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DEBT OBLIGATIONS (Tables) | 3 Months Ended
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Mar. 31, 2025
Debt Disclosure [Abstract] |
Schedule of Debt Obligations | The following table summarizes secured financing agreements, secured notes and bonds payable and also includes notes payable of consolidated CFEs:
|  | March 31, 2025 |  | December 31, 2024
|  |  |  |  |  |  |  |  |  |  |  | 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) |  | $ | 3,098,561 |  |  | $ | 3,098,561 |  |  | Apr-25 to Mar-28 |  | 5.9 | % |  | 0.8 |  | $ | 3,453,730 |  |  | $ | 3,523,244 |  |  | $ | 3,482,020 |  |  | 24.9 |  | $ | 4,235,333 |
Warehouse credit facilities - residential transition loans(E) |  | 1,734,141 |  |  | 1,734,141 |  |  | Aug-25 to Mar-28 |  | 6.8 | % |  | 2.2 |  | 1,982,233 |  |  | 1,987,065 |  |  | 1,987,065 |  |  | 1.1 |  | 1,547,307 |
Government and government-backed securities(F) |  | 10,762,429 |  |  | 10,762,429 |  |  | Apr-25 to Mar-26 |  | 4.7 | % |  | 0.3 |  | 11,145,808 |  |  | 10,965,384 |  |  | 11,129,841 |  |  | 6.0 |  | 9,782,976 |
Non-Agency securities(D) |  | 768,673 |  |  | 768,673 |  |  | Feb-30 |  | 6.3 | % |  | 0.6 |  | 15,303,080 |  |  | 1,087,771 |  |  | 1,153,601 |  |  | 5.1 |  | 744,457 |
Excess MSRs(E) |  | 223,241 |  |  | 222,565 |  |  | Sep-26 |  | 6.7 | % |  | 1.4 |  | 52,144,523 |  |  | 291,133 |  |  | 334,201 |  |  | 6.0 |  | 222,452 |
CLOs(E) |  | 196,721 |  |  | 195,366 |  |  | Jan-30 to Jan-38 |  | 5.2 | % |  | 9.0 |  | 197,775 |  |  | N/A |  | 197,246 |  |  | 9.0 |  | 170,990 |
SFR properties and commercial(E) |  | 9,499 |  |  | 9,499 |  |  | Dec-26 |  | 7.8 | % |  | 1.7 |  | N/A |  | 16,293 |  |  | 16,293 |  |  | N/A |  | 78,952 |
Total secured financing agreements |  | 16,793,265 |  |  | 16,791,234 |  |  |  |  | 5.3 | % |  | 0.7 |  |  |  |  |  |  |  |  |  | 16,782,467 |
Secured Notes and Bonds Payable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
MSRs(G) |  | 5,789,600 |  |  | 5,771,848 |  |  | Jun-25 to Nov-31 |  | 6.6 | % |  | 2.1 |  | 564,749,600 |  |  | 7,884,106 |  |  | 9,839,199 |  |  | 6.2 |  | 5,838,250 |
Servicer advance investments(H) |  | 246,438 |  |  | 246,438 |  |  | Mar-26 |  | 6.2 | % |  | 0.9 |  | 283,068 |  |  | 311,049 |  |  | 321,531 |  |  | 8.1 |  | 258,183 |
Servicer advances(H) |  | 2,456,759 |  |  | 2,456,165 |  |  | Sep-25 to Dec-26 |  | 6.8 | % |  | 0.9 |  | 2,849,773 |  |  | 2,823,306 |  |  | 2,823,306 |  |  | 0.7 |  | 2,629,802 |
Consumer loans(I) |  | 485,171 |  |  | 460,391 |  |  | Jun-28 to Sep-37 |  | 4.9 | % |  | 3.4 |  | 663,117 |  |  | 650,956 |  |  | 554,168 |  |  | 1.6 |  | 564,791 |
SFR properties(J) |  | 819,737 |  |  | 797,886 |  |  | Feb-27 to Mar-28 |  | 4.3 | % |  | 2.3 |  | N/A |  | 995,693 |  |  | 995,693 |  |  | N/A |  | 716,649 |
Residential transition loans(K) |  | 200,000 |  |  | 200,000 |  |  | Jul-26 |  | 5.8 | % |  | 1.3 |  | 224,882 |  |  | 224,882 |  |  | 226,169 |  |  | 0.5 |  | 200,000 |
Secured facility - asset management(M) |  | 75,000 |  |  | 72,784 |  |  | Nov-25 |  | 8.8 | % |  | 0.6 |  | N/A |  | N/A |  | N/A |  | N/A |  | 71,971 |
Other investments(E) |  | 10,030 |  |  | 10,030 |  |  | Feb-30 |  | 6.4 | % |  | 4.9 |  | N/A |  | N/A |  | 14,046 |  |  | N/A |  | — |
CLOs(E) |  | 10,435 |  |  | 10,406 |  |  | Jul-30 |  | 6.0 | % |  | 5.3 |  | 13,185 |  |  | N/A |  | 12,220 |  |  | 5.3 |  | 18,429 |
Total secured notes and bonds payable |  | 10,093,170 |  |  | 10,025,948 |  |  |  |  | 6.4 | % |  | 1.8 |  |  |  |  |  |  |  |  |  | 10,298,075 |
Notes Payable of Consolidated CFEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated funds(L) |  | 960,250 |  |  | 955,470 |  |  | May-28 to Jan-38 |  | 5.9 | % |  | 10.5 |  | 1,074,450 |  |  | N/A |  | 1,105,163 |  |  | 5.1 |  | 959,958 |
Residential mortgage loans |  | 2,448,457 |  |  | 2,295,166 |  |  | Mar-41 to May-53 |  | 4.4 | % |  | 25.6 |  | 2,866,929 |  |  | N/A |  | 2,703,112 |  |  | 25.6 |  | 2,369,934 |
Residential transition loans |  | 861,949 |  |  | 859,760 |  |  | Mar-39 to Sep-39 |  | 6.3 | % |  | 14.2 |  | 914,757 |  |  | N/A |  | 938,532 |  |  | 0.9 |  | 859,023 |
Total notes payable of consolidated CFEs |  | 4,270,656 |  |  | 4,110,396 |  |  |  |  | 5.1 | % |  | 19.9 |  |  |  |  |  |  |  |  |  | 4,188,915 |
Total / Weighted Average |  | $ | 31,157,091 |  |  | $ | 30,927,578 |  |  |  |  | 5.6 | % |  | 3.7 |  |  |  |  |  |  |  |  |  | $ | 31,269,457 |
(A)Net of deferred financing costs. (B)Debt obligations with a stated maturity through the date of issuance of the consolidated financial statements were refinanced, extended or repaid. (C)Associated with accrued interest payable of approximately $184.3 million and $239.4 million as of March 31, 2025 and December 31, 2024, respectively. (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 $3.7 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 3.0%; and $2.1 billion of MSR notes with fixed interest rates ranging 3.0% to 7.4%. 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 $1.7 billion of 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 3.0%; and $1.0 billion of debt with fixed interest rates ranging 3.9% to 5.7%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and Newrez. (I)Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $137.0 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) $295.1 million of debt collateralized by the Marcus loans with an interest rate of SOFR plus a margin of 2.4%. (J)Includes $819.7 million of fixed rate notes which bear interest ranging from 3.5% to 6.2%. (K)Fixed rate note which bears interest of 5.8%. (L)Includes notes payable of collateralized loan obligations (“CLOs”) and of a structured alternative investment solution. Weighted average rate is the effective rate for the senior notes with stated coupon rates. The subordinate notes with UPB of $32.0 million do not have a stated rate of interest. Weighted average life of a structured alternative investment solution is based on expected maturity. (M)Fixed rate note which bears interest of 8.8%. The following table summarizes activities related to the carrying value of debt obligations:
|  | Servicer Advances(A) |  | MSRs |  | Government and Government-Backed and Other Securities |  | Residential Mortgage Loans and REO |  | Consumer Loans |  | SFR Properties and Commercial |  | Residential Transition Loans |  | Asset Management, CLOs and Consolidated Funds |  | Total
Balance at December 31, 2024 |  | $ | 3,110,437 |  |  | $ | 5,838,250 |  |  | $ | 10,527,433 |  |  | $ | 6,605,267 |  |  | $ | 564,791 |  |  | $ | 795,601 |  |  | $ | 2,606,330 |  |  | $ | 1,221,348 |  |  | $ | 31,269,457 |
Secured Financing Agreements: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings |  | — |  |  | — |  |  | 17,282,561 |  |  | 14,370,625 |  |  | — |  |  | — |  |  | 1,081,074 |  |  | 19,246 |  |  | 32,753,506 |
Repayments |  | — |  |  | — |  |  | (16,278,892) |  |  | (15,507,397) |  |  | — |  |  | (69,453) |  |  | (894,240) |  |  | (3,219) |  |  | (32,753,201) |
Foreign exchange ("FX") remeasurement |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 8,455 |  |  | 8,455 |
Capitalized deferred financing costs, net of amortization |  | 113 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (105) |  |  | 8 |
Secured Notes and Bonds Payable: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Borrowings |  | 815,727 |  |  | 928,504 |  |  | 10,030 |  |  | — |  |  | — |  |  | 79,119 |  |  | — |  |  | 2,360 |  |  | 1,835,740 |
Repayments |  | (1,001,150) |  |  | (984,742) |  |  | — |  |  | — |  |  | (99,863) |  |  | — |  |  | — |  |  | (9,906) |  |  | (2,095,661) |
FX remeasurement |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (26) |  |  | (26) |
Unrealized (gain) loss on notes, fair value |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,833) |  |  | — |  |  | — |  |  | — |  |  | (4,833) |
Capitalized deferred financing costs, net of amortization |  | 41 |  |  | (10,164) |  |  | — |  |  | — |  |  | 296 |  |  | 2,118 |  |  | — |  |  | 361 |  |  | (7,348) |
Notes Payable of Consolidated CFEs: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Repayments |  | — |  |  | — |  |  | — |  |  | (92,417) |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (92,417) |
Unrealized (gain) loss on notes, fair value |  | — |  |  | — |  |  | — |  |  | 17,649 |  |  | — |  |  | — |  |  | 171 |  |  | (4,488) |  |  | 13,332 |
Capitalized deferred financing costs, net of amortization |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 566 |  |  | — |  |  | 566 |
Balance at March 31, 2025 |  | $ | 2,925,168 |  |  | $ | 5,771,848 |  |  | $ | 11,541,132 |  |  | $ | 5,393,727 |  |  | $ | 460,391 |  |  | $ | 807,385 |  |  | $ | 2,793,901 |  |  | $ | 1,234,026 |  |  | $ | 30,927,578 |
(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 defined below), as of March 31, 2025, are as follows:
Year Ending |  | Nonrecourse(A) |  | Recourse(B) |  | Total
April 1 through December 31, 2025 |  | $ | 1,123,951 |  |  | $ | 16,318,281 |  |  | $ | 17,442,232 |
2026 |  | 2,332,961 |  |  | 3,343,325 |  |  | 5,676,286 |
2027 |  | 666,970 |  |  | 307,000 |  |  | 973,970 |
2028 |  | 857,162 |  |  | 377,869 |  |  | 1,235,031 |
2029 |  | 70,000 |  |  | 1,025,000 |  |  | 1,095,000 |
2030 and thereafter |  | 5,784,572 |  |  | — |  |  | 5,784,572 |
|  | $ | 10,835,616 |  |  | $ | 21,371,475 |  |  | $ | 32,207,091 |
(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs and notes payable of consolidated CFEs of $1.7 billion, $3.8 billion, $0.3 billion, and $3.3 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 $16.7 billion, $5.3 billion, $1.1 billion, and $0.0 billion, respectively.
Schedule of Borrowing Capacity | The following table represents borrowing capacity as of March 31, 2025:
Debt Obligations / Collateral |  |  |  | Borrowing Capacity |  | Balance Outstanding |  | Available Financing(A)
Secured Financing Agreements: |  |  |  |  |  |  |  |
Residential mortgage loans, residential transition loans, SFR and commercial notes receivable |  |  |  | $ | 7,107,051 |  |  | $ | 2,149,735 |  |  | $ | 4,957,316 |
Loan originations |  |  |  | 5,877,000 |  |  | 2,692,466 |  |  | 3,184,534 |
CLOs |  |  |  | 424,435 |  |  | 196,721 |  |  | 227,714 |
Excess MSRs |  |  |  | 350,000 |  |  | 223,241 |  |  | 126,759 |
Secured Notes and Bonds Payable: |  |  |  |  |  |  |  |
MSRs |  |  |  | 7,286,652 |  |  | 5,789,600 |  |  | 1,497,052 |
Servicer advances |  |  |  | 4,240,000 |  |  | 2,703,197 |  |  | 1,536,803 |
SFR |  |  |  | 200,000 |  |  | 169,279 |  |  | 30,721 |
Liabilities of Consolidated CFEs: |  |  |  |  |  |  |  |
Consolidated funds |  |  |  | 52,500 |  |  | — |  |  | 52,500 |
|  |  |  | $ | 25,537,638 |  |  | $ | 13,924,239 |  |  | $ | 11,613,399 |
(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 Tax Receivable Agreement Estimated Undiscounted Future Payments | The table below presents the Company’s estimate as of March 31, 2025, 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
April 1 through December 31, 2025 |  | $ | 16,493 |
2026 |  | 17,215 |
2027 |  | 17,506 |
2028 |  | 16,176 |
2029 |  | 16,173 |
2030 and thereafter |  | 168,819 |
|  | $ | 252,382 |

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