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DEBT OBLIGATIONS (Tables)

3 Months Ended

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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