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OTHER ASSETS AND LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2025

Other Income Assets And Liabilities

Schedule of 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.

Schedule of Real Estate Owned

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.

Schedule of Accounts, Notes and Loans Receivable

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.

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