RITHM CAPITAL CORP., 10-Q filed on 8/4/2026
Quarterly Report
v3.26.1
Cover - shares
 6 Months Ended
Jun. 30, 2026
Jul. 31, 2026
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2026  
Document Transition Report false  
Entity File Number 001-35777  
Entity Registrant Name Rithm Capital Corp.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 45-3449660  
Entity Address, Address Line One 799 Broadway  
Entity Address, City or Town New York  
Entity Address, State or Province NY  
Entity Address, Postal Zip Code 10003  
City Area Code (212)  
Local Phone Number 850-7770  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   558,407,031
Entity Central Index Key 0001556593  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q2  
Document Fiscal Year Focus 2026  
Common Stock, $0.01 par value per share    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $0.01 par value per share  
Trading Symbol RITM  
Security Exchange Name NYSE  
7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security 7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock  
Trading Symbol RITM PR A  
Security Exchange Name NYSE  
7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock  
Trading Symbol RITM PR B  
Security Exchange Name NYSE  
6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock  
Trading Symbol RITM PR C  
Security Exchange Name NYSE  
7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security 7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock  
Trading Symbol RITM PR D  
Security Exchange Name NYSE  
8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security 8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock  
Trading Symbol RITM PR E  
Security Exchange Name NYSE  
8.750% Series F Fixed-Rate Reset Cumulative Redeemable Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security 8.750% Series F Fixed-Rate Reset Cumulative Redeemable Preferred Stock  
Trading Symbol RITM PR F  
Security Exchange Name NYSE  
v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 11,091,483 $ 10,359,141
Government and government-backed securities (includes $4,887,937 and $5,230,139 at fair value, respectively) 4,912,869 5,254,905
Residential mortgage loans (includes $5,083,003 and $5,752,169 at fair value, respectively) [1] 4,293,492 5,808,960
Consumer loans, at fair value [1] 707,111 784,399
Residential transition loans, at fair value 3,832,312 2,699,864
Residential mortgage loans subject to repurchase 4,308,886 3,952,792
Real estate, net [1] 6,139,789 6,175,735
Insurance company investments, at fair value 1,119,524 906,454
Cash, cash equivalents and restricted cash 2,538,586 2,789,413
Servicer advances receivable 2,751,593 3,090,613
Other assets [1] 5,584,432 5,583,976
Assets of Consolidated Entities    
Investments, at fair value and other assets [1] 6,912,669 5,789,349
Total Assets 54,108,868 53,063,126
Liabilities    
Secured financing agreements [1] 13,677,512 13,763,802
Secured notes and bonds payable (includes $134,319 and $143,442 at fair value, respectively) [1] 14,363,446 15,203,770
Residential mortgage loan repurchase liability 4,308,886 3,952,792
Unsecured notes, net of issuance costs 1,902,627 1,421,088
Interest sensitive insurance contract liabilities 1,143,797 960,209
Dividends payable 185,032 178,900
Accrued expenses and other liabilities (includes $610,185 and $638,090 at fair value, respectively) [1] 3,104,711 3,349,643
Liabilities of Consolidated Entities    
Notes payable, at fair value and other liabilities 5,974,137 4,978,212
Total Liabilities 44,660,148 43,808,416
Commitments and Contingencies (Note 25)
Redeemable Non-controlling Interests of Consolidated Subsidiaries (Note 22) 397,306 314,303
Stockholders’ Equity    
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 67,564,122 and 57,564,122 issued and outstanding, $1,689,104 and $1,439,104 aggregate liquidation preference, respectively 1,632,915 1,390,790
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 558,407,031 and 555,880,947 issued and outstanding, respectively 5,584 5,559
Additional paid-in capital 7,033,296 6,982,991
Accumulated deficit (226,449) (19,945)
Accumulated other comprehensive income 71,516 71,092
Stockholders’ Equity in Rithm Capital Corp. 8,516,862 8,430,487
Non-controlling interests in equity of consolidated subsidiaries 534,552 509,920
Total Stockholders’ Equity 9,051,414 8,940,407
Total Liabilities and Equity 54,108,868 53,063,126
Restricted cash    
Assets    
Cash, cash equivalents and restricted cash [1] $ 2,454,708 $ 2,656,938
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs” and each, a “VIE”), including funds and collateralized financing entities (“CFEs” and each, a “CFE”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of June 30, 2026 and December 31, 2025, total assets of such consolidated VIEs were $12.1 billion and $10.7 billion, respectively, and total liabilities of such consolidated VIEs were $9.3 billion and $8.2 billion, respectively. See Note 19 for further details.
v3.26.1
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real estate and other securities at fair value $ 4,887,937 $ 5,230,139
Residential mortgage loans, HFS, at fair value 4,241,244 5,752,169
Other assets at fair value 3,037,780 2,707,456
Secured notes and bonds payable, at fair value [1] 126,140 143,442
Accrued expenses and other liabilities at fair value $ 631,854 $ 638,090
Preferred stock, par values (in dollars per share) $ 0.01 $ 0.01
Preferred stock, shares authorized (in shares) 100,000,000 100,000,000
Preferred stock, shares issued (in shares) 67,564,122 57,564,122
Preferred stock, shares outstanding (in shares) 67,564,122 57,564,122
Preferred stock, liquidation preference $ 1,689,104 $ 1,439,104
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000
Common stock, shares issued (in shares) 558,407,031 555,880,947
Common stock, shares outstanding (in shares) 558,407,031 555,880,947
Assets $ 54,108,868 $ 53,063,126
Liabilities 44,660,148 43,808,416
Variable Interest Entity, Primary Beneficiary    
Residential mortgage loans, HFS, at fair value 545,183 437,060
Assets 12,114,722 10,705,892
Liabilities $ 9,297,531 $ 8,206,491
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs” and each, a “VIE”), including funds and collateralized financing entities (“CFEs” and each, a “CFE”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of June 30, 2026 and December 31, 2025, total assets of such consolidated VIEs were $12.1 billion and $10.7 billion, respectively, and total liabilities of such consolidated VIEs were $9.3 billion and $8.2 billion, respectively. See Note 19 for further details.
v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues $ 1,282,281       $ 1,219,594   $ 2,666,991 $ 2,198,842
Expenses                
Interest expense and warehouse line fees 464,114       417,868   914,177 836,922
General, administrative and operating 307,349       215,781   623,950 428,759
Compensation and benefits 410,477       294,407   788,887 565,874
Depreciation and amortization 93,547       23,794   186,191 48,362
Total Operating Expenses 1,275,487       951,850   2,513,205 1,879,917
Other Income                
Realized and unrealized gains, net 56,305       22,741   41,151 21,598
Other income, net 23,787       15,923   46,189 22,665
Total Other Income 80,092       38,664   87,340 44,263
Income (Loss) before Income Taxes 86,886       306,408   241,126 363,188
Income tax expense (benefit) 18,973       (11,598)   63,735 (35,528)
Net Income 67,913       318,006   177,391 398,716
Non-controlling interests in income of consolidated subsidiaries 8,032       3,169   7,886 4,255
Redeemable non-controlling interests in income of consolidated subsidiaries 3,590       3,120   10,536 3,933
Net Income Attributable to Rithm Capital Corp. 56,291       311,717   158,969 390,528
Change in redemption value of redeemable non-controlling interests 0       0   0 15,611
Dividends on preferred stock 36,098       27,818   70,945 54,495
Net Income Attributable to Common Stockholders $ 20,193       $ 283,899   $ 88,024 $ 320,422
Net Income per Share of Common Stock                
Basic (in dollars per share) $ 0.04       $ 0.54   $ 0.16 $ 0.61
Diluted (in dollars per share) $ 0.04       $ 0.53   $ 0.16 $ 0.60
Weighted Average Number of Shares of Common Stock Outstanding                
Basic (in shares) 558,346,329       530,171,540   557,537,800 527,154,950
Diluted (in shares) 568,262,330       537,347,700   566,316,997 534,011,117
Dividends Declared per Share of Common Stock (in dollars per share) $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.50 $ 0.50
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables                
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues $ 614,637       $ 574,817   $ 1,193,925 $ 1,145,618
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(213,874), $(176,680), $(425,330) and $(323,571), respectively)                
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues (392,875)       (155,005)   (597,104) (488,383)
Servicing revenue, net                
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 221,762       419,812   596,821 657,235
Interest income                
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 474,595       478,455   936,472 919,715
Gain on originated residential mortgage loans, held-for-sale, net                
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 207,006       169,698   415,256 329,487
Asset management revenue                
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 142,228       95,008   248,815 182,680
Commercial real estate revenue                
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 182,130       0   360,387 0
Other residential-related revenue                
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues $ 54,560       $ 56,621   $ 109,240 $ 109,725
v3.26.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
MSRs        
Realization of cash flows $ (213,874) $ (176,680) $ (425,330) $ (323,571)
v3.26.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]        
Net income $ 67,913 $ 318,006 $ 177,391 $ 398,716
Other Comprehensive Income:        
Unrealized gain (loss) on available-for-sale securities, net of tax (1,852) 3,210 (1,109) 7,951
Cumulative translation adjustment, net of tax 76 3,353 1,533 6,003
Comprehensive Income 66,137 324,569 177,815 412,670
Comprehensive income attributable to non-controlling interests 8,032 3,169 7,886 4,255
Comprehensive income attributable to redeemable non-controlling interests 3,590 3,120 10,536 3,933
Comprehensive Income Attributable to Rithm Capital Corp. $ 54,515 $ 318,280 $ 159,393 $ 404,482
v3.26.1
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Preferred Stock
Stockholders’ Equity in Rithm Capital Corp.
Stockholders’ Equity in Rithm Capital Corp.
Preferred Stock
Preferred Stock
Preferred Stock
Preferred Stock
Common Stock
Additional Paid-in Capital
Accumulated Deficit
Accumulated Other Comprehensive Income
Non-controlling Interests in Equity of Consolidated Subsidiaries
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024         51,964,122            
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2024             520,656,256        
Equity, beginning balance at Dec. 31, 2024 $ 7,886,310   $ 7,794,974   $ 1,257,254   $ 5,206 $ 6,528,613 $ (46,985) $ 50,886 $ 91,336
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2025         49,964,122            
Common stock, shares outstanding ending balance (in shares) at Mar. 31, 2025             530,122,477        
Equity, ending balance at Mar. 31, 2025 7,884,840   7,776,124   $ 1,207,254   $ 5,301 6,635,226 (129,934) 58,277 108,716
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024         51,964,122            
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2024             520,656,256        
Equity, beginning balance at Dec. 31, 2024 7,886,310   7,794,974   $ 1,257,254   $ 5,206 6,528,613 (46,985) 50,886 91,336
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Dividends declared on common stock (265,104)   (265,104)           (265,104)    
Dividends declared on preferred stock (54,495)   (54,495)           (54,495)    
Capital contributions 21,863                   21,863
Capital distributions (6,628)                   (6,628)
Issuance of common stock & preferred stock (in shares)             9,020,000        
Issuance of common stock & preferred stock 107,412   107,412       $ 90 107,322      
Preferred stock repurchase (in shares)         (2,000,000)            
Preferred stock repurchase (50,000)   (50,000)   $ (50,000)            
Director share grants and stock-based compensation (in shares)             615,915        
Director share grants and stock-based compensation 24,421   24,421       $ 7 29,959 (5,545)    
Fair value of SPAC warrants at issuance 2,304   2,304         2,304      
Change in redemption value of redeemable non-controlling interests (15,611)   (15,611)         (15,611)      
Comprehensive Income:                      
Net income 394,783   390,528           390,528   4,255
Unrealized loss on available-for-sale securities, net of tax 7,951   7,951             7,951  
Cumulative translation adjustment, net of tax 6,003   6,003             6,003  
Total comprehensive income, excluding amounts attributable to redeemable non-controlling interests 408,737   404,482               4,255
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025         49,964,122            
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2025             530,292,171        
Equity, ending balance at Jun. 30, 2025 8,059,209   7,948,383   $ 1,207,254   $ 5,303 6,652,587 18,399 64,840 110,826
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2025         49,964,122            
Common stock, shares outstanding beginning balance (in shares) at Mar. 31, 2025             530,122,477        
Equity, beginning balance at Mar. 31, 2025 7,884,840   7,776,124   $ 1,207,254   $ 5,301 6,635,226 (129,934) 58,277 108,716
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Dividends declared on common stock (132,573)   (132,573)           (132,573)    
Dividends declared on preferred stock (27,818)   (27,818)           (27,818)    
Capital contributions 1,662                   1,662
Capital distributions (2,721)                   (2,721)
Director share grants and stock-based compensation (in shares)             169,694        
Director share grants and stock-based compensation 14,370   14,370       $ 2 17,361 (2,993)    
Change in redemption value of redeemable non-controlling interests 0                    
Comprehensive Income:                      
Net income 314,886   311,717           311,717   3,169
Unrealized loss on available-for-sale securities, net of tax 3,210   3,210             3,210  
Cumulative translation adjustment, net of tax 3,353   3,353             3,353  
Total comprehensive income, excluding amounts attributable to redeemable non-controlling interests 321,449   318,280               3,169
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2025         49,964,122            
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2025             530,292,171        
Equity, ending balance at Jun. 30, 2025 $ 8,059,209   7,948,383   $ 1,207,254   $ 5,303 6,652,587 18,399 64,840 110,826
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2025 57,564,122       57,564,122            
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2025 555,880,947           555,880,947        
Equity, beginning balance at Dec. 31, 2025 $ 8,940,407   8,430,487   $ 1,390,790   $ 5,559 6,982,991 (19,945) 71,092 509,920
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Dividends declared on common stock (279,179)   (279,179)           (279,179)    
Dividends declared on preferred stock (70,945)   (70,945)           (70,945)    
Capital contributions 30,420                   30,420
Capital distributions (13,674)                   (13,674)
Other capital activity 1,022   1,022         1,022      
Issuance of common stock & preferred stock (in shares)           10,000,000          
Issuance of common stock & preferred stock   $ 242,125   $ 242,125   $ 242,125          
Director share grants and stock-based compensation (in shares)             2,526,084        
Director share grants and stock-based compensation 33,959   33,959       $ 25 49,283 (15,349)    
Change in redemption value of redeemable non-controlling interests 0                    
Comprehensive Income:                      
Net income 166,855   158,969           158,969   7,886
Unrealized loss on available-for-sale securities, net of tax (1,109)   (1,109)             (1,109)  
Cumulative translation adjustment, net of tax 1,533   1,533             1,533  
Total comprehensive income, excluding amounts attributable to redeemable non-controlling interests $ 167,279   159,393               7,886
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2026 67,564,122       67,564,122            
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2026 558,407,031           558,407,031        
Equity, ending balance at Jun. 30, 2026 $ 9,051,414   8,516,862   $ 1,632,915   $ 5,584 7,033,296 (226,449) 71,516 534,552
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2026         67,564,122            
Common stock, shares outstanding beginning balance (in shares) at Mar. 31, 2026             557,902,002        
Equity, beginning balance at Mar. 31, 2026 9,144,157   8,610,077   $ 1,632,915   $ 5,579 6,998,267 (99,976) 73,292 534,080
Increase (Decrease) in Stockholders' Equity [Roll Forward]                      
Dividends declared on common stock (139,602)   (139,602)           (139,602)    
Dividends declared on preferred stock (36,098)   (36,098)           (36,098)    
Capital contributions 3,468                   3,468
Capital distributions (11,028)                   (11,028)
Other capital activity 465   465         465      
Director share grants and stock-based compensation (in shares)             505,029        
Director share grants and stock-based compensation 27,505   27,505       $ 5 34,564 (7,064)    
Change in redemption value of redeemable non-controlling interests 0                    
Comprehensive Income:                      
Net income 64,323   56,291           56,291   8,032
Unrealized loss on available-for-sale securities, net of tax (1,852)   (1,852)             (1,852)  
Cumulative translation adjustment, net of tax 76   76             76  
Total comprehensive income, excluding amounts attributable to redeemable non-controlling interests $ 62,547   54,515               8,032
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2026 67,564,122       67,564,122            
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2026 558,407,031           558,407,031        
Equity, ending balance at Jun. 30, 2026 $ 9,051,414   $ 8,516,862   $ 1,632,915   $ 5,584 $ 7,033,296 $ (226,449) $ 71,516 $ 534,552
v3.26.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Flows From Operating Activities    
Net income $ 177,391 $ 398,716
Adjustments to reconcile net income to net cash flows from operating activities:    
Change in fair value of investments, net 1,254 (7,920)
Change in fair value of secured notes and bonds payable 13,306 24,028
Gain on settlement of investments, net (154,452) (11,488)
Gain on sale of originated residential mortgage loans, held-for-sale, net (415,256) (329,487)
Gain on transfer of loans to real estate owned (“REO”) (1,319) (40)
Depreciation and amortization 186,191 48,362
Deferred financing cost amortization and other accretion (23,321) (34,331)
Reversal of credit losses on securities, loans and REO (108) (2,932)
Non-cash portions of servicing revenue, net 651,867 508,682
Deferred tax provision 52,355 (55,148)
Mortgage loans originated and purchased for sale, net of fees (33,076,822) (29,403,351)
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 32,267,859 29,143,670
Interest received from servicer advance investments, RMBS, loans and other 24,413 23,066
Principal repayments and sales proceeds of investments of consolidated entities 437,239 493,817
Loan originations and investment purchases of consolidated entities (183,980) (390,045)
Changes in:    
Servicer advances receivable 284,316 463,308
Other assets 174,188 116,957
Accrued expenses and other liabilities (140,347) (121,677)
Net cash provided by operating activities 274,774 864,187
Cash Flows From Investing Activities    
Purchase of servicer advance investments (332,353) (350,377)
Purchase of government-backed and other securities 0 (1,478,667)
Proceeds from sale of government-backed and other securities 0 1,291
Purchase of Treasury securities (24,721) (49,468)
Treasury sales and Treasury securities payable 0 2,013,706
Reverse repurchase agreements entered and repurchase agreements closed 0 (507,863)
Reverse repurchase agreements closed and repurchase agreements entered 0 503,863
Maturity of Treasury securities 25,000 50,000
Purchase of SFR properties, MSRs and other assets (226,675) (190,305)
Purchase of residential transition loans (14,204) 0
Origination of residential transition loans (2,586,872) (1,709,128)
Purchase of consumer loans (425,081) 0
Draws on revolving consumer loans (8,585) (11,669)
Purchase of commercial real estate (90,616) 0
Purchase of insurance company investments, at fair value (408,786) 0
Net settlement of derivatives and hedges (525,559) (52,075)
Return of investments in Excess MSRs 15,626 22,082
Return of investments in equity method investees 51,615 3,343
Principal repayments from servicer advance investments 346,754 376,142
Principal repayments from government, government-backed and other securities 356,339 361,622
Principal repayments from residential mortgage loans 20,843 22,140
Principal repayments from consumer loans 222,144 198,992
Principal repayments and sales proceeds of residential transition loans 957,870 766,439
Loan originations and investment purchases of consolidated entities (14,151) 0
Settlement of sale of MSRs and MSR financing receivables (4,047) 197
Proceeds from sale of REO 20,834 19,032
Net cash provided by (used in) investing activities (1,973,544) 596,742
Cash Flows From Financing Activities    
Repayments of secured financing agreements (18,764,122) (32,257,543)
Repayments of warehouse credit facilities (47,634,161) (35,288,354)
Repayment of unsecured notes (18,326) (291,476)
Net settlement of margin deposits under repurchase agreements and derivatives (76,622) 181,335
Repayments of secured notes and bonds payable (4,766,616) (3,812,544)
Deferred financing fees (16,475) (16,562)
Dividends paid on common and preferred stock (346,903) (316,178)
Borrowings under secured financing agreements 18,621,633 31,272,394
Borrowings under warehouse credit facilities 47,696,700 35,362,956
Borrowings under secured notes and bonds payable 3,915,480 3,284,314
Proceeds from issuance of unsecured senior notes 495,000 495,000
Proceeds from issuance of debt obligations of consolidated entities 2,370,082 0
Repayments of debt obligations of consolidated entities (519,304) (170,873)
Premiums collected on insurance contract liabilities 190,943 0
Benefits paid, surrenders, and withdrawals on insurance contract liabilities (31,726) 0
Issuance of common stock 0 107,412
Issuance of preferred stock 242,125 0
Repurchase of preferred stock 0 (50,000)
Net proceeds from issuance of Class A Units of SPAC 0 230,000
Contributions from non-controlling and redeemable non-controlling interests 105,251 49,323
Distributions to non-controlling and redeemable non-controlling interests (16,038) (7,058)
Other capital activity 1,022 0
Net cash provided by (used in) financing activities 1,447,943 (1,227,854)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash (250,827) 233,075
Cash, Cash Equivalents and Restricted Cash, Beginning of Period (Note 12) 2,789,413 1,917,809
Cash, Cash Equivalents and Restricted Cash, End of Period (Note 12) 2,538,586 2,150,884
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest and warehouse line fees 925,409 898,609
Cash paid during the period for income taxes, net of refunds 6,941 16,582
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared but not paid on common and preferred stock 185,032 160,967
Transfer from residential mortgage loans to REO and other assets 19,369 16,556
Liabilities related to deconsolidated CFEs 857,315 0
Retained interests in CFEs 129,585 59,054
Variable Interest Entity, Not Primary Beneficiary    
Cash Flows From Investing Activities    
Principal repayments and sales proceeds of residential transition loans/ Principal repayments and sales proceeds of investments of consolidated entities 188,748 0
Variable Interest Entity, Primary Beneficiary    
Cash Flows From Investing Activities    
Principal repayments and sales proceeds of residential transition loans/ Principal repayments and sales proceeds of investments of consolidated entities $ 482,333 $ 607,445
v3.26.1
BUSINESS AND ORGANIZATION
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BUSINESS AND ORGANIZATION BUSINESS AND ORGANIZATION
Rithm Capital Corp. (together with its consolidated subsidiaries, “Rithm Capital” or the “Company”) is a global alternative asset manager focused on real estate, credit and financial services. Rithm Capital is a Delaware corporation and currently operates as an internally managed real estate investment trust (“REIT”).

Rithm Capital seeks to generate long-term value for its investors by leveraging its investment expertise and operating capabilities to identify, acquire, manage and enhance the value of real estate-related and other financial assets. The Company operates an integrated platform, spanning asset-based finance, residential and commercial real estate (“CRE”) lending, CRE ownership and investment, mortgage servicing rights (“MSRs”) and structured credit, that combines operating companies, investment portfolios and asset management capabilities across the residential mortgage, real estate and credit markets. Headquartered in New York City, Rithm Capital has a global presence with offices in London, Hong Kong, Tokyo, Toronto and Abu Dhabi.

As of June 30, 2026, Rithm Capital conducted its business through the following segments: (i) Origination and Servicing, (ii) Residential Transitional Lending, (iii) Asset Management, (iv) Investment Portfolio and (v) Commercial Real Estate.

The Company’s Origination and Servicing segment operates through its wholly owned subsidiaries, Newrez LLC (“Newrez”) and New Residential Mortgage LLC (“NRM”). The Company’s residential mortgage origination business sources and originates loans through four channels: Direct to Consumer, Retail/Joint Venture, Wholesale and Correspondent.

The Company’s servicing platform complements its origination business and provides performing and special servicing capabilities to its subsidiaries and third-party clients. NRM and Newrez are licensed or otherwise eligible to service residential mortgage loans in all states within the United States of America (“U.S.”) and the District of Columbia. NRM and Newrez are also approved to service mortgage loans on behalf of investors, including Federal National Mortgage Association (“Fannie Mae”) and Federal Home Loan Mortgage Corporation (“Freddie Mac”, and together with Fannie Mae, the “GSEs” and each, a “GSE”), and in the case of Newrez, Government National Mortgage Association (“Ginnie Mae”, collectively with the GSEs, the “Agencies” and each of Fannie Mae, Freddie Mac and Ginnie Mae, an “Agency”). Newrez is also eligible to perform servicing on behalf of other servicers as a subservicer.

Newrez sells substantially all of the mortgage loans it originates into the secondary market. Newrez securitizes loans into residential mortgage-backed securities (“RMBS”) through the Agencies. Loans that do not conform to the guidelines of the Agencies, the Federal Housing Administration (“FHA”), the U.S. Department of Agriculture or the Department of Veterans Affairs (for Ginnie Mae mortgage-backed securitizations) are sold to private investors and mortgage conduits. Newrez generally retains the right to service the underlying residential mortgage loans sold and/or securitized by Newrez. NRM and Newrez are required to conduct aspects of their operations in accordance with applicable policies and guidelines of such Agencies. In addition to origination and servicing activities, this segment includes operations conducted through wholly owned subsidiaries that provide mortgage- and real estate-related services, including Guardian Asset Management, a provider of field services and property management services, eStreet Appraisal Management LLC, a provider of appraisal services, and Avenue 365 Lender Services, LLC, a provider of title and settlement services.

The Company’s Residential Transitional Lending segment primarily operates through its wholly owned subsidiary, Genesis Capital LLC (“Genesis”), a residential transitional lender and servicer. Genesis originates and manages a portfolio of short-term, business-purpose mortgage loans used by experienced developers of and investors in residential real estate, including multifamily residential properties, to finance transitional projects, including construction, renovation and bridge financings.

The Company’s Asset Management segment conducts its activities primarily through Rithm Asset Management LLC and its wholly owned subsidiaries, including Sculptor Capital Management, Inc. (“Sculptor”), Crestline Management, L.P. and certain of its affiliates (collectively, “Crestline”) and Rithm Capital Advisors LLC (“RCA”). RCM GA Manager LLC (“RCM Manager” and, together with RCA, the “Rithm Advisers”) manages Rithm Property Trust Inc. (“Rithm Property Trust”) and Rithm Perpetual Life Residential Trust (“R-HOME”) pursuant to management and/or advisory agreements. Through Sculptor, Crestline and the Rithm Advisers, the Company provides asset management services and investment products through commingled funds, separate accounts and other alternative investment vehicles, generating primarily fee-based revenues.
The Company’s Investment Portfolio segment includes investments in real estate-related assets and operating businesses across the residential mortgage and real estate lifecycle. These investments primarily consist of residential mortgage loans, single-family rental (“SFR”) properties, consumer loans, non-Agency securities, excess mortgage servicing rights (“Excess MSRs”) and servicer advance investments, which are held on the Company’s consolidated balance sheets and generate income primarily through interest income, rental revenue and other investment portfolio revenues.

The Company’s Commercial Real Estate segment includes the ownership, operation and management of a portfolio of CRE assets, primarily Class A office properties located in New York City and San Francisco. The segment reflects the Company’s expansion into CRE equity ownership and operations, including through the acquisition of Paramount Group, Inc. and certain of its affiliates (collectively, “Paramount” or “Elecor”) in December 2025. The Company manages these assets as part of its broader CRE platform, generating revenues primarily from rental revenue and other property-related revenues. In April 2026, the Company announced the rebranding of the Paramount Group platform to Elecor Properties.

Rithm Capital has elected and intends to qualify to be taxed as a REIT for U.S. federal income tax purposes. As such, Rithm Capital will generally not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. See Note 2 and Note 24 for additional information regarding Rithm Capital’s taxable REIT subsidiaries (“TRSs”).
v3.26.1
BASIS OF PRESENTATION
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Interim Financial Statements — The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP” or “U.S. GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation of Rithm Capital’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The consolidated financial statements include the accounts of Rithm Capital and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated. Rithm Capital consolidates those entities in which it has control over significant operating, financing and investing decisions of the entity, as well as those entities classified as VIEs in which Rithm Capital is determined to be the primary beneficiary. For entities over which Rithm Capital exercises significant influence, but which do not meet the requirements for consolidation, Rithm Capital applies the equity method of accounting whereby it records its share of the underlying income of such entities unless a fair value option (“FVO”) is elected. Distributions from such equity method investments are classified in the consolidated statements of cash flows based on the cumulative earnings approach, where all distributions up to cumulative earnings are classified as distributions of earnings.

Reclassifications — Certain prior period amounts in Rithm Capital’s consolidated financial statements and respective notes have been reclassified to be consistent with the current period presentation. Such reclassifications had no impact on net income, total assets, total liabilities, stockholders’ equity or cash position.

Risks and Uncertainties — In the normal course of its business, Rithm Capital primarily encounters two significant types of economic risk: credit risk and market risk. Credit risk is the risk of default on Rithm Capital’s investments that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments due to changes in prepayment rates, interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying Rithm Capital’s investments. Taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories and other information, Rithm Capital believes that the carrying values of its investments are reasonable. Furthermore, for each of the periods presented, a significant portion of Rithm Capital’s assets are dependent on its servicers’ and subservicers’ abilities to perform their servicing obligations with respect to the residential mortgage loans underlying Rithm Capital’s Excess MSRs, MSRs, MSR financing receivables, servicer advance investments, RMBS issued by either public trusts or private label securitization (“PLS”) entities and loans. If a servicer or subservicer is terminated, Rithm Capital’s right to receive its portion of the cash flows related to interests in servicing related assets may also be terminated. The Company is also subject to significant tax risks. If the Company were to fail to qualify as a REIT in any taxable year, the Company would be subject to U.S. federal corporate income tax (including any applicable alternative minimum tax), which could be material. Unless entitled to relief under certain statutory provisions, the Company would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost.
Use of Estimates — The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in preparation of the consolidated financial statements are reasonable. The most critical estimates include those related to fair value measurements of the Company’s assets and liabilities and the determination of whether or not to consolidate a VIE or a voting interest entity (“VOE”). Actual results could differ from those estimates and such differences could be material.

For the complete listing of the significant accounting policies, see Note 2 to the Company’s consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Recent Accounting Pronouncements

Recently Adopted Accounting Standards

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses for current accounts receivable and current contract assets under FASB Accounting Standards Codification 606 - Revenues from Contracts with Customers. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The Company adopted this ASU on January 1, 2026 on a prospective basis and the adoption did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This standard requires public companies to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The new standard, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which clarifies the guidance for identifying the accounting acquirer in business combinations effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business. This ASU is effective for the Company on January 1, 2027, with early adoption permitted and is applied prospectively to acquisitions after the adoption date.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. This ASU is effective for the Company on January 1, 2028, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.
v3.26.1
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS BUSINESS COMBINATIONS AND ASSET ACQUISITIONS
Acquisition of Paramount Group, Inc.

The Company completed the acquisition of Elecor (f/k/a Paramount Group) on December 19, 2025 pursuant to the Agreement and Plan of Merger (including the schedules and exhibits thereto) (the “Elecor Acquisition”) for total consideration of approximately $1.8 billion, which includes transaction costs that were capitalized as part of the asset acquisition. The transaction was accounted for as an asset acquisition, whereby the total purchase price was allocated to the assets acquired and liabilities assumed based on their relative fair values on a pro-rata basis. No goodwill was recognized in connection with the acquisition.
Acquisition of Crestline Management, L.P.

The Company completed the acquisition of Crestline on December 1, 2025 pursuant to the Purchase and Sale Agreement (the “Crestline Acquisition”) as part of its strategy to expand its asset management capabilities by integrating Crestline’s private credit, fund liquidity and insurance and reinsurance strategies with the Company’s existing real estate and credit platforms. The Company accounted for this transaction using the acquisition method which requires, among other things, that the assets acquired and liabilities assumed be recognized at fair value as of the acquisition date.

Purchase Price Allocation

The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities related to the Crestline Acquisition:

Total Consideration$324,719 
Assets:
Cash and cash equivalents168,259 
Restricted cash124 
Insurance company investments, at fair value844,822 
Intangible assets84,276 
Other assets82,514 
Total Assets Acquired1,179,995 
Liabilities:
Interest sensitive insurance contract liabilities920,776 
Accrued expenses and other liabilities117,311 
Total Liabilities Assumed1,038,087 
Net Assets141,908 
Goodwill$182,811 

The Company acquired 100% of the outstanding equity interests of Crestline and certain affiliated companies for cash consideration of $324.7 million. The Company recognized goodwill of approximately $182.8 million primarily driven by the assembled workforce acquired in the Crestline Acquisition. Purchased goodwill is expected to be deductible for income tax purposes over 15 years. Rithm Capital will assess goodwill for impairment annually during the fourth quarter and in interim periods in case of events or circumstances that make it more likely than not that an impairment may have occurred.

The estimate of fair value of assets and liabilities required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that management believes to be reasonable; however, actual results may differ materially from these estimates. The Company’s assessment of fair value of assets acquired and liabilities assumed in connection with the Crestline Acquisition remains preliminary as of June 30, 2026 and is based on information that was available to management at the time the consolidated financial statements were prepared. Those estimates and assumptions are subject to change as management obtains additional information related to those estimates during the applicable measurement period. The measurement period will not exceed one year from the acquisition date of December 1, 2025. The most significant items for which the purchase price allocation remains open include intangible assets, other assets, deferred tax assets, other liabilities and goodwill. Measurement period adjustments, if any, will be recognized in the period in which they are determined, with a corresponding adjustment to goodwill.
Intangible assets acquired consist of customer relationships, management contracts, trade names, insurance licenses and value of businesses acquired (“VOBA”). Rithm Capital amortizes finite-lived intangible assets on a straight-line basis over their respective useful lives. The following table presents the details of identifiable intangible assets acquired and the respective estimated useful lives:
Estimated Useful Life (Years)Amount
Customer relationships9$8,645 
Management contracts
 2 to 11
63,770 
Trade names113,740 
VOBA
(A)
2,401 
Insurance licensesIndefinite5,720 
Total Identifiable Intangible Assets$84,276 
(A)VOBA, an actuarial intangible asset arising from the Crestline Acquisition, is amortized on a basis consistent with the related policyholder liabilities over the remaining life of each contract.
Unaudited Supplemental Pro Forma Financial Information

The following table presents unaudited pro forma combined revenues and income before income taxes for the three and six months ended June 30, 2025, prepared as if the Crestline Acquisition had been consummated on January 1, 2024:

Three Months EndedSix Months Ended
Pro Forma June 30, 2025June 30, 2025
Revenues$1,264,660 $2,282,614 
Income before income taxes318,346 373,293 

The unaudited supplemental pro forma financial information reflects, among other things, financing adjustments, amortization of intangibles and transaction costs. The unaudited supplemental pro forma financial information has not been adjusted to reflect all conforming accounting policies. The unaudited supplemental pro forma financial information does not include any anticipated synergies or other anticipated benefits of the Crestline Acquisition and, accordingly, the unaudited supplemental pro forma financial information is not necessarily indicative of either future results of operations or results that might have been achieved had the Crestline Acquisition occurred on January 1, 2024.
v3.26.1
SEGMENT REPORTING
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
SEGMENT REPORTING SEGMENT REPORTING
Rithm Capital conducts its business and generates substantially all of its revenues primarily in the U.S. through operating segments that have been aggregated into the following reportable segments: (i) Origination and Servicing, (ii) Residential Transitional Lending, (iii) Asset Management, (iv) Investment Portfolio and (v) Commercial Real Estate. Activities that are not directly attributable or not allocated to any of the reportable segments are reported under Corporate as a reconciling item to the Company’s consolidated financial statements. The activities within Corporate primarily consist of general, administrative and operating expenses, corporate cash and related interest income, the Senior Unsecured Notes (as defined in Note 17) and related interest expense and restricted cash and redeemable non-controlling interest related to Class A ordinary shares of Rithm Acquisition Corp., a special purpose acquisition company (the “SPAC”), which is consolidated by the Company.

During the first quarter of 2026, the Company reevaluated and revised the composition of its reportable segments based on changes in the financial information regularly provided to the Company’s chief operating decision maker (“CODM”) for purposes of assessing performance and allocating resources. Effective in the first quarter of 2026, CRE activities previously reflected within the Asset Management segment are now reflected within a new Commercial Real Estate segment. Prior-period segment information has been recast to conform to the current-period presentation.

The structure of the reportable segments is differentiated by the nature of the Company’s business activities, which is consistent with the reporting structure of the Company’s internal organization, as well as by the financial information used by the Company’s CODM to make decisions regarding the Company’s business, including resource allocation and performance assessment. The Company’s CODM is the Chief Executive Officer.
The Origination and Servicing segment generates revenue through servicing fee revenue, interest income and gain on originated and sold residential mortgage loans. The Residential Transitional Lending segment generates revenue through interest income related to the origination and management of a portfolio of short-term mortgage loans to fund the construction and development of, or investment in, residential properties. The Asset Management segment generates revenue primarily through management fees based on assets under management (“AUM”) and accounts managed by the Company and incentive fees based on the performance of funds. The Investment Portfolio segment generates revenue from certain real estate securities, SFR properties, residential mortgage loans, consumer loans and certain ancillary and equity method investments primarily in the form of interest income and other residential-related revenue. The Commercial Real Estate segment generates revenue from rental revenue and real estate-related fee income from CRE properties owned and managed by the Company.

Income before income taxes is the measure of segment profit and loss that is determined in accordance with the measurement principles used in measuring the corresponding amounts in the consolidated financial statements and used by the CODM to evaluate segment results. It is also one of the factors considered in determining capital allocation among the segments, assessing performance for each segment and determining compensation for certain employees.

The following tables summarize segment financial information, including the Corporate category explained above, which in total reconciles to the same data for Rithm Capital on a consolidated basis:
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
Three Months Ended June 30, 2026
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$614,637 $— $— $— $— $— $614,637 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(213,874))
(392,875)— — — — — (392,875)
Servicing revenue, net221,762 — — — — — 221,762 
Interest income252,496 103,587 28,208 85,428 2,185 2,691 474,595 
Gain on originated residential mortgage loans, held-for-sale, net204,731 — — 2,275 — — 207,006 
Management fees— — 88,789 — 1,696 — 90,485 
Incentive fees— — 51,743 — — — 51,743 
Asset management revenue— — 140,532 — 1,696 — 142,228 
Commercial real estate revenue— — — — 182,130 — 182,130 
Other residential-related revenue25,222 — — 29,338 — — 54,560 
Total Revenue704,211 103,587 168,740 117,041 186,011 2,691 1,282,281 
Interest expense and warehouse line fees225,634 43,742 23,231 70,007 61,836 39,664 464,114 
Other segment expenses(A)
146,211 5,469 33,082 31,711 78,640 12,236 307,349 
Compensation and benefits214,708 22,740 130,211 6,688 11,474 24,656 410,477 
Depreciation and amortization5,474 1,966 12,040 7,184 66,803 80 93,547 
Total Operating Expenses592,027 73,917 198,564 115,590 218,753 76,636 1,275,487 
Realized and unrealized gains, net57 7,031 26,448 22,751 18 — 56,305 
Other income (loss), net879 314 17,404 7,295 (2,114)9 23,787 
Total Other Income (Loss)936 7,345 43,852 30,046 (2,096)9 80,092 
Income (Loss) before Income Taxes$113,120 $37,015 $14,028 $31,497 $(34,838)$(73,936)$86,886 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to legal and professional services, loan origination and servicing, information technology and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to legal and professional services, loan servicing and SFR property and maintenance. The Commercial Real Estate segment’s other segment expenses primarily include property operating expenses.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
Six Months Ended June 30, 2026
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$1,193,925 $— $— $— $— $— $1,193,925 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(425,330))
(597,104)— — — — — (597,104)
Servicing revenue, net596,821 — — — — — 596,821 
Interest income487,373 191,246 67,105 181,395 4,017 5,336 936,472 
Gain on originated residential mortgage loans, held-for-sale, net399,703 — — 15,553 — — 415,256 
Management fees— — 177,949 — 3,465 — 181,414 
Incentive fees— — 67,401 — — — 67,401 
Asset management revenue— — 245,350 — 3,465 — 248,815 
Commercial real estate revenue— — — — 360,387 — 360,387 
Other residential-related revenue48,555 — — 60,685 — — 109,240 
Total Revenue1,532,452 191,246 312,455 257,633 367,869 5,336 2,666,991 
Interest expense and warehouse line fees441,431 79,401 48,805 146,562 120,298 77,680 914,177 
Other segment expenses(A)
297,480 12,006 63,492 56,820 162,640 31,512 623,950 
Compensation and benefits421,782 43,562 243,227 11,803 22,756 45,757 788,887 
Depreciation and amortization11,562 3,909 23,566 15,666 131,408 80 186,191 
Total Operating Expenses1,172,255 138,878 379,090 230,851 437,102 155,029 2,513,205 
Realized and unrealized gains (losses), net57 6,425 25,054 9,717 (102)— 41,151 
Other income (loss), net3,493 1,369 26,880 14,514 (78)11 46,189 
Total Other Income (Loss)3,550 7,794 51,934 24,231 (180)11 87,340 
Income (Loss) before Income Taxes$363,747 $60,162 $(14,701)$51,013 $(69,413)$(149,682)$241,126 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to legal and professional services, loan origination and servicing, information technology and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to legal and professional services, loan servicing and SFR property and maintenance. The Commercial Real Estate segment’s other segment expenses primarily include property operating expenses.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
June 30, 2026
Investments(A)
$17,835,593 $3,833,824 $1,119,524 $4,201,808 $5,105,831 $— $32,096,580 
Cash and cash equivalents(A)
1,055,134 59,084 237,477 19,395 170,931 122,477 1,664,498 
Restricted cash(A)
174,481 69,755 10,194 34,186 263,412 238,182 790,210 
Other assets(A)
7,795,668 163,300 1,540,186 2,474,347 343,013 11,754 12,328,268 
Goodwill29,468 55,731 231,444 — — — 316,643 
Assets of consolidated entities(A)
— 878,836 1,232,433 4,801,400 — — 6,912,669 
Total Assets$26,890,344 $5,060,530 $4,371,258 $11,531,136 $5,883,187 $372,413 $54,108,868 
Debt(A)
$15,341,262 $3,219,710 $440,685 $5,191,877 $3,996,761 $1,753,290 $29,943,585 
Other liabilities(A)
6,046,761 57,676 1,401,149 470,385 276,731 489,724 8,742,426 
Liabilities of consolidated entities(A)
— 765,735 980,804 4,227,598 — — 5,974,137 
Total Liabilities21,388,023 4,043,121 2,822,638 9,889,860 4,273,492 2,243,014 44,660,148 
Redeemable Non-controlling Interests of Consolidated Subsidiaries— — 154,413 — — 242,893 397,306 
Total Stockholders’ Equity5,502,321 1,017,409 1,394,207 1,641,276 1,609,695 (2,113,494)9,051,414 
Non-controlling interests in equity of consolidated subsidiaries9,780 — 74,834 59,020 390,918 — 534,552 
Stockholders’ Equity in Rithm Capital Corp.$5,492,541 $1,017,409 $1,319,373 $1,582,256 $1,218,777 $(2,113,494)$8,516,862 
Investments in Equity Method Investees$27,609 $29,135 $246,759 $326,288 $183,082 $— $812,873 
December 31, 2025
Total Assets(A)
$27,459,943 $4,057,146 $4,514,978 $10,687,181 $5,885,235 $458,643 $53,063,126 
(A)The Company's consolidated balance sheets include assets and liabilities of consolidated VIEs, including funds and CFEs that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
Three Months Ended June 30, 2025
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$574,817 $— $— $— $— $— $574,817 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(176,680))
(155,005)— — — — — (155,005)
Servicing revenue, net419,812 — — — — — 419,812 
Interest income309,940 75,405 7,841 82,143 — 3,126 478,455 
Gain on originated residential mortgage loans, held-for-sale, net168,438 — — 1,260 — — 169,698 
Management fees— — 66,177 — — — 66,177 
Incentive fees— — 28,831 — — — 28,831 
Asset management revenue— — 95,008 — — — 95,008 
Commercial real estate revenue— — — — — — — 
Other residential-related revenue27,439 — — 29,182 — — 56,621 
Total Revenue925,629 75,405 102,849 112,585 — 3,126 1,219,594 
Interest expense and warehouse line fees283,616 33,620 8,710 69,904 — 22,018 417,868 
Other segment expenses(A)
146,989 5,234 26,487 22,162 — 14,909 215,781 
Compensation and benefits190,169 15,308 67,401 1,004 — 20,525 294,407 
Depreciation and amortization6,281 2,289 7,348 7,849 — 27 23,794 
Total Operating Expenses627,055 56,451 109,946 100,919 — 57,479 951,850 
Realized and unrealized gains (losses), net— 6,809 416 16,177 — (661)22,741 
Other income (loss), net6,435 (713)5,124 6,286 — (1,209)15,923 
Total Other Income (Loss)6,435 6,096 5,540 22,463 — (1,870)38,664 
Income (Loss) before Income Taxes$305,009 $25,050 $(1,557)$34,129 $— $(56,223)$306,408 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to loan origination and servicing, information technology and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to legal and professional services, loan servicing and property and maintenance.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
Six Months Ended June 30, 2025
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$1,145,618 $— $— $— $— $— $1,145,618 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(323,571))
(488,383)— — — — — (488,383)
Servicing revenue, net657,235 — — — — — 657,235 
Interest income602,501 141,913 17,254 153,933 — 4,114 919,715 
Gain on originated residential mortgage loans, held-for-sale, net319,932 — — 9,555 — — 329,487 
Management fees— — 125,163 — — — 125,163 
Incentive fees— — 57,517 — — — 57,517 
Asset management revenue— — 182,680 — — — 182,680 
Commercial real estate revenue— — — — — — — 
Other residential-related revenue53,177 — — 56,548 — — 109,725 
Total Revenue1,632,845 141,913 199,934 220,036 — 4,114 2,198,842 
Interest expense and warehouse line fees576,564 65,321 22,799 129,540 — 42,698 836,922 
Other segment expenses(A)
290,756 10,065 58,078 45,154 — 24,706 428,759 
Compensation and benefits362,871 29,699 132,731 2,166 — 38,407 565,874 
Depreciation and amortization13,940 3,856 14,732 15,803 — 31 48,362 
Total Operating Expenses1,244,131 108,941 228,340 192,663 — 105,842 1,879,917 
Realized and unrealized gains (losses), net— 8,852 (5,864)19,271 — (661)21,598 
Other income (loss), net6,317 (854)12,962 5,444 — (1,204)22,665 
Total Other Income (Loss)6,317 7,998 7,098 24,715 — (1,865)44,263 
Income (Loss) before Income Taxes$395,031 $40,970 $(21,308)$52,088 $— $(103,593)$363,188 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to loan origination and servicing, information technology and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to legal and professional services, loan servicing and property and maintenance.
v3.26.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES
 6 Months Ended
Jun. 30, 2026
Transfers and Servicing [Abstract]  
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES
The following table summarizes activity related to MSRs and MSR financing receivables:
Balance at December 31, 2025$10,359,141 
Acquisitions12,410 
Originations(A)
723,882 
Sales4,047 
Change in Fair Value due to:
Realization of cash flows(B)
(427,831)
Change in valuation inputs and assumptions419,834 
Balance at June 30, 2026$11,091,483 
(A)Represents MSRs retained on the sale of originated residential mortgage loans. Includes $114.8 million of MSRs capitalized through co-issue with third parties for the six months ended June 30, 2026.
(B)Based on the paydown of the underlying residential mortgage loans.

The following table summarizes components of servicing revenue, net:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$563,771 $518,371 $1,094,370 $1,045,181 
Ancillary and other fees50,866 56,446 99,555 100,437 
Servicing fee revenue, net and fees614,637 574,817 1,193,925 1,145,618 
Change in Fair Value due to:
Realization of cash flows(A)
(213,874)(176,680)(425,330)(323,571)
Change in valuation inputs and assumptions, net of realized gains (losses)(B)
48,228 (8,807)409,814 (403,832)
Gains (losses) on MSR economic hedges(227,229)30,482 (581,588)239,020 
Servicing Revenue, Net$221,762 $419,812 $596,821 $657,235 
(A)Net of realization of cash flows related to MSR financing liability of $1.4 million and $1.3 million for the three months ended June 30, 2026 and 2025, respectively, and $2.5 million and $2.5 million for the six months ended June 30, 2026 and 2025, respectively.
(B)Net of change in valuation inputs and assumptions related to MSR financing liability of $(6.0) million and $8.0 million for the three months ended June 30, 2026 and 2025, respectively, and $(10.0) million and $3.2 million for the six months ended June 30, 2026 and 2025, respectively.

The following table summarizes MSRs and MSR financing receivables by type as of June 30, 2026 and December 31, 2025:
Unpaid Principal Balance (“UPB”) of Underlying Mortgages
Weighted Average Life (Years)(A)
Carrying Value(B)
June 30, 2026
GSE$375,046,071 6.1$6,483,683 
Non-Agency67,707,849 5.6981,266 
Ginnie Mae154,064,973 6.13,626,534 
Total / Weighted Average$596,818,893 6.1$11,091,483 
December 31, 2025
GSE$376,982,090 6.2$6,051,855 
Non-Agency66,874,608 5.6894,988 
Ginnie Mae151,675,782 6.13,412,298 
Total / Weighted Average$595,532,480 6.1$10,359,141 
(A)Represents the weighted average expected timing of the receipt of expected cash flows for this investment.
(B)Represents the fair value for this investment. As of June 30, 2026 and December 31, 2025, weighted average discount rates of 8.0% (range of 7.6% – 9.6%) and 8.4% (range of 8.0% - 10.3%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables.
Residential Mortgage Loans Subject to Repurchase

Rithm Capital, through Newrez, is an approved issuer of Ginnie Mae mortgage-backed securities (“MBS”) and originates and securitizes government-insured residential mortgage loans. As the issuer of the Ginnie Mae guaranteed securitizations, Rithm Capital has the unilateral right to repurchase loans from the securitizations when they are delinquent for more than 90 days. Loans in forbearance that are three or more consecutive payments delinquent are included as delinquent loans permitted to be repurchased. As a result, once the delinquency criteria have been met and regardless of whether the repurchase option has been exercised, the Company recognizes delinquent loans as if they had been repurchased with a corresponding liability. As of June 30, 2026 and December 31, 2025, Rithm Capital reflected approximately $4.3 billion and $4.0 billion, respectively, in residential mortgage loans subject to repurchase and residential mortgage loan repurchase liability on its consolidated balance sheets. Rithm Capital may re-pool repurchased loans into new Ginnie Mae securitizations upon re-performance of the loan or otherwise sell to third-party investors. The Company does not change the accounting for MSRs related to previously sold loans upon re-recognizing loans eligible for repurchase. Rather, upon repurchase of a loan, the MSR is written off. As of June 30, 2026 and December 31, 2025, Rithm Capital held approximately $0.6 billion and $0.5 billion, respectively, of such repurchased loans, which are classified as held-for-sale (“HFS”) and are presented within residential mortgage loans on the consolidated balance sheets.

Onity MSR Financing Receivable Transactions

Onity Group Inc. (formerly known as Ocwen Financial Corporation), together with certain affiliates, and subsequently PHH Mortgage Corporation (“PHH”), entered into agreements with the Company to sell MSR-related assets, including certain rights to MSRs and other related assets. As of June 30, 2026, approximately $8.0 billion of underlying loan UPB associated with these sales has not received required consents and/or certain other conditions to transfer have not been met. The economics of the MSR-related assets are transferred through an interim arrangement until all required consents are obtained and other transfer conditions are satisfied. Accordingly, these amounts are presented as MSR financing receivables within mortgage servicing rights and MSR financing receivables, at fair value on the consolidated balance sheets.

Geographic Distributions

The table below summarizes the geographic distribution of the residential mortgage loans underlying the MSRs and MSR financing receivables:
Percentage of Total Outstanding
Unpaid Principal Amount
State ConcentrationJune 30, 2026December 31, 2025
California15.5 %15.8 %
Florida8.0 %8.1 %
Texas6.7 %6.7 %
New York5.7 %5.7 %
Washington4.9 %5.0 %
New Jersey3.9 %3.9 %
Virginia3.8 %3.8 %
Maryland3.5 %3.4 %
Georgia3.2 %3.2 %
Illinois3.1 %3.2 %
Other U.S.41.7 %41.2 %
100.0 %100.0 %

Geographic concentrations of investments expose Rithm Capital to the risk of economic downturns within the relevant states. Any such downturn in a state where Rithm Capital holds significant investments could affect the underlying borrower’s ability to make mortgage payments and therefore could have a meaningful, negative impact on the MSRs.
Residential Mortgage Loan Servicing and Subservicing

Newrez performs servicing of residential mortgage loans for unaffiliated parties under servicing agreements. The servicing agreements do not meet the criteria to be recognized as a servicing right asset and, therefore, are not recognized in the consolidated balance sheets. The UPB of residential mortgage loans serviced for others as of June 30, 2026 and December 31, 2025 was $253.7 billion and $242.8 billion, respectively. Rithm Capital earned servicing revenue of $89.3 million and $78.5 million for the three months ended June 30, 2026 and 2025, respectively, and $176.3 million and $154.5 million for the six months ended June 30, 2026 and 2025, respectively, related to unaffiliated serviced loans presented within servicing revenue, net in the consolidated statements of operations.

In relation to certain owned MSRs, Rithm Capital engages unaffiliated licensed mortgage servicers as subservicers to perform the operational servicing duties, including recapture activities, in exchange for a subservicing fee, which is recognized as subservicing expense and presented in general, administrative and operating in the consolidated statements of operations. As of June 30, 2026, PHH and Valon Mortgage, Inc. subserviced 1.4% and 3.4% of owned MSRs, respectively, with the remaining 95.2% of owned MSRs serviced by Newrez (Note 1).

Servicer Advances Receivable

In connection with Rithm Capital’s ownership of MSRs, the Company assumes the obligation to serve as a liquidity provider to initially fund servicer advances on the underlying pool of mortgages it services (Note 25). These servicer advances are recorded when advanced and are included in servicer advances receivable on the consolidated balance sheets.

The table below summarizes the type of advances included in the servicer advances receivable:
June 30, 2026December 31, 2025
Principal and interest advances$509,576 $539,371 
Escrow advances (taxes and insurance advances)1,293,143 1,735,259 
Foreclosure advances1,070,091 941,658 
Gross advance balance(A)(B)(C)
2,872,810 3,216,288 
Reserves, impairment, unamortized discount, net of recovery accruals(121,217)(125,675)
Total Servicer Advances Receivable$2,751,593 $3,090,613 
(A)Includes $513.6 million and $738.7 million as of June 30, 2026 and December 31, 2025 of servicer advances receivable related to GSE MSRs, respectively, recoverable either from the borrower or the Agencies.
(B)Includes $538.7 million and $576.7 million as of June 30, 2026 and December 31, 2025 of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae.
(C)Expected losses for advances associated with loans in the MSR portfolio are considered in the MSR fair value through a non-reimbursable advance loss assumption.

Rithm Capital’s servicer advances receivable related to non-Agency MSRs generally have the highest reimbursement priority pursuant to the underlying servicing agreements (i.e., rank “top of the waterfall”), and Rithm Capital is generally entitled to repayment from the respective loan or REO liquidation proceeds before any interest or principal is paid on the notes issued by the trust. In most cases, advances in excess of the respective loan or REO liquidation proceeds may be recovered from pool-level proceeds. Furthermore, to the extent that advances are not recoverable by Rithm Capital as a result of the subservicer’s failure to comply with applicable requirements in the relevant servicing agreements, Rithm Capital has a contractual right to be reimbursed by the subservicer. For advances on loans that have been liquidated, sold, paid in full, modified or delinquent, the Company provisioned $127.5 million, or 4.4%, and $121.5 million, or 3.8%, for expected non-recovery of advances as of June 30, 2026 and December 31, 2025, respectively.

The following table summarizes servicer advances provision activity during the period:
Balance at December 31, 2025$121,537 
Provision54,559 
Write-offs(48,618)
Balance at June 30, 2026$127,478 
See Note 17 regarding the financing of MSRs and servicer advances receivable.
v3.26.1
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES
 6 Months Ended
Jun. 30, 2026
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 Treasury securities.

The following table summarizes Agency and Treasury securities classified as available-for-sale (“AFS”) or designated at fair value under the FVO election:
June 30, 2026December 31,
2025
Outstanding Face AmountGross UnrealizedNumber of SecuritiesWeighted Average
GainsLosses
Carrying Value(A)
CouponYield
Life (Years)(B)
Carrying Value(A)
Securities Designated as AFS:
Agency(C)(D)
$62,940 $— $— $56,035 1 3.5 %3.5 %10.8$58,523 
Securities Designated at FVO:
Agency(C)
4,887,780 61,650 (12,982)4,831,902 22 5.0 %5.0 %7.35,171,616
Total / Weighted Average$4,950,720 $61,650 $(12,982)$4,887,937 23 5.0 %5.0 %7.3$5,230,139 
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)All fixed-rate as of June 30, 2026 and December 31, 2025.
(D)Expected loss is realized through allowance for credit losses.

The following table summarizes Treasury securities classified as held-to-maturity (“HTM”):
Weighted Average
Outstanding Face AmountAmortized Cost / Carrying Value
Fair Value(A)
Unrecognized Gains (Losses)Number of SecuritiesYieldLife (Years)
Treasury Securities Designated as HTM:
June 30, 2026$25,000 $24,932 $24,932 $— 1 3.7 %0.08
December 31, 202525,000 24,766 24,762 (4)1 3.5 %0.30
(A)See Note 18 regarding the fair value measurements.

The following table summarizes purchases and sales of Agency and Treasury securities:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
TreasuryAgencyTreasuryAgencyTreasuryAgencyTreasuryAgency
Purchases:
Face$25,000 $— $25,000 $— $25,000 $— $50,000 $1,355,800 
Purchase price24,721 — 24,736 — 24,721 — 49,468 1,326,895 
Sales:
Face$— $— $2,000,000 $— $— $— $2,000,000 $1,274 
Amortized cost— — 2,002,734 — — — 2,002,734 1,349 
Sale price— — 2,013,809 — — — 2,013,809 1,291 
Gain (loss) on sale— — 11,075 — — — 11,075 (58)

As of June 30, 2026, Rithm Capital had no unsettled government and government-backed securities trades.

See Note 17 regarding the financing of government and government-backed securities.
INSURANCE
Insurance company investments, at fair value

The following table presents the composition of insurance company investments, at fair value:
June 30,
2026		December 31,
2025
Securities$193,146 $135,472 
Commercial mortgage loans449,966 397,982 
Private credit476,412 373,000 
Insurance Company Investments, at Fair Value$1,119,524 $906,454 

The following table summarizes the securities held by the insurance company at fair value:
June 30, 2026December 31,
2025
Outstanding Face Amount(C)
Gross Unrealized
Carrying Value(A)
Number of SecuritiesWeighted Average
GainsLossesCouponYield
Life (Years)(B)
Carrying Value(A)
Asset-backed and mortgage-backed securities$590,291 $1,869 $(3,883)$156,363 255 1.6 %6.6 %5.2$93,729 
Corporate debt24,183 132 (256)24,487 165 4.6 %4.9 %10.020,141
Government and Agency securities10,736 43 (83)9,742 15 2.8 %4.1 %6.418,036
Other2,561 2 (10)2,554 12 4.8 %4.9 %3.83,566
Total / Weighted Average$627,771 $2,046 $(4,232)$193,146 447 1.8 %6.2 %5.8$135,472 
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)Includes interest only securities for which no principal payment is expected.

The following table summarizes the commercial mortgage loans and private credit held by the insurance company at fair value:
June 30, 2026December 31,
2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Commercial mortgage loans, HFI, at fair value$481,587 $449,966 46 9.8 %1.3$397,982 
Private credit, at fair value(B)
482,279 476,412 74 10.3 %3.5373,000 
(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.
(B)All current status loans as of June 30, 2026.

The following table summarizes the past due status and difference between the aggregate UPB and aggregate carrying value of commercial mortgage loans, HFI, at fair value on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$473,552 $444,020 $(29,532)$386,642 $387,401 $759 
90+8,035 5,946 (2,089)13,093 10,581 (2,512)
Total$481,587 $449,966 $(31,621)$399,735 $397,982 $(1,753)
The following table summarizes the activity of commercial mortgage loans, HFI, at fair value and private credit, at fair value for the period presented:
Commercial Mortgage Loans, HFI, at Fair ValuePrivate Credit, at Fair Value
Balance at December 31, 2025
$397,982 $373,000 
Purchases151,181 152,242 
Paydowns(101,322)(50,266)
Other(A)
2,216 (848)
Fair value adjustment(B)
(91)2,284 
Balance at June 30, 2026
$449,966 $476,412 
(A)Includes interest reserve used, payment-in-kind interest, foreign exchange (“FX”) adjustments and accretion.
(B)Includes fair value adjustments due to changes in instrument-specific credit risk and other factors.

Interest sensitive insurance contract liabilities

Interest sensitive insurance contract liabilities primarily include fixed indexed annuities (“FIAs”) and deferred annuities, including multi-year guaranteed annuities. The Company, through its wholly owned subsidiary, Crestline Life and Insurance Annuity Company (“CL Life”), also issues single premium immediate annuities, which provide fixed benefit payments commencing shortly after contract issuance.

The following is a reconciliation of interest sensitive insurance contract liabilities to the consolidated balance sheets:

June 30,
2026		December 31,
2025
Fixed indexed annuities$101,611 $74,033 
Deferred annuities1,032,214 880,464 
Other(A)
9,972 5,712 
Interest Sensitive Insurance Contract Liabilities$1,143,797 $960,209 
(A)Primarily includes single premium immediate annuities.

The following represents a rollforward of the policyholder account balance by product within interest sensitive insurance contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.
Fixed Indexed AnnuitiesDeferred
Annuities
Balance as of December 31, 2025$74,033 $880,464 
Deposits32,054 154,629 
Policy charges(3)(128)
Surrenders and withdrawals(1,261)(18,592)
Benefit payments(298)(11,445)
Interest credited(2,914)27,286 
Balance as of June 30, 2026
$101,611 $1,032,214 
Weighted average crediting rate4 %6 %
Net amount at risk$— $— 
Cash surrender value93,598 955,528 
The following presents policyholder account balances related to deferred annuity contracts by the applicable guaranteed minimum crediting rate and by range of the difference between rates being credited to policyholders and the respective guaranteed minimums:

June 30, 2026
At Guaranteed Minimum1 Basis Point to 300 Basis Points Above Guaranteed Minimum301 Basis Points to 400 Basis Points Above Guaranteed Minimum401 Basis Points to 500 Basis Points Above Guaranteed Minimum501 Basis Points to 600 Basis Points Above Guaranteed MinimumGreater than 600 Basis Points Above Guaranteed MinimumTotal
1.0%$— $1,157 $62,555 $844,486 $56,138 $67,878 $1,032,214 

December 31, 2025
At Guaranteed Minimum1 Basis Point to 300 Basis Points Above Guaranteed Minimum301 Basis Points to 400 Basis Points Above Guaranteed Minimum401 Basis Points to 500 Basis Points Above Guaranteed Minimum501 Basis Points to 600 Basis Points Above Guaranteed MinimumGreater than 600 Basis Points Above Guaranteed MinimumTotal
1.0%$— $1,183 $14,517 $743,815 $68,976 $51,973 $880,464 

Reinsurance Recoverable

The Company entered into a funds withheld coinsurance and modified coinsurance agreement with a special purpose reinsurer ceding 90% of its annuity business. Under the arrangement, the Company established a segregated account from the general investment portfolio in which the investments supporting the ceded obligations are maintained. The Company retains legal ownership of the investments supporting the ceded reserves and withholds investments equal to the ceded reserves. The reinsurer has a contractual claim on the funds withheld and is credited with investment returns in accordance with the terms of the agreement. Gross reinsurance recoverable and funds withheld obligations are recorded as a single net deposit position and are presented within other assets or accrued expenses and other liabilities, as applicable (Note 13).
v3.26.1
RESIDENTIAL MORTGAGE LOANS
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
RESIDENTIAL MORTGAGE LOANS RESIDENTIAL MORTGAGE LOANS
Rithm Capital aggregates its residential mortgage loan portfolio through originations, bulk acquisitions and the execution of call rights. Substantially all of the residential mortgage loan portfolio is serviced by Newrez.

Loans are accounted for based on Rithm Capital’s strategy and management’s intent and whether the loan was credit-impaired at the date of acquisition. As of June 30, 2026, Rithm Capital accounts for loans based on the following categories:

•Loans held-for-investment (“HFI”), at fair value
•Loans HFS, at lower of cost or fair value
•Loans HFS, at fair value
•Investments of consolidated CFEs represent mortgage loans held by certain mortgage securitization trusts where Rithm Capital is determined to be a primary beneficiary and, as a result, consolidates such trusts. The assets are measured based on the fair value of the more observable liabilities of such trusts under the CFE election. The obligations and liabilities of CFEs may only be satisfied with the assets of the respective consolidated CFEs, and creditors of the CFE do not have recourse to Rithm Capital Corp. These assets and liabilities are presented within assets of consolidated entities and liabilities of consolidated entities, respectively, on the consolidated balance sheets.

The following table summarizes residential mortgage loans outstanding by loan type:
June 30, 2026December 31,
2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$4,540,407 $4,460,920 10,4566.2 %27.2$3,265,142 
Residential mortgage loans, HFI, at fair value$325,577 $294,416 6,2698.0 %3.4$324,688 
Residential Mortgage Loans, HFS:
Acquired performing loans45,622 40,970 1,4366.7 %3.245,861 
Acquired non-performing loans(C)
13,483 11,278 1509.2 %2.910,930 
Residential mortgage loans, HFS59,105 52,248 1,5867.3 %3.156,791 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(D)
1,132,283 1,140,263 2,8546.3 %9.71,612,154 
Acquired non-performing loans(C)(E)
390,046 358,440 1,6165.5 %28.5299,413 
Originated loans2,392,735 2,448,125 7,9736.6 %29.13,515,914 
Residential mortgage loans, HFS, at fair value3,915,064 3,946,828 12,4436.4 %23.45,427,481 
Total Residential Mortgage Loans$4,299,746 $4,293,492 20,298$5,808,960 
(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 loans classified as Level 2 in the fair value hierarchy, 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)Loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)Includes $210.7 million UPB of Ginnie Mae early buyout options.
(E)Includes $375.6 million UPB of Ginnie Mae early buyout options on accrual status as recovery of contractual cash flows are guaranteed by the FHA as of June 30, 2026.

See Note 17 regarding the financing of residential mortgage loans.

The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of residential mortgage loans on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,840,835 $3,874,481 $33,646 $5,358,662 $5,437,702 $79,040 
90+458,911 419,011 (39,900)405,526 371,258 (34,268)
Total$4,299,746 $4,293,492 $(6,254)$5,764,188 $5,808,960 $44,772 

The following table summarizes the activity related to residential mortgage loans by loan classification:
Loans HFI, at Fair ValueLoans HFS, at Lower of Cost or Fair ValueLoans HFS, at Fair ValueTotal
Balance at December 31, 2025$324,688 $56,791 $5,427,481 $5,808,960 
Originations — — 29,096,872 29,096,872 
Sales— — (32,500,458)(32,500,458)
Purchases/additional fundings— — 3,979,949 3,979,949 
Proceeds from repayments(20,844)(3,701)(104,593)(129,138)
Net transfer of loans to/from other assets(A)
— (339)(1,972,430)(1,972,769)
Transfer of loans to REO(1,329)(160)(256)(1,745)
Valuation (provision) reversal on loans— (343)— (343)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(2,224)— (270)(2,494)
Other factors(5,875)— 20,533 14,658 
Balance at June 30, 2026$294,416 $52,248 $3,946,828 $4,293,492 
(A)Includes receivable modifications resulting in transfers between other assets and residential mortgage loans as well as transfers to and from consolidated entities.

Gain on Originated Residential Mortgage Loans, HFS, Net

Newrez originates conventional, government-insured and non-conforming residential mortgage loans for sale and securitization. In connection with the sale or securitization of loans to the GSEs or mortgage investors, Rithm Capital recognizes gain on sale within gain on originated residential mortgage loans, HFS, net in the consolidated statements of operations. See Note 19 for further details on Rithm Capital’s continuing involvement in residential mortgage loan securitizations.

The following table summarizes the components of gain on originated residential mortgage loans, HFS, net:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Loss on residential mortgage loans originated and sold, net(A)
$(161,434)$(257,202)$(275,123)$(416,852)
Gain on settlement of residential mortgage loan origination derivative instruments(B)
70,159 24,980 28,819 37,769 
MSRs retained on transfer of residential mortgage loans(C)
313,934 377,074 609,072 696,222 
Other(D)
15,588 14,394 31,768 36,376 
Realized gain on sale of originated residential mortgage loans, net238,247 159,246 394,536 353,515 
Change in fair value of residential mortgage loans25,692 25,072 (516)37,671 
Change in fair value of interest rate lock commitments (Note 16)
20,355 16,135 12,308 39,228 
Change in fair value of derivative instruments (Note 16)
(77,288)(30,755)8,928 (100,927)
Gain on Originated Residential Mortgage Loans, HFS, Net$207,006 $169,698 $415,256 $329,487 
(A)Includes residential mortgage loan origination fees of $174.8 million and $248.3 million for the three months ended June 30, 2026 and 2025, respectively, and $383.7 million and $445.9 million for the six months ended June 30, 2026 and 2025, respectively. Includes gain/(loss) on residential mortgage loan securitizations accounted for as sales of $(2.6) million and $9.6 million for the three months ended June 30, 2026 and 2025, respectively, and $39.3 million and $25.0 million for the six months ended June 30, 2026 and 2025, respectively.
(B)Represents settlement of forward securities delivery commitments utilized as an economic hedge for mortgage loans not included within forward loan sale commitments.
(C)Represents the initial fair value of the capitalized MSRs upon loan sales with servicing retained.
(D)Includes fees for services associated with the residential mortgage loan origination process.
v3.26.1
CONSUMER LOANS
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
CONSUMER LOANS CONSUMER LOANS
Rithm Capital’s consumer loan portfolio consists of (i) consumer loans acquired from Upgrade, Inc. (“Upgrade” and such loans, the “Upgrade loans”), (ii) consumer loans acquired from Goldman Sachs Bank USA (the “Marcus loans” or “Marcus”) and (iii) consumer loans acquired from SpringCastle (the “SpringCastle loans” or “SpringCastle”).

The Upgrade portfolio includes fixed-rate consumer home improvement loans serviced by Upgrade. The Marcus portfolio includes unsecured fixed-rate closed-end installment loans serviced by Systems and Services Technologies, Inc. and the Company’s internal loan servicing business at Newrez. The SpringCastle portfolio includes open-end personal unsecured loans and personal homeowner loans serviced by OneMain Holdings Inc.

Pursuant to the forward flow agreement with Upgrade, entered into by the Company on July 31, 2025 (the “Effective Date”), Rithm Capital will purchase consumer home improvement loans over the period from the Effective Date through the expiry on October 31, 2026. As of June 30, 2026, the Company has purchased $970.4 million UPB of loans under this agreement. Each individual purchase is at Rithm Capital’s discretion, prices are negotiated on a best efforts basis, and the Company’s obligation to acquire the loans is subject to certain conditions. The securitized loans are presented within investments, at fair value and other assets within assets of consolidated entities on the consolidated balance sheets. See Note 19 for additional details on the securitization of these loans.

The Company has invested in SpringCastle loans with an aggregate of $125.6 million of unfunded and available revolving credit privileges as of June 30, 2026. However, under the terms of these loans, requests for draws may be denied and unfunded availability may be terminated at the Company’s discretion.

The following table summarizes characteristics of consumer loans, at fair value under the FVO election and consumer loans held by consolidated entities:
UPBCarrying ValueWeighted Average CouponWeighted Average Expected Life (Years)
June 30, 2026
Investments of consolidated CFEs(A)
$302,422 $304,569 13.1 %10.8
Upgrade$479,625 $462,640 15.4 %10.4
SpringCastle146,489 147,302 18.0 %3.5
Marcus204,137 97,169 11.2 %0.5
Total Consumer Loans, at Fair Value$830,251 $707,111 14.8 %6.8
December 31, 2025
Upgrade$471,651 $450,119 13.5 %10.9
SpringCastle164,119 167,807 18.0 %3.7
Marcus295,074 166,473 11.2 %0.6
Total Consumer Loans, at Fair Value$930,844 $784,399 13.6 %6.4
(A)Consumer loans of consolidated CFEs are classified as Level 3 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.

See Note 17 regarding the financing of consumer loans.
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of consumer loans, at fair value on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
SpringCastle:
Current$143,582 $144,399 $817 $160,524 $164,175 $3,651 
90+2,907 2,903 (4)3,595 3,632 37 
Total SpringCastle146,489 147,302 813 164,119 167,807 3,688 
Marcus:
Current$85,116 $85,371 $255 $151,530 $151,985 $455 
90+119,021 11,798 (107,223)143,544 14,488 (129,056)
Total Marcus204,137 97,169 (106,968)295,074 166,473 (128,601)
Upgrade:
Current$478,741 $461,787 $(16,954)$471,108 $449,601 $(21,507)
90+884 853 (31)543 518 (25)
Total Upgrade479,625 462,640 (16,985)471,651 450,119 (21,532)
$830,251 $707,111 $(123,140)$930,844 $784,399 $(146,445)
(A)Consumer loans are carried at fair value. See Note 18 regarding fair value measurements.

The following table summarizes the activity for consumer loans, at fair value for the period:
Balance at December 31, 2025$784,399 
Transfer to investments of consolidated CFEs(301,966)
Additional fundings(A)
8,585 
Purchases425,081 
Proceeds from repayments(222,144)
Accretion of loan discount and premium amortization, net15,471 
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(4,271)
Other factors1,956 
Balance at June 30, 2026$707,111 
(A)Represents draws on consumer loans with revolving privileges.
v3.26.1
REAL ESTATE, NET
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
REAL ESTATE, NET REAL ESTATE, NET
The following table presents the composition of real estate, net:
June 30,
2026		December 31,
2025
Commercial real estate$5,129,659 $5,156,248 
Single-family rental properties993,341 1,004,917 
Real estate owned16,789 14,570 
Real Estate, Net$6,139,789 $6,175,735 

Commercial Real Estate

The Company owns and operates a portfolio of high-quality, Class A office properties in New York City and San Francisco, which are managed as part of the Company’s broader real estate platform. CRE properties are classified as HFI carried at cost less accumulated depreciation and any impairment and presented within real estate, net on the consolidated balance sheets.
The following table summarizes the net carrying value of CRE:
Depreciable Life (Years)(A)
June 30,
2026		December 31,
2025
Commercial Real Estate Tangible Assets:
LandN/A$1,735,913 $1,721,869 
Buildings and improvements
5 to 40
2,401,830 2,300,895 
Total commercial real estate tangible assets, at cost4,137,743 4,022,764 
Accumulated depreciation(67,000)(4,007)
Total commercial real estate tangible assets, net4,070,743 4,018,757 
Commercial Real Estate Intangible Assets:
In-place leases
8.4
1,043,275 1,044,592 
Above-market leases
6.0
100,168 99,831 
Total commercial real estate intangible assets, gross1,143,443 1,144,423 
In-place leases accumulated amortization(75,064)(6,347)
Above-market leases accumulated amortization(9,463)(585)
Total accumulated amortization(84,527)(6,932)
Total commercial real estate intangible assets, net1,058,916 1,137,491 
Commercial Real Estate, Net$5,129,659 $5,156,248 
(A)The estimated useful lives of CRE intangible assets represents the weighted-average useful life.

Depreciation expense of CRE was $31.3 million and $62.4 million for the three and six months ended June 30, 2026, respectively, and is presented in depreciation and amortization in the consolidated statements of operations. Amortization expense of lease intangible assets was $39.5 million and $78.6 million for the three and six months ended June 30, 2026, respectively, and is presented in depreciation and amortization in the consolidated statements of operations, except as it relates to the amortization of above-market leases, which is included in commercial real estate revenue in the consolidated statements of operations.

The following table summarizes the activity for the period related to the net carrying value of CRE:
Commercial Real Estate Tangible AssetsCommercial Real Estate Intangible AssetsTotal Commercial Real Estate, Net
Balance at December 31, 2025$4,018,757 $1,137,491 $5,156,248 
Other23,734 (980)22,754 
Acquisitions and capital improvements90,616 — 90,616 
Depreciation and amortization expense(A)
(62,364)(77,595)(139,959)
Balance at June 30, 2026$4,070,743 $1,058,916 $5,129,659 
(A)Includes $8.9 million of amortization expense for the six months ended June 30, 2026 related to the Company’s above-market lease intangible assets, which is presented within commercial real estate revenue on the consolidated statements of operations.

The Company leases office, retail and storage space to tenants, primarily under non-cancellable operating leases which generally have terms ranging from five to fifteen years. Most of the Company’s leases provide tenants with extension options at either fixed or market rates. Certain leases provide tenants with options to terminate early, but such options generally impose an economic penalty on the tenant upon exercising.
The following table summarizes rental revenue and other variable revenue based on the specific lease terms presented in commercial real estate revenue on the consolidated statements of operations for the period:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Rental revenue$157,180 $— $309,260 $— 
Other variable revenue24,950 — 51,127 — 
Total$182,130 $— $360,387 $— 

The following table summarizes the future minimum rental revenue under existing leases on CRE properties as of June 30, 2026:
July 1 through December 31, 2026$254,963 
2027539,332 
2028578,268 
2029572,184 
2030529,513 
2031 and thereafter2,582,215 
Total$5,056,475 

The following table summarizes the expected future amortization expense for lease intangible assets as of June 30, 2026:
Year EndingAmortization Expense
July 1 through December 31, 2026$80,078 
2027162,941 
2028159,688 
2029147,911 
2030122,954 
2031 and thereafter385,344 
$1,058,916 

In connection with the Elecor Acquisition, the Company recognized intangible liabilities related to below-market leases, which are presented in accrued expenses and other liabilities in the consolidated balance sheets. See Note 14 for further details.

Single-Family Rental Properties

The Company manages a geographically diversified portfolio of high-quality SFR properties. The Company owns SFR properties classified as both HFI and HFS. SFR properties HFI are carried at cost less accumulated depreciation and impairment. SFR properties HFS are managed for near term sale and disposition and are measured at the lower of carrying value or fair value less estimated cost to sell and are not subject to depreciation. SFR properties HFI and HFS are presented within real estate, net on the consolidated balance sheets.

The following table summarizes the net carrying value of investments in SFR properties:
June 30, 2026December 31, 2025
Land$196,515 $192,335 
Building750,192 759,716 
Capital improvements166,152 163,496 
Total gross investment in SFR properties1,112,859 1,115,547 
Accumulated depreciation(119,518)(110,630)
Investment in SFR Properties, Net$993,341 $1,004,917 

Depreciation expense related to SFR properties HFI was $6.4 million and $7.3 million for the three months ended June 30, 2026 and 2025, respectively, and $13.6 million and $14.7 million for the six months ended June 30, 2026 and 2025, respectively, and is presented in depreciation and amortization in the consolidated statements of operations.
The following table summarizes the activity for the period related to the net carrying value of investments in SFR properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 2025$999,102 $5,815 $1,004,917 
Acquisitions and capital improvements45,126 238 45,364 
Transfers to (from) HFS/HFI(219,285)219,285 — 
Dispositions— (43,343)(43,343)
Depreciation expense(13,597)— (13,597)
Balance at June 30, 2026$811,346 $181,995 $993,341 

Rithm Capital generally rents its SFR properties under non-cancelable lease agreements with a term of one to two years.

The following table summarizes rental revenue and other variable revenue presented in other residential-related revenue on the consolidated statements of operations based on the specific lease terms for the period:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Rental revenue$18,104 $19,492 $38,591 $38,895 
Other variable revenue2,564 2,555 4,761 4,885 
Total $20,668 $22,047 $43,352 $43,780 

The following table summarizes the future minimum rental revenue under existing leases on SFR properties as of June 30, 2026:
July 1 through December 31, 2026$24,881 
2027 and thereafter
17,208 
Total$42,089 

The following table summarizes SFR portfolio activity for the period by number of properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 20253,985 21 4,006 
Acquisition of SFR properties110 — 110 
Transfer to (from) HFS/HFI(813)813 — 
Disposition of SFR properties— (158)(158)
Balance at June 30, 20263,282 676 3,958 

See Note 17 regarding the financing of SFR properties.
v3.26.1
RESIDENTIAL TRANSITION LOANS
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
RESIDENTIAL TRANSITION LOANS RESIDENTIAL TRANSITION LOANS
The Company, through its wholly owned subsidiary, Genesis, specializes in originating and managing a portfolio of primarily short-term mortgage loans to fund the construction and development of, or investment in, residential properties.
The following table summarizes residential transition loans (“RTLs” and each, an “RTL”), at fair value, and RTLs held by consolidated entities by loan type:
RTLs - Carrying
Value(A)
RTLs of Consolidated Entities - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
June 30, 2026
Construction$1,348,321 $512,016 $1,860,337 36.7 %610 32.3 %10.6 %22.6
73.2% / 62.1%
Bridge1,974,747 518,046 2,492,793 49.1 %605 32.1 %9.1 %25.068.0%
Renovation509,244 208,753 717,997 14.2 %673 35.6 %9.5 %15.9
82.0% / 67.2%
$3,832,312 $1,238,815 $5,071,127 100.0 %1,888 100.0 %9.7 %21.7N/A
December 31, 2025
Construction$1,018,250 $485,049 $1,503,299 38.4 %400 29.8 %11.1 %21.6
71.8% / 61.3%
Bridge1,339,198 514,400 1,853,598 47.4 %507 37.8 %9.4 %25.767.8%
Renovation342,416 215,361 557,777 14.2 %435 32.4 %9.7 %14.4
81.3% / 67.5%
$2,699,864 $1,214,810 $3,914,674 100.0 %1,342 100.0 %10.1 %22.1N/A
(A)RTLs are carried at fair value under the FVO election. Certain RTLs of consolidated entities, classified as CFEs, are valued based on the more observable financial liabilities of consolidated CFEs and are classified as Level 3. See Note 18 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, 2025$2,699,864 
Purchases14,204 
Initial loan advances1,870,604 
Construction holdbacks and draws716,268 
Repayments and sales(957,870)
Transfer of loans to REO(2,357)
Transfers to assets of consolidated entities(500,365)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(25,496)
Other factors17,460 
Balance at June 30, 2026$3,832,312 

The Company is subject to credit risk in connection with its investments in mortgage loans, including RTLs. The two primary components of credit risk are default risk, which is the risk that a borrower fails to make scheduled principal and interest payments, and severity risk, which is the risk of loss upon a borrower’s default on a mortgage loan or other secured or unsecured loan. Severity risk includes the risk of loss of value of the property or other asset, if any, securing the loan, as well as the risk of loss associated with taking over the property or other asset, if any, including foreclosure costs.

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:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,738,073 $3,745,172 $7,099 $2,593,228 $2,610,258 $17,030 
90+96,748 87,140 (9,608)100,921 89,606 (11,315)
Total$3,834,821 $3,832,312 $(2,509)$2,694,149 $2,699,864 $5,715 
See Note 17 regarding the financing of RTLs.
v3.26.1
INSURANCE
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
INSURANCE GOVERNMENT AND GOVERNMENT-BACKED SECURITIES
Government and government-backed securities include Agency securities issued by the GSEs or Ginnie Mae and Treasury securities.

The following table summarizes Agency and Treasury securities classified as available-for-sale (“AFS”) or designated at fair value under the FVO election:
June 30, 2026December 31,
2025
Outstanding Face AmountGross UnrealizedNumber of SecuritiesWeighted Average
GainsLosses
Carrying Value(A)
CouponYield
Life (Years)(B)
Carrying Value(A)
Securities Designated as AFS:
Agency(C)(D)
$62,940 $— $— $56,035 1 3.5 %3.5 %10.8$58,523 
Securities Designated at FVO:
Agency(C)
4,887,780 61,650 (12,982)4,831,902 22 5.0 %5.0 %7.35,171,616
Total / Weighted Average$4,950,720 $61,650 $(12,982)$4,887,937 23 5.0 %5.0 %7.3$5,230,139 
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)All fixed-rate as of June 30, 2026 and December 31, 2025.
(D)Expected loss is realized through allowance for credit losses.

The following table summarizes Treasury securities classified as held-to-maturity (“HTM”):
Weighted Average
Outstanding Face AmountAmortized Cost / Carrying Value
Fair Value(A)
Unrecognized Gains (Losses)Number of SecuritiesYieldLife (Years)
Treasury Securities Designated as HTM:
June 30, 2026$25,000 $24,932 $24,932 $— 1 3.7 %0.08
December 31, 202525,000 24,766 24,762 (4)1 3.5 %0.30
(A)See Note 18 regarding the fair value measurements.

The following table summarizes purchases and sales of Agency and Treasury securities:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
TreasuryAgencyTreasuryAgencyTreasuryAgencyTreasuryAgency
Purchases:
Face$25,000 $— $25,000 $— $25,000 $— $50,000 $1,355,800 
Purchase price24,721 — 24,736 — 24,721 — 49,468 1,326,895 
Sales:
Face$— $— $2,000,000 $— $— $— $2,000,000 $1,274 
Amortized cost— — 2,002,734 — — — 2,002,734 1,349 
Sale price— — 2,013,809 — — — 2,013,809 1,291 
Gain (loss) on sale— — 11,075 — — — 11,075 (58)

As of June 30, 2026, Rithm Capital had no unsettled government and government-backed securities trades.

See Note 17 regarding the financing of government and government-backed securities.
INSURANCE
Insurance company investments, at fair value

The following table presents the composition of insurance company investments, at fair value:
June 30,
2026		December 31,
2025
Securities$193,146 $135,472 
Commercial mortgage loans449,966 397,982 
Private credit476,412 373,000 
Insurance Company Investments, at Fair Value$1,119,524 $906,454 

The following table summarizes the securities held by the insurance company at fair value:
June 30, 2026December 31,
2025
Outstanding Face Amount(C)
Gross Unrealized
Carrying Value(A)
Number of SecuritiesWeighted Average
GainsLossesCouponYield
Life (Years)(B)
Carrying Value(A)
Asset-backed and mortgage-backed securities$590,291 $1,869 $(3,883)$156,363 255 1.6 %6.6 %5.2$93,729 
Corporate debt24,183 132 (256)24,487 165 4.6 %4.9 %10.020,141
Government and Agency securities10,736 43 (83)9,742 15 2.8 %4.1 %6.418,036
Other2,561 2 (10)2,554 12 4.8 %4.9 %3.83,566
Total / Weighted Average$627,771 $2,046 $(4,232)$193,146 447 1.8 %6.2 %5.8$135,472 
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)Includes interest only securities for which no principal payment is expected.

The following table summarizes the commercial mortgage loans and private credit held by the insurance company at fair value:
June 30, 2026December 31,
2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Commercial mortgage loans, HFI, at fair value$481,587 $449,966 46 9.8 %1.3$397,982 
Private credit, at fair value(B)
482,279 476,412 74 10.3 %3.5373,000 
(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.
(B)All current status loans as of June 30, 2026.

The following table summarizes the past due status and difference between the aggregate UPB and aggregate carrying value of commercial mortgage loans, HFI, at fair value on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$473,552 $444,020 $(29,532)$386,642 $387,401 $759 
90+8,035 5,946 (2,089)13,093 10,581 (2,512)
Total$481,587 $449,966 $(31,621)$399,735 $397,982 $(1,753)
The following table summarizes the activity of commercial mortgage loans, HFI, at fair value and private credit, at fair value for the period presented:
Commercial Mortgage Loans, HFI, at Fair ValuePrivate Credit, at Fair Value
Balance at December 31, 2025
$397,982 $373,000 
Purchases151,181 152,242 
Paydowns(101,322)(50,266)
Other(A)
2,216 (848)
Fair value adjustment(B)
(91)2,284 
Balance at June 30, 2026
$449,966 $476,412 
(A)Includes interest reserve used, payment-in-kind interest, foreign exchange (“FX”) adjustments and accretion.
(B)Includes fair value adjustments due to changes in instrument-specific credit risk and other factors.

Interest sensitive insurance contract liabilities

Interest sensitive insurance contract liabilities primarily include fixed indexed annuities (“FIAs”) and deferred annuities, including multi-year guaranteed annuities. The Company, through its wholly owned subsidiary, Crestline Life and Insurance Annuity Company (“CL Life”), also issues single premium immediate annuities, which provide fixed benefit payments commencing shortly after contract issuance.

The following is a reconciliation of interest sensitive insurance contract liabilities to the consolidated balance sheets:

June 30,
2026		December 31,
2025
Fixed indexed annuities$101,611 $74,033 
Deferred annuities1,032,214 880,464 
Other(A)
9,972 5,712 
Interest Sensitive Insurance Contract Liabilities$1,143,797 $960,209 
(A)Primarily includes single premium immediate annuities.

The following represents a rollforward of the policyholder account balance by product within interest sensitive insurance contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.
Fixed Indexed AnnuitiesDeferred
Annuities
Balance as of December 31, 2025$74,033 $880,464 
Deposits32,054 154,629 
Policy charges(3)(128)
Surrenders and withdrawals(1,261)(18,592)
Benefit payments(298)(11,445)
Interest credited(2,914)27,286 
Balance as of June 30, 2026
$101,611 $1,032,214 
Weighted average crediting rate4 %6 %
Net amount at risk$— $— 
Cash surrender value93,598 955,528 
The following presents policyholder account balances related to deferred annuity contracts by the applicable guaranteed minimum crediting rate and by range of the difference between rates being credited to policyholders and the respective guaranteed minimums:

June 30, 2026
At Guaranteed Minimum1 Basis Point to 300 Basis Points Above Guaranteed Minimum301 Basis Points to 400 Basis Points Above Guaranteed Minimum401 Basis Points to 500 Basis Points Above Guaranteed Minimum501 Basis Points to 600 Basis Points Above Guaranteed MinimumGreater than 600 Basis Points Above Guaranteed MinimumTotal
1.0%$— $1,157 $62,555 $844,486 $56,138 $67,878 $1,032,214 

December 31, 2025
At Guaranteed Minimum1 Basis Point to 300 Basis Points Above Guaranteed Minimum301 Basis Points to 400 Basis Points Above Guaranteed Minimum401 Basis Points to 500 Basis Points Above Guaranteed Minimum501 Basis Points to 600 Basis Points Above Guaranteed MinimumGreater than 600 Basis Points Above Guaranteed MinimumTotal
1.0%$— $1,183 $14,517 $743,815 $68,976 $51,973 $880,464 

Reinsurance Recoverable

The Company entered into a funds withheld coinsurance and modified coinsurance agreement with a special purpose reinsurer ceding 90% of its annuity business. Under the arrangement, the Company established a segregated account from the general investment portfolio in which the investments supporting the ceded obligations are maintained. The Company retains legal ownership of the investments supporting the ceded reserves and withholds investments equal to the ceded reserves. The reinsurer has a contractual claim on the funds withheld and is credited with investment returns in accordance with the terms of the agreement. Gross reinsurance recoverable and funds withheld obligations are recorded as a single net deposit position and are presented within other assets or accrued expenses and other liabilities, as applicable (Note 13).
v3.26.1
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
 6 Months Ended
Jun. 30, 2026
Cash and Cash Equivalents [Abstract]  
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
Rithm Capital considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed federally insured deposit limits.

Restricted cash consists of cash collateral pledges related to secured financing and securitizations, amounts restricted or escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements, security deposits held on behalf of tenants, lease obligations and cash proceeds held in a trust account from the initial public offering (“IPO”) of the SPAC that can only be used for purposes of completing an initial business combination or redemption of the SPAC’s Class A ordinary shares as set forth in the SPAC trust agreement.

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to the total of the same amounts presented in the consolidated statements of cash flows:
June 30,
2026		December 31,
2025
Cash and cash equivalents
$1,664,498 $1,847,626 
Restricted Cash:
Restricted cash790,210 809,312 
Restricted cash of consolidated entities(A)
83,878 132,475 
Total restricted cash874,088 941,787 
Total Cash, Cash Equivalents and Restricted Cash$2,538,586 $2,789,413 
(A)    Presented within investments, at fair value and other assets on the consolidated balance sheets.
The following table summarizes restricted cash balances by reporting segment including corporate category:
June 30,
2026		December 31,
2025
Origination and Servicing$174,481 $174,667 
Residential Transitional Lending(A)
85,134 56,031 
Asset Management(A)
42,781 119,228 
Investment Portfolio(A)
70,098 62,554 
Commercial Real Estate263,412 290,872 
Corporate Category(B)
238,182 238,435 
Total Restricted Cash$874,088 $941,787 
(A)Includes restricted cash related to consolidated entities presented within investments, at fair value and other assets on the consolidated balance sheets.
(B)Restricted cash in the corporate category primarily relates to cash held in a trust account related to the Company’s consolidated SPAC.
v3.26.1
OTHER ASSETS AND LIABILITIES
 6 Months Ended
Jun. 30, 2026
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 AssetsAccrued Expenses
and Other Liabilities
June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025
Collateralized loan obligations (“CLOs”), at fair value$429,076 $362,280 Accounts payable$238,924 $253,931 
Derivative and hedging assets (Note 16)
68,043 46,747 Accrued compensation and benefits279,594 457,783 
Deferred tax asset6,249 6,437 Net deferred tax liability899,426 849,415 
Due from related parties51,611 75,729 
Derivative and hedging liabilities (Note 16)
88,486 101,346 
Equity investments(A)
1,171,148 1,029,524 Due to affiliates3,302 4,557 
Excess MSRs, at fair value
308,393 323,564 Escheat payable178,090 184,942 
Goodwill (Note 14)
316,643 316,643 MSR financing liability, at fair value83,785 76,266 
Income and fees receivable89,574 337,712 Interest payable146,840 158,072 
Intangible assets, net (Note 14)
355,541 369,999 
Intangible liabilities, net (Note 14)
116,575 125,156 
Loans receivable, at fair value(B)
11,742 11,396 
Lease liability (Note 15)
165,443 173,814 
Margin receivable, net(C)
193,999 126,396 
Notes receivable financing liability(E)
383,747 377,989 
Non-Agency securities, at fair value811,694 759,633 Open trades payable1,752 5,700 
Notes receivable, at fair value(D)
481,123 460,631 RTL financing liability, at fair value75,836 82,489 
Operating lease ROU assets (Note 15)
118,622 123,143 Unearned income and fees12,467 9,346 
Other receivables241,327 174,386 
Deposit liability(F)
40,426 34,806 
Prepaid expenses85,383 72,660 Other liabilities390,018 454,031 
Principal and interest receivable130,071 136,488 $3,104,711 $3,349,643 
Property and equipment64,594 82,908 
Servicer advance investments, at fair value
284,400 294,322 
Servicing fee receivables31,600 180,655 
Warrants, at fair value57,662 13,253 
Other assets275,937 279,470 
$5,584,432 $5,583,976 
(A)Includes equity investments in (i) certain real estate joint ventures and redevelopment projects, (ii) various real estate services operating companies, (iii) funds managed by the Company, (iv) the Credit Risk Transfer LLC (as defined in Note 18) that holds exposure in residential mortgage loan warehouse lines (measured at fair value under the FVO election), (v) Rithm Property Trust common and preferred securities, (vi) Newrez Joint Ventures (as defined in Note 19), (vii) Adoor Property Management LLC (“APM”) and (viii) other equity investments.
(B)The Company’s loans receivable are measured at fair value under the FVO election.
(C)Represents collateral posted as a result of changes in the 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)Includes a secured borrowing with an UPB of $371.4 million resulting from a transaction that did not qualify for sale accounting under Accounting Standards Codification 860, for which the Company has elected the FVO.
(F)The Company entered into a funds withheld coinsurance and modified coinsurance agreement with a special purpose reinsurer ceding 90% of its annuity business. Amounts due to and from the reinsurer, including deposit-accounted reinsurance balances and funds-withheld obligations, are recorded on a net basis and a single net deposit position is presented within other assets or other liabilities, as applicable. As of June 30, 2026 and December 31, 2025, the gross reinsurance recoverable assets were $976.7 million and $826.0 million, respectively, and the related funds-withheld obligations were $1.0 billion and $860.8 million, respectively, which are presented on a net basis as a deposit liability in the table above.
Notes and Loans Receivable — The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2025$460,631 $11,396 $472,027 
Fundings11,173 — 11,173 
Payment in kind3,850 346 4,196 
Fair Value Adjustments due to:
Other factors(A)
5,469 — 5,469 
Balance at June 30, 2026$481,123 $11,742 $492,865 
(A)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:
June 30, 2026December 31, 2025
Days Past DueUPB
Carrying Value(A)
Carrying Value Under UPBUPB
Carrying Value(A)
Carrying Value Under UPB
Current$575,769 $492,865 $(82,904)$560,400 $472,027 $(88,373)
90+8,038 — (8,038)8,038 — (8,038)
Total$583,807 $492,865 $(90,942)$568,438 $472,027 $(96,411)
(A)Notes and loans receivable are carried at fair value. See Note 18 regarding fair value measurements.
v3.26.1
GOODWILL AND INTANGIBLE ASSETS
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
As a result of acquisitions, the Company recognized intangible assets in the form of management contracts, customer relationships, purchased technology, trademarks and trade names, licenses and VOBA. The Company also recognized goodwill on certain acquisitions. Goodwill and intangible assets are presented within other assets on the consolidated balance sheets, except for in-place lease and above-market lease intangible assets, which are presented within real estate, net on the consolidated balance sheets.

The following table summarizes the carrying value of goodwill by reportable segment:
Origination and ServicingResidential Transitional LendingAsset ManagementTotal
Balance at December 31, 2025$29,468 $55,731 $231,444 $316,643 
Impairment loss— — — — 
Balance at June 30, 2026$29,468 $55,731 $231,444 $316,643 
Intangible Assets

The following table summarizes the acquired identifiable intangible assets:
Estimated Useful Lives (Years)June 30, 2026December 31, 2025
Gross Intangible Assets:
Management contracts
2 to 11
$358,415 $347,415 
Customer relationships
2 to 9
79,753 79,753 
Purchased technology
3 to 7
118,345 113,606 
Trademarks / Trade names(A)
1 to 11
13,999 13,999 
VOBA(B)
(B)2,401 2,401 
LicensesIndefinite27,084 27,084 
599,997 584,258 
Accumulated Amortization:
Management contracts80,044 58,420 
Customer relationships47,974 42,437 
Purchased technology107,746 106,171 
Trademarks / Trade names7,991 7,231 
VOBA701 — 
244,456 214,259 
Intangible Assets, Net:
Management contracts278,371 288,995 
Customer relationships31,779 37,316 
Purchased technology10,599 7,435 
Trademarks / Trade names(A)
6,008 6,768 
VOBA(B)
1,700 2,401 
Licenses27,084 27,084 
Intangible Assets, Net$355,541 $369,999 
(A)Includes indefinite-lived intangible assets of $1.9 million as of June 30, 2026 and December 31, 2025.
(B)VOBA, an actuarial intangible asset recognized as a result of the Crestline Acquisition, is amortized on a basis consistent with the related policyholder liabilities over the remaining life of each contract.

The Company did not record any impairment loss on its intangible assets for the three and six months ended June 30, 2026 and 2025.

The following table summarizes the amortization expense for the period recognized by the Company related to the intangible assets included in the table above. Amortization expense related to intangible assets is included in general, administrative and operating in the consolidated statements of operations.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Amortization expense$15,226 $12,707 $30,197 $26,155 

The following table summarizes the expected future amortization expense for intangible assets as of June 30, 2026:
Year EndingAmortization Expense
July 1 through December 31, 2026$26,242 
202754,238 
202853,956 
202950,958 
203040,836 
2031 and thereafter100,351 
$326,581 
Intangible Liabilities

The following table summarizes the acquired identifiable intangible liabilities recognized as a result of the Elecor Acquisition, which are presented within accrued expenses and other liabilities in the consolidated balance sheets:
Weighted-Average Useful Lives (Years)June 30,
2026		December 31,
2025
Below-market leases
9.3
$126,185 $125,760 
Accumulated amortization9,610 604 
Intangible Liabilities, Net$116,575 $125,156 

The following table summarizes the amortization expense recorded by the Company related to its intangible liabilities. Amortization related to below-market leases is recognized in commercial real estate revenue in the consolidated statements of operations.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Amortization expense$4,447 $— $9,006 $— 

The following table summarizes the expected future amortization for intangible liabilities as of June 30, 2026:
Year EndingAmortization
July 1 through December 31, 2026$8,893 
202717,633 
202815,718 
202913,626 
203011,862 
2031 and thereafter48,843 
$116,575 

In connection with the Elecor Acquisition, the Company recognized intangible assets related to in-place leases and above-market leases, which are presented in real estate, net in the consolidated balance sheets. See Note 9 for further details.
v3.26.1
LEASES
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
LEASES LEASES
Rithm Capital, through its wholly owned subsidiaries, has non-cancelable operating leases on office space and data centers expiring through 2035 and a non-cancelable operating ground lease expiring in 2075. Rent expense, net of sublease income, totaled $8.9 million and $7.5 million for the three months ended June 30, 2026 and 2025, respectively, and $17.5 million and $14.7 million for the six months ended June 30, 2026 and 2025, respectively. The Company has leases that include renewal options and escalation clauses. The terms of the leases do not impose any financial restrictions or covenants.

Operating lease right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the leases. In addition, the Company has finance leases for computer hardware. As of June 30, 2026, the Company has pledged collateral related to its lease obligations of $7.6 million, which is restricted cash and is presented as part of cash, cash equivalents and restricted cash on the consolidated balance sheets. Operating lease ROU assets and lease liabilities are presented as part of other assets and accrued expenses and other liabilities, respectively, on the consolidated balance sheets (Note 13).
The table below summarizes the future commitments under the non-cancelable leases:
Year EndingOperating LeasesFinance LeasesTotal
July 1 through December 31, 2026$26,317 $— $26,317 
202746,672 428 47,100 
202838,602 200 38,802 
202935,811 200 36,011 
203010,271 200 10,471 
2031 and thereafter43,824 — 43,824 
Total remaining undiscounted lease payments201,497 1,028 202,525 
Less: imputed interest36,951 131 37,082 
Total Remaining Discounted Lease Payments$164,546 $897 $165,443 

The future commitments under the non-cancelable leases have not been reduced by the sublease rentals of $21.7 million due in the future periods.

Other information related to leases is summarized below:
June 30,
2026		December 31,
2025
Weighted Average Remaining Lease Term (Years):
Operating leases6.06.3
Finance leases3.81.5
Weighted Average Discount Rate:
Operating leases6.6 %6.7 %
Finance leases7.7 %7.9 %

Six Months Ended June 30,
Supplemental Information20262025
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating cash flows - operating leases$24,171 $22,452 
Operating cash flows - finance leases6 3 
Finance cash flows - finance leases422 225 
Supplemental Non-Cash Information on Lease Liabilities Arising from Obtaining ROU Assets:
ROU assets obtained in exchange for new operating lease liabilities$3,936 $14,655 
ROU assets obtained in exchange for new finance lease liabilities864 — 
See Note 9 for further information on leases of CRE and SFR properties.
v3.26.1
DERIVATIVES AND HEDGING
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING
The Company enters into economic hedges including interest rate swaps, to-be-announced forward contract positions (“TBAs”) and futures to hedge a portion of its interest rate risk exposure. Interest rate risk is sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, as well as other factors. Rithm Capital’s credit risk with respect to economic hedges is the risk of default on Rithm Capital’s investments that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments.

The Company may at times hold TBAs in order to mitigate Rithm Capital’s interest rate risk on certain specified MBS and MSRs. Amounts or obligations owed by or to Rithm Capital are subject to the right of set-off with the counterparty. As part of executing these trades, Rithm Capital may enter into agreements with its counterparties that govern the transactions for the purchases or sales made, including margin maintenance, payment and transfer, events of default, settlements and various other provisions. Changes in the value of economic hedges designed to protect against MBS and MSR fair value fluctuations, or hedging gains and losses, are reflected in the tables below.
As of June 30, 2026, the Company also held interest rate lock commitments (“IRLCs”), which represent a commitment to a particular interest rate provided the borrower is able to close the loan within a specified period, and forward loan sale and securities delivery commitments, which represent a commitment to sell specific residential mortgage loans at prices which are fixed as of the forward commitment date. Rithm Capital enters into forward loan sale and securities delivery commitments in order to hedge the exposure related to IRLCs and residential mortgage loans that are not covered by residential mortgage loan sale commitments.

Derivatives and other economic hedging instruments are recorded at fair value and presented in other assets or accrued expenses and other liabilities on the consolidated balance sheets, as follows:
June 30, 2026December 31, 2025
Derivative and Hedging Assets:
Interest rate swaps and futures(A)
$417 $406 
IRLCs38,432 29,839 
TBAs13,063 6,070 
Embedded derivatives(B)
10,784 8,109 
Foreign exchange forwards2,917 812 
Other commitments(C)
2,430 1,511 
$68,043 $46,747 
Derivative and Hedging Liabilities:
IRLCs$4,675 $8,390 
TBAs31,898 47,001 
Other commitments(D)
34,871 31,542 
Stock options129 3 
Foreign exchange forwards676 1,758 
Embedded derivatives(B)
16,237 12,652 
$88,486 $101,346 
(A)Net of $197.3 million and $34.7 million of related variation margin accounts as of June 30, 2026 and December 31, 2025, respectively.
(B)Embedded derivatives include (i) a derivative liability arising from modified coinsurance and funds withheld arrangements that require the Company to pay the total return on the assets supporting the funds withheld liability and (ii) a derivative liability related to index-linked crediting features embedded in FIAs and the reinsurance deposit asset classified as a derivative asset.
(C)Refers to a reinsurance agreement, between CL Life and New Reinsurance Company Ltd., to economically hedge the equity option features embedded in the FIA products.
(D)Relates to (i) derivative arrangements with an affiliate and a third party, which could require the Company or a subsidiary to make payments under certain circumstances dependent upon amounts realized from an investment or net asset value, subject to defined caps and certain other conditions and (ii) a consolidated joint venture with a third party to invest in an affiliated fund that is subject to a redemption right after a certain period and is separately accounted for as a derivative.
The following table summarizes notional amounts related to derivatives and other hedging instruments:
June 30, 2026December 31, 2025
Interest rate swaps(A)
$314,000 $2,476,346 
Interest rate futures(B)
12,775,000 14,535,000 
IRLCs4,537,533 4,377,044 
TBAs(C)
18,061,114 21,568,758 
Other commitments(E)
255,901 59,262 
Embedded derivatives(D)
2,091,999 1,752,960 
Foreign exchange forwards57,284 109,830 
(A)Includes $0.3 billion notional of pay fixed of 4.0%/pay Secured Overnight Financing Rate (“SOFR”) with a weighted average maturity of 36 months, as of June 30, 2026. Includes $2.2 billion notional of receive fixed of 3.4%/pay SOFR with a weighted average maturity of 15 months as of December 31, 2025.
(B)Represents $12.8 billion notional of Eris SOFR swap futures with weighted average maturities of 37 months, as of June 30, 2026. Represents a $14.5 billion notional Eris SOFR swap future with weighted average maturity of 44 months that replicates cash flows of receive fixed/pay SOFR interest rate swaps as of December 31, 2025.
(C)Represents the notional amount of Agency RMBS classified as derivatives.
(D)Represents $1.0 billion associated with ceded reserves, $43.2 million associated with FIA contracts and $1.0 billion associated with funds withheld arrangements as of June 30, 2026. Represents $865.8 million associated with ceded reserves, $26.4 million associated with FIA contracts and $860.8 million associated with funds withheld arrangements as of December 31, 2025.
(E)Relates to (i) a reinsurance agreement, between CL Life and New Reinsurance Company Ltd., to economically hedge the equity option features embedded in the FIA products, (ii) derivative arrangements with an affiliate and a third party, which could require the Company or a subsidiary to make payments under certain circumstances dependent upon amounts realized from an investment or net asset value, subject to defined caps and certain other conditions and (iii) a consolidated joint venture with a third party to invest in an affiliated fund that is subject to a redemption right after a certain period and is separately accounted for as a derivative.

The following table summarizes gain (loss) on derivatives and other hedging instruments and the related presentation on the consolidated statements of operations:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Servicing Revenue, Net:
TBAs$13,428 $19,749 $(90,387)$120,100 
Interest rate swaps— (2,087)(6,729)(5,954)
Interest rate futures(237,198)3,210 (435,650)9,191 
(223,770)20,872 (532,766)123,337 
Gain (Loss) on Originated Residential Mortgage Loans, HFS, Net(A):
IRLCs20,355 16,135 12,308 39,228 
TBAs (77,288)(30,755)8,928 (100,927)
(56,933)(14,620)21,236 (61,699)
Realized and Unrealized Gains (Losses), Net(B):
Interest rate swaps4,972 (4,200)7,202 (12,667)
Other commitments788 — 490 — 
Stock options133 (56)92 (17)
Embedded derivatives(C)
1,596 — 1,295 — 
Foreign exchange forwards930 (3,970)2,216 (5,357)
8,419 (8,226)11,295 (18,041)
Total Gains (Losses)$(272,284)$(1,974)$(500,235)$43,597 
(A)Represents unrealized gain (loss).
(B)Excludes $70.2 million gain and $25.0 million gain for the three months ended June 30, 2026 and 2025, respectively, and $28.8 million gain and $37.8 million gain for the six months ended June 30, 2026 and 2025, respectively, reflected as gain (loss) on settlement of residential mortgage loan origination derivative instruments presented within gain on originated residential mortgage loans, HFS, net (Note 7) in the consolidated statements of operations.
(C)Embedded derivatives include (i) a derivative liability arising from modified coinsurance and funds withheld arrangements that require the Company to pay the total return on the assets supporting the funds withheld liability and (ii) a derivative liability related to index-linked crediting features embedded in FIAs and the reinsurance deposit asset classified as a derivative asset.
v3.26.1
DEBT OBLIGATIONS
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS DEBT OBLIGATIONS
The following table summarizes secured financing agreements, secured notes, bonds payable and notes payable and other liabilities of consolidated entities:
June 30, 2026December 31, 2025
Collateral
Debt Obligations/Collateral(C)
Outstanding Face Amount
Carrying Value(A)
Final Stated Maturity(B)
Weighted Average Funding CostWeighted Average Life (Years)Outstanding FaceAmortized Cost BasisCarrying ValueWeighted Average Life (Years)
Carrying Value(A)
Secured Financing Agreements:
Warehouse credit facilities - residential mortgage loans(D)
$3,778,319 $3,778,319 Jul-26 to Mar-285.1 %0.6$4,224,030 $4,243,484 $4,221,048 21.7$5,091,525 
Warehouse credit facilities - RTLs(E)
3,019,710 3,019,710 Jul-26 to Mar-285.8 %1.43,582,487 3,577,315 3,577,315 1.22,019,808 
Government and government-backed securities(G)
4,893,090 4,893,090 Jul-26 to Jan-273.9 %0.24,950,719 4,839,362 5,079,413 7.35,130,519 
Non-Agency securities(D)
1,031,364 1,031,364 Sep-26 to Oct-275.1 %0.717,524,446 1,360,458 1,442,727 4.7936,424 
Credit Risk Transfer LLC(F)
110,688 110,688 Dec-266.4 %0.5192,500 192,500 194,084 1.0110,688 
Excess MSRs(E)
202,000 201,886 Sep-265.9 %0.245,486,823 251,088 289,965 5.8201,660 
CLOs(E)
288,828 287,199 Apr-34 to Oct-394.6 %10.3287,365 N/A287,020 10.3257,796 
Real estate(E)
355,256 355,256 Nov-26 to Apr-285.9 %0.5N/A403,020 402,303 N/A15,382 
Total secured financing agreements13,679,255 13,677,512 4.9 %0.813,763,802 
Secured Notes and Bonds Payable:
MSRs(H)
6,592,440 6,579,324 Oct-26 to Nov-316.7 %2.3586,759,239 9,012,024 10,950,953 6.16,785,138 
Servicer advance investments(I)
205,866 205,866 Oct-275.5 %1.3249,475 270,494 284,400 7.4229,069 
Servicer advances(I)
2,258,857 2,257,979 Dec-26 to Jun-296.0 %1.62,654,622 2,654,622 2,654,622 0.72,528,896 
Consumer loans(J)
611,653 593,055 Oct-26 to Sep-374.6 %1.3711,230 692,190 695,313 7.8660,565 
Real estate(K)
4,607,679 4,463,792 Jul-26 to May-314.5 %2.4N/A4,462,133 4,462,133 N/A4,755,270 
RTLs(L)
200,000 200,000 Jul-265.8 %0.0173,502 173,502 173,480 0.4200,000 
Other investments(E)
59,281 59,281 Feb-305.8 %3.6N/AN/AN/AN/A40,000 
CLOs(E)
4,149 4,149 Jul-30— %0.05,908 N/A5,148 0.04,832 
Total secured notes and bonds payable14,539,925 14,363,446 5.8 %2.115,203,770 
Notes Payable and Secured Financing of Consolidated Entities
Consolidated funds(M)
924,353 930,179 Aug-27 to Jan-385.6 %8.7965,671 N/A994,688 3.21,209,739 
Residential mortgage loans(N)
4,029,213 3,902,216 Aug-48 to Jun-565.0 %27.24,540,407 N/A4,460,920 27.22,820,922 
RTLs(O)
764,950 764,895 Mar-39 to Sep-396.2 %12.9838,765 N/A853,225 0.8867,141 
Consumer loans(P)
302,322 289,136 Mar-376.7 %10.8302,422 N/A304,569 10.8— 
Total notes payable and secured financing of consolidated entities6,020,838 5,886,426 5.3 %21.74,897,802 
Total / Weighted Average$34,240,018 $33,927,384 5.3 %5.1$33,865,374 
(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 $105.1 million and $119.4 million as of June 30, 2026 and December 31, 2025, 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)Refers to a repurchase agreement with an interest equal to the sum of (i) a floating rate equal to SOFR and (ii) a margin of 2.8%.
(G)Repurchase agreements are based on a fixed rate. Collateral carrying value includes margin deposits.
(H)Includes $5.5 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 3.8%; and $1.1 billion of MSR notes with fixed interest rates ranging 3.5% 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.
(I)Includes $2.0 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 1.5% to 2.8%; and $0.5 billion of debt with fixed interest rates ranging from 3.9% to 5.3%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and Newrez.
(J)Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $89.4 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%, (ii) $74.6 million of debt collateralized by the Marcus loans with an interest rate of SOFR plus a margin of 2.4% and (iii) $394.6 million of debt collateralized by the Upgrade loans with an interest rate of SOFR plus a margin of 1.6%.
(K)Includes $4.6 billion of fixed rate notes which bear interest ranging from 3.0% to 6.7%.
(L)Includes a fixed rate note which bears interest of 5.8%.
(M)Includes notes payable of consolidated 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 $9.8 million do not have a stated rate of interest. Weighted average life of a structured alternative investment solution is based on expected maturity.
(N)Asset-backed notes held by third parties which bear interest ranging from 0.9% to 7.9%. The senior note rates are equal to the lesser of the fixed rate for each subsequent note and the net weighted average coupon (“WAC”) rate.
(O)Asset-backed notes held by third parties which bear interest ranging from 5.4% to 8.0%. The senior note rates are equal to the lesser of the fixed rate for each subsequent note and the net WAC rate.
(P)Composed of the following asset-backed notes held by third parties: $271.7 million UPB of Class A notes with a fixed coupon of 5.0%, $12.6 million UPB of Class B notes with a fixed coupon of 6.4% and $9.0 million UPB of Class C notes with a fixed coupon of 8.4%.

General

Certain of the debt obligations included above are obligations of Rithm Capital’s consolidated subsidiaries, which own the related collateral. In some cases, such collateral is not available to other creditors of Rithm Capital Corp. The obligations and liabilities of VIEs may only be satisfied with the assets of the respective consolidated VIEs, and creditors of the VIE do not have recourse to Rithm Capital Corp.

As of June 30, 2026, Rithm Capital has margin exposure on $13.7 billion of secured financing agreements. To the extent that the value of the collateral underlying these secured financing agreements declines below the collateral margin trigger, Rithm Capital may be required to post margin, which could significantly impact its liquidity.

The following table summarizes activities related to the carrying value of secured debt obligations for the period:
Servicer Advances and Excess MSRs(A)
MSRsGovernment and Government-Backed and Other SecuritiesResidential Mortgage LoansConsumer LoansReal Estate, NetRTLsAsset Management, CLOs and Consolidated FundsTotal
Balance at December 31, 2025$2,959,625 $6,785,138 $6,106,943 $8,023,135 $660,565 $4,770,652 $3,086,949 $1,472,367 $33,865,374 
Secured Financing Agreements:
Borrowings— — 18,621,633 43,588,442 — 352,902 3,703,963 51,393 66,318,333 
Repayments— — (18,764,122)(44,901,649)— (13,028)(2,704,061)(15,423)(66,398,283)
FX remeasurement— — — — — — — (6,536)(6,536)
Capitalized deferred financing costs, net of amortization226 — — — — — — (31)195 
Secured Notes and Bonds Payable:
Borrowings1,884,072 1,342,000 35,000 — 363,293 287,006 — 4,109 3,915,480 
Repayments(2,177,288)(1,549,822)(15,719)— (431,495)(587,500)— (4,792)(4,766,616)
Unrealized loss on notes, fair value— — — — 100 19,742 — — 19,842 
Capitalized deferred financing costs, net of amortization(904)2,008 — — 592 (10,726)— — (9,030)
Notes Payable and Secured Financing of Consolidated Entities:
Deconsolidation of VIEs— — — (451,800)— — — (375,305)(827,105)
Borrowings— — — 1,796,762 300,666 — — 272,653 2,370,081 
Repayments— — — (245,447)(13,696)— (96,999)(163,162)(519,304)
Unrealized (gain) loss on notes, fair value— — — (18,220)2,166 — (5,989)(13,746)(35,789)
Capitalized deferred financing costs, net of amortization — — — — — — 742 — 742 
Balance at June 30, 2026$2,665,731 $6,579,324 $5,983,735 $7,791,223 $882,191 $4,819,048 $3,984,605 $1,221,527 $33,927,384 
(A)Rithm Capital net settles daily borrowings and repayments of the secured notes and bonds payable on its servicer advances.
Maturities

Contractual maturities of debt obligations, including the Senior Unsecured Notes (as defined below), as of June 30, 2026 are as follows:
Year Ending
Non-recourse(A)
Recourse(B)
Total
July 1 through December 31, 2026$2,720,141 $10,414,435 $13,134,576 
20272,778,615 2,247,356 5,025,971 
20281,311,985 1,544,992 2,856,977 
20291,444,506 2,387,784 3,832,290 
20301,990,422 559,281 2,549,703 
2031 and thereafter6,843,874 1,771,627 8,615,501 
$17,089,543 $18,925,475 $36,015,018 
(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes, net of issuance costs, and notes payable of consolidated entities of $2.6 billion, $8.5 billion, $0.0 billion, and $6.0 billion, respectively.
(B)Includes secured financing agreements, secured notes and bonds payable, unsecured notes, net of issuance costs, and notes payable of consolidated entities of $11.3 billion, $5.8 billion, $1.8 billion, and $0.0 billion, respectively.

Borrowing Capacity

The following table represents borrowing capacity as of June 30, 2026:
Debt Obligations / CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements:
Residential mortgage loans, RTLs, Credit Risk Transfer LLC and real estate
$7,250,688 $4,533,303 $2,717,385 
Loan originations7,327,000 2,730,669 4,596,331 
CLOs742,630 286,373 456,257 
Excess MSRs350,000 202,000 148,000 
Secured Notes and Bonds Payable:
MSRs7,544,440 6,592,440 952,000 
Servicer advances5,320,000 2,464,723 2,855,277 
Real estate200,000 148,563 51,437 
Liabilities of Consolidated Entities:
Consolidated funds118,500 57,769 60,731 
$28,853,258 $17,015,840 $11,837,418 
(A)Although available financing is uncommitted, the Company’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.

Certain of the debt obligations are subject to customary loan covenants and event of default provisions, including event of default provisions triggered by certain specified declines in Rithm Capital’s equity or a failure to maintain a specified tangible net worth, liquidity or indebtedness to tangible net worth ratio. Rithm Capital was in compliance with all of its debt covenants as of June 30, 2026.

2031 Senior Unsecured Notes

On May 14, 2026, the Company issued $500.0 million aggregate principal amount of senior unsecured notes due on June 1, 2031 (the “2031 Senior Notes”) in a private offering for proceeds of approximately $493.7 million, net of commissions and initial offering expenses. Interest on the 2031 Senior Notes accrues at the rate of 8.500% per annum with interest payable semi-annually in arrears on each of June 1st and December 1st, commencing on December 1, 2026.

The 2031 Senior Notes become redeemable in whole or in part at any time and from time to time, on or after June 1, 2028, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2031 Senior Notes to be redeemed):
YearPrice
2028104.250 %
2029102.125 %
2030 and thereafter100.000 %

Prior to June 1, 2028, the Company is entitled at its option, at any time and from time to time, to redeem the 2031 Senior Notes in whole or in part at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable redemption date, and accrued but unpaid interest, if any, to, but excluding the applicable date of redemption. In addition, prior to June 1, 2028, the Company is entitled at its option on one or more occasions to redeem the 2031 Senior Notes in an aggregate principal amount not to exceed 40% of the aggregate principal amount of the 2031 Senior Notes originally issued at a redemption price of 108.500%, plus accrued but unpaid interest, if any, to, but not including, the applicable redemption date with the net cash proceeds from one or more Qualified Equity Offerings (as defined in the Indenture, dated May 14, 2026, by and between the Company and U.S. Bank Trust Company, National Association, pursuant to which the 2031 Senior Notes were issued (the “2031 Notes Indenture”)).

The Company incurred fees of approximately $6.3 million in relation to the issuance of the 2031 Senior Notes. These fees were capitalized as debt issuance costs and presented as part of unsecured notes, net of issuance costs on the consolidated balance sheets. In connection with the 2031 Senior Notes, the Company recognized interest expense of $5.5 million for the three and six months ended June 30, 2026. As of June 30, 2026, the unamortized debt issuance cost was approximately $6.2 million.

The 2031 Senior Notes are senior unsecured obligations and rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior unsecured guarantees. At the time of issuance, the 2031 Senior Notes were not guaranteed by any of the Company’s subsidiaries and none of its subsidiaries are required to guarantee the 2031 Senior Notes in the future, except under limited specified circumstances.

The 2031 Senior Notes contain financial covenants and other non-financial covenants, including, among other things, limits on the ability of the Company and its restricted subsidiaries to incur certain indebtedness (subject to various exceptions), a requirement that the Company maintain Total Unencumbered Assets (as defined in the 2031 Notes Indenture) of not less than 120% of the aggregate principal amount of the outstanding unsecured debt of the Company and certain requirements in order for the Company to merge or consolidate with or transfer all or substantially all of its properties and assets to another person, in each case subject to certain qualifications set forth in the 2031 Notes Indenture. If the Company were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lenders. As of June 30, 2026, the Company was in compliance with all covenants.

In the event of a Change of Control or Mortgage Business Triggering Event (each as defined in the 2031 Notes Indenture), each holder of the 2031 Senior Notes will have the right to require the Company to repurchase all or any part of such holder’s outstanding balance at a purchase price of 101% of the principal amount of the 2031 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of such repurchase.

The Company used a portion of the net proceeds from issuance to repay certain outstanding borrowings.

2030 Senior Unsecured Notes

On June 20, 2025, the Company issued $500.0 million aggregate principal amount of senior unsecured notes due on July 15, 2030 (the “2030 Senior Notes”) in a private offering for proceeds of approximately $495.0 million, net of commissions and estimated offering expenses payable by the Company. Interest on the 2030 Senior Notes accrues at the rate of 8.000% per annum with interest payable semi-annually in arrears on each of January 15th and July 15th, commencing on January 15, 2026.
The 2030 Senior Notes become redeemable in whole or in part at any time and from time to time, on or after July 15, 2027, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2030 Senior Notes to be redeemed):
YearPrice
2027104.000 %
2028102.000 %
2029 and thereafter100.000 %

Prior to July 15, 2027, the Company is entitled at its option, at any time and from time to time, to redeem the 2030 Senior Notes in whole or in part at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable redemption date, and accrued but unpaid interest, if any, to, but excluding the applicable date of redemption. In addition, prior to July 15, 2027, the Company is entitled at its option on one or more occasions to redeem the 2030 Senior Notes in an aggregate principal amount not to exceed 40% of the aggregate principal amount of the 2030 Senior Notes originally issued at a redemption price of 108.000%, plus accrued but unpaid interest, if any, to, but not including, the applicable redemption date with the net cash proceeds from one or more Qualified Equity Offerings (as defined in the Indenture, dated June 20, 2025, by and between the Company and U.S. Bank Trust Company, National Association, pursuant to which the 2030 Senior Notes were issued (the “2030 Notes Indenture”)).

The Company incurred fees of approximately $5.4 million in relation to the issuance of the 2030 Senior Notes. These fees were capitalized as debt issuance costs and presented as part of unsecured notes, net of issuance costs on the consolidated balance sheets. In connection with the 2030 Senior Notes, the Company recognized interest expense of $10.0 million and $1.1 million for the three months ended June 30, 2026 and 2025, respectively, and $19.8 million and $1.1 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, the unamortized debt issuance cost was approximately $4.5 million and $5.0 million, respectively.

The 2030 Senior Notes are senior unsecured obligations and rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior unsecured guarantees. At the time of issuance, the 2030 Senior Notes were not guaranteed by any of the Company’s subsidiaries and none of its subsidiaries are required to guarantee the 2030 Senior Notes in the future, except under limited specified circumstances.

The 2030 Senior Notes contain financial covenants and other non-financial covenants, including, among other things, limits on the ability of the Company and its restricted subsidiaries to incur certain indebtedness (subject to various exceptions), a requirement that the Company maintain Total Unencumbered Assets (as defined in the 2030 Notes Indenture) of not less than 120% of the aggregate principal amount of the outstanding unsecured debt of the Company and certain requirements in order for the Company to merge or consolidate with or transfer all or substantially all of its properties and assets to another person, in each case subject to certain qualifications set forth in the 2030 Notes Indenture. If the Company were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lenders. As of June 30, 2026, the Company was in compliance with all covenants.

In the event of a Change of Control or Mortgage Business Triggering Event (each as defined in the 2030 Notes Indenture), each holder of the 2030 Senior Notes will have the right to require the Company to repurchase all or any part of such holder’s outstanding balance at a purchase price of 101% of the principal amount of the 2030 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of such repurchase.

2029 Senior Unsecured Notes

On March 19, 2024, the Company issued $775.0 million aggregate principal amount of senior unsecured notes due on April 1, 2029 (the “2029 Senior Notes” and together with the 2031 Senior Notes and the 2030 Senior Notes, the “Senior Unsecured Notes”) in a private offering at an issue price of 98.981% for net proceeds of approximately $759.0 million, net of discount, commissions and initial offering expenses. Interest on the 2029 Senior Notes accrues at the rate of 8.000% per annum with interest payable semi-annually in arrears on each of April 1st and October 1st, commencing on October 1, 2024.
The 2029 Senior Notes become redeemable in whole or in part 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):
YearPrice
2026104.000 %
2027102.000 %
2028 and thereafter100.000 %

Prior to April 1, 2026, the Company was entitled at its option, at any time and from time to time, to redeem the 2029 Senior Notes in whole or in part at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable redemption date, and accrued but unpaid interest, if any, to, but excluding the applicable date of redemption. In addition, prior to April 1, 2026, the Company was entitled at its option on one or more occasions to redeem the 2029 Senior Notes in an aggregate principal amount not to exceed 40% of the aggregate principal amount of the 2029 Senior Notes originally issued at a redemption price of 108.000%, plus accrued but unpaid interest, if any, to, but not including, the applicable redemption date with the net cash proceeds from one or more Qualified Equity Offerings (as defined in the Indenture, dated March 19, 2024, pursuant to which the 2029 Senior Notes were issued (the “2029 Notes Indenture”)).

The Company incurred fees of approximately $9.1 million in relation to the issuance of the 2029 Senior Notes. These fees were capitalized as debt issuance cost and presented as part of unsecured notes, net of issuance costs on the consolidated balance sheets. In connection with the 2029 Senior Notes, the Company recognized interest expense of $15.5 million and $15.5 million for the three months ended June 30, 2026 and 2025, respectively, and $30.7 million and $30.7 million for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026 and December 31, 2025, the unamortized discount and debt issuance cost was approximately $10.2 million and $11.8 million, respectively.

The 2029 Senior Notes are senior unsecured obligations and rank equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior unsecured guarantees. At the time of issuance, the 2029 Senior Notes were not guaranteed by any of the Company’s subsidiaries and none of its subsidiaries are required to guarantee the 2029 Senior Notes in the future, except under limited specified circumstances.

The 2029 Senior Notes contain financial covenants and other non-financial covenants, including, among other things, limits on the ability of the Company and its restricted subsidiaries to incur certain indebtedness (subject to various exceptions), a requirement that the Company maintain Total Unencumbered Assets (as defined in the 2029 Notes Indenture) of not less than 120% of the aggregate principal amount of the outstanding unsecured debt of the Company and imposes certain requirements in order for the Company to merge or consolidate with or transfer all or substantially all of its properties and assets to another person, in each case subject to certain qualifications set forth in the 2029 Notes Indenture. If the Company were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lenders. As of June 30, 2026, the Company was in compliance with all covenants.

In the event of a Change of Control or Mortgage Business Triggering Event (each as defined in the 2029 Notes Indenture), each holder of the 2029 Senior Notes will have the right to require the Company to repurchase all or any part of such holder’s outstanding balance at a purchase price of 101% of the principal amount of the 2029 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of such repurchase.

2025 Senior Unsecured Notes

The Company’s senior unsecured notes due October 15, 2025 (the “2025 Senior Notes”) were fully redeemed during the second quarter of 2025 when the Company redeemed the remaining $275.0 million aggregate principal amount outstanding for cash of $278.7 million, inclusive of accrued and unpaid interest. As a result, the Company recognized a loss on extinguishment of debt of $0.7 million during 2025.

Interest expense related to the 2025 Senior Notes was $4.4 million and $8.6 million for the three and six months ended June 30, 2025, respectively. There was no interest expense recognized related to the 2025 Senior Notes for the three and six months ended June 30, 2026.
Tax Receivable Agreement

In 2007, Sculptor entered into a tax receivable agreement (“TRA”) with the former holders of units in Sculptor’s operating partnerships (the “TRA Holders”). The TRA provides for the payment by Sculptor to the TRA Holders of a portion of the cash savings in U.S. federal, state and local income tax that Sculptor realizes as a result of certain tax benefits attributable to taxable acquisitions by Sculptor (and certain affiliates and successors) of Sculptor operating partnership units.

The TRA includes certain “change of control” assumptions that became applicable as a result of the Sculptor Acquisition, including the assumption that Sculptor (or its successor) has sufficient taxable income to use the relevant tax benefits. As a result, payments under the TRA will be calculated without regard to Sculptor’s ability to actually use tax assets (including net operating losses), the use of which may be significantly limited and may therefore exceed the actual tax savings to Sculptor of the associated tax assets.

The estimated undiscounted future payment under the TRA was $231.4 million as of June 30, 2026. The carrying value of the TRA liability measured at amortized cost was $149.3 million and $162.8 million as of June 30, 2026 and December 31, 2025, respectively, with interest expense recognized under the effective interest method. The TRA liability is presented within unsecured notes, net of issuance costs on the consolidated balance sheets.

The table below presents the Company’s estimate as of June 30, 2026, 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 EndingPotential Payments Under TRA
July 1 through December 31, 2026$— 
202718,788 
202817,461 
202917,500 
203016,555 
2031 and thereafter161,061 
$231,365 
v3.26.1
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
Fair value represents the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants as of the measurement date (i.e., an exit price). The Company holds a variety of assets and liabilities, certain of which are not publicly traded or that are otherwise illiquid. Significant judgment and estimation go into the assumptions that drive the fair value of these assets and liabilities. Due to the inherent uncertainty of valuations of investments that are determined to be illiquid or do not have readily ascertainable fair values, the estimates of fair value may differ from the values ultimately realized, and those differences can be material.

U.S. GAAP establishes a hierarchical disclosure framework that prioritizes and ranks the level of market price observability used in measuring financial instruments at fair value. Market price observability is impacted by a number of factors, including the type and the specific characteristics of the assets and liabilities, including existence and transparency of transactions between market participants. Assets and liabilities with readily available actively quoted prices or for which fair value can be measured from actively-quoted prices generally will have a higher degree of market price observability and lesser degree of judgment used in measuring fair value.

Assets and liabilities measured at fair value are classified and disclosed into one of the following categories based on the observability of inputs used in the determination of fair values:

Level 1 – Quoted prices in active markets for identical instruments.
Level 2 – Valuations based principally on other observable market parameters, including:

•Quoted prices in active markets for similar instruments,
•Quoted prices in less active or inactive markets for identical or similar instruments,
•Other observable inputs, such as interest rates, yield curves, volatilities, prepayment rates, loss severities, credit risks and default rates; and
•Market corroborated inputs (derived principally from or corroborated by observable market data).

Level 3 – Valuations based significantly on unobservable inputs.

Investments in funds that are measured at fair value using net asset value (“NAV”) per share as a practical expedient are not categorized within the fair value hierarchy.

Rithm Capital follows this hierarchy for its fair value measurements. The classifications are based on the lowest level of input that is significant to the fair value measurement.
The carrying values and fair values of assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments measured at amortized cost for which fair value is disclosed, as of June 30, 2026 were as follows:
Principal Balance or Notional AmountCarrying Value
Fair Value(E)
Level 1Level 2Level 3NAVTotal
Assets:
Excess MSRs(A)
$45,486,823 $308,393 $— $— $308,393 $— $308,393 
MSRs and MSR financing receivables(A)
596,818,893 11,091,483 — — 11,091,483 — 11,091,483 
Servicer advance investments249,475 284,400 — — 284,400 — 284,400 
Government and government-backed securities(B)
4,975,720 4,912,869 24,932 4,887,937 — — 4,912,869 
Non-Agency securities8,272,017 811,694 — — 811,694 — 811,694 
Residential mortgage loans, HFS59,105 52,248 — — 52,248 — 52,248 
Residential mortgage loans, HFS, at fair value3,915,064 3,946,828 — 3,922,533 24,295 — 3,946,828 
Residential mortgage loans, HFI, at fair value325,577 294,416 — — 294,416 — 294,416 
Residential mortgage loans subject to repurchase4,308,886 4,308,886 — 4,308,886 — — 4,308,886 
Consumer loans, at fair value830,251 707,111 — — 707,111 — 707,111 
Derivative and hedging assets17,221,429 68,043 — 16,397 51,646 — 68,043 
Residential transition loans
3,834,821 3,832,312 — — 3,832,312 — 3,832,312 
Insurance company investments, at fair value1,591,637 1,119,524 6,393 43,049 1,070,082 — 1,119,524 
Notes receivable564,027 481,123 — — 481,123 — 481,123 
Loans receivable19,780 11,742 — — 11,742 — 11,742 
Equity investment, at fair value192,500 194,084 — — 194,084 — 194,084 
CLOs410,780 429,076 — 293,431 135,645 — 429,076 
Investments of consolidated entities - funds(C)
1,117,871 1,173,037 — 431,861 408,376 332,800 1,173,037 
Investments of consolidated entities - loan securitizations(C)
5,681,594 5,618,714 — 4,460,920 1,157,794 — 5,618,714 
Other assetsN/A449,225 74,558 — 168,860 205,807 449,225 
$40,095,208 $105,883 $18,365,014 $21,085,704 $538,607 $40,095,208 
Liabilities:
Secured financing agreements$13,679,255 $13,677,512 $— $13,390,313 $287,234 $— $13,677,547 
Secured notes and bonds payable(D)
14,539,925 14,363,446 — — 14,371,633 — 14,371,633 
Unsecured notes, net of issuance costs2,006,365 1,902,627 — — 1,915,405 — 1,915,405 
Residential mortgage loan repurchase liability4,308,886 4,308,886 — 4,308,886 — — 4,308,886 
Derivative and hedging liabilities20,871,401 88,486 129 32,574 55,783 — 88,486 
MSR financing liability(A)
7,646,799 83,785 — — 83,785 — 83,785 
Notes receivable financing liability371,446 383,747 — — 387,817 — 387,817 
RTL financing liability75,836 75,836 — — 75,836 — 75,836 
Notes payable and secured financing of consolidated entities - funds(C)
924,353 930,179 — 737,987 192,192 — 930,179 
Notes payable of consolidated entities - loan securitizations(C)
5,096,485 4,956,247 — 3,902,216 1,054,031 — 4,956,247 
$40,770,751 $129 $22,371,976 $18,423,716 $— $40,795,821 
(A)The notional amount represents the total UPB of the residential mortgage loans underlying the MSRs, MSR financing receivables, Excess MSRs and MSR financing liability. Rithm Capital does not receive an excess mortgage servicing amount on non-performing loans in Agency portfolios.
(B)Includes Treasury securities classified as Level 1 and held at amortized cost basis of $24.9 million (see Note 6).
(C)Includes assets and notes issued by consolidated VIEs accounted for under the CFE election.
(D)Includes $126.1 million of SCFT 2020-A (as defined in Note 19) asset-backed securities as of June 30, 2026, for which the FVO for financial instruments was elected.
(E)The table excludes cash and cash equivalents and other short-term receivables and payables for which the carrying value approximates fair value due to their short term nature and are classified within Level 1.
The carrying values and fair values of assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments for which fair value is disclosed, as of December 31, 2025 were as follows:
Principal Balance or Notional AmountCarrying Value
Fair Value(E)
Level 1Level 2Level 3NAVTotal
Assets:
Excess MSRs(A)
$47,862,469 $323,564 $— $— $323,564 $— $323,564 
MSRs and MSR financing receivables(A)
595,532,480 10,359,141 — — 10,359,141 — 10,359,141 
Servicer advance investments258,157 294,322 — — 294,322 — 294,322 
Government and government-backed securities(B)
5,255,355 5,254,905 24,762 5,230,139 — — 5,254,901 
Non-Agency securities8,507,851 759,633 — — 759,633 — 759,633 
Residential mortgage loans, HFS63,426 56,791 — — 56,791 — 56,791 
Residential mortgage loans, HFS, at fair value5,351,566 5,427,481 — 5,402,325 25,156 — 5,427,481 
Residential mortgage loans, HFI, at fair value349,196 324,688 — — 324,688 — 324,688 
Residential mortgage loans subject to repurchase3,952,792 3,952,792 — 3,952,792 — — 3,952,792 
Consumer loans, at fair value930,844 784,399 — — 784,399 — 784,399 
Derivative and hedging assets8,280,512 46,747 — 7,288 39,459 — 46,747 
Residential transition loans
2,694,149 2,699,864 — — 2,699,864 — 2,699,864 
Insurance company investments, at fair value924,825 906,454 5,809 33,396 867,249 — 906,454 
Notes receivable549,004 460,631 — — 460,631 — 460,631 
Loans receivable19,434 11,396 — — 11,396 — 11,396 
Equity investment, at fair value192,500 194,286 — — 194,286 — 194,286 
CLOs364,189 362,280 — 249,452 112,828 — 362,280 
Investments of consolidated entities - funds(C)
1,389,870 1,397,209 — 782,014 290,335 324,860 1,397,209 
Investments of consolidated entities - loan securitizations(C)
4,253,388 4,192,231 — 3,265,142 927,089 — 4,192,231 
Other assetsN/A254,597 42,812 — 107,608 104,177 254,597 
$38,063,411 $73,383 $18,922,548 $18,638,439 $429,037 $38,063,407 
Liabilities:
Secured financing agreements$13,765,718 $13,763,802 $— $13,506,006 $261,551 $— $13,767,557 
Secured notes and bonds payable(D)
15,403,044 15,203,770 — — 15,068,083 — 15,068,083 
Unsecured notes, net of issuance costs1,526,203 1,421,088 — — 1,461,956 — 1,461,956 
Residential mortgage loan repurchase liability3,952,792 3,952,792 — 3,952,792 — — 3,952,792 
Derivative and hedging liabilities36,598,688 101,346 3 48,759 52,584 — 101,346 
MSR financing liability(A)
8,126,218 76,266 — — 76,266 — 76,266 
Notes receivable financing liability371,446 377,989 — — 382,512 — 382,512 
RTL financing liability82,48982,489— — 82,489 — 82,489 
Notes payable of consolidated entities - funds(C)
1,218,4251,209,739— 1,006,085 203,654 — 1,209,739 
Notes payable of consolidated entities - loan securitizations(C)
3,781,2053,688,063— 2,820,922 867,141 — 3,688,063 
$39,877,344 $3 $21,334,564 $18,456,236 $— $39,790,803 
(A)The notional amount represents the total UPB of the residential mortgage loans underlying the MSRs, MSR financing receivables, Excess MSRs and MSR financing liability. Rithm Capital does not receive an excess mortgage servicing amount on non-performing loans in Agency portfolios.
(B)Includes Treasury Bills classified as Level 1 and held at amortized cost basis of $24.8 million (see Note 6).
(C)Includes assets and notes issued by consolidated VIEs accounted for under the CFE election.
(D)Includes $143.4 million of SCFT 2020-A (as defined in Note 19) ABS as of December 31, 2025, for which the FVO for financial instruments was elected.
(E)The table excludes cash and cash equivalents and other short-term receivables and payables for which the carrying value approximates fair value due to their short term nature and are classified within Level 1.
The following tables summarize the changes in the Company’s Level 3 financial assets measured at fair value on a recurring basis for the periods presented:
Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsInsurance Company Investments
Non-Agency Securities & CLOs(B)
Residential Mortgage Loans
Consumer Loans(J)
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at March 31, 2026$314,933 $10,859,933 $284,260 $979,862 $982,320 $387,771 $805,294 $814,238 $4,438,160 $19,866,771 
Transfers:
Transfers to Level 3(I)
— — — — 91 — — — — 91 
Gain (Loss) Included in Net Income:
Credit loss reversal on securities(E)
— — — — 363 — — — — 363 
Servicing Revenue, Net(F):
Included in servicing revenue— (161,104)— — — — — — — (161,104)
Fair Value Adjustments due to:
Other factors(E)
1,319 — 3,106 (4,151)(941)(7,948)1,957 7,638 8,852 9,832 
Instrument-specific credit risk(E)
— — — — — 57 (2,676)— (13,190)(15,809)
Other income (loss), net(E)
— — — — (3,391)(251)— 30,849 — 27,207 
Gains included in other comprehensive income (“OCI”)(G)
— — — — (1,309)— — — — (1,309)
Interest income7,791 — 4,829 — 11,329 — 9,396 2,252 — 35,597 
Purchases, Sales, Repayments and Originations:
Purchases, net(H)
— 9,050 163,993 190,307 58,183 393 295,297 6,823 — 724,046 
Sales and settlement fundings— 1,632 — — (34,896)(131)— — — (33,395)
Proceeds from repayments(15,650)— (171,788)(99,812)(41,624)(13,128)(111,740)(9,343)(614,309)(1,077,394)
Originations and other— 381,972 — 3,876 — 4,196 14,152 (785)1,251,614 1,655,025 
Balance at June 30, 2026$308,393 $11,091,483 $284,400 $1,070,082 $970,125 $370,959 $1,011,680 $851,672 $5,071,127 $21,029,921 
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(K)
$1,319 $54,191 $3,106 $(4,151)$(571)$(2,595)$(3,462)$7,638 $(4,477)$50,998 
(A)Includes the recapture agreement for each respective pool, as applicable.
(B)Includes CLOs of consolidated CFEs classified as Level 3 in the fair value hierarchy.
(C)For the purpose of this table, the IRLC asset and liability positions and embedded and other commitment derivatives are shown net.
(D)Includes RTLs of consolidated entities classified as Level 3 in the fair value hierarchy.
(E)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 assets recorded during the period.
(F)See Note 5 for further details on the components of servicing revenue, net.
(G)Gain (loss) included in unrealized gain (loss) on AFS securities, net in the consolidated statements of comprehensive income.
(H)Purchases, net of non-Agency securities includes securities retained through securitizations accounted for as sales.
(I)Transfers to Level 3 financial assets were due to changes in the observability of inputs used in the valuation of such assets.
(J)Includes consumer loans of consolidated entities classified as Level 3 in the fair value hierarchy.
(K)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.
Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsInsurance Company Investments
Non-Agency Securities & CLOs(B)
Residential Mortgage Loans
Consumer Loans(J)
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at December 31, 2025$323,564 $10,359,141 $294,322 $867,249 $875,074 $406,635 $784,399 $760,797 $3,914,674 $18,585,855 
Transfers:
Transfers to Level 3(I)
— — — — 21,839 — — — — 21,839 
Gain (Loss) Included in Net Income:
Credit loss reversal on securities(E)
— — — — 158 — — — — 158 
Servicing Revenue, Net(F):
Included in servicing revenue— (7,997)— — — — — — — (7,997)
Fair Value Adjustments due to:
Other factors(E)
411 — 3,309 (2,893)(1,242)(5,840)4,823 15,595 9,738 23,901 
Instrument-specific credit risk(E)
— — — — — (1,709)(4,991)— (25,496)(32,196)
Other income (loss), net(E)
— — — — (12,284)(343)— 30,167 — 17,540 
Gains included in OCI(G)
— — — — (566)— — — — (566)
Interest income15,991 — 9,636 — 22,426 — 15,471 3,919 — 67,443 
Purchases, Sales, Repayments and Originations:
Purchases, net(H)
— 12,410 332,353 377,549 188,697 461 433,666 11,591 14,204 1,370,931 
Sales and settlement fundings— 4,047 — — (47,396)84 — — — (43,265)
Proceeds from repayments(31,573)— (355,220)(176,473)(76,581)(26,442)(235,840)(18,882)(1,484,598)(2,405,609)
Originations and other— 723,882 — 4,650 — (1,887)14,152 48,485 2,642,605 3,431,887 
Balance at June 30, 2026$308,393 $11,091,483 $284,400 $1,070,082 $970,125 $370,959 $1,011,680 $851,672 $5,071,127 $21,029,921 
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(K)
$411 $419,834 $3,309 $(2,893)$3,643 $(6,961)$(2,912)$15,595 $(15,024)$415,002 
(A)Includes the recapture agreement for each respective pool, as applicable.
(B)Includes CLOs of consolidated CFEs classified as Level 3 in the fair value hierarchy.
(C)For the purpose of this table, the IRLC asset and liability positions and embedded and other commitment derivatives are shown net.
(D)Includes RTLs of consolidated entities classified as Level 3 in the fair value hierarchy.
(E)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 assets recorded during the period.
(F)See Note 5 for further details on the components of servicing revenue, net.
(G)Gain (loss) included in unrealized gain (loss) on AFS securities, net in the consolidated statements of comprehensive income.
(H)Purchases, net of non-Agency securities includes securities retained through securitizations accounted for as sales.
(I)Transfers to Level 3 financial assets were due to changes in the observability of inputs used in the valuation of such assets.
(J)Includes consumer loans of consolidated entities classified as Level 3 in the fair value hierarchy.
(K)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.
Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsInsurance Company Investments
Non-Agency Securities & CLOs(B)
Residential Mortgage LoansConsumer Loans
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at March 31, 2025$354,923 $10,133,041 $321,531 $— $1,096,734 $444,684 $554,168 $748,583 $3,273,750 $16,927,414 
Transfers:
Transfers out of Level 3(E)
— — — — (372,985)— — — — (372,985)
Gain (Loss) Included in Net Income:
Credit loss reversal on securities(F)
— — — — (705)— — — — (705)
Servicing Revenue, Net(G):
Included in servicing revenue— (194,819)— — — — — — — (194,819)
Fair Value Adjustments due to:
Other factors(F)
(690)— 166 — 2,072 2,828 (2,514)19,202 8,056 29,120 
Instrument-specific credit risk(F)
— — — — — (653)(4,384)— (7,257)(12,294)
Other income (loss), net(F)
— — — — (27,843)322 — 9,246 — (18,275)
Gains included in OCI(H)
— — — — 3,210 — — — — 3,210 
Interest income9,109 — 5,245 — 9,549 — 777 — — 24,680 
Purchases, Sales, Repayments and Originations:
Purchases, net(I)
— — 164,021 — 175,349 299 — 6,668 — 346,337 
Sales and settlement fundings(45)1,860 — — (30,054)— 5,074 — — (23,165)
Proceeds from repayments(17,620)— (177,977)— (28,331)(16,117)(87,890)(20,149)(738,568)(1,086,652)
Originations and other— 419,981 — — — (1,169)— (2,959)929,244 1,345,097 
Balance at June 30, 2025$345,677 $10,360,063 $312,986 $— $826,996 $430,194 $465,231 $760,591 $3,465,225 $16,966,963 
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(J)
$(645)$(16,818)$166 $— $(23,266)$2,210 $(6,898)$9,246 $659 $(35,346)
(A)Includes the recapture agreement for each respective pool, as applicable.
(B)Includes CLOs of consolidated CFEs classified as Level 3 in the fair value hierarchy.
(C)For the purpose of this table, the IRLC asset and liability positions and embedded and other commitment derivatives are shown net.
(D)Includes RTLs of consolidated entities classified as Level 3 in the fair value hierarchy.
(E)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(F)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 assets recorded during the period.
(G)See Note 5 for further details on the components of servicing revenue, net.
(H)Gain (loss) included in unrealized gain (loss) on AFS securities, net in the consolidated statements of comprehensive income.
(I)Purchases, net of non-Agency securities includes securities retained through securitizations accounted for as sales.
(J)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.
Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsInsurance Company Investments
Non-Agency Securities & CLOs(B)
Residential Mortgage LoansConsumer Loans
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at December 31, 2024$369,162 $10,321,671 $339,646 $— $1,363,228 $455,726 $665,565 $700,942 $3,140,267 $17,356,207 
Transfers:
Transfers out of Level 3(E)
— — — — (785,253)(858)— — — (786,111)
Transfers to Level 3(J)
— — — — 21,809 2,081 — — — 23,890 
Gain (Loss) Included in Net Income:
Credit loss reversal on securities(F)
— — — — (603)— — — — (603)
Servicing Revenue, Net(G):
Included in servicing revenue— (733,101)— — — — — — — (733,101)
Fair Value Adjustments due to:
Other factors(F)
(1,605)— (1,527)— 3,976 12,840 (13,323)42,736 11,066 54,163 
Instrument-specific credit risk(F)
— — — — — (6,450)(6,388)— (15,818)(28,656)
Other income (loss), net(F)
— — — — 404 1,760 — 17,816 — 19,980 
Gains included in OCI(H)
— — — — 7,950 — — — — 7,950 
Interest income13,299 — 10,600 — 16,572 — 6,700 119 — 47,290 
Purchases, Sales, Repayments and Originations:
Purchases, net(I)
— — 350,377 — 298,983 538 — 46,699 — 696,597 
Sales and settlement fundings(45)2,524 — — (47,695)(7,216)11,669 — — (40,763)
Proceeds from repayments(35,134)— (386,110)— (52,375)(32,473)(198,992)(44,762)(1,373,884)(2,123,730)
Originations and other— 768,969 — — — 4,246 — (2,959)1,703,594 2,473,850 
Balance at June 30, 2025$345,677 $10,360,063 $312,986 $— $826,996 $430,194 $465,231 $760,591 $3,465,225 $16,966,963 
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(K)
$(1,560)$(407,058)$(1,527)$— $11,727 $6,364 $(18,548)$42,736 $(5,015)$(372,881)
(A)Includes the recapture agreement for each respective pool, as applicable.
(B)Includes CLOs of consolidated CFEs classified as Level 3 in the fair value hierarchy.
(C)For the purpose of this table, the IRLC asset and liability positions and embedded and other commitment derivatives are shown net.
(D)Includes RTLs of consolidated entities classified as Level 3 in the fair value hierarchy.
(E)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(F)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 assets recorded during the period.
(G)See Note 5 for further details on the components of servicing revenue, net.
(H)Gain (loss) included in unrealized gain (loss) on AFS securities, net in the consolidated statements of comprehensive income.
(I)Purchases, net of non-Agency securities includes securities retained through securitizations accounted for as sales.
(J)Transfers to Level 3 financial assets were due to changes in the observability of inputs used in the valuation of such assets.
(K)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.
The following tables summarize the changes in the Company’s Level 3 financial liabilities measured at fair value on a recurring basis for the periods presented:
Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansNotes Payable of CFEs - Consumer LoansMSR Financing LiabilityNotes Receivable Financing LiabilityRTL Financing LiabilityTotal
Balance at March 31, 2026$134,319 $200,787 $863,334 $— $79,244 $385,101 $68,674 $1,731,459 
Gains (Losses) Included in Net Income:
Servicing revenue, net(A)
— — — — 4,542 — — 4,542 
Other income (loss)(B)
232 — (1,616)2,166 — 2,716 — 3,498 
Purchases, Issuance and Repayments:
Issuance
— — — 300,666 — — 13,178 313,844 
Repayments(8,411)(8,595)(96,999)(13,696)— — (6,016)(133,717)
Other— — 176 — (1)— — 175 
Balance at June 30, 2026$126,140 $192,192 $764,895 $289,136 $83,785 $387,817 $75,836 $1,919,801 
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(C)
$(232)$— $1,616 $(2,166)$(5,963)$(2,716)$— $(9,461)
(A)See Note 5 for further details on the components of servicing revenue, net.
(B)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 financial liabilities recorded during the period. The full fair value change during the years presented was due to factors other than instrument-specific credit risk.
(C)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.

Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansNotes Payable of CFEs - Consumer LoansMSR Financing LiabilityNotes Receivable Financing LiabilityRTL Financing LiabilityTotal
Balance at December 31, 2025$143,442 $203,654 $867,141 $— $76,266 $382,512 $82,489 $1,755,504 
Gains (Losses) Included in Net Income:
Servicing revenue, net(A)
— — — — 7,519 — — 7,519 
Other income (loss)(B)
100 — (5,989)2,166 — 5,305 — 1,582 
Purchases, Issuance and Repayments:
Issuance
— — — 300,666 — — 17,101 317,767 
Repayments(17,402)(11,462)(96,999)(13,696)— — (23,754)(163,313)
Other— — 742 — — — — 742 
Balance at June 30, 2026$126,140 $192,192 $764,895 $289,136 $83,785 $387,817 $75,836 $1,919,801 
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(C)
$(100)$— $5,989 $(2,166)$(10,020)$(5,305)$— $(11,602)
(A)See Note 5 for further details on the components of servicing revenue, net.
(B)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 financial liabilities recorded during the period. The full fair value change during the years presented was due to factors other than instrument-specific credit risk.
(C)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.
Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansNotes Payable of CFEs - Consumer LoansMSR Financing LiabilityNotes Receivable Financing LiabilityRTL Financing LiabilityTotal
Balance at March 31, 2025$169,035 $592,078 $859,760 $— $104,721 $378,721 $— $2,104,315 
Transfers:
Transfers out of Level 3(A)
— (368,843)— — — — — (368,843)
Gains (Losses) Included in Net Income:
Servicing revenue, net(B)
— — — — (9,332)— — (9,332)
Other income (loss)(C)
2,841 1,431 2,712 — — 2,407 — 9,391 
Purchases, Issuance and Repayments:
Repayments(11,443)— — — (34,450)— — (45,893)
Other— — 566 — 1 — — 567 
Balance at June 30, 2025$160,433 $224,666 $863,038 $— $60,940 $381,128 $— $1,690,205 
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(D)
$(2,841)$(637)$(2,712)$— $8,011 $(2,407)$— $(586)
(A)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(B)See Note 5 for further details on the components of servicing revenue, net.
(C)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 financial liabilities recorded during the period. The full fair value change during the years presented was due to factors other than instrument-specific credit risk.
(D)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.

Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansNotes Payable of CFEs - Consumer LoansMSR Financing LiabilityNotes Receivable Financing LiabilityRTL Financing LiabilityTotal
Balance at December 31, 2024$185,460 $959,958 $859,023 $— $101,088 $377,227 $— $2,482,756 
Transfers:
Transfers out of Level 3(A)
— (735,874)— — — — — (735,874)
Gains (Losses) Included in Net Income:
Servicing revenue, net(B)
— — — — (5,698)— — (5,698)
Other income(C)
(1,992)582 2,883 — — 3,901 — 5,374 
Purchases, Issuance and Repayments:
Repayments(23,035)— — — (34,450)— — (57,485)
Other— — 1,132 — — — — 1,132 
Balance at June 30, 2025$160,433 $224,666 $863,038 $— $60,940 $381,128 $— $1,690,205 
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(D)
$1,992 $(582)$(2,883)$— $3,226 $(3,901)$— $(2,148)
(A)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(B)See Note 5 for further details on the components of servicing revenue, net.
(C)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 financial liabilities recorded during the period. The full fair value change during the years presented was due to factors other than instrument-specific credit risk.
(D)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.
Excess MSRs, MSRs and MSR Financing Receivables and MSR Financing Liability Valuation

Fair value estimates of Rithm Capital’s MSRs, related MSR financing liability and Excess MSRs were based on internal pricing models. The valuation technique is based on discounted cash flows. Significant inputs used in the valuations included expectations of prepayment rates, delinquency rates, recapture rates, mortgage servicing amount or excess mortgage servicing amount of the underlying residential mortgage loans, as applicable, and discount rates that market participants would use in determining the fair values of MSRs on similar pools of residential mortgage loans. In addition, for MSRs, significant inputs included the market-level estimated cost of servicing.

Significant increases (decreases) in the discount rates, prepayment or delinquency rates, or costs of servicing, in isolation would result in a significantly lower (higher) fair value measurement, whereas significant increases (decreases) in the recapture rates or mortgage servicing amount or excess mortgage servicing amount, as applicable, in isolation would result in a significantly higher (lower) fair value measurement. Generally, a change in the delinquency rate assumption is accompanied by a directionally similar change in the assumption used for the prepayment rate.

The following tables summarize certain information regarding the ranges and weighted averages of inputs used:
June 30, 2026
Significant Inputs(A)
Prepayment Rate(B)
Delinquency(C)
Recapture Rate(D)
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps)(E)
Collateral Weighted Average Maturity (Years)(F)
Excess MSRs directly held
2.3% – 14.9%
(6.7%)
0.0% – 12.9%
(4.1%)
0.0% – 63.8%
(39.4%)
7 – 31
(21)
11 – 22
(19)
MSRs, MSR Financing Receivables and MSR Financing Liability:
GSE
2.7% – 97.6%
(7.0%)
0.0% – 100.0%
(1.8%)
7.0% – 14.5% (10.4%)
1 – 157
(29)
0 – 40
(23)
Non-Agency
1.7% – 99.9%
(8.1%)
3.0% – 100.0%
(19.3%)
0.0% – 3.9% (1.9%)
1 – 180
(41)
0 – 52
(21)
Ginnie Mae
1.4% – 88.4%
(9.0%)
38.0% – 100.0%
(9.8%)
10.5% – 29.6% (26.6%)
19 – 144
(48)
0 – 40
(26)
Total / Weighted Average—MSRs, MSR Financing Receivables and MSR Financing Liability
1.4% – 99.9%
(7.8%)
0.0% – 100.0%
(6.0%)
0.0% – 29.6% (15.0%)
1 – 180
(36)
0 – 52
(24)
December 31, 2025
Significant Inputs(A)
Prepayment Rate(B)
Delinquency(C)
Recapture Rate(D)
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps)(E)
Collateral Weighted Average Maturity (Years)(F)
Excess MSRs directly held
2.3% – 13.3%
(6.8%)
0.2% – 14.1%
(4.7%)
0.0% – 63.5%
(39.3%)
7 – 31
(21)
10 – 22
(19)
MSRs, MSR Financing Receivables and MSR Financing Liability:
GSE
2.5% – 100.0%
(7.2%)
0.0% – 100.0%
(1.8%)
7.0% – 15.0% (10.5%)
2 – 176
(29)
0 – 40
(23)
Non-Agency
1.7% – 98.3%
(8.4%)
15.0% – 100.0%
(20.5%)
0.0% – 4.4% (1.3%)
1 – 169
(42)
0 – 59
(22)
Ginnie Mae
1.9% – 97.1%
(9.6%)
44.0% – 99.0%
(10.1%)
10.5% – 32.6% (26.7%)
19 – 132
(48)
0 – 40
(26)
Total / Weighted Average—MSRs, MSR Financing Receivables and MSR Financing Liability
1.7% – 100.0%
(8.1%)
0.0% – 100.0%
(6.1%)
0.0% – 32.6% (20.0%)
1 – 176
(37)
0 – 59
(24)
(A)Weighted by fair value of the portfolio.
(B)Projected annualized weighted average lifetime voluntary and involuntary prepayment rate using a prepayment vector.
(C)Projected percentage of residential mortgage loans in the pool for which the borrower is expected to miss a mortgage payment.
(D)Percentage of voluntarily prepaid loans that are expected to be refinanced by the related servicer or subservicer, as applicable.
(E)Weighted average total mortgage servicing amount, in excess of the base fee as applicable, measured in basis points (“bps”). As of June 30, 2026 and December 31, 2025, weighted average costs of subservicing of $7.22 (range of $7.08 – $7.66) and $7.22 (range of $7.11 – $7.83), respectively, per loan per month was used to value the GSE MSRs. Weighted average costs of subservicing of $10.77 (range of $9.33 – $10.96) and $11.23 (range of $9.08 – $13.36), respectively, per loan per month was used to value the non-Agency MSRs, including MSR financing receivables. Weighted average cost of subservicing of $9.86 and $9.88, respectively, per loan per month was used to value the Ginnie Mae MSRs.
(F)Weighted average maturity of the underlying residential mortgage loans in the pool.

With respect to valuing the PHH-serviced MSRs and MSR financing receivables, which include a significant servicer advances receivable component, the cost of financing servicer advances receivable is assumed to be SOFR plus 185 bps as of June 30, 2026 and December 31, 2025.

As of June 30, 2026 and December 31, 2025, weighted average discount rates of 8.3% (range of 8.1% – 8.7%) and 8.5% (range of 8.1% – 9.0%), respectively, were used to value Rithm Capital’s Excess MSRs. As of June 30, 2026 and December 31, 2025, weighted average discount rates of 8.0% (range of 7.6% – 9.6%) and 8.4% (range of 8.0% - 10.3%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables.

All of the assumptions listed have some degree of market observability, based on Rithm Capital’s knowledge of the market, relationships with market participants and use of common market data sources. Rithm Capital uses assumptions that generate its best estimate of future cash flows for each investment in MSRs and related MSR financing liability and Excess MSRs.
When valuing these assets, Rithm Capital uses the following criteria to determine the significant inputs:
 
•Prepayment Rate: Prepayment rate projections are in the form of a “vector” that varies over the expected life of the pool. The prepayment vector specifies the percentage of the collateral balance that is expected to prepay voluntarily (i.e., pay off) and involuntarily (i.e., default) at each point in the future. The prepayment vector is based on assumptions that reflect macroeconomic conditions like home price appreciation, current level of interest rates as well as loan level factors such as the borrower’s interest rate, Fair Isaac Corporation (“FICO”) score, LTV ratio, debt-to-income ratio and vintage on a loan level basis. Rithm Capital considers historical prepayment experience associated with the collateral when determining this vector and also reviews industry research on the prepayment experience of similar loan pools. This data is obtained from remittance reports, market data services and other market sources.

•Delinquency Rates: For existing mortgage pools, delinquency rates are based on the recent pool-specific experience of loans that missed their latest mortgage payments. Delinquency rate projections are in the form of a “vector” that varies over the expected life of the pool. The delinquency vector specifies the percentage of the UPB that is expected to be delinquent each month. The delinquency vector is based on assumptions that reflect macroeconomic conditions, the historical delinquency rates for the pools and the underlying borrower characteristics such as the FICO score and LTV ratio. For the recapture agreements and recaptured loans, delinquency rates are based on the experience of similar loan pools originated by Rithm Capital’s servicers and subservicers and delinquency experience over the past year. Rithm Capital believes this time period provides a reasonable sample for projecting future delinquency rates while taking into account current market conditions. Additional consideration is given to loans that are expected to become 30 or more days delinquent.

•Recapture Rates: Recapture rates are based on actual average recapture rates experienced by Rithm Capital’s servicers and subservicers on similar residential mortgage loan pools. Generally, Rithm Capital looks to three to six months’ worth of actual recapture rates, which it believes provides a reasonable sample for projecting future recapture rates while taking into account current market conditions. Recapture rate projections are in the form of a “vector” that varies over the expected life of the pool. The recapture vector specifies the percentage of the refinanced loans that have been recaptured within the pool by the servicer or subservicer. The recapture vector takes into account the nature and timeline of the relationship between the borrowers in the pool and the servicer or subservicer, the customer retention programs offered by the servicer or subservicer and the historical recapture rates.

•Mortgage Servicing Amount or Excess Mortgage Servicing Amount: For existing mortgage pools, mortgage servicing amount and excess mortgage servicing amount projections are based on the actual total mortgage servicing amount, in excess of a base fee as applicable. For loans expected to be refinanced by the related servicer or subservicer and subject to a recapture agreement, Rithm Capital considers the mortgage servicing amount or excess mortgage servicing amount on loans recently originated by the related servicer over the past three months and other general market considerations. Rithm Capital believes this time period provides a reasonable sample for projecting future mortgage servicing amounts and excess mortgage servicing amounts while taking into account current market conditions.

•Discount Rate: The discount rates used by Rithm Capital are derived from market data on pricing of MSRs backed by similar collateral.

•Cost of subservicing: The costs of subservicing used by Rithm Capital are based on available market data for various loan types and delinquency statuses.

Rithm Capital uses different prepayment and delinquency assumptions in valuing the MSRs and Excess MSRs, relating to the original loan pools, the recapture agreements and the MSRs and Excess MSRs, relating to recaptured loans. The prepayment rate and delinquency rate assumptions differ because of differences in the collateral characteristics, refinance potential and expected borrower behavior for original loans and loans which have been refinanced. The assumptions for recapture and discount rates when valuing MSRs and Excess MSRs and recapture agreements are based on historical recapture experience and market pricing.
The following table summarizes the estimated change in fair value of Rithm Capital’s interests in GSE MSRs, owned as of June 30, 2026, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at June 30, 2026
$6,483,683 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$7,001,132 $6,732,858 $6,251,817 $6,035,666 
Change in Estimated Fair Value:
Amount$517,449 $249,175 $(231,866)$(448,017)
Percentage8.0 %3.8 %(3.6)%(6.9)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$6,869,476 $6,668,560 $6,313,013 $6,154,952 
Change in Estimated Fair Value:
Amount$385,793 $184,877 $(170,670)$(328,731)
Percentage6.0 %2.9 %(2.6)%(5.1)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$6,506,440 $6,495,231 $6,471,814 $6,459,640 
Change in Estimated Fair Value:
Amount$22,757 $11,548 $(11,869)$(24,043)
Percentage0.4 %0.2 %(0.2)%(0.4)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$6,439,663 $6,461,673 $6,505,693 $6,527,704 
Change in Estimated Fair Value:
Amount$(44,020)$(22,010)$22,010 $44,021 
Percentage(0.7)%(0.3)%0.3 %0.7 %

The following table summarizes the estimated change in fair value of Rithm Capital’s interests in non-Agency MSRs, including MSR financing receivables, owned as of June 30, 2026, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at June 30, 2026
$981,266 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$1,079,309 $1,028,146 $938,199 $898,537 
Change in Estimated Fair Value:
Amount$98,043 $46,880 $(43,067)$(82,729)
Percentage10.0 %4.8 %(4.4)%(8.4)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$1,038,141 $1,008,793 $955,386 $930,999 
Change in Estimated Fair Value:
Amount$56,875 $27,527 $(25,880)$(50,267)
Percentage5.8 %2.8 %(2.6)%(5.1)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$985,224 $983,386 $978,933 $976,439 
Change in Estimated Fair Value:
Amount$3,958 $2,120 $(2,333)$(4,827)
Percentage0.4 %0.2 %(0.2)%(0.5)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$980,212 $980,739 $981,793 $982,320 
Change in Estimated Fair Value:
Amount$(1,054)$(527)$527 $1,054 
Percentage(0.1)%(0.1)%0.1 %0.1 %
The following table summarizes the estimated change in fair value of Rithm Capital’s interests in Ginnie Mae MSRs, owned as of June 30, 2026, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at June 30, 2026
$3,626,534 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$3,912,867 $3,764,383 $3,498,304 $3,378,793 
Change in Estimated Fair Value:
Amount$286,333 $137,849 $(128,230)$(247,741)
Percentage7.9 %3.8 %(3.5)%(6.8)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$3,802,089 $3,709,558 $3,551,359 $3,482,754 
Change in Estimated Fair Value:
Amount$175,555 $83,024 $(75,175)$(143,780)
Percentage4.8 %2.3 %(2.1)%(4.0)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$3,678,346 $3,652,356 $3,600,957 $3,575,606 
Change in Estimated Fair Value:
Amount$51,812 $25,822 $(25,577)$(50,928)
Percentage1.4 %0.7 %(0.7)%(1.4)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$3,553,940 $3,590,237 $3,662,831 $3,699,128 
Change in Estimated Fair Value:
Amount$(72,594)$(36,297)$36,297 $72,594 
Percentage(2.0)%(1.0)%1.0 %2.0 %

Each of the preceding sensitivity analyses is hypothetical and is provided for illustrative purposes only. There are certain limitations inherent in the sensitivity analyses presented. In particular, the results are calculated by stressing a particular economic assumption independent of changes in any other assumption; in practice, changes in one factor may result in changes in another, which might counteract or amplify the sensitivities. Also, changes in the fair value based on a 10% variation in an assumption generally may not be extrapolated because the relationship of the change in the assumption to the change in fair value may not be linear.

Servicer Advance Investments Valuation

Rithm Capital uses internal pricing models to estimate the future cash flows related to the servicer advance investments that incorporate significant unobservable inputs and include assumptions that are inherently subjective and imprecise. Rithm Capital’s estimations of future cash flows include the combined cash flows of all of the components that comprise the servicer advance investments: existing advances, the requirement to purchase future advances, the recovery of advances and the right to the base fee component of the related MSR. The factors that most significantly impact the fair value include (i) the rate at which the servicer advance balance changes over the term of the investment, (ii) the UPB of the underlying loans with respect to which Rithm Capital has the obligation to make advances and owns the base fee component of the related MSR which, in turn, is driven by prepayment rates and (iii) the percentage of delinquent loans with respect to which Rithm Capital owns the base fee component of the related MSR. The valuation technique is based on discounted cash flows. Significant inputs used in the valuations included the assumptions used to establish the aforementioned cash flows and discount rates that market participants would use in determining the fair values of servicer advance investments.

Significant increases (decreases) in the advance balance-to-UPB ratio, prepayment rate, delinquency rate or discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. Generally, a change in the delinquency rate assumption is accompanied by a directionally similar change in the assumption used for the advance balance-to-UPB ratio.
The following table summarizes certain information regarding the ranges and weighted averages of significant inputs used in valuing the servicer advance investments, including the base fee component of the related MSRs:
Significant Inputs
Outstanding
Servicer Advances
to UPB of Underlying
Residential Mortgage
Loans
Prepayment Rate(A)
Delinquency
Mortgage Servicing Amount(B)
Discount
Rate
Collateral Weighted Average Maturity (Years)(C)
June 30, 2026
2.1%
4.9%
17.4%
19.9 bps
6.5%
20.2
December 31, 2025
2.0%
4.5%
17.9%
19.9 bps
6.5%
20.5
(A)Projected annual weighted average lifetime voluntary and involuntary prepayment rate using a prepayment vector.
(B)Mortgage servicing amount is net of 3.7 bps and 4.6 bps which represent the amounts Rithm Capital paid its servicers as a monthly servicing fee as of June 30, 2026 and December 31, 2025, respectively.
(C)Weighted average maturity of the underlying residential mortgage loans in the pool.
The valuation of the servicer advance investments also takes into account the performance fee paid to the servicer, which is based on the Company’s equity returns and therefore is impacted by relevant financing assumptions such as LTV ratio and interest rate as well as advance-to-UPB ratio. All of the assumptions listed have some degree of market observability, based on Rithm Capital’s knowledge of the market, relationships with market participants and use of common market data sources. The prepayment rate, the delinquency rate and the advance-to-UPB ratio projections are in the form of “curves” or “vectors” that vary over the expected life of the underlying mortgages and related servicer advances. Rithm Capital uses assumptions that generate its best estimate of future cash flows for each servicer advance investment, including the base fee component of the related MSR.

When valuing servicer advance investments, Rithm Capital uses the following criteria to determine the significant inputs:
 
•Servicer advance balance: Servicer advance balance projections are in the form of a “vector” that varies over the expected life of the residential mortgage loan pool. The servicer advance balance projection is based on assumptions that reflect factors such as the borrower’s expected delinquency status, the rate at which delinquent borrowers re-perform or become current again, servicer modification offer and acceptance rates, liquidation timelines and the servicers’ stop advance and clawback policies.

•Prepayment Rate: Prepayment rate projections are in the form of a “vector” that varies over the expected life of the pool. The prepayment vector specifies the percentage of the collateral balance that is expected to prepay voluntarily (i.e., pay off) and involuntarily (i.e., default) at each point in the future. The prepayment vector is based on assumptions that reflect macroeconomic conditions and factors such as the borrower’s FICO score, LTV ratio, debt-to-income ratio and vintage on a loan level basis. Rithm Capital considers collateral-specific prepayment experience when determining this vector.

•Delinquency Rates: For existing mortgage pools, delinquency rates are based on the recent pool-specific experience of loans that missed recent mortgage payment(s) as well as loan- and borrower-specific characteristics such as the borrower’s FICO score, the LTV ratio, debt-to-income ratio, occupancy status, loan documentation, payment history and previous loan modifications. Rithm Capital believes the time period utilized provides a reasonable sample for projecting future delinquency rates while taking into account current market conditions.

•Mortgage Servicing Amount: Mortgage servicing amounts are contractually determined on a pool-by-pool basis. Rithm Capital projects the weighted average mortgage servicing amount based on its projections for prepayment rates.

•SOFR: The performance-based incentive fees on servicer advance investments portfolios serviced by Rocket Companies, Inc., as successor by merger to Mr. Cooper Group Inc., are driven by SOFR-based factors. The SOFR curves used are widely used by market participants as reference rates for many financial instruments.

•Discount Rate: The discount rates used by Rithm Capital are derived from market data on pricing of MSRs backed by similar collateral and the advances made thereon.
Real Estate and Other Securities Valuation

Real estate and other securities valuation methodology and results are detailed below. Increased (decreased) prepayment speeds, default rates or loss severity assumptions would decrease (increase) valuations. Generally, a change in default rate assumption is accompanied by a directionally similar change in loss severity assumptions. Treasury securities are valued using market-based prices published by the U.S. Department of the Treasury and are classified as Level 1.
Fair Value
Asset TypeOutstanding Face AmountAmortized Cost Basis
Multiple Quotes(A)
Single Quote(B)
TotalLevel
June 30, 2026
Government-backed securities(C)
$4,950,720 $4,839,269 $4,887,937 $— $4,887,937 2 
CLOs(D)
410,780 405,558 293,431 135,645 429,076 2 & 3
Non-Agency and other securities(D)
8,272,017 759,996 788,520 23,174 811,694 3 
Insurance company investments - securities(E)
591,355 189,567 186,753 — 186,753 2 & 3
Total$14,224,872 $6,194,390 $6,156,641 $158,819 $6,315,460 
December 31, 2025
Government-backed securities(C)
$5,230,355 $5,119,755 $5,230,139 $— $5,230,139 2 
CLOs(D)
364,189 355,912 249,452 112,828 362,280 2 & 3
Non-Agency and other securities(D)
8,507,851 701,105 732,597 27,036 759,633 3 
Insurance company investments - securities(E)
143,399 129,616 129,662 — 129,662 2 & 3
Total$14,245,794 $6,306,388 $6,341,850 $139,864 $6,481,714 
(A)Rithm Capital generally obtains pricing service quotations or broker quotations from two sources. Rithm Capital evaluates quotes received, determines one as being most representative of fair value and does not use an average of the quotes. Even if Rithm Capital receives two or more quotes on a particular security that come from non-selling brokers or pricing services, it does not use an average because it believes using an actual quote more closely represents a transactable price for the security than an average level. Furthermore, in some cases, for non-Agency securities, there is a wide disparity between the quotes Rithm Capital receives. Rithm Capital believes using an average of the quotes in these cases would not represent the fair value of the asset. Based on Rithm Capital’s own fair value analysis, it selects one of the quotes which is believed to most accurately reflect fair value. Rithm Capital has not adjusted any of the quotes received in the periods presented. These quotations are generally received via email and contain disclaimers which state that they are “indicative” and not “actionable” — meaning that the party giving the quotation is not bound to purchase the security at the quoted price. Rithm Capital’s investments in government-backed securities are classified within Level 2 of the fair value hierarchy because the market for these securities is active and market prices are readily observable.

The third-party pricing services and brokers engaged by Rithm Capital (collectively, “valuation providers”) use either the income approach or the market approach, or a combination of the two, in arriving at their estimated valuations of securities. Valuation providers using the market approach generally look at prices and other relevant information generated by market transactions involving identical or comparable assets. Valuation providers using the income approach create pricing models that generally incorporate such assumptions as discount rates, expected prepayment rates, expected default rates and expected loss severities. Rithm Capital has reviewed the methodologies utilized by its valuation providers and has found them to be consistent with GAAP requirements. In addition to obtaining multiple quotations, when available, and reviewing the valuation methodologies of its valuation providers, Rithm Capital creates its own internal pricing models for Level 3 securities and uses the outputs of these models as part of its process of evaluating the fair value estimates it receives from its valuation providers. These models incorporate the same types of assumptions as the models used by the valuation providers, but the assumptions are developed independently. These assumptions are regularly refined and updated at least quarterly by Rithm Capital and reviewed by its independent valuation group, which is separate from its investment acquisition and management group, to reflect market developments and actual performance.

For 92.2% and 78.0% of non-Agency securities as of June 30, 2026 and December 31, 2025, respectively, the ranges and weighted averages of assumptions used by Rithm Capital’s valuation providers are summarized in the table below. The assumptions used by Rithm Capital’s valuation providers with respect to the remainder of non-Agency securities were not readily available.
Fair ValueDiscount Rate
Prepayment Rate(a)
CDR(b)
Loss Severity(c)
June 30, 2026$748,194 
4.6% – 18.0%
(6.5%)
0.0% – 25.0%
(11.5%)
0.0% – 5.3%
(0.3%)
0.0% – 55.0%
(11.0%)
December 31, 2025$592,302 
4.2% – 18.0%
(6.6%)
0.0% – 25.0%
(9.2%)
0.0% – 5.3%
(0.3%)
0.0% – 55.0%
(11.0%)
(a)Represents the annualized rate of the prepayments as a percentage of the total principal balance of the pool.
(b)The conditional default rate (“CDR”) represents the annualized rate of the involuntary prepayments (defaults) as a percentage of the total principal balance of the pool.
(c)Represents the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of loss relative to the outstanding balance of the loans in default.

(B)Rithm Capital was unable to obtain quotations from more than one source on these securities.
(C)Presented within government and government-backed securities on the consolidated balance sheets.
(D)Presented within other assets on the consolidated balance sheets.
(E)Presented within insurance company investments, at fair value on the consolidated balance sheets.

Residential Mortgage Loans Valuation

Rithm Capital, through Newrez, originates residential mortgage loans that it intends to sell into the Agencies mortgage-backed securitizations. Residential mortgage loans HFS, at fair value are typically pooled together and sold into certain exit markets, depending upon underlying attributes of the loan, such as agency eligibility, product type, interest rate and credit quality. Newrez also originates non-qualified residential mortgage (“Non-QM”) loans that do not meet the qualified mortgage rules per the Consumer Financial Protection Bureau that it intends to sell to private investors. Residential mortgage loans HFS, at fair value are valued using a market approach by utilizing either: (i) the fair value of securities backed by similar mortgage loans, adjusted for certain factors to approximate the fair value of a whole mortgage loan, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted for credit risk and other individual loan characteristics. As these prices are derived from market observable inputs, Rithm Capital classifies these valuations as Level 2 in the fair value hierarchy. Originated residential mortgage loans HFS for which there is little to no observable trading activity of similar instruments are valued using Level 3 measurements based upon (i) internal pricing models to forecast loan level cash flows using inputs, such as default rates, prepayments speeds and discount rates, or (ii) consensus pricing (broker quotes) or historical sale transactions for similar loans.

Residential mortgage loans HFS, at fair value, also include non-conforming seasoned mortgage loans acquired and identified for securitization, which are valued using internal pricing models to forecast loan level cash flows based on a potential securitization exit using inputs such as default rates, prepayments speeds and discount rates, and may include adjustments based on consensus pricing (broker quotes). Residential mortgage loans HFI, at fair value, include non-conforming seasoned mortgage loans acquired and not identified for sale or securitization, which are valued using internal pricing models to forecast loan level cash flows using inputs such as default rates, prepayments speeds and discount rates, and may include adjustments based on consensus pricing (broker quotes). As the internal pricing models are based on certain unobservable inputs, Rithm Capital classifies these valuations as Level 3 in the fair value hierarchy.

For non-performing loans, asset liquidation cash flows are derived based on the estimated time to liquidate the loan, the estimated value of the collateral, expected costs and estimated home price levels. Estimated cash flows for both performing and non-performing loans are discounted at yields considered appropriate to arrive at a reasonable exit price for the asset. Rithm Capital classifies these valuations as Level 3 in the fair value hierarchy.

Significant increases (decreases) in prepayment rates, delinquency rates or discount rates, in isolation, would result in a significantly lower (higher) fair value measurement. Generally, a change in default rate assumption is accompanied by a directionally similar change in loss severity assumptions.

The following tables summarize certain information regarding the ranges and weighted averages of inputs (weighted by fair value) used in valuing residential mortgage loans HFS, at fair value classified as Level 3 as of June 30, 2026:
Performing LoansFair ValueDiscount RatePrepayment RateCDRLoss Severity
Acquired loans$17,153 
6.7% – 9.1%
(7.9%)
4.1% – 6.7%
(5.6%)
0.8% – 4.5%
(2.3%)
36.5% – 63.1%
(44.8%)
Non-Performing LoansFair ValueDiscount RateAnnual Change in Home PricesCDRCurrent Value of Underlying Properties
Acquired loans$7,142 
9.1% – 9.3%
(9.2%)
(0.3)% – 4.3%
(1.2%)
4.5% – 5.0%
(4.7%)
270.8% – 296.2%
(278.7%)
The following tables summarize certain information regarding the ranges and weighted averages of inputs (weighted by fair value) used in valuing residential mortgage loans HFS, at fair value classified as Level 3 as of December 31, 2025:
Performing LoansFair ValueDiscount RatePrepayment RateCDRLoss Severity
Acquired loans$18,002 
6.1% – 8.3%
(6.8%)
4.3% – 7.0%
(6.4%)
0.9% – 2.3%
(1.9%)
19.0% – 46.1%
(33.8%)
Non-Performing LoansFair ValueDiscount RateAnnual Change in Home PricesCDRCurrent Value of Underlying Properties
Acquired loans$7,154 
10.5% – 12.9%
(12.0%)
3.3% – 4.3%
(4.0%)
4.8% – 6.6%
(6.0%)
300.7% – 306.3%
(302.8%)

The following table summarizes certain information regarding the ranges and weighted averages of inputs (weighted by fair value) used in valuing residential mortgage loans HFI, at fair value classified as Level 3:
Fair ValueDiscount RatePrepayment RateCDRLoss Severity
June 30, 2026$294,416 
6.7% – 9.3%
(8.0%)
4.8% – 6.7%
(5.6%)
0.8% – 5.0%
(1.8%)
36.5% – 46.5%
(41.6%)
December 31, 2025$324,688 
6.1% – 10.5%
(7.5%)
5.0% – 7.0%
(6.9%)
0.9% – 4.8%
(1.8%)
28.6% – 46.1%
(39.2%)

Consumer Loans Valuation

Consumer loans are valued using internal discounted cash flow pricing models with inputs such as default rates, prepayments speeds and discount rates. Elevated (deflated) default rates or reduced (increased) recovery rates (particularly for unsecured portfolios) would depress (increase) fair value. Default rate changes are often inversely correlated with recovery rate adjustments. The following table summarizes certain information regarding the ranges and weighted averages of inputs (weighted by UPB) used in valuing consumer loans, at fair value classified as Level 3 as of June 30, 2026:
Fair ValueDiscount RatePrepayment RateCDR
Loss Severity(A)
SpringCastle$147,302 
9.2% – 10.2%
(9.4%)
12.6% – 40.2%
(14.0%)
1.0% – 9.1%
(5.8%)
72.4% - 100.0%
(91.6%)
Marcus97,169 
7.4% - 17.6%
(8.7%)
0.0% - 22.0%
(9.1%)
3.0% - 62.0%
(37.5%)
87.5%
Upgrade462,640 
1.5% - 15.0%
(7.3%)
2.7% - 33.4%
(19.7%)
0.9% - 7.2%
(3.7%)
90.0%
Consumer Loans, at Fair Value$707,111 
(A)Loss severity is the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of realized loss relative to the outstanding loan balance in default.

The following table summarizes certain information regarding the ranges and weighted averages of inputs (weighted by UPB) used in valuing consumer loans, at fair value classified as Level 3 as of December 31, 2025:
Fair ValueDiscount RatePrepayment RateCDR
Loss Severity(A)
SpringCastle$167,807 
9.2% – 10.2%
(9.4%)
12.1% – 39.5%
(13.5%)
3.2% – 25.9%
(5.5%)
80.8% – 100.0%
(92.7%)
Marcus166,473 
7.5% – 17.6%
(8.5%)
0.0% – 22.0%
(11.2%)
3.0% – 62.0%
(31.7%)
87.5%
Upgrade450,119 
6.8% – 16.9%
(7.8%)
2.7% – 34.0%
(17.9%)
0.9% – 7.5%
(3.4%)
90.0%
Consumer Loans, at Fair Value$784,399 
(A)Loss severity is the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of realized loss relative to the outstanding loan balance in default.
Residential Transition Loans and RTL Financing Liability Valuation

Rithm Capital classifies certain RTLs and related financing liability as Level 3 in the fair value hierarchy. Performing RTLs are valued using an income approach through internal pricing models to forecast cash flows with inputs such as default rates, prepayments speeds and discount rates, and may include adjustments based on consensus pricing (broker quotes). Non-performing RTLs, with UPB of $96.7 million and fair value of $87.1 million as of June 30, 2026 and UPB of $100.9 million and fair value of $89.6 million as of December 31, 2025, were valued using estimated liquidation cash flows, derived based on the estimated value of the collateral and adjusted for estimated recoveries, costs and time to liquidate the assets.

Significant increases (decreases) in default rates, loss severity assumptions or discount rates, in isolation, would result in a significantly lower (higher) fair value measurement. Generally, a change in default rate assumption is accompanied by a directionally similar change in loss severity assumptions.

The following table summarizes certain information regarding the weighted averages of inputs (weighted by fair value) used in valuing performing RTLs and related financing liability, at fair value classified as Level 3 as of June 30, 2026:
Fair ValueDiscount RatePrepayment RateCDRLoss Severity
RTLs$3,745,172 
7.6% – 7.7%
(7.7%)
0.0% – 50.0%
(47.9%)
0.0% – 1.8%
(0.5%)
25.0%
RTL investments of consolidated entities - funds385,590 7.8%45.0%0.5%25.0%
RTL financing liability(A)
19,240 7.6%50.0%0.5%25.0%
(A)Excludes $56.6 million of financing liability related to a strategic partnership for which the Company elected FVO. As of June 30, 2026, the amortized cost approximated fair value.

The following table summarizes certain information regarding the weighted averages of inputs (weighted by fair value) used in valuing performing RTLs, at fair value classified as Level 3 as of December 31, 2025:

Fair ValueDiscount RatePrepayment RateCDRLoss Severity
RTLs$2,610,258 
7.9% – 8.0%
(7.9%)
0.0% – 50.0%
(46.8%)
0.0% – 1.8%
(0.5%)
25.0%
RTL investments of consolidated entities - funds287,721 7.9%50.0%0.5%25.0%
RTL financing liability(A)
36,150 7.9%50.0%0.5%25.0%
(A)Excludes $46.3 million of financing liability related to a strategic partnership for which the Company elected fair value option. As of December 31, 2025, the amortized cost approximated fair value.

Insurance Company Investments - Private Credit and Commercial Mortgage Loans Valuation

Private investments and commercial mortgage loans held for less than six months are generally measured at fair value using the transaction price, net of transaction costs, plus any accrued interest and upfront fees (including original issue discount) and warrant carve-out accretion, which the Company believes represents fair value at initial recognition. Such investments and loans are not subject to third-party valuation review unless a significant event or change in circumstances occurs that would indicate the transaction price is no longer representative of fair value. As of June 30, 2026 and December 31, 2025, the Company held fair value of $132.7 million and $218.6 million of such instruments, respectively.

For other private investments and commercial mortgage loans classified as Level 3 within the fair value hierarchy, fair value is determined using valuation techniques consistent with U.S. GAAP requirements, including income approaches (such as discounted cash flow analyses) and/or market approaches (such as the guideline public company method and guideline transaction method). These valuation techniques maximize the use of relevant observable inputs and minimize the use of unobservable inputs to the extent practicable.

Fair values are determined by independent third-party valuation specialists using income and market approaches. The valuation specialists may incorporate significant unobservable inputs, such as discount rates, recovery assumptions, valuation multiples, and liquidity adjustments, depending on the nature of the investment and the availability of market data. Since the valuation models used by these specialists are proprietary, the Company does not have visibility into all unobservable inputs. The primary unobservable input evaluated by the Company is the discount rate used to estimate the present value of expected cash flows. Higher discount rates generally decrease fair value, while lower discount rates increase fair value.
Since these inputs are not directly observable and often reflect borrower or issuer‑specific factors, the resulting fair value measurements are inherently subjective. Unobservable inputs used in the valuation models can be interrelated. For example, weaker operating performance may be associated with higher discount rates, lower recovery expectations or reduced valuation multiples, which can magnify the effect of changes in inputs on the fair value measurement. The Company reviews the methodologies and assumptions provided by its valuation specialists and assesses whether the resulting fair values are reasonable in the context of current market conditions.

The following table summarizes certain information regarding the range and weighted average of the discount rates (weighted by fair value) used in valuing private credit, at fair value and commercial mortgage loans, HFI, at fair value classified as Level 3:
Fair ValueDiscount Rate
June 30, 2026$793,687 
8.3% – 21.1%
(10.9%)
December 31, 2025$551,342 
8.2% – 45.1%
(11.3%)

Funds Withheld and Modified Coinsurance Agreement Embedded Derivatives

Funds withheld and modified coinsurance agreement embedded derivatives represent the right to receive or obligation to pay the total return on the assets supporting the funds withheld and modified coinsurance agreement and are analogous to a total return swap with a floating rate leg. The fair value of embedded derivatives on funds withheld and modified coinsurance agreement is measured as the unrealized gain (loss) on the underlying assets and classified as Level 3.

FIA - Embedded Derivative

Significant unobservable inputs used in the FIA embedded derivative valuation include:
•Non-performance risk - For contracts Crestline issues, it uses the credit spread, relative to the U.S. Treasury curve based on Crestline's public credit rating as of the valuation date. This represents Crestline's credit risk for use in the estimate of the fair value of embedded derivatives.
•Option budget - Crestline assumes future hedge costs in the derivative's fair value estimate. The level of option budgets determines the future costs of the options and impacts future policyholder account value growth.
•Policyholder behavior - Crestline regularly reviews the full withdrawal (surrender rate) assumptions. These are based on initial pricing assumptions updated for actual experience. Actual experience may be limited for recently issued products.

Derivatives and Hedging Valuation

Rithm Capital enters into economic hedges including interest rate swaps, caps and TBAs, which are categorized as Level 2 in the valuation hierarchy. Rithm Capital generally values such derivatives using quotations, similarly to the method of valuation used for Rithm Capital’s other assets that are classified as Level 2 in the fair value hierarchy.

Other commitments relate to (i) derivative arrangements with an affiliate and a third party, which could require the Company or a subsidiary to make payments under certain circumstances dependent upon amounts realized from an investment or net asset value, subject to defined caps and certain other conditions and (ii) a consolidated joint venture with a third party to invest in an affiliated fund that is subject to a redemption right after a certain period and is separately accounted for as a derivative. These are classified as Level 3 in the fair value hierarchy, valued (i) at the excess of cost basis over the intrinsic value of the underlying investment or adverse change in net asset value subject to defined caps and (ii) using a simulated Monte Carlo model by independent pricing services, respectively. In addition, Rithm Capital enters into IRLCs, which are valued using internal pricing models (i) incorporating market pricing for instruments with similar characteristics, (ii) estimating the fair value of the servicing rights expected to be recorded at sale of the loan and (iii) adjusting for anticipated loan funding probability. Both the fair value of servicing rights expected to be recorded at the date of sale of the loan and anticipated loan funding probability are significant unobservable inputs and therefore, IRLCs are classified as Level 3 in the fair value hierarchy.
The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing IRLCs:
Fair ValueLoan Funding ProbabilityFair Value of Initial Servicing Rights (bps)
June 30, 2026$33,757 
3.4% – 100.0%
(82.7%)
1.0 – 372.9
(209.5)
December 31, 2025$21,449 
4.2% – 100.0%
(84.6%)
4.1 – 403.9
(247.4)

Asset-Backed Securities Issued

As of June 30, 2026 and December 31, 2025, Rithm Capital was the primary beneficiary of the SCFT 2020-A (as defined in Note 19) securitization, and therefore, Rithm Capital’s consolidated balance sheets include the asset-backed securities issued by the trust in the SCFT 2020-A securitization. Rithm Capital elected the FVO for the securities and valued them consistently with non-Agency securities described above.

The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing asset-backed securities issued:
Fair ValueDiscount RatePrepayment RateCDRLoss Severity
June 30, 2026$126,140 6.3%14.0%5.8%91.6%
December 31, 2025$143,442 5.5%13.5%5.5%92.7%

Notes Receivable, Notes Receivable Financing Liability and Loans Receivable

From time to time, Rithm Capital purchases notes and loans receivable that are generally collateralized by CRE assets. Rithm Capital generally uses internal discounted cash flow pricing models to estimate the fair value of notes receivable, notes receivable financing liability and loans receivable. Due to the fact that the fair value of Rithm Capital’s notes receivable, notes receivable financing liability and loans receivable are based significantly on unobservable inputs, these are classified as Level 3 in the fair value hierarchy.

Future cash flows are generally estimated using contractual economic terms as well as significant unobservable inputs, such as the underlying collateral performance. Other significant unobservable inputs include discount rates which estimate the market participants’ required rates of return.

The following table summarizes certain information regarding the fair value and significant inputs used in valuing Rithm Capital’s notes receivable, notes receivable financing liability and loans receivable:
Fair Value Discount Rate
June 30, 2026
Notes receivable$481,123 
8.4% - 14.1%
(9.4%)
Notes receivable financing liability387,817 5.6%
Loans receivable11,742 12.0%
December 31, 2025
Notes receivable$460,631 
7.8% - 13.6%
(8.8%)
Notes receivable financing liability382,512 5.1%
Loans receivable11,396 12.0%
Equity Investments at Fair Value

The Company holds a 70% interest in a limited liability company (the “Credit Risk Transfer LLC”), structured as a credit risk transfer transaction, which directly or indirectly holds and finances exposures to residential mortgage loans through warehouse facilities and repurchase agreements. This equity investment is measured at fair value under the FVO election. The investment is valued using an internal discounted cash flow pricing model to estimate the fair value of the investment. As of June 30, 2026 and December 31, 2025, the fair value of the investment was $194.1 million and $194.3 million, respectively. As the discount rates of 10.7% and 10.4% used to estimate the fair value of the investment as of June 30, 2026 and December 31, 2025, respectively, were significant unobservable inputs, this investment was classified as Level 3 in the fair value hierarchy.

Other Consolidated Funds

The Company has an interest in a consolidated joint venture that holds an investment in an affiliated real estate fund. The Company measures the investment using the NAV per share pursuant to the practical expedient. While the NAV is intended to reflect the fair value of the underlying fund’s net assets, such value is subject to estimation uncertainty and may differ from values that would be realized upon a liquidation of the underlying investments.

The following table summarizes the fair value of the investments by fund type and ability to redeem such investments:
June 30, 2026December 31, 2025
Fund TypeFair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption Notice Period
Open-ended$205,807 Monthly
2 business days
$104,177 Monthly
2 business days

Consolidated CFE - Funds

Sculptor’s consolidated structured alternative investment solution, a CFE, holds investments in funds measured at fair value using the NAV per share of the underlying funds, as a practical expedient.

The following table summarizes the fair value of the investments by fund type and ability to redeem such investments:
June 30, 2026December 31, 2025
Fund Type(A)
Fair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption Notice Period
Open-ended$155,786 
Monthly – Annually
30 days – 90 days
$162,055 
Monthly - Annually
30 days - 90 days
Closed-ended177,014 
None(B)
N/A162,805 
None(B)
N/A
Total$332,800 $324,860 
(A)The structured alternative investment solution invests in both open-ended and closed-ended funds. The investments in each fund may represent investments in a particular tranche of such fund subject to different withdrawal rights.
(B)100% of these investments cannot be redeemed, as distributions will be received as the underlying assets are liquidated, which is expected to be approximately 7 to 9 years from inception.

As of June 30, 2026 and December 31, 2025, the structured alternative investment solution had unfunded commitments of $21.8 million and $28.1 million, respectively, related to the closed-ended funds presented in the table above, which will be funded by capital within the consolidated funds from its underlying open-ended funds and liquid assets.
As of June 30, 2026 and December 31, 2025, notes payable of the structured alternative investment solution with a fair value of $192.2 million and $203.7 million, respectively, were valued using independent pricing services and are classified as Level 3. The Company measures the financial liabilities of its consolidated structured alternative investment solution based on the fair value of the financial assets of the consolidated entity under the CFE election, as the Company believes the fair value of the financial assets is more observable. The notes payable of consolidated CLOs had a fair value of $408.6 million and $751.6 million as of June 30, 2026 and December 31, 2025, respectively, and were valued using independent pricing services. As of June 30, 2026 and December 31, 2025, the Company measured the financial liabilities of its consolidated CLOs based on the fair value of the financial assets of its consolidated CLOs under the CFE election, as the Company believes the fair value of the financial assets were more observable and were classified as Level 2. The Company performs analytical procedures and compares independent pricing service valuations to other vendors’ pricing as applicable. The Company also performs due diligence reviews on independent pricing services on an annual basis and performs other due diligence procedures as may be deemed necessary. Notes payable of such consolidated CFEs are included in notes payable, at fair value and other liabilities on the Company’s consolidated balance sheets. Unrealized gain (loss) from changes in fair value and related interest is included in realized and unrealized gains (losses), net in the Company’s consolidated statements of operations. Refer to Note 19 for further details.

Consolidated CFE - Loan Securitizations

Rithm Capital has securitized certain residential mortgage loans, RTLs and consumer loans which are held as part of consolidated CFEs. A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity, and the beneficial interests have contractual recourse only to the related assets of the CFE. GAAP allows entities to elect to measure both the financial assets and financial liabilities of the CFE using the more observable of the fair value of the financial assets and the fair value of the financial liabilities of the CFE. Rithm Capital has elected the FVO for initial and subsequent recognition of the debt issued by its consolidated securitization trusts and has determined that the consolidated securitization trusts meet the definition of a CFE. See Note 19 for further details regarding VIEs and securitization trusts. Rithm Capital determined the inputs to the fair value measurement of the financial liabilities of its consolidated CFEs to be more observable than those of the financial assets and, as a result, has used the fair value of the financial liabilities of the consolidated CFE to measure the fair value of the financial assets of the consolidated CFE. The fair value of the debt issued by the consolidated CFE is typically valued using external pricing data, which includes third-party valuations.

The securitized residential mortgage loans, RTLs and consumer loans, which are assets of the consolidated CFEs, are included in investments, at fair value and other assets, on the Company’s consolidated balance sheets. The notes issued by the consolidated CFEs are included in notes payable, at fair value and other liabilities on the Company’s consolidated balance sheets. Unrealized gains (losses) from changes in fair value of the notes issued and assets of the consolidated CFEs and related interest are included in realized and unrealized gains (losses), net in the Company’s consolidated statements of operations.

The securitized residential mortgage loans and the notes issued by the Company’s CFEs are classified as Level 2:
Residential Mortgage Loan SecuritizationsInvestments at Fair ValueNotes Payable at Fair Value
June 30, 2026$4,460,920 $3,902,216 
December 31, 2025$3,265,142 $2,820,922 
Rithm Capital classifies securitized RTLs and consumer loans as Level 3 in the fair value hierarchy because the notes payable are valued based significantly on unobservable inputs. The valuation methodology is in line with non-Agency securities described above. The following table summarizes the inputs (weighted by fair value) used in valuing the notes payable:
Investments at Fair ValueNotes Payable at Fair Value
Spread(A)
Prepayment Rate(B)
CDR
Loss Severity(C)
June 30, 2026
RTL securitizations$853,225 $764,895 
1.5% – 10.2%
(2.2%)
8.0%
0.8% – 2.0%
(1.4%)
10.0%
Consumer loan securitization304,569 289,136 
5.1% – 8.6%
(5.3%)
25.0%
0.0%
100.0%
December 31, 2025
RTL securitizations$927,089 $867,141 
1.5% – 11.5%
(2.3%)
8.0%
0.8% – 2.0%
(1.4%)
10.0%
(A)Represents the yield in excess of the risk-free rate.
(B)Represents the annualized rate of the prepayments as a percentage of the total principal balance of the pool.
(C)Represents the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of loss relative to the outstanding balance of the loans in default.

Assets and Liabilities Measured at Fair Value on a Non-recurring Basis

Certain assets are measured at fair value on a non-recurring basis; that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances, such as when there is evidence of impairment. For residential mortgage loans HFS, foreclosed real estate accounted for as REO, SFR properties and certain CRE, Rithm Capital measures the assets at the lower of cost or fair value which may require, from time to time, a non-recurring fair value adjustment.

As of June 30, 2026 and December 31, 2025, assets measured at fair value on a non-recurring basis were $58.8 million and $67.8 million, respectively, which primarily related to residential mortgage loans, HFS. The fair value of Rithm Capital’s residential mortgage loans, HFS is estimated based on a discounted cash flow model analysis using internal pricing models and is categorized within Level 3 of the fair value hierarchy.

The following table summarizes the inputs (weighted by fair value) used in valuing these residential mortgage loans:
Fair Value Discount Rate
Weighted Average Life (Years)(A)
Prepayment RateCDR
Loss Severity(B)
June 30, 2026
Performing loans$40,970 
6.7% – 9.1%
(6.7%)
3.2 – 3.7
(3.2)
4.1% – 6.7%
(6.7%)
0.8% – 4.5%
(2.4%)
36.5% – 63.1%
(36.8%)
Non-performing loans11,278 
9.1% – 9.3%
(9.2%)
2.6 – 3.4
(2.9)
4.1% – 5.0%
(4.6%)
4.5% – 5.0%
(4.8%)
37.0% – 63.1%
(47.8%)
Total$52,248 
December 31, 2025
Performing loans$45,861 
6.1% – 8.3%
(6.1%)
4.2 – 7.5
(4.3)
4.3% – 7.0%
(6.9%)
0.9% – 2.3%
(2.3%)
19.0% – 46.1%
(33.0%)
Non-performing loans10,930 
10.5% – 12.9%
(11.4%)
3.0 – 3.9
(3.6)
3.6% – 5.0%
(4.5%)
4.8% – 6.6%
(5.5%)
28.6% – 72.1%
(45.4%)
Total$56,791 
(A)The weighted average life is based on the expected timing of the receipt of cash flows.
(B)Loss severity is the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of realized loss relative to the outstanding loan balance in default.
The total change in the recorded value of residential mortgage loans for which a fair value adjustment has been included in the consolidated statements of operations consists of a valuation allowance of $0.3 million and a reversal of valuation allowance of $0.3 million for the three months ended June 30, 2026 and 2025, respectively, and a valuation allowance of $0.3 million and a reversal of valuation allowance of $0.8 million for the six months ended June 30, 2026 and 2025, respectively.
v3.26.1
VARIABLE INTEREST ENTITIES
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES
In the normal course of business, Rithm Capital enters into transactions with special purpose entities (“SPEs” and each, an “SPE”), which primarily consist of trusts established for a limited purpose. The SPEs have been formed for the purpose of transactions in which the Company transfers assets into an SPE in return for various forms of debt obligations supported by those assets. In these transactions, the Company typically receives cash and/or other interests in the SPE as proceeds for the transferred assets. The Company retains the right to service the transferred receivables. The Company first evaluates whether it holds a variable interest in the entity. Where the Company has a variable interest, it is required to determine whether the entity is a VIE or a VOE, the classification of which will determine the consolidation model that the Company is required to follow when determining whether it should consolidate the entity.

VIEs are defined as entities in which (i) equity at risk investors do not have the characteristics of a controlling financial interest, (ii) there is not sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or (iii) substantially all of the activities of the entity are performed on behalf of the party with disproportionately few voting rights. Where an entity does not have the characteristics of a VIE, it is a VOE. A VIE is required to be consolidated by the primary beneficiary, which is defined as the party that has the power to direct the activities of a VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE.

To assess whether Rithm Capital has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, Rithm Capital considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying (i) the activities that most significantly impact the VIE’s economic performance and (ii) which party, if any, has power over those activities. To assess whether Rithm Capital has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, Rithm Capital considers all of its economic interests and applies judgment in determining whether these interests, individually or in the aggregate, are considered potentially significant to the VIE. When an SPE meets the definition of a VIE and the Company determines that it is the primary beneficiary, the Company consolidates the SPE in its consolidated financial statements.

For certain consolidated VIEs that meet the definition of a CFE, which is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity, Rithm Capital has elected to account for the assets and liabilities of these entities under the CFE measurement alternative. The CFE measurement alternative allows companies to elect to measure both the financial assets and financial liabilities of a CFE using the more observable of the fair value of the financial assets or fair value of the financial liabilities. The net equity in an entity accounted for under the CFE election effectively represents the fair value of the beneficial interests Rithm Capital owns in the entity. The assets of the consolidated CFEs can only be used to settle obligations and liabilities of these consolidated CFEs and are not available for general use by the Company. The liabilities of these consolidated CFEs are liabilities only of these entities and creditors have no recourse to Rithm Capital Corp. for the consolidated CFEs’ liabilities.

Consolidated VIEs

The assets of consolidated VIEs may only be used to settle obligations of these entities. There is no recourse to Rithm Capital Corp. for the consolidated VIEs’ liabilities.

Advance Purchaser

Rithm Capital, through a taxable wholly owned subsidiary, is the managing member of Advance Purchaser and owns approximately 89.3% of Advance Purchaser as of June 30, 2026. Rithm Capital is deemed to be the primary beneficiary of Advance Purchaser as a result of its ability to direct activities that most significantly impact the economic performance of the entities and its ownership of a significant equity investment.
Newrez Joint Ventures

A wholly owned subsidiary of Newrez, Newrez Ventures LLC (“Newrez Ventures”), is a mortgage originator specializing in retail originations. Newrez Ventures operates its business through a series of joint ventures (“Newrez Joint Ventures”) and is deemed to be the primary beneficiary of such Newrez Joint Ventures as a result of its ability to direct activities that most significantly impact the economic performance of the Newrez Joint Venture entities and its ownership of a significant equity investment.

Residential Mortgage Loan Securitizations

The Company securitizes, sells and services residential mortgage loans. Securitization transactions typically involve the use of VIEs and are accounted for either as sales or as secured financings. Certain of these activities may involve SPEs which, by their nature, are deemed to be VIEs.

Rithm Capital sells pools of conforming mortgage loans through Agency sponsored programs with the servicing retained by Newrez. The Company has several financing vehicles in the form of mortgage loan participation and sale agreements with financial institutions, or purchasers, to sell pools of agency residential mortgage loans.

Certain entities were formed to acquire, receive, participate, hold, release and dispose of participation interests in certain of Newrez’s residential mortgage loans HFS (“MLHFS PC”). These facilities transfer the MLHFS PC in exchange for cash. Newrez is the primary beneficiary of the VIEs and therefore consolidates the SPEs. The transferred MLHFS PC is classified on the consolidated balance sheets as residential mortgage loans, HFS and the related warehouse credit facility liabilities as part of secured financing agreements. Newrez retains the risks and benefits associated with the assets transferred to the SPEs.

Rithm Capital consolidated a securitization of mortgage loans secured by certain SFR properties (the “2022-SFR2 Securitization”), classified as a VIE. During the first quarter of 2026, the Company repaid the outstanding securitized debt, resulting in the termination of the 2022-SFR2 Securitization.

Consumer Loan Companies

Rithm Capital owns a 100% interest in a portfolio of consumer loans held through certain limited liability entities (the “Consumer Loan Companies”), which consolidate certain securitization vehicles (the “Consumer Loan SPVs”) that hold consumer loans and issue asset-backed notes collateralized by those loans. On September 25, 2020, the Company sponsored a securitization of a portfolio of consumer loans through these structures, which issued $663.0 million of asset-backed notes (“SCFT 2020-A”) and retained a residual interest in the securitized loans for risk retention purposes. The Consumer Loan SPVs are classified as VIEs, and the Company, through the Consumer Loan Companies, is the primary beneficiary and therefore consolidates the VIEs, as it has the power to redeem the notes and liquidate the structure and has the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIEs.

CRE, Asset Management and Other

In the second quarter of 2024, Sculptor launched a CLO equity investment platform to manage investments in the equity tranches of Sculptor managed CLOs in the U.S. and Europe (“Sculptor Loan Financing Partners”). The Company is the primary beneficiary of the Sculptor Loan Financing Partners, as it has both (i) the power to direct the activities of a VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE.

In the first quarter of 2025 and subsequently in the second quarter of 2026, the Company entered into a joint venture with third parties to invest in an affiliated fund. The Company is the primary beneficiary of the joint venture, classified as a VIE, as it has power over the VIE’s most significant activities and has an obligation to absorb losses and receive benefits from the VIE that could potentially be significant. Under certain circumstances, the Company’s interest in the joint venture could be subordinated up to a certain amount if the specified minimum return is not achieved upon the third party’s interest redemption.
Rithm Capital has investments in various CRE entities, including joint ventures that own CRE properties and real estate-related funds, which are classified as VIEs. The Company holds substantially all of the economic interests in these VIEs and, as the primary beneficiary, has a controlling financial interest and therefore consolidates these VIEs. Additionally, in connection with the Elecor Acquisition, the Company formed Rithm PGRE Aggregator LP and Rithm PGRE Aggregator II LP (collectively, the “Aggregators”), to indirectly hold interests in a portfolio of CRE assets. The Aggregators are VIEs for which the Company is the primary beneficiary, as it holds substantially all of the economic interests and has the power to direct the activities that most significantly impact their economic performance. As a result, the Company consolidates the Aggregators. The Aggregators’ total assets and total liabilities were $5.8 billion and $4.3 billion, respectively, as of June 30, 2026, and $5.8 billion and $4.2 billion, respectively, as of December 31, 2025. The table below presents, within the CRE column, the carrying value and classification of the assets and liabilities of consolidated joint ventures, classified as VIEs, that own CRE properties and are included in the Aggregators’ total assets and liabilities on the consolidated balance sheets.

In the first quarter of 2025, the Company entered into a joint venture with Rithm Property Trust, a related party, to acquire a certain note receivable. While power is shared between the Company and Rithm Property Trust, the Company is the primary beneficiary and consolidates the VIE, as it is most closely associated with the VIE under the related-party tiebreaker guidance.

SPAC

In the first quarter of 2025, the SPAC sponsored by the Company completed its IPO raising gross proceeds of $230.0 million (including the full exercise of the underwriter’s overallotment option) related to 23,000,000 units, each consisting of one Class A ordinary share and one-third of one redeemable warrant, totaling 23,000,000 Class A ordinary shares and 7,666,667 of one redeemable warrant classified as equity. The Company consolidates the SPAC, which is classified as a VIE. Additionally, the Company, through its consolidated subsidiary Rithm Acquisition Corp Sponsor LLC (the “Sponsor”), owns the majority of the SPAC’s outstanding Class B ordinary shares and has power to direct the activities of the VIE that most significantly impact its economic performance making it the primary beneficiary of the VIE. Pursuant to the terms of the SPAC’s governing documents, the SPAC is required to complete an initial business combination within 24 months of the IPO (or 27 months from the IPO if the SPAC has an executed a letter of intent, agreement in principle or definitive agreement for its initial business combination within 24 months from the IPO), which is February 27, 2027; however, the SPAC may seek shareholder approval to extend the date by which it must complete an initial business combination. If the SPAC is unable to complete a business combination by such date, it will be required to cease operations and redeem 100% of the outstanding Class A ordinary shares at a per-share price equal to the aggregate amount held in the trust account, including interest earned, divided by the number of then outstanding Class A ordinary shares. As of June 30, 2026, the trust account held approximately $242.9 million of cash, restricted solely for use in completing a business combination or redeeming the Class A ordinary shares and is not available for general corporate purposes.

Consolidated Entities

The assets of the consolidated loan securitizations and of the consolidated funds may only be used to settle obligations of these entities and are not available to creditors of the Company. The investors in these consolidated loan securitizations and consolidated funds have no recourse against the assets of the Company, and there is no recourse to the Company for the consolidated entities’ liabilities.

Loan Securitizations - RTLs

Rithm Capital sponsored securitization trusts, classified as VIEs, that issue securitized debt collateralized by RTLs and for which a wholly owned subsidiary of Rithm Capital serves as asset manager. Rithm Capital acquired all of the most subordinated trust certificates. Rithm Capital concluded that the most subordinate tranche trust certificates absorb a majority of the trusts’ expected losses or receive a majority of the trusts’ expected residual returns. Rithm Capital also concluded that the securitization’s asset manager has the ability to direct activities that could significantly impact the trusts’ economic performance. As a result, Rithm Capital consolidates such trusts.
As of June 30, 2026, these trusts’ assets consist of pools of performing, adjustable-rate and fixed-rate, interest-only RTLs (construction, renovation and bridge), secured by a first lien or a first and second lien on a non-owner occupied mortgaged property with original terms to maturity of up to 120 months, with an aggregate UPB of approximately $838.8 million and an aggregate principal limit of approximately $1.0 billion. Refer to Note 18 regarding the fair value measurements of consolidated loan securitizations, classified as CFEs.

Loan Securitizations - Residential Mortgage Loans

Rithm Capital sponsors the formation of certain mortgage securitization trusts, considered VIEs, to securitize performing Non-QM loans and seasoned mortgage loans. The Company consolidates certain trusts for which it is the primary beneficiary. The Company acts as the primary servicer for such trusts and therefore has the ability to direct activities that could significantly impact these trusts’ economic performance. Generally, the Company retains a vertical tranche of notes issued by these trusts for risk retention purposes in addition to the most subordinated tranches and “interest only” interests. Such retained interests were eliminated in consolidation. Depending on the type of securitization, the underlying pool of assets may consist of performing, amortizing and interest only, fixed rate and adjustable rate mortgage loans secured by first liens on single family residential properties, planned unit developments and condominiums.

During the first quarter of 2026, the Company sold the majority of its “interest only” securities held in one Non-QM loan securitization trust, and it now holds such securities for risk retention purposes only. The Company is no longer the primary beneficiary as it does not hold a significant interest in this trust. As a result of deconsolidation, the Company derecognized $501.7 million of assets and $451.8 million of liabilities of consolidated CFEs and recognized a loss of $0.6 million presented in realized and unrealized gains (losses), net in the consolidated statements of operations. The Company continues to recognize $23.0 million of notes held at fair value as of June 30, 2026.

During the three and six months ended June 30, 2026, the Company consolidated VIEs with an aggregate UPB of approximately $1.4 billion and $1.9 billion, respectively, as it is the primary beneficiary of such VIEs. As of June 30, 2026, the notes payable, at fair value of consolidated CFEs due to third parties had a fair value of $3.9 billion. Rithm Capital’s retained interest in the consolidated CFEs was $0.6 billion. Refer to Note 18 regarding the fair value measurements of consolidated loan securitizations, classified as CFEs.

Loan Securitizations - Consumer Loans

During the second quarter of 2026, Rithm Capital sponsored a securitization trust, classified as a VIE, that issued approximately $293.5 million of asset-backed notes secured by home improvement loan draws serviced by Upgrade. Rithm Capital, through a wholly owned subsidiary, retained the residual interest issued by the securitization trust and discretion over the significant activities of the trust. As a result, Rithm Capital is the primary beneficiary and consolidates the trust. As of June 30, 2026, the trust's assets had an aggregate unpaid principal balance of approximately $302.4 million.

As of June 30, 2026, the notes payable, at fair value of consolidated CFEs due to third parties had a fair value of $289.1 million. Rithm Capital’s retained interest in the consolidated CFEs was $15.4 million. Refer to Note 18 regarding fair value measurements of consolidated loan securitizations, classified as CFEs.

Funds

In the ordinary course of business, the Company sponsors the formation of consolidated funds that are considered VIEs. The Company consolidates certain VIEs for which it is the primary beneficiary either directly or indirectly through a consolidated entity.

The Company, through Sculptor, consolidates a structured alternative investment solution, which issued notes in the aggregate principal amount of $350.0 million, of which approximately $127.8 million were retained by Sculptor and eliminated in consolidation. The retained notes consist of $20.0 million Class A notes, $20.0 million of Class C notes and $87.8 million of subordinated notes. As of June 30, 2026, the consolidated notes payable due to third parties had a fair value of $192.2 million.
Sculptor’s structured alternative investment solution entered into a credit facility maturing March 18, 2027. This credit facility is capped at $20.0 million of total borrowing capacity per quarter, bearing interest of SOFR plus margin of 3.0%. The facility is also subject to an annual 1.15% unused commitment fee. As of June 30, 2026, the facility has a capacity of $43.5 million, on which the consolidated funds have not drawn.

The Company previously consolidated two CLO funds managed by Sculptor. During the second quarter of 2026, as a result of a repricing and change in interest ownership in one of the CLOs, the Company is no longer the primary beneficiary. As a result, the Company deconsolidated the CLO and derecognized $421.6 million of assets and $405.5 million of liabilities of the consolidated CFE and recognized a $4.3 million gain within realized and unrealized gains (losses), net, on the consolidated statements of operations. As of June 30, 2026, the Company continues to recognize $76.3 million of notes held at fair value issued by such CLO.

As of June 30, 2026, the Company continues to consolidate one CLO fund with a fair value of third-party notes payable of $408.6 million. The Company's CLO investments are generally subordinated to other interests in the entities; investors have no recourse against the Company for CLO losses; and the Company's maximum exposure to loss is limited to its retained interest.

During the third quarter of 2025, the Company entered into a strategic investment partnership with a third party investor to fund the acquisition of RTLs, originated and serviced by the Company’s subsidiary Genesis. The partnership is managed by the Company’s affiliate and is classified as a VIE. The Company is the primary beneficiary of the VIE as it has both (i) the power to direct the activities of a VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. Under certain circumstances, the Company’s interest in the strategic partnership could be subordinated up to a certain amount if the third party’s interest is not fully redeemed including achievement of a specified minimum return upon its redemption. The assets and liabilities of this partnership are presented within assets and liabilities of consolidated entities on the consolidated balance sheets.

See Note 17 and Note 18 regarding the financing and fair value measurements of consolidated funds, respectively.
The tables below present the carrying value and classification of the assets and liabilities of consolidated VIEs on the consolidated balance sheets:
Advance PurchaserNewrez Joint VenturesResidential Mortgage LoansConsumer Loan CompaniesCRE, Asset Management and OtherSPAC
Consolidated Entities(A)
Total
Loan SecuritizationsConsolidated Funds
June 30, 2026RTLsResidential Mortgage LoansConsumer Loans
Assets:
Servicer advance investments, at fair value$284,401 $— $— $— $— $— $— $— $— $— $284,401 
Residential mortgage loans, HFS, at fair value— — 545,183 — — — — — — — 545,183 
Consumer loans— — — 147,302 — — — — — — 147,302 
Real estate, net— — — — 3,046,489 — — — — — 3,046,489 
Assets of consolidated entities - investments— — — — — — 853,225 4,460,920 304,569 1,173,037 6,791,751 
Cash and cash equivalents3,001 22,619 — 252 90,128 9 — — — — 116,009 
Restricted cash4,456 — 7,070 9,902 161,734 242,893 15,379 14,050 21,862 32,587 509,933 
Other assets4 393 — 326 635,716 175 10,232 — — 26,808 673,654 
Total Assets$291,862 $23,012 $552,253 $157,782 $3,934,067 $243,077 $878,836 $4,474,970 $326,431 $1,232,432 $12,114,722 
Liabilities:
Secured financing agreements$— $— $479,765 $— $— $— $— $— $— $— $479,765 
Secured notes and bonds payable205,866 — — 126,140 2,325,089 — — — — — 2,657,095 
Notes payable and secured financing of consolidated entities— — — — — — 764,895 3,902,216 289,136 930,179 5,886,426 
Accrued expenses and other liabilities1,477 3,254 — 1,267 115,867 8,073 840 14,384 21,862 107,221 274,245 
Total Liabilities$207,343 $3,254 $479,765 $127,407 $2,440,956 $8,073 $765,735 $3,916,600 $310,998 $1,037,400 $9,297,531 
(A)Reflect assets of consolidated entities - investments, at fair value and other assets and liabilities of consolidated entities - notes payable, at fair value and other liabilities on the consolidated balance sheets.
Advance PurchaserNewrez Joint VenturesResidential Mortgage LoansConsumer Loan CompaniesCRE, Asset Management and OtherSPAC
Consolidated Entities(A)
Total
Loan Securitizations
December 31, 2025RTLsResidential Mortgage LoansConsumer LoansConsolidated Funds
Assets:
Servicer advance investments, at fair value$294,323 $— $— $— $— $— $— $— $— $— $294,323 
Residential mortgage loans, HFS, at fair value— — 437,060 — — — — — — — 437,060 
Consumer loans— — — 167,807 — — — — — — 167,807 
Real estate, net— — — — 3,043,729 — — — — — 3,043,729 
Assets of consolidated entities - investments— — — — — — 927,089 3,265,142 — 1,397,209 5,589,440 
Cash and cash equivalents13,164 21,754 — 254 91,926 401 — — — — 127,499 
Restricted cash5,019 — 5,953 10,000 181,383 238,435 12,875 18,084 — 101,516 573,265 
Other assets4 445 — 310 404,314 262 40,796 — — 26,638 472,769 
Total Assets$312,510 $22,199 $443,013 $178,371 $3,721,352 $239,098 $980,760 $3,283,226 $— $1,525,363 $10,705,892 
Liabilities:
Secured financing agreements$— $— $360,140 $— $— $— $— $— $— $— $360,140 
Secured notes and bonds payable229,069 — — 143,442 2,305,842 — — — — — 2,678,353 
Notes payable and secured financing of consolidated entities— — — — — — 867,141 2,820,922 — 1,209,739 4,897,802 
Accrued expenses and other liabilities1,532 2,334 — 1,344 130,085 8,152 1,076 18,418 — 107,255 270,196 
Total Liabilities$230,601 $2,334 $360,140 $144,786 $2,435,927 $8,152 $868,217 $2,839,340 $— $1,316,994 $8,206,491 
(A)Reflect assets of consolidated entities - investments, at fair value and other assets and liabilities of consolidated entities - notes payable, at fair value and other liabilities on the consolidated balance sheets.
Non-Consolidated VIEs

The Company transfers residential mortgage loans to securitization trusts, classified as VIEs, and retains the right to service the transferred loans. The Company also retains interests in such VIEs pursuant to required risk retention regulations. The Company does not consolidate such VIEs, as it is not considered the primary beneficiary. The following table summarizes the carrying value of notes issued by unconsolidated VIEs and retained by the Company, which reflects the Company’s maximum exposure to loss, as well as the UPB of transferred loans. The retained notes are presented as non-Agency securities, at fair value within other assets on the consolidated balance sheets:
June 30, 2026December 31, 2025
Residential mortgage loan UPB and other collateral$10,511,787$9,326,370
Weighted average delinquency(A)
3.8%4.2%
Net credit losses$174,881$173,618
Face amount of debt held by third parties$9,798,798$8,664,576
Carrying value of notes retained by Rithm Capital(B)(C)
$762,955$595,892
Cash flows received by Rithm Capital on these notes$66,384$104,403
(A)Represents the percentage of the UPB that is 60+ days delinquent.
(B)Includes real estate bonds retained pursuant to required risk retention regulations.
(C)Classified within Level 3 of the fair value hierarchy as the valuation is based on certain unobservable inputs including discount rate, prepayment rates and loss severity. See Note 18 for details on unobservable inputs.

The Company’s involvement with other VIEs that are not consolidated is primarily through providing asset management services and, in certain cases, through equity investments. The Company is not the primary beneficiary of these VIEs, because it does not have the power to direct the activities that most significantly affect their economic performance. The Company’s maximum exposure to loss associated with its involvement in non-consolidated VIEs is limited to the carrying value of its investments, income and fees receivable, unearned income subject to potential clawback, unfunded and other contractual commitments, and membership interests, as applicable. The Company does not provide, nor is it required to provide, any non-contractual financial or other support to non-consolidated VIEs beyond its contractual capital and other commitments.
June 30, 2026December 31, 2025
Unearned income and fees$10,462$9,056
Income and fees receivable44,206123,959
Investments in non-consolidated VIEs983,398990,130
Unfunded commitments(A)
280,295215,215
Other commitments25,52125,521
Maximum Exposure to Loss$1,343,882$1,363,881
(A)Unfunded commitments include commitments from certain current and former employees and managing directors of $129.1 million and $131.2 million as of June 30, 2026 and December 31, 2025, respectively.
v3.26.1
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER
 6 Months Ended
Jun. 30, 2026
Other Income and Expenses [Abstract]  
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER
Other Residential-Related Revenue

The following table summarizes the components of other residential-related revenue:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Property and maintenance$47,514 $49,486 $95,809 $96,957 
Other7,046 7,135 13,431 12,768 
Other Residential-Related Revenue$54,560 $56,621 $109,240 $109,725 
General, Administrative and Operating

The following table summarizes the components of general, administrative and operating expenses:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Legal and professional$29,209 $24,394 $67,107 $49,032 
Loan origination18,553 17,161 38,439 31,838 
Occupancy17,201 16,348 34,368 30,802 
Subservicing7,234 12,342 19,086 29,098 
Loan servicing37,175 40,737 74,944 82,255 
Property and maintenance101,998 28,921 208,353 56,557 
Information technology35,422 31,239 70,041 62,547 
Other
60,557 44,639 111,612 86,630 
General, Administrative and Operating Expenses$307,349 $215,781 $623,950 $428,759 
Other Income (Loss)

The following table summarizes the components of other income (loss):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Real estate and other securities
$3,808 $4,532 $(23,396)$12,986 
Residential mortgage loans and REO
(3,869)8,281 (7,574)10,825 
Derivative and hedging instruments
8,419 (8,226)11,295 (18,041)
Notes and bonds payable(231)(4,135)(12,501)713 
Consolidated entities(A)
25,372 26,614 44,436 43,056 
Insurance company investments(2,089)— (817)— 
Other(B)
24,895 (4,325)29,708 (27,941)
Realized and unrealized gains, net56,305 22,741 41,151 21,598 
Other income, net23,787 15,923 46,189 22,665 
Other Income, Net$80,092 $38,664 $87,340 $44,263 
(A)Includes change in the fair value of the consolidated CFEs’ financial assets and liabilities and related interest and other income.
(B)Includes Excess MSRs, servicer advance investments, consumer loans, RTLs and other.
v3.26.1
ASSET MANAGEMENT REVENUE
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
ASSET MANAGEMENT REVENUE ASSET MANAGEMENT REVENUE
The following table presents the composition of asset management revenue:

Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Management fees$90,485 $66,177 $181,414 $125,163 
Incentive fees51,743 28,831 67,401 57,517 
Total Asset Management Revenue$142,228 $95,008 $248,815 $182,680 

The following table presents the composition of the Company’s income and fees receivable:
June 30, 2026December 31, 2025
Management fees receivable$40,731 $47,542 
Incentive income receivable48,843 290,170 
Income and Fees Receivable$89,574 $337,712 
The Company recognizes management fees over the period in which the performance obligation is satisfied, and such management fees are generally recognized at the end of each reporting period. The Company records incentive income when it is probable that a significant reversal of income will not occur. The majority of management fees and incentive income receivable at each balance sheet date is generally collected during the following quarter.

The following table presents the Company’s unearned income and fees:
June 30, 2026December 31, 2025
Unearned management fees$2,792 $310 
Unearned incentive income9,675 9,036 
Total Unearned Income and Fees$12,467 $9,346 
A liability for unearned incentive income is generally recognized when the Company receives incentive income distributions from its funds, primarily its real estate funds, whereby the distributions received have not yet met the recognition threshold of it being probable that a significant reversal of cumulative revenue will not occur. A liability for unearned management fees is generally recognized when management fees are paid to the Company on a quarterly basis in advance, based on the amount of AUM at the beginning of the quarter.
v3.26.1
NON-CONTROLLING INTERESTS
 6 Months Ended
Jun. 30, 2026
Noncontrolling Interest [Abstract]  
NON-CONTROLLING INTERESTS NON-CONTROLLING INTERESTS
Non-controlling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Rithm Capital, and it is presented as a separate component of equity on the Company’s consolidated balance sheets. These interests are related to non-controlling interests in consolidated entities that hold servicer advance investments, the Newrez Joint Ventures, consumer loans (Note 8), Excess MSRs, asset management investments, commercial real estate investments and other investments.

Others’ interests in the equity of consolidated subsidiaries is computed as follows:
June 30, 2026December 31, 2025
Total Consolidated EquityOthers’ Ownership InterestNon-controlling Interest in Equity of Consolidated SubsidiariesTotal Consolidated EquityOthers’ Ownership InterestNon-controlling Interest in Equity of Consolidated Subsidiaries
Advance Purchaser$84,519 10.7 %$9,037 $81,909 10.7 %$8,759 
Newrez Joint Ventures19,758 49.5 %9,780 19,865 49.5 %9,833 
Excess MSRs114,346 20.0 %22,869 119,931 20.0 %23,986 
Other investments130,460 20.8 %27,114 114,175 22.3 %25,492 
Asset management1,394,207 
n/m(A)(B)
74,834 1,258,317 
n/m(A)(B)
51,802 
Commercial real estate1,609,695 
n/m(A)(C)(D)
390,918 1,617,004 
n/m(A)(C)(D)
390,048 
$534,552 $509,920 
(A)Percentages in the table above deemed “n/m” are not meaningful.
(B)Non-controlling interests related to asset management investments represent the ownership interests in certain funds held by entities or persons other than the Company. These interests substantially relate to interests held by employees in real estate and energy funds managed by the Company adjusted for their capital activity and allocated earnings in such funds. Such employees’ portion of carried interest is expensed and recorded within compensation and benefits on the consolidated statements of operations and therefore excluded in the calculation of non-controlling interests.
(C)Included in commercial real estate is Rithm Property Trust’s 3.9% minority interest in the Aggregators, which it acquired on December 19, 2025. As of June 30, 2026 and December 31, 2025, the Aggregators total consolidated equity was $1.5 billion and $1.6 billion, respectively.
(D)Non-controlling interests related to CRE investments represent the ownership interests in CRE by entities or persons other than the Company.
Others’ interests in the net income of consolidated subsidiaries is computed as follows:     
Three Months Ended June 30,
20262025
Net Income (Loss)Others’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income (Loss) of Consolidated SubsidiariesNet Income (Loss)Others’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income (Loss) of Consolidated Subsidiaries
Advance Purchaser$4,934 10.7 %$527 $1,446 10.7 %$154 
Newrez Joint Ventures2,283 49.5 %1,130 1,982 49.5 %981 
Excess MSRs3,366 20.0 %674 3,441 20.0 %688 
Other investments3,176 20.8 %730 2,550 24.6 %691 
Asset management14,028 
n/m(B)
6,483 (2,783)
n/m(B)
655 
Commercial real estate(34,838)
n/m(A)(C)(D)
(1,512)— — %— 
$8,032 $3,169 
Six Months Ended June 30,
20262025
Net Income (Loss)Others’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income (Loss) of Consolidated SubsidiariesNet Income (Loss)Others’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income (Loss) of Consolidated Subsidiaries
Advance Purchaser$6,560 10.7 %$701 $1,110 10.7 %$118 
Newrez Joint Ventures3,319 49.5 %1,643 2,697 49.5 %1,335 
Excess MSRs6,133 20.0 %1,227 4,764 20.0 %952 
Other investments6,102 20.8 %1,430 4,280 24.6 %1,191 
Asset management(14,701)
n/m(A)(B)
7,438 (64,900)
n/m(A)(B)
659 
Commercial real estate(69,413)
n/m(A)(C)(D)
(4,553)— 
—%
— 
$7,886 $4,255 
(A)Percentages in the tables above deemed “n/m” are not meaningful.
(B)Non-controlling interests related to asset management investments represent the ownership interests in certain funds held by entities or persons other than the Company. These interests substantially relate to interests held by employees in real estate and energy funds managed by the Company adjusted for their capital activity and allocated earnings in such funds. Such employees’ portion of carried interest is expensed and recorded within compensation and benefits on the consolidated statements of operations and therefore excluded in the calculation of non-controlling interests.
(C)Included in commercial real estate is Rithm Property Trust’s 3.9% minority interest in the Aggregators, which it acquired on December 19, 2025. The Aggregators total consolidated net income for the three and six months ended June 30, 2026 was $(29.7) million and $(57.8) million, respectively.
(D)Non-controlling interests related to CRE investments represent the ownership interests in CRE by entities or persons other than the Company.

Redeemable Non-controlling Interests

In the first quarter of 2025, the Company consolidated the SPAC it sponsors. The Class A ordinary shares issued by the consolidated SPAC are redeemable for cash by the SPAC’s public shareholders at the time of a business combination or in the event the SPAC is unable to complete a business combination by a set date. Since the redemption of the Class A ordinary shares is outside the Company’s control, they are not classified as permanent equity and are recognized as redeemable non-controlling interests in consolidated subsidiaries in the consolidated balance sheets.
Additionally, in the first quarter of 2025, a certain interest held by a third-party in a consolidated entity is classified within redeemable non-controlling interests on the consolidated balance sheets due to a redemption feature.
The following table presents activity in redeemable non-controlling interests:
SPACConsolidated EntityTotal
Balance at December 31, 2025$238,435 $75,868 $314,303 
Distributions— (4,417)(4,417)
Contributions— 76,884 76,884 
Comprehensive income4,458 6,078 10,536 
Balance at June 30, 2026$242,893 $154,413 $397,306 
v3.26.1
EQUITY AND EARNINGS PER SHARE
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
EQUITY AND EARNINGS PER SHARE EQUITY AND EARNINGS PER SHARE
Equity and Dividends

Rithm Capital’s certificate of incorporation authorizes 2.0 billion shares of common stock, par value $0.01 per share, and 100.0 million shares of preferred stock, par value $0.01 per share.

On January 13, 2026, Rithm Capital priced its underwritten public offering of 10,000,000 shares of its 8.750% Series F Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series F”), with a liquidation preference of $25.00 per share for net proceeds of approximately $242.1 million. The offering closed on January 21, 2026. In connection with the offering, the Company granted the underwriters an option for a period of 30 days to purchase up to an additional 1,500,000 shares of the Series F, which was not exercised.

On September 18, 2025, Rithm Capital priced its underwritten public offering of 7,600,000 of its 8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series E”), with a liquidation preference of $25.00 per share for net proceeds of approximately $183.5 million. The offering closed on September 25, 2025. In connection with the offering, the Company granted the underwriters an option for a period of 30 days to purchase up to an additional 1,140,000 shares of the Series E, which was not exercised.

In March 2026, Rithm Capital’s board of directors renewed the Company’s stock repurchase program, authorizing the repurchase of up to $200.0 million of its common stock and $100.0 million of its preferred stock for the period from January 1, 2026 through December 31, 2026. The objective of the stock repurchase program is to seek flexibility to return capital when deemed accretive to stockholders. Repurchases can be made from time to time through open market purchases or privately negotiated transactions, pursuant to one or more plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934 or by means of one or more tender offers, in each case, as permitted by securities laws and other legal requirements. During the six months ended June 30, 2026, the Company did not repurchase any shares of its common stock or its preferred stock.

The Company has an “at-the-market” equity offering program (the “ATM Program”) pursuant to which it may sell shares of its common stock, par value $0.01 per share, having an aggregate offering price of up to $750.0 million from time to time. During the six months ended June 30, 2026, the Company did not issue any shares of common stock under the ATM Program.

Purchases and sales of Rithm Capital’s securities by the Company’s officers and directors are subject to the Rithm Capital Corp. Insider Trading Compliance Policy.
The table below summarizes the Company’s outstanding preferred shares:
Number of Shares
Liquidation Preference(A)
Carrying Value(B)
Dividends Declared per Share
June 30,
2026		December 31, 2025June 30,
2026		December 31, 2025Issuance DiscountJune 30,
2026		December 31, 2025Three Months Ended June 30,Six Months Ended June 30,
Series(C)
2026202520262025
Series A, issued July 2019(D)(G)(I)
4,200,068 4,200,068 $105,002 $105,002 3.15 %$99,822 $99,822 $0.62 $0.66 $1.22 $1.31 
Series B, issued August 2019(D)(G)
11,260,712 11,260,712 281,518 281,518 3.15 %272,654 272,654 0.61 0.65 1.20 1.29 
Series C, issued February 2020(D)(H)
15,903,342 15,903,342 397,584 397,584 3.15 %385,289 385,289 0.57 0.61 1.12 1.20 
Series D, 7.00% issued September 2021(E)
18,600,000 18,600,000 465,000 465,000 3.15 %449,489 449,489 0.44 0.44 0.88 0.88 
Series E, 8.75% issued September 2025(F)
7,600,000 7,600,000 190,000 190,000 3.15 %183,536 183,536 0.55 — 1.09 — 
Series F, 8.75% issued January 2026(E)
10,000,000 — 250,000 — 3.15 %242,125 — 0.55 — 1.24 — 
Total67,564,122 57,564,122 $1,689,104 $1,439,104 $1,632,915 $1,390,790 $3.34 $2.36 $6.75 $4.68 
(A)Each series has a liquidation preference or par value of $25.00 per share.
(B)Carrying value reflects par value less discount and issuance costs.
(C)Under certain circumstances upon a change of control, the Series A, Series B, Series C, Series D, Series E and Series F (each as defined below) are convertible to shares of the Company’s common stock.
(D)Fixed-to-floating rate cumulative redeemable preferred.
(E)Fixed-rate reset cumulative redeemable preferred.
(F)Fixed-rate cumulative redeemable preferred.
(G)Effective August 15, 2024, dividends on the 7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series A”) and the Company’s 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series B”) accumulate at a floating rate. For the second quarter 2026 dividends, the Series A accrued dividends at a percentage of the $25.00 liquidation preference per share of the Series A equal to a three-month Chicago Mercantile Exchange (“CME”) SOFR, plus a spread adjustment of 0.261%, plus a spread of 5.802% and dividends on the Series B accumulated at a percentage of the $25.00 liquidation preference per share of the Series B preferred shares equal to a three-month CME SOFR, plus a spread adjustment of 0.261%, plus a spread of 5.640%.
(H)Effective February 15, 2025, dividends on the Company’s 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series C”) accumulate at a floating rate. For the second quarter 2026 dividends, the Series C accrued dividends at a percentage of the $25.00 liquidation preference per share of the Series C equal to a three-month CME SOFR, plus a spread adjustment of 0.261%, plus a spread of 4.969%.
(I)The Company redeemed 2.0 million shares on March 28, 2025.

On June 22, 2026, Rithm Capital’s board of directors declared second quarter 2026 preferred dividends of $0.62 per share of Series A, $0.61 per share of Series B, $0.57 per share of Series C, $0.44 per share of the Company’s 7.000% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock (“Series D”), $0.55 per share of the Company’s 8.750% Series E and $0.55 per share of the Company’s Series F, or approximately $2.6 million, $6.9 million, $9.0 million, $8.1 million, $4.2 million and $5.5 million, respectively.

Common dividends have been declared as follows:
Per Share
Declaration DatePayment DateQuarterly DividendTotal Amounts Distributed (millions)
March 21, 2025April 2025$0.25 $132.5 
June 18, 2025July 2025$0.25 $132.6 
September 17, 2025October 2025$0.25 $138.5 
December 18, 2025January 2026$0.25 $139.0 
March 24, 2026April 2026$0.25 $139.6 
June 22, 2026July 2026$0.25 $139.6 
Warrants of Consolidated SPAC

At the time of IPO in February 2025, the SPAC issued 220,000 warrants to the Sponsor and 7,666,667 warrants to third parties. The warrants become exercisable 30 days after the consummation of a Business Combination (as defined in the Warrant Agreement) and will expire five years following such consummation, or earlier upon redemption or liquidation. The initial exercise price per share of each warrant is $11.50. The warrants are subject to other customary terms common for instruments of this type. The Company eliminates the SPAC warrants it holds in consolidation. Such warrants are indexed to the SPAC's Class A ordinary shares and meet conditions for equity classification. Accordingly, the SPAC warrants are classified as equity and accounted for as a component of additional paid-in capital at the time of issuance on the Company's consolidated balance sheets.

Earnings Per Share

Rithm Capital is required to present both basic and diluted earnings per share (“EPS”). Basic EPS is calculated by dividing net income by the weighted average number of shares of common stock outstanding for the period. Diluted EPS is calculated using the treasury stock method by dividing net income by the weighted average number of shares of common stock outstanding plus the additional dilutive effect, if any, of common stock equivalents during each period. The effect of dilutive securities is presented net of tax.

The following table summarizes the basic and diluted EPS calculations:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net Income$67,913 $318,006 $177,391 $398,716 
Non-controlling interests in income of consolidated subsidiaries8,032 3,169 7,886 4,255 
Redeemable non-controlling interests in income of consolidated subsidiaries3,590 3,120 10,536 3,933 
Net Income Attributable to Rithm Capital Corp.56,291 311,717 158,969 390,528 
Change in redemption value of redeemable non-controlling interests— — — 15,611 
Dividends on preferred stock36,098 27,818 70,945 54,495 
Net Income Attributable to Common Stockholders$20,193 $283,899 $88,024 $320,422 
Basic weighted average shares of common stock outstanding558,346,329530,171,540557,537,800527,154,950
Effect of Dilutive Securities(A)(B):
Stock options—10065125
Restricted stock———85,477
Time-based restricted stock unit (“RSU”) awards4,473,5202,961,4923,294,6762,910,569
Performance-based RSU awards565,9462,427,1031,227,1692,245,417
Time-based Class B Profit Units1,210,612587,5181,042,514531,853
Performance-based Class B Profit Units3,665,9231,199,9473,214,7731,082,726
Diluted Weighted Average Shares of Common Stock Outstanding568,262,330537,347,700566,316,997534,011,117
Basic Earnings per Share Attributable to Common Stockholders$0.04 $0.54 $0.16 $0.61 
Diluted Earnings per Share Attributable to Common Stockholders$0.04 $0.53 $0.16 $0.60 
(A)Certain stock options that could potentially dilute basic EPS in the future were not included in the computation of diluted EPS for the periods where they were out-of-the-money or a loss has been recorded, because they would have been anti-dilutive for the period presented.
(B)Awards related to stock-based compensation were included to the extent dilutive and issuable under the relevant time and/or performance measures.
v3.26.1
INCOME TAXES
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income tax expense (benefit) consists of the following:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Current:
Federal$1,382 $712 $4,424 $7,267 
State and local598 172 1,486 369 
Foreign3,357 1,371 5,470 11,984 
Total current income tax expense5,337 2,255 11,380 19,620 
Deferred:
Federal3,721 (6,311)31,026 (36,669)
State and local8,990 (7,444)20,417 (16,740)
Foreign925 (98)912 (1,739)
Total deferred income tax expense (benefit)13,636 (13,853)52,355 (55,148)
Total Income Tax Expense (Benefit)$18,973 $(11,598)$63,735 $(35,528)

Rithm Capital intends to qualify as a REIT for each of its tax years through December 31, 2026. A REIT is generally not subject to U.S. federal corporate income tax on that portion of its income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements.

Rithm Capital operates various business segments, including Origination and Servicing, Asset Management and portions of the Investment Portfolio and Commercial Real Estate segments, through TRSs that are subject to regular corporate income taxes, which have been provided for in the provision for income taxes, as applicable.

As of June 30, 2026, Rithm Capital recorded a net deferred tax liability of $899.4 million, primarily composed of deferred tax liabilities generated through the deferral of gains from residential mortgage loans sold by the origination business and changes in fair value of MSRs, offset partially by deferred tax assets related to net operating losses and tax deductible goodwill. The net deferred tax liability is reported within accrued expenses and other liabilities in the consolidated balance sheets. As of June 30, 2026, CL Life recorded a deferred tax asset of $6.2 million, primarily composed of deferred tax assets related to insurance reserves, which is reported within other assets in the consolidated balance sheets.

In assessing the realizability of deferred tax assets, Rithm Capital considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. The valuation allowance as of June 30, 2026 was $73.8 million.
v3.26.1
COMMITMENTS AND CONTINGENCIES
 6 Months Ended
Jun. 30, 2026
Commitments and Contingencies Disclosure [Abstract]  
COMMITMENTS AND CONTINGENCIES COMMITMENTS AND CONTINGENCIES
Litigation — Rithm Capital is or may become, from time to time, involved in various disputes, litigation and regulatory inquiry and investigation matters that arise in the ordinary course of business. Given the inherent unpredictability of these types of proceedings, it is possible that future adverse outcomes could have a material adverse effect on its business, financial position or results of operations. Rithm Capital is not aware of any unasserted claims that it believes are material and probable of assertion where the risk of loss is expected to be reasonably possible.

Rithm Capital is, from time to time, subject to inquiries by government entities. Rithm Capital currently does not believe any of these inquiries would result in a material adverse effect on Rithm Capital’s business.

Indemnifications — In the normal course of business, Rithm Capital and its subsidiaries enter into contracts that contain a variety of representations and warranties and that provide general indemnifications. Rithm Capital’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against Rithm Capital that have not yet occurred. However, based on its experience, Rithm Capital expects the risk of material loss to be remote.
Capital Commitments — As of June 30, 2026, Rithm Capital had outstanding capital commitments related to investments in the following investment types:

•MSRs and Servicer Advance Investments — Rithm Capital and, in some cases, third-party co-investors agreed to purchase future servicer advances related to certain non-Agency residential mortgage loans. In addition, Rithm Capital’s subsidiaries, NRM and Newrez, are generally obligated to fund future servicer advances related to the loans they are obligated to service. The actual amount of future advances purchased will be based on (i) the credit and prepayment performance of the underlying loans, (ii) the amount of advances recoverable prior to liquidation of the related collateral and (iii) the percentage of the loans with respect to which no additional advance obligations are made. The actual amount of future advances is subject to significant uncertainty.

•Mortgage Origination Reserves — Newrez currently originates, or has in the past originated, conventional, government-insured and non-conforming residential mortgage loans for sale and securitization. The GSEs or Ginnie Mae guarantee conventional and government insured mortgage securitizations and mortgage investors issue non-conforming PLSs, while Newrez generally retains the right to service the underlying residential mortgage loans. In connection with the transfer of loans to the GSEs or mortgage investors, Newrez makes representations and warranties regarding certain attributes of the loans and, subsequent to the sale, if it is determined that a sold loan is in breach of these representations and warranties, Newrez generally has an obligation to cure the breach. If Newrez is unable to cure the breach, the purchaser may require Newrez to repurchase the loan.

In addition, as issuers of Ginnie Mae guaranteed securitizations, Newrez holds the right to repurchase loans that are at least 90 days’ delinquent from the securitizations at its discretion. Loans in forbearance that are three or more consecutive payments delinquent are included as delinquent loans permitted to be repurchased. While Newrez is not obligated to repurchase the delinquent loans, Newrez generally exercises its option to repurchase loans that will result in an economic benefit. As of June 30, 2026, Rithm Capital’s estimated liability associated with representations and warranties and Ginnie Mae repurchases was $45.6 million and $4.3 billion, respectively. See Note 5 for information regarding the right to repurchase delinquent loans from Ginnie Mae securities and mortgage origination.

•Residential Mortgage Loans — As part of its investment in residential mortgage loans, Rithm Capital may be required to outlay capital. These capital outflows primarily consist of advance escrow and tax payments, residential maintenance and property disposition fees. The actual amount of these outflows is subject to significant uncertainty. See Note 7 for information regarding Rithm Capital’s residential mortgage loans.

•SFR Properties — On February 27, 2024, Viewpoint Murfreesboro Land LLC, a wholly owned subsidiary of Rithm Capital (“Viewpoint”), executed a purchase and sale agreement (the “PSA”) with an affiliate of BTR Group, LLC (“BTR”), BTR VM LLC, to purchase land for a purchase price of $7.0 million. In connection with the PSA, on February 27, 2024, Viewpoint entered into a fixed price design-build construction contract with BTR (the “Construction Contract”) to purchase 171 SFR properties that are scheduled to be built by BTR on the purchased land in accordance with the plans and specifications approved in accordance with entry into the Construction Contract, for an aggregate purchase price of $49.2 million. The aggregate purchase price is payable in installments in accordance with the draw schedule set forth in the Construction Contract, and delivery of the homes began in the third quarter of 2025. As of June 30, 2026, $9.0 million of the aggregate purchase price remains outstanding.

•Residential Transition Loans — Genesis had commitments to fund up to $2.2 billion of additional advances on existing mortgage loans as of June 30, 2026. These commitments are generally subject to loan agreements with covenants regarding the financial performance of the customer and other terms regarding advances that must be met before Genesis funds the commitments.

•Commercial Investments — Rithm Capital has invested in various CRE projects. As part of its investments, Rithm Capital is required to fund its pro rata share of future capital contributions subject to certain limitations. As of June 30, 2026, the Company has an unfunded capital commitment to fund up to $73.4 million on an existing loan to a certain CRE borrower.
•Fund Commitments — As of June 30, 2026, the Company has unfunded capital commitments of $518.4 million, including certain funds managed by the Company, of which $28.0 million relates to commitments of consolidated funds. Approximately $129.1 million of the commitments will be funded by contributions to the Company from certain current and former employees and executive managing directors. The Company expects to fund these commitments over approximately the next 8 years. The Company has guaranteed these commitments in the event any executive managing director fails to fund any portion when called by the fund. The Company has historically not funded any of these commitments and does not expect to in the future, as these commitments are expected to be funded by the Company’s executive managing directors individually. During the first quarter of 2025, the Company entered into a consolidated joint venture with a third party to acquire an interest in an affiliated fund. As of June 30, 2026, the unfunded capital commitment to the consolidated joint venture was $25.0 million, of which $20.0 million is expected to be funded by the third-party.

Non-Recourse Carve-Out, Construction Completion, Environmental and Carry Guarantees – In connection with investments in two CRE projects, Rithm Capital provided certain limited guarantees to the senior lender on the projects (or entered into reimbursement agreements with the guarantor) related to non-recourse carve outs, completion, environmental and carry costs of the projects. The actual amount that could be called under the guarantees is subject to significant uncertainty.

Environmental Costs — As an investor in and owner of commercial and residential real estate, Rithm Capital is subject to potential environmental costs. At June 30, 2026, Rithm Capital is not aware of any environmental concerns that would have a material adverse effect on its consolidated financial position or results of operations.

Debt Covenants — Certain of the Company’s debt obligations are subject to loan covenants and event of default provisions, including event of default provisions triggered by certain specified declines in Rithm Capital’s equity or a failure to maintain a specified tangible net worth, liquidity or indebtedness to tangible net worth ratio. Refer to Note 17 for further discussion of the Company’s debt obligations.

Other Commitments and Contingencies —

•60 Wall Street Construction Guarantee — Elecor owns a 5.0% interest in 60 Wall Street. In connection with the modification and extension of the mortgage loan at 60 Wall Street, the joint venture committed to redevelop the property and fund the necessary costs to complete the project. On behalf of the joint venture, Elecor has provided the lender with certain guarantees, including a completion guarantee. Elecor has agreements with its joint venture partners that indemnifies it for the partner's share of guarantees that it has provided. In accordance with U.S. GAAP, the Company recorded a liability equal to the fair value of the obligations undertaken in issuing the guarantees and record an asset equal to the fair value of the indemnification it has received. As of June 30, 2026, the Company has a $13.6 million asset and liability, which are included as a component of other assets and accrued expenses and other liabilities, on the consolidated balance sheets.
•718 Fifth Avenue - Put Right — Elecor manages 718 Fifth Avenue, a five-story building containing 19,050 square feet of prime retail space that is located on the southwest corner of 56th Street and Fifth Avenue, in New York, New York. Elecor’s joint venture partner in 712 Fifth Avenue also owns a 50.0% tenancy-in-common interest in 718 Fifth Avenue in addition to its 50.0% interest in 712 Fifth Avenue. The joint venture partner also holds a put right, that, if exercised, would require the 712 Fifth Avenue joint venture to purchase all direct and indirect interests in 718 Fifth Avenue then held by the joint venture partner or its affiliates at the fair market value of those interests. The put right may be exercised at any time with the actual purchase occurring no earlier than 12 months after written notice is provided. If the put right is exercised and the 712 Fifth Avenue joint venture acquires the 50.0% tenancy-in-common interest in the property held by the joint venture partner, Elecor will own a 25.0% interest in 718 Fifth Avenue based on the current ownership interests.
v3.26.1
RELATED PARTY TRANSACTIONS
 6 Months Ended
Jun. 30, 2026
Related Party Transactions [Abstract]  
RELATED PARTY TRANSACTIONS RELATED PARTY TRANSACTIONS
A party is considered to be related to the Company if the party, directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with the Company. Related parties also include principal owners, management and directors, as well as members of their immediate families or any other parties with which Rithm Capital may deal if one party to a transaction controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests.

Management Agreements

Rithm Capital previously entered into a property management agreement with APM, an entity in which the Company has an ownership interest, to manage certain of the Company’s SFR properties. Rithm Capital’s ownership interest in such entity is accounted for under the equity method and is presented within other assets on the consolidated balance sheets. Refer to Note 19 for additional details on the 2022-SFR2 Securitization.

Management Fees and Incentive Income Earned from Related Parties and Waived Fees

The Company earns substantially all of its management fees and incentive income from the funds and real estate joint ventures, which are considered related parties as the Company manages the operations of and makes investment decisions for these funds and real estate joint ventures.

As of June 30, 2026, approximately $2.7 billion of the Company’s AUM represented investments by the Company, its current executive managing directors, employees and certain other related parties in Company managed funds and real estate joint ventures. As of June 30, 2026, approximately 74.9% of this AUM is not charged management fees or incentive fees.

Due from Related Parties

The Company pays certain expenses on behalf of the funds. Amounts due from related parties relate primarily to reimbursements to the Company for these expenses and amounts due from Rithm Property Trust and R-HOME, to the extent the expenses were incurred by the manager. Due from related parties is presented within other assets on the consolidated balance sheets.

Investments in Funds

The Company, through Sculptor, consolidates a $350.0 million structured alternative investment solution, a collateralized financing vehicle that invests in various open-ended and closed-ended funds managed by Sculptor. Sculptor invested approximately $127.8 million in the vehicle. See Note 18 and Note 19 for additional details on the structured alternative investment solution.

Additionally, the Company consolidates Sculptor Loan Financing Partners, a CLO equity investment platform that manages investments in the equity tranches of Sculptor managed CLOs in the U.S. and Europe. As of June 30, 2026, the Company invested $148.0 million in the vehicle. See Note 18 and Note 19 for additional details on the Sculptor Loan Financing Partners.

During the first quarter of 2025, the Company acquired interests in certain funds managed by the Company for approximately $74.6 million. See Note 25 for additional details on this investment. Additionally, the Company has an interest in a consolidated joint venture that holds an investment in an affiliated fund. Refer to Notes 19 and 25 for additional details.

During the third quarter of 2025, the Company entered into a strategic investment partnership, managed by the Company, with a third party investor to fund the acquisition of RTLs, originated and serviced by the Company’s subsidiary, Genesis. As of June 30, 2026, the Company invested $6.3 million in the partnership it consolidates. See Note 19 for additional details.

Investments in Loan Securitizations

The Company retains beneficial interests in loan securitization trusts that it sponsors. Refer to Note 19 for additional details.
Investment in the SPAC

In a private placement concurrent with the IPO of the SPAC, the Sponsor acquired 660,000 units of the SPAC (the “Private Placement Units”) for total gross proceeds of $6.6 million. Each Private Placement Unit consists of one Class A ordinary share and one-third of one non-redeemable warrant. In addition, the Sponsor purchased and owns substantially all of the outstanding Class B ordinary shares of the SPAC. The Private Placement Units and Class B ordinary shares held by the Company are eliminated upon consolidation.

CRE Joint Ventures

In connection with the Elecor Acquisition in the fourth quarter of 2025, the Company consolidates certain real estate joint ventures that hold CRE properties, which the Company manages. These joint ventures are indirectly consolidated through the Aggregators. See Note 19 for additional information.

Transactions with Rithm Property Trust

RCM Manager, a subsidiary of Rithm Capital, entered into a management agreement, dated June 11, 2024 (as amended by that First Amendment, dated as of October 18, 2024, and that Second Amendment, dated as of February 12, 2026, the “Rithm Property Trust Management Agreement”), by and between RCM Manager and Rithm Property Trust, to serve as Rithm Property Trust’s external manager. As of June 30, 2026, Rithm Capital holds 0.8 million shares of Rithm Property Trust common stock with a fair value of $11.2 million, equal to 9.9% of the outstanding shares of Rithm Property Trust common stock. In addition, in the second quarter of 2024, Rithm Property Trust issued five-year warrants to Rithm Capital, exercisable for approximately 0.5 million shares of Rithm Property Trust’s common stock. During the first quarter of 2025, the Company acquired 400,000 shares, or 19.2%, of Rithm Property Trust’s 9.875% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock at the public offering price of $25.00 per share for a total of $10.0 million.

Pursuant to the Rithm Property Trust Management Agreement, RCM Manager implements and manages Rithm Property Trust’s business strategy, investment activities and day-to-day operations subject to oversight by Rithm Property Trust’s board of directors. Additionally, the Company’s Chief Executive Officer currently serves as Rithm Property Trust’s Chief Executive Officer and as a member of the board of directors of Rithm Property Trust. The Company’s Chief Executive Officer does not receive any compensation from Rithm Property Trust for his role either as Chief Executive Officer or as a member of the board of directors.

Rithm Property Trust pays all of its costs and expenses and reimburses RCM Manager (to the extent incurred by RCM Manager) on a monthly basis for the costs and expenses of providing services under the Rithm Property Trust Management Agreement, including reimbursing RCM Manager or its affiliates, as applicable, for the Company’s allocable share of the compensation (whether paid in cash, stock or other forms), including annual base salary, bonus, any related withholding taxes and employee benefits, paid to (i) RCM Manager’s personnel serving as Rithm Property Trust’s chief financial officer based on the percentage of his or her time spent managing the Rithm Property Trust's affairs and (ii) other corporate finance, tax, accounting, middle office, internal audit, legal, risk management, operations, compliance and other non-investment personnel of RCM Manager and its affiliates who spend all or a portion of their time managing Rithm Property Trust's affairs.

The Company, through Newrez, provides servicing for mortgage loans held directly by Rithm Property Trust and holds servicing rights for mortgage loans in certain securitization trusts sponsored by Rithm Property Trust. For loans held directly by Rithm Property Trust, Newrez is entitled to receive an average servicing fee based on UPB of approximately 0.54% for performing loans and non-performing loans and the greater of (i) the servicing fee applicable to the underlying mortgage loan prior to foreclosure, or (ii) 1.00% annually of the fair market value of the REO as reasonably determined by RCM Manager or 1.00% annually of the purchase price of any REO otherwise purchased by Rithm Property Trust for REO assets. For the servicing of the loans in the securitization trusts sponsored by Rithm Property Trust, Newrez is entitled to receive a servicing fee pursuant to the terms of the servicing agreement with each trust. As of June 30, 2026, the fair value of recognized MSRs associated with the loans in securitizations sponsored by Rithm Property Trust was approximately $24.2 million.

During the first quarter of 2025, the Company entered into a consolidated joint venture with Rithm Property Trust to fund a certain mortgage note receivable in the amount of $35.0 million, with each party contributing $17.5 million.
In connection with the Elecor Acquisition, Rithm Property Trust acquired an indirect 3.9% interest in the Company’s subsidiaries, the Aggregators, which indirectly own a portfolio of the CRE properties acquired in the Elecor Acquisition. Rithm Property Trust made an aggregate cash contribution to the Aggregators in the amount of $50.0 million, with the commitment to make, under certain circumstances, additional cash capital contributions of up $7.5 million, in the aggregate, in exchange for additional limited partnership interest in the Aggregators.

Additionally, in the second quarter of 2026, the Company sold approximately $102.1 million of UPB of certain RTLs to Rithm Property Trust, for an aggregate purchase price of approximately $103.0 million. Following the sale, the Company derecognized the loans from the consolidated balance sheet. The Company, through its subsidiary Genesis, continues to service the transferred loans pursuant to a servicing agreement and is entitled to receive an annual servicing fee of 75 bps on the UPB of each RTL (or related REO property), payable monthly in arrears.

Transactions with Rithm Perpetual Life Residential Trust (R-HOME)

Pursuant to an advisory agreement entered into during the fourth quarter of 2025, the Rithm Advisers provide investment management services to R-HOME, including the management of R-HOME’s business strategy, investment activities and day-to-day operations, subject to the oversight of R-HOME’s board of trustees. In exchange, the Rithm Advisers receive management fees and performance fees. In addition, the Company holds a 4.3% interest in R-HOME through Class E common shares. Additionally, the Company’s Chief Executive Officer currently serves as R-HOME’s Chief Executive Officer, Co-Chief Investment Officer and a member of the board of trustees of R-HOME. The Company’s Chief Executive Officer does not receive any compensation from R-HOME for his role as Chief Executive Officer, Co-Chief Investment Officer or a member of the board of trustees.

R-HOME pays all of its costs and expenses and reimburses the Rithm Advisers (to the extent incurred by the Rithm Advisers) on a monthly basis for the costs and expenses of providing services under its advisory agreement, including reimbursing for R-HOME’s allocable share of the compensation (whether paid in cash, stock or other forms), including annual base salary, bonus, any related withholding taxes and employee benefits, paid to (i) the Rithm Advisers’ personnel serving as R-HOME’s chief financial officer and chief legal officer based on the percentage of such personnel’s time spent managing R-HOME’s affairs and (ii) other corporate finance, tax, accounting, middle office, internal audit, legal, risk management, operations, compliance and other non-investment personnel who spend all or a portion of their time managing R-HOME's affairs.

Additionally, in the six months ended June 30, 2026, the Company sold $356.4 million of UPB of certain RTLs and residential mortgage loans to R-HOME, for an aggregate purchase price of approximately $361.3 million. Following the sale, the Company derecognized the loans from its consolidated balance sheet. The Company, through its subsidiaries Newrez and Genesis, continues to service the transferred loans pursuant to a servicing agreement. For RTLs held by R-HOME, Genesis is entitled to receive an annual servicing fee of 75 bps on the UPB of each RTL (or related REO property), and such fee is payable monthly in arrears. For residential mortgage loans held by R-HOME, Newrez is entitled to receive a flat monthly servicing fee of $7.00 per loan, plus additional fees if the borrower is delinquent with payment.

Other
The Company holds a derivative liability to an affiliate, which is measured at fair value. Refer to Note 16 for additional details.
v3.26.1
SUBSEQUENT EVENTS
 6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
The Company has evaluated subsequent events from June 30, 2026 through the date of issuance of these consolidated financial statements and determined that there were no subsequent events requiring recognition or additional disclosure in the consolidated financial statements, other than as described in these notes.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
BASIS OF PRESENTATION (Policies)
 6 Months Ended
Jun. 30, 2026
Accounting Policies [Abstract]  
Income Taxes
Rithm Capital has elected and intends to qualify to be taxed as a REIT for U.S. federal income tax purposes. As such, Rithm Capital will generally not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. See Note 2 and Note 24 for additional information regarding Rithm Capital’s taxable REIT subsidiaries (“TRSs”).
Interim Financial Statements Interim Financial Statements — The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP” or “U.S. GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation of Rithm Capital’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The consolidated financial statements include the accounts of Rithm Capital and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated. Rithm Capital consolidates those entities in which it has control over significant operating, financing and investing decisions of the entity, as well as those entities classified as VIEs in which Rithm Capital is determined to be the primary beneficiary. For entities over which Rithm Capital exercises significant influence, but which do not meet the requirements for consolidation, Rithm Capital applies the equity method of accounting whereby it records its share of the underlying income of such entities unless a fair value option (“FVO”) is elected. Distributions from such equity method investments are classified in the consolidated statements of cash flows based on the cumulative earnings approach, where all distributions up to cumulative earnings are classified as distributions of earnings.
Reclassifications
Reclassifications — Certain prior period amounts in Rithm Capital’s consolidated financial statements and respective notes have been reclassified to be consistent with the current period presentation. Such reclassifications had no impact on net income, total assets, total liabilities, stockholders’ equity or cash position.
Risks and Uncertainties
Risks and Uncertainties — In the normal course of its business, Rithm Capital primarily encounters two significant types of economic risk: credit risk and market risk. Credit risk is the risk of default on Rithm Capital’s investments that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments due to changes in prepayment rates, interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying Rithm Capital’s investments. Taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories and other information, Rithm Capital believes that the carrying values of its investments are reasonable. Furthermore, for each of the periods presented, a significant portion of Rithm Capital’s assets are dependent on its servicers’ and subservicers’ abilities to perform their servicing obligations with respect to the residential mortgage loans underlying Rithm Capital’s Excess MSRs, MSRs, MSR financing receivables, servicer advance investments, RMBS issued by either public trusts or private label securitization (“PLS”) entities and loans. If a servicer or subservicer is terminated, Rithm Capital’s right to receive its portion of the cash flows related to interests in servicing related assets may also be terminated. The Company is also subject to significant tax risks. If the Company were to fail to qualify as a REIT in any taxable year, the Company would be subject to U.S. federal corporate income tax (including any applicable alternative minimum tax), which could be material. Unless entitled to relief under certain statutory provisions, the Company would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost.
Use of Estimates
Use of Estimates — The preparation of consolidated financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect reported amounts in the consolidated financial statements and accompanying notes. Management believes that estimates utilized in preparation of the consolidated financial statements are reasonable. The most critical estimates include those related to fair value measurements of the Company’s assets and liabilities and the determination of whether or not to consolidate a VIE or a voting interest entity (“VOE”). Actual results could differ from those estimates and such differences could be material.
Recent Accounting Pronouncements
Recent Accounting Pronouncements

Recently Adopted Accounting Standards

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurements of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to measure credit losses for current accounts receivable and current contract assets under FASB Accounting Standards Codification 606 - Revenues from Contracts with Customers. The practical expedient assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. The Company adopted this ASU on January 1, 2026 on a prospective basis and the adoption did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income Expense Disaggregation Disclosures (Subtopic 220-40), and in January 2025, the FASB issued ASU 2025-01, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date. This standard requires public companies to disclose additional information about specific expense categories in the notes to financial statements at interim and annual reporting periods. The new standard, as clarified by ASU 2025-01, is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this ASU on its consolidated financial statements.

In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which clarifies the guidance for identifying the accounting acquirer in business combinations effected primarily by exchanging equity interests when the legal acquiree is a VIE that meets the definition of a business. This ASU is effective for the Company on January 1, 2027, with early adoption permitted and is applied prospectively to acquisitions after the adoption date.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. This ASU is effective for the Company on January 1, 2028, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.
v3.26.1
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS (Tables)
 6 Months Ended
Jun. 30, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Purchase Price Allocation
The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities related to the Crestline Acquisition:

Total Consideration$324,719 
Assets:
Cash and cash equivalents168,259 
Restricted cash124 
Insurance company investments, at fair value844,822 
Intangible assets84,276 
Other assets82,514 
Total Assets Acquired1,179,995 
Liabilities:
Interest sensitive insurance contract liabilities920,776 
Accrued expenses and other liabilities117,311 
Total Liabilities Assumed1,038,087 
Net Assets141,908 
Goodwill$182,811 
Schedule of Acquired Intangible Assets The following table presents the details of identifiable intangible assets acquired and the respective estimated useful lives:
Estimated Useful Life (Years)Amount
Customer relationships9$8,645 
Management contracts
 2 to 11
63,770 
Trade names113,740 
VOBA
(A)
2,401 
Insurance licensesIndefinite5,720 
Total Identifiable Intangible Assets$84,276 
(A)VOBA, an actuarial intangible asset arising from the Crestline Acquisition, is amortized on a basis consistent with the related policyholder liabilities over the remaining life of each contract.
The following table summarizes the acquired identifiable intangible assets:
Estimated Useful Lives (Years)June 30, 2026December 31, 2025
Gross Intangible Assets:
Management contracts
2 to 11
$358,415 $347,415 
Customer relationships
2 to 9
79,753 79,753 
Purchased technology
3 to 7
118,345 113,606 
Trademarks / Trade names(A)
1 to 11
13,999 13,999 
VOBA(B)
(B)2,401 2,401 
LicensesIndefinite27,084 27,084 
599,997 584,258 
Accumulated Amortization:
Management contracts80,044 58,420 
Customer relationships47,974 42,437 
Purchased technology107,746 106,171 
Trademarks / Trade names7,991 7,231 
VOBA701 — 
244,456 214,259 
Intangible Assets, Net:
Management contracts278,371 288,995 
Customer relationships31,779 37,316 
Purchased technology10,599 7,435 
Trademarks / Trade names(A)
6,008 6,768 
VOBA(B)
1,700 2,401 
Licenses27,084 27,084 
Intangible Assets, Net$355,541 $369,999 
(A)Includes indefinite-lived intangible assets of $1.9 million as of June 30, 2026 and December 31, 2025.
(B)VOBA, an actuarial intangible asset recognized as a result of the Crestline Acquisition, is amortized on a basis consistent with the related policyholder liabilities over the remaining life of each contract.
Schedule of Unaudited Supplemental Pro Forma Financial Information
The following table presents unaudited pro forma combined revenues and income before income taxes for the three and six months ended June 30, 2025, prepared as if the Crestline Acquisition had been consummated on January 1, 2024:

Three Months EndedSix Months Ended
Pro Forma June 30, 2025June 30, 2025
Revenues$1,264,660 $2,282,614 
Income before income taxes318,346 373,293 
v3.26.1
SEGMENT REPORTING (Tables)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Schedule of Segment Financial Data
The following tables summarize segment financial information, including the Corporate category explained above, which in total reconciles to the same data for Rithm Capital on a consolidated basis:
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
Three Months Ended June 30, 2026
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$614,637 $— $— $— $— $— $614,637 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(213,874))
(392,875)— — — — — (392,875)
Servicing revenue, net221,762 — — — — — 221,762 
Interest income252,496 103,587 28,208 85,428 2,185 2,691 474,595 
Gain on originated residential mortgage loans, held-for-sale, net204,731 — — 2,275 — — 207,006 
Management fees— — 88,789 — 1,696 — 90,485 
Incentive fees— — 51,743 — — — 51,743 
Asset management revenue— — 140,532 — 1,696 — 142,228 
Commercial real estate revenue— — — — 182,130 — 182,130 
Other residential-related revenue25,222 — — 29,338 — — 54,560 
Total Revenue704,211 103,587 168,740 117,041 186,011 2,691 1,282,281 
Interest expense and warehouse line fees225,634 43,742 23,231 70,007 61,836 39,664 464,114 
Other segment expenses(A)
146,211 5,469 33,082 31,711 78,640 12,236 307,349 
Compensation and benefits214,708 22,740 130,211 6,688 11,474 24,656 410,477 
Depreciation and amortization5,474 1,966 12,040 7,184 66,803 80 93,547 
Total Operating Expenses592,027 73,917 198,564 115,590 218,753 76,636 1,275,487 
Realized and unrealized gains, net57 7,031 26,448 22,751 18 — 56,305 
Other income (loss), net879 314 17,404 7,295 (2,114)9 23,787 
Total Other Income (Loss)936 7,345 43,852 30,046 (2,096)9 80,092 
Income (Loss) before Income Taxes$113,120 $37,015 $14,028 $31,497 $(34,838)$(73,936)$86,886 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to legal and professional services, loan origination and servicing, information technology and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to legal and professional services, loan servicing and SFR property and maintenance. The Commercial Real Estate segment’s other segment expenses primarily include property operating expenses.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
Six Months Ended June 30, 2026
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$1,193,925 $— $— $— $— $— $1,193,925 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(425,330))
(597,104)— — — — — (597,104)
Servicing revenue, net596,821 — — — — — 596,821 
Interest income487,373 191,246 67,105 181,395 4,017 5,336 936,472 
Gain on originated residential mortgage loans, held-for-sale, net399,703 — — 15,553 — — 415,256 
Management fees— — 177,949 — 3,465 — 181,414 
Incentive fees— — 67,401 — — — 67,401 
Asset management revenue— — 245,350 — 3,465 — 248,815 
Commercial real estate revenue— — — — 360,387 — 360,387 
Other residential-related revenue48,555 — — 60,685 — — 109,240 
Total Revenue1,532,452 191,246 312,455 257,633 367,869 5,336 2,666,991 
Interest expense and warehouse line fees441,431 79,401 48,805 146,562 120,298 77,680 914,177 
Other segment expenses(A)
297,480 12,006 63,492 56,820 162,640 31,512 623,950 
Compensation and benefits421,782 43,562 243,227 11,803 22,756 45,757 788,887 
Depreciation and amortization11,562 3,909 23,566 15,666 131,408 80 186,191 
Total Operating Expenses1,172,255 138,878 379,090 230,851 437,102 155,029 2,513,205 
Realized and unrealized gains (losses), net57 6,425 25,054 9,717 (102)— 41,151 
Other income (loss), net3,493 1,369 26,880 14,514 (78)11 46,189 
Total Other Income (Loss)3,550 7,794 51,934 24,231 (180)11 87,340 
Income (Loss) before Income Taxes$363,747 $60,162 $(14,701)$51,013 $(69,413)$(149,682)$241,126 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to legal and professional services, loan origination and servicing, information technology and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to legal and professional services, loan servicing and SFR property and maintenance. The Commercial Real Estate segment’s other segment expenses primarily include property operating expenses.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
June 30, 2026
Investments(A)
$17,835,593 $3,833,824 $1,119,524 $4,201,808 $5,105,831 $— $32,096,580 
Cash and cash equivalents(A)
1,055,134 59,084 237,477 19,395 170,931 122,477 1,664,498 
Restricted cash(A)
174,481 69,755 10,194 34,186 263,412 238,182 790,210 
Other assets(A)
7,795,668 163,300 1,540,186 2,474,347 343,013 11,754 12,328,268 
Goodwill29,468 55,731 231,444 — — — 316,643 
Assets of consolidated entities(A)
— 878,836 1,232,433 4,801,400 — — 6,912,669 
Total Assets$26,890,344 $5,060,530 $4,371,258 $11,531,136 $5,883,187 $372,413 $54,108,868 
Debt(A)
$15,341,262 $3,219,710 $440,685 $5,191,877 $3,996,761 $1,753,290 $29,943,585 
Other liabilities(A)
6,046,761 57,676 1,401,149 470,385 276,731 489,724 8,742,426 
Liabilities of consolidated entities(A)
— 765,735 980,804 4,227,598 — — 5,974,137 
Total Liabilities21,388,023 4,043,121 2,822,638 9,889,860 4,273,492 2,243,014 44,660,148 
Redeemable Non-controlling Interests of Consolidated Subsidiaries— — 154,413 — — 242,893 397,306 
Total Stockholders’ Equity5,502,321 1,017,409 1,394,207 1,641,276 1,609,695 (2,113,494)9,051,414 
Non-controlling interests in equity of consolidated subsidiaries9,780 — 74,834 59,020 390,918 — 534,552 
Stockholders’ Equity in Rithm Capital Corp.$5,492,541 $1,017,409 $1,319,373 $1,582,256 $1,218,777 $(2,113,494)$8,516,862 
Investments in Equity Method Investees$27,609 $29,135 $246,759 $326,288 $183,082 $— $812,873 
December 31, 2025
Total Assets(A)
$27,459,943 $4,057,146 $4,514,978 $10,687,181 $5,885,235 $458,643 $53,063,126 
(A)The Company's consolidated balance sheets include assets and liabilities of consolidated VIEs, including funds and CFEs that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
Three Months Ended June 30, 2025
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$574,817 $— $— $— $— $— $574,817 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(176,680))
(155,005)— — — — — (155,005)
Servicing revenue, net419,812 — — — — — 419,812 
Interest income309,940 75,405 7,841 82,143 — 3,126 478,455 
Gain on originated residential mortgage loans, held-for-sale, net168,438 — — 1,260 — — 169,698 
Management fees— — 66,177 — — — 66,177 
Incentive fees— — 28,831 — — — 28,831 
Asset management revenue— — 95,008 — — — 95,008 
Commercial real estate revenue— — — — — — — 
Other residential-related revenue27,439 — — 29,182 — — 56,621 
Total Revenue925,629 75,405 102,849 112,585 — 3,126 1,219,594 
Interest expense and warehouse line fees283,616 33,620 8,710 69,904 — 22,018 417,868 
Other segment expenses(A)
146,989 5,234 26,487 22,162 — 14,909 215,781 
Compensation and benefits190,169 15,308 67,401 1,004 — 20,525 294,407 
Depreciation and amortization6,281 2,289 7,348 7,849 — 27 23,794 
Total Operating Expenses627,055 56,451 109,946 100,919 — 57,479 951,850 
Realized and unrealized gains (losses), net— 6,809 416 16,177 — (661)22,741 
Other income (loss), net6,435 (713)5,124 6,286 — (1,209)15,923 
Total Other Income (Loss)6,435 6,096 5,540 22,463 — (1,870)38,664 
Income (Loss) before Income Taxes$305,009 $25,050 $(1,557)$34,129 $— $(56,223)$306,408 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to loan origination and servicing, information technology and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to legal and professional services, loan servicing and property and maintenance.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCommercial Real EstateCorporate CategoryTotal
Six Months Ended June 30, 2025
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$1,145,618 $— $— $— $— $— $1,145,618 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(323,571))
(488,383)— — — — — (488,383)
Servicing revenue, net657,235 — — — — — 657,235 
Interest income602,501 141,913 17,254 153,933 — 4,114 919,715 
Gain on originated residential mortgage loans, held-for-sale, net319,932 — — 9,555 — — 329,487 
Management fees— — 125,163 — — — 125,163 
Incentive fees— — 57,517 — — — 57,517 
Asset management revenue— — 182,680 — — — 182,680 
Commercial real estate revenue— — — — — — — 
Other residential-related revenue53,177 — — 56,548 — — 109,725 
Total Revenue1,632,845 141,913 199,934 220,036 — 4,114 2,198,842 
Interest expense and warehouse line fees576,564 65,321 22,799 129,540 — 42,698 836,922 
Other segment expenses(A)
290,756 10,065 58,078 45,154 — 24,706 428,759 
Compensation and benefits362,871 29,699 132,731 2,166 — 38,407 565,874 
Depreciation and amortization13,940 3,856 14,732 15,803 — 31 48,362 
Total Operating Expenses1,244,131 108,941 228,340 192,663 — 105,842 1,879,917 
Realized and unrealized gains (losses), net— 8,852 (5,864)19,271 — (661)21,598 
Other income (loss), net6,317 (854)12,962 5,444 — (1,204)22,665 
Total Other Income (Loss)6,317 7,998 7,098 24,715 — (1,865)44,263 
Income (Loss) before Income Taxes$395,031 $40,970 $(21,308)$52,088 $— $(103,593)$363,188 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to loan origination and servicing, information technology and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to legal and professional services, loan servicing and property and maintenance.
v3.26.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES (Tables)
 6 Months Ended
Jun. 30, 2026
Transfers and Servicing [Abstract]  
Schedule of Activity Related to the Carrying Value of Investments in Excess MSRs
The following table summarizes activity related to MSRs and MSR financing receivables:
Balance at December 31, 2025$10,359,141 
Acquisitions12,410 
Originations(A)
723,882 
Sales4,047 
Change in Fair Value due to:
Realization of cash flows(B)
(427,831)
Change in valuation inputs and assumptions419,834 
Balance at June 30, 2026$11,091,483 
(A)Represents MSRs retained on the sale of originated residential mortgage loans. Includes $114.8 million of MSRs capitalized through co-issue with third parties for the six months ended June 30, 2026.
(B)Based on the paydown of the underlying residential mortgage loans.
The following table summarizes MSRs and MSR financing receivables by type as of June 30, 2026 and December 31, 2025:
Unpaid Principal Balance (“UPB”) of Underlying Mortgages
Weighted Average Life (Years)(A)
Carrying Value(B)
June 30, 2026
GSE$375,046,071 6.1$6,483,683 
Non-Agency67,707,849 5.6981,266 
Ginnie Mae154,064,973 6.13,626,534 
Total / Weighted Average$596,818,893 6.1$11,091,483 
December 31, 2025
GSE$376,982,090 6.2$6,051,855 
Non-Agency66,874,608 5.6894,988 
Ginnie Mae151,675,782 6.13,412,298 
Total / Weighted Average$595,532,480 6.1$10,359,141 
(A)Represents the weighted average expected timing of the receipt of expected cash flows for this investment.
(B)Represents the fair value for this investment. As of June 30, 2026 and December 31, 2025, weighted average discount rates of 8.0% (range of 7.6% – 9.6%) and 8.4% (range of 8.0% - 10.3%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables.
Schedule of Fees Earned in Exchange for Servicing Financial Assets
The following table summarizes components of servicing revenue, net:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$563,771 $518,371 $1,094,370 $1,045,181 
Ancillary and other fees50,866 56,446 99,555 100,437 
Servicing fee revenue, net and fees614,637 574,817 1,193,925 1,145,618 
Change in Fair Value due to:
Realization of cash flows(A)
(213,874)(176,680)(425,330)(323,571)
Change in valuation inputs and assumptions, net of realized gains (losses)(B)
48,228 (8,807)409,814 (403,832)
Gains (losses) on MSR economic hedges(227,229)30,482 (581,588)239,020 
Servicing Revenue, Net$221,762 $419,812 $596,821 $657,235 
(A)Net of realization of cash flows related to MSR financing liability of $1.4 million and $1.3 million for the three months ended June 30, 2026 and 2025, respectively, and $2.5 million and $2.5 million for the six months ended June 30, 2026 and 2025, respectively.
(B)Net of change in valuation inputs and assumptions related to MSR financing liability of $(6.0) million and $8.0 million for the three months ended June 30, 2026 and 2025, respectively, and $(10.0) million and $3.2 million for the six months ended June 30, 2026 and 2025, respectively.
Schedule of the Geographic Distribution of the Underlying Residential Mortgage Loans of the Direct Investment in MSRs
The table below summarizes the geographic distribution of the residential mortgage loans underlying the MSRs and MSR financing receivables:
Percentage of Total Outstanding
Unpaid Principal Amount
State ConcentrationJune 30, 2026December 31, 2025
California15.5 %15.8 %
Florida8.0 %8.1 %
Texas6.7 %6.7 %
New York5.7 %5.7 %
Washington4.9 %5.0 %
New Jersey3.9 %3.9 %
Virginia3.8 %3.8 %
Maryland3.5 %3.4 %
Georgia3.2 %3.2 %
Illinois3.1 %3.2 %
Other U.S.41.7 %41.2 %
100.0 %100.0 %
Schedule of Investment in Servicer Advances
The table below summarizes the type of advances included in the servicer advances receivable:
June 30, 2026December 31, 2025
Principal and interest advances$509,576 $539,371 
Escrow advances (taxes and insurance advances)1,293,143 1,735,259 
Foreclosure advances1,070,091 941,658 
Gross advance balance(A)(B)(C)
2,872,810 3,216,288 
Reserves, impairment, unamortized discount, net of recovery accruals(121,217)(125,675)
Total Servicer Advances Receivable$2,751,593 $3,090,613 
(A)Includes $513.6 million and $738.7 million as of June 30, 2026 and December 31, 2025 of servicer advances receivable related to GSE MSRs, respectively, recoverable either from the borrower or the Agencies.
(B)Includes $538.7 million and $576.7 million as of June 30, 2026 and December 31, 2025 of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae.
(C)Expected losses for advances associated with loans in the MSR portfolio are considered in the MSR fair value through a non-reimbursable advance loss assumption.
Schedule of Servicer Advances Reserve
The following table summarizes servicer advances provision activity during the period:
Balance at December 31, 2025$121,537 
Provision54,559 
Write-offs(48,618)
Balance at June 30, 2026$127,478 
v3.26.1
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-sale
The following table summarizes Agency and Treasury securities classified as available-for-sale (“AFS”) or designated at fair value under the FVO election:
June 30, 2026December 31,
2025
Outstanding Face AmountGross UnrealizedNumber of SecuritiesWeighted Average
GainsLosses
Carrying Value(A)
CouponYield
Life (Years)(B)
Carrying Value(A)
Securities Designated as AFS:
Agency(C)(D)
$62,940 $— $— $56,035 1 3.5 %3.5 %10.8$58,523 
Securities Designated at FVO:
Agency(C)
4,887,780 61,650 (12,982)4,831,902 22 5.0 %5.0 %7.35,171,616
Total / Weighted Average$4,950,720 $61,650 $(12,982)$4,887,937 23 5.0 %5.0 %7.3$5,230,139 
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)All fixed-rate as of June 30, 2026 and December 31, 2025.
(D)Expected loss is realized through allowance for credit losses.
The following table summarizes purchases and sales of Agency and Treasury securities:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
TreasuryAgencyTreasuryAgencyTreasuryAgencyTreasuryAgency
Purchases:
Face$25,000 $— $25,000 $— $25,000 $— $50,000 $1,355,800 
Purchase price24,721 — 24,736 — 24,721 — 49,468 1,326,895 
Sales:
Face$— $— $2,000,000 $— $— $— $2,000,000 $1,274 
Amortized cost— — 2,002,734 — — — 2,002,734 1,349 
Sale price— — 2,013,809 — — — 2,013,809 1,291 
Gain (loss) on sale— — 11,075 — — — 11,075 (58)
The following table summarizes the securities held by the insurance company at fair value:
June 30, 2026December 31,
2025
Outstanding Face Amount(C)
Gross Unrealized
Carrying Value(A)
Number of SecuritiesWeighted Average
GainsLossesCouponYield
Life (Years)(B)
Carrying Value(A)
Asset-backed and mortgage-backed securities$590,291 $1,869 $(3,883)$156,363 255 1.6 %6.6 %5.2$93,729 
Corporate debt24,183 132 (256)24,487 165 4.6 %4.9 %10.020,141
Government and Agency securities10,736 43 (83)9,742 15 2.8 %4.1 %6.418,036
Other2,561 2 (10)2,554 12 4.8 %4.9 %3.83,566
Total / Weighted Average$627,771 $2,046 $(4,232)$193,146 447 1.8 %6.2 %5.8$135,472 
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)Includes interest only securities for which no principal payment is expected.

The following table summarizes the commercial mortgage loans and private credit held by the insurance company at fair value:
June 30, 2026December 31,
2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Commercial mortgage loans, HFI, at fair value$481,587 $449,966 46 9.8 %1.3$397,982 
Private credit, at fair value(B)
482,279 476,412 74 10.3 %3.5373,000 
(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.
(B)All current status loans as of June 30, 2026.
Schedule of Debt Securities, Held-to-Maturity
The following table summarizes Treasury securities classified as held-to-maturity (“HTM”):
Weighted Average
Outstanding Face AmountAmortized Cost / Carrying Value
Fair Value(A)
Unrecognized Gains (Losses)Number of SecuritiesYieldLife (Years)
Treasury Securities Designated as HTM:
June 30, 2026$25,000 $24,932 $24,932 $— 1 3.7 %0.08
December 31, 202525,000 24,766 24,762 (4)1 3.5 %0.30
(A)See Note 18 regarding the fair value measurements.
v3.26.1
RESIDENTIAL MORTGAGE LOANS (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Residential Mortgage Loans Outstanding by Loan Type, Excluding REO
The following table summarizes residential mortgage loans outstanding by loan type:
June 30, 2026December 31,
2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$4,540,407 $4,460,920 10,4566.2 %27.2$3,265,142 
Residential mortgage loans, HFI, at fair value$325,577 $294,416 6,2698.0 %3.4$324,688 
Residential Mortgage Loans, HFS:
Acquired performing loans45,622 40,970 1,4366.7 %3.245,861 
Acquired non-performing loans(C)
13,483 11,278 1509.2 %2.910,930 
Residential mortgage loans, HFS59,105 52,248 1,5867.3 %3.156,791 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(D)
1,132,283 1,140,263 2,8546.3 %9.71,612,154 
Acquired non-performing loans(C)(E)
390,046 358,440 1,6165.5 %28.5299,413 
Originated loans2,392,735 2,448,125 7,9736.6 %29.13,515,914 
Residential mortgage loans, HFS, at fair value3,915,064 3,946,828 12,4436.4 %23.45,427,481 
Total Residential Mortgage Loans$4,299,746 $4,293,492 20,298$5,808,960 
(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 loans classified as Level 2 in the fair value hierarchy, 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)Loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)Includes $210.7 million UPB of Ginnie Mae early buyout options.
(E)Includes $375.6 million UPB of Ginnie Mae early buyout options on accrual status as recovery of contractual cash flows are guaranteed by the FHA as of June 30, 2026.
The following table summarizes residential transition loans (“RTLs” and each, an “RTL”), at fair value, and RTLs held by consolidated entities by loan type:
RTLs - Carrying
Value(A)
RTLs of Consolidated Entities - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
June 30, 2026
Construction$1,348,321 $512,016 $1,860,337 36.7 %610 32.3 %10.6 %22.6
73.2% / 62.1%
Bridge1,974,747 518,046 2,492,793 49.1 %605 32.1 %9.1 %25.068.0%
Renovation509,244 208,753 717,997 14.2 %673 35.6 %9.5 %15.9
82.0% / 67.2%
$3,832,312 $1,238,815 $5,071,127 100.0 %1,888 100.0 %9.7 %21.7N/A
December 31, 2025
Construction$1,018,250 $485,049 $1,503,299 38.4 %400 29.8 %11.1 %21.6
71.8% / 61.3%
Bridge1,339,198 514,400 1,853,598 47.4 %507 37.8 %9.4 %25.767.8%
Renovation342,416 215,361 557,777 14.2 %435 32.4 %9.7 %14.4
81.3% / 67.5%
$2,699,864 $1,214,810 $3,914,674 100.0 %1,342 100.0 %10.1 %22.1N/A
(A)RTLs are carried at fair value under the FVO election. Certain RTLs of consolidated entities, classified as CFEs, are valued based on the more observable financial liabilities of consolidated CFEs and are classified as Level 3. See Note 18 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, 2025$2,699,864 
Purchases14,204 
Initial loan advances1,870,604 
Construction holdbacks and draws716,268 
Repayments and sales(957,870)
Transfer of loans to REO(2,357)
Transfers to assets of consolidated entities(500,365)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(25,496)
Other factors17,460 
Balance at June 30, 2026$3,832,312 
The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2025$460,631 $11,396 $472,027 
Fundings11,173 — 11,173 
Payment in kind3,850 346 4,196 
Fair Value Adjustments due to:
Other factors(A)
5,469 — 5,469 
Balance at June 30, 2026$481,123 $11,742 $492,865 
(A)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 on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,840,835 $3,874,481 $33,646 $5,358,662 $5,437,702 $79,040 
90+458,911 419,011 (39,900)405,526 371,258 (34,268)
Total$4,299,746 $4,293,492 $(6,254)$5,764,188 $5,808,960 $44,772 
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:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,738,073 $3,745,172 $7,099 $2,593,228 $2,610,258 $17,030 
90+96,748 87,140 (9,608)100,921 89,606 (11,315)
Total$3,834,821 $3,832,312 $(2,509)$2,694,149 $2,699,864 $5,715 
The following table summarizes the past due status and difference between the aggregate UPB and aggregate carrying value of commercial mortgage loans, HFI, at fair value on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$473,552 $444,020 $(29,532)$386,642 $387,401 $759 
90+8,035 5,946 (2,089)13,093 10,581 (2,512)
Total$481,587 $449,966 $(31,621)$399,735 $397,982 $(1,753)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
June 30, 2026December 31, 2025
Days Past DueUPB
Carrying Value(A)
Carrying Value Under UPBUPB
Carrying Value(A)
Carrying Value Under UPB
Current$575,769 $492,865 $(82,904)$560,400 $472,027 $(88,373)
90+8,038 — (8,038)8,038 — (8,038)
Total$583,807 $492,865 $(90,942)$568,438 $472,027 $(96,411)
(A)Notes and loans receivable are carried at fair value. See Note 18 regarding fair value measurements.
Schedule of Residential Mortgage Loans
The following table summarizes the activity related to residential mortgage loans by loan classification:
Loans HFI, at Fair ValueLoans HFS, at Lower of Cost or Fair ValueLoans HFS, at Fair ValueTotal
Balance at December 31, 2025$324,688 $56,791 $5,427,481 $5,808,960 
Originations — — 29,096,872 29,096,872 
Sales— — (32,500,458)(32,500,458)
Purchases/additional fundings— — 3,979,949 3,979,949 
Proceeds from repayments(20,844)(3,701)(104,593)(129,138)
Net transfer of loans to/from other assets(A)
— (339)(1,972,430)(1,972,769)
Transfer of loans to REO(1,329)(160)(256)(1,745)
Valuation (provision) reversal on loans— (343)— (343)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(2,224)— (270)(2,494)
Other factors(5,875)— 20,533 14,658 
Balance at June 30, 2026$294,416 $52,248 $3,946,828 $4,293,492 
(A)Includes receivable modifications resulting in transfers between other assets and residential mortgage loans as well as transfers to and from consolidated entities.
Schedule of Originated Mortgage Loans
The following table summarizes the components of gain on originated residential mortgage loans, HFS, net:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Loss on residential mortgage loans originated and sold, net(A)
$(161,434)$(257,202)$(275,123)$(416,852)
Gain on settlement of residential mortgage loan origination derivative instruments(B)
70,159 24,980 28,819 37,769 
MSRs retained on transfer of residential mortgage loans(C)
313,934 377,074 609,072 696,222 
Other(D)
15,588 14,394 31,768 36,376 
Realized gain on sale of originated residential mortgage loans, net238,247 159,246 394,536 353,515 
Change in fair value of residential mortgage loans25,692 25,072 (516)37,671 
Change in fair value of interest rate lock commitments (Note 16)
20,355 16,135 12,308 39,228 
Change in fair value of derivative instruments (Note 16)
(77,288)(30,755)8,928 (100,927)
Gain on Originated Residential Mortgage Loans, HFS, Net$207,006 $169,698 $415,256 $329,487 
(A)Includes residential mortgage loan origination fees of $174.8 million and $248.3 million for the three months ended June 30, 2026 and 2025, respectively, and $383.7 million and $445.9 million for the six months ended June 30, 2026 and 2025, respectively. Includes gain/(loss) on residential mortgage loan securitizations accounted for as sales of $(2.6) million and $9.6 million for the three months ended June 30, 2026 and 2025, respectively, and $39.3 million and $25.0 million for the six months ended June 30, 2026 and 2025, respectively.
(B)Represents settlement of forward securities delivery commitments utilized as an economic hedge for mortgage loans not included within forward loan sale commitments.
(C)Represents the initial fair value of the capitalized MSRs upon loan sales with servicing retained.
(D)Includes fees for services associated with the residential mortgage loan origination process.
v3.26.1
CONSUMER LOANS (Tables)
 6 Months Ended
Jun. 30, 2026
Investments, Debt and Equity Securities [Abstract]  
Schedule of the Investment in Consumer Loan Companies
The following table summarizes characteristics of consumer loans, at fair value under the FVO election and consumer loans held by consolidated entities:
UPBCarrying ValueWeighted Average CouponWeighted Average Expected Life (Years)
June 30, 2026
Investments of consolidated CFEs(A)
$302,422 $304,569 13.1 %10.8
Upgrade$479,625 $462,640 15.4 %10.4
SpringCastle146,489 147,302 18.0 %3.5
Marcus204,137 97,169 11.2 %0.5
Total Consumer Loans, at Fair Value$830,251 $707,111 14.8 %6.8
December 31, 2025
Upgrade$471,651 $450,119 13.5 %10.9
SpringCastle164,119 167,807 18.0 %3.7
Marcus295,074 166,473 11.2 %0.6
Total Consumer Loans, at Fair Value$930,844 $784,399 13.6 %6.4
(A)Consumer loans of consolidated CFEs are classified as Level 3 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.
Schedule Of Consumer Loans, Held-For-Investment
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of consumer loans, at fair value on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
SpringCastle:
Current$143,582 $144,399 $817 $160,524 $164,175 $3,651 
90+2,907 2,903 (4)3,595 3,632 37 
Total SpringCastle146,489 147,302 813 164,119 167,807 3,688 
Marcus:
Current$85,116 $85,371 $255 $151,530 $151,985 $455 
90+119,021 11,798 (107,223)143,544 14,488 (129,056)
Total Marcus204,137 97,169 (106,968)295,074 166,473 (128,601)
Upgrade:
Current$478,741 $461,787 $(16,954)$471,108 $449,601 $(21,507)
90+884 853 (31)543 518 (25)
Total Upgrade479,625 462,640 (16,985)471,651 450,119 (21,532)
$830,251 $707,111 $(123,140)$930,844 $784,399 $(146,445)
(A)Consumer loans are carried at fair value. See Note 18 regarding fair value measurements.
Schedule of Carrying Value of Performing Consumer Loans
The following table summarizes the activity for consumer loans, at fair value for the period:
Balance at December 31, 2025$784,399 
Transfer to investments of consolidated CFEs(301,966)
Additional fundings(A)
8,585 
Purchases425,081 
Proceeds from repayments(222,144)
Accretion of loan discount and premium amortization, net15,471 
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(4,271)
Other factors1,956 
Balance at June 30, 2026$707,111 
(A)Represents draws on consumer loans with revolving privileges.
v3.26.1
REAL ESTATE, NET (Tables)
 6 Months Ended
Jun. 30, 2026
Real Estate [Abstract]  
Schedule of Composition of Real Estate, Net
The following table presents the composition of real estate, net:
June 30,
2026		December 31,
2025
Commercial real estate$5,129,659 $5,156,248 
Single-family rental properties993,341 1,004,917 
Real estate owned16,789 14,570 
Real Estate, Net$6,139,789 $6,175,735 
Schedule of Real Estate Rental Properties
The following table summarizes the net carrying value of CRE:
Depreciable Life (Years)(A)
June 30,
2026		December 31,
2025
Commercial Real Estate Tangible Assets:
LandN/A$1,735,913 $1,721,869 
Buildings and improvements
5 to 40
2,401,830 2,300,895 
Total commercial real estate tangible assets, at cost4,137,743 4,022,764 
Accumulated depreciation(67,000)(4,007)
Total commercial real estate tangible assets, net4,070,743 4,018,757 
Commercial Real Estate Intangible Assets:
In-place leases
8.4
1,043,275 1,044,592 
Above-market leases
6.0
100,168 99,831 
Total commercial real estate intangible assets, gross1,143,443 1,144,423 
In-place leases accumulated amortization(75,064)(6,347)
Above-market leases accumulated amortization(9,463)(585)
Total accumulated amortization(84,527)(6,932)
Total commercial real estate intangible assets, net1,058,916 1,137,491 
Commercial Real Estate, Net$5,129,659 $5,156,248 
(A)The estimated useful lives of CRE intangible assets represents the weighted-average useful life.
The following table summarizes the net carrying value of investments in SFR properties:
June 30, 2026December 31, 2025
Land$196,515 $192,335 
Building750,192 759,716 
Capital improvements166,152 163,496 
Total gross investment in SFR properties1,112,859 1,115,547 
Accumulated depreciation(119,518)(110,630)
Investment in SFR Properties, Net$993,341 $1,004,917 
Summary of Activity Related to the Net Carrying Value of Commercial Real Estate Properties
The following table summarizes the activity for the period related to the net carrying value of CRE:
Commercial Real Estate Tangible AssetsCommercial Real Estate Intangible AssetsTotal Commercial Real Estate, Net
Balance at December 31, 2025$4,018,757 $1,137,491 $5,156,248 
Other23,734 (980)22,754 
Acquisitions and capital improvements90,616 — 90,616 
Depreciation and amortization expense(A)
(62,364)(77,595)(139,959)
Balance at June 30, 2026$4,070,743 $1,058,916 $5,129,659 
(A)Includes $8.9 million of amortization expense for the six months ended June 30, 2026 related to the Company’s above-market lease intangible assets, which is presented within commercial real estate revenue on the consolidated statements of operations.
Schedule Of Rental And Variable Revenue
The following table summarizes rental revenue and other variable revenue based on the specific lease terms presented in commercial real estate revenue on the consolidated statements of operations for the period:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Rental revenue$157,180 $— $309,260 $— 
Other variable revenue24,950 — 51,127 — 
Total$182,130 $— $360,387 $— 
The following table summarizes rental revenue and other variable revenue presented in other residential-related revenue on the consolidated statements of operations based on the specific lease terms for the period:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Rental revenue$18,104 $19,492 $38,591 $38,895 
Other variable revenue2,564 2,555 4,761 4,885 
Total $20,668 $22,047 $43,352 $43,780 
Schedule of Future Minimum Rental Revenues
The following table summarizes the future minimum rental revenue under existing leases on CRE properties as of June 30, 2026:
July 1 through December 31, 2026$254,963 
2027539,332 
2028578,268 
2029572,184 
2030529,513 
2031 and thereafter2,582,215 
Total$5,056,475 
The following table summarizes the future minimum rental revenue under existing leases on SFR properties as of June 30, 2026:
July 1 through December 31, 2026$24,881 
2027 and thereafter
17,208 
Total$42,089 
Schedule of Intangible Assets, Future Amortization Expense
The following table summarizes the expected future amortization expense for lease intangible assets as of June 30, 2026:
Year EndingAmortization Expense
July 1 through December 31, 2026$80,078 
2027162,941 
2028159,688 
2029147,911 
2030122,954 
2031 and thereafter385,344 
$1,058,916 
The following table summarizes the expected future amortization expense for intangible assets as of June 30, 2026:
Year EndingAmortization Expense
July 1 through December 31, 2026$26,242 
202754,238 
202853,956 
202950,958 
203040,836 
2031 and thereafter100,351 
$326,581 
Schedule of Activity in Real Estate Rental Properties
The following table summarizes the activity for the period related to the net carrying value of investments in SFR properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 2025$999,102 $5,815 $1,004,917 
Acquisitions and capital improvements45,126 238 45,364 
Transfers to (from) HFS/HFI(219,285)219,285 — 
Dispositions— (43,343)(43,343)
Depreciation expense(13,597)— (13,597)
Balance at June 30, 2026$811,346 $181,995 $993,341 
The following table summarizes SFR portfolio activity for the period by number of properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 20253,985 21 4,006 
Acquisition of SFR properties110 — 110 
Transfer to (from) HFS/HFI(813)813 — 
Disposition of SFR properties— (158)(158)
Balance at June 30, 20263,282 676 3,958 
v3.26.1
RESIDENTIAL TRANSITION LOANS (Tables)
 6 Months Ended
Jun. 30, 2026
Receivables [Abstract]  
Schedule of Residential Mortgage Loans Outstanding by Loan Type, Excluding REO
The following table summarizes residential mortgage loans outstanding by loan type:
June 30, 2026December 31,
2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$4,540,407 $4,460,920 10,4566.2 %27.2$3,265,142 
Residential mortgage loans, HFI, at fair value$325,577 $294,416 6,2698.0 %3.4$324,688 
Residential Mortgage Loans, HFS:
Acquired performing loans45,622 40,970 1,4366.7 %3.245,861 
Acquired non-performing loans(C)
13,483 11,278 1509.2 %2.910,930 
Residential mortgage loans, HFS59,105 52,248 1,5867.3 %3.156,791 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(D)
1,132,283 1,140,263 2,8546.3 %9.71,612,154 
Acquired non-performing loans(C)(E)
390,046 358,440 1,6165.5 %28.5299,413 
Originated loans2,392,735 2,448,125 7,9736.6 %29.13,515,914 
Residential mortgage loans, HFS, at fair value3,915,064 3,946,828 12,4436.4 %23.45,427,481 
Total Residential Mortgage Loans$4,299,746 $4,293,492 20,298$5,808,960 
(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 loans classified as Level 2 in the fair value hierarchy, 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)Loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)Includes $210.7 million UPB of Ginnie Mae early buyout options.
(E)Includes $375.6 million UPB of Ginnie Mae early buyout options on accrual status as recovery of contractual cash flows are guaranteed by the FHA as of June 30, 2026.
The following table summarizes residential transition loans (“RTLs” and each, an “RTL”), at fair value, and RTLs held by consolidated entities by loan type:
RTLs - Carrying
Value(A)
RTLs of Consolidated Entities - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
June 30, 2026
Construction$1,348,321 $512,016 $1,860,337 36.7 %610 32.3 %10.6 %22.6
73.2% / 62.1%
Bridge1,974,747 518,046 2,492,793 49.1 %605 32.1 %9.1 %25.068.0%
Renovation509,244 208,753 717,997 14.2 %673 35.6 %9.5 %15.9
82.0% / 67.2%
$3,832,312 $1,238,815 $5,071,127 100.0 %1,888 100.0 %9.7 %21.7N/A
December 31, 2025
Construction$1,018,250 $485,049 $1,503,299 38.4 %400 29.8 %11.1 %21.6
71.8% / 61.3%
Bridge1,339,198 514,400 1,853,598 47.4 %507 37.8 %9.4 %25.767.8%
Renovation342,416 215,361 557,777 14.2 %435 32.4 %9.7 %14.4
81.3% / 67.5%
$2,699,864 $1,214,810 $3,914,674 100.0 %1,342 100.0 %10.1 %22.1N/A
(A)RTLs are carried at fair value under the FVO election. Certain RTLs of consolidated entities, classified as CFEs, are valued based on the more observable financial liabilities of consolidated CFEs and are classified as Level 3. See Note 18 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, 2025$2,699,864 
Purchases14,204 
Initial loan advances1,870,604 
Construction holdbacks and draws716,268 
Repayments and sales(957,870)
Transfer of loans to REO(2,357)
Transfers to assets of consolidated entities(500,365)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(25,496)
Other factors17,460 
Balance at June 30, 2026$3,832,312 
The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2025$460,631 $11,396 $472,027 
Fundings11,173 — 11,173 
Payment in kind3,850 346 4,196 
Fair Value Adjustments due to:
Other factors(A)
5,469 — 5,469 
Balance at June 30, 2026$481,123 $11,742 $492,865 
(A)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 on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,840,835 $3,874,481 $33,646 $5,358,662 $5,437,702 $79,040 
90+458,911 419,011 (39,900)405,526 371,258 (34,268)
Total$4,299,746 $4,293,492 $(6,254)$5,764,188 $5,808,960 $44,772 
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:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,738,073 $3,745,172 $7,099 $2,593,228 $2,610,258 $17,030 
90+96,748 87,140 (9,608)100,921 89,606 (11,315)
Total$3,834,821 $3,832,312 $(2,509)$2,694,149 $2,699,864 $5,715 
The following table summarizes the past due status and difference between the aggregate UPB and aggregate carrying value of commercial mortgage loans, HFI, at fair value on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$473,552 $444,020 $(29,532)$386,642 $387,401 $759 
90+8,035 5,946 (2,089)13,093 10,581 (2,512)
Total$481,587 $449,966 $(31,621)$399,735 $397,982 $(1,753)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
June 30, 2026December 31, 2025
Days Past DueUPB
Carrying Value(A)
Carrying Value Under UPBUPB
Carrying Value(A)
Carrying Value Under UPB
Current$575,769 $492,865 $(82,904)$560,400 $472,027 $(88,373)
90+8,038 — (8,038)8,038 — (8,038)
Total$583,807 $492,865 $(90,942)$568,438 $472,027 $(96,411)
(A)Notes and loans receivable are carried at fair value. See Note 18 regarding fair value measurements.
v3.26.1
INSURANCE (Tables)
 6 Months Ended
Jun. 30, 2026
Insurance [Abstract]  
Schedule of Insurance Company Investments, at Fair Value
The following table presents the composition of insurance company investments, at fair value:
June 30,
2026		December 31,
2025
Securities$193,146 $135,472 
Commercial mortgage loans449,966 397,982 
Private credit476,412 373,000 
Insurance Company Investments, at Fair Value$1,119,524 $906,454 
Schedule of Debt Securities, Available-for-sale
The following table summarizes Agency and Treasury securities classified as available-for-sale (“AFS”) or designated at fair value under the FVO election:
June 30, 2026December 31,
2025
Outstanding Face AmountGross UnrealizedNumber of SecuritiesWeighted Average
GainsLosses
Carrying Value(A)
CouponYield
Life (Years)(B)
Carrying Value(A)
Securities Designated as AFS:
Agency(C)(D)
$62,940 $— $— $56,035 1 3.5 %3.5 %10.8$58,523 
Securities Designated at FVO:
Agency(C)
4,887,780 61,650 (12,982)4,831,902 22 5.0 %5.0 %7.35,171,616
Total / Weighted Average$4,950,720 $61,650 $(12,982)$4,887,937 23 5.0 %5.0 %7.3$5,230,139 
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)All fixed-rate as of June 30, 2026 and December 31, 2025.
(D)Expected loss is realized through allowance for credit losses.
The following table summarizes purchases and sales of Agency and Treasury securities:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
TreasuryAgencyTreasuryAgencyTreasuryAgencyTreasuryAgency
Purchases:
Face$25,000 $— $25,000 $— $25,000 $— $50,000 $1,355,800 
Purchase price24,721 — 24,736 — 24,721 — 49,468 1,326,895 
Sales:
Face$— $— $2,000,000 $— $— $— $2,000,000 $1,274 
Amortized cost— — 2,002,734 — — — 2,002,734 1,349 
Sale price— — 2,013,809 — — — 2,013,809 1,291 
Gain (loss) on sale— — 11,075 — — — 11,075 (58)
The following table summarizes the securities held by the insurance company at fair value:
June 30, 2026December 31,
2025
Outstanding Face Amount(C)
Gross Unrealized
Carrying Value(A)
Number of SecuritiesWeighted Average
GainsLossesCouponYield
Life (Years)(B)
Carrying Value(A)
Asset-backed and mortgage-backed securities$590,291 $1,869 $(3,883)$156,363 255 1.6 %6.6 %5.2$93,729 
Corporate debt24,183 132 (256)24,487 165 4.6 %4.9 %10.020,141
Government and Agency securities10,736 43 (83)9,742 15 2.8 %4.1 %6.418,036
Other2,561 2 (10)2,554 12 4.8 %4.9 %3.83,566
Total / Weighted Average$627,771 $2,046 $(4,232)$193,146 447 1.8 %6.2 %5.8$135,472 
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)Includes interest only securities for which no principal payment is expected.

The following table summarizes the commercial mortgage loans and private credit held by the insurance company at fair value:
June 30, 2026December 31,
2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Commercial mortgage loans, HFI, at fair value$481,587 $449,966 46 9.8 %1.3$397,982 
Private credit, at fair value(B)
482,279 476,412 74 10.3 %3.5373,000 
(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.
(B)All current status loans as of June 30, 2026.
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 on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,840,835 $3,874,481 $33,646 $5,358,662 $5,437,702 $79,040 
90+458,911 419,011 (39,900)405,526 371,258 (34,268)
Total$4,299,746 $4,293,492 $(6,254)$5,764,188 $5,808,960 $44,772 
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:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,738,073 $3,745,172 $7,099 $2,593,228 $2,610,258 $17,030 
90+96,748 87,140 (9,608)100,921 89,606 (11,315)
Total$3,834,821 $3,832,312 $(2,509)$2,694,149 $2,699,864 $5,715 
The following table summarizes the past due status and difference between the aggregate UPB and aggregate carrying value of commercial mortgage loans, HFI, at fair value on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$473,552 $444,020 $(29,532)$386,642 $387,401 $759 
90+8,035 5,946 (2,089)13,093 10,581 (2,512)
Total$481,587 $449,966 $(31,621)$399,735 $397,982 $(1,753)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
June 30, 2026December 31, 2025
Days Past DueUPB
Carrying Value(A)
Carrying Value Under UPBUPB
Carrying Value(A)
Carrying Value Under UPB
Current$575,769 $492,865 $(82,904)$560,400 $472,027 $(88,373)
90+8,038 — (8,038)8,038 — (8,038)
Total$583,807 $492,865 $(90,942)$568,438 $472,027 $(96,411)
(A)Notes and loans receivable are carried at fair value. See Note 18 regarding fair value measurements.
Schedule Of Loans Held For Investment, Fair Value Disclosure
The following table summarizes the activity of commercial mortgage loans, HFI, at fair value and private credit, at fair value for the period presented:
Commercial Mortgage Loans, HFI, at Fair ValuePrivate Credit, at Fair Value
Balance at December 31, 2025
$397,982 $373,000 
Purchases151,181 152,242 
Paydowns(101,322)(50,266)
Other(A)
2,216 (848)
Fair value adjustment(B)
(91)2,284 
Balance at June 30, 2026
$449,966 $476,412 
(A)Includes interest reserve used, payment-in-kind interest, foreign exchange (“FX”) adjustments and accretion.
(B)Includes fair value adjustments due to changes in instrument-specific credit risk and other factors.
Schedule of Policyholder Account Balance
The following represents a rollforward of the policyholder account balance by product within interest sensitive insurance contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.
Fixed Indexed AnnuitiesDeferred
Annuities
Balance as of December 31, 2025$74,033 $880,464 
Deposits32,054 154,629 
Policy charges(3)(128)
Surrenders and withdrawals(1,261)(18,592)
Benefit payments(298)(11,445)
Interest credited(2,914)27,286 
Balance as of June 30, 2026
$101,611 $1,032,214 
Weighted average crediting rate4 %6 %
Net amount at risk$— $— 
Cash surrender value93,598 955,528 
Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The following presents policyholder account balances related to deferred annuity contracts by the applicable guaranteed minimum crediting rate and by range of the difference between rates being credited to policyholders and the respective guaranteed minimums:

June 30, 2026
At Guaranteed Minimum1 Basis Point to 300 Basis Points Above Guaranteed Minimum301 Basis Points to 400 Basis Points Above Guaranteed Minimum401 Basis Points to 500 Basis Points Above Guaranteed Minimum501 Basis Points to 600 Basis Points Above Guaranteed MinimumGreater than 600 Basis Points Above Guaranteed MinimumTotal
1.0%$— $1,157 $62,555 $844,486 $56,138 $67,878 $1,032,214 

December 31, 2025
At Guaranteed Minimum1 Basis Point to 300 Basis Points Above Guaranteed Minimum301 Basis Points to 400 Basis Points Above Guaranteed Minimum401 Basis Points to 500 Basis Points Above Guaranteed Minimum501 Basis Points to 600 Basis Points Above Guaranteed MinimumGreater than 600 Basis Points Above Guaranteed MinimumTotal
1.0%$— $1,183 $14,517 $743,815 $68,976 $51,973 $880,464 
v3.26.1
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Tables)
 6 Months Ended
Jun. 30, 2026
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to the total of the same amounts presented in the consolidated statements of cash flows:
June 30,
2026		December 31,
2025
Cash and cash equivalents
$1,664,498 $1,847,626 
Restricted Cash:
Restricted cash790,210 809,312 
Restricted cash of consolidated entities(A)
83,878 132,475 
Total restricted cash874,088 941,787 
Total Cash, Cash Equivalents and Restricted Cash$2,538,586 $2,789,413 
(A)    Presented within investments, at fair value and other assets on the consolidated balance sheets.
Schedule of Restricted Cash
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on the Company’s consolidated balance sheets to the total of the same amounts presented in the consolidated statements of cash flows:
June 30,
2026		December 31,
2025
Cash and cash equivalents
$1,664,498 $1,847,626 
Restricted Cash:
Restricted cash790,210 809,312 
Restricted cash of consolidated entities(A)
83,878 132,475 
Total restricted cash874,088 941,787 
Total Cash, Cash Equivalents and Restricted Cash$2,538,586 $2,789,413 
(A)    Presented within investments, at fair value and other assets on the consolidated balance sheets.
The following table summarizes restricted cash balances by reporting segment including corporate category:
June 30,
2026		December 31,
2025
Origination and Servicing$174,481 $174,667 
Residential Transitional Lending(A)
85,134 56,031 
Asset Management(A)
42,781 119,228 
Investment Portfolio(A)
70,098 62,554 
Commercial Real Estate263,412 290,872 
Corporate Category(B)
238,182 238,435 
Total Restricted Cash$874,088 $941,787 
(A)Includes restricted cash related to consolidated entities presented within investments, at fair value and other assets on the consolidated balance sheets.
(B)Restricted cash in the corporate category primarily relates to cash held in a trust account related to the Company’s consolidated SPAC.
v3.26.1
OTHER ASSETS AND LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2026
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 AssetsAccrued Expenses
and Other Liabilities
June 30,
2026		December 31,
2025		June 30,
2026		December 31,
2025
Collateralized loan obligations (“CLOs”), at fair value$429,076 $362,280 Accounts payable$238,924 $253,931 
Derivative and hedging assets (Note 16)
68,043 46,747 Accrued compensation and benefits279,594 457,783 
Deferred tax asset6,249 6,437 Net deferred tax liability899,426 849,415 
Due from related parties51,611 75,729 
Derivative and hedging liabilities (Note 16)
88,486 101,346 
Equity investments(A)
1,171,148 1,029,524 Due to affiliates3,302 4,557 
Excess MSRs, at fair value
308,393 323,564 Escheat payable178,090 184,942 
Goodwill (Note 14)
316,643 316,643 MSR financing liability, at fair value83,785 76,266 
Income and fees receivable89,574 337,712 Interest payable146,840 158,072 
Intangible assets, net (Note 14)
355,541 369,999 
Intangible liabilities, net (Note 14)
116,575 125,156 
Loans receivable, at fair value(B)
11,742 11,396 
Lease liability (Note 15)
165,443 173,814 
Margin receivable, net(C)
193,999 126,396 
Notes receivable financing liability(E)
383,747 377,989 
Non-Agency securities, at fair value811,694 759,633 Open trades payable1,752 5,700 
Notes receivable, at fair value(D)
481,123 460,631 RTL financing liability, at fair value75,836 82,489 
Operating lease ROU assets (Note 15)
118,622 123,143 Unearned income and fees12,467 9,346 
Other receivables241,327 174,386 
Deposit liability(F)
40,426 34,806 
Prepaid expenses85,383 72,660 Other liabilities390,018 454,031 
Principal and interest receivable130,071 136,488 $3,104,711 $3,349,643 
Property and equipment64,594 82,908 
Servicer advance investments, at fair value
284,400 294,322 
Servicing fee receivables31,600 180,655 
Warrants, at fair value57,662 13,253 
Other assets275,937 279,470 
$5,584,432 $5,583,976 
(A)Includes equity investments in (i) certain real estate joint ventures and redevelopment projects, (ii) various real estate services operating companies, (iii) funds managed by the Company, (iv) the Credit Risk Transfer LLC (as defined in Note 18) that holds exposure in residential mortgage loan warehouse lines (measured at fair value under the FVO election), (v) Rithm Property Trust common and preferred securities, (vi) Newrez Joint Ventures (as defined in Note 19), (vii) Adoor Property Management LLC (“APM”) and (viii) other equity investments.
(B)The Company’s loans receivable are measured at fair value under the FVO election.
(C)Represents collateral posted as a result of changes in the 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)Includes a secured borrowing with an UPB of $371.4 million resulting from a transaction that did not qualify for sale accounting under Accounting Standards Codification 860, for which the Company has elected the FVO.
(F)The Company entered into a funds withheld coinsurance and modified coinsurance agreement with a special purpose reinsurer ceding 90% of its annuity business. Amounts due to and from the reinsurer, including deposit-accounted reinsurance balances and funds-withheld obligations, are recorded on a net basis and a single net deposit position is presented within other assets or other liabilities, as applicable. As of June 30, 2026 and December 31, 2025, the gross reinsurance recoverable assets were $976.7 million and $826.0 million, respectively, and the related funds-withheld obligations were $1.0 billion and $860.8 million, respectively, which are presented on a net basis as a deposit liability in the table above.
Schedule of Accounts, Notes and Loans Receivable
The following table summarizes residential mortgage loans outstanding by loan type:
June 30, 2026December 31,
2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$4,540,407 $4,460,920 10,4566.2 %27.2$3,265,142 
Residential mortgage loans, HFI, at fair value$325,577 $294,416 6,2698.0 %3.4$324,688 
Residential Mortgage Loans, HFS:
Acquired performing loans45,622 40,970 1,4366.7 %3.245,861 
Acquired non-performing loans(C)
13,483 11,278 1509.2 %2.910,930 
Residential mortgage loans, HFS59,105 52,248 1,5867.3 %3.156,791 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(D)
1,132,283 1,140,263 2,8546.3 %9.71,612,154 
Acquired non-performing loans(C)(E)
390,046 358,440 1,6165.5 %28.5299,413 
Originated loans2,392,735 2,448,125 7,9736.6 %29.13,515,914 
Residential mortgage loans, HFS, at fair value3,915,064 3,946,828 12,4436.4 %23.45,427,481 
Total Residential Mortgage Loans$4,299,746 $4,293,492 20,298$5,808,960 
(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 loans classified as Level 2 in the fair value hierarchy, 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)Loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)Includes $210.7 million UPB of Ginnie Mae early buyout options.
(E)Includes $375.6 million UPB of Ginnie Mae early buyout options on accrual status as recovery of contractual cash flows are guaranteed by the FHA as of June 30, 2026.
The following table summarizes residential transition loans (“RTLs” and each, an “RTL”), at fair value, and RTLs held by consolidated entities by loan type:
RTLs - Carrying
Value(A)
RTLs of Consolidated Entities - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
June 30, 2026
Construction$1,348,321 $512,016 $1,860,337 36.7 %610 32.3 %10.6 %22.6
73.2% / 62.1%
Bridge1,974,747 518,046 2,492,793 49.1 %605 32.1 %9.1 %25.068.0%
Renovation509,244 208,753 717,997 14.2 %673 35.6 %9.5 %15.9
82.0% / 67.2%
$3,832,312 $1,238,815 $5,071,127 100.0 %1,888 100.0 %9.7 %21.7N/A
December 31, 2025
Construction$1,018,250 $485,049 $1,503,299 38.4 %400 29.8 %11.1 %21.6
71.8% / 61.3%
Bridge1,339,198 514,400 1,853,598 47.4 %507 37.8 %9.4 %25.767.8%
Renovation342,416 215,361 557,777 14.2 %435 32.4 %9.7 %14.4
81.3% / 67.5%
$2,699,864 $1,214,810 $3,914,674 100.0 %1,342 100.0 %10.1 %22.1N/A
(A)RTLs are carried at fair value under the FVO election. Certain RTLs of consolidated entities, classified as CFEs, are valued based on the more observable financial liabilities of consolidated CFEs and are classified as Level 3. See Note 18 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, 2025$2,699,864 
Purchases14,204 
Initial loan advances1,870,604 
Construction holdbacks and draws716,268 
Repayments and sales(957,870)
Transfer of loans to REO(2,357)
Transfers to assets of consolidated entities(500,365)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(25,496)
Other factors17,460 
Balance at June 30, 2026$3,832,312 
The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2025$460,631 $11,396 $472,027 
Fundings11,173 — 11,173 
Payment in kind3,850 346 4,196 
Fair Value Adjustments due to:
Other factors(A)
5,469 — 5,469 
Balance at June 30, 2026$481,123 $11,742 $492,865 
(A)There were no fair value adjustments due to changes in instrument-specific credit risk in the current period.
Schedule of Past Due Notes and Loans Receivable
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of residential mortgage loans on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,840,835 $3,874,481 $33,646 $5,358,662 $5,437,702 $79,040 
90+458,911 419,011 (39,900)405,526 371,258 (34,268)
Total$4,299,746 $4,293,492 $(6,254)$5,764,188 $5,808,960 $44,772 
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:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,738,073 $3,745,172 $7,099 $2,593,228 $2,610,258 $17,030 
90+96,748 87,140 (9,608)100,921 89,606 (11,315)
Total$3,834,821 $3,832,312 $(2,509)$2,694,149 $2,699,864 $5,715 
The following table summarizes the past due status and difference between the aggregate UPB and aggregate carrying value of commercial mortgage loans, HFI, at fair value on the consolidated balance sheets:
June 30, 2026December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$473,552 $444,020 $(29,532)$386,642 $387,401 $759 
90+8,035 5,946 (2,089)13,093 10,581 (2,512)
Total$481,587 $449,966 $(31,621)$399,735 $397,982 $(1,753)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
June 30, 2026December 31, 2025
Days Past DueUPB
Carrying Value(A)
Carrying Value Under UPBUPB
Carrying Value(A)
Carrying Value Under UPB
Current$575,769 $492,865 $(82,904)$560,400 $472,027 $(88,373)
90+8,038 — (8,038)8,038 — (8,038)
Total$583,807 $492,865 $(90,942)$568,438 $472,027 $(96,411)
(A)Notes and loans receivable are carried at fair value. See Note 18 regarding fair value measurements.
v3.26.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 6 Months Ended
Jun. 30, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Goodwill
The following table summarizes the carrying value of goodwill by reportable segment:
Origination and ServicingResidential Transitional LendingAsset ManagementTotal
Balance at December 31, 2025$29,468 $55,731 $231,444 $316,643 
Impairment loss— — — — 
Balance at June 30, 2026$29,468 $55,731 $231,444 $316,643 
Schedule of Acquired Intangible Assets The following table presents the details of identifiable intangible assets acquired and the respective estimated useful lives:
Estimated Useful Life (Years)Amount
Customer relationships9$8,645 
Management contracts
 2 to 11
63,770 
Trade names113,740 
VOBA
(A)
2,401 
Insurance licensesIndefinite5,720 
Total Identifiable Intangible Assets$84,276 
(A)VOBA, an actuarial intangible asset arising from the Crestline Acquisition, is amortized on a basis consistent with the related policyholder liabilities over the remaining life of each contract.
The following table summarizes the acquired identifiable intangible assets:
Estimated Useful Lives (Years)June 30, 2026December 31, 2025
Gross Intangible Assets:
Management contracts
2 to 11
$358,415 $347,415 
Customer relationships
2 to 9
79,753 79,753 
Purchased technology
3 to 7
118,345 113,606 
Trademarks / Trade names(A)
1 to 11
13,999 13,999 
VOBA(B)
(B)2,401 2,401 
LicensesIndefinite27,084 27,084 
599,997 584,258 
Accumulated Amortization:
Management contracts80,044 58,420 
Customer relationships47,974 42,437 
Purchased technology107,746 106,171 
Trademarks / Trade names7,991 7,231 
VOBA701 — 
244,456 214,259 
Intangible Assets, Net:
Management contracts278,371 288,995 
Customer relationships31,779 37,316 
Purchased technology10,599 7,435 
Trademarks / Trade names(A)
6,008 6,768 
VOBA(B)
1,700 2,401 
Licenses27,084 27,084 
Intangible Assets, Net$355,541 $369,999 
(A)Includes indefinite-lived intangible assets of $1.9 million as of June 30, 2026 and December 31, 2025.
(B)VOBA, an actuarial intangible asset recognized as a result of the Crestline Acquisition, is amortized on a basis consistent with the related policyholder liabilities over the remaining life of each contract.
Schedule of Intangible Asset Amortization Expense
The following table summarizes the amortization expense for the period recognized by the Company related to the intangible assets included in the table above. Amortization expense related to intangible assets is included in general, administrative and operating in the consolidated statements of operations.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Amortization expense$15,226 $12,707 $30,197 $26,155 
Schedule of Intangible Assets, Future Amortization Expense
The following table summarizes the expected future amortization expense for lease intangible assets as of June 30, 2026:
Year EndingAmortization Expense
July 1 through December 31, 2026$80,078 
2027162,941 
2028159,688 
2029147,911 
2030122,954 
2031 and thereafter385,344 
$1,058,916 
The following table summarizes the expected future amortization expense for intangible assets as of June 30, 2026:
Year EndingAmortization Expense
July 1 through December 31, 2026$26,242 
202754,238 
202853,956 
202950,958 
203040,836 
2031 and thereafter100,351 
$326,581 
Schedule of Acquired Finite-Lived Intangible Liabilities by Major Class
The following table summarizes the acquired identifiable intangible liabilities recognized as a result of the Elecor Acquisition, which are presented within accrued expenses and other liabilities in the consolidated balance sheets:
Weighted-Average Useful Lives (Years)June 30,
2026		December 31,
2025
Below-market leases
9.3
$126,185 $125,760 
Accumulated amortization9,610 604 
Intangible Liabilities, Net$116,575 $125,156 
Schedule of Intangible Liabilities Amortization Expense
The following table summarizes the amortization expense recorded by the Company related to its intangible liabilities. Amortization related to below-market leases is recognized in commercial real estate revenue in the consolidated statements of operations.
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Amortization expense$4,447 $— $9,006 $— 
Schedule of Finite-Lived Intangible Liabilities, Future Amortization Expense
The following table summarizes the expected future amortization for intangible liabilities as of June 30, 2026:
Year EndingAmortization
July 1 through December 31, 2026$8,893 
202717,633 
202815,718 
202913,626 
203011,862 
2031 and thereafter48,843 
$116,575 
v3.26.1
LEASES (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Schedule of Future Commitments for Non-Cancelable Leases
The table below summarizes the future commitments under the non-cancelable leases:
Year EndingOperating LeasesFinance LeasesTotal
July 1 through December 31, 2026$26,317 $— $26,317 
202746,672 428 47,100 
202838,602 200 38,802 
202935,811 200 36,011 
203010,271 200 10,471 
2031 and thereafter43,824 — 43,824 
Total remaining undiscounted lease payments201,497 1,028 202,525 
Less: imputed interest36,951 131 37,082 
Total Remaining Discounted Lease Payments$164,546 $897 $165,443 
Schedule of Future Commitments for Non-Cancelable Leases
The table below summarizes the future commitments under the non-cancelable leases:
Year EndingOperating LeasesFinance LeasesTotal
July 1 through December 31, 2026$26,317 $— $26,317 
202746,672 428 47,100 
202838,602 200 38,802 
202935,811 200 36,011 
203010,271 200 10,471 
2031 and thereafter43,824 — 43,824 
Total remaining undiscounted lease payments201,497 1,028 202,525 
Less: imputed interest36,951 131 37,082 
Total Remaining Discounted Lease Payments$164,546 $897 $165,443 
Schedule of Other Information Related to Operating Leases
Other information related to leases is summarized below:
June 30,
2026		December 31,
2025
Weighted Average Remaining Lease Term (Years):
Operating leases6.06.3
Finance leases3.81.5
Weighted Average Discount Rate:
Operating leases6.6 %6.7 %
Finance leases7.7 %7.9 %

Six Months Ended June 30,
Supplemental Information20262025
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating cash flows - operating leases$24,171 $22,452 
Operating cash flows - finance leases6 3 
Finance cash flows - finance leases422 225 
Supplemental Non-Cash Information on Lease Liabilities Arising from Obtaining ROU Assets:
ROU assets obtained in exchange for new operating lease liabilities$3,936 $14,655 
ROU assets obtained in exchange for new finance lease liabilities864 — 
v3.26.1
DERIVATIVES AND HEDGING (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives
Derivatives and other economic hedging instruments are recorded at fair value and presented in other assets or accrued expenses and other liabilities on the consolidated balance sheets, as follows:
June 30, 2026December 31, 2025
Derivative and Hedging Assets:
Interest rate swaps and futures(A)
$417 $406 
IRLCs38,432 29,839 
TBAs13,063 6,070 
Embedded derivatives(B)
10,784 8,109 
Foreign exchange forwards2,917 812 
Other commitments(C)
2,430 1,511 
$68,043 $46,747 
Derivative and Hedging Liabilities:
IRLCs$4,675 $8,390 
TBAs31,898 47,001 
Other commitments(D)
34,871 31,542 
Stock options129 3 
Foreign exchange forwards676 1,758 
Embedded derivatives(B)
16,237 12,652 
$88,486 $101,346 
(A)Net of $197.3 million and $34.7 million of related variation margin accounts as of June 30, 2026 and December 31, 2025, respectively.
(B)Embedded derivatives include (i) a derivative liability arising from modified coinsurance and funds withheld arrangements that require the Company to pay the total return on the assets supporting the funds withheld liability and (ii) a derivative liability related to index-linked crediting features embedded in FIAs and the reinsurance deposit asset classified as a derivative asset.
(C)Refers to a reinsurance agreement, between CL Life and New Reinsurance Company Ltd., to economically hedge the equity option features embedded in the FIA products.
(D)Relates to (i) derivative arrangements with an affiliate and a third party, which could require the Company or a subsidiary to make payments under certain circumstances dependent upon amounts realized from an investment or net asset value, subject to defined caps and certain other conditions and (ii) a consolidated joint venture with a third party to invest in an affiliated fund that is subject to a redemption right after a certain period and is separately accounted for as a derivative.
The following table summarizes notional amounts related to derivatives and other hedging instruments:
June 30, 2026December 31, 2025
Interest rate swaps(A)
$314,000 $2,476,346 
Interest rate futures(B)
12,775,000 14,535,000 
IRLCs4,537,533 4,377,044 
TBAs(C)
18,061,114 21,568,758 
Other commitments(E)
255,901 59,262 
Embedded derivatives(D)
2,091,999 1,752,960 
Foreign exchange forwards57,284 109,830 
(A)Includes $0.3 billion notional of pay fixed of 4.0%/pay Secured Overnight Financing Rate (“SOFR”) with a weighted average maturity of 36 months, as of June 30, 2026. Includes $2.2 billion notional of receive fixed of 3.4%/pay SOFR with a weighted average maturity of 15 months as of December 31, 2025.
(B)Represents $12.8 billion notional of Eris SOFR swap futures with weighted average maturities of 37 months, as of June 30, 2026. Represents a $14.5 billion notional Eris SOFR swap future with weighted average maturity of 44 months that replicates cash flows of receive fixed/pay SOFR interest rate swaps as of December 31, 2025.
(C)Represents the notional amount of Agency RMBS classified as derivatives.
(D)Represents $1.0 billion associated with ceded reserves, $43.2 million associated with FIA contracts and $1.0 billion associated with funds withheld arrangements as of June 30, 2026. Represents $865.8 million associated with ceded reserves, $26.4 million associated with FIA contracts and $860.8 million associated with funds withheld arrangements as of December 31, 2025.
(E)Relates to (i) a reinsurance agreement, between CL Life and New Reinsurance Company Ltd., to economically hedge the equity option features embedded in the FIA products, (ii) derivative arrangements with an affiliate and a third party, which could require the Company or a subsidiary to make payments under certain circumstances dependent upon amounts realized from an investment or net asset value, subject to defined caps and certain other conditions and (iii) a consolidated joint venture with a third party to invest in an affiliated fund that is subject to a redemption right after a certain period and is separately accounted for as a derivative.

The following table summarizes gain (loss) on derivatives and other hedging instruments and the related presentation on the consolidated statements of operations:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Servicing Revenue, Net:
TBAs$13,428 $19,749 $(90,387)$120,100 
Interest rate swaps— (2,087)(6,729)(5,954)
Interest rate futures(237,198)3,210 (435,650)9,191 
(223,770)20,872 (532,766)123,337 
Gain (Loss) on Originated Residential Mortgage Loans, HFS, Net(A):
IRLCs20,355 16,135 12,308 39,228 
TBAs (77,288)(30,755)8,928 (100,927)
(56,933)(14,620)21,236 (61,699)
Realized and Unrealized Gains (Losses), Net(B):
Interest rate swaps4,972 (4,200)7,202 (12,667)
Other commitments788 — 490 — 
Stock options133 (56)92 (17)
Embedded derivatives(C)
1,596 — 1,295 — 
Foreign exchange forwards930 (3,970)2,216 (5,357)
8,419 (8,226)11,295 (18,041)
Total Gains (Losses)$(272,284)$(1,974)$(500,235)$43,597 
(A)Represents unrealized gain (loss).
(B)Excludes $70.2 million gain and $25.0 million gain for the three months ended June 30, 2026 and 2025, respectively, and $28.8 million gain and $37.8 million gain for the six months ended June 30, 2026 and 2025, respectively, reflected as gain (loss) on settlement of residential mortgage loan origination derivative instruments presented within gain on originated residential mortgage loans, HFS, net (Note 7) in the consolidated statements of operations.
(C)Embedded derivatives include (i) a derivative liability arising from modified coinsurance and funds withheld arrangements that require the Company to pay the total return on the assets supporting the funds withheld liability and (ii) a derivative liability related to index-linked crediting features embedded in FIAs and the reinsurance deposit asset classified as a derivative asset.
v3.26.1
DEBT OBLIGATIONS (Tables)
 6 Months Ended
Jun. 30, 2026
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The following table summarizes secured financing agreements, secured notes, bonds payable and notes payable and other liabilities of consolidated entities:
June 30, 2026December 31, 2025
Collateral
Debt Obligations/Collateral(C)
Outstanding Face Amount
Carrying Value(A)
Final Stated Maturity(B)
Weighted Average Funding CostWeighted Average Life (Years)Outstanding FaceAmortized Cost BasisCarrying ValueWeighted Average Life (Years)
Carrying Value(A)
Secured Financing Agreements:
Warehouse credit facilities - residential mortgage loans(D)
$3,778,319 $3,778,319 Jul-26 to Mar-285.1 %0.6$4,224,030 $4,243,484 $4,221,048 21.7$5,091,525 
Warehouse credit facilities - RTLs(E)
3,019,710 3,019,710 Jul-26 to Mar-285.8 %1.43,582,487 3,577,315 3,577,315 1.22,019,808 
Government and government-backed securities(G)
4,893,090 4,893,090 Jul-26 to Jan-273.9 %0.24,950,719 4,839,362 5,079,413 7.35,130,519 
Non-Agency securities(D)
1,031,364 1,031,364 Sep-26 to Oct-275.1 %0.717,524,446 1,360,458 1,442,727 4.7936,424 
Credit Risk Transfer LLC(F)
110,688 110,688 Dec-266.4 %0.5192,500 192,500 194,084 1.0110,688 
Excess MSRs(E)
202,000 201,886 Sep-265.9 %0.245,486,823 251,088 289,965 5.8201,660 
CLOs(E)
288,828 287,199 Apr-34 to Oct-394.6 %10.3287,365 N/A287,020 10.3257,796 
Real estate(E)
355,256 355,256 Nov-26 to Apr-285.9 %0.5N/A403,020 402,303 N/A15,382 
Total secured financing agreements13,679,255 13,677,512 4.9 %0.813,763,802 
Secured Notes and Bonds Payable:
MSRs(H)
6,592,440 6,579,324 Oct-26 to Nov-316.7 %2.3586,759,239 9,012,024 10,950,953 6.16,785,138 
Servicer advance investments(I)
205,866 205,866 Oct-275.5 %1.3249,475 270,494 284,400 7.4229,069 
Servicer advances(I)
2,258,857 2,257,979 Dec-26 to Jun-296.0 %1.62,654,622 2,654,622 2,654,622 0.72,528,896 
Consumer loans(J)
611,653 593,055 Oct-26 to Sep-374.6 %1.3711,230 692,190 695,313 7.8660,565 
Real estate(K)
4,607,679 4,463,792 Jul-26 to May-314.5 %2.4N/A4,462,133 4,462,133 N/A4,755,270 
RTLs(L)
200,000 200,000 Jul-265.8 %0.0173,502 173,502 173,480 0.4200,000 
Other investments(E)
59,281 59,281 Feb-305.8 %3.6N/AN/AN/AN/A40,000 
CLOs(E)
4,149 4,149 Jul-30— %0.05,908 N/A5,148 0.04,832 
Total secured notes and bonds payable14,539,925 14,363,446 5.8 %2.115,203,770 
Notes Payable and Secured Financing of Consolidated Entities
Consolidated funds(M)
924,353 930,179 Aug-27 to Jan-385.6 %8.7965,671 N/A994,688 3.21,209,739 
Residential mortgage loans(N)
4,029,213 3,902,216 Aug-48 to Jun-565.0 %27.24,540,407 N/A4,460,920 27.22,820,922 
RTLs(O)
764,950 764,895 Mar-39 to Sep-396.2 %12.9838,765 N/A853,225 0.8867,141 
Consumer loans(P)
302,322 289,136 Mar-376.7 %10.8302,422 N/A304,569 10.8— 
Total notes payable and secured financing of consolidated entities6,020,838 5,886,426 5.3 %21.74,897,802 
Total / Weighted Average$34,240,018 $33,927,384 5.3 %5.1$33,865,374 
(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 $105.1 million and $119.4 million as of June 30, 2026 and December 31, 2025, 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)Refers to a repurchase agreement with an interest equal to the sum of (i) a floating rate equal to SOFR and (ii) a margin of 2.8%.
(G)Repurchase agreements are based on a fixed rate. Collateral carrying value includes margin deposits.
(H)Includes $5.5 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 3.8%; and $1.1 billion of MSR notes with fixed interest rates ranging 3.5% 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.
(I)Includes $2.0 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 1.5% to 2.8%; and $0.5 billion of debt with fixed interest rates ranging from 3.9% to 5.3%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and Newrez.
(J)Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $89.4 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%, (ii) $74.6 million of debt collateralized by the Marcus loans with an interest rate of SOFR plus a margin of 2.4% and (iii) $394.6 million of debt collateralized by the Upgrade loans with an interest rate of SOFR plus a margin of 1.6%.
(K)Includes $4.6 billion of fixed rate notes which bear interest ranging from 3.0% to 6.7%.
(L)Includes a fixed rate note which bears interest of 5.8%.
(M)Includes notes payable of consolidated 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 $9.8 million do not have a stated rate of interest. Weighted average life of a structured alternative investment solution is based on expected maturity.
(N)Asset-backed notes held by third parties which bear interest ranging from 0.9% to 7.9%. The senior note rates are equal to the lesser of the fixed rate for each subsequent note and the net weighted average coupon (“WAC”) rate.
(O)Asset-backed notes held by third parties which bear interest ranging from 5.4% to 8.0%. The senior note rates are equal to the lesser of the fixed rate for each subsequent note and the net WAC rate.
(P)Composed of the following asset-backed notes held by third parties: $271.7 million UPB of Class A notes with a fixed coupon of 5.0%, $12.6 million UPB of Class B notes with a fixed coupon of 6.4% and $9.0 million UPB of Class C notes with a fixed coupon of 8.4%.
The following table summarizes activities related to the carrying value of secured debt obligations for the period:
Servicer Advances and Excess MSRs(A)
MSRsGovernment and Government-Backed and Other SecuritiesResidential Mortgage LoansConsumer LoansReal Estate, NetRTLsAsset Management, CLOs and Consolidated FundsTotal
Balance at December 31, 2025$2,959,625 $6,785,138 $6,106,943 $8,023,135 $660,565 $4,770,652 $3,086,949 $1,472,367 $33,865,374 
Secured Financing Agreements:
Borrowings— — 18,621,633 43,588,442 — 352,902 3,703,963 51,393 66,318,333 
Repayments— — (18,764,122)(44,901,649)— (13,028)(2,704,061)(15,423)(66,398,283)
FX remeasurement— — — — — — — (6,536)(6,536)
Capitalized deferred financing costs, net of amortization226 — — — — — — (31)195 
Secured Notes and Bonds Payable:
Borrowings1,884,072 1,342,000 35,000 — 363,293 287,006 — 4,109 3,915,480 
Repayments(2,177,288)(1,549,822)(15,719)— (431,495)(587,500)— (4,792)(4,766,616)
Unrealized loss on notes, fair value— — — — 100 19,742 — — 19,842 
Capitalized deferred financing costs, net of amortization(904)2,008 — — 592 (10,726)— — (9,030)
Notes Payable and Secured Financing of Consolidated Entities:
Deconsolidation of VIEs— — — (451,800)— — — (375,305)(827,105)
Borrowings— — — 1,796,762 300,666 — — 272,653 2,370,081 
Repayments— — — (245,447)(13,696)— (96,999)(163,162)(519,304)
Unrealized (gain) loss on notes, fair value— — — (18,220)2,166 — (5,989)(13,746)(35,789)
Capitalized deferred financing costs, net of amortization — — — — — — 742 — 742 
Balance at June 30, 2026$2,665,731 $6,579,324 $5,983,735 $7,791,223 $882,191 $4,819,048 $3,984,605 $1,221,527 $33,927,384 
(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 June 30, 2026 are as follows:
Year Ending
Non-recourse(A)
Recourse(B)
Total
July 1 through December 31, 2026$2,720,141 $10,414,435 $13,134,576 
20272,778,615 2,247,356 5,025,971 
20281,311,985 1,544,992 2,856,977 
20291,444,506 2,387,784 3,832,290 
20301,990,422 559,281 2,549,703 
2031 and thereafter6,843,874 1,771,627 8,615,501 
$17,089,543 $18,925,475 $36,015,018 
(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes, net of issuance costs, and notes payable of consolidated entities of $2.6 billion, $8.5 billion, $0.0 billion, and $6.0 billion, respectively.
(B)Includes secured financing agreements, secured notes and bonds payable, unsecured notes, net of issuance costs, and notes payable of consolidated entities of $11.3 billion, $5.8 billion, $1.8 billion, and $0.0 billion, respectively.
Schedule of Borrowing Capacity
The following table represents borrowing capacity as of June 30, 2026:
Debt Obligations / CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements:
Residential mortgage loans, RTLs, Credit Risk Transfer LLC and real estate
$7,250,688 $4,533,303 $2,717,385 
Loan originations7,327,000 2,730,669 4,596,331 
CLOs742,630 286,373 456,257 
Excess MSRs350,000 202,000 148,000 
Secured Notes and Bonds Payable:
MSRs7,544,440 6,592,440 952,000 
Servicer advances5,320,000 2,464,723 2,855,277 
Real estate200,000 148,563 51,437 
Liabilities of Consolidated Entities:
Consolidated funds118,500 57,769 60,731 
$28,853,258 $17,015,840 $11,837,418 
(A)Although available financing is uncommitted, the Company’s unused borrowing capacity is available if it has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate.
Schedule of Debt Redemption
The 2031 Senior Notes become redeemable in whole or in part at any time and from time to time, on or after June 1, 2028, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2031 Senior Notes to be redeemed):
YearPrice
2028104.250 %
2029102.125 %
2030 and thereafter100.000 %
The 2030 Senior Notes become redeemable in whole or in part at any time and from time to time, on or after July 15, 2027, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2030 Senior Notes to be redeemed):
YearPrice
2027104.000 %
2028102.000 %
2029 and thereafter100.000 %
The 2029 Senior Notes become redeemable in whole or in part at any time and from time to time, on or after April 1, 2026, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2029 Senior Notes to be redeemed):
YearPrice
2026104.000 %
2027102.000 %
2028 and thereafter100.000 %
Schedule of Tax Receivable Agreement Estimated Undiscounted Future Payments
The table below presents the Company’s estimate as of June 30, 2026, of the maximum undiscounted amounts that would be payable under the TRA using the assumptions described above. In light of the numerous factors affecting Sculptor’s obligation to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table.
Year EndingPotential Payments Under TRA
July 1 through December 31, 2026$— 
202718,788 
202817,461 
202917,500 
203016,555 
2031 and thereafter161,061 
$231,365 
v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value Disclosures [Abstract]  
Schedule of Carrying Values and Fair Values of Financial Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The carrying values and fair values of assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments measured at amortized cost for which fair value is disclosed, as of June 30, 2026 were as follows:
Principal Balance or Notional AmountCarrying Value
Fair Value(E)
Level 1Level 2Level 3NAVTotal
Assets:
Excess MSRs(A)
$45,486,823 $308,393 $— $— $308,393 $— $308,393 
MSRs and MSR financing receivables(A)
596,818,893 11,091,483 — — 11,091,483 — 11,091,483 
Servicer advance investments249,475 284,400 — — 284,400 — 284,400 
Government and government-backed securities(B)
4,975,720 4,912,869 24,932 4,887,937 — — 4,912,869 
Non-Agency securities8,272,017 811,694 — — 811,694 — 811,694 
Residential mortgage loans, HFS59,105 52,248 — — 52,248 — 52,248 
Residential mortgage loans, HFS, at fair value3,915,064 3,946,828 — 3,922,533 24,295 — 3,946,828 
Residential mortgage loans, HFI, at fair value325,577 294,416 — — 294,416 — 294,416 
Residential mortgage loans subject to repurchase4,308,886 4,308,886 — 4,308,886 — — 4,308,886 
Consumer loans, at fair value830,251 707,111 — — 707,111 — 707,111 
Derivative and hedging assets17,221,429 68,043 — 16,397 51,646 — 68,043 
Residential transition loans
3,834,821 3,832,312 — — 3,832,312 — 3,832,312 
Insurance company investments, at fair value1,591,637 1,119,524 6,393 43,049 1,070,082 — 1,119,524 
Notes receivable564,027 481,123 — — 481,123 — 481,123 
Loans receivable19,780 11,742 — — 11,742 — 11,742 
Equity investment, at fair value192,500 194,084 — — 194,084 — 194,084 
CLOs410,780 429,076 — 293,431 135,645 — 429,076 
Investments of consolidated entities - funds(C)
1,117,871 1,173,037 — 431,861 408,376 332,800 1,173,037 
Investments of consolidated entities - loan securitizations(C)
5,681,594 5,618,714 — 4,460,920 1,157,794 — 5,618,714 
Other assetsN/A449,225 74,558 — 168,860 205,807 449,225 
$40,095,208 $105,883 $18,365,014 $21,085,704 $538,607 $40,095,208 
Liabilities:
Secured financing agreements$13,679,255 $13,677,512 $— $13,390,313 $287,234 $— $13,677,547 
Secured notes and bonds payable(D)
14,539,925 14,363,446 — — 14,371,633 — 14,371,633 
Unsecured notes, net of issuance costs2,006,365 1,902,627 — — 1,915,405 — 1,915,405 
Residential mortgage loan repurchase liability4,308,886 4,308,886 — 4,308,886 — — 4,308,886 
Derivative and hedging liabilities20,871,401 88,486 129 32,574 55,783 — 88,486 
MSR financing liability(A)
7,646,799 83,785 — — 83,785 — 83,785 
Notes receivable financing liability371,446 383,747 — — 387,817 — 387,817 
RTL financing liability75,836 75,836 — — 75,836 — 75,836 
Notes payable and secured financing of consolidated entities - funds(C)
924,353 930,179 — 737,987 192,192 — 930,179 
Notes payable of consolidated entities - loan securitizations(C)
5,096,485 4,956,247 — 3,902,216 1,054,031 — 4,956,247 
$40,770,751 $129 $22,371,976 $18,423,716 $— $40,795,821 
(A)The notional amount represents the total UPB of the residential mortgage loans underlying the MSRs, MSR financing receivables, Excess MSRs and MSR financing liability. Rithm Capital does not receive an excess mortgage servicing amount on non-performing loans in Agency portfolios.
(B)Includes Treasury securities classified as Level 1 and held at amortized cost basis of $24.9 million (see Note 6).
(C)Includes assets and notes issued by consolidated VIEs accounted for under the CFE election.
(D)Includes $126.1 million of SCFT 2020-A (as defined in Note 19) asset-backed securities as of June 30, 2026, for which the FVO for financial instruments was elected.
(E)The table excludes cash and cash equivalents and other short-term receivables and payables for which the carrying value approximates fair value due to their short term nature and are classified within Level 1.
The carrying values and fair values of assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments for which fair value is disclosed, as of December 31, 2025 were as follows:
Principal Balance or Notional AmountCarrying Value
Fair Value(E)
Level 1Level 2Level 3NAVTotal
Assets:
Excess MSRs(A)
$47,862,469 $323,564 $— $— $323,564 $— $323,564 
MSRs and MSR financing receivables(A)
595,532,480 10,359,141 — — 10,359,141 — 10,359,141 
Servicer advance investments258,157 294,322 — — 294,322 — 294,322 
Government and government-backed securities(B)
5,255,355 5,254,905 24,762 5,230,139 — — 5,254,901 
Non-Agency securities8,507,851 759,633 — — 759,633 — 759,633 
Residential mortgage loans, HFS63,426 56,791 — — 56,791 — 56,791 
Residential mortgage loans, HFS, at fair value5,351,566 5,427,481 — 5,402,325 25,156 — 5,427,481 
Residential mortgage loans, HFI, at fair value349,196 324,688 — — 324,688 — 324,688 
Residential mortgage loans subject to repurchase3,952,792 3,952,792 — 3,952,792 — — 3,952,792 
Consumer loans, at fair value930,844 784,399 — — 784,399 — 784,399 
Derivative and hedging assets8,280,512 46,747 — 7,288 39,459 — 46,747 
Residential transition loans
2,694,149 2,699,864 — — 2,699,864 — 2,699,864 
Insurance company investments, at fair value924,825 906,454 5,809 33,396 867,249 — 906,454 
Notes receivable549,004 460,631 — — 460,631 — 460,631 
Loans receivable19,434 11,396 — — 11,396 — 11,396 
Equity investment, at fair value192,500 194,286 — — 194,286 — 194,286 
CLOs364,189 362,280 — 249,452 112,828 — 362,280 
Investments of consolidated entities - funds(C)
1,389,870 1,397,209 — 782,014 290,335 324,860 1,397,209 
Investments of consolidated entities - loan securitizations(C)
4,253,388 4,192,231 — 3,265,142 927,089 — 4,192,231 
Other assetsN/A254,597 42,812 — 107,608 104,177 254,597 
$38,063,411 $73,383 $18,922,548 $18,638,439 $429,037 $38,063,407 
Liabilities:
Secured financing agreements$13,765,718 $13,763,802 $— $13,506,006 $261,551 $— $13,767,557 
Secured notes and bonds payable(D)
15,403,044 15,203,770 — — 15,068,083 — 15,068,083 
Unsecured notes, net of issuance costs1,526,203 1,421,088 — — 1,461,956 — 1,461,956 
Residential mortgage loan repurchase liability3,952,792 3,952,792 — 3,952,792 — — 3,952,792 
Derivative and hedging liabilities36,598,688 101,346 3 48,759 52,584 — 101,346 
MSR financing liability(A)
8,126,218 76,266 — — 76,266 — 76,266 
Notes receivable financing liability371,446 377,989 — — 382,512 — 382,512 
RTL financing liability82,48982,489— — 82,489 — 82,489 
Notes payable of consolidated entities - funds(C)
1,218,4251,209,739— 1,006,085 203,654 — 1,209,739 
Notes payable of consolidated entities - loan securitizations(C)
3,781,2053,688,063— 2,820,922 867,141 — 3,688,063 
$39,877,344 $3 $21,334,564 $18,456,236 $— $39,790,803 
(A)The notional amount represents the total UPB of the residential mortgage loans underlying the MSRs, MSR financing receivables, Excess MSRs and MSR financing liability. Rithm Capital does not receive an excess mortgage servicing amount on non-performing loans in Agency portfolios.
(B)Includes Treasury Bills classified as Level 1 and held at amortized cost basis of $24.8 million (see Note 6).
(C)Includes assets and notes issued by consolidated VIEs accounted for under the CFE election.
(D)Includes $143.4 million of SCFT 2020-A (as defined in Note 19) ABS as of December 31, 2025, for which the FVO for financial instruments was elected.
(E)The table excludes cash and cash equivalents and other short-term receivables and payables for which the carrying value approximates fair value due to their short term nature and are classified within Level 1.
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis using Level 3 Inputs
The following tables summarize the changes in the Company’s Level 3 financial assets measured at fair value on a recurring basis for the periods presented:
Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsInsurance Company Investments
Non-Agency Securities & CLOs(B)
Residential Mortgage Loans
Consumer Loans(J)
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at March 31, 2026$314,933 $10,859,933 $284,260 $979,862 $982,320 $387,771 $805,294 $814,238 $4,438,160 $19,866,771 
Transfers:
Transfers to Level 3(I)
— — — — 91 — — — — 91 
Gain (Loss) Included in Net Income:
Credit loss reversal on securities(E)
— — — — 363 — — — — 363 
Servicing Revenue, Net(F):
Included in servicing revenue— (161,104)— — — — — — — (161,104)
Fair Value Adjustments due to:
Other factors(E)
1,319 — 3,106 (4,151)(941)(7,948)1,957 7,638 8,852 9,832 
Instrument-specific credit risk(E)
— — — — — 57 (2,676)— (13,190)(15,809)
Other income (loss), net(E)
— — — — (3,391)(251)— 30,849 — 27,207 
Gains included in other comprehensive income (“OCI”)(G)
— — — — (1,309)— — — — (1,309)
Interest income7,791 — 4,829 — 11,329 — 9,396 2,252 — 35,597 
Purchases, Sales, Repayments and Originations:
Purchases, net(H)
— 9,050 163,993 190,307 58,183 393 295,297 6,823 — 724,046 
Sales and settlement fundings— 1,632 — — (34,896)(131)— — — (33,395)
Proceeds from repayments(15,650)— (171,788)(99,812)(41,624)(13,128)(111,740)(9,343)(614,309)(1,077,394)
Originations and other— 381,972 — 3,876 — 4,196 14,152 (785)1,251,614 1,655,025 
Balance at June 30, 2026$308,393 $11,091,483 $284,400 $1,070,082 $970,125 $370,959 $1,011,680 $851,672 $5,071,127 $21,029,921 
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(K)
$1,319 $54,191 $3,106 $(4,151)$(571)$(2,595)$(3,462)$7,638 $(4,477)$50,998 
(A)Includes the recapture agreement for each respective pool, as applicable.
(B)Includes CLOs of consolidated CFEs classified as Level 3 in the fair value hierarchy.
(C)For the purpose of this table, the IRLC asset and liability positions and embedded and other commitment derivatives are shown net.
(D)Includes RTLs of consolidated entities classified as Level 3 in the fair value hierarchy.
(E)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 assets recorded during the period.
(F)See Note 5 for further details on the components of servicing revenue, net.
(G)Gain (loss) included in unrealized gain (loss) on AFS securities, net in the consolidated statements of comprehensive income.
(H)Purchases, net of non-Agency securities includes securities retained through securitizations accounted for as sales.
(I)Transfers to Level 3 financial assets were due to changes in the observability of inputs used in the valuation of such assets.
(J)Includes consumer loans of consolidated entities classified as Level 3 in the fair value hierarchy.
(K)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.
Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsInsurance Company Investments
Non-Agency Securities & CLOs(B)
Residential Mortgage Loans
Consumer Loans(J)
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at December 31, 2025$323,564 $10,359,141 $294,322 $867,249 $875,074 $406,635 $784,399 $760,797 $3,914,674 $18,585,855 
Transfers:
Transfers to Level 3(I)
— — — — 21,839 — — — — 21,839 
Gain (Loss) Included in Net Income:
Credit loss reversal on securities(E)
— — — — 158 — — — — 158 
Servicing Revenue, Net(F):
Included in servicing revenue— (7,997)— — — — — — — (7,997)
Fair Value Adjustments due to:
Other factors(E)
411 — 3,309 (2,893)(1,242)(5,840)4,823 15,595 9,738 23,901 
Instrument-specific credit risk(E)
— — — — — (1,709)(4,991)— (25,496)(32,196)
Other income (loss), net(E)
— — — — (12,284)(343)— 30,167 — 17,540 
Gains included in OCI(G)
— — — — (566)— — — — (566)
Interest income15,991 — 9,636 — 22,426 — 15,471 3,919 — 67,443 
Purchases, Sales, Repayments and Originations:
Purchases, net(H)
— 12,410 332,353 377,549 188,697 461 433,666 11,591 14,204 1,370,931 
Sales and settlement fundings— 4,047 — — (47,396)84 — — — (43,265)
Proceeds from repayments(31,573)— (355,220)(176,473)(76,581)(26,442)(235,840)(18,882)(1,484,598)(2,405,609)
Originations and other— 723,882 — 4,650 — (1,887)14,152 48,485 2,642,605 3,431,887 
Balance at June 30, 2026$308,393 $11,091,483 $284,400 $1,070,082 $970,125 $370,959 $1,011,680 $851,672 $5,071,127 $21,029,921 
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(K)
$411 $419,834 $3,309 $(2,893)$3,643 $(6,961)$(2,912)$15,595 $(15,024)$415,002 
(A)Includes the recapture agreement for each respective pool, as applicable.
(B)Includes CLOs of consolidated CFEs classified as Level 3 in the fair value hierarchy.
(C)For the purpose of this table, the IRLC asset and liability positions and embedded and other commitment derivatives are shown net.
(D)Includes RTLs of consolidated entities classified as Level 3 in the fair value hierarchy.
(E)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 assets recorded during the period.
(F)See Note 5 for further details on the components of servicing revenue, net.
(G)Gain (loss) included in unrealized gain (loss) on AFS securities, net in the consolidated statements of comprehensive income.
(H)Purchases, net of non-Agency securities includes securities retained through securitizations accounted for as sales.
(I)Transfers to Level 3 financial assets were due to changes in the observability of inputs used in the valuation of such assets.
(J)Includes consumer loans of consolidated entities classified as Level 3 in the fair value hierarchy.
(K)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.
Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsInsurance Company Investments
Non-Agency Securities & CLOs(B)
Residential Mortgage LoansConsumer Loans
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at March 31, 2025$354,923 $10,133,041 $321,531 $— $1,096,734 $444,684 $554,168 $748,583 $3,273,750 $16,927,414 
Transfers:
Transfers out of Level 3(E)
— — — — (372,985)— — — — (372,985)
Gain (Loss) Included in Net Income:
Credit loss reversal on securities(F)
— — — — (705)— — — — (705)
Servicing Revenue, Net(G):
Included in servicing revenue— (194,819)— — — — — — — (194,819)
Fair Value Adjustments due to:
Other factors(F)
(690)— 166 — 2,072 2,828 (2,514)19,202 8,056 29,120 
Instrument-specific credit risk(F)
— — — — — (653)(4,384)— (7,257)(12,294)
Other income (loss), net(F)
— — — — (27,843)322 — 9,246 — (18,275)
Gains included in OCI(H)
— — — — 3,210 — — — — 3,210 
Interest income9,109 — 5,245 — 9,549 — 777 — — 24,680 
Purchases, Sales, Repayments and Originations:
Purchases, net(I)
— — 164,021 — 175,349 299 — 6,668 — 346,337 
Sales and settlement fundings(45)1,860 — — (30,054)— 5,074 — — (23,165)
Proceeds from repayments(17,620)— (177,977)— (28,331)(16,117)(87,890)(20,149)(738,568)(1,086,652)
Originations and other— 419,981 — — — (1,169)— (2,959)929,244 1,345,097 
Balance at June 30, 2025$345,677 $10,360,063 $312,986 $— $826,996 $430,194 $465,231 $760,591 $3,465,225 $16,966,963 
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(J)
$(645)$(16,818)$166 $— $(23,266)$2,210 $(6,898)$9,246 $659 $(35,346)
(A)Includes the recapture agreement for each respective pool, as applicable.
(B)Includes CLOs of consolidated CFEs classified as Level 3 in the fair value hierarchy.
(C)For the purpose of this table, the IRLC asset and liability positions and embedded and other commitment derivatives are shown net.
(D)Includes RTLs of consolidated entities classified as Level 3 in the fair value hierarchy.
(E)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(F)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 assets recorded during the period.
(G)See Note 5 for further details on the components of servicing revenue, net.
(H)Gain (loss) included in unrealized gain (loss) on AFS securities, net in the consolidated statements of comprehensive income.
(I)Purchases, net of non-Agency securities includes securities retained through securitizations accounted for as sales.
(J)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.
Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsInsurance Company Investments
Non-Agency Securities & CLOs(B)
Residential Mortgage LoansConsumer Loans
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at December 31, 2024$369,162 $10,321,671 $339,646 $— $1,363,228 $455,726 $665,565 $700,942 $3,140,267 $17,356,207 
Transfers:
Transfers out of Level 3(E)
— — — — (785,253)(858)— — — (786,111)
Transfers to Level 3(J)
— — — — 21,809 2,081 — — — 23,890 
Gain (Loss) Included in Net Income:
Credit loss reversal on securities(F)
— — — — (603)— — — — (603)
Servicing Revenue, Net(G):
Included in servicing revenue— (733,101)— — — — — — — (733,101)
Fair Value Adjustments due to:
Other factors(F)
(1,605)— (1,527)— 3,976 12,840 (13,323)42,736 11,066 54,163 
Instrument-specific credit risk(F)
— — — — — (6,450)(6,388)— (15,818)(28,656)
Other income (loss), net(F)
— — — — 404 1,760 — 17,816 — 19,980 
Gains included in OCI(H)
— — — — 7,950 — — — — 7,950 
Interest income13,299 — 10,600 — 16,572 — 6,700 119 — 47,290 
Purchases, Sales, Repayments and Originations:
Purchases, net(I)
— — 350,377 — 298,983 538 — 46,699 — 696,597 
Sales and settlement fundings(45)2,524 — — (47,695)(7,216)11,669 — — (40,763)
Proceeds from repayments(35,134)— (386,110)— (52,375)(32,473)(198,992)(44,762)(1,373,884)(2,123,730)
Originations and other— 768,969 — — — 4,246 — (2,959)1,703,594 2,473,850 
Balance at June 30, 2025$345,677 $10,360,063 $312,986 $— $826,996 $430,194 $465,231 $760,591 $3,465,225 $16,966,963 
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(K)
$(1,560)$(407,058)$(1,527)$— $11,727 $6,364 $(18,548)$42,736 $(5,015)$(372,881)
(A)Includes the recapture agreement for each respective pool, as applicable.
(B)Includes CLOs of consolidated CFEs classified as Level 3 in the fair value hierarchy.
(C)For the purpose of this table, the IRLC asset and liability positions and embedded and other commitment derivatives are shown net.
(D)Includes RTLs of consolidated entities classified as Level 3 in the fair value hierarchy.
(E)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(F)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 assets recorded during the period.
(G)See Note 5 for further details on the components of servicing revenue, net.
(H)Gain (loss) included in unrealized gain (loss) on AFS securities, net in the consolidated statements of comprehensive income.
(I)Purchases, net of non-Agency securities includes securities retained through securitizations accounted for as sales.
(J)Transfers to Level 3 financial assets were due to changes in the observability of inputs used in the valuation of such assets.
(K)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.
Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs
The following tables summarize the changes in the Company’s Level 3 financial liabilities measured at fair value on a recurring basis for the periods presented:
Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansNotes Payable of CFEs - Consumer LoansMSR Financing LiabilityNotes Receivable Financing LiabilityRTL Financing LiabilityTotal
Balance at March 31, 2026$134,319 $200,787 $863,334 $— $79,244 $385,101 $68,674 $1,731,459 
Gains (Losses) Included in Net Income:
Servicing revenue, net(A)
— — — — 4,542 — — 4,542 
Other income (loss)(B)
232 — (1,616)2,166 — 2,716 — 3,498 
Purchases, Issuance and Repayments:
Issuance
— — — 300,666 — — 13,178 313,844 
Repayments(8,411)(8,595)(96,999)(13,696)— — (6,016)(133,717)
Other— — 176 — (1)— — 175 
Balance at June 30, 2026$126,140 $192,192 $764,895 $289,136 $83,785 $387,817 $75,836 $1,919,801 
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(C)
$(232)$— $1,616 $(2,166)$(5,963)$(2,716)$— $(9,461)
(A)See Note 5 for further details on the components of servicing revenue, net.
(B)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 financial liabilities recorded during the period. The full fair value change during the years presented was due to factors other than instrument-specific credit risk.
(C)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.

Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansNotes Payable of CFEs - Consumer LoansMSR Financing LiabilityNotes Receivable Financing LiabilityRTL Financing LiabilityTotal
Balance at December 31, 2025$143,442 $203,654 $867,141 $— $76,266 $382,512 $82,489 $1,755,504 
Gains (Losses) Included in Net Income:
Servicing revenue, net(A)
— — — — 7,519 — — 7,519 
Other income (loss)(B)
100 — (5,989)2,166 — 5,305 — 1,582 
Purchases, Issuance and Repayments:
Issuance
— — — 300,666 — — 17,101 317,767 
Repayments(17,402)(11,462)(96,999)(13,696)— — (23,754)(163,313)
Other— — 742 — — — — 742 
Balance at June 30, 2026$126,140 $192,192 $764,895 $289,136 $83,785 $387,817 $75,836 $1,919,801 
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(C)
$(100)$— $5,989 $(2,166)$(10,020)$(5,305)$— $(11,602)
(A)See Note 5 for further details on the components of servicing revenue, net.
(B)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 financial liabilities recorded during the period. The full fair value change during the years presented was due to factors other than instrument-specific credit risk.
(C)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.
Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansNotes Payable of CFEs - Consumer LoansMSR Financing LiabilityNotes Receivable Financing LiabilityRTL Financing LiabilityTotal
Balance at March 31, 2025$169,035 $592,078 $859,760 $— $104,721 $378,721 $— $2,104,315 
Transfers:
Transfers out of Level 3(A)
— (368,843)— — — — — (368,843)
Gains (Losses) Included in Net Income:
Servicing revenue, net(B)
— — — — (9,332)— — (9,332)
Other income (loss)(C)
2,841 1,431 2,712 — — 2,407 — 9,391 
Purchases, Issuance and Repayments:
Repayments(11,443)— — — (34,450)— — (45,893)
Other— — 566 — 1 — — 567 
Balance at June 30, 2025$160,433 $224,666 $863,038 $— $60,940 $381,128 $— $1,690,205 
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(D)
$(2,841)$(637)$(2,712)$— $8,011 $(2,407)$— $(586)
(A)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(B)See Note 5 for further details on the components of servicing revenue, net.
(C)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 financial liabilities recorded during the period. The full fair value change during the years presented was due to factors other than instrument-specific credit risk.
(D)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.

Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansNotes Payable of CFEs - Consumer LoansMSR Financing LiabilityNotes Receivable Financing LiabilityRTL Financing LiabilityTotal
Balance at December 31, 2024$185,460 $959,958 $859,023 $— $101,088 $377,227 $— $2,482,756 
Transfers:
Transfers out of Level 3(A)
— (735,874)— — — — — (735,874)
Gains (Losses) Included in Net Income:
Servicing revenue, net(B)
— — — — (5,698)— — (5,698)
Other income(C)
(1,992)582 2,883 — — 3,901 — 5,374 
Purchases, Issuance and Repayments:
Repayments(23,035)— — — (34,450)— — (57,485)
Other— — 1,132 — — — — 1,132 
Balance at June 30, 2025$160,433 $224,666 $863,038 $— $60,940 $381,128 $— $1,690,205 
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(D)
$1,992 $(582)$(2,883)$— $3,226 $(3,901)$— $(2,148)
(A)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(B)See Note 5 for further details on the components of servicing revenue, net.
(C)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) and realized gain (loss) relating to Level 3 financial liabilities recorded during the period. The full fair value change during the years presented was due to factors other than instrument-specific credit risk.
(D)Included within realized and unrealized gains (losses), net on the consolidated statements of operations.
Schedule of Measurement Inputs and Valuation Techniques
The following tables summarize certain information regarding the ranges and weighted averages of inputs used:
June 30, 2026
Significant Inputs(A)
Prepayment Rate(B)
Delinquency(C)
Recapture Rate(D)
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps)(E)
Collateral Weighted Average Maturity (Years)(F)
Excess MSRs directly held
2.3% – 14.9%
(6.7%)
0.0% – 12.9%
(4.1%)
0.0% – 63.8%
(39.4%)
7 – 31
(21)
11 – 22
(19)
MSRs, MSR Financing Receivables and MSR Financing Liability:
GSE
2.7% – 97.6%
(7.0%)
0.0% – 100.0%
(1.8%)
7.0% – 14.5% (10.4%)
1 – 157
(29)
0 – 40
(23)
Non-Agency
1.7% – 99.9%
(8.1%)
3.0% – 100.0%
(19.3%)
0.0% – 3.9% (1.9%)
1 – 180
(41)
0 – 52
(21)
Ginnie Mae
1.4% – 88.4%
(9.0%)
38.0% – 100.0%
(9.8%)
10.5% – 29.6% (26.6%)
19 – 144
(48)
0 – 40
(26)
Total / Weighted Average—MSRs, MSR Financing Receivables and MSR Financing Liability
1.4% – 99.9%
(7.8%)
0.0% – 100.0%
(6.0%)
0.0% – 29.6% (15.0%)
1 – 180
(36)
0 – 52
(24)
December 31, 2025
Significant Inputs(A)
Prepayment Rate(B)
Delinquency(C)
Recapture Rate(D)
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps)(E)
Collateral Weighted Average Maturity (Years)(F)
Excess MSRs directly held
2.3% – 13.3%
(6.8%)
0.2% – 14.1%
(4.7%)
0.0% – 63.5%
(39.3%)
7 – 31
(21)
10 – 22
(19)
MSRs, MSR Financing Receivables and MSR Financing Liability:
GSE
2.5% – 100.0%
(7.2%)
0.0% – 100.0%
(1.8%)
7.0% – 15.0% (10.5%)
2 – 176
(29)
0 – 40
(23)
Non-Agency
1.7% – 98.3%
(8.4%)
15.0% – 100.0%
(20.5%)
0.0% – 4.4% (1.3%)
1 – 169
(42)
0 – 59
(22)
Ginnie Mae
1.9% – 97.1%
(9.6%)
44.0% – 99.0%
(10.1%)
10.5% – 32.6% (26.7%)
19 – 132
(48)
0 – 40
(26)
Total / Weighted Average—MSRs, MSR Financing Receivables and MSR Financing Liability
1.7% – 100.0%
(8.1%)
0.0% – 100.0%
(6.1%)
0.0% – 32.6% (20.0%)
1 – 176
(37)
0 – 59
(24)
(A)Weighted by fair value of the portfolio.
(B)Projected annualized weighted average lifetime voluntary and involuntary prepayment rate using a prepayment vector.
(C)Projected percentage of residential mortgage loans in the pool for which the borrower is expected to miss a mortgage payment.
(D)Percentage of voluntarily prepaid loans that are expected to be refinanced by the related servicer or subservicer, as applicable.
(E)Weighted average total mortgage servicing amount, in excess of the base fee as applicable, measured in basis points (“bps”). As of June 30, 2026 and December 31, 2025, weighted average costs of subservicing of $7.22 (range of $7.08 – $7.66) and $7.22 (range of $7.11 – $7.83), respectively, per loan per month was used to value the GSE MSRs. Weighted average costs of subservicing of $10.77 (range of $9.33 – $10.96) and $11.23 (range of $9.08 – $13.36), respectively, per loan per month was used to value the non-Agency MSRs, including MSR financing receivables. Weighted average cost of subservicing of $9.86 and $9.88, respectively, per loan per month was used to value the Ginnie Mae MSRs.
(F)Weighted average maturity of the underlying residential mortgage loans in the pool.
The following table summarizes the estimated change in fair value of Rithm Capital’s interests in GSE MSRs, owned as of June 30, 2026, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at June 30, 2026
$6,483,683 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$7,001,132 $6,732,858 $6,251,817 $6,035,666 
Change in Estimated Fair Value:
Amount$517,449 $249,175 $(231,866)$(448,017)
Percentage8.0 %3.8 %(3.6)%(6.9)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$6,869,476 $6,668,560 $6,313,013 $6,154,952 
Change in Estimated Fair Value:
Amount$385,793 $184,877 $(170,670)$(328,731)
Percentage6.0 %2.9 %(2.6)%(5.1)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$6,506,440 $6,495,231 $6,471,814 $6,459,640 
Change in Estimated Fair Value:
Amount$22,757 $11,548 $(11,869)$(24,043)
Percentage0.4 %0.2 %(0.2)%(0.4)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$6,439,663 $6,461,673 $6,505,693 $6,527,704 
Change in Estimated Fair Value:
Amount$(44,020)$(22,010)$22,010 $44,021 
Percentage(0.7)%(0.3)%0.3 %0.7 %

The following table summarizes the estimated change in fair value of Rithm Capital’s interests in non-Agency MSRs, including MSR financing receivables, owned as of June 30, 2026, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at June 30, 2026
$981,266 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$1,079,309 $1,028,146 $938,199 $898,537 
Change in Estimated Fair Value:
Amount$98,043 $46,880 $(43,067)$(82,729)
Percentage10.0 %4.8 %(4.4)%(8.4)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$1,038,141 $1,008,793 $955,386 $930,999 
Change in Estimated Fair Value:
Amount$56,875 $27,527 $(25,880)$(50,267)
Percentage5.8 %2.8 %(2.6)%(5.1)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$985,224 $983,386 $978,933 $976,439 
Change in Estimated Fair Value:
Amount$3,958 $2,120 $(2,333)$(4,827)
Percentage0.4 %0.2 %(0.2)%(0.5)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$980,212 $980,739 $981,793 $982,320 
Change in Estimated Fair Value:
Amount$(1,054)$(527)$527 $1,054 
Percentage(0.1)%(0.1)%0.1 %0.1 %
The following table summarizes the estimated change in fair value of Rithm Capital’s interests in Ginnie Mae MSRs, owned as of June 30, 2026, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at June 30, 2026
$3,626,534 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$3,912,867 $3,764,383 $3,498,304 $3,378,793 
Change in Estimated Fair Value:
Amount$286,333 $137,849 $(128,230)$(247,741)
Percentage7.9 %3.8 %(3.5)%(6.8)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$3,802,089 $3,709,558 $3,551,359 $3,482,754 
Change in Estimated Fair Value:
Amount$175,555 $83,024 $(75,175)$(143,780)
Percentage4.8 %2.3 %(2.1)%(4.0)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$3,678,346 $3,652,356 $3,600,957 $3,575,606 
Change in Estimated Fair Value:
Amount$51,812 $25,822 $(25,577)$(50,928)
Percentage1.4 %0.7 %(0.7)%(1.4)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$3,553,940 $3,590,237 $3,662,831 $3,699,128 
Change in Estimated Fair Value:
Amount$(72,594)$(36,297)$36,297 $72,594 
Percentage(2.0)%(1.0)%1.0 %2.0 %
Real estate and other securities valuation methodology and results are detailed below. Increased (decreased) prepayment speeds, default rates or loss severity assumptions would decrease (increase) valuations. Generally, a change in default rate assumption is accompanied by a directionally similar change in loss severity assumptions. Treasury securities are valued using market-based prices published by the U.S. Department of the Treasury and are classified as Level 1.
Fair Value
Asset TypeOutstanding Face AmountAmortized Cost Basis
Multiple Quotes(A)
Single Quote(B)
TotalLevel
June 30, 2026
Government-backed securities(C)
$4,950,720 $4,839,269 $4,887,937 $— $4,887,937 2 
CLOs(D)
410,780 405,558 293,431 135,645 429,076 2 & 3
Non-Agency and other securities(D)
8,272,017 759,996 788,520 23,174 811,694 3 
Insurance company investments - securities(E)
591,355 189,567 186,753 — 186,753 2 & 3
Total$14,224,872 $6,194,390 $6,156,641 $158,819 $6,315,460 
December 31, 2025
Government-backed securities(C)
$5,230,355 $5,119,755 $5,230,139 $— $5,230,139 2 
CLOs(D)
364,189 355,912 249,452 112,828 362,280 2 & 3
Non-Agency and other securities(D)
8,507,851 701,105 732,597 27,036 759,633 3 
Insurance company investments - securities(E)
143,399 129,616 129,662 — 129,662 2 & 3
Total$14,245,794 $6,306,388 $6,341,850 $139,864 $6,481,714 
(A)Rithm Capital generally obtains pricing service quotations or broker quotations from two sources. Rithm Capital evaluates quotes received, determines one as being most representative of fair value and does not use an average of the quotes. Even if Rithm Capital receives two or more quotes on a particular security that come from non-selling brokers or pricing services, it does not use an average because it believes using an actual quote more closely represents a transactable price for the security than an average level. Furthermore, in some cases, for non-Agency securities, there is a wide disparity between the quotes Rithm Capital receives. Rithm Capital believes using an average of the quotes in these cases would not represent the fair value of the asset. Based on Rithm Capital’s own fair value analysis, it selects one of the quotes which is believed to most accurately reflect fair value. Rithm Capital has not adjusted any of the quotes received in the periods presented. These quotations are generally received via email and contain disclaimers which state that they are “indicative” and not “actionable” — meaning that the party giving the quotation is not bound to purchase the security at the quoted price. Rithm Capital’s investments in government-backed securities are classified within Level 2 of the fair value hierarchy because the market for these securities is active and market prices are readily observable.

The third-party pricing services and brokers engaged by Rithm Capital (collectively, “valuation providers”) use either the income approach or the market approach, or a combination of the two, in arriving at their estimated valuations of securities. Valuation providers using the market approach generally look at prices and other relevant information generated by market transactions involving identical or comparable assets. Valuation providers using the income approach create pricing models that generally incorporate such assumptions as discount rates, expected prepayment rates, expected default rates and expected loss severities. Rithm Capital has reviewed the methodologies utilized by its valuation providers and has found them to be consistent with GAAP requirements. In addition to obtaining multiple quotations, when available, and reviewing the valuation methodologies of its valuation providers, Rithm Capital creates its own internal pricing models for Level 3 securities and uses the outputs of these models as part of its process of evaluating the fair value estimates it receives from its valuation providers. These models incorporate the same types of assumptions as the models used by the valuation providers, but the assumptions are developed independently. These assumptions are regularly refined and updated at least quarterly by Rithm Capital and reviewed by its independent valuation group, which is separate from its investment acquisition and management group, to reflect market developments and actual performance.

For 92.2% and 78.0% of non-Agency securities as of June 30, 2026 and December 31, 2025, respectively, the ranges and weighted averages of assumptions used by Rithm Capital’s valuation providers are summarized in the table below. The assumptions used by Rithm Capital’s valuation providers with respect to the remainder of non-Agency securities were not readily available.
Fair ValueDiscount Rate
Prepayment Rate(a)
CDR(b)
Loss Severity(c)
June 30, 2026$748,194 
4.6% – 18.0%
(6.5%)
0.0% – 25.0%
(11.5%)
0.0% – 5.3%
(0.3%)
0.0% – 55.0%
(11.0%)
December 31, 2025$592,302 
4.2% – 18.0%
(6.6%)
0.0% – 25.0%
(9.2%)
0.0% – 5.3%
(0.3%)
0.0% – 55.0%
(11.0%)
(a)Represents the annualized rate of the prepayments as a percentage of the total principal balance of the pool.
(b)The conditional default rate (“CDR”) represents the annualized rate of the involuntary prepayments (defaults) as a percentage of the total principal balance of the pool.
(c)Represents the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of loss relative to the outstanding balance of the loans in default.

(B)Rithm Capital was unable to obtain quotations from more than one source on these securities.
(C)Presented within government and government-backed securities on the consolidated balance sheets.
(D)Presented within other assets on the consolidated balance sheets.
(E)Presented within insurance company investments, at fair value on the consolidated balance sheets.
The following tables summarize certain information regarding the ranges and weighted averages of inputs (weighted by fair value) used in valuing residential mortgage loans HFS, at fair value classified as Level 3 as of June 30, 2026:
Performing LoansFair ValueDiscount RatePrepayment RateCDRLoss Severity
Acquired loans$17,153 
6.7% – 9.1%
(7.9%)
4.1% – 6.7%
(5.6%)
0.8% – 4.5%
(2.3%)
36.5% – 63.1%
(44.8%)
Non-Performing LoansFair ValueDiscount RateAnnual Change in Home PricesCDRCurrent Value of Underlying Properties
Acquired loans$7,142 
9.1% – 9.3%
(9.2%)
(0.3)% – 4.3%
(1.2%)
4.5% – 5.0%
(4.7%)
270.8% – 296.2%
(278.7%)
The following tables summarize certain information regarding the ranges and weighted averages of inputs (weighted by fair value) used in valuing residential mortgage loans HFS, at fair value classified as Level 3 as of December 31, 2025:
Performing LoansFair ValueDiscount RatePrepayment RateCDRLoss Severity
Acquired loans$18,002 
6.1% – 8.3%
(6.8%)
4.3% – 7.0%
(6.4%)
0.9% – 2.3%
(1.9%)
19.0% – 46.1%
(33.8%)
Non-Performing LoansFair ValueDiscount RateAnnual Change in Home PricesCDRCurrent Value of Underlying Properties
Acquired loans$7,154 
10.5% – 12.9%
(12.0%)
3.3% – 4.3%
(4.0%)
4.8% – 6.6%
(6.0%)
300.7% – 306.3%
(302.8%)

The following table summarizes certain information regarding the ranges and weighted averages of inputs (weighted by fair value) used in valuing residential mortgage loans HFI, at fair value classified as Level 3:
Fair ValueDiscount RatePrepayment RateCDRLoss Severity
June 30, 2026$294,416 
6.7% – 9.3%
(8.0%)
4.8% – 6.7%
(5.6%)
0.8% – 5.0%
(1.8%)
36.5% – 46.5%
(41.6%)
December 31, 2025$324,688 
6.1% – 10.5%
(7.5%)
5.0% – 7.0%
(6.9%)
0.9% – 4.8%
(1.8%)
28.6% – 46.1%
(39.2%)
The following table summarizes certain information regarding the ranges and weighted averages of inputs (weighted by UPB) used in valuing consumer loans, at fair value classified as Level 3 as of June 30, 2026:
Fair ValueDiscount RatePrepayment RateCDR
Loss Severity(A)
SpringCastle$147,302 
9.2% – 10.2%
(9.4%)
12.6% – 40.2%
(14.0%)
1.0% – 9.1%
(5.8%)
72.4% - 100.0%
(91.6%)
Marcus97,169 
7.4% - 17.6%
(8.7%)
0.0% - 22.0%
(9.1%)
3.0% - 62.0%
(37.5%)
87.5%
Upgrade462,640 
1.5% - 15.0%
(7.3%)
2.7% - 33.4%
(19.7%)
0.9% - 7.2%
(3.7%)
90.0%
Consumer Loans, at Fair Value$707,111 
(A)Loss severity is the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of realized loss relative to the outstanding loan balance in default.

The following table summarizes certain information regarding the ranges and weighted averages of inputs (weighted by UPB) used in valuing consumer loans, at fair value classified as Level 3 as of December 31, 2025:
Fair ValueDiscount RatePrepayment RateCDR
Loss Severity(A)
SpringCastle$167,807 
9.2% – 10.2%
(9.4%)
12.1% – 39.5%
(13.5%)
3.2% – 25.9%
(5.5%)
80.8% – 100.0%
(92.7%)
Marcus166,473 
7.5% – 17.6%
(8.5%)
0.0% – 22.0%
(11.2%)
3.0% – 62.0%
(31.7%)
87.5%
Upgrade450,119 
6.8% – 16.9%
(7.8%)
2.7% – 34.0%
(17.9%)
0.9% – 7.5%
(3.4%)
90.0%
Consumer Loans, at Fair Value$784,399 
(A)Loss severity is the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of realized loss relative to the outstanding loan balance in default.
The following table summarizes certain information regarding the weighted averages of inputs (weighted by fair value) used in valuing performing RTLs and related financing liability, at fair value classified as Level 3 as of June 30, 2026:
Fair ValueDiscount RatePrepayment RateCDRLoss Severity
RTLs$3,745,172 
7.6% – 7.7%
(7.7%)
0.0% – 50.0%
(47.9%)
0.0% – 1.8%
(0.5%)
25.0%
RTL investments of consolidated entities - funds385,590 7.8%45.0%0.5%25.0%
RTL financing liability(A)
19,240 7.6%50.0%0.5%25.0%
(A)Excludes $56.6 million of financing liability related to a strategic partnership for which the Company elected FVO. As of June 30, 2026, the amortized cost approximated fair value.

The following table summarizes certain information regarding the weighted averages of inputs (weighted by fair value) used in valuing performing RTLs, at fair value classified as Level 3 as of December 31, 2025:

Fair ValueDiscount RatePrepayment RateCDRLoss Severity
RTLs$2,610,258 
7.9% – 8.0%
(7.9%)
0.0% – 50.0%
(46.8%)
0.0% – 1.8%
(0.5%)
25.0%
RTL investments of consolidated entities - funds287,721 7.9%50.0%0.5%25.0%
RTL financing liability(A)
36,150 7.9%50.0%0.5%25.0%
(A)Excludes $46.3 million of financing liability related to a strategic partnership for which the Company elected fair value option. As of December 31, 2025, the amortized cost approximated fair value.
The following table summarizes certain information regarding the range and weighted average of the discount rates (weighted by fair value) used in valuing private credit, at fair value and commercial mortgage loans, HFI, at fair value classified as Level 3:
Fair ValueDiscount Rate
June 30, 2026$793,687 
8.3% – 21.1%
(10.9%)
December 31, 2025$551,342 
8.2% – 45.1%
(11.3%)
The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing IRLCs:
Fair ValueLoan Funding ProbabilityFair Value of Initial Servicing Rights (bps)
June 30, 2026$33,757 
3.4% – 100.0%
(82.7%)
1.0 – 372.9
(209.5)
December 31, 2025$21,449 
4.2% – 100.0%
(84.6%)
4.1 – 403.9
(247.4)
The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing asset-backed securities issued:
Fair ValueDiscount RatePrepayment RateCDRLoss Severity
June 30, 2026$126,140 6.3%14.0%5.8%91.6%
December 31, 2025$143,442 5.5%13.5%5.5%92.7%
The following table summarizes certain information regarding the fair value and significant inputs used in valuing Rithm Capital’s notes receivable, notes receivable financing liability and loans receivable:
Fair Value Discount Rate
June 30, 2026
Notes receivable$481,123 
8.4% - 14.1%
(9.4%)
Notes receivable financing liability387,817 5.6%
Loans receivable11,742 12.0%
December 31, 2025
Notes receivable$460,631 
7.8% - 13.6%
(8.8%)
Notes receivable financing liability382,512 5.1%
Loans receivable11,396 12.0%
Schedule of Certain Information Regarding the Inputs used in Valuing the Servicer Advances
The following table summarizes certain information regarding the ranges and weighted averages of significant inputs used in valuing the servicer advance investments, including the base fee component of the related MSRs:
Significant Inputs
Outstanding
Servicer Advances
to UPB of Underlying
Residential Mortgage
Loans
Prepayment Rate(A)
Delinquency
Mortgage Servicing Amount(B)
Discount
Rate
Collateral Weighted Average Maturity (Years)(C)
June 30, 2026
2.1%
4.9%
17.4%
19.9 bps
6.5%
20.2
December 31, 2025
2.0%
4.5%
17.9%
19.9 bps
6.5%
20.5
(A)Projected annual weighted average lifetime voluntary and involuntary prepayment rate using a prepayment vector.
(B)Mortgage servicing amount is net of 3.7 bps and 4.6 bps which represent the amounts Rithm Capital paid its servicers as a monthly servicing fee as of June 30, 2026 and December 31, 2025, respectively.
(C)Weighted average maturity of the underlying residential mortgage loans in the pool.
Schedule of Fair Value of Investments Of the Structured Alternative Investment Solution
The following table summarizes the fair value of the investments by fund type and ability to redeem such investments:
June 30, 2026December 31, 2025
Fund TypeFair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption Notice Period
Open-ended$205,807 Monthly
2 business days
$104,177 Monthly
2 business days
The following table summarizes the fair value of the investments by fund type and ability to redeem such investments:
June 30, 2026December 31, 2025
Fund Type(A)
Fair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption Notice Period
Open-ended$155,786 
Monthly – Annually
30 days – 90 days
$162,055 
Monthly - Annually
30 days - 90 days
Closed-ended177,014 
None(B)
N/A162,805 
None(B)
N/A
Total$332,800 $324,860 
(A)The structured alternative investment solution invests in both open-ended and closed-ended funds. The investments in each fund may represent investments in a particular tranche of such fund subject to different withdrawal rights.
(B)100% of these investments cannot be redeemed, as distributions will be received as the underlying assets are liquidated, which is expected to be approximately 7 to 9 years from inception.
Schedule Of Loan Securitizations
Residential Mortgage Loan SecuritizationsInvestments at Fair ValueNotes Payable at Fair Value
June 30, 2026$4,460,920 $3,902,216 
December 31, 2025$3,265,142 $2,820,922 
Rithm Capital classifies securitized RTLs and consumer loans as Level 3 in the fair value hierarchy because the notes payable are valued based significantly on unobservable inputs. The valuation methodology is in line with non-Agency securities described above. The following table summarizes the inputs (weighted by fair value) used in valuing the notes payable:
Investments at Fair ValueNotes Payable at Fair Value
Spread(A)
Prepayment Rate(B)
CDR
Loss Severity(C)
June 30, 2026
RTL securitizations$853,225 $764,895 
1.5% – 10.2%
(2.2%)
8.0%
0.8% – 2.0%
(1.4%)
10.0%
Consumer loan securitization304,569 289,136 
5.1% – 8.6%
(5.3%)
25.0%
0.0%
100.0%
December 31, 2025
RTL securitizations$927,089 $867,141 
1.5% – 11.5%
(2.3%)
8.0%
0.8% – 2.0%
(1.4%)
10.0%
(A)Represents the yield in excess of the risk-free rate.
(B)Represents the annualized rate of the prepayments as a percentage of the total principal balance of the pool.
(C)Represents the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of loss relative to the outstanding balance of the loans in default.
Schedule of Inputs Used in Valuing Residential Mortgage Loans
The following table summarizes the inputs (weighted by fair value) used in valuing these residential mortgage loans:
Fair Value Discount Rate
Weighted Average Life (Years)(A)
Prepayment RateCDR
Loss Severity(B)
June 30, 2026
Performing loans$40,970 
6.7% – 9.1%
(6.7%)
3.2 – 3.7
(3.2)
4.1% – 6.7%
(6.7%)
0.8% – 4.5%
(2.4%)
36.5% – 63.1%
(36.8%)
Non-performing loans11,278 
9.1% – 9.3%
(9.2%)
2.6 – 3.4
(2.9)
4.1% – 5.0%
(4.6%)
4.5% – 5.0%
(4.8%)
37.0% – 63.1%
(47.8%)
Total$52,248 
December 31, 2025
Performing loans$45,861 
6.1% – 8.3%
(6.1%)
4.2 – 7.5
(4.3)
4.3% – 7.0%
(6.9%)
0.9% – 2.3%
(2.3%)
19.0% – 46.1%
(33.0%)
Non-performing loans10,930 
10.5% – 12.9%
(11.4%)
3.0 – 3.9
(3.6)
3.6% – 5.0%
(4.5%)
4.8% – 6.6%
(5.5%)
28.6% – 72.1%
(45.4%)
Total$56,791 
(A)The weighted average life is based on the expected timing of the receipt of cash flows.
(B)Loss severity is the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of realized loss relative to the outstanding loan balance in default.
v3.26.1
VARIABLE INTEREST ENTITIES (Tables)
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The tables below present the carrying value and classification of the assets and liabilities of consolidated VIEs on the consolidated balance sheets:
Advance PurchaserNewrez Joint VenturesResidential Mortgage LoansConsumer Loan CompaniesCRE, Asset Management and OtherSPAC
Consolidated Entities(A)
Total
Loan SecuritizationsConsolidated Funds
June 30, 2026RTLsResidential Mortgage LoansConsumer Loans
Assets:
Servicer advance investments, at fair value$284,401 $— $— $— $— $— $— $— $— $— $284,401 
Residential mortgage loans, HFS, at fair value— — 545,183 — — — — — — — 545,183 
Consumer loans— — — 147,302 — — — — — — 147,302 
Real estate, net— — — — 3,046,489 — — — — — 3,046,489 
Assets of consolidated entities - investments— — — — — — 853,225 4,460,920 304,569 1,173,037 6,791,751 
Cash and cash equivalents3,001 22,619 — 252 90,128 9 — — — — 116,009 
Restricted cash4,456 — 7,070 9,902 161,734 242,893 15,379 14,050 21,862 32,587 509,933 
Other assets4 393 — 326 635,716 175 10,232 — — 26,808 673,654 
Total Assets$291,862 $23,012 $552,253 $157,782 $3,934,067 $243,077 $878,836 $4,474,970 $326,431 $1,232,432 $12,114,722 
Liabilities:
Secured financing agreements$— $— $479,765 $— $— $— $— $— $— $— $479,765 
Secured notes and bonds payable205,866 — — 126,140 2,325,089 — — — — — 2,657,095 
Notes payable and secured financing of consolidated entities— — — — — — 764,895 3,902,216 289,136 930,179 5,886,426 
Accrued expenses and other liabilities1,477 3,254 — 1,267 115,867 8,073 840 14,384 21,862 107,221 274,245 
Total Liabilities$207,343 $3,254 $479,765 $127,407 $2,440,956 $8,073 $765,735 $3,916,600 $310,998 $1,037,400 $9,297,531 
(A)Reflect assets of consolidated entities - investments, at fair value and other assets and liabilities of consolidated entities - notes payable, at fair value and other liabilities on the consolidated balance sheets.
Advance PurchaserNewrez Joint VenturesResidential Mortgage LoansConsumer Loan CompaniesCRE, Asset Management and OtherSPAC
Consolidated Entities(A)
Total
Loan Securitizations
December 31, 2025RTLsResidential Mortgage LoansConsumer LoansConsolidated Funds
Assets:
Servicer advance investments, at fair value$294,323 $— $— $— $— $— $— $— $— $— $294,323 
Residential mortgage loans, HFS, at fair value— — 437,060 — — — — — — — 437,060 
Consumer loans— — — 167,807 — — — — — — 167,807 
Real estate, net— — — — 3,043,729 — — — — — 3,043,729 
Assets of consolidated entities - investments— — — — — — 927,089 3,265,142 — 1,397,209 5,589,440 
Cash and cash equivalents13,164 21,754 — 254 91,926 401 — — — — 127,499 
Restricted cash5,019 — 5,953 10,000 181,383 238,435 12,875 18,084 — 101,516 573,265 
Other assets4 445 — 310 404,314 262 40,796 — — 26,638 472,769 
Total Assets$312,510 $22,199 $443,013 $178,371 $3,721,352 $239,098 $980,760 $3,283,226 $— $1,525,363 $10,705,892 
Liabilities:
Secured financing agreements$— $— $360,140 $— $— $— $— $— $— $— $360,140 
Secured notes and bonds payable229,069 — — 143,442 2,305,842 — — — — — 2,678,353 
Notes payable and secured financing of consolidated entities— — — — — — 867,141 2,820,922 — 1,209,739 4,897,802 
Accrued expenses and other liabilities1,532 2,334 — 1,344 130,085 8,152 1,076 18,418 — 107,255 270,196 
Total Liabilities$230,601 $2,334 $360,140 $144,786 $2,435,927 $8,152 $868,217 $2,839,340 $— $1,316,994 $8,206,491 
(A)Reflect assets of consolidated entities - investments, at fair value and other assets and liabilities of consolidated entities - notes payable, at fair value and other liabilities on the consolidated balance sheets.
The Company transfers residential mortgage loans to securitization trusts, classified as VIEs, and retains the right to service the transferred loans. The Company also retains interests in such VIEs pursuant to required risk retention regulations. The Company does not consolidate such VIEs, as it is not considered the primary beneficiary. The following table summarizes the carrying value of notes issued by unconsolidated VIEs and retained by the Company, which reflects the Company’s maximum exposure to loss, as well as the UPB of transferred loans. The retained notes are presented as non-Agency securities, at fair value within other assets on the consolidated balance sheets:
June 30, 2026December 31, 2025
Residential mortgage loan UPB and other collateral$10,511,787$9,326,370
Weighted average delinquency(A)
3.8%4.2%
Net credit losses$174,881$173,618
Face amount of debt held by third parties$9,798,798$8,664,576
Carrying value of notes retained by Rithm Capital(B)(C)
$762,955$595,892
Cash flows received by Rithm Capital on these notes$66,384$104,403
(A)Represents the percentage of the UPB that is 60+ days delinquent.
(B)Includes real estate bonds retained pursuant to required risk retention regulations.
(C)Classified within Level 3 of the fair value hierarchy as the valuation is based on certain unobservable inputs including discount rate, prepayment rates and loss severity. See Note 18 for details on unobservable inputs.

The Company’s involvement with other VIEs that are not consolidated is primarily through providing asset management services and, in certain cases, through equity investments. The Company is not the primary beneficiary of these VIEs, because it does not have the power to direct the activities that most significantly affect their economic performance. The Company’s maximum exposure to loss associated with its involvement in non-consolidated VIEs is limited to the carrying value of its investments, income and fees receivable, unearned income subject to potential clawback, unfunded and other contractual commitments, and membership interests, as applicable. The Company does not provide, nor is it required to provide, any non-contractual financial or other support to non-consolidated VIEs beyond its contractual capital and other commitments.
June 30, 2026December 31, 2025
Unearned income and fees$10,462$9,056
Income and fees receivable44,206123,959
Investments in non-consolidated VIEs983,398990,130
Unfunded commitments(A)
280,295215,215
Other commitments25,52125,521
Maximum Exposure to Loss$1,343,882$1,363,881
(A)Unfunded commitments include commitments from certain current and former employees and managing directors of $129.1 million and $131.2 million as of June 30, 2026 and December 31, 2025, respectively.
v3.26.1
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER (Table)
 6 Months Ended
Jun. 30, 2026
Other Income and Expenses [Abstract]  
Schedule of Other Revenues
Other Residential-Related Revenue

The following table summarizes the components of other residential-related revenue:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Property and maintenance$47,514 $49,486 $95,809 $96,957 
Other7,046 7,135 13,431 12,768 
Other Residential-Related Revenue$54,560 $56,621 $109,240 $109,725 
Schedule of General and Administrative Expenses
General, Administrative and Operating

The following table summarizes the components of general, administrative and operating expenses:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Legal and professional$29,209 $24,394 $67,107 $49,032 
Loan origination18,553 17,161 38,439 31,838 
Occupancy17,201 16,348 34,368 30,802 
Subservicing7,234 12,342 19,086 29,098 
Loan servicing37,175 40,737 74,944 82,255 
Property and maintenance101,998 28,921 208,353 56,557 
Information technology35,422 31,239 70,041 62,547 
Other
60,557 44,639 111,612 86,630 
General, Administrative and Operating Expenses$307,349 $215,781 $623,950 $428,759 
Schedule of Components of Other Income (Loss)
The following table summarizes the components of other income (loss):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Real estate and other securities
$3,808 $4,532 $(23,396)$12,986 
Residential mortgage loans and REO
(3,869)8,281 (7,574)10,825 
Derivative and hedging instruments
8,419 (8,226)11,295 (18,041)
Notes and bonds payable(231)(4,135)(12,501)713 
Consolidated entities(A)
25,372 26,614 44,436 43,056 
Insurance company investments(2,089)— (817)— 
Other(B)
24,895 (4,325)29,708 (27,941)
Realized and unrealized gains, net56,305 22,741 41,151 21,598 
Other income, net23,787 15,923 46,189 22,665 
Other Income, Net$80,092 $38,664 $87,340 $44,263 
(A)Includes change in the fair value of the consolidated CFEs’ financial assets and liabilities and related interest and other income.
(B)Includes Excess MSRs, servicer advance investments, consumer loans, RTLs and other.
v3.26.1
ASSET MANAGEMENT REVENUE (Tables)
 6 Months Ended
Jun. 30, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Receivables and Unearned Income and Fees
The following table presents the composition of the Company’s income and fees receivable:
June 30, 2026December 31, 2025
Management fees receivable$40,731 $47,542 
Incentive income receivable48,843 290,170 
Income and Fees Receivable$89,574 $337,712 
The following table presents the Company’s unearned income and fees:
June 30, 2026December 31, 2025
Unearned management fees$2,792 $310 
Unearned incentive income9,675 9,036 
Total Unearned Income and Fees$12,467 $9,346 
v3.26.1
NON-CONTROLLING INTERESTS (Tables)
 6 Months Ended
Jun. 30, 2026
Noncontrolling Interest [Abstract]  
Schedule of Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Others’ interests in the equity of consolidated subsidiaries is computed as follows:
June 30, 2026December 31, 2025
Total Consolidated EquityOthers’ Ownership InterestNon-controlling Interest in Equity of Consolidated SubsidiariesTotal Consolidated EquityOthers’ Ownership InterestNon-controlling Interest in Equity of Consolidated Subsidiaries
Advance Purchaser$84,519 10.7 %$9,037 $81,909 10.7 %$8,759 
Newrez Joint Ventures19,758 49.5 %9,780 19,865 49.5 %9,833 
Excess MSRs114,346 20.0 %22,869 119,931 20.0 %23,986 
Other investments130,460 20.8 %27,114 114,175 22.3 %25,492 
Asset management1,394,207 
n/m(A)(B)
74,834 1,258,317 
n/m(A)(B)
51,802 
Commercial real estate1,609,695 
n/m(A)(C)(D)
390,918 1,617,004 
n/m(A)(C)(D)
390,048 
$534,552 $509,920 
(A)Percentages in the table above deemed “n/m” are not meaningful.
(B)Non-controlling interests related to asset management investments represent the ownership interests in certain funds held by entities or persons other than the Company. These interests substantially relate to interests held by employees in real estate and energy funds managed by the Company adjusted for their capital activity and allocated earnings in such funds. Such employees’ portion of carried interest is expensed and recorded within compensation and benefits on the consolidated statements of operations and therefore excluded in the calculation of non-controlling interests.
(C)Included in commercial real estate is Rithm Property Trust’s 3.9% minority interest in the Aggregators, which it acquired on December 19, 2025. As of June 30, 2026 and December 31, 2025, the Aggregators total consolidated equity was $1.5 billion and $1.6 billion, respectively.
(D)Non-controlling interests related to CRE investments represent the ownership interests in CRE by entities or persons other than the Company.
Others’ interests in the net income of consolidated subsidiaries is computed as follows:     
Three Months Ended June 30,
20262025
Net Income (Loss)Others’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income (Loss) of Consolidated SubsidiariesNet Income (Loss)Others’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income (Loss) of Consolidated Subsidiaries
Advance Purchaser$4,934 10.7 %$527 $1,446 10.7 %$154 
Newrez Joint Ventures2,283 49.5 %1,130 1,982 49.5 %981 
Excess MSRs3,366 20.0 %674 3,441 20.0 %688 
Other investments3,176 20.8 %730 2,550 24.6 %691 
Asset management14,028 
n/m(B)
6,483 (2,783)
n/m(B)
655 
Commercial real estate(34,838)
n/m(A)(C)(D)
(1,512)— — %— 
$8,032 $3,169 
Six Months Ended June 30,
20262025
Net Income (Loss)Others’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income (Loss) of Consolidated SubsidiariesNet Income (Loss)Others’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income (Loss) of Consolidated Subsidiaries
Advance Purchaser$6,560 10.7 %$701 $1,110 10.7 %$118 
Newrez Joint Ventures3,319 49.5 %1,643 2,697 49.5 %1,335 
Excess MSRs6,133 20.0 %1,227 4,764 20.0 %952 
Other investments6,102 20.8 %1,430 4,280 24.6 %1,191 
Asset management(14,701)
n/m(A)(B)
7,438 (64,900)
n/m(A)(B)
659 
Commercial real estate(69,413)
n/m(A)(C)(D)
(4,553)— 
—%
— 
$7,886 $4,255 
(A)Percentages in the tables above deemed “n/m” are not meaningful.
(B)Non-controlling interests related to asset management investments represent the ownership interests in certain funds held by entities or persons other than the Company. These interests substantially relate to interests held by employees in real estate and energy funds managed by the Company adjusted for their capital activity and allocated earnings in such funds. Such employees’ portion of carried interest is expensed and recorded within compensation and benefits on the consolidated statements of operations and therefore excluded in the calculation of non-controlling interests.
(C)Included in commercial real estate is Rithm Property Trust’s 3.9% minority interest in the Aggregators, which it acquired on December 19, 2025. The Aggregators total consolidated net income for the three and six months ended June 30, 2026 was $(29.7) million and $(57.8) million, respectively.
(D)Non-controlling interests related to CRE investments represent the ownership interests in CRE by entities or persons other than the Company.
Schedule of Redeemable Non-controlling Interest
The following table presents activity in redeemable non-controlling interests:
SPACConsolidated EntityTotal
Balance at December 31, 2025$238,435 $75,868 $314,303 
Distributions— (4,417)(4,417)
Contributions— 76,884 76,884 
Comprehensive income4,458 6,078 10,536 
Balance at June 30, 2026$242,893 $154,413 $397,306 
v3.26.1
EQUITY AND EARNINGS PER SHARE (Tables)
 6 Months Ended
Jun. 30, 2026
Earnings Per Share [Abstract]  
Schedule of Preferred Shares
The table below summarizes the Company’s outstanding preferred shares:
Number of Shares
Liquidation Preference(A)
Carrying Value(B)
Dividends Declared per Share
June 30,
2026		December 31, 2025June 30,
2026		December 31, 2025Issuance DiscountJune 30,
2026		December 31, 2025Three Months Ended June 30,Six Months Ended June 30,
Series(C)
2026202520262025
Series A, issued July 2019(D)(G)(I)
4,200,068 4,200,068 $105,002 $105,002 3.15 %$99,822 $99,822 $0.62 $0.66 $1.22 $1.31 
Series B, issued August 2019(D)(G)
11,260,712 11,260,712 281,518 281,518 3.15 %272,654 272,654 0.61 0.65 1.20 1.29 
Series C, issued February 2020(D)(H)
15,903,342 15,903,342 397,584 397,584 3.15 %385,289 385,289 0.57 0.61 1.12 1.20 
Series D, 7.00% issued September 2021(E)
18,600,000 18,600,000 465,000 465,000 3.15 %449,489 449,489 0.44 0.44 0.88 0.88 
Series E, 8.75% issued September 2025(F)
7,600,000 7,600,000 190,000 190,000 3.15 %183,536 183,536 0.55 — 1.09 — 
Series F, 8.75% issued January 2026(E)
10,000,000 — 250,000 — 3.15 %242,125 — 0.55 — 1.24 — 
Total67,564,122 57,564,122 $1,689,104 $1,439,104 $1,632,915 $1,390,790 $3.34 $2.36 $6.75 $4.68 
(A)Each series has a liquidation preference or par value of $25.00 per share.
(B)Carrying value reflects par value less discount and issuance costs.
(C)Under certain circumstances upon a change of control, the Series A, Series B, Series C, Series D, Series E and Series F (each as defined below) are convertible to shares of the Company’s common stock.
(D)Fixed-to-floating rate cumulative redeemable preferred.
(E)Fixed-rate reset cumulative redeemable preferred.
(F)Fixed-rate cumulative redeemable preferred.
(G)Effective August 15, 2024, dividends on the 7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series A”) and the Company’s 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series B”) accumulate at a floating rate. For the second quarter 2026 dividends, the Series A accrued dividends at a percentage of the $25.00 liquidation preference per share of the Series A equal to a three-month Chicago Mercantile Exchange (“CME”) SOFR, plus a spread adjustment of 0.261%, plus a spread of 5.802% and dividends on the Series B accumulated at a percentage of the $25.00 liquidation preference per share of the Series B preferred shares equal to a three-month CME SOFR, plus a spread adjustment of 0.261%, plus a spread of 5.640%.
(H)Effective February 15, 2025, dividends on the Company’s 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series C”) accumulate at a floating rate. For the second quarter 2026 dividends, the Series C accrued dividends at a percentage of the $25.00 liquidation preference per share of the Series C equal to a three-month CME SOFR, plus a spread adjustment of 0.261%, plus a spread of 4.969%.
(I)The Company redeemed 2.0 million shares on March 28, 2025.
Schedule of Dividends Declared
Common dividends have been declared as follows:
Per Share
Declaration DatePayment DateQuarterly DividendTotal Amounts Distributed (millions)
March 21, 2025April 2025$0.25 $132.5 
June 18, 2025July 2025$0.25 $132.6 
September 17, 2025October 2025$0.25 $138.5 
December 18, 2025January 2026$0.25 $139.0 
March 24, 2026April 2026$0.25 $139.6 
June 22, 2026July 2026$0.25 $139.6 
Schedule of Basic and Diluted Earnings Per Share
The following table summarizes the basic and diluted EPS calculations:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Net Income$67,913 $318,006 $177,391 $398,716 
Non-controlling interests in income of consolidated subsidiaries8,032 3,169 7,886 4,255 
Redeemable non-controlling interests in income of consolidated subsidiaries3,590 3,120 10,536 3,933 
Net Income Attributable to Rithm Capital Corp.56,291 311,717 158,969 390,528 
Change in redemption value of redeemable non-controlling interests— — — 15,611 
Dividends on preferred stock36,098 27,818 70,945 54,495 
Net Income Attributable to Common Stockholders$20,193 $283,899 $88,024 $320,422 
Basic weighted average shares of common stock outstanding558,346,329530,171,540557,537,800527,154,950
Effect of Dilutive Securities(A)(B):
Stock options—10065125
Restricted stock———85,477
Time-based restricted stock unit (“RSU”) awards4,473,5202,961,4923,294,6762,910,569
Performance-based RSU awards565,9462,427,1031,227,1692,245,417
Time-based Class B Profit Units1,210,612587,5181,042,514531,853
Performance-based Class B Profit Units3,665,9231,199,9473,214,7731,082,726
Diluted Weighted Average Shares of Common Stock Outstanding568,262,330537,347,700566,316,997534,011,117
Basic Earnings per Share Attributable to Common Stockholders$0.04 $0.54 $0.16 $0.61 
Diluted Earnings per Share Attributable to Common Stockholders$0.04 $0.53 $0.16 $0.60 
(A)Certain stock options that could potentially dilute basic EPS in the future were not included in the computation of diluted EPS for the periods where they were out-of-the-money or a loss has been recorded, because they would have been anti-dilutive for the period presented.
(B)Awards related to stock-based compensation were included to the extent dilutive and issuable under the relevant time and/or performance measures.
v3.26.1
INCOME TAXES (Tables)
 6 Months Ended
Jun. 30, 2026
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (Benefit)
Income tax expense (benefit) consists of the following:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Current:
Federal$1,382 $712 $4,424 $7,267 
State and local598 172 1,486 369 
Foreign3,357 1,371 5,470 11,984 
Total current income tax expense5,337 2,255 11,380 19,620 
Deferred:
Federal3,721 (6,311)31,026 (36,669)
State and local8,990 (7,444)20,417 (16,740)
Foreign925 (98)912 (1,739)
Total deferred income tax expense (benefit)13,636 (13,853)52,355 (55,148)
Total Income Tax Expense (Benefit)$18,973 $(11,598)$63,735 $(35,528)
v3.26.1
BUSINESS AND ORGANIZATION (Details)
 6 Months Ended
Jun. 30, 2026
channel
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of channels 4
v3.26.1
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS - Narrative (Details) - USD ($)
$ in Thousands
Dec. 19, 2025
Dec. 01, 2025
Jun. 30, 2026
Dec. 31, 2025
Business Combination [Line Items]        
Goodwill     $ 316,643 $ 316,643
Paramount Group, Inc.        
Business Combination [Line Items]        
Business combination, consideration transferred $ 1,800,000      
Crestline Mortgage Services Inc        
Business Combination [Line Items]        
Business combination, consideration transferred   $ 324,719    
Equity interest acquired (as a percent)   100.00%    
Goodwill   $ 182,811    
v3.26.1
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS - Schedule of Purchase Price Allocation (Details) - USD ($)
$ in Thousands
Dec. 01, 2025
Jun. 30, 2026
Dec. 31, 2025
Liabilities:      
Goodwill   $ 316,643 $ 316,643
Crestline Mortgage Services Inc      
Business Combination [Line Items]      
Total Consideration $ 324,719    
Assets:      
Cash and cash equivalents 168,259    
Restricted cash 124    
Insurance company investments, at fair value 844,822    
Intangible assets 84,276    
Other assets 82,514    
Total Assets Acquired 1,179,995    
Liabilities:      
Interest sensitive insurance contract liabilities 920,776    
Accrued expenses and other liabilities 117,311    
Total Liabilities Assumed 1,038,087    
Net Assets 141,908    
Goodwill 182,811    
Amount $ 84,276    
Crestline Mortgage Services Inc | Customer relationships      
Liabilities:      
Estimated Useful Life (Years) 9 years    
Amount $ 8,645    
Crestline Mortgage Services Inc | Management contracts      
Liabilities:      
Amount $ 63,770    
Crestline Mortgage Services Inc | Management contracts | Minimum      
Liabilities:      
Estimated Useful Life (Years) 2 years    
Crestline Mortgage Services Inc | Management contracts | Maximum      
Liabilities:      
Estimated Useful Life (Years) 11 years    
Crestline Mortgage Services Inc | Trade names      
Liabilities:      
Estimated Useful Life (Years) 11 years    
Amount $ 3,740    
Crestline Mortgage Services Inc | VOBA      
Liabilities:      
Amount 2,401    
Crestline Mortgage Services Inc | Insurance licenses      
Liabilities:      
Amount $ 5,720    
v3.26.1
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS - Schedule of Unaudited Supplemental Pro Forma Financial Information (Details) - Crestline Mortgage Services Inc - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Pro Forma    
Revenues $ 1,264,660 $ 2,282,614
Income before income taxes $ 318,346 $ 373,293
v3.26.1
SEGMENT REPORTING - Narrative (Details)
 6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Number of reportable segments not disclosed flag reportable segments
v3.26.1
SEGMENT REPORTING - Schedule of Segment Financial Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues $ 1,282,281 $ 1,219,594 $ 2,666,991 $ 2,198,842        
Interest expense and warehouse line fees 464,114 417,868 914,177 836,922        
Other segment expenses 307,349 215,781 623,950 428,759        
Compensation and benefits 410,477 294,407 788,887 565,874        
Depreciation and amortization 93,547 23,794 186,191 48,362        
Total Operating Expenses 1,275,487 951,850 2,513,205 1,879,917        
Realized and unrealized gains (losses), net 56,305 22,741 41,151 21,598        
Other income (loss), net 23,787 15,923 46,189 22,665        
Total Other Income 80,092 38,664 87,340 44,263        
Income (Loss) before Income Taxes 86,886 306,408 241,126 363,188        
Investments 32,096,580   32,096,580          
Cash and cash equivalents 1,664,498   1,664,498          
Restricted cash 790,210   790,210          
Other assets 12,328,268   12,328,268          
Goodwill 316,643   316,643     $ 316,643    
Assets of consolidated entities [1] 6,912,669   6,912,669     5,789,349    
Total Assets 54,108,868   54,108,868     53,063,126    
Debt 29,943,585   29,943,585          
Other liabilities 8,742,426   8,742,426          
Liabilities of consolidated entities 5,974,137   5,974,137     4,978,212    
Total Liabilities 44,660,148   44,660,148     43,808,416    
Redeemable Non-controlling Interests of Consolidated Subsidiaries 397,306   397,306     314,303    
Total Stockholders’ Equity 9,051,414 8,059,209 9,051,414 8,059,209 $ 9,144,157 8,940,407 $ 7,884,840 $ 7,886,310
Non-controlling interests in equity of consolidated subsidiaries 534,552   534,552     509,920    
Stockholders’ Equity in Rithm Capital Corp. 8,516,862   8,516,862     8,430,487    
Investments in Equity Method Investees 812,873   812,873          
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 614,637 574,817 1,193,925 1,145,618        
Change in fair value of MSRs and MSR financing receivables                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues (392,875) (155,005) (597,104) (488,383)        
Servicing revenue, net                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 221,762 419,812 596,821 657,235        
Interest income                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 474,595 478,455 936,472 919,715        
Gain on originated residential mortgage loans, held-for-sale, net                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 207,006 169,698 415,256 329,487        
Commercial real estate revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 182,130 0 360,387 0        
Other residential-related revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 54,560 56,621 109,240 109,725        
Asset management revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 142,228 95,008 248,815 182,680        
Management fees                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 90,485 66,177 181,414 125,163        
Incentive fees                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 51,743 28,831 67,401 57,517        
Mortgage Servicing Rights                
Segment Reporting [Line Items]                
Realization of cash flows (213,874) (176,680) (425,330) (323,571)        
Origination and Servicing                
Segment Reporting [Line Items]                
Goodwill 29,468   29,468     29,468    
Stockholders’ Equity in Rithm Capital Corp. 5,492,541   5,492,541          
Residential Transitional Lending                
Segment Reporting [Line Items]                
Goodwill 55,731   55,731     55,731    
Stockholders’ Equity in Rithm Capital Corp. 1,017,409   1,017,409          
Asset Management                
Segment Reporting [Line Items]                
Goodwill 231,444   231,444     231,444    
Stockholders’ Equity in Rithm Capital Corp. 1,319,373   1,319,373          
Investment Portfolio                
Segment Reporting [Line Items]                
Stockholders’ Equity in Rithm Capital Corp. 1,582,256   1,582,256          
Commercial Real Estate                
Segment Reporting [Line Items]                
Stockholders’ Equity in Rithm Capital Corp. 1,218,777   1,218,777          
Corporate Category                
Segment Reporting [Line Items]                
Stockholders’ Equity in Rithm Capital Corp. (2,113,494)   (2,113,494)          
Operating Segments | Origination and Servicing                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 704,211 925,629 1,532,452 1,632,845        
Interest expense and warehouse line fees 225,634 283,616 441,431 576,564        
Other segment expenses 146,211 146,989 297,480 290,756        
Compensation and benefits 214,708 190,169 421,782 362,871        
Depreciation and amortization 5,474 6,281 11,562 13,940        
Total Operating Expenses 592,027 627,055 1,172,255 1,244,131        
Realized and unrealized gains (losses), net 57 0 57 0        
Other income (loss), net 879 6,435 3,493 6,317        
Total Other Income 936 6,435 3,550 6,317        
Income (Loss) before Income Taxes 113,120 305,009 363,747 395,031        
Investments 17,835,593   17,835,593          
Cash and cash equivalents 1,055,134   1,055,134          
Restricted cash 174,481   174,481          
Other assets 7,795,668   7,795,668          
Goodwill 29,468   29,468          
Assets of consolidated entities 0   0          
Total Assets 26,890,344   26,890,344     27,459,943    
Debt 15,341,262   15,341,262          
Other liabilities 6,046,761   6,046,761          
Liabilities of consolidated entities 0   0          
Total Liabilities 21,388,023   21,388,023          
Redeemable Non-controlling Interests of Consolidated Subsidiaries 0   0          
Total Stockholders’ Equity 5,502,321   5,502,321          
Non-controlling interests in equity of consolidated subsidiaries 9,780   9,780          
Investments in Equity Method Investees 27,609   27,609          
Operating Segments | Origination and Servicing | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 614,637 574,817 1,193,925 1,145,618        
Operating Segments | Origination and Servicing | Change in fair value of MSRs and MSR financing receivables                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues (392,875) (155,005) (597,104) (488,383)        
Operating Segments | Origination and Servicing | Servicing revenue, net                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 221,762 419,812 596,821 657,235        
Operating Segments | Origination and Servicing | Interest income                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 252,496 309,940 487,373 602,501        
Operating Segments | Origination and Servicing | Gain on originated residential mortgage loans, held-for-sale, net                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 204,731 168,438 399,703 319,932        
Operating Segments | Origination and Servicing | Commercial real estate revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Origination and Servicing | Other residential-related revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 25,222 27,439 48,555 53,177        
Operating Segments | Origination and Servicing | Asset management revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Origination and Servicing | Management fees                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Origination and Servicing | Incentive fees                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 103,587 75,405 191,246 141,913        
Interest expense and warehouse line fees 43,742 33,620 79,401 65,321        
Other segment expenses 5,469 5,234 12,006 10,065        
Compensation and benefits 22,740 15,308 43,562 29,699        
Depreciation and amortization 1,966 2,289 3,909 3,856        
Total Operating Expenses 73,917 56,451 138,878 108,941        
Realized and unrealized gains (losses), net 7,031 6,809 6,425 8,852        
Other income (loss), net 314 (713) 1,369 (854)        
Total Other Income 7,345 6,096 7,794 7,998        
Income (Loss) before Income Taxes 37,015 25,050 60,162 40,970        
Investments 3,833,824   3,833,824          
Cash and cash equivalents 59,084   59,084          
Restricted cash 69,755   69,755          
Other assets 163,300   163,300          
Goodwill 55,731   55,731          
Assets of consolidated entities 878,836   878,836          
Total Assets 5,060,530   5,060,530     4,057,146    
Debt 3,219,710   3,219,710          
Other liabilities 57,676   57,676          
Liabilities of consolidated entities 765,735   765,735          
Total Liabilities 4,043,121   4,043,121          
Redeemable Non-controlling Interests of Consolidated Subsidiaries 0   0          
Total Stockholders’ Equity 1,017,409   1,017,409          
Non-controlling interests in equity of consolidated subsidiaries 0   0          
Investments in Equity Method Investees 29,135   29,135          
Operating Segments | Residential Transitional Lending | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending | Change in fair value of MSRs and MSR financing receivables                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending | Servicing revenue, net                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending | Interest income                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 103,587 75,405 191,246 141,913        
Operating Segments | Residential Transitional Lending | Gain on originated residential mortgage loans, held-for-sale, net                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending | Commercial real estate revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending | Other residential-related revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending | Asset management revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending | Management fees                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Residential Transitional Lending | Incentive fees                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Asset Management                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 168,740 102,849 312,455 199,934        
Interest expense and warehouse line fees 23,231 8,710 48,805 22,799        
Other segment expenses 33,082 26,487 63,492 58,078        
Compensation and benefits 130,211 67,401 243,227 132,731        
Depreciation and amortization 12,040 7,348 23,566 14,732        
Total Operating Expenses 198,564 109,946 379,090 228,340        
Realized and unrealized gains (losses), net 26,448 416 25,054 (5,864)        
Other income (loss), net 17,404 5,124 26,880 12,962        
Total Other Income 43,852 5,540 51,934 7,098        
Income (Loss) before Income Taxes 14,028 (1,557) (14,701) (21,308)        
Investments 1,119,524   1,119,524          
Cash and cash equivalents 237,477   237,477          
Restricted cash 10,194   10,194          
Other assets 1,540,186   1,540,186          
Goodwill 231,444   231,444          
Assets of consolidated entities 1,232,433   1,232,433          
Total Assets 4,371,258   4,371,258     4,514,978    
Debt 440,685   440,685          
Other liabilities 1,401,149   1,401,149          
Liabilities of consolidated entities 980,804   980,804          
Total Liabilities 2,822,638   2,822,638          
Redeemable Non-controlling Interests of Consolidated Subsidiaries 154,413   154,413          
Total Stockholders’ Equity 1,394,207   1,394,207          
Non-controlling interests in equity of consolidated subsidiaries 74,834   74,834          
Investments in Equity Method Investees 246,759   246,759          
Operating Segments | Asset Management | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Asset Management | Change in fair value of MSRs and MSR financing receivables                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Asset Management | Servicing revenue, net                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Asset Management | Interest income                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 28,208 7,841 67,105 17,254        
Operating Segments | Asset Management | Gain on originated residential mortgage loans, held-for-sale, net                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Asset Management | Commercial real estate revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Asset Management | Other residential-related revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Asset Management | Asset management revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 140,532 95,008 245,350 182,680        
Operating Segments | Asset Management | Management fees                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 88,789 66,177 177,949 125,163        
Operating Segments | Asset Management | Incentive fees                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 51,743 28,831 67,401 57,517        
Operating Segments | Investment Portfolio                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 117,041 112,585 257,633 220,036        
Interest expense and warehouse line fees 70,007 69,904 146,562 129,540        
Other segment expenses 31,711 22,162 56,820 45,154        
Compensation and benefits 6,688 1,004 11,803 2,166        
Depreciation and amortization 7,184 7,849 15,666 15,803        
Total Operating Expenses 115,590 100,919 230,851 192,663        
Realized and unrealized gains (losses), net 22,751 16,177 9,717 19,271        
Other income (loss), net 7,295 6,286 14,514 5,444        
Total Other Income 30,046 22,463 24,231 24,715        
Income (Loss) before Income Taxes 31,497 34,129 51,013 52,088        
Investments 4,201,808   4,201,808          
Cash and cash equivalents 19,395   19,395          
Restricted cash 34,186   34,186          
Other assets 2,474,347   2,474,347          
Goodwill 0   0          
Assets of consolidated entities 4,801,400   4,801,400          
Total Assets 11,531,136   11,531,136     10,687,181    
Debt 5,191,877   5,191,877          
Other liabilities 470,385   470,385          
Liabilities of consolidated entities 4,227,598   4,227,598          
Total Liabilities 9,889,860   9,889,860          
Redeemable Non-controlling Interests of Consolidated Subsidiaries 0   0          
Total Stockholders’ Equity 1,641,276   1,641,276          
Non-controlling interests in equity of consolidated subsidiaries 59,020   59,020          
Investments in Equity Method Investees 326,288   326,288          
Operating Segments | Investment Portfolio | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Investment Portfolio | Change in fair value of MSRs and MSR financing receivables                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Investment Portfolio | Servicing revenue, net                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Investment Portfolio | Interest income                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 85,428 82,143 181,395 153,933        
Operating Segments | Investment Portfolio | Gain on originated residential mortgage loans, held-for-sale, net                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 2,275 1,260 15,553 9,555        
Operating Segments | Investment Portfolio | Commercial real estate revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Investment Portfolio | Other residential-related revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 29,338 29,182 60,685 56,548        
Operating Segments | Investment Portfolio | Asset management revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Investment Portfolio | Management fees                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Investment Portfolio | Incentive fees                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Commercial Real Estate                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 186,011 0 367,869 0        
Interest expense and warehouse line fees 61,836 0 120,298 0        
Other segment expenses 78,640 0 162,640 0        
Compensation and benefits 11,474 0 22,756 0        
Depreciation and amortization 66,803 0 131,408 0        
Total Operating Expenses 218,753 0 437,102 0        
Realized and unrealized gains (losses), net 18 0 (102) 0        
Other income (loss), net (2,114) 0 (78) 0        
Total Other Income (2,096) 0 (180) 0        
Income (Loss) before Income Taxes (34,838) 0 (69,413) 0        
Investments 5,105,831   5,105,831          
Cash and cash equivalents 170,931   170,931          
Restricted cash 263,412   263,412          
Other assets 343,013   343,013          
Goodwill 0   0          
Assets of consolidated entities 0   0          
Total Assets 5,883,187   5,883,187     5,885,235    
Debt 3,996,761   3,996,761          
Other liabilities 276,731   276,731          
Liabilities of consolidated entities 0   0          
Total Liabilities 4,273,492   4,273,492          
Redeemable Non-controlling Interests of Consolidated Subsidiaries 0   0          
Total Stockholders’ Equity 1,609,695   1,609,695          
Non-controlling interests in equity of consolidated subsidiaries 390,918   390,918          
Investments in Equity Method Investees 183,082   183,082          
Operating Segments | Commercial Real Estate | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Commercial Real Estate | Change in fair value of MSRs and MSR financing receivables                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Commercial Real Estate | Servicing revenue, net                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Commercial Real Estate | Interest income                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 2,185 0 4,017 0        
Operating Segments | Commercial Real Estate | Gain on originated residential mortgage loans, held-for-sale, net                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Commercial Real Estate | Commercial real estate revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 182,130 0 360,387 0        
Operating Segments | Commercial Real Estate | Other residential-related revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Commercial Real Estate | Asset management revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 1,696 0 3,465 0        
Operating Segments | Commercial Real Estate | Management fees                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 1,696 0 3,465 0        
Operating Segments | Commercial Real Estate | Incentive fees                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Corporate Category                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 2,691 3,126 5,336 4,114        
Interest expense and warehouse line fees 39,664 22,018 77,680 42,698        
Other segment expenses 12,236 14,909 31,512 24,706        
Compensation and benefits 24,656 20,525 45,757 38,407        
Depreciation and amortization 80 27 80 31        
Total Operating Expenses 76,636 57,479 155,029 105,842        
Realized and unrealized gains (losses), net 0 (661) 0 (661)        
Other income (loss), net 9 (1,209) 11 (1,204)        
Total Other Income 9 (1,870) 11 (1,865)        
Income (Loss) before Income Taxes (73,936) (56,223) (149,682) (103,593)        
Investments 0   0          
Cash and cash equivalents 122,477   122,477          
Restricted cash 238,182   238,182          
Other assets 11,754   11,754          
Goodwill 0   0          
Assets of consolidated entities 0   0          
Total Assets 372,413   372,413     $ 458,643    
Debt 1,753,290   1,753,290          
Other liabilities 489,724   489,724          
Liabilities of consolidated entities 0   0          
Total Liabilities 2,243,014   2,243,014          
Redeemable Non-controlling Interests of Consolidated Subsidiaries 242,893   242,893          
Total Stockholders’ Equity (2,113,494)   (2,113,494)          
Non-controlling interests in equity of consolidated subsidiaries 0   0          
Investments in Equity Method Investees 0   0          
Operating Segments | Corporate Category | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Corporate Category | Change in fair value of MSRs and MSR financing receivables                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Corporate Category | Servicing revenue, net                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Corporate Category | Interest income                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 2,691 3,126 5,336 4,114        
Operating Segments | Corporate Category | Gain on originated residential mortgage loans, held-for-sale, net                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Corporate Category | Commercial real estate revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Corporate Category | Other residential-related revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Corporate Category | Asset management revenue                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Corporate Category | Management fees                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0 0 0        
Operating Segments | Corporate Category | Incentive fees                
Segment Reporting [Line Items]                
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues $ 0 $ 0 $ 0 $ 0        
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs” and each, a “VIE”), including funds and collateralized financing entities (“CFEs” and each, a “CFE”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of June 30, 2026 and December 31, 2025, total assets of such consolidated VIEs were $12.1 billion and $10.7 billion, respectively, and total liabilities of such consolidated VIEs were $9.3 billion and $8.2 billion, respectively. See Note 19 for further details.
v3.26.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Rollforward of Carrying Value of Investments In MSRs (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Activity related to carrying value of investments in mortgage servicing rights [Roll Forward]  
Beginning balance $ 10,359,141
Acquisitions 12,410
Originations 723,882
Sales 4,047
Change in Fair Value due to:  
Realization of cash flows (427,831)
Change in valuation inputs and assumptions 419,834
Ending balance 11,091,483
Capitalized amount $ 114,800
v3.26.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of Servicing Fee Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Fair Value Adjustments due to:        
Change in valuation inputs and assumptions, net of realized gains (losses)     $ (419,834)  
Excess spread financing $ 1,400 $ 1,300 2,500 $ 2,500
Change in valuation and assumptions, excess spread financing $ (6,000) $ 8,000 $ (10,000) $ 3,200
MSRs        
Schedule of Investments in Mortgage Servicing Rights [Line Items]        
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Revenue Revenue Revenue Revenue
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 563,771 $ 518,371 $ 1,094,370 $ 1,045,181
Ancillary Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] Revenue Revenue Revenue Revenue
Ancillary and other fees $ 50,866 $ 56,446 $ 99,555 $ 100,437
Servicing fee revenue, net and fees 614,637 574,817 1,193,925 1,145,618
Fair Value Adjustments due to:        
Realization of cash flows (213,874) (176,680) (425,330) (323,571)
Change in valuation inputs and assumptions, net of realized gains (losses) 48,228 (8,807) 409,814 (403,832)
Gains (losses) on MSR economic hedges (227,229) 30,482 (581,588) 239,020
Servicing revenue, net $ 221,762 $ 419,812 $ 596,821 $ 657,235
v3.26.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of Investment in MSRs and MSR Financing Receivables (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Schedule of Mortgage Servicing Rights [Line Items]    
Weighted Average Life (Years) 5 years 1 month 6 days  
Carrying Value $ 11,091,483 $ 10,359,141
Mortgage Servicing Rights and Mortgage Servicing Rights Financing Receivable    
Schedule of Mortgage Servicing Rights [Line Items]    
Unpaid Principal Balance (“UPB”) of Underlying Mortgages $ 596,818,893 $ 595,532,480
Weighted Average Life (Years) 6 years 1 month 6 days 6 years 1 month 6 days
Carrying Value $ 11,091,483 $ 10,359,141
MSRs | Weighted Average    
Schedule of Mortgage Servicing Rights [Line Items]    
Discount rate 8.00% 8.40%
MSRs | Minimum    
Schedule of Mortgage Servicing Rights [Line Items]    
Discount rate 7.60% 8.00%
MSRs | Maximum    
Schedule of Mortgage Servicing Rights [Line Items]    
Discount rate 9.60% 10.30%
GSE | MSRs    
Schedule of Mortgage Servicing Rights [Line Items]    
Unpaid Principal Balance (“UPB”) of Underlying Mortgages $ 375,046,071 $ 376,982,090
Weighted Average Life (Years) 6 years 1 month 6 days 6 years 2 months 12 days
Carrying Value $ 6,483,683 $ 6,051,855
Non-Agency | MSRs    
Schedule of Mortgage Servicing Rights [Line Items]    
Unpaid Principal Balance (“UPB”) of Underlying Mortgages $ 67,707,849 $ 66,874,608
Weighted Average Life (Years) 5 years 7 months 6 days 5 years 7 months 6 days
Carrying Value $ 981,266 $ 894,988
Ginnie Mae | MSRs    
Schedule of Mortgage Servicing Rights [Line Items]    
Unpaid Principal Balance (“UPB”) of Underlying Mortgages $ 154,064,973 $ 151,675,782
Weighted Average Life (Years) 6 years 1 month 6 days 6 years 1 month 6 days
Carrying Value $ 3,626,534 $ 3,412,298
v3.26.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]          
Residential mortgage loans subject to repurchase $ 4,308,886   $ 4,308,886   $ 3,952,792
Residential mortgage loans, HFS [1] 4,293,492   4,293,492   5,808,960
Reserve for non-recovery advances $ 127,478   $ 127,478   $ 121,537
Reserve for non-recovery advances, percent 4.40%   4.40%   3.80%
Onity Group Inc. | Rithm Capital          
Schedule of Equity Method Investments [Line Items]          
Unpaid principal balance of underlying loans, not yet transferred $ 8,000,000   $ 8,000,000    
PHH Mortgage Corporation          
Schedule of Equity Method Investments [Line Items]          
Subservicer percent of UPB     1.40%    
Valon          
Schedule of Equity Method Investments [Line Items]          
Subservicer percent of UPB     3.40%    
Newrez And Caliber          
Schedule of Equity Method Investments [Line Items]          
Subservicer percent of UPB     95.20%    
Ginnie Mae Loans          
Schedule of Equity Method Investments [Line Items]          
Residential mortgage loans, HFS 600,000   $ 600,000   $ 500,000
Mortgage Loans Subserviced          
Schedule of Equity Method Investments [Line Items]          
UPB 253,700,000   253,700,000   $ 242,800,000
Subservicing revenue $ 89,300 $ 78,500 $ 176,300 $ 154,500  
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs” and each, a “VIE”), including funds and collateralized financing entities (“CFEs” and each, a “CFE”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of June 30, 2026 and December 31, 2025, total assets of such consolidated VIEs were $12.1 billion and $10.7 billion, respectively, and total liabilities of such consolidated VIEs were $9.3 billion and $8.2 billion, respectively. See Note 19 for further details.
v3.26.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of the Geographic Distribution of the Underlying Residential Mortgage Loans of the MSRs (Details) - MSRs - Mortgage Loans
Jun. 30, 2026
Dec. 31, 2025
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 100.00% 100.00%
California    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 15.50% 15.80%
Florida    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 8.00% 8.10%
Texas    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 6.70% 6.70%
New York    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 5.70% 5.70%
Washington    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 4.90% 5.00%
New Jersey    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 3.90% 3.90%
Virginia    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 3.80% 3.80%
Maryland    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 3.50% 3.40%
Georgia    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 3.20% 3.20%
Illinois    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 3.10% 3.20%
Other U.S.    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 41.70% 41.20%
v3.26.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of Advances Included in Servicing Advances Receivable (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Transfers and Servicing [Abstract]    
Principal and interest advances $ 509,576 $ 539,371
Escrow advances (taxes and insurance advances) 1,293,143 1,735,259
Foreclosure advances 1,070,091 941,658
Gross advance balance 2,872,810 3,216,288
Reserves, impairment, unamortized discount, net of recovery accruals (121,217) (125,675)
Total 2,751,593 3,090,613
Servicer advances receivable related to agency MSRs 513,600 738,700
Servicer advances receivable related to Ginnie Mae MSRS, recoverable from Ginnie Mae $ 538,700 $ 576,700
v3.26.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of Reserve For Servicer Advances (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Servicer Advances Reserve [Roll Forward]  
Beginning balance $ 121,537
Provision 54,559
Write-offs (48,618)
Ending balance $ 127,478
v3.26.1
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES - Schedule of Real Estate Securities (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
security
Dec. 31, 2025
USD ($)
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 14,224,872 $ 14,245,794
Carrying Value $ 6,315,460 6,481,714
Weighted Average Life (Years) 5 years 1 month 6 days  
AFS Agency    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 62,940  
Gross Unrealized Gains 0  
Gross Unrealized Losses 0  
Carrying Value $ 56,035 58,523
Number of Securities | security 1  
Weighted Average Coupon 3.50%  
Weighted Average Yield 3.50%  
Weighted Average Life (Years) 10 years 9 months 18 days  
FVO Agency    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 4,887,780  
Gross Unrealized Gains 61,650  
Gross Unrealized Losses (12,982)  
Carrying Value $ 4,831,902 5,171,616
Number of Securities | security 22  
Weighted Average Coupon 5.00%  
Weighted Average Yield 5.00%  
Weighted Average Life (Years) 7 years 3 months 18 days  
Agency And Non-Agency Residential Mortgage Backed Securities    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 4,950,720  
Gross Unrealized Gains 61,650  
Gross Unrealized Losses (12,982)  
Carrying Value $ 4,887,937 $ 5,230,139
Number of Securities | security 23  
Weighted Average Coupon 5.00%  
Weighted Average Yield 5.00%  
Weighted Average Life (Years) 7 years 3 months 18 days  
v3.26.1
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES - Schedule of Real Estate and Other Securities for Held to Maturity (Details)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
security
Dec. 31, 2025
USD ($)
security
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Outstanding Face Amount $ 14,224,872 $ 14,245,794
Weighted Average Life (Years) 5 years 1 month 6 days  
Residential Mortgage Backed Securities, Held To Maturity, Treasury    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Outstanding Face Amount $ 25,000 25,000
Amortized Cost / Carrying Value 24,932 24,766
Fair Value 24,932 24,762
Unrecognized Gain $ 0  
Unrecognized Gains (Losses)   $ (4)
Number of Securities | security 1 1
Weighted Average Yield 3.70% 3.50%
Weighted Average Life (Years) 29 days 3 months 18 days
v3.26.1
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES - Schedule of Investment in Real Estate Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Treasury        
Purchases:        
Face $ 25,000 $ 25,000 $ 25,000 $ 50,000
Purchase price 24,721 24,736 24,721 49,468
Sales:        
Face 0 2,000,000 0 2,000,000
Amortized cost 0 2,002,734 0 2,002,734
Sale price 0 2,013,809 0 2,013,809
Gain (loss) on sale 0 11,075 0 11,075
Government-backed securities        
Purchases:        
Face 0 0 0 1,355,800
Purchase price 0 0 0 1,326,895
Sales:        
Face 0 0 0 1,274
Amortized cost 0 0 0 1,349
Sale price 0 0 0 1,291
Gain (loss) on sale $ 0 $ 0 $ 0 $ (58)
v3.26.1
RESIDENTIAL MORTGAGE LOANS - Residential Mortgage Loans Outstanding by Loan Type, Excluding REO (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
loan
Dec. 31, 2025
USD ($)
Mar. 31, 2025
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Outstanding Face Amount $ 4,299,746   $ 35,000
Carrying Value $ 4,293,492 $ 5,808,960  
Loan Count | loan 20,298    
Weighted Average Life (Years) 5 years 1 month 6 days    
Investments of consolidated CFEs      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Outstanding Face Amount $ 4,540,407    
Carrying Value $ 4,460,920 3,265,142  
Loan Count | loan 10,456    
Weighted Average Yield 6.20%    
Weighted Average Life (Years) 27 years 2 months 12 days    
Residential mortgage loans, HFI, at fair value      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Outstanding Face Amount $ 325,577    
Carrying Value $ 294,416 324,688  
Loan Count | loan 6,269    
Weighted Average Yield 8.00%    
Weighted Average Life (Years) 3 years 4 months 24 days    
Residential mortgage loans, HFS      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Outstanding Face Amount $ 59,105    
Carrying Value $ 52,248 56,791  
Loan Count | loan 1,586    
Weighted Average Yield 7.30%    
Weighted Average Life (Years) 3 years 1 month 6 days    
Acquired performing loans      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Outstanding Face Amount $ 45,622    
Carrying Value $ 40,970 45,861  
Loan Count | loan 1,436    
Weighted Average Yield 6.70%    
Weighted Average Life (Years) 3 years 2 months 12 days    
Acquired performing loans | Ginnie Mae      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
UPB $ 210,700    
Acquired non-performing loans      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Outstanding Face Amount 13,483    
Carrying Value $ 11,278 10,930  
Loan Count | loan 150    
Weighted Average Yield 9.20%    
Weighted Average Life (Years) 2 years 10 months 24 days    
Acquired non-performing loans | Ginnie Mae      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
UPB $ 375,600    
Residential mortgage loans, HFS, at fair value      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Outstanding Face Amount 3,915,064    
Carrying Value $ 3,946,828 5,427,481  
Loan Count | loan 12,443    
Weighted Average Yield 6.40%    
Weighted Average Life (Years) 23 years 4 months 24 days    
Acquired performing loans      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Outstanding Face Amount $ 1,132,283    
Carrying Value $ 1,140,263 1,612,154  
Loan Count | loan 2,854    
Weighted Average Yield 6.30%    
Weighted Average Life (Years) 9 years 8 months 12 days    
Acquired non-performing loans      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Outstanding Face Amount $ 390,046    
Carrying Value $ 358,440 299,413  
Loan Count | loan 1,616    
Weighted Average Yield 5.50%    
Weighted Average Life (Years) 28 years 6 months    
Originated loans      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Outstanding Face Amount $ 2,392,735    
Carrying Value $ 2,448,125 $ 3,515,914  
Loan Count | loan 7,973    
Weighted Average Yield 6.60%    
Weighted Average Life (Years) 29 years 1 month 6 days    
v3.26.1
RESIDENTIAL MORTGAGE LOANS - Schedule of Aggregate Unpaid Principal Balance and Aggregate Carrying Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 481,123 $ 460,631
90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 8,038 8,038
Carrying Value 0 0
Carrying Value Under UPB (8,038) (8,038)
Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 583,807 568,438
Carrying Value 492,865 472,027
Carrying Value Under UPB (90,942) (96,411)
Residential Mortgage Loans | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 3,840,835 5,358,662
Carrying Value 3,874,481 5,437,702
Carrying Value Under UPB 33,646 79,040
Residential Mortgage Loans | 90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 458,911 405,526
Carrying Value 419,011 371,258
Carrying Value Under UPB (39,900) (34,268)
Residential Mortgage Loans | Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 4,299,746 5,764,188
Carrying Value 4,293,492 5,808,960
Carrying Value Under UPB $ (6,254) $ 44,772
v3.26.1
RESIDENTIAL MORTGAGE LOANS - Carrying Value of Mortgage Loans (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]    
Balance, beginning [1] $ 5,808,960  
Valuation (provision) reversal on loans 108 $ 2,932
Fair Value Adjustments due to:    
Balance, ending [1] 4,293,492  
Residential Portfolio Segment    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]    
Balance, beginning 5,808,960  
Originations 29,096,872  
Sales (32,500,458)  
Purchases/additional fundings 3,979,949  
Proceeds from repayments (129,138)  
Net of transfer of loans to/from other assets (1,972,769)  
Transfer of loans to REO (1,745)  
Valuation (provision) reversal on loans (343)  
Fair Value Adjustments due to:    
Changes in instrument-specific credit risk (2,494)  
Other factors 14,658  
Balance, ending 4,293,492  
Loans HFI, at Fair Value | Residential Portfolio Segment    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]    
Balance, beginning 324,688  
Originations 0  
Sales 0  
Purchases/additional fundings 0  
Proceeds from repayments (20,844)  
Net of transfer of loans to/from other assets 0  
Transfer of loans to REO (1,329)  
Valuation (provision) reversal on loans 0  
Fair Value Adjustments due to:    
Changes in instrument-specific credit risk (2,224)  
Other factors (5,875)  
Balance, ending 294,416  
Residential Mortgage Loans, Held-for-Sale | Loans HFS, at Lower of Cost or Fair Value | Residential Portfolio Segment    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]    
Balance, beginning 56,791  
Originations 0  
Sales 0  
Purchases/additional fundings 0  
Proceeds from repayments (3,701)  
Net of transfer of loans to/from other assets (339)  
Transfer of loans to REO (160)  
Valuation (provision) reversal on loans (343)  
Fair Value Adjustments due to:    
Changes in instrument-specific credit risk 0  
Other factors 0  
Balance, ending 52,248  
Residential Mortgage Loans, Held-for-Sale | Loans HFS, at Fair Value | Residential Portfolio Segment    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]    
Balance, beginning 5,427,481  
Originations 29,096,872  
Sales (32,500,458)  
Purchases/additional fundings 3,979,949  
Proceeds from repayments (104,593)  
Net of transfer of loans to/from other assets (1,972,430)  
Transfer of loans to REO (256)  
Valuation (provision) reversal on loans 0  
Fair Value Adjustments due to:    
Changes in instrument-specific credit risk (270)  
Other factors 20,533  
Balance, ending $ 3,946,828  
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs” and each, a “VIE”), including funds and collateralized financing entities (“CFEs” and each, a “CFE”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of June 30, 2026 and December 31, 2025, total assets of such consolidated VIEs were $12.1 billion and $10.7 billion, respectively, and total liabilities of such consolidated VIEs were $9.3 billion and $8.2 billion, respectively. See Note 19 for further details.
v3.26.1
RESIDENTIAL MORTGAGE LOANS - Schedule of Gain on Sale of Originated Mortgage Loans, Net (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Long Lived Assets Held-for-sale [Line Items]        
Loss on residential mortgage loans originated and sold, net $ (161,434) $ (257,202) $ (275,123) $ (416,852)
Gain (loss) on settlement of residential mortgage loan origination derivative instruments 70,159 24,980 28,819 37,769
MSRs retained on transfer of residential mortgage loans 313,934 377,074 609,072 696,222
Other 15,588 14,394 31,768 36,376
Realized gain on sale of originated residential mortgage loans, net 238,247 159,246 394,536 353,515
Gain on Originated Residential Mortgage Loans, HFS, Net 207,006 169,698 415,256 329,487
Loan origination fees and direct loan origination costs 174,800 248,300 383,700 445,900
Gain on residential mortgage loan securitizations (2,600) 9,600 39,300 25,000
Change in fair value of interest rate lock commitments        
Long Lived Assets Held-for-sale [Line Items]        
Change in fair value of derivative instruments 20,355 16,135 12,308 39,228
Change in fair value of derivative instruments        
Long Lived Assets Held-for-sale [Line Items]        
Change in fair value of derivative instruments (77,288) (30,755) 8,928 (100,927)
Change in fair value of residential mortgage loans        
Long Lived Assets Held-for-sale [Line Items]        
Change in fair value of residential mortgage loans $ 25,692 $ 25,072 $ (516) $ 37,671
v3.26.1
CONSUMER LOANS - Narrative (Details)
$ in Millions
Jun. 30, 2026
USD ($)
Consumer Home-Improvement Loans  
Schedule of Consumer Loans [Line Items]  
Loans had been purchased $ 970.4
Consumer Portfolio Segment | Unfunded Loan Commitment | Consumer Loan Companies  
Schedule of Consumer Loans [Line Items]  
UPB $ 125.6
v3.26.1
CONSUMER LOANS - Schedule of Investment in Consumer Loans (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Schedule of Consumer Loans [Line Items]    
Weighted Average Expected Life (Years) 5 years 1 month 6 days  
Consolidated Collateralized Financing Entities    
Schedule of Consumer Loans [Line Items]    
UPB $ 302,422  
Carrying Value $ 304,569  
Weighted Average Coupon 13.10%  
Weighted Average Expected Life (Years) 10 years 9 months 18 days  
Consumer Portfolio Segment    
Schedule of Consumer Loans [Line Items]    
UPB $ 830,251 $ 930,844
Carrying Value $ 707,111 $ 784,399
Weighted Average Coupon 14.80% 13.60%
Weighted Average Expected Life (Years)   6 years 4 months 24 days
Consumer Portfolio Segment | Consumer Loans, HFI, at Fair Value:    
Schedule of Consumer Loans [Line Items]    
Weighted Average Expected Life (Years) 6 years 9 months 18 days  
Consumer Portfolio Segment | Upgrade    
Schedule of Consumer Loans [Line Items]    
UPB   $ 471,651
Carrying Value   $ 450,119
Weighted Average Coupon   13.50%
Weighted Average Expected Life (Years)   10 years 10 months 24 days
Consumer Portfolio Segment | Upgrade | Upgrade    
Schedule of Consumer Loans [Line Items]    
UPB $ 479,625  
Carrying Value $ 462,640  
Weighted Average Coupon 15.40%  
Weighted Average Expected Life (Years) 10 years 4 months 24 days  
Consumer Portfolio Segment | SpringCastle    
Schedule of Consumer Loans [Line Items]    
UPB   $ 164,119
Carrying Value   $ 167,807
Weighted Average Coupon   18.00%
Weighted Average Expected Life (Years)   3 years 8 months 12 days
Consumer Portfolio Segment | SpringCastle | Consumer Loans, HFI, at Fair Value:    
Schedule of Consumer Loans [Line Items]    
UPB $ 146,489  
Carrying Value $ 147,302  
Weighted Average Coupon 18.00%  
Weighted Average Expected Life (Years) 3 years 6 months  
Consumer Portfolio Segment | Marcus    
Schedule of Consumer Loans [Line Items]    
UPB   $ 295,074
Carrying Value   $ 166,473
Weighted Average Coupon   11.20%
Weighted Average Expected Life (Years)   7 months 6 days
Consumer Portfolio Segment | Marcus | Consumer Loans, HFI, at Fair Value:    
Schedule of Consumer Loans [Line Items]    
UPB $ 204,137  
Carrying Value $ 97,169  
Weighted Average Coupon 11.20%  
Weighted Average Expected Life (Years) 6 months  
v3.26.1
CONSUMER LOANS - Schedule of Aggregate Unpaid Principal Balance and Aggregate Carrying Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Schedule of Equity Method Investments [Line Items]    
Notes receivable $ 481,123 $ 460,631
90+    
Schedule of Equity Method Investments [Line Items]    
UPB 8,038 8,038
Notes receivable 0 0
Carrying Value Under UPB (8,038) (8,038)
Past Due    
Schedule of Equity Method Investments [Line Items]    
UPB 583,807 568,438
Notes receivable 492,865 472,027
Carrying Value Under UPB (90,942) (96,411)
Consumer Portfolio Segment | Current | Total Rithm Capital Stockholders’ Equity | Upgrade    
Schedule of Equity Method Investments [Line Items]    
UPB 478,741 471,108
Notes receivable 461,787 449,601
Carrying Value Under UPB (16,954) (21,507)
Consumer Portfolio Segment | Current | Total Rithm Capital Stockholders’ Equity | SpringCastle    
Schedule of Equity Method Investments [Line Items]    
UPB 143,582 160,524
Notes receivable 144,399 164,175
Carrying Value Under UPB 817 3,651
Consumer Portfolio Segment | Current | Total Rithm Capital Stockholders’ Equity | Marcus    
Schedule of Equity Method Investments [Line Items]    
UPB 85,116 151,530
Notes receivable 85,371 151,985
Carrying Value Under UPB 255 455
Consumer Portfolio Segment | 90+ | Total Rithm Capital Stockholders’ Equity | Upgrade    
Schedule of Equity Method Investments [Line Items]    
UPB 884 543
Notes receivable 853 518
Carrying Value Under UPB (31) (25)
Consumer Portfolio Segment | 90+ | Total Rithm Capital Stockholders’ Equity | SpringCastle    
Schedule of Equity Method Investments [Line Items]    
UPB 2,907 3,595
Notes receivable 2,903 3,632
Carrying Value Under UPB (4) 37
Consumer Portfolio Segment | 90+ | Total Rithm Capital Stockholders’ Equity | Marcus    
Schedule of Equity Method Investments [Line Items]    
UPB 119,021 143,544
Notes receivable 11,798 14,488
Carrying Value Under UPB (107,223) (129,056)
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity    
Schedule of Equity Method Investments [Line Items]    
UPB 830,251 930,844
Notes receivable 707,111 784,399
Carrying Value Under UPB (123,140) (146,445)
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity | Upgrade    
Schedule of Equity Method Investments [Line Items]    
UPB 479,625 471,651
Notes receivable 462,640 450,119
Carrying Value Under UPB (16,985) (21,532)
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity | SpringCastle    
Schedule of Equity Method Investments [Line Items]    
UPB 146,489 164,119
Notes receivable 147,302 167,807
Carrying Value Under UPB 813 3,688
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity | Marcus    
Schedule of Equity Method Investments [Line Items]    
UPB 204,137 295,074
Notes receivable 97,169 166,473
Carrying Value Under UPB $ (106,968) $ (128,601)
v3.26.1
CONSUMER LOANS - Carrying Value of Consumer Loans (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Loans Receivable [Roll Forward]    
Purchases $ 183,980 $ 390,045
Proceeds from repayments (20,843) (22,140)
Accretion of loan discount and premium amortization, net 23,321 $ 34,331
Fair Value Adjustments due to:    
Other factors 5,469  
Consumer Portfolio Segment | Performing Financial Instruments    
Loans Receivable [Roll Forward]    
Beginning balance 784,399  
Transfer to investments of consolidated CFEs (301,966)  
Additional fundings 8,585  
Purchases 425,081  
Proceeds from repayments (222,144)  
Accretion of loan discount and premium amortization, net 15,471  
Fair Value Adjustments due to:    
Changes in instrument-specific credit risk (4,271)  
Other factors 1,956  
Ending balance $ 707,111  
v3.26.1
REAL ESTATE, NET - Composition of Real Estate, Net (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real Estate [Line Items]    
Real Estate, Net $ 6,139,789 $ 6,175,735
Commercial real estate    
Real Estate [Line Items]    
Real Estate, Net 5,129,659 5,156,248
Single-family rental properties    
Real Estate [Line Items]    
Real Estate, Net 993,341 1,004,917
Real estate owned    
Real Estate [Line Items]    
Real Estate, Net $ 16,789 $ 14,570
v3.26.1
REAL ESTATE, NET - Net Carrying Value of Commercial Real Estate Properties (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real Estate [Line Items]    
Total commercial real estate tangible assets, net $ 64,594 $ 82,908
Total commercial real estate intangible assets, gross 599,997 584,258
Accumulated amortization (244,456) (214,259)
Total commercial real estate intangible assets, net 355,541 369,999
Commercial real estate, net [1] 6,139,789 6,175,735
Commercial real estate    
Real Estate [Line Items]    
Land 1,735,913 1,721,869
Buildings and improvements 2,401,830 2,300,895
Total commercial real estate tangible assets, at cost 4,137,743 4,022,764
Accumulated depreciation (67,000) (4,007)
Total commercial real estate tangible assets, net 4,070,743 4,018,757
Total commercial real estate intangible assets, gross 1,143,443 1,144,423
Accumulated amortization (84,527) (6,932)
Total commercial real estate intangible assets, net 1,058,916 1,137,491
Commercial real estate, net 5,129,659 5,156,248
Commercial real estate | In-place leases    
Real Estate [Line Items]    
Total commercial real estate intangible assets, gross 1,043,275 1,044,592
Accumulated amortization 75,064 6,347
Commercial real estate | Above-market leases    
Real Estate [Line Items]    
Total commercial real estate intangible assets, gross 100,168 99,831
Accumulated amortization $ 9,463 $ 585
Commercial real estate | Minimum    
Real Estate [Line Items]    
Property acquired, useful life 5 years  
Commercial real estate | Minimum | In-place leases    
Real Estate [Line Items]    
Estimated Useful Lives (Years) 8 years 4 months 24 days  
Commercial real estate | Minimum | Above-market leases    
Real Estate [Line Items]    
Estimated Useful Lives (Years) 6 years  
Commercial real estate | Maximum    
Real Estate [Line Items]    
Property acquired, useful life 40 years  
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs” and each, a “VIE”), including funds and collateralized financing entities (“CFEs” and each, a “CFE”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of June 30, 2026 and December 31, 2025, total assets of such consolidated VIEs were $12.1 billion and $10.7 billion, respectively, and total liabilities of such consolidated VIEs were $9.3 billion and $8.2 billion, respectively. See Note 19 for further details.
v3.26.1
REAL ESTATE, NET - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Commercial real estate        
Real Estate [Line Items]        
Accumulated depreciation $ 31,300   $ 62,400  
Amortization expense $ 39,500   $ 78,600  
Commercial real estate | Minimum        
Real Estate [Line Items]        
Lease term 5 years   5 years  
Commercial real estate | Maximum        
Real Estate [Line Items]        
Lease term 15 years   15 years  
Single Family        
Real Estate [Line Items]        
Accumulated depreciation $ 6,400 $ 7,300 $ 13,597 $ 14,700
Single Family | Minimum        
Real Estate [Line Items]        
Lease term 1 year   1 year  
Single Family | Maximum        
Real Estate [Line Items]        
Lease term 2 years   2 years  
v3.26.1
REAL ESTATE, NET - Commercial Real Estate Properties (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Commercial Real Estate [Roll Forward]  
Beginning balance $ 5,156,248
Other 22,754
Acquisitions and capital improvements 90,616
Depreciation and amortization expense(A) (139,959)
Ending balance 5,129,659
Commercial Real Estate Tangible Assets  
Commercial Real Estate [Roll Forward]  
Beginning balance 4,018,757
Other 23,734
Acquisitions and capital improvements 90,616
Depreciation and amortization expense(A) (62,364)
Ending balance 4,070,743
Amortization expense 8,900
Commercial Real Estate Intangible Assets  
Commercial Real Estate [Roll Forward]  
Beginning balance 1,137,491
Other (980)
Acquisitions and capital improvements 0
Depreciation and amortization expense(A) (77,595)
Ending balance $ 1,058,916
v3.26.1
REAL ESTATE, NET - Schedule of Rental and Variable Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Commercial real estate        
Real Estate [Line Items]        
Rental revenue $ 157,180 $ 0 $ 309,260 $ 0
Other variable revenue 24,950 0 51,127 0
Total 182,130 0 $ 360,387 $ 0
Single Family        
Real Estate [Line Items]        
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration]     Revenue Revenue
Rental revenue 18,104 19,492 $ 38,591 $ 38,895
Other variable revenue 2,564 2,555 4,761 4,885
Total $ 20,668 $ 22,047 $ 43,352 $ 43,780
v3.26.1
REAL ESTATE, NET - Revenue to be Received (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Real Estate [Line Items]  
Total $ 21,700
Commercial real estate  
Real Estate [Line Items]  
July 1 through December 31, 2026 254,963
2027 539,332
2028 578,268
2029 572,184
2030 529,513
2031 and thereafter 2,582,215
Total 5,056,475
Single Family  
Real Estate [Line Items]  
July 1 through December 31, 2026 24,881
2027 and thereafter 17,208
Total $ 42,089
v3.26.1
REAL ESTATE, NET - Intangible Asset Expected Amortization (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Real Estate [Line Items]  
July 1 through December 31, 2026 $ 26,242
2027 54,238
2028 53,956
2029 50,958
2030 40,836
Intangible assets, net 326,581
Commercial real estate  
Real Estate [Line Items]  
July 1 through December 31, 2026 80,078
2027 162,941
2028 159,688
2029 147,911
2030 122,954
2031 and thereafter 385,344
Intangible assets, net $ 1,058,916
v3.26.1
REAL ESTATE, NET - Net Carrying Value (Details) - Single Family - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Real Estate [Line Items]    
Land $ 196,515 $ 192,335
Building 750,192 759,716
Capital improvements 166,152 163,496
Total gross investment in SFR properties 1,112,859 1,115,547
Accumulated depreciation (119,518) (110,630)
Investment in SFR Properties, Net $ 993,341 $ 1,004,917
v3.26.1
REAL ESTATE, NET - Activity in Single-Family Rental Properties (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
SFR Properties HFI        
Real Estate Investment Property, Net [Roll Forward]        
Beginning balance     $ 999,102  
Acquisitions and capital improvements     45,126  
Transfers to (from) HFS/HFI     (219,285)  
Dispositions     0  
Depreciation expense     (13,597)  
Ending balance $ 811,346   811,346  
SFR Properties HFS        
Real Estate Investment Property, Net [Roll Forward]        
Beginning balance     5,815  
Acquisitions and capital improvements     238  
Transfers to (from) HFS/HFI     219,285  
Dispositions     (43,343)  
Depreciation expense     0  
Ending balance 181,995   181,995  
Single Family        
Real Estate Investment Property, Net [Roll Forward]        
Beginning balance     1,004,917  
Acquisitions and capital improvements     45,364  
Transfers to (from) HFS/HFI     0  
Dispositions     (43,343)  
Depreciation expense (6,400) $ (7,300) (13,597) $ (14,700)
Ending balance $ 993,341   $ 993,341  
v3.26.1
REAL ESTATE, NET - Activity in Single-Family Rental Portfolio by Units (Details)
 6 Months Ended
Jun. 30, 2026
property
SFR Properties HFI  
Real Estate Investment Property, Net [Roll Forward]  
Beginning balance 3,985
Acquisition of SFR properties 110
Transfer to (from) HFS/HFI (813)
Disposition of SFR properties 0
Ending balance 3,282
SFR Properties HFS  
Real Estate Investment Property, Net [Roll Forward]  
Beginning balance 21
Acquisition of SFR properties 0
Transfer to (from) HFS/HFI 813
Disposition of SFR properties (158)
Ending balance 676
Single Family  
Real Estate Investment Property, Net [Roll Forward]  
Beginning balance 4,006
Acquisition of SFR properties 110
Transfer to (from) HFS/HFI 0
Disposition of SFR properties (158)
Ending balance 3,958
v3.26.1
RESIDENTIAL TRANSITION LOANS - Schedule of Residential Transition Loans (Details)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
loan
Dec. 31, 2025
USD ($)
loan
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 492,865 $ 472,027
Loan Count | loan 20,298  
Residential Transitional Lending    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 5,071,127 $ 3,914,674
% of Portfolio 100.00% 100.00%
Loan Count | loan 1,888 1,342
% of Portfolio 100.00% 100.00%
Weighted Average Yield 9.70% 10.10%
Weighted Average Original Life (Months) 21 years 8 months 12 days 22 years 1 month 6 days
Residential Transitional Lending | Restricted cash    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 3,832,312 $ 2,699,864
Residential Transitional Lending | Residential Transition Loans of Consolidated Entities - Carrying Value    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value 1,238,815 1,214,810
Residential Transitional Lending | Construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 1,860,337 $ 1,503,299
% of Portfolio 36.70% 38.40%
Loan Count | loan 610 400
% of Portfolio 32.30% 29.80%
Weighted Average Yield 10.60% 11.10%
Weighted Average Original Life (Months) 22 years 7 months 6 days 21 years 7 months 6 days
Weighted Average Committed Loan Balance to Value, LTC 73.20% 71.80%
Weighted Average Committed Loan Balance to Value, LTARV 62.10% 61.30%
Residential Transitional Lending | Construction | Restricted cash    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 1,348,321 $ 1,018,250
Residential Transitional Lending | Construction | Residential Transition Loans of Consolidated Entities - Carrying Value    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value 512,016 485,049
Residential Transitional Lending | Bridge    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 2,492,793 $ 1,853,598
% of Portfolio 49.10% 47.40%
Loan Count | loan 605 507
% of Portfolio 32.10% 37.80%
Weighted Average Yield 9.10% 9.40%
Weighted Average Original Life (Months) 25 years 25 years 8 months 12 days
Weighted Average Committed Loan Balance to Value 68.00% 67.80%
Residential Transitional Lending | Bridge | Restricted cash    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 1,974,747 $ 1,339,198
Residential Transitional Lending | Bridge | Residential Transition Loans of Consolidated Entities - Carrying Value    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value 518,046 514,400
Residential Transitional Lending | Renovation    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 717,997 $ 557,777
% of Portfolio 14.20% 14.20%
Loan Count | loan 673 435
% of Portfolio 35.60% 32.40%
Weighted Average Yield 9.50% 9.70%
Weighted Average Original Life (Months) 15 years 10 months 24 days 14 years 4 months 24 days
Weighted Average Committed Loan Balance to Value, LTC 82.00% 81.30%
Weighted Average Committed Loan Balance to Value, LTARV 67.20% 67.50%
Residential Transitional Lending | Renovation | Restricted cash    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 509,244 $ 342,416
Residential Transitional Lending | Renovation | Residential Transition Loans of Consolidated Entities - Carrying Value    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 208,753 $ 215,361
v3.26.1
RESIDENTIAL TRANSITION LOANS - Schedule of Residential Transition Loans, at Fair Value (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Financing Receivable [Roll Forward]  
Beginning balance $ 472,027
Fair Value Adjustments due to:  
Other factors 5,469
Ending balance 492,865
Residential Transitional Lending  
Financing Receivable [Roll Forward]  
Beginning balance 3,914,674
Fair Value Adjustments due to:  
Ending balance 5,071,127
Residential Transitional Lending | Restricted cash  
Financing Receivable [Roll Forward]  
Beginning balance 2,699,864
Purchases 14,204
Initial loan advances 1,870,604
Construction holdbacks and draws 716,268
Repayments and sales (957,870)
Transfer of loans to REO (2,357)
Transfers to assets of consolidated entities (500,365)
Fair Value Adjustments due to:  
Changes in instrument-specific credit risk (25,496)
Other factors 17,460
Ending balance $ 3,832,312
v3.26.1
RESIDENTIAL TRANSITION LOANS - Past Due Residential Transition Loans (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 481,123 $ 460,631
90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 8,038 8,038
Carrying Value 0 0
Carrying Value Under UPB (8,038) (8,038)
Residential Transitional Lending    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 3,834,821 2,694,149
Carrying Value 3,832,312 2,699,864
Carrying Value Under UPB (2,509) 5,715
Residential Transitional Lending | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 3,738,073 2,593,228
Carrying Value 3,745,172 2,610,258
Carrying Value Under UPB 7,099 17,030
Residential Transitional Lending | 90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 96,748 100,921
Carrying Value 87,140 89,606
Carrying Value Under UPB $ (9,608) $ (11,315)
v3.26.1
INSURANCE - Schedule of Insurance Company Investments, at Fair Value (Details) - Crestline Management, L.P. - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Schedule Of Investments, at Fair Value Disclosure [Line Items]    
Insurance Company Investments, at Fair Value $ 1,119,524 $ 906,454
Securities    
Schedule Of Investments, at Fair Value Disclosure [Line Items]    
Insurance Company Investments, at Fair Value 193,146 135,472
Commercial mortgage loans    
Schedule Of Investments, at Fair Value Disclosure [Line Items]    
Insurance Company Investments, at Fair Value 449,966 397,982
Private credit    
Schedule Of Investments, at Fair Value Disclosure [Line Items]    
Insurance Company Investments, at Fair Value $ 476,412 $ 373,000
v3.26.1
INSURANCE - Schedule of the Bonds Held by the Insurance Company at Fair Value (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
security
Dec. 31, 2025
USD ($)
Debt Securities, Available-for-sale [Line Items]    
Carrying Value $ 6,315,460 $ 6,481,714
Weighted Average Expected Life (Years) 5 years 1 month 6 days  
Crestline Management, L.P.    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount(C) $ 627,771  
Gross Unrealized Gains 2,046  
Gross Unrealized Losses (4,232)  
Carrying Value $ 193,146 135,472
Number of Securities | security 447  
Weighted Average Coupon 1.80%  
Weighted Average Yield 6.20%  
Weighted Average Expected Life (Years) 5 years 9 months 18 days  
FVO Agency    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains $ 61,650  
Gross Unrealized Losses (12,982)  
Carrying Value $ 4,831,902 5,171,616
Number of Securities | security 22  
Weighted Average Coupon 5.00%  
Weighted Average Yield 5.00%  
Weighted Average Expected Life (Years) 7 years 3 months 18 days  
FVO Agency | Crestline Management, L.P.    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount(C) $ 590,291  
Gross Unrealized Gains 1,869  
Gross Unrealized Losses (3,883)  
Carrying Value $ 156,363 93,729
Number of Securities | security 255  
Weighted Average Coupon 1.60%  
Weighted Average Yield 6.60%  
Weighted Average Expected Life (Years) 5 years 2 months 12 days  
Corporate debt | Crestline Management, L.P.    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount(C) $ 24,183  
Gross Unrealized Gains 132  
Gross Unrealized Losses (256)  
Carrying Value $ 24,487 20,141
Number of Securities | security 165  
Weighted Average Coupon 4.60%  
Weighted Average Yield 4.90%  
Weighted Average Expected Life (Years) 10 years  
Government and Agency securities | Crestline Management, L.P.    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount(C) $ 10,736  
Gross Unrealized Gains 43  
Gross Unrealized Losses (83)  
Carrying Value $ 9,742 18,036
Number of Securities | security 15  
Weighted Average Coupon 2.80%  
Weighted Average Yield 4.10%  
Weighted Average Expected Life (Years) 6 years 4 months 24 days  
Other | Crestline Management, L.P.    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount(C) $ 2,561  
Gross Unrealized Gains 2  
Gross Unrealized Losses (10)  
Carrying Value $ 2,554 3,566
Number of Securities | security 12  
Weighted Average Coupon 4.80%  
Weighted Average Yield 4.90%  
Weighted Average Expected Life (Years) 3 years 9 months 18 days  
Commercial Mortgage Loans, HFI, at Fair Value    
Debt Securities, Available-for-sale [Line Items]    
Carrying Value   397,982
Commercial Mortgage Loans, HFI, at Fair Value | Level 3    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 481,587  
Carrying Value $ 449,966  
Number of Securities | security 46  
Weighted Average Yield 9.80%  
Weighted Average Expected Life (Years) 1 year 3 months 18 days  
Private credit, at fair value(B)    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 482,279  
Carrying Value $ 476,412 $ 373,000
Number of Securities | security 74  
Weighted Average Yield 10.30%  
Weighted Average Expected Life (Years) 3 years 6 months  
v3.26.1
INSURANCE - Schedule of Aggregate Unpaid Principal Balance and Aggregate Carrying Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 6,315,460 $ 6,481,714
90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value Under UPB (8,038) (8,038)
Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value Under UPB (90,942) (96,411)
Commercial Mortgage Loans, HFI, at Fair Value | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 473,552 386,642
Carrying Value 444,020 387,401
Carrying Value Under UPB (29,532) 759
Commercial Mortgage Loans, HFI, at Fair Value | 90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 8,035 13,093
Carrying Value 5,946 10,581
Carrying Value Under UPB (2,089) (2,512)
Commercial Mortgage Loans, HFI, at Fair Value | Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 481,587 399,735
Carrying Value 449,966 397,982
Carrying Value Under UPB $ (31,621) $ (1,753)
v3.26.1
INSURANCE - Schedule of the Activity of Commercial Mortgage Loans, HFI, at Fair Value (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Residential Portfolio Segment  
Fair Value Adjustments due to:  
Changes in instrument-specific credit risk $ (2,494)
Commercial Mortgage Loans, HFI, at Fair Value  
Residental Mortgage Loan Activity [Roll Forward]  
Balance, beginning 397,982
Purchases 151,181
Paydowns (101,322)
Other 2,216
Fair Value Adjustments due to:  
Other factors (91)
Balance, ending 449,966
Private credit, at fair value(B)  
Residental Mortgage Loan Activity [Roll Forward]  
Balance, beginning 373,000
Purchases 152,242
Paydowns (50,266)
Other (848)
Fair Value Adjustments due to:  
Other factors 2,284
Balance, ending $ 476,412
v3.26.1
INSURANCE - Schedule of Policyholder Account Balance (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Fixed Indexed Annuities  
Policyholder Account Balance [Roll Forward]  
Balance as of December 31, 2025 $ 74,033
Deposits 32,054
Policy charges (3)
Surrenders and withdrawals (1,261)
Benefit payments (298)
Interest credited (2,914)
Balance as of June 30, 2026 $ 101,611
Weighted average crediting rate 4.00%
Net amount at risk $ 0
Cash surrender value 93,598
Deferred Annuities  
Policyholder Account Balance [Roll Forward]  
Balance as of December 31, 2025 880,464
Deposits 154,629
Policy charges (128)
Surrenders and withdrawals (18,592)
Benefit payments (11,445)
Interest credited 27,286
Balance as of June 30, 2026 $ 1,032,214
Weighted average crediting rate 6.00%
Net amount at risk $ 0
Cash surrender value $ 955,528
v3.26.1
INSURANCE - Schedule Of Interest Sensitive Insurance Contract Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Policyholder Account Balance [Line Items]    
Interest sensitive insurance contract liabilities $ 1,143,797 $ 960,209
Fixed Indexed Annuities    
Policyholder Account Balance [Line Items]    
Interest sensitive insurance contract liabilities 101,611 74,033
Deferred Annuities    
Policyholder Account Balance [Line Items]    
Interest sensitive insurance contract liabilities 1,032,214 880,464
Other    
Policyholder Account Balance [Line Items]    
Interest sensitive insurance contract liabilities $ 9,972 $ 5,712
v3.26.1
INSURANCE - Schedule of Policyholder Account Balance, Guaranteed Minimum Crediting Rate (Details) - 1.0% - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder account balances $ 1,032,214 $ 880,464
At Guaranteed Minimum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder account balances 0 0
1 Basis Point to 300 Basis Points Above Guaranteed Minimum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder account balances 1,157 1,183
301 Basis Points to 400 Basis Points Above Guaranteed Minimum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder account balances 62,555 14,517
401 Basis Points to 500 Basis Points Above Guaranteed Minimum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder account balances 844,486 743,815
501 Basis Points to 600 Basis Points Above Guaranteed Minimum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder account balances 56,138 68,976
Greater than 600 Basis Points Above Guaranteed Minimum    
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]    
Policyholder account balances $ 67,878 $ 51,973
v3.26.1
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - Schedule of Cash and Restricted Cash (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Jun. 30, 2025
Dec. 31, 2024
Restricted Cash and Cash Equivalent Item [Line Items]        
Cash and cash equivalents $ 1,664,498 $ 1,847,626    
Restricted Cash:        
Total restricted cash 874,088 941,787    
Total Cash, Cash Equivalents and Restricted Cash 2,538,586 2,789,413 $ 2,150,884 $ 1,917,809
Restricted cash        
Restricted Cash:        
Total restricted cash 790,210 809,312    
Total Cash, Cash Equivalents and Restricted Cash [1] 2,454,708 2,656,938    
Restricted cash of consolidated entities        
Restricted Cash and Cash Equivalent Item [Line Items]        
Cash and cash equivalents 116,009 127,499    
Restricted Cash:        
Total restricted cash $ 83,878 $ 132,475    
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs” and each, a “VIE”), including funds and collateralized financing entities (“CFEs” and each, a “CFE”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of June 30, 2026 and December 31, 2025, total assets of such consolidated VIEs were $12.1 billion and $10.7 billion, respectively, and total liabilities of such consolidated VIEs were $9.3 billion and $8.2 billion, respectively. See Note 19 for further details.
v3.26.1
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - Restricted Cash (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Restricted Cash and Cash Equivalent Item [Line Items]    
Total Restricted Cash $ 874,088 $ 941,787
Operating Segments | Origination and Servicing    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total Restricted Cash 174,481 174,667
Operating Segments | Residential Transitional Lending    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total Restricted Cash 85,134 56,031
Operating Segments | Asset management    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total Restricted Cash 42,781 119,228
Operating Segments | Investment Portfolio    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total Restricted Cash 70,098 62,554
Operating Segments | Commercial Real Estate    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total Restricted Cash 263,412 290,872
Operating Segments | Corporate Category    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total Restricted Cash $ 238,182 $ 238,435
v3.26.1
OTHER ASSETS AND LIABILITIES - Schedule of Other Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets
Other Assets    
Collateralized loan obligations (“CLOs”), at fair value $ 429,076 $ 362,280
Derivative and hedging assets (Note 16) 68,043 46,747
Deferred tax asset 6,249 6,437
Equity investments 1,171,148 1,029,524
Excess MSRs, at fair value 308,393 323,564
Goodwill 316,643 316,643
Income and fees receivable 89,574 337,712
Intangible Assets, Net: 355,541 369,999
Loan receivable, at fair value 11,742 11,396
Margin receivable, net 193,999 126,396
Non-Agency securities, at fair value 811,694 759,633
Notes receivable, at fair value 481,123 460,631
Operating lease ROU assets (Note 15) 118,622 123,143
Prepaid expenses 85,383 72,660
Principal and interest receivable 130,071 136,488
Property and equipment 64,594 82,908
Servicer advance investments, at fair value 284,400 294,322
Servicing fee receivables 31,600 180,655
Warrants, at fair value 57,662 13,253
Other assets 275,937 279,470
Other assets [1] 5,584,432 5,583,976
Accrued Expenses and Other Liabilities    
Accounts payable 238,924 253,931
Accrued compensation and benefits 279,594 457,783
Net deferred tax liability 899,426 849,415
Derivative and hedging liabilities (Note 16) 88,486 101,346
Due to affiliates 8,742,426  
Escheat payable 178,090 184,942
MSR financing liability, at fair value 83,785 76,266
Interest payable 146,840 158,072
Intangible liabilities, net (Note 14) 116,575 125,156
Lease liability (Note 15) 165,443 173,814
Notes receivable financing liability 383,747 377,989
Open trades payable 1,752 5,700
RTL financing liability, at fair value 75,836 82,489
Unearned income and fees 12,467 9,346
Deposit liability 40,426 34,806
Other liabilities 390,018 454,031
Accrued expenses and other liabilities [1] 3,104,711 3,349,643
Secured borrowings 371,400  
Resinsurance recoverable asset 976,700 826,000
Funds-withheld obligations 1,000,000 860,800
Related Party    
Other Assets    
Other receivables 51,611 75,729
Nonrelated Party    
Other Assets    
Other receivables 241,327 174,386
Accrued Expenses and Other Liabilities    
Due to affiliates $ 3,302 $ 4,557
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs” and each, a “VIE”), including funds and collateralized financing entities (“CFEs” and each, a “CFE”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of June 30, 2026 and December 31, 2025, total assets of such consolidated VIEs were $12.1 billion and $10.7 billion, respectively, and total liabilities of such consolidated VIEs were $9.3 billion and $8.2 billion, respectively. See Note 19 for further details.
v3.26.1
OTHER ASSETS AND LIABILITIES - Schedule of Notes and Loans Receivable (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Financing Receivable [Roll Forward]  
Beginning balance $ 472,027
Fundings 11,173
Payment in kind 4,196
Fair Value Adjustments due to:  
Other factors 5,469
Ending balance 492,865
Notes Receivable  
Financing Receivable [Roll Forward]  
Beginning balance 460,631
Fundings 11,173
Payment in kind 3,850
Fair Value Adjustments due to:  
Other factors 5,469
Ending balance 481,123
Loans Receivable  
Financing Receivable [Roll Forward]  
Beginning balance 11,396
Fundings 0
Payment in kind 346
Fair Value Adjustments due to:  
Other factors 0
Ending balance $ 11,742
v3.26.1
OTHER ASSETS AND LIABILITIES - Schedule of Past Due Notes and Loans Receivable (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Servicing Assets at Fair Value [Line Items]    
Notes receivable $ 481,123 $ 460,631
Current    
Servicing Assets at Fair Value [Line Items]    
UPB 575,769 560,400
Notes receivable 492,865 472,027
Carrying Value Under UPB (82,904) (88,373)
90+    
Servicing Assets at Fair Value [Line Items]    
UPB 8,038 8,038
Notes receivable 0 0
Carrying Value Under UPB (8,038) (8,038)
Past Due    
Servicing Assets at Fair Value [Line Items]    
UPB 583,807 568,438
Notes receivable 492,865 472,027
Carrying Value Under UPB $ (90,942) $ (96,411)
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Carrying Value of Goodwill (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 316,643
Impairment loss 0
Ending balance 316,643
Origination and Servicing  
Goodwill [Roll Forward]  
Beginning balance 29,468
Impairment loss 0
Ending balance 29,468
Residential Transitional Lending  
Goodwill [Roll Forward]  
Beginning balance 55,731
Impairment loss 0
Ending balance 55,731
Asset Management  
Goodwill [Roll Forward]  
Beginning balance 231,444
Impairment loss 0
Ending balance $ 231,444
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]    
Total commercial real estate intangible assets, gross $ 599,997 $ 584,258
Accumulated amortization 244,456 214,259
Intangible Assets, Net: 355,541 369,999
License    
Intangible Asset, Finite-Lived [Line Items]    
Total commercial real estate intangible assets, gross 27,084 27,084
Intangible Assets, Net: 27,084 27,084
Management contracts    
Intangible Asset, Finite-Lived [Line Items]    
Total commercial real estate intangible assets, gross 358,415 347,415
Accumulated amortization 80,044 58,420
Intangible Assets, Net: $ 278,371 288,995
Management contracts | Minimum    
Intangible Asset, Finite-Lived [Line Items]    
Estimated Useful Lives (Years) 2 years  
Management contracts | Maximum    
Intangible Asset, Finite-Lived [Line Items]    
Estimated Useful Lives (Years) 11 years  
Customer relationships    
Intangible Asset, Finite-Lived [Line Items]    
Total commercial real estate intangible assets, gross $ 79,753 79,753
Accumulated amortization 47,974 42,437
Intangible Assets, Net: $ 31,779 37,316
Customer relationships | Minimum    
Intangible Asset, Finite-Lived [Line Items]    
Estimated Useful Lives (Years) 2 years  
Customer relationships | Maximum    
Intangible Asset, Finite-Lived [Line Items]    
Estimated Useful Lives (Years) 9 years  
Purchased technology    
Intangible Asset, Finite-Lived [Line Items]    
Total commercial real estate intangible assets, gross $ 118,345 113,606
Accumulated amortization 107,746 106,171
Intangible Assets, Net: $ 10,599 7,435
Purchased technology | Minimum    
Intangible Asset, Finite-Lived [Line Items]    
Estimated Useful Lives (Years) 3 years  
Purchased technology | Maximum    
Intangible Asset, Finite-Lived [Line Items]    
Estimated Useful Lives (Years) 7 years  
Trademarks / Trade names    
Intangible Asset, Finite-Lived [Line Items]    
Total commercial real estate intangible assets, gross $ 13,999 13,999
Accumulated amortization 7,991 7,231
Intangible Assets, Net: 6,008 6,768
Indefinite-lived intangible assets $ 1,900 1,900
Trademarks / Trade names | Minimum    
Intangible Asset, Finite-Lived [Line Items]    
Estimated Useful Lives (Years) 1 year  
Trademarks / Trade names | Maximum    
Intangible Asset, Finite-Lived [Line Items]    
Estimated Useful Lives (Years) 11 years  
VOBA    
Intangible Asset, Finite-Lived [Line Items]    
Total commercial real estate intangible assets, gross $ 2,401 2,401
Accumulated amortization 701 0
Intangible Assets, Net: $ 1,700 $ 2,401
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Intangible Asset, Goodwill and Other [Abstract]    
Intangible asset impairment $ 0 $ 0
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Asset Amortization Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Intangible Asset, Goodwill and Other [Abstract]        
Amortization expense $ 15,226 $ 12,707 $ 30,197 $ 26,155
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Amortization Expense (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Intangible Asset, Goodwill and Other [Abstract]  
July 1 through December 31, 2026 $ 26,242
2027 54,238
2028 53,956
2029 50,958
2030 40,836
2031 and thereafter 100,351
Intangible assets, net $ 326,581
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Identifiable Intangible Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]    
Accumulated amortization $ 9,610 $ 604
Intangible Liabilities, Net $ 116,575 125,156
Below-market leases    
Intangible Asset, Finite-Lived [Line Items]    
Estimated Useful Lives (Years) 9 years 3 months 18 days  
Below-market leases $ 126,185 $ 125,760
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Liabilities Amortization Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Intangible Asset, Goodwill and Other [Abstract]        
Amortization expense $ 4,447 $ 0 $ 9,006 $ 0
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Summary of Future Amortization Expense for Intangible Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]    
July 1 through December 31, 2026 $ 8,893  
2027 17,633  
2028 15,718  
2029 13,626  
2030 11,862  
2031 and thereafter 48,843  
Intangible Liabilities, Net $ 116,575 $ 125,156
v3.26.1
LEASES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Lessee, Lease, Description [Line Items]          
Rent expense, net of sublease income $ 8.9 $ 7.5 $ 17.5 $ 14.7  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Prepaid Expense and Other Assets   Prepaid Expense and Other Assets   Prepaid Expense and Other Assets
Operating Lease, Liability, Statement of Financial Position [Extensible List] Accrued expenses and other liabilities   Accrued expenses and other liabilities    
Sublease rentals $ 21.7   $ 21.7    
Collateral Pledged          
Lessee, Lease, Description [Line Items]          
Lease, Liability 7.6   7.6    
Lease obligations $ 7.6   $ 7.6    
v3.26.1
LEASES - Schedule of Future Commitments for Non-Cancelable Leases (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Operating Leases    
July 1 through December 31, 2026 $ 26,317  
2027 46,672  
2028 38,602  
2029 35,811  
2030 10,271  
2031 and thereafter 43,824  
Total remaining undiscounted lease payments 201,497  
Less: imputed interest 36,951  
Total Remaining Discounted Lease Payments 164,546  
Finance Leases    
July 1 through December 31, 2026 0  
2027 428  
2028 200  
2029 200  
2030 200  
2031 and thereafter 0  
Total remaining undiscounted lease payments 1,028  
Less: imputed interest 131  
Total Remaining Discounted Lease Payments 897  
Total    
July 1 through December 31, 2026 26,317  
2027 47,100  
2028 38,802  
2029 36,011  
2030 10,471  
2031 and thereafter 43,824  
Total remaining undiscounted lease payments 202,525  
Less: imputed interest 37,082  
Total Remaining Discounted Lease Payments $ 165,443 $ 173,814
Operating Lease, Liability, Statement of Financial Position [Extensible List] Accrued expenses and other liabilities  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other liabilities  
v3.26.1
LEASES - Other Information Related to Operating Leases (Details)
Jun. 30, 2026
Dec. 31, 2025
Leases [Abstract]    
Operating leases, weighted-average remaining lease term (years) 6 years 6 years 3 months 18 days
Finance leases, weighted-average remaining lease term (years) 3 years 9 months 18 days 1 year 6 months
Operating leases, weighted-average discount rate 6.60% 6.70%
Finance leases, weighted-average discount rate 7.70% 7.90%
v3.26.1
LEASES - Supplemental Information (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:    
Operating cash flows - operating leases $ 24,171 $ 22,452
Operating cash flows - finance leases 6 3
Finance cash flows - finance leases 422 225
Supplemental Non-Cash Information on Lease Liabilities Arising from Obtaining ROU Assets:    
ROU assets obtained in exchange for new operating lease liabilities 3,936 14,655
ROU assets obtained in exchange for new finance lease liabilities $ 864 $ 0
v3.26.1
DERIVATIVES AND HEDGING - Derivatives and Hedges Recorded at Fair Value (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Derivative [Line Items]    
Derivative and hedging assets $ 68,043 $ 46,747
Derivative and Hedging Liabilities: 88,486 101,346
Interest rate swaps and futures    
Derivative [Line Items]    
Derivative and hedging assets 417 406
Derivative asset, variation margin accounts 197,300 34,700
IRLCs    
Derivative [Line Items]    
Derivative and hedging assets 38,432 29,839
Derivative and Hedging Liabilities: 4,675 8,390
TBAs    
Derivative [Line Items]    
Derivative and hedging assets 13,063 6,070
Derivative and Hedging Liabilities: 31,898 47,001
Embedded derivatives    
Derivative [Line Items]    
Derivative and hedging assets 10,784 8,109
Derivative and Hedging Liabilities: 16,237 12,652
Foreign exchange forwards    
Derivative [Line Items]    
Derivative and hedging assets 2,917 812
Derivative and Hedging Liabilities: 676 1,758
Other commitments    
Derivative [Line Items]    
Derivative and hedging assets 2,430 1,511
Derivative and Hedging Liabilities: 34,871 31,542
Stock options    
Derivative [Line Items]    
Derivative and Hedging Liabilities: $ 129 $ 3
v3.26.1
DERIVATIVES AND HEDGING - Derivatives and Hedging Notional Amount (Details) - Not Designated as Hedging Instrument - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Interest rate swaps    
Derivative [Line Items]    
Derivative asset, notional amount $ 314,000 $ 2,476,346
Interest rate swaps | TBAs, long position    
Derivative [Line Items]    
Notional amount $ 300,000  
Derivative, cap interest rate 4.00%  
Weighted average maturity 36 months  
Interest rate swaps | TBAs, short position    
Derivative [Line Items]    
Notional amount   $ 2,200,000
Derivative, cap interest rate   3.40%
Weighted average maturity   15 months
Interest rate futures    
Derivative [Line Items]    
Derivative liability, notional amount $ 12,775,000 $ 14,535,000
Notional amount $ 12,800,000 $ 14,500,000
Weighted average maturity 37 months 44 months
IRLCs    
Derivative [Line Items]    
Derivative asset, notional amount $ 4,537,533 $ 4,377,044
TBAs | TBAs, short position    
Derivative [Line Items]    
Derivative liability, notional amount 18,061,114 21,568,758
Other commitments    
Derivative [Line Items]    
Derivative liability, notional amount 255,901 59,262
Embedded derivatives    
Derivative [Line Items]    
Derivative liability, notional amount 2,091,999 1,752,960
Embedded derivatives | Ceded Reserves    
Derivative [Line Items]    
Derivative liability, notional amount 1,000,000 865,800
Embedded derivatives | Fixed Indexed Annuity    
Derivative [Line Items]    
Derivative liability, notional amount 43,200 26,400
Embedded derivatives | Funds Withheld    
Derivative [Line Items]    
Derivative liability, notional amount 1,000,000 860,800
Foreign exchange forwards    
Derivative [Line Items]    
Derivative liability, notional amount $ 57,284 $ 109,830
v3.26.1
DERIVATIVES AND HEDGING - Derivatives and Hedging Gain (Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Derivative [Line Items]        
Total Gains (Losses) $ (272,284) $ (1,974) $ (500,235) $ 43,597
Gain on settlement of derivatives 70,200 25,000 28,800 37,800
Servicing revenue, net        
Derivative [Line Items]        
Total Gains (Losses) (223,770) 20,872 (532,766) 123,337
Gain on originated residential mortgage loans, held-for-sale, net        
Derivative [Line Items]        
Total Gains (Losses) $ (56,933) $ (14,620) $ 21,236 $ (61,699)
Realized and Unrealized Gains (Losses), Net(B):        
Derivative [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Gain (Loss) on Investments Gain (Loss) on Investments Gain (Loss) on Investments Gain (Loss) on Investments
Total Gains (Losses) $ 8,419 $ (8,226) $ 11,295 $ (18,041)
TBAs | Servicing revenue, net        
Derivative [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenue Revenue Revenue Revenue
Total Gains (Losses) $ 13,428 $ 19,749 $ (90,387) $ 120,100
TBAs | Gain on originated residential mortgage loans, held-for-sale, net        
Derivative [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenue Revenue Revenue Revenue
Total Gains (Losses) $ (77,288) $ (30,755) $ 8,928 $ (100,927)
IRLCs | Gain on originated residential mortgage loans, held-for-sale, net        
Derivative [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenue Revenue Revenue Revenue
Total Gains (Losses) $ 20,355 $ 16,135 $ 12,308 $ 39,228
Interest rate swaps | Servicing revenue, net        
Derivative [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenue Revenue Revenue Revenue
Total Gains (Losses) $ 0 $ (2,087) $ (6,729) $ (5,954)
Interest rate swaps | Realized and Unrealized Gains (Losses), Net(B):        
Derivative [Line Items]        
Total Gains (Losses) $ 4,972 $ (4,200) $ 7,202 $ (12,667)
Interest rate futures | Servicing revenue, net        
Derivative [Line Items]        
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenue Revenue Revenue Revenue
Total Gains (Losses) $ (237,198) $ 3,210 $ (435,650) $ 9,191
Other commitments | Realized and Unrealized Gains (Losses), Net(B):        
Derivative [Line Items]        
Total Gains (Losses) 788 0 490 0
Stock options | Realized and Unrealized Gains (Losses), Net(B):        
Derivative [Line Items]        
Total Gains (Losses) 133 (56) 92 (17)
Embedded derivatives | Realized and Unrealized Gains (Losses), Net(B):        
Derivative [Line Items]        
Total Gains (Losses) 1,596 0 1,295 0
Foreign exchange forwards | Realized and Unrealized Gains (Losses), Net(B):        
Derivative [Line Items]        
Total Gains (Losses) $ 930 $ (3,970) $ 2,216 $ (5,357)
v3.26.1
DEBT OBLIGATIONS - Schedule of Debt Obligations (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Outstanding Face Amount $ 34,240,018  
Carrying Value $ 33,927,384 $ 33,865,374
Weighted Average Funding Cost 5.30%  
Weighted Average Expected Life (Years) 5 years 1 month 6 days  
Interest payable $ 146,840 158,072
Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 13,679,255  
Carrying Value $ 13,677,512 13,763,802
Weighted Average Funding Cost 4.90%  
Weighted Average Expected Life (Years) 9 months 18 days  
Interest payable $ 105,100 119,400
Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount 14,539,925  
Carrying Value $ 14,363,446 15,203,770
Weighted Average Funding Cost 5.80%  
Weighted Average Expected Life (Years) 2 years 1 month 6 days  
Notes Payable and Secured Financing of Consolidated Entities    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 6,020,838  
Carrying Value $ 5,886,426 4,897,802
Weighted Average Funding Cost 5.30%  
Weighted Average Expected Life (Years) 21 years 8 months 12 days  
Warehouse Credit Facilities-Residential Mortgage Loans | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 3,778,319  
Carrying Value $ 3,778,319 5,091,525
Weighted Average Funding Cost 5.10%  
Weighted Average Expected Life (Years) 7 months 6 days  
Warehouse Credit Facilities-Residential Mortgage Loans | Secured Financing Agreements: | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 21 years 8 months 12 days  
Outstanding Face $ 4,224,030  
Amortized Cost Basis 4,243,484  
Carrying Value 4,221,048  
Warehouse credit facilities - RTLs | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 3,019,710  
Carrying Value $ 3,019,710 2,019,808
Weighted Average Funding Cost 5.80%  
Weighted Average Expected Life (Years) 1 year 4 months 24 days  
Warehouse credit facilities - RTLs | Secured Financing Agreements: | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 1 year 2 months 12 days  
Outstanding Face $ 3,582,487  
Amortized Cost Basis 3,577,315  
Carrying Value 3,577,315  
Agency RMBS or Treasuries | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 4,893,090  
Carrying Value $ 4,893,090 5,130,519
Weighted Average Funding Cost 3.90%  
Weighted Average Expected Life (Years) 2 months 12 days  
Agency RMBS or Treasuries | Secured Financing Agreements: | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 7 years 3 months 18 days  
Outstanding Face $ 4,950,719  
Amortized Cost Basis 4,839,362  
Carrying Value 5,079,413  
Non-Agency securities | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 1,031,364  
Carrying Value $ 1,031,364 936,424
Weighted Average Funding Cost 5.10%  
Weighted Average Expected Life (Years) 8 months 12 days  
Non-Agency securities | Secured Financing Agreements: | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 4 years 8 months 12 days  
Outstanding Face $ 17,524,446  
Amortized Cost Basis 1,360,458  
Carrying Value 1,442,727  
Jupiter | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 110,688  
Carrying Value $ 110,688 110,688
Weighted Average Funding Cost 6.40%  
Weighted Average Expected Life (Years) 6 months  
Jupiter | Secured Financing Agreements: | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 1 year  
Outstanding Face $ 192,500  
Amortized Cost Basis 192,500  
Carrying Value $ 194,084  
Jupiter | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Variable interest rate spread (as a percent) 2.80%  
Excess MSRs | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 202,000  
Carrying Value $ 201,886 201,660
Weighted Average Funding Cost 5.90%  
Weighted Average Expected Life (Years) 2 months 12 days  
Excess MSRs | Secured Financing Agreements: | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 5 years 9 months 18 days  
Outstanding Face $ 45,486,823  
Amortized Cost Basis 251,088  
Carrying Value 289,965  
CLOs | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 288,828  
Carrying Value $ 287,199 257,796
Weighted Average Funding Cost 4.60%  
Weighted Average Expected Life (Years) 10 years 3 months 18 days  
CLOs | Secured Financing Agreements: | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 10 years 3 months 18 days  
Outstanding Face $ 287,365  
Carrying Value 287,020  
CLOs | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount 4,149  
Carrying Value $ 4,149 4,832
Weighted Average Funding Cost 0.00%  
Weighted Average Expected Life (Years) 0 years  
CLOs | Secured Notes and Bonds Payable: | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 0 years  
Outstanding Face $ 5,908  
Carrying Value 5,148  
Real Estate, Net    
Debt Instrument [Line Items]    
Carrying Value 4,819,048 4,770,652
Real Estate, Net | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 355,256  
Carrying Value $ 355,256 15,382
Weighted Average Funding Cost 5.90%  
Weighted Average Expected Life (Years) 6 months  
Real Estate, Net | Secured Financing Agreements: | CLOs    
Debt Instrument [Line Items]    
Amortized Cost Basis $ 403,020  
Carrying Value 402,303  
Real Estate, Net | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount 4,607,679  
Carrying Value $ 4,463,792 4,755,270
Weighted Average Funding Cost 4.50%  
Weighted Average Expected Life (Years) 2 years 4 months 24 days  
Real Estate, Net | Secured Notes and Bonds Payable: | CLOs    
Debt Instrument [Line Items]    
Amortized Cost Basis $ 4,462,133  
Carrying Value 4,462,133  
MSRs | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount 6,592,440  
Carrying Value $ 6,579,324 6,785,138
Weighted Average Funding Cost 6.70%  
Weighted Average Expected Life (Years) 2 years 3 months 18 days  
MSRs | Secured Notes and Bonds Payable: | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 6 years 1 month 6 days  
Outstanding Face $ 586,759,239  
Amortized Cost Basis 9,012,024  
Carrying Value 10,950,953  
Servicer Advance Investments | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount 205,866  
Carrying Value $ 205,866 229,069
Weighted Average Funding Cost 5.50%  
Weighted Average Expected Life (Years) 1 year 3 months 18 days  
Servicer Advance Investments | Secured Notes and Bonds Payable: | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 7 years 4 months 24 days  
Outstanding Face $ 249,475  
Amortized Cost Basis 270,494  
Carrying Value 284,400  
Servicer Advances    
Debt Instrument [Line Items]    
Carrying Value 2,665,731 2,959,625
Servicer Advances | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount 2,258,857  
Carrying Value $ 2,257,979 2,528,896
Weighted Average Funding Cost 6.00%  
Weighted Average Expected Life (Years) 1 year 7 months 6 days  
Face amount of variable rate debt (as a percent) $ 2,000,000  
Face amount of fixed rate debt (as a percent) $ 500,000  
Servicer Advances | Secured Notes and Bonds Payable: | Minimum    
Debt Instrument [Line Items]    
Variable interest rate spread (as a percent) 1.50%  
Interest rate of fixed interest debt (as a percent) 3.90%  
Servicer Advances | Secured Notes and Bonds Payable: | Maximum    
Debt Instrument [Line Items]    
Variable interest rate spread (as a percent) 2.80%  
Interest rate of fixed interest debt (as a percent) 5.30%  
Servicer Advances | Secured Notes and Bonds Payable: | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 8 months 12 days  
Outstanding Face $ 2,654,622  
Amortized Cost Basis 2,654,622  
Carrying Value 2,654,622  
Consumer Loans    
Debt Instrument [Line Items]    
Carrying Value 882,191 660,565
Consumer Loans | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount 611,653  
Carrying Value $ 593,055 660,565
Weighted Average Funding Cost 4.60%  
Weighted Average Expected Life (Years) 1 year 3 months 18 days  
Consumer Loans | Secured Notes and Bonds Payable: | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 7 years 9 months 18 days  
Outstanding Face $ 711,230  
Amortized Cost Basis 692,190  
Carrying Value 695,313  
Consumer Loans | Notes Payable and Secured Financing of Consolidated Entities    
Debt Instrument [Line Items]    
Outstanding Face Amount 302,322  
Carrying Value $ 289,136 0
Weighted Average Funding Cost 6.70%  
Weighted Average Expected Life (Years) 10 years 9 months 18 days  
Consumer Loans | Notes Payable and Secured Financing of Consolidated Entities | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 10 years 9 months 18 days  
Outstanding Face $ 302,422  
Carrying Value 304,569  
RTLs    
Debt Instrument [Line Items]    
Carrying Value 3,984,605 3,086,949
RTLs | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount 200,000  
Carrying Value $ 200,000 200,000
Weighted Average Funding Cost 5.80%  
Weighted Average Expected Life (Years) 0 years  
Interest rate, stated percentage (as a percent) 5.80%  
RTLs | Secured Notes and Bonds Payable: | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 4 months 24 days  
Outstanding Face $ 173,502  
Amortized Cost Basis 173,502  
Carrying Value 173,480  
RTLs | Notes Payable and Secured Financing of Consolidated Entities    
Debt Instrument [Line Items]    
Outstanding Face Amount 764,950  
Carrying Value $ 764,895 867,141
Weighted Average Funding Cost 6.20%  
Weighted Average Expected Life (Years) 12 years 10 months 24 days  
RTLs | Notes Payable and Secured Financing of Consolidated Entities | Minimum    
Debt Instrument [Line Items]    
Variable interest rate spread (as a percent) 5.40%  
RTLs | Notes Payable and Secured Financing of Consolidated Entities | Maximum    
Debt Instrument [Line Items]    
Variable interest rate spread (as a percent) 8.00%  
RTLs | Notes Payable and Secured Financing of Consolidated Entities | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 9 months 18 days  
Outstanding Face $ 838,765  
Carrying Value 853,225  
Other Investments | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount 59,281  
Carrying Value $ 59,281 40,000
Weighted Average Funding Cost 5.80%  
Weighted Average Expected Life (Years) 3 years 7 months 6 days  
Notes Payable and Secured Financing of Consolidated Entities | Notes Payable and Secured Financing of Consolidated Entities    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 924,353  
Carrying Value $ 930,179 1,209,739
Weighted Average Funding Cost 5.60%  
Weighted Average Expected Life (Years) 8 years 8 months 12 days  
Notes Payable and Secured Financing of Consolidated Entities | Notes Payable and Secured Financing of Consolidated Entities | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 3 years 2 months 12 days  
Outstanding Face $ 965,671  
Carrying Value 994,688  
Residential Mortgage Loans | Notes Payable and Secured Financing of Consolidated Entities    
Debt Instrument [Line Items]    
Outstanding Face Amount 4,029,213  
Carrying Value $ 3,902,216 $ 2,820,922
Weighted Average Funding Cost 5.00%  
Weighted Average Expected Life (Years) 27 years 2 months 12 days  
Residential Mortgage Loans | Notes Payable and Secured Financing of Consolidated Entities | Minimum    
Debt Instrument [Line Items]    
Variable interest rate spread (as a percent) 0.90%  
Residential Mortgage Loans | Notes Payable and Secured Financing of Consolidated Entities | Maximum    
Debt Instrument [Line Items]    
Variable interest rate spread (as a percent) 7.90%  
Residential Mortgage Loans | Notes Payable and Secured Financing of Consolidated Entities | CLOs    
Debt Instrument [Line Items]    
Weighted Average Expected Life (Years) 27 years 2 months 12 days  
Outstanding Face $ 4,540,407  
Carrying Value 4,460,920  
2.5% To 3.0% Agency MSR Secured Note And Bond Payable | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 5,500,000  
2.5% To 3.0% Agency MSR Secured Note And Bond Payable | Secured Notes and Bonds Payable: | Minimum    
Debt Instrument [Line Items]    
Variable interest rate spread (as a percent) 2.50%  
2.5% To 3.0% Agency MSR Secured Note And Bond Payable | Secured Notes and Bonds Payable: | Maximum    
Debt Instrument [Line Items]    
Variable interest rate spread (as a percent) 3.80%  
3.0% To 5.4% Public Notes | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 1,100,000  
3.0% To 5.4% Public Notes | Secured Notes and Bonds Payable: | Minimum    
Debt Instrument [Line Items]    
Interest rate, stated percentage (as a percent) 3.50%  
3.0% To 5.4% Public Notes | Secured Notes and Bonds Payable: | Maximum    
Debt Instrument [Line Items]    
Interest rate, stated percentage (as a percent) 7.40%  
Consumer Loan, UPB Class A | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 89,400  
Interest rate, stated percentage (as a percent) 2.00%  
Consumer Loan, UPB Class B | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 53,000  
Interest rate, stated percentage (as a percent) 2.70%  
Consumer Loan, Marcus | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 74,600  
Variable interest rate spread (as a percent) 2.40%  
Upgrade | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 394,600  
Variable interest rate spread (as a percent) 1.60%  
Real Estate, Net | Secured Notes and Bonds Payable:    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 4,600,000  
Real Estate, Net | Secured Notes and Bonds Payable: | Minimum    
Debt Instrument [Line Items]    
Interest rate, stated percentage (as a percent) 3.00%  
Real Estate, Net | Secured Notes and Bonds Payable: | Maximum    
Debt Instrument [Line Items]    
Interest rate, stated percentage (as a percent) 6.70%  
Subordinated Notes | Notes Payable and Secured Financing of Consolidated Entities    
Debt Instrument [Line Items]    
Face amount of variable rate debt (as a percent) $ 9,800  
Class A Notes | Notes Payable and Secured Financing of Consolidated Entities    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 271,700  
Interest rate, stated percentage (as a percent) 5.00%  
Class B Notes | Notes Payable and Secured Financing of Consolidated Entities    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 12,600  
Interest rate, stated percentage (as a percent) 6.40%  
Class C Notes | Notes Payable and Secured Financing of Consolidated Entities    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 9,000  
Interest rate, stated percentage (as a percent) 8.40%  
v3.26.1
DEBT OBLIGATIONS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
May 14, 2026
Jun. 20, 2025
Mar. 19, 2024
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Debt Instrument [Line Items]                
Debt instrument, face amount       $ 34,240,018   $ 34,240,018    
Undiscounted future payment       231,365   231,365    
TRA liability       149,300   149,300   $ 162,800
Secured Financing Agreements:                
Debt Instrument [Line Items]                
Debt instrument, face amount       13,679,255   13,679,255    
Proceeds from issuance of debt           66,318,333    
Senior Notes | 2031 Senior Notes                
Debt Instrument [Line Items]                
Debt instrument, face amount $ 500,000              
Proceeds from issuance of debt $ 493,700              
Interest rate, stated percentage (as a percent) 8.50%              
Debt instrument, redemption price, percentage of principal amount redeemed (as a percent) 40.00%              
Issuance fees $ 6,300              
Interest expense and warehouse line fees       5,500   5,500    
Unamortized discount and debt issuance cost       6,200   $ 6,200    
Debt instrument, restrictive covenants, minimum total unencumbered assets maintenance requirement (as a percent) 1.20              
Senior Notes | 2031 Senior Notes | Debt ​Instrument​ Redemption ​Period ​One​                
Debt Instrument [Line Items]                
Debt redemption percentage (as a percent) 100.00%         104.25%    
Senior Notes | 2031 Senior Notes | Debt ​Instrument​ Redemption Period Two                
Debt Instrument [Line Items]                
Debt redemption percentage (as a percent) 108.50%         102.125%    
Senior Notes | 2031 Senior Notes | Debt ​Instrument​ Redemption​ Period​e Three                
Debt Instrument [Line Items]                
Debt redemption percentage (as a percent)           100.00%    
Senior Notes | 2031 Senior Notes | Debt Instrument, Redemption, Period Four                
Debt Instrument [Line Items]                
Debt redemption percentage (as a percent)           101.00%    
Senior Notes | 2030 Senior Notes                
Debt Instrument [Line Items]                
Debt instrument, face amount   $ 500,000            
Proceeds from issuance of debt   $ 495,000            
Interest rate, stated percentage (as a percent)   8.00%            
Debt instrument, redemption price, percentage of principal amount redeemed (as a percent)   40.00%            
Issuance fees   $ 5,400            
Interest expense and warehouse line fees       10,000 $ 1,100 $ 19,800 $ 1,100  
Unamortized discount and debt issuance cost       4,500   $ 4,500   5,000
Debt instrument, restrictive covenants, minimum total unencumbered assets maintenance requirement (as a percent)   1.20            
Senior Notes | 2030 Senior Notes | Debt ​Instrument​ Redemption ​Period ​One​                
Debt Instrument [Line Items]                
Debt redemption percentage (as a percent)   100.00%       104.00%    
Senior Notes | 2030 Senior Notes | Debt ​Instrument​ Redemption Period Two                
Debt Instrument [Line Items]                
Debt redemption percentage (as a percent)   108.00%       102.00%    
Senior Notes | 2030 Senior Notes | Debt ​Instrument​ Redemption​ Period​e Three                
Debt Instrument [Line Items]                
Debt redemption percentage (as a percent)           100.00%    
Senior Notes | 2030 Senior Notes | Debt Instrument, Redemption, Period Four                
Debt Instrument [Line Items]                
Debt redemption percentage (as a percent)           101.00%    
Senior Notes | 2029 Senior Notes                
Debt Instrument [Line Items]                
Debt instrument, face amount     $ 775,000          
Proceeds from issuance of debt     $ 759,000          
Interest rate, stated percentage (as a percent)     8.00%          
Debt redemption percentage (as a percent)     108.00%     101.00%    
Debt instrument, redemption price, percentage of principal amount redeemed (as a percent)     40.00%          
Issuance fees     $ 9,100          
Interest expense and warehouse line fees       15,500 15,500 $ 30,700 30,700  
Unamortized discount and debt issuance cost       10,200   10,200   11,800
Debt instrument, restrictive covenants, minimum total unencumbered assets maintenance requirement (as a percent)     1.20          
Debt instrument, discount (as a percent)     98.981%          
Senior Notes | 2029 Senior Notes | Debt ​Instrument​ Redemption ​Period ​One​                
Debt Instrument [Line Items]                
Debt redemption percentage (as a percent)   100.00% 104.00%          
Senior Notes | 2029 Senior Notes | Debt ​Instrument​ Redemption Period Two                
Debt Instrument [Line Items]                
Debt redemption percentage (as a percent)     102.00%          
Senior Notes | 2029 Senior Notes | Debt ​Instrument​ Redemption​ Period​e Three                
Debt Instrument [Line Items]                
Debt redemption percentage (as a percent)     100.00%          
Senior Notes | 2025 Senior Notes                
Debt Instrument [Line Items]                
Interest expense and warehouse line fees       $ 0 4,400 $ 0 8,600  
Debt instrument, repurchase amount         278,700   278,700  
Debt instrument, repurchased face amount         $ 275,000   $ 275,000  
Gain (loss) on extinguishment of debt               $ 700
v3.26.1
DEBT OBLIGATIONS - Carrying Value (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
Debt Instrument [Roll Forward]  
Beginning balance $ 33,865,374
Ending balance 33,927,384
Servicer Advances  
Debt Instrument [Roll Forward]  
Beginning balance 2,959,625
Ending balance 2,665,731
MSRs  
Debt Instrument [Roll Forward]  
Beginning balance 6,785,138
Ending balance 6,579,324
Government and Government-Backed and Other Securities  
Debt Instrument [Roll Forward]  
Beginning balance 6,106,943
Ending balance 5,983,735
Residential Transitional Lending  
Debt Instrument [Roll Forward]  
Beginning balance 8,023,135
Ending balance 7,791,223
Consumer Loans  
Debt Instrument [Roll Forward]  
Beginning balance 660,565
Ending balance 882,191
Real Estate, Net  
Debt Instrument [Roll Forward]  
Beginning balance 4,770,652
Ending balance 4,819,048
RTLs  
Debt Instrument [Roll Forward]  
Beginning balance 3,086,949
Ending balance 3,984,605
Asset Management, CLOs and Consolidated Funds  
Debt Instrument [Roll Forward]  
Beginning balance 1,472,367
Ending balance 1,221,527
Secured Financing Agreements:  
Debt Instrument [Roll Forward]  
Beginning balance 13,763,802
Borrowings 66,318,333
Repayments (66,398,283)
FX remeasurement (6,536)
Capitalized deferred financing costs, net of amortization 195
Ending balance 13,677,512
Secured Financing Agreements: | Servicer Advances  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments 0
FX remeasurement 0
Capitalized deferred financing costs, net of amortization 226
Secured Financing Agreements: | MSRs  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments 0
FX remeasurement 0
Capitalized deferred financing costs, net of amortization 0
Secured Financing Agreements: | Government and Government-Backed and Other Securities  
Debt Instrument [Roll Forward]  
Borrowings 18,621,633
Repayments (18,764,122)
FX remeasurement 0
Capitalized deferred financing costs, net of amortization 0
Secured Financing Agreements: | Residential Transitional Lending  
Debt Instrument [Roll Forward]  
Borrowings 43,588,442
Repayments (44,901,649)
FX remeasurement 0
Capitalized deferred financing costs, net of amortization 0
Secured Financing Agreements: | Consumer Loans  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments 0
FX remeasurement 0
Capitalized deferred financing costs, net of amortization 0
Secured Financing Agreements: | Real Estate, Net  
Debt Instrument [Roll Forward]  
Beginning balance 15,382
Borrowings 352,902
Repayments (13,028)
FX remeasurement 0
Capitalized deferred financing costs, net of amortization 0
Ending balance 355,256
Secured Financing Agreements: | RTLs  
Debt Instrument [Roll Forward]  
Borrowings 3,703,963
Repayments (2,704,061)
FX remeasurement 0
Capitalized deferred financing costs, net of amortization 0
Secured Financing Agreements: | Asset Management, CLOs and Consolidated Funds  
Debt Instrument [Roll Forward]  
Borrowings 51,393
Repayments (15,423)
FX remeasurement (6,536)
Capitalized deferred financing costs, net of amortization (31)
Secured Notes and Bonds Payable:  
Debt Instrument [Roll Forward]  
Borrowings 3,915,480
Repayments (4,766,616)
Capitalized deferred financing costs, net of amortization (9,030)
Unrealized loss on notes, fair value 19,842
Secured Notes and Bonds Payable: | Servicer Advances  
Debt Instrument [Roll Forward]  
Borrowings 1,884,072
Repayments (2,177,288)
Capitalized deferred financing costs, net of amortization (904)
Unrealized loss on notes, fair value 0
Secured Notes and Bonds Payable: | MSRs  
Debt Instrument [Roll Forward]  
Borrowings 1,342,000
Repayments (1,549,822)
Capitalized deferred financing costs, net of amortization 2,008
Unrealized loss on notes, fair value 0
Secured Notes and Bonds Payable: | Government and Government-Backed and Other Securities  
Debt Instrument [Roll Forward]  
Borrowings 35,000
Repayments (15,719)
Capitalized deferred financing costs, net of amortization 0
Unrealized loss on notes, fair value 0
Secured Notes and Bonds Payable: | Residential Transitional Lending  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments 0
Capitalized deferred financing costs, net of amortization 0
Unrealized loss on notes, fair value 0
Secured Notes and Bonds Payable: | Consumer Loans  
Debt Instrument [Roll Forward]  
Borrowings 363,293
Repayments (431,495)
Capitalized deferred financing costs, net of amortization 592
Unrealized loss on notes, fair value 100
Secured Notes and Bonds Payable: | Real Estate, Net  
Debt Instrument [Roll Forward]  
Borrowings 287,006
Repayments (587,500)
Capitalized deferred financing costs, net of amortization (10,726)
Unrealized loss on notes, fair value 19,742
Secured Notes and Bonds Payable: | RTLs  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments 0
Capitalized deferred financing costs, net of amortization 0
Unrealized loss on notes, fair value 0
Secured Notes and Bonds Payable: | Asset Management, CLOs and Consolidated Funds  
Debt Instrument [Roll Forward]  
Borrowings 4,109
Repayments (4,792)
Capitalized deferred financing costs, net of amortization 0
Unrealized loss on notes, fair value 0
Notes Payable and Secured Financing of Consolidated Entities  
Debt Instrument [Roll Forward]  
Beginning balance 4,897,802
Borrowings 2,370,081
Repayments (519,304)
Capitalized deferred financing costs, net of amortization 742
Deconsolidation of VIEs (827,105)
Unrealized loss on notes, fair value (35,789)
Ending balance 5,886,426
Notes Payable and Secured Financing of Consolidated Entities | Servicer Advances  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments 0
Capitalized deferred financing costs, net of amortization 0
Deconsolidation of VIEs 0
Unrealized loss on notes, fair value 0
Notes Payable and Secured Financing of Consolidated Entities | MSRs  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments 0
Capitalized deferred financing costs, net of amortization 0
Deconsolidation of VIEs 0
Unrealized loss on notes, fair value 0
Notes Payable and Secured Financing of Consolidated Entities | Government and Government-Backed and Other Securities  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments 0
Capitalized deferred financing costs, net of amortization 0
Deconsolidation of VIEs 0
Unrealized loss on notes, fair value 0
Notes Payable and Secured Financing of Consolidated Entities | Residential Transitional Lending  
Debt Instrument [Roll Forward]  
Borrowings 1,796,762
Repayments (245,447)
Capitalized deferred financing costs, net of amortization 0
Deconsolidation of VIEs (451,800)
Unrealized loss on notes, fair value (18,220)
Notes Payable and Secured Financing of Consolidated Entities | Consumer Loans  
Debt Instrument [Roll Forward]  
Beginning balance 0
Borrowings 300,666
Repayments (13,696)
Capitalized deferred financing costs, net of amortization 0
Deconsolidation of VIEs 0
Unrealized loss on notes, fair value 2,166
Ending balance 289,136
Notes Payable and Secured Financing of Consolidated Entities | Real Estate, Net  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments 0
Capitalized deferred financing costs, net of amortization 0
Deconsolidation of VIEs 0
Unrealized loss on notes, fair value 0
Notes Payable and Secured Financing of Consolidated Entities | RTLs  
Debt Instrument [Roll Forward]  
Beginning balance 867,141
Borrowings 0
Repayments (96,999)
Capitalized deferred financing costs, net of amortization 742
Deconsolidation of VIEs 0
Unrealized loss on notes, fair value (5,989)
Ending balance 764,895
Notes Payable and Secured Financing of Consolidated Entities | Asset Management, CLOs and Consolidated Funds  
Debt Instrument [Roll Forward]  
Borrowings 272,653
Repayments (163,162)
Capitalized deferred financing costs, net of amortization 0
Deconsolidation of VIEs (375,305)
Unrealized loss on notes, fair value $ (13,746)
v3.26.1
DEBT OBLIGATIONS - Contractual Maturities of Debt Obligations (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Debt maturing in:  
July 1 through December 31, 2026 $ 13,134,576
2027 5,025,971
2028 2,856,977
2029 3,832,290
2030 2,549,703
2031 and thereafter 8,615,501
Total 36,015,018
Nonrecourse  
Debt maturing in:  
July 1 through December 31, 2026 2,720,141
2027 2,778,615
2028 1,311,985
2029 1,444,506
2030 1,990,422
2031 and thereafter 6,843,874
Total 17,089,543
Nonrecourse, Secured Financing Agreements  
Debt maturing in:  
Total 2,600,000
Nonrecourse, Secured Notes And Bonds Payable  
Debt maturing in:  
Total 8,500,000
Nonrecourse, Unsecured Notes Net Of Issuance Costs  
Debt maturing in:  
Total 0
Nonrecourse, Consolidated Funds Notes Payable  
Debt maturing in:  
Total 6,000,000
Recourse  
Debt maturing in:  
July 1 through December 31, 2026 10,414,435
2027 2,247,356
2028 1,544,992
2029 2,387,784
2030 559,281
2031 and thereafter 1,771,627
Total 18,925,475
Recourse, Secured Financing Agreements  
Debt maturing in:  
Total 11,300,000
Recourse, Secured Notes And Bonds Payable  
Debt maturing in:  
Total 5,800,000
Recourse, Unsecured Notes Net Of Issuance Costs  
Debt maturing in:  
Total 1,800,000
Recourse, Consolidated Funds Notes Payable  
Debt maturing in:  
Total $ 0
v3.26.1
DEBT OBLIGATIONS - Schedule of Borrowing Capacity (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Residential mortgage loans, RTLs, Credit Risk Transfer LLC and real estate | Secured Financing Agreements:  
Debt Instrument [Line Items]  
Borrowing Capacity $ 7,250,688
Balance Outstanding 4,533,303
Available Financing 2,717,385
Loan originations | Secured Financing Agreements:  
Debt Instrument [Line Items]  
Borrowing Capacity 7,327,000
Balance Outstanding 2,730,669
Available Financing 4,596,331
CLOs | Secured Financing Agreements:  
Debt Instrument [Line Items]  
Borrowing Capacity 742,630
Balance Outstanding 286,373
Available Financing 456,257
Excess MSRs | Secured Financing Agreements:  
Debt Instrument [Line Items]  
Borrowing Capacity 350,000
Balance Outstanding 202,000
Available Financing 148,000
MSRs | Secured Notes and Bonds Payable:  
Debt Instrument [Line Items]  
Borrowing Capacity 7,544,440
Balance Outstanding 6,592,440
Available Financing 952,000
Servicer advances | Secured Notes and Bonds Payable:  
Debt Instrument [Line Items]  
Borrowing Capacity 5,320,000
Balance Outstanding 2,464,723
Available Financing 2,855,277
Real estate | Secured Notes and Bonds Payable:  
Debt Instrument [Line Items]  
Borrowing Capacity 200,000
Balance Outstanding 148,563
Available Financing 51,437
Consolidated funds | Liabilities of Consolidated Entities:  
Debt Instrument [Line Items]  
Borrowing Capacity 118,500
Balance Outstanding 57,769
Available Financing 60,731
Debt Excess Borrowing Capacity  
Debt Instrument [Line Items]  
Borrowing Capacity 28,853,258
Balance Outstanding 17,015,840
Available Financing $ 11,837,418
v3.26.1
DEBT OBLIGATIONS - Schedule of Debt Redemption (Details) - Senior Notes
 6 Months Ended
May 14, 2026
Jun. 20, 2025
Mar. 19, 2024
Jun. 30, 2026
2031 Senior Notes | Debt ​Instrument​ Redemption ​Period ​One​        
Debt Instrument [Line Items]        
Debt redemption percentage (as a percent) 100.00%     104.25%
2031 Senior Notes | Debt ​Instrument​ Redemption Period Two        
Debt Instrument [Line Items]        
Debt redemption percentage (as a percent) 108.50%     102.125%
2031 Senior Notes | Debt ​Instrument​ Redemption​ Period​e Three        
Debt Instrument [Line Items]        
Debt redemption percentage (as a percent)       100.00%
2030 Senior Notes | Debt ​Instrument​ Redemption ​Period ​One​        
Debt Instrument [Line Items]        
Debt redemption percentage (as a percent)   100.00%   104.00%
2030 Senior Notes | Debt ​Instrument​ Redemption Period Two        
Debt Instrument [Line Items]        
Debt redemption percentage (as a percent)   108.00%   102.00%
2030 Senior Notes | Debt ​Instrument​ Redemption​ Period​e Three        
Debt Instrument [Line Items]        
Debt redemption percentage (as a percent)       100.00%
2029 Senior Notes        
Debt Instrument [Line Items]        
Debt redemption percentage (as a percent)     108.00% 101.00%
2029 Senior Notes | Debt ​Instrument​ Redemption ​Period ​One​        
Debt Instrument [Line Items]        
Debt redemption percentage (as a percent)   100.00% 104.00%  
2029 Senior Notes | Debt ​Instrument​ Redemption Period Two        
Debt Instrument [Line Items]        
Debt redemption percentage (as a percent)     102.00%  
2029 Senior Notes | Debt ​Instrument​ Redemption​ Period​e Three        
Debt Instrument [Line Items]        
Debt redemption percentage (as a percent)     100.00%  
v3.26.1
DEBT OBLIGATIONS - Schedule of Maximum Undiscounted Amounts (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Debt Disclosure [Abstract]  
July 1 through December 31, 2026 $ 0
2027 18,788
2028 17,461
2029 17,500
2030 16,555
2031 and thereafter 161,061
Total Payments $ 231,365
v3.26.1
FAIR VALUE MEASUREMENTS - Carrying Values and Fair Values of Financial Assets Recorded at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Assets:            
MSRs and MSR financing receivables $ 11,091,483   $ 10,359,141      
Government and government-backed securities 6,315,460   6,481,714      
Residential mortgage loans, HFS [1] 4,293,492   5,808,960      
Residential mortgage loans, HFS, at fair value 4,241,244   5,752,169      
Residential mortgage loans subject to repurchase 4,308,886   3,952,792      
Derivative and hedging assets 68,043   46,747      
Insurance company investments, at fair value 1,119,524   906,454      
Notes receivable 481,123   460,631      
Loans receivable 11,742   11,396      
Other assets 3,037,780   2,707,456      
Liabilities:            
Derivative and hedging liabilities 88,486   101,346      
MSR financing liability, at fair value 83,785   76,266      
Notes receivable financing liability 383,747   377,989      
RTL financing liability, at fair value 75,836   82,489      
Recurring Basis            
Assets:            
Excess MSRs, principal balance 45,486,823   47,862,469      
MSRs and MSR financing receivables, principal balance 596,818,893   595,532,480      
Servicer advance investments, principal balance 249,475   258,157      
Government and government-backed securities, principal balance 4,975,720   5,255,355      
Non-Agency Securities, Principal Balance 8,272,017   8,507,851      
Residential mortgage loans, HFS, principal balance 59,105   63,426      
Residential mortgage loans, HFS, at fair value, principal balance 3,915,064   5,351,566      
Residential mortgage loans, HFI, at fair value, principal balance 325,577   349,196      
Residential mortgage loans subject to repurchase, principal balance 4,308,886   3,952,792      
Consumer loans, principal balance 830,251   930,844      
Derivative and hedging assets, principal balance 17,221,429   8,280,512      
Residential transition loans, principal balance 3,834,821   2,694,149      
Insurance company investments, at fair value, principal balance 1,591,637   924,825      
Notes receivable, principal balance 564,027   549,004      
Loans receivable, principal balance 19,780   19,434      
Equity investment, at fair value, principal balance 192,500   192,500      
CLOs, principal balance 410,780   364,189      
Investments of consolidated entities - funds, principal balance 1,117,871   1,389,870      
Investments of consolidated entities - loan securitizations, principal balance 5,681,594   4,253,388      
Liabilities:            
Secured financing agreements, principal balance 13,679,255   13,765,718      
Secured notes and bonds payable, principal balance 14,539,925   15,403,044      
Unsecured notes, net of issuance costs, principal balance 2,006,365   1,526,203      
Residential mortgage loan repurchase liability, principal balance 4,308,886   3,952,792      
Derivative liabilities, principal balance 20,871,401   36,598,688      
MSR financing liability, principal balance 7,646,799   8,126,218      
Notes receivable financing liability, principal balance 371,446   371,446      
RTL financing liability, principal balance 75,836   82,489      
Notes payable and secured financing of consolidated entities - funds, principal balance 924,353   1,218,425      
Notes payable of consolidated entities - loan securitizations, principal balance 5,096,485   3,781,205      
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value 1,919,801 $ 1,731,459 1,755,504 $ 1,690,205 $ 2,104,315 $ 2,482,756
Recurring Basis | Asset-Backed Securities Issued            
Liabilities:            
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value 126,140 $ 134,319 143,442 $ 160,433 $ 169,035 $ 185,460
Recurring Basis | Carrying Value            
Assets:            
Excess MSRs 308,393   323,564      
MSRs and MSR financing receivables 11,091,483   10,359,141      
Servicer advance investments 284,400   294,322      
Government and government-backed securities 4,912,869   5,254,905      
Non-Agency Securities 811,694   759,633      
Residential mortgage loans, HFS 52,248   56,791      
Residential mortgage loans, HFS, at fair value 3,946,828   5,427,481      
Residential mortgage loans, HFI, at fair value 294,416   324,688      
Residential mortgage loans subject to repurchase 4,308,886   3,952,792      
Consumer loans, at fair value 707,111   784,399      
Derivative and hedging assets 68,043   46,747      
Residential transition loans 3,832,312   2,699,864      
Insurance company investments, at fair value 1,119,524   906,454      
Notes receivable 481,123   460,631      
Loans receivable 11,742   11,396      
Equity investment, at fair value 194,084   194,286      
CLOs 429,076   362,280      
Investments of consolidated entities - funds 1,173,037   1,397,209      
Investments of consolidated entities - loan securitizations 5,618,714   4,192,231      
Other assets 449,225   254,597      
Assets, fair value 40,095,208   38,063,411      
Liabilities:            
Secured financing agreements 13,677,512   13,763,802      
Secured notes and bonds payable 14,363,446   15,203,770      
Unsecured notes, net of issuance costs 1,902,627   1,421,088      
Residential mortgage loan repurchase liability 4,308,886   3,952,792      
Derivative and hedging liabilities 88,486   101,346      
MSR financing liability, at fair value 83,785   76,266      
Notes receivable financing liability 383,747   377,989      
RTL financing liability, at fair value 75,836   82,489      
Notes payable and secured financing of consolidated entities - funds 930,179   1,209,739      
Notes payable of consolidated entities - loan securitizations 4,956,247   3,688,063      
Liabilities, fair value 40,770,751   39,877,344      
Recurring Basis | Fair Value            
Assets:            
Excess MSRs 308,393   323,564      
MSRs and MSR financing receivables 11,091,483   10,359,141      
Servicer advance investments 284,400   294,322      
Government and government-backed securities 4,912,869   5,254,901      
Non-Agency Securities 811,694   759,633      
Residential mortgage loans, HFS 52,248   56,791      
Residential mortgage loans, HFS, at fair value 3,946,828   5,427,481      
Residential mortgage loans, HFI, at fair value 294,416   324,688      
Residential mortgage loans subject to repurchase 4,308,886   3,952,792      
Consumer loans, at fair value 707,111   784,399      
Derivative and hedging assets 68,043   46,747      
Residential transition loans 3,832,312   2,699,864      
Insurance company investments, at fair value 1,119,524   906,454      
Notes receivable 481,123   460,631      
Loans receivable 11,742   11,396      
Equity investment, at fair value 194,084   194,286      
CLOs 429,076   362,280      
Investments of consolidated entities - funds 1,173,037   1,397,209      
Investments of consolidated entities - loan securitizations 5,618,714   4,192,231      
Other assets 449,225   254,597      
Assets, fair value 40,095,208   38,063,407      
Liabilities:            
Secured financing agreements 13,677,547   13,767,557      
Secured notes and bonds payable 14,371,633   15,068,083      
Unsecured notes, net of issuance costs 1,915,405   1,461,956      
Residential mortgage loan repurchase liability 4,308,886   3,952,792      
Derivative and hedging liabilities 88,486   101,346      
MSR financing liability, at fair value 83,785   76,266      
Notes receivable financing liability 387,817   382,512      
RTL financing liability, at fair value 75,836   82,489      
Notes payable and secured financing of consolidated entities - funds 930,179   1,209,739      
Notes payable of consolidated entities - loan securitizations 4,956,247   3,688,063      
Liabilities, fair value 40,795,821   39,790,803      
Recurring Basis | Fair Value | Level 1            
Assets:            
Excess MSRs 0   0      
MSRs and MSR financing receivables 0   0      
Servicer advance investments 0   0      
Government and government-backed securities 24,932   24,762      
Non-Agency Securities 0   0      
Residential mortgage loans, HFS 0   0      
Residential mortgage loans, HFS, at fair value 0   0      
Residential mortgage loans, HFI, at fair value 0   0      
Residential mortgage loans subject to repurchase 0   0      
Consumer loans, at fair value 0   0      
Derivative and hedging assets 0   0      
Residential transition loans 0   0      
Insurance company investments, at fair value 6,393   5,809      
Notes receivable 0   0      
Loans receivable 0   0      
Equity investment, at fair value 0   0      
CLOs 0   0      
Investments of consolidated entities - funds 0   0      
Investments of consolidated entities - loan securitizations 0   0      
Other assets 74,558   42,812      
Assets, fair value 105,883   73,383      
Liabilities:            
Secured financing agreements 0   0      
Secured notes and bonds payable 0   0      
Unsecured notes, net of issuance costs 0   0      
Residential mortgage loan repurchase liability 0   0      
Derivative and hedging liabilities 129   3      
MSR financing liability, at fair value 0   0      
Notes receivable financing liability 0   0      
RTL financing liability, at fair value 0   0      
Notes payable and secured financing of consolidated entities - funds 0   0      
Notes payable of consolidated entities - loan securitizations 0   0      
Liabilities, fair value 129   3      
Recurring Basis | Fair Value | Level 1 | US Treasury Bill Securities            
Liabilities:            
Amortized cost 24,900   24,800      
Recurring Basis | Fair Value | Level 2            
Assets:            
Excess MSRs 0   0      
MSRs and MSR financing receivables 0   0      
Servicer advance investments 0   0      
Government and government-backed securities 4,887,937   5,230,139      
Non-Agency Securities 0   0      
Residential mortgage loans, HFS 0   0      
Residential mortgage loans, HFS, at fair value 3,922,533   5,402,325      
Residential mortgage loans, HFI, at fair value 0   0      
Residential mortgage loans subject to repurchase 4,308,886   3,952,792      
Consumer loans, at fair value 0   0      
Derivative and hedging assets 16,397   7,288      
Residential transition loans 0   0      
Insurance company investments, at fair value 43,049   33,396      
Notes receivable 0   0      
Loans receivable 0   0      
Equity investment, at fair value 0   0      
CLOs 293,431   249,452      
Investments of consolidated entities - funds 431,861   782,014      
Investments of consolidated entities - loan securitizations 4,460,920   3,265,142      
Other assets 0   0      
Assets, fair value 18,365,014   18,922,548      
Liabilities:            
Secured financing agreements 13,390,313   13,506,006      
Secured notes and bonds payable 0   0      
Unsecured notes, net of issuance costs 0   0      
Residential mortgage loan repurchase liability 4,308,886   3,952,792      
Derivative and hedging liabilities 32,574   48,759      
MSR financing liability, at fair value 0   0      
Notes receivable financing liability 0   0      
RTL financing liability, at fair value 0   0      
Notes payable and secured financing of consolidated entities - funds 737,987   1,006,085      
Notes payable of consolidated entities - loan securitizations 3,902,216   2,820,922      
Liabilities, fair value 22,371,976   21,334,564      
Recurring Basis | Fair Value | Level 3            
Assets:            
Excess MSRs 308,393   323,564      
MSRs and MSR financing receivables 11,091,483   10,359,141      
Servicer advance investments 284,400   294,322      
Government and government-backed securities 0   0      
Non-Agency Securities 811,694   759,633      
Residential mortgage loans, HFS 52,248   56,791      
Residential mortgage loans, HFS, at fair value 24,295   25,156      
Residential mortgage loans, HFI, at fair value 294,416   324,688      
Residential mortgage loans subject to repurchase 0   0      
Consumer loans, at fair value 707,111   784,399      
Derivative and hedging assets 51,646   39,459      
Residential transition loans 3,832,312   2,699,864      
Insurance company investments, at fair value 1,070,082   867,249      
Notes receivable 481,123   460,631      
Loans receivable 11,742   11,396      
Equity investment, at fair value 194,084   194,286      
CLOs 135,645   112,828      
Investments of consolidated entities - funds 408,376   290,335      
Investments of consolidated entities - loan securitizations 1,157,794   927,089      
Other assets 168,860   107,608      
Assets, fair value 21,085,704   18,638,439      
Liabilities:            
Secured financing agreements 287,234   261,551      
Secured notes and bonds payable 14,371,633   15,068,083      
Unsecured notes, net of issuance costs 1,915,405   1,461,956      
Residential mortgage loan repurchase liability 0   0      
Derivative and hedging liabilities 55,783   52,584      
MSR financing liability, at fair value 83,785   76,266      
Notes receivable financing liability 387,817   382,512      
RTL financing liability, at fair value 75,836   82,489      
Notes payable and secured financing of consolidated entities - funds 192,192   203,654      
Notes payable of consolidated entities - loan securitizations 1,054,031   867,141      
Liabilities, fair value 18,423,716   18,456,236      
Recurring Basis | Fair Value | NAV            
Assets:            
Investments of consolidated entities - funds 332,800   324,860      
Other assets 205,807   104,177      
Assets, fair value 538,607   429,037      
Liabilities:            
Liabilities, fair value $ 0   $ 0      
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs” and each, a “VIE”), including funds and collateralized financing entities (“CFEs” and each, a “CFE”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of June 30, 2026 and December 31, 2025, total assets of such consolidated VIEs were $12.1 billion and $10.7 billion, respectively, and total liabilities of such consolidated VIEs were $9.3 billion and $8.2 billion, respectively. See Note 19 for further details.
v3.26.1
FAIR VALUE MEASUREMENTS - Financial Assets Measured at Fair Value on a Recurring Basis using Level 3 Inputs (Details) - Recurring Basis - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning $ 19,866,771 $ 16,927,414 $ 18,585,855 $ 17,356,207
Transfers:        
Transfers out of Level 3   (372,985)   (786,111)
Transfers to Level 3 91   21,839 23,890
Gain (Loss) Included in Net Income:        
Credit loss reversal on securities 363 (705) 158 (603)
Servicing Revenue, Net        
Included in servicing revenue (161,104) (194,819) (7,997) (733,101)
Fair Value Adjustments Due to:        
Other factors 9,832 29,120 23,901 54,163
Instrument-specific credit risk (15,809) (12,294) (32,196) (28,656)
Other income (loss), net 27,207 (18,275) 17,540 19,980
Gains included in OCI (1,309) 3,210 (566) 7,950
Interest income 35,597 24,680 67,443 47,290
Purchases, Sales, Repayments and Originations:        
Purchases, net 724,046 346,337 1,370,931 696,597
Sales and settlement fundings (33,395) (23,165) (43,265) (40,763)
Proceeds from repayments (1,077,394) (1,086,652) (2,405,609) (2,123,730)
Originations and other 1,655,025 1,345,097 3,431,887 2,473,850
Balance, ending 21,029,921 16,966,963 21,029,921 16,966,963
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(J) 50,998 (35,346) 415,002 (372,881)
Excess MSRs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning 314,933 354,923 323,564 369,162
Transfers:        
Transfers out of Level 3   0   0
Transfers to Level 3 0   0 0
Gain (Loss) Included in Net Income:        
Credit loss reversal on securities 0 0 0 0
Servicing Revenue, Net        
Included in servicing revenue 0 0 0 0
Fair Value Adjustments Due to:        
Other factors 1,319 (690) 411 (1,605)
Instrument-specific credit risk 0 0 0 0
Other income (loss), net 0 0 0 0
Gains included in OCI 0 0 0 0
Interest income 7,791 9,109 15,991 13,299
Purchases, Sales, Repayments and Originations:        
Purchases, net 0 0 0 0
Sales and settlement fundings 0 (45) 0 (45)
Proceeds from repayments (15,650) (17,620) (31,573) (35,134)
Originations and other 0 0 0 0
Balance, ending 308,393 345,677 308,393 345,677
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(J) 1,319 (645) 411 (1,560)
MSRs And MSR Financing Receivables        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning 10,859,933 10,133,041 10,359,141 10,321,671
Transfers:        
Transfers out of Level 3   0   0
Transfers to Level 3 0   0 0
Gain (Loss) Included in Net Income:        
Credit loss reversal on securities 0 0 0 0
Servicing Revenue, Net        
Included in servicing revenue (161,104) (194,819) (7,997) (733,101)
Fair Value Adjustments Due to:        
Other factors 0 0 0 0
Instrument-specific credit risk 0 0 0 0
Other income (loss), net 0 0 0 0
Gains included in OCI 0 0 0 0
Interest income 0 0 0 0
Purchases, Sales, Repayments and Originations:        
Purchases, net 9,050 0 12,410 0
Sales and settlement fundings 1,632 1,860 4,047 2,524
Proceeds from repayments 0 0 0 0
Originations and other 381,972 419,981 723,882 768,969
Balance, ending 11,091,483 10,360,063 11,091,483 10,360,063
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(J) 54,191 (16,818) 419,834 (407,058)
Servicer Advance Investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning 284,260 321,531 294,322 339,646
Transfers:        
Transfers out of Level 3   0   0
Transfers to Level 3 0   0 0
Gain (Loss) Included in Net Income:        
Credit loss reversal on securities 0 0 0 0
Servicing Revenue, Net        
Included in servicing revenue 0 0 0 0
Fair Value Adjustments Due to:        
Other factors 3,106 166 3,309 (1,527)
Instrument-specific credit risk 0 0 0 0
Other income (loss), net 0 0 0 0
Gains included in OCI 0 0 0 0
Interest income 4,829 5,245 9,636 10,600
Purchases, Sales, Repayments and Originations:        
Purchases, net 163,993 164,021 332,353 350,377
Sales and settlement fundings 0 0 0 0
Proceeds from repayments (171,788) (177,977) (355,220) (386,110)
Originations and other 0 0 0 0
Balance, ending 284,400 312,986 284,400 312,986
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(J) 3,106 166 3,309 (1,527)
Insurance Company Investments        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning 979,862 0 867,249 0
Transfers:        
Transfers out of Level 3   0   0
Transfers to Level 3 0   0 0
Gain (Loss) Included in Net Income:        
Credit loss reversal on securities 0 0 0 0
Servicing Revenue, Net        
Included in servicing revenue 0 0 0 0
Fair Value Adjustments Due to:        
Other factors (4,151) 0 (2,893) 0
Instrument-specific credit risk 0 0 0 0
Other income (loss), net 0 0 0 0
Gains included in OCI 0 0 0 0
Interest income 0 0 0 0
Purchases, Sales, Repayments and Originations:        
Purchases, net 190,307 0 377,549 0
Sales and settlement fundings 0 0 0 0
Proceeds from repayments (99,812) 0 (176,473) 0
Originations and other 3,876 0 4,650 0
Balance, ending 1,070,082 0 1,070,082 0
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(J) (4,151) 0 (2,893) 0
CLOs And Consolidated Funds        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning 982,320 1,096,734 875,074 1,363,228
Transfers:        
Transfers out of Level 3   (372,985)   (785,253)
Transfers to Level 3 91   21,839 21,809
Gain (Loss) Included in Net Income:        
Credit loss reversal on securities 363 (705) 158 (603)
Servicing Revenue, Net        
Included in servicing revenue 0 0 0 0
Fair Value Adjustments Due to:        
Other factors (941) 2,072 (1,242) 3,976
Instrument-specific credit risk 0 0 0 0
Other income (loss), net (3,391) (27,843) (12,284) 404
Gains included in OCI (1,309) 3,210 (566) 7,950
Interest income 11,329 9,549 22,426 16,572
Purchases, Sales, Repayments and Originations:        
Purchases, net 58,183 175,349 188,697 298,983
Sales and settlement fundings (34,896) (30,054) (47,396) (47,695)
Proceeds from repayments (41,624) (28,331) (76,581) (52,375)
Originations and other 0 0 0 0
Balance, ending 970,125 826,996 970,125 826,996
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(J) (571) (23,266) 3,643 11,727
Residential Mortgage Loans        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning 387,771 444,684 406,635 455,726
Transfers:        
Transfers out of Level 3   0   (858)
Transfers to Level 3 0   0 2,081
Gain (Loss) Included in Net Income:        
Credit loss reversal on securities 0 0 0 0
Servicing Revenue, Net        
Included in servicing revenue 0 0 0 0
Fair Value Adjustments Due to:        
Other factors (7,948) 2,828 (5,840) 12,840
Instrument-specific credit risk 57 (653) (1,709) (6,450)
Other income (loss), net (251) 322 (343) 1,760
Gains included in OCI 0 0 0 0
Interest income 0 0 0 0
Purchases, Sales, Repayments and Originations:        
Purchases, net 393 299 461 538
Sales and settlement fundings (131) 0 84 (7,216)
Proceeds from repayments (13,128) (16,117) (26,442) (32,473)
Originations and other 4,196 (1,169) (1,887) 4,246
Balance, ending 370,959 430,194 370,959 430,194
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(J) (2,595) 2,210 (6,961) 6,364
Consumer Loans        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning 805,294 554,168 784,399 665,565
Transfers:        
Transfers out of Level 3   0   0
Transfers to Level 3 0   0 0
Gain (Loss) Included in Net Income:        
Credit loss reversal on securities 0 0 0 0
Servicing Revenue, Net        
Included in servicing revenue 0 0 0 0
Fair Value Adjustments Due to:        
Other factors 1,957 (2,514) 4,823 (13,323)
Instrument-specific credit risk (2,676) (4,384) (4,991) (6,388)
Other income (loss), net 0 0 0 0
Gains included in OCI 0 0 0 0
Interest income 9,396 777 15,471 6,700
Purchases, Sales, Repayments and Originations:        
Purchases, net 295,297 0 433,666 0
Sales and settlement fundings 0 5,074 0 11,669
Proceeds from repayments (111,740) (87,890) (235,840) (198,992)
Originations and other 14,152 0 14,152 0
Balance, ending 1,011,680 465,231 1,011,680 465,231
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(J) (3,462) (6,898) (2,912) (18,548)
Other Assets        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning 814,238 748,583 760,797 700,942
Transfers:        
Transfers out of Level 3   0   0
Transfers to Level 3 0   0 0
Gain (Loss) Included in Net Income:        
Credit loss reversal on securities 0 0 0 0
Servicing Revenue, Net        
Included in servicing revenue 0 0 0 0
Fair Value Adjustments Due to:        
Other factors 7,638 19,202 15,595 42,736
Instrument-specific credit risk 0 0 0 0
Other income (loss), net 30,849 9,246 30,167 17,816
Gains included in OCI 0 0 0 0
Interest income 2,252 0 3,919 119
Purchases, Sales, Repayments and Originations:        
Purchases, net 6,823 6,668 11,591 46,699
Sales and settlement fundings 0 0 0 0
Proceeds from repayments (9,343) (20,149) (18,882) (44,762)
Originations and other (785) (2,959) 48,485 (2,959)
Balance, ending 851,672 760,591 851,672 760,591
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(J) 7,638 9,246 15,595 42,736
RTLs        
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Balance, beginning 4,438,160 3,273,750 3,914,674 3,140,267
Transfers:        
Transfers out of Level 3   0   0
Transfers to Level 3 0   0 0
Gain (Loss) Included in Net Income:        
Credit loss reversal on securities 0 0 0 0
Servicing Revenue, Net        
Included in servicing revenue 0 0 0 0
Fair Value Adjustments Due to:        
Other factors 8,852 8,056 9,738 11,066
Instrument-specific credit risk (13,190) (7,257) (25,496) (15,818)
Other income (loss), net 0 0 0 0
Gains included in OCI 0 0 0 0
Interest income 0 0 0 0
Purchases, Sales, Repayments and Originations:        
Purchases, net 0 0 14,204 0
Sales and settlement fundings 0 0 0 0
Proceeds from repayments (614,309) (738,568) (1,484,598) (1,373,884)
Originations and other 1,251,614 929,244 2,642,605 1,703,594
Balance, ending 5,071,127 3,465,225 5,071,127 3,465,225
Changes in unrealized gains (losses) included in earnings related to financial assets still held at the reporting date(J) $ (4,477) $ 659 $ (15,024) $ (5,015)
v3.26.1
FAIR VALUE MEASUREMENTS - Fair Value Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs (Details) - Recurring Basis - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance $ 1,731,459 $ 2,104,315 $ 1,755,504 $ 2,482,756
Transfers:        
Transfers out of Level 3   (368,843)   (735,874)
Gains (Losses) Included in Net Income:        
Servicing revenue, net 4,542 (9,332) 7,519 (5,698)
Other income (loss) 3,498 9,391 1,582 5,374
Purchases, Issuance and Repayments:        
Issuance 313,844   317,767  
Repayments (133,717) (45,893) (163,313) (57,485)
Other 175 567 742 1,132
Ending balance 1,919,801 1,690,205 1,919,801 1,690,205
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(C) (9,461) (586) (11,602) (2,148)
Asset-Backed Securities Issued        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance 134,319 169,035 143,442 185,460
Transfers:        
Transfers out of Level 3   0   0
Gains (Losses) Included in Net Income:        
Servicing revenue, net 0 0 0 0
Other income (loss) 232 2,841 100 (1,992)
Purchases, Issuance and Repayments:        
Issuance 0   0  
Repayments (8,411) (11,443) (17,402) (23,035)
Other 0 0 0 0
Ending balance 126,140 160,433 126,140 160,433
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(C) (232) (2,841) (100) 1,992
Notes Payable and Secured Financing of Consolidated Entities        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance 200,787 592,078 203,654 959,958
Transfers:        
Transfers out of Level 3   (368,843)   (735,874)
Gains (Losses) Included in Net Income:        
Servicing revenue, net 0 0 0 0
Other income (loss) 0 1,431 0 582
Purchases, Issuance and Repayments:        
Issuance 0   0  
Repayments (8,595) 0 (11,462) 0
Other 0 0 0 0
Ending balance 192,192 224,666 192,192 224,666
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(C) 0 (637) 0 (582)
Notes Payable of CFEs - Residential Transition Loans | Residential Portfolio Segment        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance 863,334 859,760 867,141 859,023
Transfers:        
Transfers out of Level 3   0   0
Gains (Losses) Included in Net Income:        
Servicing revenue, net 0 0 0 0
Other income (loss) (1,616) 2,712 (5,989) 2,883
Purchases, Issuance and Repayments:        
Issuance 0   0  
Repayments (96,999) 0 (96,999) 0
Other 176 566 742 1,132
Ending balance 764,895 863,038 764,895 863,038
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(C) 1,616 (2,712) 5,989 (2,883)
Notes Payable of CFEs - Residential Transition Loans | Consumer Portfolio Segment        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance 0 0 0 0
Transfers:        
Transfers out of Level 3   0   0
Gains (Losses) Included in Net Income:        
Servicing revenue, net 0 0 0 0
Other income (loss) 2,166 0 2,166 0
Purchases, Issuance and Repayments:        
Issuance 300,666   300,666  
Repayments (13,696) 0 (13,696) 0
Other 0 0 0 0
Ending balance 289,136 0 289,136 0
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(C) (2,166) 0 (2,166) 0
MSR Financing Liability        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance 79,244 104,721 76,266 101,088
Transfers:        
Transfers out of Level 3   0 7,519 0
Gains (Losses) Included in Net Income:        
Servicing revenue, net 4,542 (9,332)   (5,698)
Other income (loss) 0 0 0 0
Purchases, Issuance and Repayments:        
Issuance 0   0  
Repayments 0 (34,450) 0 (34,450)
Other (1) 1 0 0
Ending balance 83,785 60,940 83,785 60,940
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(C) (5,963) 8,011 (10,020) 3,226
Notes Receivable Financing Liability        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance 385,101 378,721 382,512 377,227
Transfers:        
Transfers out of Level 3   0   0
Gains (Losses) Included in Net Income:        
Servicing revenue, net 0 0 0 0
Other income (loss) 2,716 2,407 5,305 3,901
Purchases, Issuance and Repayments:        
Issuance 0   0  
Repayments 0 0 0 0
Other 0 0 0 0
Ending balance 387,817 381,128 387,817 381,128
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(C) (2,716) (2,407) (5,305) (3,901)
RTL Financing Liability        
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]        
Beginning balance 68,674 0 82,489 0
Transfers:        
Transfers out of Level 3   0   0
Gains (Losses) Included in Net Income:        
Servicing revenue, net 0 0 0 0
Other income (loss) 0 0 0 0
Purchases, Issuance and Repayments:        
Issuance 13,178   17,101  
Repayments (6,016) 0 (23,754) 0
Other 0 0 0 0
Ending balance 75,836 0 75,836 0
Changes in unrealized gains (losses) included in earnings related to financial liabilities still held at the reporting date(C) $ 0 $ 0 $ 0 $ 0
v3.26.1
FAIR VALUE MEASUREMENTS - Information Regarding Inputs used in Valuing Excess MSRs Owned Directly and through Equity Method Investees (Details)
 6 Months Ended 12 Months Ended
Jun. 30, 2026
$ / Loan
Dec. 31, 2025
$ / Loan
Prepayment Rate | MSRs And MSR Financing Receivables | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.014 0.017
Prepayment Rate | MSRs And MSR Financing Receivables | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.078 0.081
Prepayment Rate | MSRs And MSR Financing Receivables | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.999 1.000
Prepayment Rate | MSRs And MSR Financing Receivables | GSE | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.027 0.025
Prepayment Rate | MSRs And MSR Financing Receivables | GSE | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.070 0.072
Prepayment Rate | MSRs And MSR Financing Receivables | GSE | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.976 1.000
Prepayment Rate | MSRs And MSR Financing Receivables | Non-Agency | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.017 0.017
Prepayment Rate | MSRs And MSR Financing Receivables | Non-Agency | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.081 0.084
Prepayment Rate | MSRs And MSR Financing Receivables | Non-Agency | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.999 0.983
Prepayment Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.014 0.019
Prepayment Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.090 0.096
Prepayment Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.884 0.971
Prepayment Rate | Directly Held | Excess MSRs | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.023 0.023
Prepayment Rate | Directly Held | Excess MSRs | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.067 0.068
Prepayment Rate | Directly Held | Excess MSRs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.149 0.133
Delinquency | MSRs And MSR Financing Receivables | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.000 0.000
Delinquency | MSRs And MSR Financing Receivables | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.060 0.061
Delinquency | MSRs And MSR Financing Receivables | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 1.000 1.000
Delinquency | MSRs And MSR Financing Receivables | GSE | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.000 0.000
Delinquency | MSRs And MSR Financing Receivables | GSE | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.018 0.018
Delinquency | MSRs And MSR Financing Receivables | GSE | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 1.000 1.000
Delinquency | MSRs And MSR Financing Receivables | Non-Agency | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.030 0.150
Delinquency | MSRs And MSR Financing Receivables | Non-Agency | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.193 0.205
Delinquency | MSRs And MSR Financing Receivables | Non-Agency | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 1.000 1.000
Delinquency | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.380 0.440
Delinquency | MSRs And MSR Financing Receivables | Ginnie Mae | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.098 0.101
Delinquency | MSRs And MSR Financing Receivables | Ginnie Mae | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 1.000 0.990
Delinquency | Directly Held | Excess MSRs | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.000 0.002
Delinquency | Directly Held | Excess MSRs | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.041 0.047
Delinquency | Directly Held | Excess MSRs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.129 0.141
Recapture Rate | MSRs And MSR Financing Receivables | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.000 0.000
Recapture Rate | MSRs And MSR Financing Receivables | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.150 0.200
Recapture Rate | MSRs And MSR Financing Receivables | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.296 0.326
Recapture Rate | MSRs And MSR Financing Receivables | GSE | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.070 0.070
Recapture Rate | MSRs And MSR Financing Receivables | GSE | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.104 0.105
Recapture Rate | MSRs And MSR Financing Receivables | GSE | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.145 0.150
Recapture Rate | MSRs And MSR Financing Receivables | Non-Agency | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.000 0.000
Recapture Rate | MSRs And MSR Financing Receivables | Non-Agency | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.019 0.013
Recapture Rate | MSRs And MSR Financing Receivables | Non-Agency | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.039 0.044
Recapture Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.105 0.105
Recapture Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.266 0.267
Recapture Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.296 0.326
Recapture Rate | Directly Held | Excess MSRs | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.000 0.000
Recapture Rate | Directly Held | Excess MSRs | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.394 0.393
Recapture Rate | Directly Held | Excess MSRs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.638 0.635
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0001 0.0001
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0036 0.0037
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0180 0.0176
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | GSE | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0001 0.0002
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | GSE | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0029 0.0029
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | GSE | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0157 0.0176
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Non-Agency | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0001 0.0001
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Non-Agency | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0041 0.0042
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Non-Agency | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0180 0.0169
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0019 0.0019
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Ginnie Mae | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0048 0.0048
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Ginnie Mae | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0144 0.0132
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Directly Held | Excess MSRs | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0007 0.0007
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Directly Held | Excess MSRs | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0021 0.0021
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Directly Held | Excess MSRs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0031 0.0031
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 0 years 0 years
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 24 years 24 years
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 52 years 59 years
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | GSE | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 0 years 0 years
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | GSE | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 23 years 23 years
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | GSE | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 40 years 40 years
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Non-Agency | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 0 years 0 years
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Non-Agency | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 21 years 22 years
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Non-Agency | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 52 years 59 years
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 0 years 0 years
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Ginnie Mae | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 26 years 26 years
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Ginnie Mae | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 40 years 40 years
Collateral Weighted Average Maturity (Years) | Directly Held | Excess MSRs | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 11 years 10 years
Collateral Weighted Average Maturity (Years) | Directly Held | Excess MSRs | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 19 years 19 years
Collateral Weighted Average Maturity (Years) | Directly Held | Excess MSRs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 22 years 22 years
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Non-Agency | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 9.33 9.08
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Non-Agency | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 10.77 11.23
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Non-Agency | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 10.96 13.36
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 9.86 9.88
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Agency Securities | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 7.08 7.11
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Agency Securities | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 7.22 7.22
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Agency Securities | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 7.66 7.83
v3.26.1
FAIR VALUE MEASUREMENTS - Narrative (Details)
$ in Thousands
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Jun. 30, 2026
USD ($)
Jun. 30, 2025
USD ($)
Dec. 31, 2025
USD ($)
Schedule of Equity Method Investments [Line Items]          
Fair value of private credit and commercial mortgage loans $ 132,700   $ 132,700   $ 218,600
Maximum exposure to loss 1,343,882   1,343,882   1,363,881
Alternative investment, unfunded commitments 21,800   21,800   28,100
Fair Value, Measurements, Nonrecurring          
Schedule of Equity Method Investments [Line Items]          
Assets, fair value 58,800   58,800   67,800
CLOs          
Schedule of Equity Method Investments [Line Items]          
Unsecured notes, net of issuance costs 408,600   408,600   751,600
Residential mortgage loans, held-for-sale, at fair value          
Schedule of Equity Method Investments [Line Items]          
Assets, fair value adjustment 300 $ 300 300 $ 800  
Secured Notes and Bonds Payable: | CLOs          
Schedule of Equity Method Investments [Line Items]          
Unsecured notes, net of issuance costs 408,600   408,600    
Secured Notes and Bonds Payable: | Sculptor          
Schedule of Equity Method Investments [Line Items]          
Unsecured notes, net of issuance costs $ 192,200   $ 192,200   $ 203,700
Discount Rate          
Schedule of Equity Method Investments [Line Items]          
Alternative investment, measurement input 0.107   0.107   0.104
Variable Interest Entity, Not Primary Beneficiary          
Schedule of Equity Method Investments [Line Items]          
Maximum exposure to loss $ 194,100   $ 194,100   $ 194,300
Variable Interest Entity, Not Primary Beneficiary | Credit Risk Transfer LLC          
Schedule of Equity Method Investments [Line Items]          
Ownership percentage by parent 70.00%   70.00%    
Maturity Greater than 30 Days          
Schedule of Equity Method Investments [Line Items]          
Days delinquent (in days)     30 days    
RTLs | Non-performing loans          
Schedule of Equity Method Investments [Line Items]          
Mortgage loans, held For investment, fair value $ 96,700   $ 96,700   100,900
Collateral $ 87,100   $ 87,100   $ 89,600
MSRs And MSR Financing Receivables          
Schedule of Equity Method Investments [Line Items]          
Variable interest rate spread (as a percent)         1.85%
Weighted Average | Mortgage Servicing Rights          
Schedule of Equity Method Investments [Line Items]          
Discount rate     8.00%   8.40%
Weighted Average | Excess MSRs          
Schedule of Equity Method Investments [Line Items]          
Discount rate     8.30%   8.50%
Minimum          
Schedule of Equity Method Investments [Line Items]          
Recapture rate, term (in months)     3 months    
Minimum | Mortgage Servicing Rights          
Schedule of Equity Method Investments [Line Items]          
Discount rate     7.60%   8.00%
Minimum | Excess MSRs          
Schedule of Equity Method Investments [Line Items]          
Discount rate     8.10%   8.10%
Maximum          
Schedule of Equity Method Investments [Line Items]          
Recapture rate, term (in months)     6 months    
Maximum | Mortgage Servicing Rights          
Schedule of Equity Method Investments [Line Items]          
Discount rate     9.60%   10.30%
Maximum | Excess MSRs          
Schedule of Equity Method Investments [Line Items]          
Discount rate     8.70%   9.00%
v3.26.1
FAIR VALUE MEASUREMENTS - Effect of Percentage Change In Measurement Inputs (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value $ 11,091,483 $ 10,359,141
MSRs And MSR Financing Receivables | Agency Securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value 6,483,683  
MSRs And MSR Financing Receivables | Agency Securities | Twenty Percent Decrease In Measurement Input | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value 7,001,132  
Change in Estimated Fair Value:    
Amount $ 517,449  
Percentage 8.00%  
MSRs And MSR Financing Receivables | Agency Securities | Twenty Percent Decrease In Measurement Input | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,869,476  
Change in Estimated Fair Value:    
Amount $ 385,793  
Percentage 6.00%  
MSRs And MSR Financing Receivables | Agency Securities | Twenty Percent Decrease In Measurement Input | Delinquency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,506,440  
Change in Estimated Fair Value:    
Amount $ 22,757  
Percentage 0.40%  
MSRs And MSR Financing Receivables | Agency Securities | Twenty Percent Decrease In Measurement Input | Recapture Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,439,663  
Change in Estimated Fair Value:    
Amount $ (44,020)  
Percentage (0.70%)  
MSRs And MSR Financing Receivables | Agency Securities | Ten Percent Decrease In Measurement Input | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,732,858  
Change in Estimated Fair Value:    
Amount $ 249,175  
Percentage 3.80%  
MSRs And MSR Financing Receivables | Agency Securities | Ten Percent Decrease In Measurement Input | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,668,560  
Change in Estimated Fair Value:    
Amount $ 184,877  
Percentage 2.90%  
MSRs And MSR Financing Receivables | Agency Securities | Ten Percent Decrease In Measurement Input | Delinquency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,495,231  
Change in Estimated Fair Value:    
Amount $ 11,548  
Percentage 0.20%  
MSRs And MSR Financing Receivables | Agency Securities | Ten Percent Decrease In Measurement Input | Recapture Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,461,673  
Change in Estimated Fair Value:    
Amount $ (22,010)  
Percentage (0.30%)  
MSRs And MSR Financing Receivables | Agency Securities | Ten Percent Increase In Measurement Input | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,251,817  
Change in Estimated Fair Value:    
Amount $ (231,866)  
Percentage (3.60%)  
MSRs And MSR Financing Receivables | Agency Securities | Ten Percent Increase In Measurement Input | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,313,013  
Change in Estimated Fair Value:    
Amount $ (170,670)  
Percentage (2.60%)  
MSRs And MSR Financing Receivables | Agency Securities | Ten Percent Increase In Measurement Input | Delinquency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,471,814  
Change in Estimated Fair Value:    
Amount $ (11,869)  
Percentage (0.20%)  
MSRs And MSR Financing Receivables | Agency Securities | Ten Percent Increase In Measurement Input | Recapture Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,505,693  
Change in Estimated Fair Value:    
Amount $ 22,010  
Percentage 0.30%  
MSRs And MSR Financing Receivables | Agency Securities | Twenty Percent Increase In Measurement Input | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,035,666  
Change in Estimated Fair Value:    
Amount $ (448,017)  
Percentage (6.90%)  
MSRs And MSR Financing Receivables | Agency Securities | Twenty Percent Increase In Measurement Input | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,154,952  
Change in Estimated Fair Value:    
Amount $ (328,731)  
Percentage (5.10%)  
MSRs And MSR Financing Receivables | Agency Securities | Twenty Percent Increase In Measurement Input | Delinquency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,459,640  
Change in Estimated Fair Value:    
Amount $ (24,043)  
Percentage (0.40%)  
MSRs And MSR Financing Receivables | Agency Securities | Twenty Percent Increase In Measurement Input | Recapture Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 6,527,704  
Change in Estimated Fair Value:    
Amount $ 44,021  
Percentage 0.70%  
MSRs And MSR Financing Receivables | Non-Agency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value $ 981,266  
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Decrease In Measurement Input | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value 1,079,309  
Change in Estimated Fair Value:    
Amount $ 98,043  
Percentage 10.00%  
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Decrease In Measurement Input | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 1,038,141  
Change in Estimated Fair Value:    
Amount $ 56,875  
Percentage 5.80%  
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Decrease In Measurement Input | Delinquency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 985,224  
Change in Estimated Fair Value:    
Amount $ 3,958  
Percentage 0.40%  
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Decrease In Measurement Input | Recapture Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 980,212  
Change in Estimated Fair Value:    
Amount $ (1,054)  
Percentage (0.10%)  
MSRs And MSR Financing Receivables | Non-Agency | Ten Percent Decrease In Measurement Input | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 1,028,146  
Change in Estimated Fair Value:    
Amount $ 46,880  
Percentage 4.80%  
MSRs And MSR Financing Receivables | Non-Agency | Ten Percent Decrease In Measurement Input | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 1,008,793  
Change in Estimated Fair Value:    
Amount $ 27,527  
Percentage 2.80%  
MSRs And MSR Financing Receivables | Non-Agency | Ten Percent Decrease In Measurement Input | Delinquency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 983,386  
Change in Estimated Fair Value:    
Amount $ 2,120  
Percentage 0.20%  
MSRs And MSR Financing Receivables | Non-Agency | Ten Percent Decrease In Measurement Input | Recapture Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 980,739  
Change in Estimated Fair Value:    
Amount $ (527)  
Percentage (0.10%)  
MSRs And MSR Financing Receivables | Non-Agency | Ten Percent Increase In Measurement Input | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 938,199  
Change in Estimated Fair Value:    
Amount $ (43,067)  
Percentage (4.40%)  
MSRs And MSR Financing Receivables | Non-Agency | Ten Percent Increase In Measurement Input | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 955,386  
Change in Estimated Fair Value:    
Amount $ (25,880)  
Percentage (2.60%)  
MSRs And MSR Financing Receivables | Non-Agency | Ten Percent Increase In Measurement Input | Delinquency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 978,933  
Change in Estimated Fair Value:    
Amount $ (2,333)  
Percentage (0.20%)  
MSRs And MSR Financing Receivables | Non-Agency | Ten Percent Increase In Measurement Input | Recapture Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 981,793  
Change in Estimated Fair Value:    
Amount $ 527  
Percentage 0.10%  
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Increase In Measurement Input | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 898,537  
Change in Estimated Fair Value:    
Amount $ (82,729)  
Percentage (8.40%)  
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Increase In Measurement Input | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 930,999  
Change in Estimated Fair Value:    
Amount $ (50,267)  
Percentage (5.10%)  
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Increase In Measurement Input | Delinquency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 976,439  
Change in Estimated Fair Value:    
Amount $ (4,827)  
Percentage (0.50%)  
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Increase In Measurement Input | Recapture Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 982,320  
Change in Estimated Fair Value:    
Amount $ 1,054  
Percentage 0.10%  
MSRs And MSR Financing Receivables | Ginnie Mae    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value $ 3,626,534  
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Decrease In Measurement Input | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value 3,912,867  
Change in Estimated Fair Value:    
Amount $ 286,333  
Percentage 7.90%  
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Decrease In Measurement Input | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,802,089  
Change in Estimated Fair Value:    
Amount $ 175,555  
Percentage 4.80%  
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Decrease In Measurement Input | Delinquency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,678,346  
Change in Estimated Fair Value:    
Amount $ 51,812  
Percentage 1.40%  
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Decrease In Measurement Input | Recapture Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,553,940  
Change in Estimated Fair Value:    
Amount $ (72,594)  
Percentage (2.00%)  
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Decrease In Measurement Input | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,764,383  
Change in Estimated Fair Value:    
Amount $ 137,849  
Percentage 3.80%  
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Decrease In Measurement Input | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,709,558  
Change in Estimated Fair Value:    
Amount $ 83,024  
Percentage 2.30%  
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Decrease In Measurement Input | Delinquency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,652,356  
Change in Estimated Fair Value:    
Amount $ 25,822  
Percentage 0.70%  
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Decrease In Measurement Input | Recapture Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,590,237  
Change in Estimated Fair Value:    
Amount $ (36,297)  
Percentage (1.00%)  
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Increase In Measurement Input | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,498,304  
Change in Estimated Fair Value:    
Amount $ (128,230)  
Percentage (3.50%)  
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Increase In Measurement Input | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,551,359  
Change in Estimated Fair Value:    
Amount $ (75,175)  
Percentage (2.10%)  
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Increase In Measurement Input | Delinquency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,600,957  
Change in Estimated Fair Value:    
Amount $ (25,577)  
Percentage (0.70%)  
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Increase In Measurement Input | Recapture Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,662,831  
Change in Estimated Fair Value:    
Amount $ 36,297  
Percentage 1.00%  
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Increase In Measurement Input | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,378,793  
Change in Estimated Fair Value:    
Amount $ (247,741)  
Percentage (6.80%)  
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Increase In Measurement Input | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,482,754  
Change in Estimated Fair Value:    
Amount $ (143,780)  
Percentage (4.00%)  
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Increase In Measurement Input | Delinquency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,575,606  
Change in Estimated Fair Value:    
Amount $ (50,928)  
Percentage (1.40%)  
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Increase In Measurement Input | Recapture Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Estimated fair value $ 3,699,128  
Change in Estimated Fair Value:    
Amount $ 72,594  
Percentage 2.00%  
v3.26.1
FAIR VALUE MEASUREMENTS - Information Regarding the Inputs used in Valuing the Servicer Advances (Details) - Servicer Advances
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value inputs, monthly servicing fee 0.037% 0.046%
Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Servicer Advances to UPB of Underlying Residential Mortgage Loans 2.10% 2.00%
Minimum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.049 0.045
Minimum | Delinquency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.174 0.179
Minimum | Mortgage Servicing Amount    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.00199 0.00199
Minimum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.065 0.065
Weighted Average | Collateral Weighted Average Maturity (Years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Collateral Weighted Average Maturity (Years) 20 years 2 months 12 days 20 years 6 months
v3.26.1
FAIR VALUE MEASUREMENTS - Real Estate And Other Securities Valuation Methodology and Results (Details)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
source
Dec. 31, 2025
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Face Amount $ 14,224,872 $ 14,245,794
Amortized Cost Basis 6,194,390 6,306,388
Fair Value $ 6,315,460 6,481,714
Number of broker quotation sources | source 2  
Multiple Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 6,156,641 6,341,850
Single Quote    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 158,819 139,864
Government-backed securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Face Amount 4,950,720 5,230,355
Amortized Cost Basis 4,839,269 5,119,755
Government-backed securities | Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 4,887,937 5,230,139
Government-backed securities | Level 2 | Multiple Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 4,887,937 5,230,139
Government-backed securities | Level 2 | Single Quote    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 0 0
CLOs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Face Amount 410,780 364,189
Amortized Cost Basis 405,558 355,912
CLOs | Fair Value, Inputs, Level 2 and 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 429,076 362,280
CLOs | Fair Value, Inputs, Level 2 and 3 | Multiple Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 293,431 249,452
CLOs | Fair Value, Inputs, Level 2 and 3 | Single Quote    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 135,645 112,828
Non-Agency and other securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Face Amount 8,272,017 8,507,851
Amortized Cost Basis $ 759,996 $ 701,105
Percent of securities 92.20% 78.00%
Fair Value $ 748,194 $ 592,302
Non-Agency and other securities | Minimum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.046 0.042
Non-Agency and other securities | Minimum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.000 0.000
Non-Agency and other securities | Minimum | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.000 0.000
Non-Agency and other securities | Minimum | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.000 0.000
Non-Agency and other securities | Maximum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.180 0.180
Non-Agency and other securities | Maximum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.250 0.250
Non-Agency and other securities | Maximum | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.053 0.053
Non-Agency and other securities | Maximum | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.550 0.550
Non-Agency and other securities | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.065 0.066
Non-Agency and other securities | Weighted Average | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.115 0.092
Non-Agency and other securities | Weighted Average | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.003 0.003
Non-Agency and other securities | Weighted Average | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.110 0.110
Non-Agency and other securities | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 811,694 $ 759,633
Non-Agency and other securities | Level 3 | Multiple Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 788,520 732,597
Non-Agency and other securities | Level 3 | Single Quote    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 23,174 27,036
Insurance company investments - securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Face Amount 591,355 143,399
Amortized Cost Basis 189,567 129,616
Insurance company investments - securities | Fair Value, Inputs, Level 2 and 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 186,753 129,662
Insurance company investments - securities | Fair Value, Inputs, Level 2 and 3 | Multiple Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value 186,753 129,662
Insurance company investments - securities | Fair Value, Inputs, Level 2 and 3 | Single Quote    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 0 $ 0
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Inputs Used In Valuing Residential Mortgage Loans, Consumer Loans, Mortgage Loans Receivable, Derivatives, and Mortgage Backed Securities (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing liability $ 56,600 $ 46,300
Residential mortgage loans, HFI, at fair value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, fair value $ 294,416 $ 324,688
Residential mortgage loans, HFI, at fair value | Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, measurement input 0.067 0.061
Residential mortgage loans, HFI, at fair value | Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, measurement input 0.093 0.105
Residential mortgage loans, HFI, at fair value | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, measurement input 0.080 0.075
Residential mortgage loans, HFI, at fair value | Prepayment Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, measurement input 0.048 0.050
Residential mortgage loans, HFI, at fair value | Prepayment Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, measurement input 0.067 0.070
Residential mortgage loans, HFI, at fair value | Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, measurement input 0.056 0.069
Residential mortgage loans, HFI, at fair value | CDR | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, measurement input 0.008 0.009
Residential mortgage loans, HFI, at fair value | CDR | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, measurement input 0.050 0.048
Residential mortgage loans, HFI, at fair value | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, measurement input 0.018 0.018
Residential mortgage loans, HFI, at fair value | Loss Severity | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, measurement input 0.365 0.286
Residential mortgage loans, HFI, at fair value | Loss Severity | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, measurement input 0.465 0.461
Residential mortgage loans, HFI, at fair value | Loss Severity | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, measurement input 0.416 0.392
Consumer Loans, at Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, at fair value $ 707,111 $ 784,399
Consumer Loans, at Fair Value | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, at fair value 147,302 167,807
Consumer Loans, at Fair Value | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, at fair value 97,169 166,473
Consumer Loans, at Fair Value | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, at fair value $ 462,640 $ 450,119
Consumer Loans, at Fair Value | Discount Rate | Minimum | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.092 0.092
Consumer Loans, at Fair Value | Discount Rate | Minimum | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.074 0.075
Consumer Loans, at Fair Value | Discount Rate | Minimum | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.015 0.068
Consumer Loans, at Fair Value | Discount Rate | Maximum | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.102 0.102
Consumer Loans, at Fair Value | Discount Rate | Maximum | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.176 0.176
Consumer Loans, at Fair Value | Discount Rate | Maximum | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.150 0.169
Consumer Loans, at Fair Value | Discount Rate | Weighted Average | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.094 0.094
Consumer Loans, at Fair Value | Discount Rate | Weighted Average | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.087 0.085
Consumer Loans, at Fair Value | Discount Rate | Weighted Average | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.073 0.078
Consumer Loans, at Fair Value | Prepayment Rate | Minimum | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.126 0.121
Consumer Loans, at Fair Value | Prepayment Rate | Minimum | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.000 0.000
Consumer Loans, at Fair Value | Prepayment Rate | Minimum | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.027 0.027
Consumer Loans, at Fair Value | Prepayment Rate | Maximum | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.402 0.395
Consumer Loans, at Fair Value | Prepayment Rate | Maximum | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.220 0.220
Consumer Loans, at Fair Value | Prepayment Rate | Maximum | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.334 0.340
Consumer Loans, at Fair Value | Prepayment Rate | Weighted Average | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.140 0.135
Consumer Loans, at Fair Value | Prepayment Rate | Weighted Average | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.091 0.112
Consumer Loans, at Fair Value | Prepayment Rate | Weighted Average | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.197 0.179
Consumer Loans, at Fair Value | CDR | Minimum | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.010 0.032
Consumer Loans, at Fair Value | CDR | Minimum | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.030 0.030
Consumer Loans, at Fair Value | CDR | Minimum | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.009 0.009
Consumer Loans, at Fair Value | CDR | Maximum | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.091 0.259
Consumer Loans, at Fair Value | CDR | Maximum | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.620 0.620
Consumer Loans, at Fair Value | CDR | Maximum | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.072 0.075
Consumer Loans, at Fair Value | CDR | Weighted Average | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.058 0.055
Consumer Loans, at Fair Value | CDR | Weighted Average | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.375 0.317
Consumer Loans, at Fair Value | CDR | Weighted Average | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.037 0.034
Consumer Loans, at Fair Value | Loss Severity | Minimum | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.724 0.808
Consumer Loans, at Fair Value | Loss Severity | Maximum | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 1.000 1.000
Consumer Loans, at Fair Value | Loss Severity | Weighted Average | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.916 0.927
Consumer Loans, at Fair Value | Loss Severity | Weighted Average | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.875 0.875
Consumer Loans, at Fair Value | Loss Severity | Weighted Average | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.900 0.900
Private credit | Discount Rate | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held For investment, fair value $ 793,687 $ 551,342
Private credit | Discount Rate | Minimum | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.083 0.082
Private credit | Discount Rate | Maximum | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.211 0.451
Private credit | Discount Rate | Weighted Average | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.109 0.113
IRLCs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, fair value $ 33,757 $ 21,449
IRLCs | Loan Funding Probability | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.034 0.042
IRLCs | Loan Funding Probability | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 1.000 1.000
IRLCs | Loan Funding Probability | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.827 0.846
IRLCs | Fair Value of Initial Servicing Rights (bps) | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.00010 0.00041
IRLCs | Fair Value of Initial Servicing Rights (bps) | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.03729 0.04039
IRLCs | Fair Value of Initial Servicing Rights (bps) | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.02095 0.02474
Asset-Backed Securities Issued    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Asset-backed securities, fair value $ 126,140 $ 143,442
Asset-Backed Securities Issued | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Asset-backed securities, measurement input 0.063 0.055
Asset-Backed Securities Issued | Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Asset-backed securities, measurement input 0.140 0.135
Asset-Backed Securities Issued | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Asset-backed securities, measurement input 0.058 0.055
Asset-Backed Securities Issued | Loss Severity | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Asset-backed securities, measurement input 0.916 0.927
Performing Financial Instruments | RTLs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held For investment, fair value $ 3,745,172 $ 2,610,258
Performing Financial Instruments | RTLs | Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.076 0.079
Performing Financial Instruments | RTLs | Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.077 0.080
Performing Financial Instruments | RTLs | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.077 0.079
Performing Financial Instruments | RTLs | Prepayment Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.000 0.000
Performing Financial Instruments | RTLs | Prepayment Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.500 0.500
Performing Financial Instruments | RTLs | Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.479 0.468
Performing Financial Instruments | RTLs | CDR | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.000 0.000
Performing Financial Instruments | RTLs | CDR | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.018 0.018
Performing Financial Instruments | RTLs | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.005 0.005
Performing Financial Instruments | RTLs | Loss Severity | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.250 0.250
Performing Financial Instruments | RTL Investments Of Consolidated Entities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held For investment, fair value $ 385,590 $ 287,721
Performing Financial Instruments | RTL Investments Of Consolidated Entities | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.078 0.079
Performing Financial Instruments | RTL Investments Of Consolidated Entities | Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.450 0.500
Performing Financial Instruments | RTL Investments Of Consolidated Entities | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.005 0.005
Performing Financial Instruments | RTL Investments Of Consolidated Entities | Loss Severity | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.250 0.250
Performing Financial Instruments | RTL Financing Liability    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held For investment, fair value $ 19,240 $ 36,150
Performing Financial Instruments | RTL Financing Liability | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.076 0.079
Performing Financial Instruments | RTL Financing Liability | Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.500 0.500
Performing Financial Instruments | RTL Financing Liability | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.005 0.005
Performing Financial Instruments | RTL Financing Liability | Loss Severity | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.250 0.250
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, fair value $ 17,153 $ 18,002
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.067 0.061
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.091 0.083
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.079 0.068
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Prepayment Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.041 0.043
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Prepayment Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.067 0.070
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.056 0.064
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | CDR | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.008 0.009
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | CDR | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.045 0.023
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.023 0.019
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Loss Severity | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.365 0.190
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Loss Severity | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.631 0.461
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Loss Severity | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.448 0.338
Non-performing loans | RTLs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held For investment, fair value $ 96,700 $ 100,900
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, fair value $ 7,142 $ 7,154
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.091 0.105
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.093 0.129
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.092 0.120
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | CDR | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.045 0.048
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | CDR | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.050 0.066
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.047 0.060
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Annual Change in Home Prices | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input (0.003) 0.033
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Annual Change in Home Prices | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.043 0.043
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Annual Change in Home Prices | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.012 0.040
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Current Value of Underlying Properties | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 2.708 3.007
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Current Value of Underlying Properties | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 2.962 3.063
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Current Value of Underlying Properties | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 2.787 3.028
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Notes And Loans Receivable (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable $ 481,123 $ 460,631
Notes receivable financing liability 387,817 382,512
Loans receivable $ 11,742 $ 11,396
Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable financing liability discount rate 5.60% 5.10%
Discount Rate 12.00% 12.00%
Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable, discount rate 8.40% 7.80%
Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable, discount rate 14.10% 13.60%
Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable, discount rate 9.40% 8.80%
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Other Consolidated Funds (Details) - Other Consolidated Funds - NAV - Fair Value - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Investments at Fair Value $ 205,807 $ 104,177
Redemption Notice Period 2 days 2 days
v3.26.1
FAIR VALUE MEASUREMENTS - Summary of Fair Value of Structured Alternative Investment Solution (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
d
Dec. 31, 2025
USD ($)
d
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Alternative investment $ 28,000  
Percentage of investments that cannot be redeemed 100.00%  
Minimum    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Redemption Notice Period | d 30 30
Liquidation term 7 years  
Maximum    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Redemption Notice Period | d 90 90
Liquidation term 9 years  
Fair Value | NAV    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Alternative investment $ 332,800 $ 324,860
Fair Value | NAV | Open-ended    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Alternative investment 155,786 162,055
Fair Value | NAV | Closed-ended    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Alternative investment $ 177,014 $ 162,805
v3.26.1
FAIR VALUE MEASUREMENTS - Loan Securitizations (Details)
$ in Thousands
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investments, at fair value and other assets [1] $ 6,912,669 $ 5,789,349
Variable Interest Entity, Primary Beneficiary    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investments, at fair value and other assets 6,791,751 5,589,440
Notes payable and secured financing of consolidated entities 5,886,426 4,897,802
Variable Interest Entity, Primary Beneficiary | Residential Transitional Lending    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investments, at fair value and other assets 853,225 927,089
Notes payable and secured financing of consolidated entities 764,895 867,141
Variable Interest Entity, Primary Beneficiary | Consumer Loans    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investments, at fair value and other assets 304,569 0
Notes payable and secured financing of consolidated entities 289,136 0
Residential Mortgage Loans    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investments at Fair Value 4,460,920 3,265,142
Unsecured notes, net of issuance costs $ 3,902,216 $ 2,820,922
Residential Transitional Lending | Discount Rate | Minimum | Residential Transitional Lending    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.015 0.015
Residential Transitional Lending | Discount Rate | Minimum | Consumer Loans    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.051  
Residential Transitional Lending | Discount Rate | Maximum | Residential Transitional Lending    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.102 0.115
Residential Transitional Lending | Discount Rate | Maximum | Consumer Loans    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.086  
Residential Transitional Lending | Discount Rate | Weighted Average | Residential Transitional Lending    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.022 0.023
Residential Transitional Lending | Discount Rate | Weighted Average | Consumer Loans    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.053  
Residential Transitional Lending | Prepayment Rate | Residential Transitional Lending    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.080 0.080
Residential Transitional Lending | Prepayment Rate | Consumer Loans    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.250  
Residential Transitional Lending | CDR | Consumer Loans    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.000  
Residential Transitional Lending | CDR | Minimum | Residential Transitional Lending    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.008 0.008
Residential Transitional Lending | CDR | Maximum | Residential Transitional Lending    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.020 0.020
Residential Transitional Lending | CDR | Weighted Average | Residential Transitional Lending    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.014 0.014
Residential Transitional Lending | Loss Severity | Residential Transitional Lending    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.100 0.100
Residential Transitional Lending | Loss Severity | Consumer Loans    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 1.000  
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs” and each, a “VIE”), including funds and collateralized financing entities (“CFEs” and each, a “CFE”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of June 30, 2026 and December 31, 2025, total assets of such consolidated VIEs were $12.1 billion and $10.7 billion, respectively, and total liabilities of such consolidated VIEs were $9.3 billion and $8.2 billion, respectively. See Note 19 for further details.
v3.26.1
FAIR VALUE MEASUREMENTS - Schedule of Inputs Used in Valuing Assets and Liabilities At Fair Value (Details) - Fair Value, Measurements, Nonrecurring - Fair Value
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
Dec. 31, 2025
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 52,248 $ 56,791
Performing Financial Instruments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 40,970 $ 45,861
Performing Financial Instruments | Minimum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.067 0.061
Performing Financial Instruments | Minimum | Weighted Average Life (Years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average Life (Years) 3 years 2 months 12 days 4 years 2 months 12 days
Performing Financial Instruments | Minimum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.041 0.043
Performing Financial Instruments | Minimum | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.008 0.009
Performing Financial Instruments | Minimum | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.365 0.190
Performing Financial Instruments | Maximum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.091 0.083
Performing Financial Instruments | Maximum | Weighted Average Life (Years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average Life (Years) 3 years 8 months 12 days 7 years 6 months
Performing Financial Instruments | Maximum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.067 0.070
Performing Financial Instruments | Maximum | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.045 0.023
Performing Financial Instruments | Maximum | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.631 0.461
Performing Financial Instruments | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.067 0.061
Performing Financial Instruments | Weighted Average | Weighted Average Life (Years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average Life (Years) 3 years 2 months 12 days 4 years 3 months 18 days
Performing Financial Instruments | Weighted Average | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.067 0.069
Performing Financial Instruments | Weighted Average | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.024 0.023
Performing Financial Instruments | Weighted Average | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.368 0.330
Non-performing loans    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 11,278 $ 10,930
Non-performing loans | Minimum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.091 0.105
Non-performing loans | Minimum | Weighted Average Life (Years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average Life (Years) 2 years 7 months 6 days 3 years
Non-performing loans | Minimum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.041 0.036
Non-performing loans | Minimum | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.045 0.048
Non-performing loans | Minimum | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.370 0.286
Non-performing loans | Maximum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.093 0.129
Non-performing loans | Maximum | Weighted Average Life (Years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average Life (Years) 3 years 4 months 24 days 3 years 10 months 24 days
Non-performing loans | Maximum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.050 0.050
Non-performing loans | Maximum | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.050 0.066
Non-performing loans | Maximum | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.631 0.721
Non-performing loans | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.092 0.114
Non-performing loans | Weighted Average | Weighted Average Life (Years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average Life (Years) 2 years 10 months 24 days 3 years 7 months 6 days
Non-performing loans | Weighted Average | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.046 0.045
Non-performing loans | Weighted Average | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.048 0.055
Non-performing loans | Weighted Average | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.478 0.454
v3.26.1
VARIABLE INTEREST ENTITIES - Narrative (Details)
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2026
USD ($)
fund
Mar. 31, 2026
loan
Mar. 31, 2025
USD ($)
shares
Jun. 30, 2026
USD ($)
fund
shares
Dec. 31, 2025
USD ($)
shares
Sep. 25, 2020
USD ($)
Variable Interest Entity [Line Items]            
Face Amount of Secured Notes and Bonds Payable $ 34,240,018,000     $ 34,240,018,000    
Assets 54,108,868,000     54,108,868,000 $ 53,063,126,000  
Liabilities 44,660,148,000     $ 44,660,148,000 $ 43,808,416,000  
Number of common shares (in shares) | shares       67,564,122 57,564,122  
Cash and cash equivalents 1,664,498,000     $ 1,664,498,000    
Long-term debt 36,015,018,000     36,015,018,000    
Secured notes and bonds payable (includes $134,319 and $143,442 at fair value, respectively) [1] 14,363,446,000     14,363,446,000 $ 15,203,770,000  
CLOs            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs 408,600,000     $ 408,600,000 751,600,000  
2022-RTL1 Securitization | Residential Transitional Lending            
Variable Interest Entity [Line Items]            
Debt instrument, term       120 months    
Sculptor | CLOs            
Variable Interest Entity [Line Items]            
Assets 421,600,000     $ 421,600,000    
Liabilities 405,500,000     405,500,000    
Unsecured notes, net of issuance costs $ 76,300,000     $ 76,300,000    
Number of consolidated funds | fund 2     2    
Deconsolidated recognized gain $ 4,300,000     $ 4,300,000    
Securitization Notes Payable | 2022-RTL1 Securitization            
Variable Interest Entity [Line Items]            
Face Amount of Secured Notes and Bonds Payable 1,000,000,000.0     1,000,000,000.0    
Long-term debt 838,800,000     838,800,000    
Secured Notes and Bonds Payable: | CLOs            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs 408,600,000     408,600,000    
Secured Notes and Bonds Payable: | Sculptor            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs 192,200,000     192,200,000 203,700,000  
Secured notes and bonds payable (includes $134,319 and $143,442 at fair value, respectively) 350,000,000.0     350,000,000.0    
Notes payable retained 127,800,000     127,800,000    
Secured Notes and Bonds Payable: | Sculptor | Class A Notes            
Variable Interest Entity [Line Items]            
Notes payable retained 20,000,000.0     20,000,000.0    
Secured Notes and Bonds Payable: | Sculptor | Class C Notes            
Variable Interest Entity [Line Items]            
Notes payable retained 20,000,000.0     20,000,000.0    
Secured Notes and Bonds Payable: | Sculptor | Subordinated Notes            
Variable Interest Entity [Line Items]            
Notes payable retained 87,800,000     87,800,000    
Consumer Loan Companies | Securitization Notes Payable            
Variable Interest Entity [Line Items]            
Face Amount of Secured Notes and Bonds Payable           $ 663,000,000.0
Related Party            
Variable Interest Entity [Line Items]            
Number of interest tranches sold | loan   1        
Assets 501,700,000     501,700,000    
Liabilities 451,800,000     451,800,000    
Deconsolidated recognized loss 600,000     600,000    
Unsecured notes, net of issuance costs 23,000,000.0     23,000,000.0    
Variable Interest Entity, Primary Beneficiary            
Variable Interest Entity [Line Items]            
Assets 12,114,722,000     12,114,722,000 10,705,892,000  
Liabilities 9,297,531,000     9,297,531,000 8,206,491,000  
Variable Interest Entity, Primary Beneficiary | Rithm Acquisition Corp            
Variable Interest Entity [Line Items]            
Cash and cash equivalents 242,900,000     242,900,000    
Variable Interest Entity, Primary Beneficiary | IPO | Rithm Acquisition Corp            
Variable Interest Entity [Line Items]            
Sale of stock, consideration received on transaction     $ 230,000,000.0      
Number of common shares (in shares) | shares     23,000,000      
Variable Interest Entity, Primary Beneficiary | IPO | Rithm Acquisition Corp | Common Class A            
Variable Interest Entity [Line Items]            
Number of common shares (in shares) | shares     23,000,000      
Variable Interest Entity, Primary Beneficiary | IPO | Rithm Acquisition Corp | Common Class A | Warrant            
Variable Interest Entity [Line Items]            
Number of common shares (in shares) | shares     7,666,667      
Variable Interest Entity, Primary Beneficiary | The Aggregators            
Variable Interest Entity [Line Items]            
Assets 5,800,000,000     5,800,000,000 5,800,000,000  
Liabilities 4,300,000,000     4,300,000,000 $ 4,200,000,000  
Variable Interest Entity, Primary Beneficiary | Consumer Loans            
Variable Interest Entity [Line Items]            
Face Amount of Secured Notes and Bonds Payable 293,500,000     293,500,000    
Long-term debt 302,400,000     302,400,000    
Variable Interest Entity, Primary Beneficiary | Line of Credit | Revolving Credit Facility            
Variable Interest Entity [Line Items]            
Line of credit facility, maximum borrowing capacity per quarter       $ 20,000,000.0    
Variable interest rate spread (as a percent)       3.00%    
Unused commitment fee (as a percent)       1.15%    
Line of credit facility, maximum borrowing capacity 43,500,000     $ 43,500,000    
Variable Interest Entity, Primary Beneficiary | Related Party            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs 3,900,000,000     3,900,000,000    
UPB consolidated 1,400,000,000     1,900,000,000    
Variable Interest Entity, Primary Beneficiary | Related Party | Retained Interest            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs 600,000,000     600,000,000    
Variable Interest Entity, Primary Beneficiary | Related Party | Consumer Loans            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs 289,100,000     289,100,000    
Variable Interest Entity, Primary Beneficiary | Related Party | Consumer Loans | Retained Interest            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs $ 15,400,000     $ 15,400,000    
Variable Interest Entity, Primary Beneficiary | Advance Purchaser LLC | Corporate Joint Venture            
Variable Interest Entity [Line Items]            
Ownership (in percent) 89.30%     89.30%    
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs” and each, a “VIE”), including funds and collateralized financing entities (“CFEs” and each, a “CFE”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of June 30, 2026 and December 31, 2025, total assets of such consolidated VIEs were $12.1 billion and $10.7 billion, respectively, and total liabilities of such consolidated VIEs were $9.3 billion and $8.2 billion, respectively. See Note 19 for further details.
v3.26.1
VARIABLE INTEREST ENTITIES - Variable Interest Entities, Assets and Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Assets    
Servicer advance investments, at fair value $ 284,400 $ 294,322
Residential mortgage loans, HFS, at fair value 4,241,244 5,752,169
Real estate, net [1] 6,139,789 6,175,735
Assets of consolidated entities - investments [1] 6,912,669 5,789,349
Cash and cash equivalents 1,664,498 1,847,626
Restricted cash 790,210  
Total Assets 54,108,868 53,063,126
Liabilities    
Secured financing agreements [1] 13,677,512 13,763,802
Accrued expenses and other liabilities [1] 3,104,711 3,349,643
Total Liabilities 44,660,148 43,808,416
Residential Transition Loans of Consolidated Entities - Carrying Value    
Assets    
Servicer advance investments, at fair value 284,401 294,323
Residential mortgage loans, HFS, at fair value 545,183 437,060
Consumer loans 147,302 167,807
Real estate, net 3,046,489 3,043,729
Assets of consolidated entities - investments 6,791,751 5,589,440
Cash and cash equivalents 116,009 127,499
Restricted cash 509,933 573,265
Other assets 673,654 472,769
Total Assets 12,114,722 10,705,892
Liabilities    
Secured financing agreements 479,765 360,140
Secured notes and bonds payable 2,657,095 2,678,353
Notes payable and secured financing of consolidated entities 5,886,426 4,897,802
Accrued expenses and other liabilities 274,245 270,196
Total Liabilities 9,297,531 8,206,491
Residential Transition Loans of Consolidated Entities - Carrying Value | Advance Purchaser    
Assets    
Servicer advance investments, at fair value 284,401 294,323
Residential mortgage loans, HFS, at fair value 0 0
Consumer loans 0 0
Real estate, net 0 0
Assets of consolidated entities - investments 0 0
Cash and cash equivalents 3,001 13,164
Restricted cash 4,456 5,019
Other assets 4 4
Total Assets 291,862 312,510
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 205,866 229,069
Notes payable and secured financing of consolidated entities 0 0
Accrued expenses and other liabilities 1,477 1,532
Total Liabilities 207,343 230,601
Residential Transition Loans of Consolidated Entities - Carrying Value | Newrez Joint Ventures    
Assets    
Servicer advance investments, at fair value 0 0
Residential mortgage loans, HFS, at fair value 0 0
Consumer loans 0 0
Real estate, net 0 0
Assets of consolidated entities - investments 0 0
Cash and cash equivalents 22,619 21,754
Restricted cash 0 0
Other assets 393 445
Total Assets 23,012 22,199
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 0 0
Notes payable and secured financing of consolidated entities 0 0
Accrued expenses and other liabilities 3,254 2,334
Total Liabilities 3,254 2,334
Residential Transition Loans of Consolidated Entities - Carrying Value | Residential Mortgage Loans    
Assets    
Servicer advance investments, at fair value 0 0
Residential mortgage loans, HFS, at fair value 545,183 437,060
Consumer loans 0 0
Real estate, net 0 0
Assets of consolidated entities - investments 0 0
Cash and cash equivalents 0 0
Restricted cash 7,070 5,953
Other assets 0 0
Total Assets 552,253 443,013
Liabilities    
Secured financing agreements 479,765 360,140
Secured notes and bonds payable 0 0
Notes payable and secured financing of consolidated entities 0 0
Accrued expenses and other liabilities 0 0
Total Liabilities 479,765 360,140
Residential Transition Loans of Consolidated Entities - Carrying Value | Consumer Loan Companies    
Assets    
Servicer advance investments, at fair value 0 0
Residential mortgage loans, HFS, at fair value 0 0
Consumer loans 147,302 167,807
Real estate, net 0 0
Assets of consolidated entities - investments 0 0
Cash and cash equivalents 252 254
Restricted cash 9,902 10,000
Other assets 326 310
Total Assets 157,782 178,371
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 126,140 143,442
Notes payable and secured financing of consolidated entities 0 0
Accrued expenses and other liabilities 1,267 1,344
Total Liabilities 127,407 144,786
Residential Transition Loans of Consolidated Entities - Carrying Value | CRE, Asset Management and Other    
Assets    
Servicer advance investments, at fair value 0 0
Residential mortgage loans, HFS, at fair value 0 0
Consumer loans 0 0
Real estate, net 3,046,489 3,043,729
Assets of consolidated entities - investments 0 0
Cash and cash equivalents 90,128 91,926
Restricted cash 161,734 181,383
Other assets 635,716 404,314
Total Assets 3,934,067 3,721,352
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 2,325,089 2,305,842
Notes payable and secured financing of consolidated entities 0 0
Accrued expenses and other liabilities 115,867 130,085
Total Liabilities 2,440,956 2,435,927
Residential Transition Loans of Consolidated Entities - Carrying Value | SPAC    
Assets    
Servicer advance investments, at fair value 0 0
Residential mortgage loans, HFS, at fair value 0 0
Consumer loans 0 0
Real estate, net 0 0
Assets of consolidated entities - investments 0 0
Cash and cash equivalents 9 401
Restricted cash 242,893 238,435
Other assets 175 262
Total Assets 243,077 239,098
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 0 0
Notes payable and secured financing of consolidated entities 0 0
Accrued expenses and other liabilities 8,073 8,152
Total Liabilities 8,073 8,152
Residential Transition Loans of Consolidated Entities - Carrying Value | Residential Transitional Lending    
Assets    
Servicer advance investments, at fair value 0 0
Residential mortgage loans, HFS, at fair value 0 0
Consumer loans 0 0
Real estate, net 0 0
Assets of consolidated entities - investments 853,225 927,089
Cash and cash equivalents 0 0
Restricted cash 15,379 12,875
Other assets 10,232 40,796
Total Assets 878,836 980,760
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 0 0
Notes payable and secured financing of consolidated entities 764,895 867,141
Accrued expenses and other liabilities 840 1,076
Total Liabilities 765,735 868,217
Residential Transition Loans of Consolidated Entities - Carrying Value | Residential Mortgage Loans    
Assets    
Servicer advance investments, at fair value 0 0
Residential mortgage loans, HFS, at fair value 0 0
Consumer loans 0 0
Real estate, net 0 0
Assets of consolidated entities - investments 4,460,920 3,265,142
Cash and cash equivalents 0 0
Restricted cash 14,050 18,084
Other assets 0 0
Total Assets 4,474,970 3,283,226
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 0 0
Notes payable and secured financing of consolidated entities 3,902,216 2,820,922
Accrued expenses and other liabilities 14,384 18,418
Total Liabilities 3,916,600 2,839,340
Residential Transition Loans of Consolidated Entities - Carrying Value | Consumer Loans    
Assets    
Servicer advance investments, at fair value 0 0
Residential mortgage loans, HFS, at fair value 0 0
Consumer loans 0 0
Real estate, net 0 0
Assets of consolidated entities - investments 304,569 0
Cash and cash equivalents 0 0
Restricted cash 21,862 0
Other assets 0 0
Total Assets 326,431 0
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 0 0
Notes payable and secured financing of consolidated entities 289,136 0
Accrued expenses and other liabilities 21,862 0
Total Liabilities 310,998 0
Residential Transition Loans of Consolidated Entities - Carrying Value | Consolidated Funds    
Assets    
Servicer advance investments, at fair value 0 0
Residential mortgage loans, HFS, at fair value 0 0
Consumer loans 0 0
Real estate, net 0 0
Assets of consolidated entities - investments 1,173,037 1,397,209
Cash and cash equivalents 0 0
Restricted cash 32,587 101,516
Other assets 26,808 26,638
Total Assets 1,232,432 1,525,363
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 0 0
Notes payable and secured financing of consolidated entities 930,179 1,209,739
Accrued expenses and other liabilities 107,221 107,255
Total Liabilities $ 1,037,400 $ 1,316,994
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs” and each, a “VIE”), including funds and collateralized financing entities (“CFEs” and each, a “CFE”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of June 30, 2026 and December 31, 2025, total assets of such consolidated VIEs were $12.1 billion and $10.7 billion, respectively, and total liabilities of such consolidated VIEs were $9.3 billion and $8.2 billion, respectively. See Note 19 for further details.
v3.26.1
VARIABLE INTEREST ENTITIES - Variable Interest Entities, Characteristics (Details) - Variable Interest Entity, Not Primary Beneficiary - Real Estate Bonds - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Variable Interest Entity [Line Items]    
Residential mortgage loan UPB and other collateral $ 10,511,787 $ 9,326,370
Weighted average delinquency 3.80% 4.20%
Net credit losses $ 174,881 $ 173,618
Face amount of debt held by third parties 9,798,798 8,664,576
Carrying value of bonds retained by Rithm Capital 762,955 595,892
Cash flows received by Rithm Capital on these notes $ 66,384 $ 104,403
Number of days delinquent (in days) 60 days 60 days
v3.26.1
VARIABLE INTEREST ENTITIES - Variable Interest Entities, Unconsolidated (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]    
Unearned income and fees $ 10,462 $ 9,056
Income and fees receivable 44,206 123,959
Investments in non-consolidated VIEs 983,398 990,130
Unfunded commitments 280,295 215,215
Other commitments 25,521 25,521
Maximum Exposure to Loss 1,343,882 1,363,881
Employees And Executive Managing Directors    
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]    
Unfunded commitments $ 129,100 $ 131,200
v3.26.1
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER - Schedule of Other Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Other Income [Line Items]        
Other Residential-Related Revenue $ 1,282,281 $ 1,219,594 $ 2,666,991 $ 2,198,842
Other residential-related revenue        
Other Income [Line Items]        
Other Residential-Related Revenue 54,560 56,621 109,240 109,725
Property and maintenance        
Other Income [Line Items]        
Other Residential-Related Revenue 47,514 49,486 95,809 96,957
Other        
Other Income [Line Items]        
Other Residential-Related Revenue $ 7,046 $ 7,135 $ 13,431 $ 12,768
v3.26.1
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER - Schedule of General and Administrative Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Other Income and Expenses [Abstract]        
Legal and professional $ 29,209 $ 24,394 $ 67,107 $ 49,032
Loan origination 18,553 17,161 38,439 31,838
Occupancy 17,201 16,348 34,368 30,802
Subservicing 7,234 12,342 19,086 29,098
Loan servicing 37,175 40,737 74,944 82,255
Property and maintenance 101,998 28,921 208,353 56,557
Information technology 35,422 31,239 70,041 62,547
Other 60,557 44,639 111,612 86,630
General, Administrative and Operating Expenses $ 307,349 $ 215,781 $ 623,950 $ 428,759
v3.26.1
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER - Schedule of Components of Other Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Other Income and Expenses [Abstract]        
Real estate and other securities $ 3,808 $ 4,532 $ (23,396) $ 12,986
Residential mortgage loans and REO (3,869) 8,281 (7,574) 10,825
Derivative and hedging instruments 8,419 (8,226) 11,295 (18,041)
Notes and bonds payable (231) (4,135) (12,501) 713
Consolidated entities 25,372 26,614 44,436 43,056
Insurance company investments (2,089) 0 (817) 0
Other 24,895 (4,325) 29,708 (27,941)
Realized and unrealized gains, net 56,305 22,741 41,151 21,598
Other income, net 23,787 15,923 46,189 22,665
Total Other Income $ 80,092 $ 38,664 $ 87,340 $ 44,263
v3.26.1
ASSET MANAGEMENT REVENUE - Schedule of Asset Management Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Disaggregation of Revenue [Line Items]        
Revenue $ 1,282,281 $ 1,219,594 $ 2,666,991 $ 2,198,842
Asset management revenue        
Disaggregation of Revenue [Line Items]        
Revenue 142,228 95,008 248,815 182,680
Management fees        
Disaggregation of Revenue [Line Items]        
Revenue 90,485 66,177 181,414 125,163
Incentive fees        
Disaggregation of Revenue [Line Items]        
Revenue $ 51,743 $ 28,831 $ 67,401 $ 57,517
v3.26.1
ASSET MANAGEMENT REVENUE - Schedule of Income and Fees Receivables (Details) - Subsidiaries - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Disaggregation of Revenue [Line Items]    
Income and Fees Receivable $ 89,574 $ 337,712
Management fees receivable    
Disaggregation of Revenue [Line Items]    
Income and Fees Receivable 40,731 47,542
Incentive income receivable    
Disaggregation of Revenue [Line Items]    
Income and Fees Receivable $ 48,843 $ 290,170
v3.26.1
ASSET MANAGEMENT REVENUE - Schedule of Unearned Income and Fees (Details) - USD ($)
$ in Thousands
Jun. 30, 2026
Dec. 31, 2025
Disaggregation of Revenue [Line Items]    
Unearned income and fees $ 12,467 $ 9,346
Subsidiaries    
Disaggregation of Revenue [Line Items]    
Unearned income and fees 12,467 9,346
Unearned management fees | Subsidiaries    
Disaggregation of Revenue [Line Items]    
Unearned income and fees 2,792 310
Unearned incentive income | Subsidiaries    
Disaggregation of Revenue [Line Items]    
Unearned income and fees $ 9,675 $ 9,036
v3.26.1
NON-CONTROLLING INTERESTS - Others' Interest in Equity of Consumer Loan Companies (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Mar. 31, 2026
Dec. 31, 2025
Dec. 19, 2025
Mar. 31, 2025
Dec. 31, 2024
Noncontrolling Interest [Line Items]                  
Total Consolidated Equity $ 9,051,414 $ 8,059,209 $ 9,051,414 $ 8,059,209 $ 9,144,157 $ 8,940,407   $ 7,884,840 $ 7,886,310
Non-controlling Interest in Equity of Consolidated Subsidiaries 534,552   534,552     509,920      
Net Income (Loss) 67,913 318,006 177,391 398,716          
The Aggregators | Paramount Group, Inc.                  
Noncontrolling Interest [Line Items]                  
Total Consolidated Equity 1,500,000   1,500,000     1,600,000      
Net Income (Loss) (29,700)   (57,800)            
Equity interest acquired (as a percent)             3.90%    
Residential Transition Loans of Consolidated Entities - Carrying Value                  
Noncontrolling Interest [Line Items]                  
Non-controlling Interest in Equity of Consolidated Subsidiaries 534,552   534,552     $ 509,920      
Non-controlling Interest in Income (Loss) of Consolidated Subsidiaries $ 8,032 $ 3,169 $ 7,886 $ 4,255          
Residential Transition Loans of Consolidated Entities - Carrying Value | Advance Purchaser                  
Noncontrolling Interest [Line Items]                  
Others’ Ownership Interest 10.70%   10.70%     10.70%      
Residential Transition Loans of Consolidated Entities - Carrying Value | Advance Purchaser | Weighted Average                  
Noncontrolling Interest [Line Items]                  
Others’ Ownership Interest 10.70% 10.70% 10.70% 10.70%          
Residential Transition Loans of Consolidated Entities - Carrying Value | Newrez Joint Ventures                  
Noncontrolling Interest [Line Items]                  
Others’ Ownership Interest 49.50%   49.50%     49.50%      
Residential Transition Loans of Consolidated Entities - Carrying Value | Newrez Joint Ventures | Weighted Average                  
Noncontrolling Interest [Line Items]                  
Others’ Ownership Interest 49.50% 49.50% 49.50% 49.50%          
Residential Transition Loans of Consolidated Entities - Carrying Value | Excess MSRs                  
Noncontrolling Interest [Line Items]                  
Others’ Ownership Interest 20.00%   20.00%     20.00%      
Subsidiary, ownership percentage, noncontrolling owner, after acquisition 20.00% 20.00% 20.00% 20.00%          
Residential Transition Loans of Consolidated Entities - Carrying Value | Other investments                  
Noncontrolling Interest [Line Items]                  
Others’ Ownership Interest 20.80%   20.80%     22.30%      
Subsidiary, ownership percentage, noncontrolling owner, after acquisition 20.80% 24.60% 20.80% 24.60%          
Residential Transition Loans of Consolidated Entities - Carrying Value | Advance Purchaser                  
Noncontrolling Interest [Line Items]                  
Total Consolidated Equity $ 84,519   $ 84,519     $ 81,909      
Non-controlling Interest in Equity of Consolidated Subsidiaries 9,037   9,037     8,759      
Net Income (Loss) 4,934 $ 1,446 6,560 $ 1,110          
Non-controlling Interest in Income (Loss) of Consolidated Subsidiaries 527 154 701 118          
Residential Transition Loans of Consolidated Entities - Carrying Value | Newrez Joint Ventures                  
Noncontrolling Interest [Line Items]                  
Total Consolidated Equity 19,758   19,758     19,865      
Non-controlling Interest in Equity of Consolidated Subsidiaries 9,780   9,780     9,833      
Net Income (Loss) 2,283 1,982 3,319 2,697          
Non-controlling Interest in Income (Loss) of Consolidated Subsidiaries 1,130 981 1,643 1,335          
Residential Transition Loans of Consolidated Entities - Carrying Value | Excess MSRs                  
Noncontrolling Interest [Line Items]                  
Total Consolidated Equity 114,346   114,346     119,931      
Non-controlling Interest in Equity of Consolidated Subsidiaries 22,869   22,869     23,986      
Net Income (Loss) 3,366 3,441 6,133 4,764          
Non-controlling Interest in Income (Loss) of Consolidated Subsidiaries 674 688 1,227 952          
Residential Transition Loans of Consolidated Entities - Carrying Value | Other investments                  
Noncontrolling Interest [Line Items]                  
Total Consolidated Equity 130,460   130,460     114,175      
Non-controlling Interest in Equity of Consolidated Subsidiaries 27,114   27,114     25,492      
Net Income (Loss) 3,176 2,550 6,102 4,280          
Non-controlling Interest in Income (Loss) of Consolidated Subsidiaries 730 691 1,430 1,191          
Residential Transition Loans of Consolidated Entities - Carrying Value | Asset management                  
Noncontrolling Interest [Line Items]                  
Total Consolidated Equity 1,394,207   1,394,207     1,258,317      
Non-controlling Interest in Equity of Consolidated Subsidiaries 74,834   74,834     51,802      
Net Income (Loss) 14,028 (2,783) (14,701) (64,900)          
Non-controlling Interest in Income (Loss) of Consolidated Subsidiaries 6,483 655 7,438 659          
Residential Transition Loans of Consolidated Entities - Carrying Value | Commercial Real Estate                  
Noncontrolling Interest [Line Items]                  
Total Consolidated Equity 1,609,695   1,609,695     1,617,004      
Non-controlling Interest in Equity of Consolidated Subsidiaries 390,918   390,918     $ 390,048      
Net Income (Loss) (34,838) 0 (69,413) 0          
Non-controlling Interest in Income (Loss) of Consolidated Subsidiaries $ (1,512) $ 0 $ (4,553) $ 0          
v3.26.1
NON-CONTROLLING INTERESTS - Schedule of Redeemable Noncontrolling Interest (Details)
$ in Thousands
 6 Months Ended
Jun. 30, 2026
USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at December 31, 2025 $ 314,303
Distributions (4,417)
Contributions 76,884
Comprehensive income 10,536
Balance at June 30, 2026 397,306
SPAC  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at December 31, 2025 238,435
Distributions 0
Contributions 0
Comprehensive income 4,458
Balance at June 30, 2026 242,893
Consolidated Entity  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at December 31, 2025 75,868
Distributions (4,417)
Contributions 76,884
Comprehensive income 6,078
Balance at June 30, 2026 $ 154,413
v3.26.1
EQUITY AND EARNINGS PER SHARE - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Jan. 13, 2026
Sep. 22, 2025
Sep. 18, 2025
Jan. 31, 2026
Sep. 30, 2025
Sep. 30, 2021
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Mar. 31, 2026
Feb. 28, 2025
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                          
Common stock, shares authorized (in shares)             2,000,000,000   2,000,000,000   2,000,000,000    
Common stock, par value (in dollars per share)   $ 0.01         $ 0.01   $ 0.01   $ 0.01    
Preferred stock, shares authorized (in shares)             100,000,000   100,000,000   100,000,000    
Preferred stock, par values (in dollars per share)             $ 0.01   $ 0.01   $ 0.01    
Number of common shares (in shares)                 67,564,122   57,564,122    
Liquidation preference per share (in dollars per share)             25.00   $ 25.00        
Shares repurchased (in shares)                 0        
Dividends declared (in dollars per share)             3.34 $ 2.36 $ 6.75 $ 4.68      
Exercise price (in dollars per share)                         $ 11.50
Rithm Capital Corp | Rithm Acquisition Corp                          
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                          
Warrants issued (in shares)                         220,000
Warrants exercisable                         30 days
Warrant term (in years)                         5 years
Third Parties | Rithm Acquisition Corp                          
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                          
Warrants issued (in shares)                         7,666,667
Common Stock                          
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                          
Stock repurchase program, authorized amount                       $ 200.0  
Preferred Stock                          
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                          
Stock repurchase program, authorized amount                       $ 100.0  
Distribution Agreement | Common Stock                          
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                          
Number of common shares (in shares)                 0        
Sale of stock, consideration received on transaction   $ 750.0                      
8.750% Series F Fixed-Rate Reset Cumulative Redeemable Preferred Stock                          
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                          
Number of common shares (in shares)                 10,000,000   0    
Interest rate (as a percent)       8.75%                  
Dividends declared (in dollars per share)             $ 0.55 0 $ 1.24 0      
Preferred dividends             $ 5.5            
8.750% Series F Fixed-Rate Reset Cumulative Redeemable Preferred Stock | Public Offering                          
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                          
Preferred stock, par values (in dollars per share) $ 0.01                        
Number of common shares (in shares) 10,000,000                        
Interest rate (as a percent) 8.75%                        
Liquidation preference per share (in dollars per share) $ 25.00                        
Sale of stock, consideration received on transaction $ 242.1                        
Number of additional shares issued in transaction (in shares) 1,500,000                        
8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock                          
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                          
Number of common shares (in shares)                 7,600,000   7,600,000    
Interest rate (as a percent)         8.75%   8.75%            
Dividends declared (in dollars per share)             $ 0.55 0 $ 1.09 0      
Preferred dividends             $ 4.2            
8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock | Public Offering                          
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                          
Preferred stock, par values (in dollars per share)     $ 0.01                    
Number of common shares (in shares)     7,600,000                    
Interest rate (as a percent)     8.75%                    
Liquidation preference per share (in dollars per share)     $ 25.00                    
Sale of stock, consideration received on transaction     $ 183.5                    
Number of additional shares issued in transaction (in shares)     1,140,000                    
7.50% Series A Preferred Stock                          
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                          
Number of common shares (in shares)                 4,200,068   4,200,068    
Liquidation preference per share (in dollars per share)             $ 25.00   $ 25.00        
Dividends declared (in dollars per share)             $ 0.62 0.66 $ 1.22 1.31      
Preferred dividends             $ 2.6            
7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock                          
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                          
Number of common shares (in shares)                 11,260,712   11,260,712    
Liquidation preference per share (in dollars per share)             $ 25.00   $ 25.00        
Dividends declared (in dollars per share)             $ 0.61 0.65 $ 1.20 1.29      
Preferred dividends             $ 6.9            
6.375% Series C Preferred Stock                          
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                          
Number of common shares (in shares)                 15,903,342   15,903,342    
Liquidation preference per share (in dollars per share)             $ 25.00   $ 25.00        
Dividends declared (in dollars per share)             $ 0.57 0.61 $ 1.12 1.20      
Preferred dividends             $ 9.0            
7.00% Series D Preferred Stock                          
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                          
Number of common shares (in shares)                 18,600,000   18,600,000    
Interest rate (as a percent)           7.00% 7.00%            
Dividends declared (in dollars per share)             $ 0.44 $ 0.44 $ 0.88 $ 0.88      
Preferred dividends             $ 8.1            
v3.26.1
EQUITY AND EARNINGS PER SHARE - Schedule of Preferred Shares (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended
Mar. 28, 2025
Aug. 15, 2024
Jan. 31, 2026
Sep. 30, 2025
Sep. 30, 2021
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Dec. 31, 2025
Class of Stock [Line Items]                    
Number of shares issued (in shares)               67,564,122   57,564,122
Liquidation preference           $ 1,689,104   $ 1,689,104   $ 1,439,104
Carrying Value           $ 1,632,915   $ 1,632,915   $ 1,390,790
Dividends declared (in dollars per share)           $ 3.34 $ 2.36 $ 6.75 $ 4.68  
Liquidation preference per share (in dollars per share)           $ 25.00   $ 25.00    
7.50% Series A Preferred Stock                    
Class of Stock [Line Items]                    
Number of shares issued (in shares)               4,200,068   4,200,068
Liquidation preference           $ 105,002   $ 105,002   $ 105,002
Issuance Discount               3.15%    
Carrying Value           $ 99,822   $ 99,822   $ 99,822
Dividends declared (in dollars per share)           $ 0.62 0.66 $ 1.22 1.31  
Liquidation preference per share (in dollars per share)           $ 25.00   $ 25.00    
Preferred stock, dividend payment rate, basis spread (in percent)   7.50%           0.261%    
Preferred stock, dividend payment rate, additional basis spread (in percent)               5.802%    
Redemption of shares (in shares) 2,000,000.0                  
7.125% Series B Preferred Stock                    
Class of Stock [Line Items]                    
Number of shares issued (in shares)               11,260,712   11,260,712
Liquidation preference           $ 281,518   $ 281,518   $ 281,518
Issuance Discount               3.15%    
Carrying Value           $ 272,654   $ 272,654   $ 272,654
Dividends declared (in dollars per share)           $ 0.61 0.65 $ 1.20 1.29  
Liquidation preference per share (in dollars per share)           $ 25.00   $ 25.00    
Preferred stock, dividend payment rate, basis spread (in percent)   7.125%           0.261%    
Preferred stock, dividend payment rate, additional basis spread (in percent)               5.64%    
6.375% Series C Preferred Stock                    
Class of Stock [Line Items]                    
Number of shares issued (in shares)               15,903,342   15,903,342
Liquidation preference           $ 397,584   $ 397,584   $ 397,584
Issuance Discount               3.15%    
Carrying Value           $ 385,289   $ 385,289   $ 385,289
Dividends declared (in dollars per share)           $ 0.57 0.61 $ 1.12 1.20  
Liquidation preference per share (in dollars per share)           $ 25.00   $ 25.00    
Preferred stock, dividend payment rate, basis spread (in percent)   6.375%           0.261%    
Preferred stock, dividend payment rate, additional basis spread (in percent)               4.969%    
7.00% Series D Preferred Stock                    
Class of Stock [Line Items]                    
Interest rate (as a percent)         7.00% 7.00%        
Number of shares issued (in shares)               18,600,000   18,600,000
Liquidation preference           $ 465,000   $ 465,000   $ 465,000
Issuance Discount               3.15%    
Carrying Value           $ 449,489   $ 449,489   $ 449,489
Dividends declared (in dollars per share)           $ 0.44 0.44 $ 0.88 0.88  
8.75% Series E Preferred Stock                    
Class of Stock [Line Items]                    
Interest rate (as a percent)       8.75%   8.75%        
Number of shares issued (in shares)               7,600,000   7,600,000
Liquidation preference           $ 190,000   $ 190,000   $ 190,000
Issuance Discount               3.15%    
Carrying Value           $ 183,536   $ 183,536   $ 183,536
Dividends declared (in dollars per share)           $ 0.55 0 $ 1.09 0  
8.75% Series F Preferred Stock                    
Class of Stock [Line Items]                    
Interest rate (as a percent)     8.75%              
Number of shares issued (in shares)               10,000,000   0
Liquidation preference           $ 250,000   $ 250,000   $ 0
Issuance Discount               3.15%    
Carrying Value           $ 242,125   $ 242,125   $ 0
Dividends declared (in dollars per share)           $ 0.55 $ 0 $ 1.24 $ 0  
v3.26.1
EQUITY AND EARNINGS PER SHARE - Schedule of Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Mar. 31, 2026
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Jun. 30, 2026
Jun. 30, 2025
Earnings Per Share [Abstract]                
Dividends declared per share of common stock (in dollars per share) $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.50 $ 0.50
Total Amounts Distributed $ 139.6 $ 139.6 $ 139.0 $ 138.5 $ 132.6 $ 132.5    
v3.26.1
EQUITY AND EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Net income $ 67,913 $ 318,006 $ 177,391 $ 398,716
Non-controlling interests in income of consolidated subsidiaries 8,032 3,169 7,886 4,255
Redeemable non-controlling interests in income of consolidated subsidiaries 3,590 3,120 10,536 3,933
Net Income Attributable to Rithm Capital Corp. 56,291 311,717 158,969 390,528
Change in redemption value of redeemable non-controlling interests 0 0 0 (15,611)
Dividends on preferred stock 36,098 27,818 70,945 54,495
Net Income Attributable to Common Stockholders 20,193 283,899 88,024 320,422
Net Income Attributable to Common Stockholders - diluted $ 20,193 $ 283,899 $ 88,024 $ 320,422
Basic weighted average shares of common stock outstanding (in shares) 558,346,329 530,171,540 557,537,800 527,154,950
Diluted Weighted Average Shares of Common Stock Outstanding (in shares) 568,262,330 537,347,700 566,316,997 534,011,117
Basic Earnings per Share Attributable to Common Stockholders (in dollars per share) $ 0.04 $ 0.54 $ 0.16 $ 0.61
Diluted Earnings per Share Attributable to Common Stockholders (in dollars per share) $ 0.04 $ 0.53 $ 0.16 $ 0.60
Stock options        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Effect of dilutive securities (in shares) 0 100 65 125
Restricted stock        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Effect of dilutive securities (in shares) 0 0 0 85,477
Time-based restricted stock unit (“RSU”) awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Effect of dilutive securities (in shares) 4,473,520 2,961,492 3,294,676 2,910,569
Performance-based RSU awards        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Effect of dilutive securities (in shares) 565,946 2,427,103 1,227,169 2,245,417
Time-based Class B Profit Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Effect of dilutive securities (in shares) 1,210,612 587,518 1,042,514 531,853
Performance-based Class B Profit Units        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Effect of dilutive securities (in shares) 3,665,923 1,199,947 3,214,773 1,082,726
v3.26.1
INCOME TAXES - Schedule of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Jun. 30, 2026
Jun. 30, 2025
Current:        
Federal $ 1,382 $ 712 $ 4,424 $ 7,267
State and local 598 172 1,486 369
Foreign 3,357 1,371 5,470 11,984
Total current income tax expense 5,337 2,255 11,380 19,620
Deferred:        
Federal 3,721 (6,311) 31,026 (36,669)
State and local 8,990 (7,444) 20,417 (16,740)
Foreign 925 (98) 912 (1,739)
Total deferred income tax expense (benefit) 13,636 (13,853) 52,355 (55,148)
Total Income Tax Expense (Benefit) $ 18,973 $ (11,598) $ 63,735 $ (35,528)
v3.26.1
INCOME TAXES - Narrative (Details)
$ in Millions
Jun. 30, 2026
USD ($)
Operating Loss Carryforwards [Line Items]  
Deferred tax liability $ 899.4
Deferred tax asset 6.2
Subsidiaries | Foreign Income Tax Credits And Net Operating Losses  
Operating Loss Carryforwards [Line Items]  
Valuation allowance $ 73.8
v3.26.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
 6 Months Ended
Feb. 27, 2024
USD ($)
property
Jun. 30, 2026
USD ($)
ft²
Dec. 31, 2025
USD ($)
Mar. 29, 2024
Loss Contingencies [Line Items]        
Estimated liability, representation and warranties   $ 45,600    
Residential mortgage loan repurchase liability   4,308,886 $ 3,952,792  
Unfunded capital commitments   518,400    
Alternative investment   $ 28,000    
Unfunded capital commitments (in years)   8 years    
Six Zero Wall Street        
Loss Contingencies [Line Items]        
Ownership (in percent)       5.00%
Loss contingency accrual   $ 13,600    
Seven One Eight Fifth Avenue        
Loss Contingencies [Line Items]        
Ownership (in percent)   50.00%    
Area of leased properties | ft²   19,050    
Ownership percentage for tenants (in percent)   50.00%    
Put right notice period (in months)   12 months    
Predecessor ownership (in percent)   25.00%    
Sculptor Diversified Real Estate Income Trust Inc        
Loss Contingencies [Line Items]        
Unfunded capital commitments   $ 25,000    
Other commitment, funded by third party   20,000    
Director        
Loss Contingencies [Line Items]        
Contributions to parent company   129,100    
Commercial real estate        
Loss Contingencies [Line Items]        
Unfunded capital commitments   73,400    
Genesis Acquisition        
Loss Contingencies [Line Items]        
Committed to fund   2,200,000    
Single Family | Viewpoint Murfreesboro Land LLC        
Loss Contingencies [Line Items]        
Purchase price of land $ 7,000      
Number of properties | property 171      
Aggregate purchase price $ 49,200      
Purchase price outstanding   $ 9,000    
v3.26.1
RELATED PARTY TRANSACTIONS (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 6 Months Ended
Dec. 19, 2025
USD ($)
Jun. 30, 2026
USD ($)
shares
Mar. 31, 2026
USD ($)
$ / Loan
Mar. 31, 2025
USD ($)
$ / shares
shares
Jun. 30, 2026
USD ($)
shares
Dec. 31, 2025
Related Party Transaction [Line Items]            
Alternative investment   $ 28,000     $ 28,000  
Outstanding Face Amount   4,299,746   $ 35,000 4,299,746  
Notes receivable       $ 17,500    
Debt instrument, face amount   34,240,018     34,240,018  
Rithm Perpetual Life Residential Trust            
Related Party Transaction [Line Items]            
Percentage of RPLRT, interest (as a percent)           4.30%
Residential mortgage loans, HFS            
Related Party Transaction [Line Items]            
Outstanding Face Amount   $ 59,105     $ 59,105  
Great Ajax Corp.            
Related Party Transaction [Line Items]            
Percentage of common stock outstanding (as a percent)         9.90%  
The Aggregators            
Related Party Transaction [Line Items]            
Committed funds $ 50,000          
Contingent funds committed $ 7,500          
The Aggregators | Paramount Group, Inc.            
Related Party Transaction [Line Items]            
Equity interest acquired (as a percent) 3.90%          
Rithm Acquisition Corp | IPO            
Related Party Transaction [Line Items]            
Issuance of common stock (in shares) | shares         660  
Proceeds from issuance of initial public offering         $ 6,600  
Great Ajax Corp.            
Related Party Transaction [Line Items]            
Warrant term (in years)   5 years     5 years  
Shares issued for exercised warrants (in shares) | shares   500     500  
Rithm Property Trust | Series C Fixed To Floating Rate Cumulative Redeemable Preferred Stock Member            
Related Party Transaction [Line Items]            
Percentage of cumulative redeemable preferred stock (as a percent)       0.192    
Interest rate (as a percent)       9.875%    
Rithm Property Trust | IPO | Series C Fixed To Floating Rate Cumulative Redeemable Preferred Stock Member            
Related Party Transaction [Line Items]            
Issuance of common stock (in shares) | shares       400    
Cost related to issuance of common stock and preferred stock       $ 10,000    
Shares issued, price per share (in USD per share) | $ / shares       $ 25.00    
Newrez Joint Ventures | Great Ajax Corp. | Residential mortgage loans, HFS            
Related Party Transaction [Line Items]            
Loan fee, performing and non performing loans (as a percent)         0.54%  
Fair market value of the REO (as a percent)         1.00%  
Purchase price of REO (as a percent)         1.00%  
Carrying value of bonds retained by Rithm Capital   $ 24,200     $ 24,200  
Related Party | Great Ajax Corp.            
Related Party Transaction [Line Items]            
Number of shares issued (in shares) | shares         800  
Net proceeds         $ 11,200  
Related Party Assets Under Management | Executive Managing Directors Employeesand Other Related Parties            
Related Party Transaction [Line Items]            
Assets under management   $ 2,700,000     $ 2,700,000  
Percent of assets under management not charged management and incentive fees   74.90%     74.90%  
Structured Alternative Investment Solution | Related Party            
Related Party Transaction [Line Items]            
Amount invested   $ 148,000     $ 148,000  
Interest acquired       $ 74,600 6,300  
Structured Alternative Investment Solution | Related Party | Sculptor            
Related Party Transaction [Line Items]            
Alternative investment   350,000     350,000  
Amount invested   127,800     127,800  
Loans By Related Party | Related Party            
Related Party Transaction [Line Items]            
Principal amount outstanding residential mortgage loans   102,100 $ 356,400      
Debt instrument, face amount   $ 103,000 $ 361,300   $ 103,000  
Annual servicing fee payable   7500.00% 0.75%      
Monthly servicing fees receivable (in USD per loan) | $ / Loan     7.00