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RESIDENTIAL MORTGAGE LOANS (Tables) | 3 Months Ended
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Mar. 31, 2025
Receivables [Abstract] |
Schedule of Residential Mortgage Loans Outstanding by Loan Type, Excluding REO | The following table summarizes residential mortgage loans outstanding by loan type:
|  | March 31, 2025 |  | December 31, 2024
|  | Outstanding Face Amount |  | Carrying Value |  | Loan Count |  | Weighted Average Yield |  | Weighted Average Life (Years)(A) |  | Carrying Value
Investments of consolidated CFEs(B) |  | $ | 2,866,929 |  |  | $ | 2,703,112 |  |  | 7,503 |  |  | 5.8 | % |  | 25.6 |  | $ | 2,791,027 |
Residential mortgage loans, HFI, at fair value |  | 384,304 |  |  | 354,003 |  |  | 7,220 |  |  | 8.0 | % |  | 4.7 |  | 361,890 |
Residential Mortgage Loans, HFS: |  |  |  |  |  |  |  |  |  |  |  |
Acquired performing loans(C) |  | 54,503 |  |  | 49,558 |  |  | 1,629 |  |  | 7.0 | % |  | 4.3 |  | 51,011 |
Acquired non-performing loans(D) |  | 18,138 |  |  | 14,690 |  |  | 219 |  |  | 9.4 | % |  | 4.0 |  | 15,659 |
Total Residential Mortgage Loans, HFS |  | $ | 72,641 |  |  | $ | 64,248 |  |  | 1,848 |  |  | 7.6 | % |  | 4.2 |  | $ | 66,670 |
Residential Mortgage Loans, HFS, at Fair Value: |  |  |  |  |  |  |  |  |  |  |  |
Acquired performing loans(C)(E) |  | 339,705 |  |  | 328,564 |  |  | 1,582 |  |  | 5.8 | % |  | 22.2 |  | 408,421 |
Acquired non-performing loans(D)(E) |  | 285,134 |  |  | 263,040 |  |  | 1,302 |  |  | 5.0 | % |  | 27.5 |  | 270,879 |
Originated loans |  | 2,422,958 |  |  | 2,500,498 |  |  | 8,556 |  |  | 6.8 | % |  | 28.6 |  | 3,628,271 |
Total Residential Mortgage Loans, HFS, at Fair Value |  | $ | 3,047,797 |  |  | $ | 3,092,102 |  |  | 11,440 |  |  | 6.5 | % |  | 27.8 |  | $ | 4,307,571 |
(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 March 31, 2025, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below. (E)Includes $226.3 million and $273.8 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 as of March 31, 2025. The following table summarizes residential transition loans, at fair value and residential transition loans held by consolidated CFEs by loan type:
|  | Residential Transition Loans - Carrying Value(A) |  | Residential Transition Loans 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)
March 31, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 1,003,657 |  |  | $ | 417,895 |  |  | $ | 1,421,552 |  |  | 43.4 | % |  | 477 |  |  | 32.1 | % |  | 11.4 | % |  | 19.8 |  | 72.0% / 62.0%
Bridge |  | 1,063,102 |  |  | 382,927 |  |  | 1,446,029 |  |  | 44.2 | % |  | 570 |  |  | 38.5 | % |  | 10.0 | % |  | 23.6 |  | 66.6%
Renovation |  | 268,459 |  |  | 137,710 |  |  | 406,169 |  |  | 12.4 | % |  | 437 |  |  | 29.4 | % |  | 10.3 | % |  | 14.8 |  | 83.4% / 68.4%
|  | $ | 2,335,218 |  |  | $ | 938,532 |  |  | $ | 3,273,750 |  |  | 100.0 | % |  | 1,484 |  |  | 100.0 | % |  | 10.6 | % |  | 20.4 |  | N/A
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Construction |  | $ | 935,142 |  |  | $ | 492,071 |  |  | $ | 1,427,213 |  |  | 45.4 | % |  | 490 |  |  | 31.9 | % |  | 11.4 | % |  | 20.0 |  | 72.7% / 62.2%
Bridge |  | 972,443 |  |  | 363,946 |  |  | 1,336,389 |  |  | 42.6 | % |  | 600 |  |  | 39.1 | % |  | 10.0 | % |  | 23.9 |  | 66.6%
Renovation |  | 270,490 |  |  | 106,175 |  |  | 376,665 |  |  | 12.0 | % |  | 445 |  |  | 29.0 | % |  | 10.5 | % |  | 12.8 |  | 82.8% / 68.2%
|  | $ | 2,178,075 |  |  | $ | 962,192 |  |  | $ | 3,140,267 |  |  | 100.0 | % |  | 1,535 |  |  | 100.0 | % |  | 10.7 | % |  | 20.4 |  | N/A
(A)Residential transition loans are carried at fair value under the FVO election. Residential transition loans held by consolidated CFEs are classified as Level 3 and valued based on the more observable financial liabilities of consolidated CFEs. See Note 19 regarding fair value measurements. (B)Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans. The following table summarizes the activity of loans included in residential transition loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2024 |  | $ | 2,178,075 |
Initial loan advances |  | 526,672 |
Construction holdbacks and draws |  | 248,857 |
Repayments and sales |  | (353,127) |
Purchased loans discount (premium) amortization |  | 27 |
Transfer of loans to REO |  | (1,206) |
Transfers to assets of consolidated CFEs |  | (263,356) |
Fair Value Adjustments Due To: |  |
Changes in instrument-specific credit risk |  | (8,561) |
Other factors |  | 7,837 |
Balance at March 31, 2025 |  | $ | 2,335,218 |
The following table summarizes the activity for the period for notes and loans receivable:
| Notes Receivable |  | Loans Receivable |  | Total
Balance at December 31, 2024 | $ | 393,786 |  |  | $ | 31,580 |  |  | $ | 425,366 |
Fundings(A) | 37,913 |  |  | — |  |  | 37,913 |
Payment in kind | 981 |  |  | 1,137 |  |  | 2,118 |
Proceeds from repayments | — |  |  | (15,000) |  |  | (15,000) |
Fair Value Adjustments Due To: |  |  |  |  |
Other factors(B) | 1,444 |  |  | — |  |  | 1,444 |
Balance at March 31, 2025 | $ | 434,124 |  |  | $ | 17,717 |  |  | $ | 451,841 |
(A)Rithm Capital acquired one additional note receivable during 2025 collateralized by commercial real estate. (B)There were no fair value adjustments due to changes in instrument-specific credit risk in the current period.
Schedule of Performing Loans Past Due | The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of residential mortgage loans, HFS and residential mortgage loans, HFI, at fair value on the consolidated balance sheets:
|  | March 31, 2025 |  | December 31, 2024
Days Past Due |  | UPB |  | Carrying Value |  | Carrying Value Over (Under) UPB |  | UPB |  | Carrying Value |  | Carrying Value Over (Under) UPB
Current |  | $ | 3,149,818 |  |  | $ | 3,186,176 |  |  | $ | 36,358 |  |  | $ | 4,377,435 |  |  | $ | 4,400,113 |  |  | $ | 22,678 |
90+ |  | 354,924 |  |  | 324,177 |  |  | (30,747) |  |  | 369,118 |  |  | 336,018 |  |  | (33,100) |
Total |  | $ | 3,504,742 |  |  | $ | 3,510,353 |  |  | $ | 5,611 |  |  | $ | 4,746,553 |  |  | $ | 4,736,131 |  |  | $ | (10,422) |
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in residential transition loans, at fair value on the consolidated balance sheets:
|  | March 31, 2025 |  | December 31, 2024
Days Past Due |  | UPB |  | Carrying Value |  | Carrying Value Over (Under) UPB |  | UPB |  | Carrying Value |  | Carrying Value Over (Under) UPB
Current |  | $ | 2,276,488 |  |  | $ | 2,287,856 |  |  | $ | 11,368 |  |  | $ | 2,117,479 |  |  | $ | 2,128,802 |  |  | $ | 11,323 |
90+ |  | 54,300 |  |  | 47,362 |  |  | (6,938) |  |  | 55,234 |  |  | 49,273 |  |  | (5,961) |
Total |  | $ | 2,330,788 |  |  | $ | 2,335,218 |  |  | $ | 4,430 |  |  | $ | 2,172,713 |  |  | $ | 2,178,075 |  |  | $ | 5,362 |
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
|  | March 31, 2025 |  | December 31, 2024
Days Past Due |  | UPB |  | Carrying Value(A) |  | Carrying Value Over (Under) UPB |  | UPB |  | Carrying Value(A) |  | Carrying Value Over (Under) UPB
Current |  | $ | 543,887 |  |  | $ | 451,841 |  |  | $ | (92,046) |  |  | $ | 518,856 |  |  | $ | 425,366 |  |  | $ | (93,490) |
90+ |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Total |  | $ | 543,887 |  |  | $ | 451,841 |  |  | $ | (92,046) |  |  | $ | 518,856 |  |  | $ | 425,366 |  |  | $ | (93,490) |
(A)Notes and loans receivable are carried at fair value. See Note 19 regarding fair value measurements.
Schedule of Loans Held For Sale, Fair Value | The following table summarizes the activity of residential mortgage loans, HFS and residential mortgage loans, HFI, 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, 2024 | $ | 361,890 |  |  | $ | 66,670 |  |  | $ | 4,307,571 |  |  | $ | 4,736,131 |
Originations | — |  |  | — |  |  | 11,879,050 |  |  | 11,879,050 |
Sales | — |  |  | — |  |  | (13,558,301) |  |  | (13,558,301) |
Purchases/additional fundings | — |  |  | — |  |  | 476,410 |  |  | 476,410 |
Proceeds from repayments | (10,287) |  |  | (2,223) |  |  | (24,210) |  |  | (36,720) |
Transfer of loans from (to) other assets(A) | — |  |  | (579) |  |  | 10,982 |  |  | 10,403 |
Transfer of loans to REO | (846) |  |  | (128) |  |  | (184) |  |  | (1,158) |
Valuation (provision) reversal on loans | — |  |  | 508 |  |  | — |  |  | 508 |
Fair Value Adjustments Due To: |  |  |  |  |  |  |
Changes in instrument-specific credit risk | (1,353) |  |  | — |  |  | (4,593) |  |  | (5,946) |
Other factors | 4,599 |  |  | — |  |  | 5,377 |  |  | 9,976 |
Balance at March 31, 2025 | $ | 354,003 |  |  | $ | 64,248 |  |  | $ | 3,092,102 |  |  | $ | 3,510,353 |
(A)Includes receivable modifications resulting in transfers between other assets and residential mortgage loans.
Schedule of Originated Mortgage Loans | The following table summarizes the components of gain on originated residential mortgage loans, HFS, net:
|  | Three Months Ended March 31, |  |
|  | 2025 |  | 2024 |  |  |  |  |  |
Gain (loss) on residential mortgage loans originated and sold, net(A) |  | $ | (159,650) |  |  | $ | (124,113) |  |  |  |  |  |  |
Gain (loss) on settlement of residential mortgage loan origination derivative instruments(B) |  | 12,789 |  |  | (15,524) |  |  |  |  |  |  |
MSRs retained on transfer of residential mortgage loans(C) |  | 319,148 |  |  | 215,939 |  |  |  |  |  |  |
Other(D) |  | 21,982 |  |  | 6,493 |  |  |  |  |  |  |
Realized gain on sale of originated residential mortgage loans, net |  | 194,269 |  |  | 82,795 |  |  |  |  |  |  |
Change in fair value of residential mortgage loans |  | 12,599 |  |  | 14,268 |  |  |  |  |  |  |
Change in fair value of interest rate lock commitments (Note 17) |  | 23,093 |  |  | 7,485 |  |  |  |  |  |  |
Change in fair value of derivative instruments (Note 17) |  | (70,172) |  |  | 37,910 |  |  |  |  |  |  |
Gain on Originated Residential Mortgage Loans, HFS, Net |  | $ | 159,789 |  |  | $ | 142,458 |  |  |  |  |  |  |
(A)Includes residential mortgage loan origination fees of $197.6 million and $177.7 million in the three months ended March 31, 2025 and 2024, respectively. Includes gain on residential mortgage loan securitizations accounted for as sales of $15.4 million and no gain or loss for the three months ended March 31, 2025 and 2024, 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.

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