XML 53 R41.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

RESIDENTIAL MORTGAGE LOANS (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Receivables [Abstract] |
Schedule of Residential Mortgage Loans Outstanding by Loan Type | 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 Geographic Distribution of the Residential Mortgage Loans | The following table summarizes the geographic distribution of Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment at fair value on the Consolidated Balance Sheets:
|  | Percentage of Total Outstanding Unpaid Principal Amount
State Concentration |  | June 30, 2024 |  | December 31, 2023
California |  | 11.2 | % |  | 8.3 | %
Florida |  | 9.2 | % |  | 9.3 | %
Texas |  | 8.6 | % |  | 9.5 | %
New York |  | 5.8 | % |  | 8.0 | %
Georgia |  | 4.3 | % |  | 4.9 | %
New Jersey |  | 3.7 | % |  | 3.9 | %
Maryland |  | 3.4 | % |  | 3.3 | %
Illinois |  | 3.3 | % |  | 3.5 | %
North Carolina |  | 3.3 | % |  | 3.2 | %
Virginia |  | 3.1 | % |  | 3.6 | %
Other US |  | 44.1 | % |  | 42.5 | %
|  | 100.0 | % |  | 100.0 | %
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 Activity for Residential Mortgage Loans | The following table summarizes the activity for the period of Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment 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, 2023 (As Restated) | $ | 379,044 |  |  | $ | 78,877 |  |  | $ | 2,461,865 |  |  | $ | 2,919,786 |
Originations | — |  |  | — |  |  | 25,518,069 |  |  | 25,518,069 |
Sales | — |  |  | — |  |  | (24,568,303) |  |  | (24,568,303) |
Purchases/additional fundings | — |  |  | — |  |  | 922,076 |  |  | 922,076 |
Proceeds from repayments | (23,313) |  |  | (5,518) |  |  | (42,440) |  |  | (71,271) |
Transfer of loans (to) from other assets(A) | — |  |  | (2,479) |  |  | (463,263) |  |  | (465,742) |
Transfer of loans to REO | (1,943) |  |  | (1,325) |  |  | (2,422) |  |  | (5,690) |
Transfers of loans to held-for-sale | (52) |  |  | — |  |  | — |  |  | (52) |
Transfer of loans from held-for-investment | — |  |  | — |  |  | 52 |  |  | 52 |
Impairment (loss) reversal | — |  |  | 3,339 |  |  | — |  |  | 3,339 |
Fair value adjustments due to: |  |  |  |  |  |  |
Changes in instrument-specific credit risk | 13,632 |  |  | — |  |  | 10,466 |  |  | 24,098 |
Other factors | 1,498 |  |  | — |  |  | 1,829 |  |  | 3,327 |
Balance at June 30, 2024 | $ | 368,866 |  |  | $ | 72,894 |  |  | $ | 3,837,929 |  |  | $ | 4,279,689 |
(A)Includes loans transferred to consolidated CFEs and receivable modifications resulting in transfers between other assets and residential mortgage loans.
Schedule of Net Interest Income | The following table summarizes the net interest income for Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment at fair value on the Consolidated Balance Sheets:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Interest income: |  |  |  |  |  |  |
Loans HFI, at fair value | $ | 7,579 |  |  | $ | 9,214 |  |  | $ | 15,436 |  |  | $ | 18,723 |
Loans HFS, at lower of cost or fair value | 1,279 |  |  | 1,884 |  |  | 2,140 |  |  | 3,388 |
Loans HFS, at fair value | 45,644 |  |  | 41,745 |  |  | 81,660 |  |  | 79,031 |
Total interest income | $ | 54,502 |  |  | $ | 52,843 |  |  | $ | 99,236 |  |  | $ | 101,142 |
Interest expense: |  |  |  |  |  |  |
Loans HFI, at fair value | 4,032 |  |  | 4,849 |  |  | 8,256 |  |  | 9,519 |
Loans HFS, at lower of cost or fair value | 1,007 |  |  | 982 |  |  | 1,723 |  |  | 1,889 |
Loans HFS, at fair value | 52,328 |  |  | 42,787 |  |  | 89,566 |  |  | 85,503 |
Total interest expense | $ | 57,367 |  |  | $ | 48,618 |  |  | $ | 99,545 |  |  | $ | 96,911 |
Net interest income | $ | (2,865) |  |  | $ | 4,225 |  |  | $ | (309) |  |  | $ | 4,231 |
Schedule of Components of Gain on Originated Residential Mortgage Loans, HFS, Net | The following table summarizes the components of gain on originated residential mortgage loans, HFS, net:
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2024 |  | 2023 (As Restated) |  | 2024 |  | 2023 (As Restated)
Gain (loss) on residential mortgage loans originated and sold, net(A) | $ | (217,515) |  |  | $ | (93,059) |  |  | $ | (341,629) |  |  | $ | (127,373) |
Gain (loss) on settlement of residential mortgage loan origination derivative instruments(B) | 10,077 |  |  | (11,483) |  |  | (5,447) |  |  | (1,579) |
MSRs retained on transfer of residential mortgage loans(C) | 364,305 |  |  | 202,303 |  |  | 580,244 |  |  | 342,816 |
Other(D) | 5,114 |  |  | 2,302 |  |  | 11,608 |  |  | (3,141) |
Realized gain on sale of originated residential mortgage loans, net | $ | 161,981 |  |  | $ | 100,063 |  |  | $ | 244,776 |  |  | $ | 210,723 |
Change in fair value of residential mortgage loans | (8,907) |  |  | 27,891 |  |  | 5,361 |  |  | 59,489 |
Change in fair value of interest rate lock commitments (Note 17) | (14,817) |  |  | (19,898) |  |  | (7,332) |  |  | 6,342 |
Change in fair value of derivative instruments (Note 17) | 15,484 |  |  | 70,528 |  |  | 53,394 |  |  | 11,298 |
Gain on originated residential mortgage loans, HFS, net | $ | 153,741 |  |  | $ | 178,584 |  |  | $ | 296,199 |  |  | $ | 287,852 |
(A)Includes residential mortgage loan origination fees of $233.8 million and $94.0 million for the three months ended June 30, 2024 and 2023, respectively. Includes residential mortgage loan origination fees of $411.5 million and $162.9 million for the six months ended June 30, 2024 and 2023, 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.

X
- Definition Tabular disclosure of the geographic distribution of collateral related to residential mortgage loans. + References No definition available. + Details
Name: | ritm_ScheduleOfGeographicDistributionOfResidentialMortgageLoansTableTextBlock
Namespace Prefix: | ritm_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule Of Loans Held For Sale, Fair Value Disclosure [Table Text Block] + References No definition available. + Details
Name: | ritm_ScheduleOfLoansHeldForSaleFairValueDisclosureTableTextBlock
Namespace Prefix: | ritm_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Schedule of Originated Mortgage Loans [Table Text Block] + References No definition available. + Details
Name: | ritm_ScheduleOfOriginatedMortgageLoansTableTextBlock
Namespace Prefix: | ritm_
Data Type: | dtr-types1:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of interest income and expense, including, but not limited to, interest income and expense from investments, loans, and securities. + References No definition available. + Details
Name: | us-gaap_InterestIncomeAndInterestExpenseDisclosureTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of aging analysis for financing receivable. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7A -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-7A Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481962/310-10-50-7 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479319/326-20-50-14 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 80 -Publisher FASB -URI https://asc.fasb.org/1943274/2147479294/326-20-55-80 + Details
Name: | us-gaap_PastDueFinancingReceivablesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_ReceivablesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the various types of trade accounts and notes receivable and for each the gross carrying value, allowance, and net carrying value as of the balance sheet date. Presentation is categorized by current, noncurrent and unclassified receivables. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration