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DEBT OBLIGATIONS (Tables)

9 Months Ended

Sep. 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 notes payable of consolidated CFEs:

			September 30, 2024																																																									December 31, 2023
																																				Collateral
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)						$	3,152,286					$	3,152,286					Oct-24 to Mar-28						6.3		%				0.8						$	3,486,975					$	3,566,492					$	3,525,766					25.4						$	1,940,038
Warehouse credit facilities - mortgage loans receivable(E)						1,248,361						1,248,361						Mar-25 to Dec-25						7.8		%				1.1						1,514,842						1,537,452						1,537,452						1.2						1,337,010
Government and government-backed securities(F)						9,834,668						9,834,668						Oct-24 to Oct-28						5.2		%				0.4						10,064,737						9,906,690						10,108,728						4.5						8,152,469
Non-agency RMBS(D)						648,861						648,861						Oct-24 to Jul-25						7.2		%				0.4						14,304,071						975,726						1,043,274						6.3						610,189
Excess MSRs(E)						223,241						222,339						Sep-26						7.5		%				2.0						55,052,726						329,516						381,550						5.8						—
CLOs(E)						180,286						178,965						Jan-30 to Oct-36						6.1		%				9.1						181,370						N/A						180,764						9.1						183,947
SFR properties and commercial(E)						72,150						72,150						Dec-24						8.4		%				0.2						N/A						154,668						154,668						N/A						337,630
Total secured financing agreements						15,359,853						15,357,630												5.8		%				0.7																														12,561,283
Secured Notes and Bonds Payable:
MSRs(G)						5,224,809						5,218,766						Dec-24 to Jul-29						7.1		%				1.3						559,499,920						7,370,826						8,977,729						6.0						4,800,728
Servicer advance investments and Excess MSR(H)						259,451						259,451						Mar-26						6.9		%				1.4						297,741						330,137						341,303						8.2						459,564
Servicer advances(H)						2,265,780						2,265,104						Dec-24 to Sep-26						7.7		%				1.3						2,566,366						2,612,839						2,612,839						0.6						2,254,369
Residential mortgage loans						—						—						—						—		%				0.0						—						—						—						0.0						650,000
Consumer loans(I)						685,117						665,030						Jun-28 to Sep-37						6.2		%				3.8						882,783						859,114						805,577						1.6						1,106,974
SFR properties(J)						742,061						716,222						Mar-26 to Sep-27						4.2		%				2.5						N/A						885,977						885,977						N/A						789,174
Mortgage loans receivable						200,000						200,000						Jul-26						5.8		%				1.8						233,425						233,425						237,495						0.4						200,000
Secured facility - asset management						75,000						71,168						Nov-25						8.8		%				1.1						N/A						N/A						N/A						N/A						69,121
CLOs(E)						15,063						15,032						Jul-30						6.8		%				5.8						18,468						N/A						18,313						5.8						30,258
Total secured notes and bonds payable						9,467,281						9,410,773												6.9		%				1.6																														10,360,188
Notes Payable of Consolidated CFEs:
Consolidated funds(K)						222,250						217,259						May-37						5.0		%				4.1						196,351						N/A						228,873						N/A						218,157
Residential mortgage loans						2,639,061						2,520,164						Jul-53						3.5		%				26.1						3,072,082						N/A						2,956,663						26.1						2,618,082
Mortgage loans receivable						861,949						862,380						Mar-39 to Sep-39						6.3		%				14.7						399,387						N/A						411,006						0.7						318,998
Total notes payable of consolidated CFEs						3,723,260						3,599,803												4.2		%				22.2																														3,155,237
Total / Weighted Average						$	28,550,394					$	28,368,206											6.0		%				3.8																														$	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 $167.3 million as of September 30, 2024.

(D)Based on SOFR interest rates. Includes repurchase agreements and related collateral on Non-Agency securities retained through consolidated securitizations.

(E)All SOFR- or Euro Interbank Offered Rate (EURIBOR) based floating interest rates.

(F)Repurchase agreements are based on a fixed-rate. Collateral carrying value includes margin deposits.

(G)Includes $4.3 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 3.3%; 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.

(H)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 3.2%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and Newrez.

(I)Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $159.9 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) $467.8 billion of debt collateralized by the Marcus loans with an interest rate of SOFR plus a margin of 3.0%.

(J)Includes $742.1 million of fixed-rate notes with an interest rate ranging from 3.5% to 7.1%.

(K)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			$	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			223,241						—												61,424,724						44,018,325						—						52,361						2,552,282						17,349						108,288,282
Repayments			—						—												(59,703,853)						(42,806,334)						—						(324,197)						(2,640,931)						(24,355)						(105,499,670)
FX remeasurement			—						—												—						—						—						—						—						1,985						1,985
Capitalized deferred financing costs, net of amortization			(902)						—												—						257						—						6,356						—						38						5,749
Secured Notes and Bonds Payable:
Acquired borrowings, net of discount (Note 3)			190,596						—												—						—						—						—						—						—						190,596
Borrowings			1,868,236						1,482,159												—						—						—						—						—						8,524						3,358,919
Repayments			(2,248,482)						(1,065,126)												—						(650,000)						(449,550)						(82,273)						—						(23,844)						(4,519,275)
FX remeasurement			—						—												—						—						—						—						—						(45)						(45)
Unrealized (gain) loss on notes, fair value			—						—												—						—						6,714						—						—						—						6,714
Capitalized deferred financing costs, net of amortization			272						1,005												—						—						892						9,321						—						2,187						13,677
Notes Payable of Consolidated CFEs:
Borrowings			—						—												—						(191,607)						—						—						861,949						—						670,342
Repayments			—						—												—						55,028						—						—						(324,062)						—						(269,034)
Discount on borrowings, net of amortization			—						—												—						(92,834)						—						—						—						—						(92,834)
Unrealized (gain) loss on notes, fair value			—						—												—						116,415						—						—						4,824						(864)						120,375
Capitalized deferred financing costs, net of amortization			—						—												—						15,080						—						—						671						(34)						15,717
Balance at September 30, 2024			$	2,746,894					$	5,218,766											$	10,483,529					$	5,672,450					$	665,030					$	788,372					$	2,310,741					$	482,424					$	28,368,206

(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, including the Senior Unsecured Notes, as of September 30, 2024, are as follows:

Year Ending						Nonrecourse(A)						Recourse(B)						Total
October 1 through December 31, 2024						$	789,211					$	6,468,977					$	7,258,188
2025						146,293						11,679,707						11,826,000
2026						2,070,833						1,735,419						3,806,252
2027						651,229						430,000						1,081,229
2028						592,142						—						592,142
2029 and thereafter						3,557,334						1,479,249						5,036,583
						$	7,807,042					$	21,793,352					$	29,600,394

(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs and notes payable of consolidated CFEs of $0.9 billion, $3.2 billion, $0.3 billion, and $3.0 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 $14.5 billion, $6.3 billion, $1.1 billion, and $0.0 billion, respectively.

Schedule of Borrowing Capacity

The following table represents borrowing capacity as of September 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												$	5,181,455					$	1,707,817					$	3,473,638
Loan originations												5,627,000						2,764,979						2,862,021
CLOs												322,653						180,286						142,367
Excess MSRs												350,000						223,241						126,759
Secured Notes and Bonds Payable:
MSRs												6,182,688						5,224,809						957,879
Servicer advances												4,150,000						2,525,232						1,624,768
SFR												200,000						90,832						109,168
Liabilities of Consolidated CFEs:
Consolidated funds												52,500						—						52,500
												$	22,066,296					$	12,717,196					$	9,349,100

(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 September 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
October 1 through December 31, 2024						$	—
2025						29,821
2026						16,530
2027						18,060
2028						15,062
2029 and thereafter						164,438
						$	243,911

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