GOVERNMENT AND GOVERNMENT-BACKED SECURITIES

3 Months Ended

Mar. 31, 2025

Investments, Debt and Equity Securities [Abstract]

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.