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OTHER ASSETS AND LIABILITIES | 3 Months Ended
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Mar. 31, 2025
Other Income Assets And Liabilities |
OTHER ASSETS AND LIABILITIES | OTHER ASSETS AND LIABILITIES Other assets and accrued expenses and other liabilities — other assets and accrued expenses and other liabilities on the consolidated balance sheets consist of the following:
| Other Assets |  |  |  | Accrued Expenses and Other Liabilities
| March 31, 2025 |  | December 31, 2024 |  |  |  | March 31, 2025 |  | December 31, 2024
CLOs, at fair value | $ | 266,612 |  |  | $ | 242,227 |  |  | Accounts payable |  | $ | 127,400 |  |  | $ | 133,037 |
Derivative and hedging assets (Note 17) | 40,553 |  |  | 75,147 |  |  | Accrued compensation and benefits |  | 114,192 |  |  | 322,957 |
Due from related parties | 30,733 |  |  | 35,198 |  |  | Net deferred tax liability |  | 744,778 |  |  | 786,141 |
Equity investments(A) | 646,256 |  |  | 502,610 |  |  | Derivative liabilities (Note 17) |  | 60,756 |  |  | 52,610 |
Excess MSRs, at fair value (Note 13) | 354,923 |  |  | 369,162 |  |  | Escheat payable |  | 181,647 |  |  | 187,830 |
Goodwill (Note 15) | 133,832 |  |  | 133,832 |  |  | Excess spread financing, at fair value |  | 104,721 |  |  | 101,088 |
Income and fees receivable | 64,464 |  |  | 208,672 |  |  | Interest payable |  | 225,463 |  |  | 260,931 |
Intangible assets (Note 15) | 318,893 |  |  | 331,949 |  |  | Lease liability (Note 16) |  | 167,121 |  |  | 160,437 |
Loans receivable, at fair value(B) | 17,717 |  |  | 31,580 |  |  | Notes receivable financing(E), at fair value |  | 373,508 |  |  | 371,788 |
Margin receivable, net(C) | 114,843 |  |  | 414,404 |  |  | Unearned income and fees |  | 15,329 |  |  | 17,280 |
Non-Agency securities, at fair value | 639,458 |  |  | 552,797 |  |  | Other liabilities |  | 228,095 |  |  | 236,672 |
Notes receivable, at fair value(D) | 434,124 |  |  | 393,786 |  |  |  |  | $ | 2,343,010 |  |  | $ | 2,630,771 |
Operating lease ROU assets (Note 16) | 109,264 |  |  | 99,224 |  |  |  |  |  |  |
Other receivables | 194,369 |  |  | 178,651 |  |  |  |  |  |  |
Prepaid expenses | 64,323 |  |  | 59,198 |  |  |  |  |  |  |
Principal and interest receivable | 171,078 |  |  | 181,271 |  |  |  |  |  |  |
Property and equipment | 70,689 |  |  | 70,495 |  |  |  |  |  |  |
REO | 24,181 |  |  | 27,898 |  |  |  |  |  |  |
Servicer advance investments, at fair value (Note 14) | 321,531 |  |  | 339,646 |  |  |  |  |  |  |
Servicing fee receivables | 154,828 |  |  | 106,228 |  |  |  |  |  |  |
Warrants, at fair value | 10,174 |  |  | 9,316 |  |  |  |  |  |  |
Other assets | 268,078 |  |  | 200,124 |  |  |  |  |  |  |
| $ | 4,450,923 |  |  | $ | 4,563,415 |  |  |  |  |  |  |
(A)Represents equity investments in (i) certain real estate redevelopment projects, (ii) various real estate services operating companies, (iii) funds managed by Sculptor, (iv) credit risk transfer entity that holds exposure in residential mortgage loan warehouse lines (measured at fair value under the FVO election with changes in fair value presented in other income (loss) in the consolidated statements of operations), (v) Rithm Property Trust common and preferred securities, (vi) Newrez Joint Ventures (as defined in Note 20), (vii) APM, and (viii) an energy fund managed by Rithm. (B)Represents a loan made pursuant to a senior subordinated credit agreement to an entity affiliated with funds managed by an affiliate of the Company’s former external manager, FIG LLC (the “Former Manager”), an affiliate of Fortress Investment Group LLC. The loans are measured at fair value under the FVO election. (C)Represents collateral posted as a result of changes in fair value of Rithm Capital’s (i) government and government-backed securities securing its secured financing agreements and (ii) derivative instruments. (D)Represents notes receivable secured by commercial properties. The notes are measured at fair value under the FVO election. (E)During the second quarter of 2024, the Company transferred an investment in a note receivable with a fair value of $365.0 million, subject to a repo financing of $323.5 million, from a third party to a nonconsolidated joint venture for cash consideration of $48.0 million. The transaction did not meet sale accounting under ASC 860 and, as a result, was treated as a secured borrowing for accounting purposes for which the Company elected the FVO and is included in accrued expenses and other liabilities in the consolidated balance sheets. The amount presented within notes receivable financing is comprised of the repo financing and the non-recourse liability in a secured borrowing. The Company continues to reflect the transferred note in other assets in the consolidated balance sheets, at fair value. REO — REO assets are individual properties acquired by Rithm Capital or where Rithm Capital receives the property as a result of foreclosure of the underlying loan. Rithm Capital measures REO assets at the lower of cost or fair value, with valuation provision recorded in other income (loss), net in the consolidated statements of operations. REO assets are managed for prompt sale and disposition. The following table presents activity for the period related to the carrying value of investments in REO:
Balance at December 31, 2024 | $ | 27,898 |
Purchases | 2,152 |
Property received in satisfaction of loan | (1,145) |
Sales(A) | (4,996) |
Valuation reversal | 272 |
Balance at March 31, 2025 | $ | 24,181 |
(A)Recognized when control of the property has transferred to the buyer. As of March 31, 2025, Rithm Capital had residential mortgage loans and residential transition loans that were in the process of foreclosure with UPBs of $40.7 million and $20.9 million, respectively. Notes and Loans Receivable — 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. 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.

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