dec-266.8 %1.2N/A9,722 9,722 N/A78,952 
Total secured financing agreements16,540,707 16,538,685 5.2 %0.716,782,467 
Secured Notes and Bonds Payable:
MSRs(G)
5,550,691 5,534,804 Oct-25 to Nov-316.6 %2.3571,546,048 8,182,037 10,135,402 6.45,838,250 
Servicer advance investments(H)
231,018 231,018 Mar-266.2 %0.4264,921 290,757 302,278 8.0258,183 
Servicer advances(H)
2,215,096 2,214,913 Feb-26 to Jun-296.6 %1.02,706,174 2,684,416 2,684,416 0.72,629,802 
Consumer loans(I)
521,705 502,782 Oct-26 to Sep-374.4 %2.5730,184 384,965 598,147 4.6564,791 
SFR properties(J)
818,273 800,775 Feb-27 to Mar-284.3 %1.8N/A988,394 988,394 N/A716,649 
RTLs(K)
200,000 200,000 Jul-265.8 %0.8201,132 201,132 202,006 0.4200,000 
Secured facility - asset management(M)
25,000 24,834 Nov-258.8 %0.3N/AN/AN/AN/A71,971 
Other investments(E)
30,000 30,000 Feb-306.3 %4.4N/AN/AN/AN/A— 
CLOs(E)
6,180 6,154 Jul-306.3 %5.08,466 N/A7,553 5.018,429 
Total secured notes and bonds payable9,597,963 9,545,280 6.3 %1.910,298,075 
Notes Payable and Secured Financing of Consolidated Entities
Consolidated funds(L)
1,216,181 1,214,220 May-28 to Jan-386.0 %10.21,309,886 N/A1,347,042 4.0959,958 
Residential mortgage loans2,716,465 2,608,079 Mar-41 to Jun-536.6 %25.73,156,142 N/A3,051,688 25.72,369,934 
RTLs
861,949 866,526 Mar-39 to Sep-396.2 %13.7934,450 N/A958,789 0.8859,023 
Total notes payable and secured financing of consolidated entities4,794,595 4,688,825 6.4 %19.64,188,915 
Total / Weighted Average$30,933,265 $30,772,790 5.7 %4.0$31,269,457 
(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 $135.9 million and $239.4 million as of September 30, 2025 and December 31, 2024, 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 $3.9 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 3.0%; and $1.6 billion of MSR notes with fixed interest rates ranging 3.1% 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 $1.4 billion 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 2.8%; and $1.0 billion of debt with fixed interest rates ranging from 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: $115.7 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%, (ii) $171.8 million of debt collateralized by the Marcus loans with an interest rate of SOFR plus a margin of 2.4% and (iii) $181.2 million of debt collateralized by the Upgrade loans with an interest rate of SOFR plus a margin of 1.6%.
(J)Includes $818.3 million of fixed rate notes which bear interest ranging from 3.5% to 6.2%.
(K)Fixed rate note which bears interest of 5.8%.
(L)Includes notes payable of consolidated collateralized loan obligations (“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 $32.0 million do not have a stated rate of interest. Weighted average life of a structured alternative investment solution is based on expected maturity.
(M)Fixed rate note which bears interest of 8.8%.
The following table summarizes activities related to the carrying value of secured debt obligations:
Servicer Advances and Excess MSRs(A)
MSRsGovernment and Government-Backed and Other SecuritiesResidential Mortgage Loans and REOConsumer LoansSFR Properties and CommercialRTLsAsset Management, CLOs and Consolidated FundsTotal
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 
Secured Financing Agreements:
Borrowings— — 41,778,417 54,963,477 — — 2,878,614 88,375 99,708,883 
Repayments(6,241)— (43,614,956)(53,656,248)— (76,905)(2,594,159)(29,512)(99,978,021)
Foreign exchange ("FX") remeasurement— — — — — — — 25,335 25,335 
Capitalized deferred financing costs, net of amortization338 — — — — — — (317)21 
Secured Notes and Bonds Payable:
Borrowings2,064,447 2,000,504 30,000 — 191,739 79,119 — 10,988 4,376,797 
Repayments(2,506,943)(2,295,651)— — (255,067)(1,463)— (71,897)(5,131,021)
FX remeasurement— — — — — — — 224 224 
Unrealized loss on notes, fair value— — — — 494 — — — 494 
Capitalized deferred financing costs, net of amortization442 (8,299)— — 825 6,470 — 1,272 710 
Notes Payable and Secured Financing of Consolidated Entities:
Borrowings— — — 447,111 — — — 255,931 703,042 
Repayments— — — (271,654)— — — — (271,654)
Unrealized (gain) loss on notes, fair value— — — 62,688 — — 5,805 (1,668)66,825 
Capitalized deferred financing costs, net of amortization — — — — — — 1,698 — 1,698 
Balance at September 30, 2025$2,662,480 $5,534,804 $8,720,894 $8,150,641 $502,782 $802,822 $2,898,288 $1,500,079 $30,772,790 
(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 September 30, 2025 are as follows:
Year Ending
Nonrecourse(A)
Recourse(B)
Total
October 1 through December 31, 2025$25,000 $6,752,070 $6,777,070 
20263,307,354 10,662,617 13,969,971 
2027648,994 386,669 1,035,663 
2028744,860 431,367 1,176,227 
202970,001 2,448,596 2,518,597 
2030 and thereafter
6,200,737 530,000 6,730,737 
$10,996,946 $21,211,319 $32,208,265 
(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs and notes payable of consolidated CFEs of $1.7 billion, $5.4 billion, $0.0 billion, and $3.8 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 $15.0 billion, $5.1 billion, $1.3 billion, and $0.0 billion, respectively.
Schedule of Borrowing Capacity
The following table represents borrowing capacity as of September 30, 2025:
Debt Obligations / CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements:
Residential mortgage loans, RTLs and SFR
$6,818,073 $3,339,393 $3,478,680 
Loan originations6,077,000 4,036,982 2,040,018 
CLOs479,509 256,438 223,071 
Excess MSRs350,000 217,000 133,000 
Secured Notes and Bonds Payable:
MSRs6,915,743 5,550,691 1,365,052 
Servicer advances4,140,000 2,446,114 1,693,886 
SFR200,000 169,279 30,721 
Liabilities of Consolidated CFEs:
Consolidated funds52,500 — 52,500 
$25,032,825 $16,015,897 $9,016,928 
(A)Although available financing is uncommitted, Rithm Capital’s unused borrowing capacity is available if it has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate.
Schedule of Debt Redemption
The 2030 Senior Notes become redeemable in whole or in part at any time and from time to time, on or after July 15, 2027, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2030 Senior Notes to be redeemed):
YearPrice
2027104.000 %
2028102.000 %
2029 and thereafter100.000 %
The 2029 Senior Notes become redeemable in whole or in part at any time and from time to time, on or after April 1, 2026, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2029 Senior Notes to be redeemed):
YearPrice
2026104.000 %
2027102.000 %
2028 and thereafter100.000 %
Schedule of Tax Receivable Agreement Estimated Undiscounted Future Payments
The table below presents the Company’s estimate as of September 30, 2025, of the maximum undiscounted amounts that would be payable under the TRA using the assumptions described above. In light of the numerous factors affecting Sculptor’s obligation to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table.
Year EndingPotential Payments Under TRA
October 1 through December 31, 2025$— 
202617,513 
202718,063 
202816,697 
202916,739 
2030 and thereafter
168,928 
$237,940