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DEBT OBLIGATIONS (Tables) | 6 Months Ended
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Jun. 30, 2024
Debt Disclosure [Abstract] |
Schedule of Secured Financing Agreements, Secured Notes and Bonds Payable and Debt Obligations Related to Consolidated Funds and Carrying Value of Debt Obligations | The following table summarizes Secured Financing Agreements, Secured Notes and Bonds Payable and also includes debt obligations of consolidated CFEs:
|  |  | June 30, 2024 |  | December 31, 2023
|  |  |  |  |  |  |  |  |  |  |  |  |  | Collateral |  | (As Restated)
Debt Obligations/Collateral(C) |  |  |  | Outstanding Face Amount |  | Carrying Value(A) |  | Final Stated Maturity(B) |  | Weighted Average Funding Cost |  | Weighted Average Life (Years) |  | Outstanding Face |  | Amortized Cost Basis |  | Carrying Value |  | Weighted Average Life (Years) |  | Carrying Value(A)
Secured Financing Agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Warehouse Credit Facilities-Residential Mortgage Loans(D) |  |  |  | $ | 3,799,496 |  |  | $ | 3,799,496 |  |  | Jul-24 to Feb-26 |  | 6.9 | % |  | 0.6 |  | $ | 4,244,227 |  |  | $ | 4,296,216 |  |  | $ | 4,238,965 |  |  | 22.8 |  | $ | 1,940,038 |
Warehouse Credit Facilities-Mortgage Loans Receivable(G) |  |  |  | 1,411,054 |  |  | 1,411,054 |  |  | Mar-25 to Dec-25 |  | 8.0 | % |  | 1.3 |  | 1,721,912 |  |  | 1,731,239 |  |  | 1,731,239 |  |  | 1.1 |  | 1,337,010 |
Government and government-backed securities(F) |  |  |  | 9,114,181 |  |  | 9,114,181 |  |  | Jul-24 to Feb-25 |  | 5.4 | % |  | 0.2 |  | 9,559,841 |  |  | 9,361,449 |  |  | 9,496,785 |  |  | 8.6 |  | 8,152,469 |
Non-Agency RMBS(E) |  |  |  | 630,000 |  |  | 630,000 |  |  | Jul-24 to Oct-28 |  | 7.4 | % |  | 0.6 |  | 17,276,385 |  |  | 985,108 |  |  | 1,008,536 |  |  | 7.1 |  | 610,189 |
CLOs(G) |  |  |  | 191,655 |  |  | 190,196 |  |  | Jan-30 to Oct-36 |  | 6.4 | % |  | 8.8 |  | 192,683 |  |  | N/A |  | 193,560 |  |  | 8.8 |  | 183,947 |
SFR Properties and Commercial(G) |  |  |  | 34,972 |  |  | 34,972 |  |  | Dec-24 |  | 8.2 | % |  | 0.5 |  | N/A |  | 82,407 |  |  | 82,407 |  |  | N/A |  | 337,630 |
Total Secured Financing Agreements |  |  |  | 15,181,358 |  |  | 15,179,899 |  |  |  |  | 6.1 | % |  | 0.5 |  |  |  |  |  |  |  |  |  | 12,561,283 |
Secured Notes and Bonds Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Excess MSRs(E) |  |  |  | 161,406 |  |  | 161,406 |  |  | Oct-25 |  | 8.7 | % |  | 3.3 |  | 56,559,914 |  |  | 221,408 |  |  | 255,389 |  |  | 6.0 |  | 181,522 |
MSRs(H) |  |  |  | 5,395,119 |  |  | 5,389,633 |  |  | Dec-24 to Nov-27 |  | 7.5 | % |  | 1.4 |  | 569,894,934 |  |  | 7,212,153 |  |  | 9,429,829 |  |  | 6.4 |  | 4,800,728 |
Servicer Advance Investments(I) |  |  |  | 262,069 |  |  | 262,069 |  |  | Mar-26 |  | 7.3 | % |  | 1.7 |  | 302,282 |  |  | 336,131 |  |  | 357,220 |  |  | 8.3 |  | 278,042 |
Servicer Advances(I) |  |  |  | 2,281,451 |  |  | 2,280,652 |  |  | Jul-24 to Jun-26 |  | 8.1 | % |  | 1.5 |  | 2,634,706 |  |  | 2,623,070 |  |  | 2,623,070 |  |  | 0.7 |  | 2,254,369 |
Consumer Loans(J) |  |  |  | 811,073 |  |  | 786,425 |  |  | Jun-28 to Sep 37 |  | 6.4 | % |  | 3.9 |  | 1,011,653 |  |  | 984,285 |  |  | 946,367 |  |  | 1.6 |  | 1,106,974 |
SFR Properties(K) |  |  |  | 830,582 |  |  | 791,984 |  |  | Mar-26 to Sep-27 |  | 4.1 | % |  | 2.8 |  | N/A |  | 940,601 |  |  | 940,601 |  |  | N/A |  | 789,174 |
Mortgage Loans Receivable |  |  |  | 200,000 |  |  | 200,000 |  |  | Jul-26 |  | 5.8 | % |  | 2.0 |  | 224,995 |  |  | 224,995 |  |  | 224,995 |  |  | 0.6 |  | 200,000 |
Secured Facility- Asset Management |  |  |  | 75,000 |  |  | 70,393 |  |  | Nov-25 |  | 8.8 | % |  | 1.3 |  | N/A |  | N/A |  | N/A |  | N/A |  | 69,121 |
CLOs(G) |  |  |  | 13,361 |  |  | 13,329 |  |  | Jul-30 |  | 6.8 | % |  | 6.0 |  | 15,780 |  |  | N/A |  | 15,017 |  |  | 6.0 |  | 30,258 |
Total Secured Notes and Bonds Payable |  |  |  | 10,030,061 |  |  | 9,955,891 |  |  |  |  | 7.3 | % |  | 1.8 |  |  |  |  |  |  |  |  |  | 10,360,188 |
Notes Payable of Consolidated CFEs(L) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated funds(M) |  |  |  | 222,250 |  |  | 221,801 |  |  | May-37 |  | 5.0 | % |  | 4.3 |  | 202,130 |  |  | N/A |  | 200,552 |  |  | N/A |  | 218,157 |
Residential Mortgage Loans |  |  |  | 3,126,741 |  |  | 2,887,692 |  |  | Mar-64 |  | 4.4 | % |  | 25.9 |  | 3,577,247 |  |  | N/A |  | 3,347,246 |  |  | 25.9 |  | 2,618,082 |
Mortgage Loans Receivable |  |  |  | 454,249 |  |  | 451,682 |  |  | Mar-39 |  | 6.8 | % |  | 14.7 |  | 479,203 |  |  | 479,203 |  |  | 492,103 |  |  | 1.0 |  | 318,998 |
Total Notes Payable of Consolidated CFEs |  |  |  | 3,803,240 |  |  | 3,561,175 |  |  |  |  | 4.8 | % |  | 23.1 |  |  |  |  |  |  |  |  |  | 3,155,237 |
Total / Weighted Average |  |  |  | $ | 29,014,659 |  |  | $ | 28,696,965 |  |  |  |  | 6.3 | % |  | 4.0 |  |  |  |  |  |  |  |  |  | $ | 26,076,708 |
(A)Net of deferred financing costs. (B)Debt obligations with a stated maturity through the date of issuance were refinanced, extended or repaid. (C)Associated with accrued interest payable of approximately $164.5 million as of June 30, 2024. (D)Includes $11.3 million with an average fixed-rate of 5.0% with the remaining based on SOFR interest rates. (E)SOFR-based floating interest rates. Includes repurchase agreements and related collateral on Non-Agency securities retained through consolidated securitizations. (F)Repurchase agreements have a fixed-rate. Includes financing on and collateral for US Treasuries purchased to cover short sales. Collateral carrying value includes margin deposits. (G)All SOFR- or Euro Interbank Offered Rate (EURIBOR) based floating interest rates. (H)Includes $4.5 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 3.7%; and $0.9 billion of MSR notes with fixed interest rates ranging 3.0% to 5.4%. 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. (I)Includes 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 3.7%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and Newrez. (J)Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $172.2 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% and (ii) $581.1 billion of debt collateralized by the Marcus loans with an interest rate of SOFR plus a margin of 3.0%. (K)Includes $830.6 million of fixed-rate notes with an interest rate ranging from 3.5% to 7.1%. (L)See Note 20 for the balance sheets of consolidated CFEs. (M)Includes $120.0 million UPB of Class A notes with a fixed coupon of 4.3%, $70.0 million UPB of Class B notes with a fixed coupon of 6.0%, $15.0 million UPB of Class C notes with a fixed coupon of 6.8%, and $17.3 million UPB of Subordinated notes, held within consolidated funds (Note 20). Weighted average life is based on expected maturity. The following table summarizes activities related to the carrying value of debt obligations:
| Servicer Advances and Excess MSRs(A) |  | MSRs |  |  |  | Real Estate and Other Securities |  | Residential Mortgage Loans and REO |  | Consumer Loans |  | SFR Properties and Commercial |  | Mortgage Loans Receivable |  | Asset Management |  | Total
Balance at December 31, 2023 (As Restated) | $ | 2,713,933 |  |  | $ | 4,800,728 |  |  |  |  | $ | 8,762,658 |  |  | $ | 5,208,120 |  |  | $ | 1,106,974 |  |  | $ | 1,126,804 |  |  | $ | 1,856,008 |  |  | $ | 501,483 |  |  | $ | 26,076,708 |
Secured Financing Agreements |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings | — |  |  | — |  |  |  |  | 40,053,308 |  |  | 26,670,929 |  |  | — |  |  | 15,183 |  |  | 1,807,048 |  |  | 17,404 |  |  | 68,563,872 |
Repayments | — |  |  | — |  |  |  |  | (39,071,785) |  |  | (24,811,728) |  |  | — |  |  | (324,197) |  |  | (1,733,004) |  |  | (6,068) |  |  | (65,946,782) |
FX remeasurement | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,987) |  |  | (4,987) |
Capitalized deferred financing costs, net of amortization | — |  |  | — |  |  |  |  | — |  |  | 257 |  |  | — |  |  | 6,356 |  |  | — |  |  | (100) |  |  | 6,513 |
Secured Notes and Bonds Payable |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Acquired borrowings, net of discount (Note 3) | 190,596 |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 190,596 |
Borrowings | 1,157,000 |  |  | 1,191,159 |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,225 |  |  | 2,353,384 |
Repayments | (1,357,552) |  |  | (603,815) |  |  |  |  | — |  |  | (650,000) |  |  | (323,594) |  |  | (2,811) |  |  | — |  |  | (22,194) |  |  | (2,959,966) |
FX remeasurement | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (99) |  |  | (99) |
Unrealized (gain) loss on notes, fair value | — |  |  | — |  |  |  |  | — |  |  | — |  |  | 2,451 |  |  | — |  |  | — |  |  | — |  |  | 2,451 |
Capitalized deferred financing costs, net of amortization | 150 |  |  | 1,561 |  |  |  |  | — |  |  | — |  |  | 594 |  |  | 5,621 |  |  | — |  |  | 1,411 |  |  | 9,337 |
Notes Payable of Consolidated CFEs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings | — |  |  | — |  |  |  |  | — |  |  | 445,250 |  |  | — |  |  | — |  |  | 454,249 |  |  | — |  |  | 899,499 |
Repayments | — |  |  | — |  |  |  |  | — |  |  | (169,363) |  |  | — |  |  | — |  |  | (324,062) |  |  | — |  |  | (493,425) |
Discount on borrowings, net of amortization | — |  |  | — |  |  |  |  | — |  |  | (24,260) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (24,260) |
Unrealized (gain) loss on notes, fair value | — |  |  | — |  |  |  |  | — |  |  | 17,983 |  |  | — |  |  | — |  |  | 5,228 |  |  | 3,644 |  |  | 26,855 |
Capitalized deferred financing costs, net of amortization | — |  |  | — |  |  |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,731) |  |  | — |  |  | (2,731) |
Balance at June 30, 2024 | $ | 2,704,127 |  |  | $ | 5,389,633 |  |  |  |  | $ | 9,744,181 |  |  | $ | 6,687,188 |  |  | $ | 786,425 |  |  | $ | 826,956 |  |  | $ | 2,062,736 |  |  | $ | 495,719 |  |  | $ | 28,696,965 |
(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 as of June 30, 2024 are as follows:
Year Ending |  | Nonrecourse(A) |  | Recourse(B) |  | Total
July 1 through December 31, 2024 |  | $ | 842,943 |  |  | $ | 12,869,976 |  |  | $ | 13,712,919 |
2025 |  | 247,781 |  |  | 5,299,929 |  |  | 5,547,710 |
2026 |  | 2,084,833 |  |  | 1,950,470 |  |  | 4,035,303 |
2027 |  | 734,398 |  |  | 440,000 |  |  | 1,174,398 |
2028 |  | 705,783 |  |  | — |  |  | 705,783 |
2029 and thereafter |  | 4,113,546 |  |  | 775,000 |  |  | 4,888,546 |
|  | $ | 8,729,284 |  |  | $ | 21,335,375 |  |  | $ | 30,064,659 |
(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs, and notes payable of consolidated CFEs of $1.0 billion, $3.9 billion, $0.2 billion, and $3.6 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 $14.1 billion, $6.1 billion, $1.1 billion, and $0.0 billion, respectively.
Schedule of Borrowing Capacity | The following table represents borrowing capacity as of June 30, 2024:
Debt Obligations / Collateral |  |  |  | Borrowing Capacity |  | Balance Outstanding |  | Available Financing(A)
Secured Financing Agreements |  |  |  |  |  |  |  |
Residential mortgage loans, mortgage loans receivable, SFR and commercial notes receivable |  |  |  | $ | 5,282,943 |  |  | $ | 2,342,051 |  |  | $ | 2,940,892 |
Loan originations |  |  |  | 5,627,000 |  |  | 2,903,472 |  |  | 2,723,528 |
CLOs |  |  |  | 314,230 |  |  | 191,655 |  |  | 122,575 |
Secured Notes and Bonds Payable |  |  |  |  |  |  |  |
Excess MSRs |  |  |  | 197,016 |  |  | 161,406 |  |  | 35,610 |
MSRs |  |  |  | 5,983,998 |  |  | 5,395,119 |  |  | 588,879 |
Servicer advances |  |  |  | 4,210,000 |  |  | 2,543,520 |  |  | 1,666,480 |
SFR |  |  |  | 296,423 |  |  | 192,606 |  |  | 103,816 |
Liabilities of Consolidated CFEs |  |  |  |  |  |  |  |
Consolidated funds |  |  |  | 52,500 |  |  | — |  |  | 52,500 |
|  |  |  | $ | 21,964,110 |  |  | $ | 13,729,830 |  |  | $ | 8,234,280 |
(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 notes become redeemable 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):
Year |  | Price
2026 |  | 104.000 | %
2027 |  | 102.000 | %
2028 and thereafter |  | 100.000 | %
Schedule of Potential Payments Under TRA | The table below presents the Company’s estimate as of June 30, 2024, 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 Ending |  | Potential Payments Under TRA
July 1 through December 31, 2024 |  | $ | — |
2025 |  | 29,819 |
2026 |  | 17,374 |
2027 |  | 18,994 |
2028 |  | 15,940 |
2029 and thereafter |  | 174,203 |
|  | $ | 256,330 |

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