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INCOME TAXES | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES Income tax expense (benefit) consists of the following:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Current: |  |  |  |  |  |  |
Federal | $ | 1,138 |  |  | $ | — |  |  | $ | 1,750 |  |  | $ | 16 |
State and local | 2,130 |  |  | 99 |  |  | 2,527 |  |  | 122 |
Foreign | 1,928 |  |  | — |  |  | 3,704 |  |  | — |
Total current income tax expense (benefit) | 5,196 |  |  | 99 |  |  | 7,981 |  |  | 138 |
Deferred: |  |  |  |  |  |  |
Federal | 39,219 |  |  | 48,232 |  |  | 115,672 |  |  | 34,064 |
State and local | 6,698 |  |  | 8,199 |  |  | 19,934 |  |  | 5,522 |
Foreign | 535 |  |  | — |  |  | 1,473 |  |  | — |
Total deferred income tax expense (benefit) | 46,452 |  |  | 56,431 |  |  | 137,079 |  |  | 39,586 |
Total income tax expense (benefit) | $ | 51,648 |  |  | $ | 56,530 |  |  | $ | 145,060 |  |  | $ | 39,724 |
Rithm Capital intends to qualify as a REIT for each of its tax years through December 31, 2024. A REIT is generally not subject to US federal corporate income tax on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. Rithm Capital operates various business segments, including origination and servicing, asset management, and portions of the investment portfolio, through TRSs that are subject to regular corporate income taxes, which have been provided for in the provision for income taxes, as applicable. Refer to Note 4 for further details. As of June 30, 2024, Rithm Capital recorded a net deferred tax liability of $951.0 million, primarily composed of deferred tax liabilities generated through the deferral of gains from residential mortgage loans sold by the origination business and changes in fair value of MSRs, loans and swaps held within taxable entities, which is reported within accrued expenses and other liabilities in the Consolidated Balance Sheets. As of June 30, 2024, Sculptor recorded a net deferred tax asset of $283.1 million, primarily composed of net operating losses and tax deductible goodwill, which is reported within other assets in the Consolidated Balance Sheets.

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