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GOVERNMENT AND GOVERNMENT-BACKED SECURITIES | 3 Months Ended
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Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract] |
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES | GOVERNMENT AND GOVERNMENT-BACKED SECURITIES Government and government-backed securities include Agency securities issued by the GSEs or Ginnie Mae and U.S. Treasury (“Treasury”) securities. The following tables summarize Agency and Treasury securities by designation:
|  | March 31, 2025 |  | December 31, 2024
|  |  |  | Gross Unrealized |  |  |  |  |  | Weighted Average |
|  | Outstanding Face Amount |  | Gains |  | Losses |  | Carrying Value(A) |  | Number of Securities |  | Coupon |  | Yield |  | Life (Years)(B) |  | Carrying Value(A)
Securities Designated as AFS: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency(C)(D) |  | $ | 68,354 |  |  | $ | — |  |  | $ | — |  |  | $ | 60,630 |  |  | 1 |  |  | 3.5 | % |  | 3.5 | % |  | 11.2 |  | $ | 60,135 |
Securities Measured at Fair Value through Net Income (“FVO”): |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Agency(C) |  | 7,827,454 |  |  | 61,666 |  |  | (10,200) |  |  | 7,691,274 |  |  | 23 |  |  | 5.1 | % |  | 5.1 | % |  | 7.9 |  | 6,390,508
Treasury(C) |  | 3,250,000 |  |  | 14,648 |  |  | — |  |  | 3,272,031 |  |  | 3 |  |  | 4.5 | % |  | 4.5 | % |  | 1.4 |  | 3,260,703
Total / Weighted Average |  | $ | 11,145,808 |  |  | $ | 76,314 |  |  | $ | (10,200) |  |  | $ | 11,023,935 |  |  | 27 |  |  | 4.9 | % |  | 4.9 | % |  | 6.0 |  | $ | 9,711,346 |
(A)Fair value is equal to the carrying value for all securities. See Note 19 regarding the fair value measurements. (B)Based on the timing of expected principal reduction on the underlying assets. (C)All fixed-rate as of March 31, 2025. (D)Expected loss is realized through allowance for credit losses. The following table summarizes Treasury securities, held-to-maturity (“HTM”):
|  | March 31, 2025 |  | December 31, 2024
|  |  |  |  |  |  |  |  |  |  |  | Weighted Average |
|  | Outstanding Face Amount |  | Amortized Cost / Carrying Value |  | Fair Value |  | Unrecognized Gains /(Losses) |  | Number of Securities |  | Yield |  | Life (Years) |  | Amortized Cost / Carrying Value
Treasury Securities Designated as HTM: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Treasury |  | $ | 25,000 |  |  | $ | 24,766 |  |  | $ | 24,767 |  |  | $ | 1 |  |  | 1 |  |  | 4.2 | % |  | 0.2 |  | $ | 24,770 |
The following table summarizes purchases and sales of Agency and Treasury securities:
| Three Months Ended March 31, |  |
| 2025 |  | 2024 |  |  |  |  |  |
| Treasury |  | Agency |  | Treasury(A) |  | Agency |  |  |  |  |  |  |  |  |  |  |  |
Purchases: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Face | $ | 25,000 |  |  | $ | 1,355,800 |  |  | $ | 4,800,000 |  |  | $ | 1,287,034 |  |  |  |  |  |  |  |  |  |  |  |  |
Purchase price | 24,732 |  |  | 1,326,895 |  |  | 4,773,892 |  |  | 1,255,894 |  |  |  |  |  |  |  |  |  |  |  |  |
Sales: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Face | $ | — |  |  | $ | 1,274 |  |  | $ | — |  |  | $ | — |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost | — |  |  | 1,349 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Sale price | — |  |  | 1,291 |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
Gain (loss) on sale | — |  |  | (58) |  |  | — |  |  | — |  |  |  |  |  |  |  |  |  |  |  |  |
(A)Excludes Treasury short sales. Refer to Note 17 for information regarding short sales. As of March 31, 2025, Rithm Capital had no unsettled government and government-backed securities trades. See Note 18 regarding the financing of government and government-backed securities.

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