XML 49 R38.htm IDEA: XBRL DOCUMENT v3.24.3

SEGMENT REPORTING (Tables)

9 Months Ended

Sep. 30, 2024

Segment Reporting [Abstract]

Schedule of Segment Financial Information

The following tables summarize segment financial information, which in total reconciles to the same data for Rithm Capital on a consolidated basis:

						Origination and Servicing						Investment Portfolio						Mortgage Loans Receivable						Asset Management						Corporate						Total
Three Months Ended September 30, 2024
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables						$	441,562					$	51,609					$	—					$	—					$	—					$	493,171
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(139,784))						(682,599)						(64,736)						—						—						—						(747,335)
Servicing revenue, net						(241,037)						(13,127)						—						—						—						(254,164)
Interest income						211,631						267,558						66,262						5,281						—						550,732
Gain on originated residential mortgage loans, HFS, net						171,700						12,995						—						—						—						184,695
Other investment portfolio revenues						—						57,212						—						—						—						57,212
Asset management revenues						—						—						—						81,039						—						81,039
Total Revenues						142,294						324,638						66,262						86,320						—						619,514
Interest expense and warehouse line fees						164,366						286,160						34,304						8,243						17,095						510,168
General and administrative						99,359						64,438						5,298						27,317						11,634						208,046
Compensation and benefits						177,702						3,929						9,520						58,267						16,255						265,673
Total Operating Expenses						441,427						354,527						49,122						93,827						44,984						983,887
Realized and unrealized gains, net						20						389,833						17,972						5,128						—						412,953
Other income (loss), net						(13,156)						1,354						36						8,334						—						(3,432)
Total Other Income (Loss)						(13,136)						391,187						18,008						13,462						—						409,521
Income (Loss) before Income Taxes						(312,269)						361,298						35,148						5,955						(44,984)						45,148
Income tax expense (benefit)						(84,764)						(4,916)						2,754						8,493						—						(78,433)
Net Income (Loss)						(227,505)						366,214						32,394						(2,538)						(44,984)						123,581
Noncontrolling interests in income (loss) of consolidated subsidiaries						847						(1,123)						—						2,115						—						1,839
Dividends on preferred stock						—						—						—						—						24,718						24,718
Net Income (Loss) Attributable to Common Stockholders						$	(228,352)					$	367,337					$	32,394					$	(4,653)					$	(69,702)					$	97,024

						Origination and Servicing						Investment Portfolio						Mortgage Loans Receivable						Asset Management						Corporate						Total
Nine Months Ended September 30, 2024
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables						$	1,281,056					$	180,984					$	—					$	—					$	—					$	1,462,040
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(421,761))						(716,639)						(14,419)						—						—						—						(731,058)
Servicing revenue, net						564,417						166,565						—						—						—						730,982
Interest income						530,097						728,363						190,555						10,252						4						1,459,271
Gain on originated residential mortgage loans, HFS, net						473,340						7,554						—						—						—						480,894
Other investment portfolio revenues						—						172,060						—						—						—						172,060
Asset management revenues(A)						—						—						—						266,332						—						266,332
Total Revenues						1,567,854						1,074,542						190,555						276,584						4						3,109,539
Interest expense and warehouse line fees						448,017						768,565						95,824						24,197						49,336						1,385,939
General and administrative						273,980						192,139						16,358						90,692						39,194						612,363
Compensation and benefits						516,361						12,150						29,936						173,361						40,091						771,899
Total Operating Expenses						1,238,358						972,854						142,118						288,250						128,621						2,770,201
Realized and unrealized gains, net						20						285,288						61,277						6,753						—						353,338
Other income (loss), net						14,101						(3,774)						(1,806)						14,978						37						23,536
Total Other Income						14,121						281,514						59,471						21,731						37						376,874
Income (Loss) before Income Taxes						343,617						383,202						107,908						10,065						(128,580)						716,212
Income tax expense (benefit)						50,397						(759)						4,373						12,616						—						66,627
Net Income (Loss)						293,220						383,961						103,535						(2,551)						(128,580)						649,585
Noncontrolling interests in income of consolidated subsidiaries						1,918						2,024						—						4,310						—						8,252
Dividends on preferred stock						—						—						—						—						69,508						69,508
Net Income (Loss) Attributable to Common Stockholders						$	291,302					$	381,937					$	103,535					$	(6,861)					$	(198,088)					$	571,825

(A)Includes $4.9 million of asset management related interest income (Note 22).

						Origination and Servicing						Investment Portfolio						Mortgage Loans Receivable						Asset Management						Corporate						Total
September 30, 2024
Investments						$	11,207,008					$	13,639,005					$	1,869,852					$	—					$	—					$	26,715,865
Cash and cash equivalents						1,122,013						324,338						32,208						146,601						14,379						1,639,539
Restricted cash						164,702						99,729						33,785						8,317						—						306,533
Other assets						4,370,883						3,851,676						127,277						811,085						5,830						9,166,751
Goodwill						24,376						5,092						55,731						46,658						—						131,857
Assets of consolidated CFEs						—						2,984,763						964,469						366,185						—						4,315,417
Total Assets						$	16,888,982					$	20,904,603					$	3,083,322					$	1,378,846					$	20,209					$	42,275,962
Debt						$	8,468,711					$	14,586,168					$	1,448,360					$	433,317					$	1,032,638					$	25,969,194
Other liabilities						4,096,698						583,521						28,125						(40,294)						249,851						4,917,901
Liabilities of consolidated CFEs						—						2,548,598						863,410						225,450						—						3,637,458
Total Liabilities						12,565,409						17,718,287						2,339,895						618,473						1,282,489						34,524,553
Total Equity						4,323,573						3,186,316						743,427						760,373						(1,262,280)						7,751,409
Noncontrolling interests in equity of consolidated subsidiaries						9,385						42,321						—						43,161						—						94,867
Total Rithm Capital stockholders’ equity						$	4,314,188					$	3,143,995					$	743,427					$	717,212					$	(1,262,280)					$	7,656,542
Investments in equity method investees						$	24,948					$	281,610					$	6,970					$	111,645					$	—					$	425,173
December 31, 2023
Total Assets						$	13,671,626					$	21,824,007					$	2,498,132					$	1,694,954					$	28,365					$	39,717,084

						Origination and Servicing						Investment Portfolio						Mortgage Loans Receivable						Asset Management						Corporate						Total
Three Months Ended September 30, 2023
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables						$	372,979					$	69,446					$	—					$	—					$	—					$	442,425
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(138,993))						95,507						(74,573)						—						—						—						20,934
Servicing revenue, net						468,486						(5,127)						—						—						—						463,359
Interest income						156,607						255,754						50,136						—						—						462,497
Gain on originated residential mortgage loans, HFS, net						144,139						5,091						—						—						—						149,230
Other investment portfolio revenues						—						60,319						—						—						—						60,319
Asset management revenues						—						—						—						—						—						—
Total Revenues						769,232						316,037						50,136						—						—						1,135,405
Interest expense and warehouse line fees						114,570						227,124						26,726						—						9,108						377,528
General and administrative						82,850						77,694						4,851						—						25,296						190,691
Compensation and benefits						158,709						7,886						10,673						—						8,881						186,149
Total Operating Expenses						356,129						312,704						42,250						—						43,285						754,368
Realized and unrealized gains (losses), net						22						(119,922)						5,751						—						—						(114,149)
Other income (loss), net						(626)						8,269						5,369						—						(6,124)						6,888
Total Other Income (Loss)						(604)						(111,653)						11,120						—						(6,124)						(107,261)
Income (Loss) before Income Taxes						412,499						(108,320)						19,006												(49,409)						273,776
Income tax expense (benefit)						56,349						(2,648)						(1,116)						—						—						52,585
Net Income (Loss)						356,150						(105,672)						20,122						—						(49,409)						221,191
Noncontrolling interests in income of consolidated subsidiaries						269						4,579						—						—						—						4,848
Dividends on preferred stock						—						—						—						—						22,394						22,394
Net Income (Loss) Attributable to Common Stockholders						$	355,881					$	(110,251)					$	20,122					$	—					$	(71,803)					$	193,949

						Origination and Servicing						Investment Portfolio						Mortgage Loans Receivable						Asset Management						Corporate						Total
Nine Months Ended September 30, 2023
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables						$	1,082,257					$	295,172					$	—					$	—					$	—					$	1,377,429
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(384,094))						103,748						(203,086)						—						—						—						(99,338)
Servicing revenue, net						1,186,005						92,086						—						—						—						1,278,091
Interest income						395,612						632,681						149,395						—						—						1,177,688
Gain on originated residential mortgage loans, HFS, net						396,678						40,404						—						—						—						437,082
Other investment portfolio revenues						—						177,672						—						—						—						177,672
Asset management revenues						—						—						—						—						—						—
Total Revenues						1,978,295						942,843						149,395						—						—						3,070,533
Interest expense and warehouse line fees						335,858						566,119						76,924						—						27,077						1,005,978
General and administrative						239,220						238,011						13,420						—						49,437						540,088
Compensation and benefits						480,823						22,985						33,130						—						27,697						564,635
Total Operating Expenses						1,055,901						827,115						123,474						—						104,211						2,110,701
Realized and unrealized gains (losses), net						273						(126,173)						22,378						—						—						(103,522)
Other income (loss), net						(19,232)						(32,846)						6,260						—						(20,358)						(66,176)
Total Other Income (Loss)						(18,959)						(159,019)						28,638						—						(20,358)						(169,698)
Income (Loss) before Income Taxes						903,435						(43,291)						54,559						—						(124,569)						790,134
Income tax expense (benefit)						101,884						(5,384)						(4,191)						—						—						92,309
Net Income (Loss)						801,551						(37,907)						58,750						—						(124,569)						697,825
Noncontrolling interests in income of consolidated subsidiaries						613						9,824						—						—						—						10,437
Dividends on preferred stock						—						—						—						—						67,184						67,184
Net Income (Loss) Attributable to Common Stockholders						$	800,938					$	(47,731)					$	58,750					$	—					$	(191,753)					620,204

X

- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

+ Details

Name:	us-gaap_ScheduleOfSegmentReportingInformationBySegmentTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- References

No definition available.

+ Details

Name:	us-gaap_SegmentReportingAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration