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MORTGAGE LOANS RECEIVABLE (Tables) | 6 Months Ended
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Jun. 30, 2024
Receivables [Abstract] |
Schedule of Mortgage Loans Receivable Held by Loan Type and Activity for Mortgage Loans Receivable | The following table summarizes residential mortgage loans outstanding by loan type:
| June 30, 2024 |  |  |  |  |  |  |  |  |  | December 31, 2023 (As Restated)
| Outstanding Face Amount |  | Carrying Value |  | Loan Count |  | Weighted Average Yield |  | Weighted Average Life (Years)(A) |  |  |  |  |  |  |  |  |  | Carrying Value
Investments of consolidated CFEs(B) | $ | 3,577,247 |  |  | $ | 3,347,246 |  |  | 10,411 |  |  | 5.5 | % |  | 25.9 |  |  |  |  |  |  |  |  |  | $ | 3,038,587 |
Residential mortgage loans, HFI, at fair value | $ | 421,507 |  |  | $ | 368,866 |  |  | 7,823 |  |  | 8.5 | % |  | 5.2 |  |  |  |  |  |  |  |  |  | $ | 379,044 |
Residential mortgage loans, HFS |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquired performing loans(C) | 61,427 |  |  | 53,951 |  |  | 1,790 |  |  | 8.0 | % |  | 5.5 |  |  |  |  |  |  |  |  |  | 57,038 |
Acquired non-performing loans(D) | 21,874 |  |  | 18,943 |  |  | 247 |  |  | 6.1 | % |  | 3.9 |  |  |  |  |  |  |  |  |  | 21,839 |
Total residential mortgage loans, HFS | $ | 83,301 |  |  | $ | 72,894 |  |  | 2,037 |  |  | 7.5 | % |  | 5.1 |  |  |  |  |  |  |  |  |  | $ | 78,877 |
Residential mortgage loans, HFS, at fair value |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquired performing loans(C)(E) | 850,561 |  |  | 834,383 |  |  | 3,041 |  |  | 5.8 | % |  | 11.2 |  |  |  |  |  |  |  |  |  | 400,603 |
Acquired non-performing loans(D)(E) | 233,580 |  |  | 214,071 |  |  | 1,130 |  |  | 3.7 | % |  | 23.0 |  |  |  |  |  |  |  |  |  | 204,950 |
Originated loans | 2,723,582 |  |  | 2,789,475 |  |  | 9,872 |  |  | 7.2 | % |  | 29.2 |  |  |  |  |  |  |  |  |  | 1,856,312 |
Total residential mortgage loans, HFS, at fair value | $ | 3,807,723 |  |  | $ | 3,837,929 |  |  | 14,043 |  |  | 6.7 | % |  | 24.8 |  |  |  |  |  |  |  |  |  | $ | 2,461,865 |
(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, 2024, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below. (E)Includes $217.2 million and $192.6 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. The following table summarizes Mortgage loans receivable, at fair value and mortgage loans receivable held by consolidated CFEs by loan type as of June 30, 2024:
|  | Mortgage Loans Receivable - Carrying Value(A) |  | Mortgage Loans Receivable of Consolidated CFEs - 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) |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 886,359 |  |  | $ | 211,184 |  |  | $ | 1,097,543 |  |  | 43.3 | % |  | 396 |  | 28.3 | % |  | 11.2 | % |  | 18.3 |  | 72.8% / 62.3% |  |  |  |  |  |  |  |  |  |
Bridge |  | 898,306 |  |  | 220,071 |  |  | 1,118,377 |  |  | 43.8 | % |  | 575 |  | 41.2 | % |  | 10.1 | % |  | 24.6 |  | 67.7% |  |  |  |  |  |  |  |  |  |
Renovation |  | 264,601 |  |  | 60,848 |  |  | 325,449 |  |  | 12.9 | % |  | 426 |  | 30.5 | % |  | 10.5 | % |  | 12.5 |  | 81.7%/ 67.4% |  |  |  |  |  |  |  |  |  |
|  | $ | 2,049,266 |  |  | $ | 492,103 |  |  | $ | 2,541,369 |  |  | 100.0 | % |  | 1,397 |  | 100.0 | % |  | 10.6 | % |  | 20.4 |  | N/A |  |  |  |  |  |  |  |  |  |
(A)Mortgage loans receivable are carried at fair value under the fair value option election. Mortgage loans of consolidated CFEs are classified as Level 2, as their value is based on the fair value of the more observable financial liabilities of consolidated CFEs. See Note 19 regarding fair value measurements. (B)Weighted by commitment LTV for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans. The following table summarizes the activity for the period of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets:
Balance at December 31, 2023 (As Restated) |  | $ | 1,879,319 |
Initial loan advances |  | 931,574 |
Construction holdbacks and draws |  | 392,874 |
Paydowns and payoffs |  | (798,720) |
Fair value adjustments |  | 17,418 |
Purchased loans discount amortization |  | 871 |
Transfer of loans to REO |  | (4,311) |
Transfers from (to) assets of consolidated CFEs |  | (369,759) |
Balance at June 30, 2024 |  | $ | 2,049,266 |
The following table summarizes the activity for the period for notes and loans receivable:
| Notes Receivable |  |  | Loans Receivable |  | Total
Balance at December 31, 2023 | $ | 398,227 |  |  |  | $ | 31,323 |  |  | $ | 429,550 |
Fundings | — |  |  |  | — |  |  | — |
Payment in Kind | — |  |  |  | 2,211 |  |  | 2,211 |
Proceeds from repayments | (33,250) |  |  |  | (4,420) |  |  | (37,670) |
Balance at June 30, 2024 | $ | 364,977 |  |  |  | $ | 29,114 |  |  | $ | 394,091 |
Schedule of Difference Between Aggregate UPB and Aggregate Carrying Value of Loans | The following table summarizes the difference between the aggregate UPB and the aggregate carrying value of Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment at fair value on the Consolidated Balance Sheets which are 90 days or more past due:
|  | June 30, 2024 |  | December 31, 2023
Days Past Due |  | UPB |  | Carrying Value |  | Carrying Value Over (Under) UPB |  | UPB |  | Carrying Value |  | Carrying Value Over (Under) UPB
90+ |  | $ | 340,323 |  |  | $ | 304,967 |  |  | $ | (35,356) |  |  | $ | 313,122 |  |  | $ | 281,556 |  |  | $ | (31,566) |
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets:
|  | June 30, 2024 |  | December 31, 2023 (As Restated)
Days Past Due |  | UPB |  | Carrying Value |  | Carrying Value Over (Under) UPB |  | UPB |  | Carrying Value |  | Carrying Value Over (Under) UPB
Current |  | $ | 1,991,233 |  |  | $ | 2,009,083 |  |  | $ | 17,850 |  |  | $ | 1,838,935 |  |  | $ | 1,837,513 |  |  | $ | (1,422) |
90+ |  | 45,996 |  |  | 40,183 |  |  | $ | (5,813) |  |  | 41,869 |  |  | 41,806 |  |  | (63) |
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, 2024 |  | December 31, 2023
Days Past Due |  | UPB |  | Carrying Value(A) |  | Carrying Value Over (Under) UPB |  | UPB |  | Carrying Value(A) |  | Carrying Value Over (Under) UPB
Current |  | $ | 493,354 |  |  | $ | 394,091 |  |  | $ | (99,263) |  |  | $ | 565,786 |  |  | $ | 429,550 |  |  | $ | (136,236) |
90+ |  | — |  |  | — |  |  | $ | — |  |  | — |  |  | — |  |  | $ | — |
(A)Notes and loans receivable are carried at fair value. See Note 19 regarding fair value measurements.
Schedule of Geographic Distribution of the Underlying Mortgage Loans Receivable | The following table summarizes the geographic distribution of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets as of June 30, 2024:
|  | Percentage of Total Loan Commitment
State Concentration |  | June 30, 2024 |  | December 31, 2023 (As Restated)
California |  | 45.6 | % |  | 47.8 | %
Florida |  | 8.8 | % |  | 7.8 | %
Georgia |  | 8.0 | % |  | 2.5 | %
Washington |  | 6.4 | % |  | 7.9 | %
New York |  | 5.7 | % |  | 6.7 | %
Colorado |  | 3.9 | % |  | 3.1 | %
Arizona |  | 3.8 | % |  | 4.8 | %
Virginia |  | 3.6 | % |  | 4.1 | %
South Carolina |  | 2.2 | % |  | 0.6 | %
Texas |  | 2.0 | % |  | 2.7 | %
Other US |  | 10.0 | % |  | 12.0 | %
|  | 100.0 | % |  | 100.0 | %

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