RITHM CAPITAL CORP., 10-Q filed on 5/2/2025
Quarterly Report
v3.25.1
Cover - shares
 3 Months Ended
Mar. 31, 2025
Apr. 29, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2025  
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   530,122,477
Entity Central Index Key 0001556593  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Document Fiscal Period Focus Q1  
Document Fiscal Year Focus 2025  
Common Stock, $0.01 par value per share    
Entity Information [Line Items]    
Title of 12(b) Security Common Stock, $0.01 par value per share  
Trading Symbol RITM  
Security Exchange Name NYSE  
7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security 7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock  
Trading Symbol RITM PR A  
Security Exchange Name NYSE  
7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock  
Trading Symbol RITM PR B  
Security Exchange Name NYSE  
6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock  
Trading Symbol RITM PR C  
Security Exchange Name NYSE  
7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock    
Entity Information [Line Items]    
Title of 12(b) Security 7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock  
Trading Symbol RITM PR D  
Security Exchange Name NYSE  
v3.25.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 10,133,041 $ 10,321,671
Government and government-backed securities (includes $11,023,935 and $9,711,346 at fair value, respectively) 11,048,701 9,736,116
Residential mortgage loans, held-for-sale (includes $3,092,102 and $4,307,571 at fair value, respectively) [1] 3,156,350 4,374,241
Residential mortgage loans, held-for-investment, at fair value 354,003 361,890
Consumer loans held-for-investment, at fair value [1] 554,168 665,565
Residential transition loans, at fair value 2,335,218 2,178,075
Residential mortgage loans subject to repurchase 2,432,605 2,745,756
Single-family rental properties 1,011,986 1,028,295
Cash and cash equivalents 1,493,834 1,458,743
Restricted cash 596,738 459,066
Servicer advances receivable 2,874,515 3,198,921
Other assets (includes $2,422,538 and $2,311,979 at fair value, respectively) [1] 4,450,923 4,563,415
Assets of consolidated CFEs    
Investments, at fair value and other assets 4,972,801 5,107,826
Total Assets 45,329,843 46,048,957
Liabilities    
Secured financing agreements [1] 16,791,234 16,782,467
Secured notes and bonds payable (includes $169,035 and $185,460 at fair value, respectively) [1] 10,025,948 10,298,075
Residential mortgage loan repurchase liability 2,432,605 2,745,756
Unsecured notes, net of issuance costs 1,207,594 1,204,220
Dividends payable 157,405 153,114
Accrued expenses and other liabilities (includes $538,985 and $525,486 at fair value, respectively) [1] 2,343,010 2,630,771
Liabilities of consolidated CFEs    
Notes payable, at fair value and other liabilities 4,230,793 4,348,244
Total Liabilities 37,188,589 38,162,647
Commitments and Contingencies (Note 25)
Redeemable Noncontrolling Interests of Consolidated Subsidiaries (Note 20) 256,414 0
Stockholders’ Equity    
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 49,964,122 and 51,964,122 issued and outstanding, $1,249,104 and $1,299,104 aggregate liquidation preference, respectively 1,207,254 1,257,254
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 530,122,477 and 520,656,256 issued and outstanding, respectively 5,301 5,206
Additional paid-in capital 6,635,226 6,528,613
Accumulated deficit (129,934) (46,985)
Accumulated other comprehensive income 58,277 50,886
Stockholders’ Equity in Rithm Capital Corp. 7,776,124 7,794,974
Noncontrolling interests in equity of consolidated subsidiaries 108,716 91,336
Total Stockholders’ Equity 7,884,840 7,886,310
Total Liabilities and Equity 45,329,843 46,048,957
Consolidated Entity, Excluding Consolidated VIE    
Assets    
Cash and cash equivalents [1] 1,493,834 1,458,743
Restricted cash [1] $ 511,698 $ 308,443
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. 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 March 31, 2025 and December 31, 2024, total assets of such consolidated VIEs were $6.4 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $5.0 billion and $5.2 billion, respectively. See Note 20 for further details.
v3.25.1
CONSOLIDATED BALANCE SHEETS (UNAUDITED) (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Real estate and other securities at fair value $ 11,023,935 $ 9,711,346
Residential mortgage loans, HFS, at fair value 3,092,102 4,307,571
Other assets at fair value 2,422,538 2,311,979
Secured notes and bonds payable, at fair value 169,035 185,460
Accrued expenses and other liabilities at fair value $ 538,985 $ 525,486
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) 49,964,122 51,964,122
Preferred stock, shares outstanding (in shares) 49,964,122 51,964,122
Preferred stock, liquidation preference $ 1,249,104 $ 1,299,104
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) 530,122,477 520,656,256
Common stock, shares outstanding (in shares) 530,122,477 520,656,256
Assets $ 45,329,843 $ 46,048,957
Liabilities 37,188,589 38,162,647
Variable Interest Entity, Primary Beneficiary    
Residential mortgage loans, HFS, at fair value 474,987 496,420
Assets 6,435,948 6,321,334
Liabilities $ 5,047,858 $ 5,182,479
v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]          
Total Revenues $ 768,379       $ 1,260,618
Expenses          
Interest expense and warehouse line fees 419,054       409,827
General and administrative 237,546       205,052
Compensation and benefits 271,467       235,778
Total Operating Expenses 928,067       850,657
Other Income (Loss)          
Realized and unrealized gains (losses), net 207,395       (44,846)
Other income, net 9,073       15,784
Total Other Income (Loss), Net 216,468       (29,062)
Income before Income Taxes 56,780       380,899
Income tax expense (benefit) (23,930)       93,412
Net Income 80,710       287,487
Noncontrolling interests in income of consolidated subsidiaries 1,086       3,452
Redeemable noncontrolling interests in income of consolidated subsidiaries 813       0
Net Income Attributable to Rithm Capital Corp. 78,811       284,035
Change in redemption value of redeemable noncontrolling interests 15,611       0
Dividends on preferred stock 26,677       22,395
Net Income Attributable to Common Stockholders $ 36,523       $ 261,640
Net Income per Share of Common Stock          
Basic (in dollars per share) $ 0.07       $ 0.54
Diluted (in dollars per share) $ 0.07       $ 0.54
Weighted Average Number of Shares of Common Stock Outstanding          
Basic (in shares) 524,104,842       483,336,777
Diluted (in shares) 530,599,555       485,931,501
Dividends declared per share of common stock (in dollars per share) $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25
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 $ 570,801       $ 469,891
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(146,891) and $(116,839), respectively)          
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]          
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues (541,916)       84,175
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 28,885       554,066
Interest income          
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]          
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 441,260       434,795
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 159,789       142,458
Other revenues          
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]          
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 50,773       58,348
Asset management revenues          
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]          
Total Revenues $ 87,672       $ 70,951
v3.25.1
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
MSRs    
Realization of cash flows $ (146,891) $ (116,839)
v3.25.1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]    
Net income $ 80,710 $ 287,487
Other Comprehensive Income (Loss):    
Unrealized gain on available-for-sale securities, net of tax 4,741 1,603
Cumulative translation adjustment, net of tax 2,650 (776)
Comprehensive Income 88,101 288,314
Comprehensive income attributable to noncontrolling interests 1,086 3,452
Comprehensive income attributable to redeemable noncontrolling interests 813 0
Comprehensive Income Attributable to Rithm Capital Corp. $ 86,202 $ 284,862
v3.25.1
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Stockholders’ Equity in Rithm Capital Corp.
Preferred Stock
Common Stock
Additional Paid-in Capital
Retained Earnings (Accumulated Deficit)
Accumulated Other Comprehensive Income (Loss)
Noncontrolling Interests in Equity of Consolidated Subsidiaries
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2023     51,964,122          
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2023       483,226,239        
Equity, beginning balance at Dec. 31, 2023 $ 7,101,038 $ 7,006,942 $ 1,257,254 $ 4,833 $ 6,074,322 $ (373,141) $ 43,674 $ 94,096
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared on common stock (120,869) (120,869)       (120,869)    
Dividends declared on preferred stock (22,395) (22,395)       (22,395)    
Capital contributions 2,138             2,138
Capital distributions (5,866)             (5,866)
Director share grants and stock-based compensation (in shares)       251,474        
Director share grants and stock-based compensation 1,012 1,012   $ 3 758 251    
Change in redemption value of redeemable noncontrolling interests 0              
Comprehensive Income:                
Net income 287,487 284,035       284,035   3,452
Unrealized gain on available-for-sale securities, net 1,603 1,603         1,603  
Cumulative translation adjustment, net (776) (776)         (776)  
Total comprehensive income 288,314 284,862           3,452
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2024     51,964,122          
Common stock, shares outstanding ending balance (in shares) at Mar. 31, 2024       483,477,713        
Equity, ending balance at Mar. 31, 2024 $ 7,243,372 7,149,552 $ 1,257,254 $ 4,836 6,075,080 (232,119) 44,501 93,820
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2024 51,964,122   51,964,122          
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2024 520,656,256     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 (132,531) (132,531)       (132,531)    
Dividends declared on preferred stock (26,677) (26,677)       (26,677)    
Capital contributions 20,201             20,201
Capital distributions (3,907)             (3,907)
Issuance of common stock (in shares)       9,020,000        
Issuance of common 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)       446,221        
Director share grants and stock-based compensation 9,238 9,238   $ 5 12,598 (3,365)    
Fair value of SPAC warrants at issuance 2,304 2,304     2,304      
Change in redemption value of redeemable noncontrolling interests (15,611) (15,611)     (15,611)      
Comprehensive Income:                
Net income 80,710 79,624       79,624   1,086
Unrealized gain on available-for-sale securities, net 4,741 4,741         4,741  
Cumulative translation adjustment, net 2,650 2,650         2,650  
Total comprehensive income $ 88,101 87,015           1,086
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2025 49,964,122   49,964,122          
Common stock, shares outstanding ending balance (in shares) at Mar. 31, 2025 530,122,477     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
v3.25.1
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Flows From Operating Activities    
Net income $ 80,710 $ 287,487
Adjustments to reconcile net income to net cash flows from operating activities:    
Change in fair value of investments, net (100,826) 335,207
Change in fair value of secured notes and bonds payable 8,429 4,605
Gain on settlement of investments, net (60,868) (274,709)
Gain on sale of originated residential mortgage loans, held-for-sale, net (159,789) (142,457)
Gain on transfer of loans to real estate owned (“REO”) (116) (2,166)
Accretion and other amortization (12,006) (21,224)
Provision for (reversal of) credit losses on securities, loans and REO (2,042) 462
Non-cash portions of servicing revenue, net 552,690 (76,376)
Deferred tax provision (41,295) 90,628
Mortgage loans originated and purchased for sale, net of fees (12,355,460) (11,439,065)
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 13,377,980 9,856,746
Loan repayment proceeds of consolidated entities 99,676 80,822
Interest received from servicer advance investments, RMBS, loans and other 9,728 13,488
Principal repayments and sales proceeds of investments of consolidated CFEs 111,289 2,090
Loan originations and investment purchases of consolidated CFEs (197,937) (9,811)
Changes in:    
Servicer advances receivable, net 311,515 165,425
Other assets (291) 37,637
Accrued expenses and other liabilities (200,120) (223,335)
Net cash provided by (used in) operating activities 1,421,267 (1,314,546)
Cash Flows From Investing Activities    
Purchase of servicer advance investments (186,356) (212,656)
Purchase of government-backed and other securities (1,390,991) (1,891)
Proceeds from sale of government-backed and other securities 1,291 0
Purchase of Treasury securities (24,732) (4,733,368)
Treasury sales and Treasury securities payable 0 1,425,370
Reverse repurchase agreements entered and repurchase agreements closed (507,863) (1,256,872)
Reverse repurchase agreements closed and repurchase agreements entered 503,863 0
Maturity of Treasury securities 25,000 0
Purchase of SFR properties, MSRs and other assets (156,484) (63,877)
Origination of residential transition loans (775,530) (649,698)
Draws on revolving consumer loans (6,595) (4,113)
Net settlement of derivatives and hedges 72,352 371,827
Return of investments in Excess MSRs 12,908 10,423
Return of investments in equity method investees 2,471 0
Principal repayments from servicer advance investments 203,012 224,039
Principal repayments from government, government-backed and other securities 154,723 165,324
Principal repayments from residential mortgage loans 10,287 12,187
Principal repayments from consumer loans 111,102 153,479
Settlement of sale of MSRs and MSR financing receivables 2,057 (671)
Proceeds from sale of REO 9,711 5,216
Net cash used in investing activities (1,304,457) (4,050,190)
Cash Flows From Financing Activities    
Repayments of secured financing agreements (16,278,892) (18,055,590)
Repayments of warehouse credit facilities including those related to the initial consolidation of CLOs (16,474,309) (10,778,294)
Repayment of unsecured senior notes 0 (275,000)
Net settlement of margin deposits under repurchase agreements and derivatives 266,206 (346,569)
Repayments of secured notes and bonds payable (2,095,661) (1,405,197)
Deferred financing fees (14,750) (8,298)
Dividends paid on common and preferred stock (156,970) (143,298)
Borrowings under secured financing agreements 17,282,561 22,495,882
Borrowings under warehouse credit facilities 15,470,945 12,047,306
Borrowings under secured notes and bonds payable 1,835,740 761,266
Proceeds from issuance of unsecured senior notes 0 767,103
Proceeds from issuance of debt obligations of consolidated CFEs 0 257,597
Repayments of debt obligations of consolidated CFEs (108,223) (87,545)
Issuance of common stock 107,412 0
Repurchase of preferred stock (50,000) 0
Net proceeds from issuance of Class A Units of SPAC 230,000 0
Contributions from noncontrolling and redeemable noncontrolling interests 45,802 0
Distributions to noncontrolling and redeemable noncontrolling interests (3,908) (3,728)
Net cash provided by financing activities 55,953 5,225,635
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash 172,763 (139,101)
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 1,917,809 1,697,095
Cash, Cash Equivalents and Restricted Cash, End of Period 2,090,572 1,557,994
Supplemental Disclosure of Cash Flow Information    
Cash paid during the period for interest 454,522 465,964
Cash paid during the period for income taxes 3,366 1,259
Supplemental Schedule of Non-Cash Investing and Financing Activities    
Dividends declared but not paid on common and preferred stock 157,405 143,199
Transfer from residential mortgage loans to REO and other assets 9,245 5,917
Real estate securities retained from loan securitizations 32,839 0
Residential mortgage loans subject to repurchase 2,432,605 1,845,889
Purchase of Agency RMBS, settled after quarter-end 0 1,271,542
Consolidated Entity, Excluding Consolidated VIE    
Cash Flows From Investing Activities    
Proceeds from principal repayment, loan, mortgage receivable 353,128 423,269
Variable Interest Entity, Primary Beneficiary    
Cash Flows From Investing Activities    
Proceeds from principal repayment, loan, mortgage receivable $ 282,189 $ 81,822
v3.25.1
BUSINESS AND ORGANIZATION
 3 Months Ended
Mar. 31, 2025
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 asset manager focused on real estate, credit and financial services. Rithm Capital is a Delaware corporation formed in September 2011 as a limited liability company and commenced operations in December 2011. Rithm Capital currently operates as an internally managed real estate investment trust (“REIT”).

Rithm Capital seeks to generate long-term value for its investors by using its investment expertise to identify, manage and invest in real estate related and other financial assets and through its broader asset management capabilities, in each case that provides investors with attractive risk-adjusted returns. The Company’s investments in real estate related assets include its equity interest in operating companies, including leading origination and servicing platforms held through wholly-owned subsidiaries, Newrez LLC (“Newrez”) and Genesis Capital LLC (“Genesis”), as well as investments in single-family rental (“SFR”) properties, title, appraisal and property preservation and maintenance businesses. The Company’s real estate related strategy involves opportunistically pursuing acquisitions and seeking to establish strategic partnerships that the Company believes enable it to maximize the value of its investments by offering products and services related to the lifecycle of each mortgage loan and underlying residential property or collateral. Rithm Capital’s asset management business primarily operates through its wholly-owned subsidiaries, Sculptor Capital Management, Inc. (“Sculptor”) and its affiliates, acquired on November 17, 2023, and RCM GA Manager LLC (“RCM Manager”). Sculptor is a leading global alternative asset manager and provides asset management services and investment products across credit, real estate and multi-strategy platforms through commingled funds, separate accounts and other alternative investment vehicles. RCM Manager manages Rithm Property Trust Inc. (“Rithm Property Trust”), a publicly traded mortgage REIT, pursuant to a management agreement, dated June 11, 2024 (as amended by that First Amendment to the Management Agreement, dated as of October 18, 2024, the “Rithm Property Trust Management Agreement”).

As of March 31, 2025, Rithm Capital conducted its business through the following segments: (i) Origination and Servicing, (ii) Investment Portfolio, (iii) Residential Transitional Lending and (iv) Asset Management.

Rithm Capital’s Origination and Servicing businesses operate through its wholly-owned subsidiaries 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. Additionally, the Company’s servicing platform complements its origination business and offers its subsidiaries and third-party clients both performing and special servicing capabilities.

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 the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”, and together with Fannie Mae, “GSEs”), 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 that it originates into the secondary market. Newrez securitizes loans into residential mortgage-backed securities (“RMBS”) through the Agencies. Loans originated outside of the GSEs, guidelines of the Federal Housing Administration (“FHA”), U.S. Department of Agriculture or Department of Veterans Affairs (for loans securitized with Ginnie Mae) are sold to private investors and mortgage conduits. Newrez generally retains the right to service the underlying residential mortgage loans sold and securitized by Newrez. NRM and Newrez are required to conduct aspects of their operations in accordance with applicable policies and guidelines of such Agencies.
Rithm Capital also operates additional real estate related businesses through its wholly-owned subsidiaries, including: (i) Avenue 365 Lender Services, LLC, its title company, (ii) eStreet Appraisal Management LLC, its appraisal management company, (iii) Adoor LLC (“Adoor”), its company focused on the acquisition and management of SFR properties, (iv) Genesis, a lender for experienced developers and investors of residential real estate, which also supports the Adoor business, and (v) Guardian Asset Management (“Guardian”), a national provider of field services and property management services. In addition to these wholly-owned subsidiaries, Rithm Capital also has operations in (i) residential property management through Adoor Property Management LLC (“APM”) and (ii) commercial real estate through its joint venture with GreenBarn Investment Group, which provides acquisition and development opportunities, asset and property management, and leasing and construction support.

In the first quarter of 2025, Rithm Capital sponsored the $230.0 million initial public offering (“IPO”) of Rithm Acquisition Corp., a consolidated special purpose acquisition company (“SPAC”), formed for the purpose of entering into a business combination with one or more businesses, with a focus on businesses in the financial services, real estate and infrastructure sectors. See Note 20 for additional information.

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”).
v3.25.1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2025
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 significant 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 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 or stockholders’ equity.

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 mortgage servicing rights (“Excess MSRs”), mortgage servicing rights (“MSRs”), MSR financing receivables, servicer advance investments, RMBS issued by either public trusts or private label securitization 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.
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, the determination of whether or not to consolidate a VIE or a voting interest entity (“VOE”), goodwill and intangible assets and the disclosure of contingent assets and liabilities at the reporting date. Actual results could differ from those estimates and such differences could be material.

Redeemable Noncontrolling Interests — The Company recognizes redeemable noncontrolling interests at their redemption amount each reporting period. Changes in the redemption amount are recognized as they occur with an adjustment to the carrying value at the end of each reporting period through additional paid-in capital in an amount equal to the difference between the carrying value of the interests (adjusted for the earnings attributable to noncontrolling interest holders) and their redemption value. The accretion of the redeemable noncontrolling interest to redemption value is recorded within change in redemption value of redeemable noncontrolling interests in the consolidated statements of operations. The Class A ordinary shares of the consolidated SPAC have redemption rights that are considered to be outside of the Company’s control, and as a result, these shares are presented as redeemable noncontrolling interests of consolidated subsidiaries on the consolidated balance sheets. Profits and losses attributable to these interests are presented as redeemable noncontrolling interests in income of consolidated subsidiaries in the consolidated statements of operations. The redeemable noncontrolling interest related to the SPAC was initially recorded at the original issue price, net of offering costs and the initial fair value of separately traded warrants.

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, 2024.

Recent Accounting Pronouncements

Recently Adopted Accounting Standards

In March 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, to clarify the scope application of profits interest and similar awards by adding illustrative guidance to help entities determine whether profit interests and similar awards should be accounted for as share-based payment arrangements within the scope of ASC 718, Compensation-Stock Compensation. This ASU became effective for the Company on January 1, 2025. The adoption of the new standard did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740), which focuses on income tax disclosures around effective tax rates and cash income taxes paid. This standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation, including a tabular rate reconciliation for specified categories and additional information for reconciling items that meet a quantitative threshold. The standard also requires a summary of federal, state and local, and foreign income taxes paid, net of refunds received, as well as separate disclosure of payments made to jurisdictions representing 5% or more of total income taxes paid. The new disclosures specified by ASU 2023-09 are required in the Company’s annual financial statements beginning with the year ending December 31, 2025, with early adoption permitted. The Company expects the adoption of ASU 2023-09 will lead to additional income tax disclosures in its consolidated financial statements for the year ending December 31, 2025 and future annual periods.

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 potential impact upon adoption but does not expect the adoption of the new standard to have a material effect on its consolidated financial statements.
v3.25.1
BUSINESS ACQUISITIONS
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]  
BUSINESS ACQUISITIONS BUSINESS ACQUISITIONS
Acquisition of Computershare Mortgage Services Inc.

Rithm Capital completed the acquisition of Computershare Mortgage Services Inc. (“Computershare”) and certain affiliated companies, including Specialized Loan Servicing LLC (“SLS”), and the simultaneous merger of SLS into Newrez on May 1, 2024 (the “Computershare Acquisition”). Rithm Capital 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 Computershare Acquisition during the second quarter of 2024:

Total Consideration$715,458 
Assets:
Residential mortgage loans, held-for-sale2,402 
Servicer advances receivable269,484 
Mortgage servicing rights, at fair value700,207 
Cash and cash equivalents101,993 
Restricted cash2,271 
Other assets(A)
83,056 
Total Assets Acquired1,159,413 
Liabilities:
Accrued expenses and other liabilities225,944 
Secured notes and bonds payable190,596 
Total Liabilities Assumed416,540 
Net Assets742,873 
Bargain Purchase Gain$27,415 
(A)Includes $16.0 million of intangible assets in the form of customer relationships. This intangible is being amortized over a finite life of 4.5 years.

Rithm Capital acquired 100% of the outstanding equity interests of Computershare and certain affiliated companies, including SLS, for cash consideration of $715.5 million. At the time of acquisition, SLS merged into Newrez. Upon completing the Computershare Acquisition, the consideration transferred for the acquired assets and assumed liabilities was determined to be less than the net assets acquired from Computershare, resulting in an economic gain (“Bargain Purchase”). Rithm Capital completed the required reassessment to validate that all assets acquired and liabilities assumed on the acquisition date had been identified and appropriately measured in accordance with ASC 805, Business Combinations. Based on the reassessment, the transaction resulted in a Bargain Purchase gain of $27.4 million, which has been included in other income (loss), net within the consolidated statements of operations for the year ended December 31, 2024. The Bargain Purchase gain was primarily driven by the change in fair value of the acquired MSRs between the signing and closing dates of the acquisition.
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 assessment of fair value is preliminary 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 most significant open items necessary to complete the assessment of fair value are related to other assets and other liabilities. The final acquisition accounting adjustments, including those resulting from conforming Computershare’s accounting policies to those of Rithm Capital’s, could differ materially.

Intangible assets acquired consist of customer relationships. Rithm Capital amortizes finite-lived customer relationships on a straight-line basis over their respective useful lives. The weighted average life of the total acquired identifiable intangible assets is 4.5 years. The following table presents the details of identifiable intangible assets acquired:
Estimated Useful LifeAmount
Customer Relationships4.5$16,000 
Total Identifiable Intangible Assets$16,000 

Measurement Period Adjustments

The following table summarizes the provisional amounts recognized related to the Computershare Acquisition as of the acquisition date, as well as the measurement period adjustments made in the fourth quarter of 2024 to arrive at the revised preliminary allocation of the total consideration paid to acquire the assets and assume the liabilities:
Preliminary Amounts as of the Acquisition Date
Subsequent Adjustments to Fair Value(A)
Revised Preliminary Amounts as of the Acquisition Date
Total Consideration$708,026 $7,432 $715,458 
Assets:
Residential mortgage loans, held-for-sale2,402 — 2,402 
Servicer advances receivable275,782 (6,298)269,484 
Mortgage servicing rights, at fair value696,462 3,745 700,207 
Cash and cash equivalents102,011 (18)101,993 
Restricted cash2,237 34 2,271 
Other assets84,028 (972)83,056 
Total Assets Acquired1,162,922 (3,509)1,159,413 
Liabilities:
Accrued expenses and other liabilities236,141 (10,197)225,944 
Secured notes and bonds payable190,596 — 190,596 
Total Liabilities Assumed426,737 (10,197)416,540 
Net Assets736,185 6,688 742,873 
Bargain Purchase Gain$28,159 $(744)$27,415 
(A)The adjustment to total consideration was primarily driven by changes in valuation of MSRs acquired and resolutions with seller with respect to servicing fee receivables (as reflected in other assets) and legal obligations (as reflected in accrued expenses and other liabilities).
Unaudited Supplemental Pro Forma Financial Information

The following table presents unaudited pro forma combined revenues and income before income taxes for the three months ended March 31, 2024 prepared as if the Computershare Acquisition had been consummated on January 1, 2023:
Pro FormaThree Months Ended March 31, 2024
Revenues$1,377,640 
Income before income taxes400,991 

The unaudited supplemental pro forma financial information reflects, among other things, financing adjustments, amortization of intangibles and transactions 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 Computershare 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 Computershare Acquisition occurred on January 1, 2023.
v3.25.1
SEGMENT REPORTING
 3 Months Ended
Mar. 31, 2025
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) Investment Portfolio, (iii) Residential Transitional Lending and (iv) Asset Management. 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 and administrative expenses, corporate cash and related interest income, the Senior Unsecured Notes (as defined in Note 18) and related interest expense, and restricted cash and redeemable noncontrolling interest related to Class A ordinary shares of our consolidated SPAC.

In 2024, Rithm Capital reevaluated and revised the composition of its reportable segments based on the changes to its management reporting structure and performance assessment. MSR portfolio serviced by third-parties, government and government-backed securities, including corresponding hedges, servicer advances receivable and Guardian’s operations that were previously reflected within the Investment Portfolio segment are now reflected within the Origination and Servicing segment. Segment information for prior periods has been recast to reflect these changes. Additionally, the title of the Mortgage Loans Receivable segment was changed to Residential Transitional Lending.

During the first quarter of 2025 and in future periods, new purchases of government and government-backed securities will be reflected within the Investment Portfolio or the Origination and Servicing segment based on the nature of the business activity and performance assessment.

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 chief operating decision maker (“CODM”) to make decisions regarding the Company’s business, including resource allocation and performance assessment. The Company’s CODM is the Chairman, Chief Executive Officer and President.

The Origination and Servicing segment generates revenue through servicing fee revenue, interest income and gain on originated and sold residential mortgage loans. 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 investment portfolio revenues. 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 through management and incentive fees based primarily on the assets under management (“AUM”) and performance of funds and accounts 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 ServicingInvestment PortfolioResidential Transitional LendingAsset ManagementCorporate CategoryTotal
Three Months Ended March 31, 2025
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$570,801 $— $— $— $— $570,801 
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(146,891))
(541,916)— — — — (541,916)
Servicing revenue, net28,885 — — — — 28,885 
Interest income292,561 71,790 66,508 9,413 988 441,260 
Gain on originated residential mortgage loans, held-for-sale, net151,494 8,295 — — — 159,789 
Other revenues25,738 25,035 — — — 50,773 
Asset management revenues— — — 87,672 — 87,672 
Total Revenues498,678 105,120 66,508 97,085 988 768,379 
Interest expense and warehouse line fees292,948 59,636 31,701 14,089 20,680 419,054 
Other segment expenses(A)
143,767 22,992 4,831 31,591 9,797 212,978 
Compensation and benefits172,702 1,162 14,391 65,330 17,882 271,467 
Depreciation and amortization7,659 7,954 1,567 7,384 4 24,568 
Total Operating Expenses617,076 91,744 52,490 118,394 48,363 928,067 
Realized and unrealized gains (losses), net208,538 3,094 2,043 (6,280)— 207,395 
Other income (loss), net(118)1,489 (141)7,838 5 9,073 
Total Other Income208,420 4,583 1,902 1,558 5 216,468 
Income (Loss) before Income Taxes90,022 17,959 15,920 (19,751)(47,370)56,780 
Income tax expense (benefit)(56,694)(8,512)(1,090)42,366 — (23,930)
Net Income (Loss)146,716 26,471 17,010 (62,117)(47,370)80,710 
Noncontrolling interests in income of consolidated subsidiaries354 728 — 4 — 1,086 
Redeemable noncontrolling interests in income of consolidated subsidiaries— — — 3 810 813 
Net Income (Loss) Attributable to Rithm Capital Corp.146,362 25,743 17,010 (62,124)(48,180)78,811 
Change in redemption value of redeemable noncontrolling interests— — — — 15,611 15,611 
Dividends on preferred stock— — — — 26,677 26,677 
Net Income (Loss) Attributable to Common Stockholders$146,362 $25,743 $17,010 $(62,124)$(90,468)$36,523 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to loan origination and servicing, information technology, occupancy and legal and professional services. The Investment Portfolio segment’s other segment expenses primarily include expenses related to loan servicing and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination, occupancy and information technology. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology and occupancy.
Origination and ServicingInvestment PortfolioResidential Transitional LendingAsset ManagementCorporate CategoryTotal
March 31, 2025
Investments$22,756,176 $3,502,073 $2,335,218 $— $— $28,593,467 
Cash and cash equivalents1,000,135 24,149 47,107 130,300 292,143 1,493,834 
Restricted cash174,176 52,068 34,673 19,971 230,810 511,698 
Other assets6,166,441 2,271,563 204,183 977,086 4,938 9,624,211 
Goodwill29,468 — 55,731 48,633 — 133,832 
Assets of consolidated CFEs(A)
— 2,718,096 990,168 1,264,537 — 4,972,801 
Total Assets$30,126,396 $8,567,949 $3,667,080 $2,440,527 $527,891 $45,329,843 
Debt$20,352,469 $4,252,015 $1,934,141 $451,192 $1,034,959 $28,024,776 
Other liabilities4,248,496 419,235 26,469 (12,881)251,701 4,933,020 
Liabilities of consolidated CFEs(A)
— 2,310,483 860,843 1,059,467 — 4,230,793 
Total Liabilities24,600,965 6,981,733 2,821,453 1,497,778 1,286,660 37,188,589 
Redeemable Noncontrolling Interests of Consolidated Subsidiaries— — — 25,604 230,810 256,414 
Total Stockholders’ Equity5,525,431 1,586,216 845,627 917,145 (989,579)7,884,840 
Noncontrolling interests in equity of consolidated subsidiaries9,100 58,688 — 40,928 — 108,716 
Stockholders’ Equity in Rithm Capital Corp.$5,516,331 $1,527,528 $845,627 $876,217 $(989,579)$7,776,124 
Investments in Equity Method Investees$25,179 $294,756 $14,407 $205,573 $— $539,915 
December 31, 2024
Total Assets$32,418,256 $7,463,738 $3,439,075 $2,508,130 $219,758 $46,048,957 
(A)Includes assets and liabilities of certain consolidated VIEs that meet the definition of CFEs. These assets can only be used to settle obligations and liabilities of such VIEs for which creditors do not have recourse to Rithm Capital Corp.
Origination and ServicingInvestment PortfolioResidential Transitional LendingAsset ManagementCorporate CategoryTotal
Three Months Ended March 31, 2024
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$469,891 $— $— $— $— $469,891 
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(116,839))
84,175 — — — — 84,175 
Servicing revenue, net554,066 — — — — 554,066 
Interest income275,205 89,959 64,720 4,909 2 434,795 
Gain (loss) on originated residential mortgage loans, held-for-sale, net145,869 (3,411)— — — 142,458 
Other revenues32,379 25,969 — — — 58,348 
Asset management revenues— — — 70,951 — 70,951 
Total Revenues1,007,519 112,517 64,720 75,860 2 1,260,618 
Interest expense and warehouse line fees288,856 70,392 32,414 7,621 10,544 409,827 
Other segment expenses(A)
114,506 21,541 3,187 23,922 9,944 173,100 
Compensation and benefits157,981 568 11,303 63,112 2,814 235,778 
Depreciation and amortization14,630 7,742 1,567 8,013 — 31,952 
Total Operating Expenses575,973 100,243 48,471 102,668 23,302 850,657 
Realized and unrealized gains (losses), net(65,257)2,687 24,566 (6,842)— (44,846)
Other income, net25 11,479 274 3,969 37 15,784 
Total Other Income (Loss)(65,232)14,166 24,840 (2,873)37 (29,062)
Income (Loss) before Income Taxes366,314 26,440 41,089 (29,681)(23,263)380,899 
Income tax expense (benefit)96,201 1,248 (333)(3,704)— 93,412 
Net Income (Loss)270,113 25,192 41,422 (25,977)(23,263)287,487 
Noncontrolling interests in income of consolidated subsidiaries55 2,037 — 1,360 — 3,452 
Net Income (Loss) Attributable to Rithm Capital Corp.270,058 23,155 41,422 (27,337)(23,263)284,035 
Dividends on preferred stock— — — — 22,395 22,395 
Net Income (Loss) Attributable to Common Stockholders$270,058 $23,155 $41,422 $(27,337)$(45,658)$261,640 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to loan origination and servicing, information technology, occupancy and legal and professional services. The Investment Portfolio segment’s other segment expenses primarily include expenses related to loan servicing and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination, occupancy and information technology. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology and occupancy.
v3.25.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES
 3 Months Ended
Mar. 31, 2025
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, 2024$10,321,671 
Originations(A)
348,988 
Sales664 
Change in Fair Value Due To:
Realization of cash flows(B)
(148,042)
Change in valuation inputs and assumptions(390,240)
Balance at March 31, 2025$10,133,041 
(A)Represents MSRs retained on the sale of originated residential mortgage loans. Includes $29.8 million of MSRs capitalized through co-issue with third-parties.
(B)Based on the paydown of the underlying residential mortgage loans.

The following table summarizes components of servicing revenue, net:
Three Months Ended
March 31,
20252024
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$526,810 $430,114 
Ancillary and other fees43,991 39,777 
Servicing fee revenue, net and fees570,801 469,891 
Change in Fair Value Due To:
Realization of cash flows(A)
(146,891)(116,839)
Change in valuation inputs and assumptions, net of realized gains (losses)(B)
(395,025)201,014 
Servicing Revenue, Net$28,885 $554,066 
(A)Net of $1.2 million of realization of cash flows related to excess spread financing for the three months ended March 31, 2025. There was no excess spread financing during the three months ended March 31, 2024 (Note 12).
(B)Net of $(4.8) million of change in valuation inputs and assumptions related to excess spread financing for the three months ended March 31, 2025. There was no excess spread financing during the three months ended March 31, 2024 (Note 12).

The following table summarizes MSRs and MSR financing receivables by type as of March 31, 2025 and December 31, 2024:
UPB of Underlying Mortgages
Weighted Average Life (Years)(A)
Carrying Value(B)
March 31, 2025
GSE$382,089,209 6.4$6,195,239 
Non-Agency69,089,498 5.4830,163 
Ginnie Mae(C)
139,936,290 6.33,107,639 
Total / Weighted Average$591,114,997 6.3$10,133,041 
December 31, 2024
GSE$383,014,320 6.5$6,413,199 
Non-Agency70,022,636 5.4836,408 
Ginnie Mae(C)
137,177,395 6.43,072,064 
Total / Weighted Average$590,214,351 6.4$10,321,671 
(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 March 31, 2025 and December 31, 2024, weighted average discount rates of 8.9% (range of 8.8% – 10.3%) and 8.9% (range of 8.7% - 10.3%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables.
(C)As of March 31, 2025 and December 31, 2024, Rithm Capital had approximately $2.4 billion and $2.7 billion, respectively, in residential mortgage loans subject to repurchase and the related residential mortgage loans repurchase liability on its consolidated balance sheets.
Residential Mortgage Loans Subject to Repurchase

Rithm Capital, through Newrez, is an approved issuer of Ginnie Mae 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 March 31, 2025, Rithm Capital reflected approximately $2.4 billion 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 March 31, 2025, Rithm Capital holds approximately $0.5 billion of such repurchased loans presented within residential mortgage loans, held-for-sale on its consolidated balance sheets.

Onity MSR Financing Receivable Transactions

Onity Group Inc. (formerly known as Ocwen Financial Corporation) (collectively with certain affiliates, “Onity”), and subsequently PHH Mortgage Corporation (“PHH”) (as successor through acquisition by Onity), and Rithm Capital entered into an agreement to transfer to Rithm Capital, Onity’s remaining interests in MSRs relating to loans with an aggregate unpaid principal balance (“UPB”) of approximately $110.0 billion and with respect to which Rithm Capital already held certain rights (“Rights to MSRs”). Additionally, Onity sold and transferred to Rithm Capital certain Rights to MSRs and other assets related to MSRs for loans with an UPB of approximately $86.8 billion, of which approximately $10.2 billion UPB, as of March 31, 2025, of underlying loans consents have not been received and all other conditions to transfer have not been met and, accordingly, are recorded as MSR financing receivables, at fair value.

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 ConcentrationMarch 31, 2025December 31, 2024
California16.4 %16.5 %
Florida8.2 %8.2 %
Texas6.6 %6.6 %
New York5.7 %5.7 %
Washington5.2 %5.2 %
New Jersey4.1 %4.1 %
Virginia3.7 %3.7 %
Maryland3.4 %3.4 %
Illinois3.3 %3.3 %
Georgia3.1 %3.1 %
Other U.S.40.3 %40.2 %
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 March 31, 2025 and December 31, 2024 was $244.2 billion and $242.9 billion, respectively. Rithm Capital earned servicing revenue of $76.0 million and $38.1 million for the three months ended March 31, 2025 and 2024, 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 as part of general and administrative in the consolidated statements of operations. As of March 31, 2025, PHH and Valon Mortgage, Inc. subserviced 6.0% and 3.9% of owned MSRs, respectively, with the remaining 90.1% 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:
March 31, 2025December 31, 2024
Principal and interest advances$588,004 $640,723 
Escrow advances (taxes and insurance advances)1,503,455 1,733,426 
Foreclosure advances924,809 950,092 
Gross advance balance(A)(B)(C)
3,016,268 3,324,241 
Reserves, impairment, unamortized discount, net of recovery accruals(141,753)(125,320)
Total Servicer Advances Receivable$2,874,515 $3,198,921 
(A)Includes $575.3 million and $673.7 million of servicer advances receivable related to GSE MSRs, respectively, recoverable either from the borrower or the Agencies.
(B)Includes $465.2 million and $529.3 million of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae. Expected losses for advances associated with Ginnie Mae loans in the MSR portfolio are considered in the MSR fair valuation through a non-reimbursable advance loss assumption.
(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 $128.8 million, or 4.3%, and $121.4 million, or 3.7%, for expected non-recovery of advances as of March 31, 2025 and December 31, 2024, respectively.

The following table summarizes servicer advances provision activity during the period:
Balance at December 31, 2024$121,396 
Provision12,877 
Write-offs(5,482)
Balance at March 31, 2025$128,791 

See Note 18 regarding the financing of MSRs and servicer advances receivable.
EXCESS MORTGAGE SERVICING RIGHTS
Excess MSR assets include Rithm Capital’s ownership of Excess MSRs, and associated recapture agreements, acquired from and serviced by Mr. Cooper Group Inc. (“Mr. Cooper”). Prior to June 20, 2024, Rithm Capital owned certain pools of Excess MSR directly and certain pools through a joint venture with the Former Manager (the “Fortress Excess MSR JV”).

On June 20, 2024, Rithm Capital, together with certain Sculptor nonconsolidated funds, acquired an excess MSR portfolio from the Former Manager (including the Former Manager’s ownership in the Fortress Excess MSR JV) for approximately $124.0 million. A new joint venture with such Sculptor nonconsolidated funds was formed for the acquisition. Rithm Capital owns an 80.0% interest in and manages the joint venture, and as a result, consolidates this joint venture. Following the acquisition from the Former Manager, all of Rithm Capital’s ownership in pools of Excess MSRs is consolidated on its consolidated balance sheet and is presented in other assets at fair value. See Note 20 for noncontrolling interests related to these Excess MSRs.
Mr. Cooper, as servicer, performs all of the servicing and advancing functions on the Company’s Excess MSR assets, retains the ancillary income and assumes servicing obligations and liabilities as the servicer of the underlying loans in the portfolio.

As part of the Computershare Acquisition (Note 3), Rithm Capital acquired MSRs owned by SLS underlying certain Excess MSRs owned by Rithm Capital. Accordingly, those Excess MSRs have been reclassified to full MSRs on Rithm Capital’s consolidated balance sheets.

Investments in Excess MSRs

The following table presents activity related to the consolidated investments in Excess MSRs measured at fair value:
Balance at December 31, 2024$369,162 
Interest income4,190 
Proceeds from repayments(17,514)
Change in fair value(915)
Balance at March 31, 2025$354,923 


The following summarizes Rithm Capital’s direct investments in Excess MSRs:
March 31, 2025December 31, 2024
UPB of Underlying MortgagesInterest in Excess MSR
Weighted Average Life (Years)(A)
Amortized Cost Basis
Carrying Value(B)
Carrying Value(B)
Rithm Capital(C)(D)
Mr. Cooper
Total$52,144,523 
65.0% – 80.0%
(69.9%)
20.0% – 35.0%
(30.9%)
5.9$308,638 $354,923 $369,162 
(A)Represents the weighted average expected timing of the receipt of expected cash flows for this investment.
(B)Carrying value represents the fair value of the pools and recapture agreements, as applicable.
(C)Amounts in parentheses represent weighted averages.
(D)Rithm Capital also invested in related servicer advance investments, including the base fee component of the related MSR as of March 31, 2025 and December 31, 2024 (Note 14) on $13.0 billion and $13.3 billion UPB, respectively, underlying these Excess MSRs.

Changes in fair value of Excess MSRs investments consist of the following:
Three Months Ended March 31,
20252024
Original and Recaptured Pools$(915)$(1,867)

As of March 31, 2025 and December 31, 2024, weighted average discount rates of 8.4% and 8.4% respectively were used to value Rithm Capital’s investments in Excess MSRs.
v3.25.1
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES GOVERNMENT AND GOVERNMENT-BACKED SECURITIES
Government and government-backed securities include Agency securities issued by the GSEs or Ginnie Mae and U.S. Treasury (“Treasury”) securities. The following tables summarize Agency and Treasury securities by designation:
March 31, 2025December 31,
2024
Gross UnrealizedWeighted Average
Outstanding Face AmountGainsLosses
Carrying Value(A)
Number of SecuritiesCouponYield
Life (Years)(B)
Carrying Value(A)
Securities Designated as AFS:
Agency(C)(D)
$68,354 $— $— $60,630 1 3.5 %3.5 %11.2$60,135 
Securities Measured at Fair Value through Net Income (“FVO”):
Agency(C)
7,827,454 61,666 (10,200)7,691,274 23 5.1 %5.1 %7.96,390,508
Treasury(C)
3,250,000 14,648 — 3,272,031 3 4.5 %4.5 %1.43,260,703
Total / Weighted Average$11,145,808 $76,314 $(10,200)$11,023,935 27 4.9 %4.9 %6.0$9,711,346 
(A)Fair value is equal to the carrying value for all securities. See Note 19 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)All fixed-rate as of March 31, 2025.
(D)Expected loss is realized through allowance for credit losses.

The following table summarizes Treasury securities, held-to-maturity (“HTM”):
March 31, 2025December 31,
2024
Weighted Average
Outstanding Face AmountAmortized Cost / Carrying ValueFair ValueUnrecognized Gains /(Losses)Number of SecuritiesYieldLife (Years)Amortized Cost / Carrying Value
Treasury Securities Designated as HTM:
Treasury$25,000 $24,766 $24,767 $1 1 4.2 %0.2$24,770 

The following table summarizes purchases and sales of Agency and Treasury securities:
Three Months Ended March 31,
20252024
TreasuryAgency
Treasury(A)
Agency
Purchases:
Face$25,000 $1,355,800 $4,800,000 $1,287,034 
Purchase price24,732 1,326,895 4,773,892 1,255,894 
Sales:
Face$— $1,274 $— $— 
Amortized cost— 1,349 — — 
Sale price— 1,291 — — 
Gain (loss) on sale— (58)— — 
(A)Excludes Treasury short sales. Refer to Note 17 for information regarding short sales.

As of March 31, 2025, Rithm Capital had no unsettled government and government-backed securities trades.

See Note 18 regarding the financing of government and government-backed securities.
v3.25.1
RESIDENTIAL MORTGAGE LOANS
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
RESIDENTIAL MORTGAGE LOANS RESIDENTIAL MORTGAGE LOANS
Rithm Capital accumulates 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 on whether the loan was credit-impaired at the date of acquisition. As of March 31, 2025, Rithm Capital accounts for loans based on the following categories:

•Loans held-for-investment (“HFI”), at fair value
•Loans held-for-sale (“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.

The following table summarizes residential mortgage loans outstanding by loan type:
March 31, 2025December 31,
2024
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$2,866,929 $2,703,112 7,503 5.8 %25.6$2,791,027 
Residential mortgage loans, HFI, at fair value384,304 354,003 7,220 8.0 %4.7361,890 
Residential Mortgage Loans, HFS:
Acquired performing loans(C)
54,503 49,558 1,629 7.0 %4.351,011 
Acquired non-performing loans(D)
18,138 14,690 219 9.4 %4.015,659 
Total Residential Mortgage Loans, HFS$72,641 $64,248 1,848 7.6 %4.2$66,670 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(C)(E)
339,705 328,564 1,582 5.8 %22.2408,421 
Acquired non-performing loans(D)(E)
285,134 263,040 1,302 5.0 %27.5270,879 
Originated loans2,422,958 2,500,498 8,556 6.8 %28.63,628,271 
Total Residential Mortgage Loans, HFS, at Fair Value$3,047,797 $3,092,102 11,440 6.5 %27.8$4,307,571 
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For Level 2 loans, the weighted average life is based on the contractual term of the loan.
(B)Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.
(C)Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)As of March 31, 2025, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below.
(E)Includes $226.3 million and $273.8 million UPB of Ginnie Mae early buyout options performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA as of March 31, 2025.

See Note 18 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, HFS and residential mortgage loans, HFI, at fair value on the consolidated balance sheets:
March 31, 2025December 31, 2024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,149,818 $3,186,176 $36,358 $4,377,435 $4,400,113 $22,678 
90+354,924 324,177 (30,747)369,118 336,018 (33,100)
Total$3,504,742 $3,510,353 $5,611 $4,746,553 $4,736,131 $(10,422)
The following table summarizes the activity of residential mortgage loans, HFS and residential mortgage loans, HFI, at fair value on the consolidated balance sheets:
Loans HFI, at Fair ValueLoans HFS, at Lower of Cost or Fair ValueLoans HFS, at Fair ValueTotal
Balance at December 31, 2024$361,890 $66,670 $4,307,571 $4,736,131 
Originations — — 11,879,050 11,879,050 
Sales— — (13,558,301)(13,558,301)
Purchases/additional fundings— — 476,410 476,410 
Proceeds from repayments(10,287)(2,223)(24,210)(36,720)
Transfer of loans from (to) other assets(A)
— (579)10,982 10,403 
Transfer of loans to REO(846)(128)(184)(1,158)
Valuation (provision) reversal on loans— 508 — 508 
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk(1,353)— (4,593)(5,946)
Other factors4,599 — 5,377 9,976 
Balance at March 31, 2025$354,003 $64,248 $3,092,102 $3,510,353 
(A)Includes receivable modifications resulting in transfers between other assets and residential mortgage loans.

Gain on Originated Residential Mortgage Loans, HFS, Net

Newrez originates conventional, government-insured and nonconforming residential mortgage loans for sale and securitization. In connection with the sale or securitization of loans to the GSEs or mortgage investors, Rithm Capital reports gain on originated residential mortgage loans, HFS, net in the consolidated statements of operations. See Note 20 for detail 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
March 31,
20252024
Gain (loss) on residential mortgage loans originated and sold, net(A)
$(159,650)$(124,113)
Gain (loss) on settlement of residential mortgage loan origination derivative instruments(B)
12,789 (15,524)
MSRs retained on transfer of residential mortgage loans(C)
319,148 215,939 
Other(D)
21,982 6,493 
Realized gain on sale of originated residential mortgage loans, net194,269 82,795 
Change in fair value of residential mortgage loans12,599 14,268 
Change in fair value of interest rate lock commitments (Note 17)
23,093 7,485 
Change in fair value of derivative instruments (Note 17)
(70,172)37,910 
Gain on Originated Residential Mortgage Loans, HFS, Net$159,789 $142,458 
(A)Includes residential mortgage loan origination fees of $197.6 million and $177.7 million in the three months ended March 31, 2025 and 2024, respectively. Includes gain on residential mortgage loan securitizations accounted for as sales of $15.4 million and no gain or loss for the three months ended March 31, 2025 and 2024, 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.
v3.25.1
CONSUMER LOANS
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
CONSUMER LOANS CONSUMER LOANS
Rithm Capital’s consumer loan portfolio consists of (i) consumer loans acquired from Goldman Sachs Bank USA (the “Marcus loans” or “Marcus”) and (ii) consumer loans purchased from SpringCastle (the “SpringCastle loans” or “SpringCastle”) initially in a co-investment with an unaffiliated entity. On June 28, 2024, Rithm Capital acquired the remaining 46.5% interest in the SpringCastle loans from the co-investor for a total purchase price of $22.0 million. Following the acquisition, Rithm Capital holds a 100% interest in the SpringCastle loans.

The Marcus portfolio includes unsecured fixed-rate closed-end installment loans, and the SpringCastle portfolio includes personal unsecured loans and personal homeowner loans. The Marcus loans are serviced by Systems and Services Technologies, Inc., and the SpringCastle loans are serviced by OneMain Holdings Inc.

The following table summarizes characteristics of the consumer loan portfolio classified as HFI and measured at fair value under the fair value option election:
UPBCarrying ValueWeighted Average CouponWeighted Average Expected Life (Years)
March 31, 2025
SpringCastle$192,644 $201,468 18.0 %3.7
Marcus470,473 352,700 11.1 %0.8
Total Consumer Loans$663,117 $554,168 13.1 %1.6
December 31, 2024
SpringCastle$208,306 $219,308 18.1 %3.8
Marcus559,317 446,257 11.0 %1.0
Total Consumer Loans$767,623 $665,565 12.9 %1.8

See Note 18 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:
March 31, 2025December 31, 2024
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
SpringCastle:
Current$188,399 $197,088 $8,689 $203,923 $214,746 $10,823 
90+4,245 4,380 135 4,383 4,562 179 
Total SpringCastle192,644 201,468 8,824 208,306 219,308 11,002 
Marcus:
Current$337,889 $338,903 1,014 $438,712 $438,712 $— 
90+132,584 13,797 (118,787)120,605 7,545 (113,060)
Total Marcus470,473 352,700 (117,773)559,317 446,257 (113,060)
$663,117 $554,168 $(108,949)$767,623 $665,565 $(102,058)
(A)Consumer loans are carried at fair value. See Note 19 regarding fair value measurements.
The following table summarizes the activity for consumer loans for the period:
Balance at December 31, 2024$665,565 
Additional fundings(A)
6,595 
Proceeds from repayments(111,102)
Accretion of loan discount and premium amortization, net5,923 
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk(2,003)
Other factors(10,810)
Balance at March 31, 2025$554,168 
(A)Represents draws on consumer loans with revolving privileges.
v3.25.1
SINGLE-FAMILY RENTAL PROPERTIES
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
SINGLE-FAMILY RENTAL PROPERTIES SINGLE-FAMILY RENTAL PROPERTIES
Rithm Capital invests in its SFR portfolio by acquiring and maintaining a geographically diversified portfolio of high-quality single-family homes and leasing them to high-quality residents.

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. SFR properties HFI and HFS are presented within single-family rental properties on the consolidated balance sheets.

The following table summarizes the net carrying value of investments in SFR properties:
March 31, 2025December 31, 2024
Land$189,549 $191,992 
Building758,198 767,966 
Capital improvements152,761 150,811 
Total gross investment in SFR properties1,100,508 1,110,769 
Accumulated depreciation(88,522)(82,474)
Investment in SFR Properties, Net$1,011,986 $1,028,295 

Depreciation expense for the three months ended March 31, 2025 and 2024 totaled $7.4 million and $7.7 million, respectively. Depreciation expense is included in general and administrative in the consolidated statements of operations.

As of March 31, 2025 and December 31, 2024, the carrying amount of the SFR properties includes capitalized acquisition costs of $7.1 million and $7.0 million, respectively.

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, 2024$989,002 $39,293 $1,028,295 
Acquisitions and capital improvements3,237 — 3,237 
Transfers to (from) HFS/HFI10,864 (10,864)— 
Dispositions— (12,136)(12,136)
Depreciation expense(7,410)— (7,410)
Balance at March 31, 2025$995,693 $16,293 $1,011,986 

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 included in other revenues and other income (loss), net, respectively, on the consolidated statements of operations based on the specific lease terms for the period:
Three Months Ended March 31,
20252024
Rental revenue$19,402 $18,949 
Other variable revenue2,330 593 
Total Revenue$21,732 $19,542 

The following table summarizes the future minimum rental revenues under existing leases on SFR properties:
2026$37,664 
2027 and thereafter
12,385 
Total$50,049 

The following table summarizes the activity for the period of the SFR portfolio by properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 20243,891 158 4,049 
Acquisition of SFR properties— — — 
Transfer to (from) HFS/HFI45 (45)— 
Disposition of SFR properties— (42)(42)
Balance at March 31, 20253,936 71 4,007 

See Note 18 regarding the financing of SFR properties.
v3.25.1
RESIDENTIAL TRANSITION LOANS
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
RESIDENTIAL TRANSITION LOANS RESIDENTIAL TRANSITION LOANS
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, at fair value and residential transition loans held by consolidated CFEs by loan type:
Residential Transition Loans - Carrying
Value(A)
Residential Transition Loans of Consolidated CFEs - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
March 31, 2025
Construction$1,003,657 $417,895 $1,421,552 43.4 %477 32.1 %11.4 %19.8
72.0% / 62.0%
Bridge1,063,102 382,927 1,446,029 44.2 %570 38.5 %10.0 %23.666.6%
Renovation268,459 137,710 406,169 12.4 %437 29.4 %10.3 %14.8
83.4% / 68.4%
$2,335,218 $938,532 $3,273,750 100.0 %1,484 100.0 %10.6 %20.4N/A
December 31, 2024
Construction$935,142 $492,071 $1,427,213 45.4 %490 31.9 %11.4 %20.0
72.7% / 62.2%
Bridge972,443 363,946 1,336,389 42.6 %600 39.1 %10.0 %23.966.6%
Renovation270,490 106,175 376,665 12.0 %445 29.0 %10.5 %12.8
82.8% / 68.2%
$2,178,075 $962,192 $3,140,267 100.0 %1,535 100.0 %10.7 %20.4N/A
(A)Residential transition loans are carried at fair value under the FVO election. Residential transition loans held by consolidated CFEs are classified as Level 3 and valued based on the more observable financial liabilities of consolidated CFEs. See Note 19 regarding fair value measurements.
(B)Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans.
The following table summarizes the activity of loans included in residential transition loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2024$2,178,075 
Initial loan advances526,672 
Construction holdbacks and draws248,857 
Repayments and sales(353,127)
Purchased loans discount (premium) amortization27 
Transfer of loans to REO(1,206)
Transfers to assets of consolidated CFEs(263,356)
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk(8,561)
Other factors7,837 
Balance at March 31, 2025$2,335,218 

The Company is subject to credit risk in connection with its investments in mortgage loans. 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:
March 31, 2025December 31, 2024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$2,276,488 $2,287,856 $11,368 $2,117,479 $2,128,802 $11,323 
90+54,300 47,362 (6,938)55,234 49,273 (5,961)
Total$2,330,788 $2,335,218 $4,430 $2,172,713 $2,178,075 $5,362 
See Note 18 regarding the financing of residential transition loans.
v3.25.1
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
 3 Months Ended
Mar. 31, 2025
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 insured limits.

Restricted cash consists of cash collateral pledges related to secured financing and securitizations and cash proceeds held in a trust account from the 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 and cash equivalents and restricted cash reported on Rithm Capital’s consolidated balance sheets to the total of the same amounts shown in the consolidated statements of cash flows:
March 31,
2025		December 31,
2024
Cash and cash equivalents
$1,493,834 $1,458,743 
Restricted cash511,698 308,443 
Restricted cash of consolidated CFEs(A)
85,040 150,623 
Total Cash and Cash Equivalents and Restricted Cash$2,090,572 $1,917,809 
(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:
March 31,
2025		December 31,
2024
Investment Portfolio(A)
$67,052 $66,419 
Origination and Servicing174,176 207,724 
Residential Transitional Lending(A)
43,312 40,727 
Asset Management(A)
81,388 144,196 
Corporate Category(B)
230,810 — 
Total Restricted Cash$596,738 $459,066 
(A)Includes restricted cash related to consolidated CFEs presented within investments, at fair value and other assets on the consolidated balance sheets.
(B)Restricted cash in the corporate category relates to the cash held in a trust account related to the Company’s consolidated SPAC.
v3.25.1
OTHER ASSETS AND LIABILITIES
 3 Months Ended
Mar. 31, 2025
Other Income Assets And Liabilities  
OTHER ASSETS AND LIABILITIES OTHER ASSETS AND LIABILITIES
 
Other assets and accrued expenses and other liabilities — other assets and accrued expenses and other liabilities on the consolidated balance sheets consist of the following:
Other AssetsAccrued Expenses
and Other Liabilities
March 31,
2025		December 31,
2024		March 31,
2025		December 31,
2024
CLOs, at fair value$266,612 $242,227 Accounts payable$127,400 $133,037 
Derivative and hedging assets (Note 17)
40,553 75,147 Accrued compensation and benefits114,192 322,957 
Due from related parties30,733 35,198 Net deferred tax liability744,778 786,141 
Equity investments(A)
646,256 502,610 
Derivative liabilities (Note 17)
60,756 52,610 
Excess MSRs, at fair value (Note 13)
354,923 369,162 Escheat payable181,647 187,830 
Goodwill (Note 15)
133,832 133,832 Excess spread financing, at fair value104,721 101,088 
Income and fees receivable64,464 208,672 Interest payable225,463 260,931 
Intangible assets (Note 15)
318,893 331,949 
Lease liability (Note 16)
167,121 160,437 
Loans receivable, at fair value(B)
17,717 31,580 
Notes receivable financing(E), at fair value
373,508 371,788 
Margin receivable, net(C)
114,843 414,404 Unearned income and fees15,329 17,280 
Non-Agency securities, at fair value639,458 552,797 Other liabilities228,095 236,672 
Notes receivable, at fair value(D)
434,124 393,786 $2,343,010 $2,630,771 
Operating lease ROU assets (Note 16)
109,264 99,224 
Other receivables194,369 178,651 
Prepaid expenses64,323 59,198  
Principal and interest receivable171,078 181,271 
Property and equipment70,689 70,495 
REO24,181 27,898 
Servicer advance investments, at fair value (Note 14)
321,531 339,646 
Servicing fee receivables154,828 106,228 
Warrants, at fair value10,174 9,316 
Other assets268,078 200,124 
$4,450,923 $4,563,415 
(A)Represents equity investments in (i) certain real estate redevelopment projects, (ii) various real estate services operating companies, (iii) funds managed by Sculptor, (iv) credit risk transfer entity that holds exposure in residential mortgage loan warehouse lines (measured at fair value under the FVO election with changes in fair value presented in other income (loss) in the consolidated statements of operations), (v) Rithm Property Trust common and preferred securities, (vi) Newrez Joint Ventures (as defined in Note 20), (vii) APM, and (viii) an energy fund managed by Rithm.
(B)Represents a loan made pursuant to a senior subordinated credit agreement to an entity affiliated with funds managed by an affiliate of the Company’s former external manager, FIG LLC (the “Former Manager”), an affiliate of Fortress Investment Group LLC. The loans are measured at fair value under the FVO election.
(C)Represents collateral posted as a result of changes in fair value of Rithm Capital’s (i) government and government-backed securities securing its secured financing agreements and (ii) derivative instruments.
(D)Represents notes receivable secured by commercial properties. The notes are measured at fair value under the FVO election.
(E)During the second quarter of 2024, the Company transferred an investment in a note receivable with a fair value of $365.0 million, subject to a repo financing of $323.5 million, from a third party to a nonconsolidated joint venture for cash consideration of $48.0 million. The transaction did not meet sale accounting under ASC 860 and, as a result, was treated as a secured borrowing for accounting purposes for which the Company elected the FVO and is included in accrued expenses and other liabilities in the consolidated balance sheets. The amount presented within notes receivable financing is comprised of the repo financing and the non-recourse liability in a secured borrowing. The Company continues to reflect the transferred note in other assets in the consolidated balance sheets, at fair value.
REO — REO assets are individual properties acquired by Rithm Capital or where Rithm Capital receives the property as a result of foreclosure of the underlying loan. Rithm Capital measures REO assets at the lower of cost or fair value, with valuation provision recorded in other income (loss), net in the consolidated statements of operations. REO assets are managed for prompt sale and disposition.

The following table presents activity for the period related to the carrying value of investments in REO:
Balance at December 31, 2024$27,898 
Purchases2,152 
Property received in satisfaction of loan(1,145)
Sales(A)
(4,996)
Valuation reversal272 
Balance at March 31, 2025$24,181 
(A)Recognized when control of the property has transferred to the buyer.

As of March 31, 2025, Rithm Capital had residential mortgage loans and residential transition loans that were in the process of foreclosure with UPBs of $40.7 million and $20.9 million, respectively.

Notes and Loans Receivable — The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2024$393,786 $31,580 $425,366 
Fundings(A)
37,913 — 37,913 
Payment in kind981 1,137 2,118 
Proceeds from repayments— (15,000)(15,000)
Fair Value Adjustments Due To:
Other factors(B)
1,444 — 1,444 
Balance at March 31, 2025$434,124 $17,717 $451,841 
(A)Rithm Capital acquired one additional note receivable during 2025 collateralized by commercial real estate.
(B)There were no fair value adjustments due to changes in instrument-specific credit risk in the current period.

The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
March 31, 2025December 31, 2024
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
Current$543,887 $451,841 $(92,046)$518,856 $425,366 $(93,490)
90+— — — — — — 
Total$543,887 $451,841 $(92,046)$518,856 $425,366 $(93,490)
(A)Notes and loans receivable are carried at fair value. See Note 19 regarding fair value measurements.
v3.25.1
EXCESS MORTGAGE SERVICING RIGHTS
 3 Months Ended
Mar. 31, 2025
Transfers and Servicing [Abstract]  
EXCESS MORTGAGE SERVICING RIGHTS MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES
The following table summarizes activity related to MSRs and MSR financing receivables:
Balance at December 31, 2024$10,321,671 
Originations(A)
348,988 
Sales664 
Change in Fair Value Due To:
Realization of cash flows(B)
(148,042)
Change in valuation inputs and assumptions(390,240)
Balance at March 31, 2025$10,133,041 
(A)Represents MSRs retained on the sale of originated residential mortgage loans. Includes $29.8 million of MSRs capitalized through co-issue with third-parties.
(B)Based on the paydown of the underlying residential mortgage loans.

The following table summarizes components of servicing revenue, net:
Three Months Ended
March 31,
20252024
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$526,810 $430,114 
Ancillary and other fees43,991 39,777 
Servicing fee revenue, net and fees570,801 469,891 
Change in Fair Value Due To:
Realization of cash flows(A)
(146,891)(116,839)
Change in valuation inputs and assumptions, net of realized gains (losses)(B)
(395,025)201,014 
Servicing Revenue, Net$28,885 $554,066 
(A)Net of $1.2 million of realization of cash flows related to excess spread financing for the three months ended March 31, 2025. There was no excess spread financing during the three months ended March 31, 2024 (Note 12).
(B)Net of $(4.8) million of change in valuation inputs and assumptions related to excess spread financing for the three months ended March 31, 2025. There was no excess spread financing during the three months ended March 31, 2024 (Note 12).

The following table summarizes MSRs and MSR financing receivables by type as of March 31, 2025 and December 31, 2024:
UPB of Underlying Mortgages
Weighted Average Life (Years)(A)
Carrying Value(B)
March 31, 2025
GSE$382,089,209 6.4$6,195,239 
Non-Agency69,089,498 5.4830,163 
Ginnie Mae(C)
139,936,290 6.33,107,639 
Total / Weighted Average$591,114,997 6.3$10,133,041 
December 31, 2024
GSE$383,014,320 6.5$6,413,199 
Non-Agency70,022,636 5.4836,408 
Ginnie Mae(C)
137,177,395 6.43,072,064 
Total / Weighted Average$590,214,351 6.4$10,321,671 
(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 March 31, 2025 and December 31, 2024, weighted average discount rates of 8.9% (range of 8.8% – 10.3%) and 8.9% (range of 8.7% - 10.3%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables.
(C)As of March 31, 2025 and December 31, 2024, Rithm Capital had approximately $2.4 billion and $2.7 billion, respectively, in residential mortgage loans subject to repurchase and the related residential mortgage loans repurchase liability on its consolidated balance sheets.
Residential Mortgage Loans Subject to Repurchase

Rithm Capital, through Newrez, is an approved issuer of Ginnie Mae 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 March 31, 2025, Rithm Capital reflected approximately $2.4 billion 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 March 31, 2025, Rithm Capital holds approximately $0.5 billion of such repurchased loans presented within residential mortgage loans, held-for-sale on its consolidated balance sheets.

Onity MSR Financing Receivable Transactions

Onity Group Inc. (formerly known as Ocwen Financial Corporation) (collectively with certain affiliates, “Onity”), and subsequently PHH Mortgage Corporation (“PHH”) (as successor through acquisition by Onity), and Rithm Capital entered into an agreement to transfer to Rithm Capital, Onity’s remaining interests in MSRs relating to loans with an aggregate unpaid principal balance (“UPB”) of approximately $110.0 billion and with respect to which Rithm Capital already held certain rights (“Rights to MSRs”). Additionally, Onity sold and transferred to Rithm Capital certain Rights to MSRs and other assets related to MSRs for loans with an UPB of approximately $86.8 billion, of which approximately $10.2 billion UPB, as of March 31, 2025, of underlying loans consents have not been received and all other conditions to transfer have not been met and, accordingly, are recorded as MSR financing receivables, at fair value.

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 ConcentrationMarch 31, 2025December 31, 2024
California16.4 %16.5 %
Florida8.2 %8.2 %
Texas6.6 %6.6 %
New York5.7 %5.7 %
Washington5.2 %5.2 %
New Jersey4.1 %4.1 %
Virginia3.7 %3.7 %
Maryland3.4 %3.4 %
Illinois3.3 %3.3 %
Georgia3.1 %3.1 %
Other U.S.40.3 %40.2 %
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 March 31, 2025 and December 31, 2024 was $244.2 billion and $242.9 billion, respectively. Rithm Capital earned servicing revenue of $76.0 million and $38.1 million for the three months ended March 31, 2025 and 2024, 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 as part of general and administrative in the consolidated statements of operations. As of March 31, 2025, PHH and Valon Mortgage, Inc. subserviced 6.0% and 3.9% of owned MSRs, respectively, with the remaining 90.1% 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:
March 31, 2025December 31, 2024
Principal and interest advances$588,004 $640,723 
Escrow advances (taxes and insurance advances)1,503,455 1,733,426 
Foreclosure advances924,809 950,092 
Gross advance balance(A)(B)(C)
3,016,268 3,324,241 
Reserves, impairment, unamortized discount, net of recovery accruals(141,753)(125,320)
Total Servicer Advances Receivable$2,874,515 $3,198,921 
(A)Includes $575.3 million and $673.7 million of servicer advances receivable related to GSE MSRs, respectively, recoverable either from the borrower or the Agencies.
(B)Includes $465.2 million and $529.3 million of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae. Expected losses for advances associated with Ginnie Mae loans in the MSR portfolio are considered in the MSR fair valuation through a non-reimbursable advance loss assumption.
(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 $128.8 million, or 4.3%, and $121.4 million, or 3.7%, for expected non-recovery of advances as of March 31, 2025 and December 31, 2024, respectively.

The following table summarizes servicer advances provision activity during the period:
Balance at December 31, 2024$121,396 
Provision12,877 
Write-offs(5,482)
Balance at March 31, 2025$128,791 

See Note 18 regarding the financing of MSRs and servicer advances receivable.
EXCESS MORTGAGE SERVICING RIGHTS
Excess MSR assets include Rithm Capital’s ownership of Excess MSRs, and associated recapture agreements, acquired from and serviced by Mr. Cooper Group Inc. (“Mr. Cooper”). Prior to June 20, 2024, Rithm Capital owned certain pools of Excess MSR directly and certain pools through a joint venture with the Former Manager (the “Fortress Excess MSR JV”).

On June 20, 2024, Rithm Capital, together with certain Sculptor nonconsolidated funds, acquired an excess MSR portfolio from the Former Manager (including the Former Manager’s ownership in the Fortress Excess MSR JV) for approximately $124.0 million. A new joint venture with such Sculptor nonconsolidated funds was formed for the acquisition. Rithm Capital owns an 80.0% interest in and manages the joint venture, and as a result, consolidates this joint venture. Following the acquisition from the Former Manager, all of Rithm Capital’s ownership in pools of Excess MSRs is consolidated on its consolidated balance sheet and is presented in other assets at fair value. See Note 20 for noncontrolling interests related to these Excess MSRs.
Mr. Cooper, as servicer, performs all of the servicing and advancing functions on the Company’s Excess MSR assets, retains the ancillary income and assumes servicing obligations and liabilities as the servicer of the underlying loans in the portfolio.

As part of the Computershare Acquisition (Note 3), Rithm Capital acquired MSRs owned by SLS underlying certain Excess MSRs owned by Rithm Capital. Accordingly, those Excess MSRs have been reclassified to full MSRs on Rithm Capital’s consolidated balance sheets.

Investments in Excess MSRs

The following table presents activity related to the consolidated investments in Excess MSRs measured at fair value:
Balance at December 31, 2024$369,162 
Interest income4,190 
Proceeds from repayments(17,514)
Change in fair value(915)
Balance at March 31, 2025$354,923 


The following summarizes Rithm Capital’s direct investments in Excess MSRs:
March 31, 2025December 31, 2024
UPB of Underlying MortgagesInterest in Excess MSR
Weighted Average Life (Years)(A)
Amortized Cost Basis
Carrying Value(B)
Carrying Value(B)
Rithm Capital(C)(D)
Mr. Cooper
Total$52,144,523 
65.0% – 80.0%
(69.9%)
20.0% – 35.0%
(30.9%)
5.9$308,638 $354,923 $369,162 
(A)Represents the weighted average expected timing of the receipt of expected cash flows for this investment.
(B)Carrying value represents the fair value of the pools and recapture agreements, as applicable.
(C)Amounts in parentheses represent weighted averages.
(D)Rithm Capital also invested in related servicer advance investments, including the base fee component of the related MSR as of March 31, 2025 and December 31, 2024 (Note 14) on $13.0 billion and $13.3 billion UPB, respectively, underlying these Excess MSRs.

Changes in fair value of Excess MSRs investments consist of the following:
Three Months Ended March 31,
20252024
Original and Recaptured Pools$(915)$(1,867)

As of March 31, 2025 and December 31, 2024, weighted average discount rates of 8.4% and 8.4% respectively were used to value Rithm Capital’s investments in Excess MSRs.
v3.25.1
SERVICER ADVANCE INVESTMENTS
 3 Months Ended
Mar. 31, 2025
Investments, All Other Investments [Abstract]  
SERVICER ADVANCE INVESTMENTS SERVICER ADVANCE INVESTMENTS
Servicer advance investments consist of arrangements to fund existing outstanding servicer advances and the requirement to purchase all future servicer advances made with respect to a specified pool of residential mortgage loans in exchange for the base fee component of the related MSR. Rithm Capital elected to record its servicer advance investments, including the right to the base fee component of the related MSRs, at fair value under the FVO election to provide users of the financial statements with better information regarding the effects of market factors. The Company’s servicer advance investments are presented in other assets on the consolidated balance sheets.

As part of the Computershare Acquisition (Note 3), Rithm Capital acquired certain MSRs owned by SLS underlying a certain servicer advance investment and, therefore, reclassified the servicer advance investment to MSR and servicer advances receivable on its consolidated balance sheets.
Mr. Cooper performs all of the servicing and advancing functions on the Company’s remaining servicer advance investments, retains the ancillary income and assumes servicing obligations and liabilities as the servicer of the underlying loans in the portfolio.

Rithm Capital owns its interest in servicer advance investments through a consolidated subsidiary, Advance Purchaser LLC (“Advance Purchaser”), in which it has an ownership interest of 89.3%. As of March 31, 2025, the noncontrolling third-party co-investor and Rithm Capital have funded all their capital commitments. Advance Purchaser may recall $71.8 million and $600.6 million of capital distributed to the third-party co-investor and Rithm Capital, respectively. Neither the third-party co-investor nor Rithm Capital is obligated to fund amounts in excess of their respective capital commitments, regardless of the capital requirements of Advance Purchaser.

The following table summarizes servicer advance investments, including the right to the base fee component of the related MSRs:
Amortized Cost Basis
Carrying Value(A)
Weighted Average Discount RateWeighted Average Yield
Weighted Average Life (Years)(B)
March 31, 2025
Servicer advance investments$311,049 $321,531 6.5 %6.8 %8.1
December 31, 2024
Servicer advance investments$327,471 $339,646 6.5 %6.9 %7.6
(A)Represents the fair value of the servicer advance investments, including the base fee component of the related MSRs.
(B)Represents the weighted average expected timing of the receipt of expected net cash flows for this investment.

The following table provides additional information regarding the servicer advance investments and related financing:
UPB of Underlying Residential Mortgage LoansOutstanding Servicer AdvancesServicer Advances to UPB of Underlying Residential Mortgage LoansFace Amount of Secured Notes and Bonds Payable
LTV(A)
Cost of Funds(C)
Gross
Net(B)
GrossNet
March 31, 2025
Servicer advance investments(D)
$12,955,658 $283,068 2.2 %$246,438 84.4 %82.5 %6.2 %5.8 %
December 31, 2024
Servicer advance investments(D)
$13,316,828 $298,945 2.2 %$258,183 85.0 %82.9 %6.3 %5.9 %
(A)Based on outstanding servicer advances, excluding purchased but unsettled servicer advances.
(B)Ratio of face amount of borrowings to par amount of servicer advance collateral, net of any general reserve.
(C)Annualized measure of the cost associated with borrowings. Gross cost of funds primarily includes interest expense and facility fees. Net cost of funds excludes facility fees.
(D)The following table summarizes the types of advances included in servicer advance investments:
March 31, 2025December 31, 2024
Principal and interest advances$46,378 $51,135 
Escrow advances (taxes and insurance advances)130,494 137,072 
Foreclosure advances106,196 110,738 
Total$283,068 $298,945 
v3.25.1
GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [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. The Company also recognized goodwill on certain acquisitions. Goodwill and intangible assets are presented within other assets on Rithm Capital’s 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, 202429,468 55,731 48,633 133,832 
Impairment loss— — — — 
Balance at March 31, 2025$29,468 $55,731 $48,633 $133,832 


The following table summarizes the acquired identifiable intangible assets:
Estimated Useful Lives (Years)March 31, 2025December 31, 2024
Gross Intangible Assets:
Management contracts10$275,000 $275,000 
Customer relationships
2 to 9
79,753 79,753 
Purchased technology
3 to 7
109,539 105,567 
Trademarks / Trade names(A)
1 to 5
10,259 10,259 
LicensesIndefinite21,365 21,365 
495,916 491,944 
Accumulated Amortization:
Management contracts37,716 30,940 
Customer relationships32,318 25,773 
Purchased technology100,671 97,259 
Trademarks / Trade names6,318 6,023 
177,023 159,995 
Intangible Assets, Net:
Management contracts237,284 244,060 
Customer relationships47,435 53,980 
Purchased technology8,868 8,308 
Trademarks / Trade names(A)
3,941 4,236 
Licenses21,365 21,365 
$318,893 $331,949 
(A)Includes indefinite-lived intangible assets of $1.9 million as of March 31, 2025 and December 31, 2024.

The Company did not record any impairment loss on its intangible assets for the three months ended March 31, 2025 and 2024.

The following table summarizes the amortization expense recorded by the Company related to its intangible assets. Amortization expense related to intangible assets is included in general and administrative in the consolidated statements of operations.
Three Months Ended March 31,
20252024
Amortization expense$13,056 $18,953 
The following table summarizes the expected future amortization expense for intangible assets as of March 31, 2025:
Year EndingAmortization Expense
2026$36,244 
202741,073 
202836,888 
202936,317 
203035,898 
2031 and thereafter
109,232 
$295,652 
v3.25.1
LEASES
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
LEASES LEASES
Rithm Capital, through its wholly-owned subsidiaries, has leases on office space expiring through 2035. Rent expense, net of sublease income for the three months ended March 31, 2025 and 2024 totaled $7.3 million and $11.9 million, 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 lease. In addition, the Company has finance leases for computer hardware. As of March 31, 2025, the Company has pledged collateral related to its lease obligations of $7.3 million, which is presented as part of 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 12).

The table below summarizes the future commitments under the non-cancelable leases:
Year EndingOperating LeasesFinance LeasesTotal
April 1 through December 31, 2025$34,175 $— $34,175 
202639,349 228 39,577 
202740,471 228 40,699 
202829,942 — 29,942 
202928,162 — 28,162 
2030 and thereafter25,225 — 25,225 
Total remaining undiscounted lease payments197,324 456 197,780 
Less: imputed interest30,616 43 30,659 
Total Remaining Discounted Lease Payments$166,708 $413 $167,121 

The future commitments under the non-cancelable leases have not been reduced by the sublease rentals of $32.7 million due in the future periods.

Other information related to leases is summarized below:
March 31, 2025December 31, 2024
Weighted Average Remaining Lease Term (Years):
Operating leases5.35.1
Finance leases2.32.5
Weighted Average Discount Rate:
Operating leases6.7 %6.5 %
Finance leases7.9 %7.9 %
Three Months Ended March 31,
Supplemental Information20252024
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating cash flows - operating leases$11,386 $11,411 
Operating cash flows - finance leases3 4 
Finance cash flows - finance leases225 224 
Supplemental Non-Cash Information on Lease Liabilities Arising from Obtaining ROU Assets:
ROU assets obtained in exchange for new operating lease liabilities$14,146 $126 
See Note 9 for further information on leases of SFR properties.
v3.25.1
DERIVATIVES AND HEDGING
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING
Rithm Capital 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.

Rithm Capital 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 March 31, 2025, Rithm Capital 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 economic hedges are recorded at fair value and presented in other assets or accrued expenses and other liabilities on the consolidated balance sheets, as follows:
March 31, 2025December 31, 2024
Derivative and Hedging Assets:
Interest rate swaps and futures(A)
$2 $6 
IRLCs37,923 21,496 
TBAs2,628 50,809 
Foreign exchange forwards— 2,836 
$40,553 $75,147 
Derivative and Hedging Liabilities:
IRLCs$3,536 $10,202 
TBAs29,574 15,628 
Treasury short sales(B)
— 1,245 
Other commitments(C)
25,521 25,521 
Stock options7 14 
Foreign exchange forwards2,118 — 
$60,756 $52,610 
(A)Net of $41.8 million and $42.0 million of related variation margin accounts as of as of March 31, 2025 and December 31, 2024, respectively.
(B)As of December 31, 2024, the carrying value represents the net of repurchase agreements and $503.9 million of related reverse repurchase agreement lending facilities used to borrow securities to effectuate short sales of Treasury securities.
(C)During the first quarter of 2024, a subsidiary of the Company entered into an agreement with an affiliate, which could result in the subsidiary being required to make a payment under certain circumstances dependent upon amounts realized from an investment of the affiliate, subject to a maximum amount of $25.5 million. The agreement is classified as a derivative liability and measured at fair value.

The following table summarizes notional amounts related to derivatives and hedging:
March 31, 2025December 31, 2024
Interest rate swaps(A)
$9,074,000 $8,995,000 
Interest rate futures(B)
1,135,000 — 
IRLCs4,343,640 3,413,043 
TBAs(C)
16,258,921 17,402,824 
Other commitments25,521 25,057 
Foreign exchange forwards61,550 17,300 
(A)Includes $3.1 billion notional of receive Secured Overnight Financing Rate (“SOFR”)/pay fixed of 3.6% and $5.9 billion notional of receive fixed of 3.8%/pay SOFR with weighted average maturities of 66 months and 29 months, respectively, as of March 31, 2025. Includes $3.1 billion notional of receive SOFR/pay fixed of 3.6% and $5.9 billion notional of receive fixed of 3.8%/pay SOFR with weighted average maturities of 71 months and 32 months, respectively, as of December 31, 2024.
(B)Represents a $1.1 billion notional Eris SOFR swap future with maturity of 63 months that replicates cash flows of receive fixed/pay SOFR interest rate swaps.
(C)Represents the notional amount of Agency RMBS classified as derivatives.
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 March 31,
20252024
Gain (Loss) on Originated Residential Mortgage Loans, HFS, Net(A):
IRLCs$23,093 $7,485 
TBAs (70,172)37,910 
(47,079)45,395 
Realized and Unrealized Gains (Losses), Net(B):
Interest rate swaps(12,462)29,161 
Interest rate futures5,981 — 
TBAs100,582 1,523 
Treasury short sales(103)28,345 
Other commitments— (17,097)
Stock options39 — 
Foreign exchange forwards(1,387)— 
92,650 41,932 
Total Gain$45,571 $87,327 
(A)Represents unrealized gain (loss).
(B)Excludes $12.8 million gain and $15.5 million loss for the three months ended March 31, 2025 and 2024, 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.
v3.25.1
DEBT OBLIGATIONS
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS DEBT OBLIGATIONS
The following table summarizes secured financing agreements, secured notes and bonds payable and also includes notes payable of consolidated CFEs:
March 31, 2025December 31, 2024
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)
$3,098,561 $3,098,561 Apr-25 to Mar-285.9 %0.8$3,453,730 $3,523,244 $3,482,020 24.9$4,235,333 
Warehouse credit facilities - residential transition loans(E)
1,734,141 1,734,141 Aug-25 to Mar-286.8 %2.21,982,233 1,987,065 1,987,065 1.11,547,307 
Government and government-backed securities(F)
10,762,429 10,762,429 Apr-25 to Mar-264.7 %0.311,145,808 10,965,384 11,129,841 6.09,782,976 
Non-Agency securities(D)
768,673 768,673 Feb-306.3 %0.615,303,080 1,087,771 1,153,601 5.1744,457 
Excess MSRs(E)
223,241 222,565 Sep-266.7 %1.452,144,523 291,133 334,201 6.0222,452 
CLOs(E)
196,721 195,366 Jan-30 to Jan-385.2 %9.0197,775 N/A197,246 9.0170,990 
SFR properties and commercial(E)
9,499 9,499 Dec-267.8 %1.7N/A16,293 16,293 N/A78,952 
Total secured financing agreements16,793,265 16,791,234 5.3 %0.716,782,467 
Secured Notes and Bonds Payable:
MSRs(G)
5,789,600 5,771,848 Jun-25 to Nov-316.6 %2.1564,749,600 7,884,106 9,839,199 6.25,838,250 
Servicer advance investments(H)
246,438 246,438 Mar-266.2 %0.9283,068 311,049 321,531 8.1258,183 
Servicer advances(H)
2,456,759 2,456,165 Sep-25 to Dec-266.8 %0.92,849,773 2,823,306 2,823,306 0.72,629,802 
Consumer loans(I)
485,171 460,391 Jun-28 to Sep-374.9 %3.4663,117 650,956 554,168 1.6564,791 
SFR properties(J)
819,737 797,886 Feb-27 to Mar-284.3 %2.3N/A995,693 995,693 N/A716,649 
Residential transition loans(K)
200,000 200,000 Jul-265.8 %1.3224,882 224,882 226,169 0.5200,000 
Secured facility - asset management(M)
75,000 72,784 Nov-258.8 %0.6N/AN/AN/AN/A71,971 
Other investments(E)
10,030 10,030 Feb-306.4 %4.9N/AN/A14,046 N/A— 
CLOs(E)
10,435 10,406 Jul-306.0 %5.313,185 N/A12,220 5.318,429 
Total secured notes and bonds payable10,093,170 10,025,948 6.4 %1.810,298,075 
Notes Payable of Consolidated CFEs:
Consolidated funds(L)
960,250 955,470 May-28 to Jan-385.9 %10.51,074,450 N/A1,105,163 5.1959,958 
Residential mortgage loans2,448,457 2,295,166 Mar-41 to May-534.4 %25.62,866,929 N/A2,703,112 25.62,369,934 
Residential transition loans
861,949 859,760 Mar-39 to Sep-396.3 %14.2914,757 N/A938,532 0.9859,023 
Total notes payable of consolidated CFEs4,270,656 4,110,396 5.1 %19.94,188,915 
Total / Weighted Average$31,157,091 $30,927,578 5.6 %3.7$31,269,457 
(A)Net of deferred financing costs.
(B)Debt obligations with a stated maturity through the date of issuance of the consolidated financial statements were refinanced, extended or repaid.
(C)Associated with accrued interest payable of approximately $184.3 million and $239.4 million as of March 31, 2025 and December 31, 2024, respectively.
(D)Based on SOFR interest rates. Includes repurchase agreements and related collateral on non-Agency securities retained through consolidated securitizations.
(E)All SOFR- or Euro Interbank Offered Rate (EURIBOR)-based floating interest rates.
(F)Repurchase agreements are based on a fixed-rate. Collateral carrying value includes margin deposits.
(G)Includes $3.7 billion of MSR notes with an interest equal to the sum of (i) a floating rate index equal to SOFR and (ii) a margin ranging from 2.5% to 3.0%; and $2.1 billion of MSR notes with fixed interest rates ranging 3.0% to 7.4%. The outstanding face amount of the collateral represents the UPB of the residential mortgage loans underlying the MSRs and MSR financing receivables securing these notes.
(H)Includes $1.7 billion of debt with an interest rate equal to the sum of (i) a floating rate index equal to SOFR and (ii) a margin ranging from 1.6% to 3.0%; and $1.0 billion of debt with fixed interest rates ranging 3.9% to 5.7%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and Newrez.
(I)Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $137.0 million UPB of Class A notes with a coupon of 2.0% and $53.0 million UPB of Class B notes with a coupon of 2.7% and (ii) $295.1 million of debt collateralized by the Marcus loans with an interest rate of SOFR plus a margin of 2.4%.
(J)Includes $819.7 million of fixed rate notes which bear interest ranging from 3.5% to 6.2%.
(K)Fixed rate note which bears interest of 5.8%.
(L)Includes notes payable of collateralized loan obligations (“CLOs”) and of a structured alternative investment solution. Weighted average rate is the effective rate for the senior notes with stated coupon rates. The subordinate notes with UPB of $32.0 million do not have a stated rate of interest. Weighted average life of a structured alternative investment solution is based on expected maturity.
(M)Fixed rate note which bears interest of 8.8%.
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 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.

As of March 31, 2025, Rithm Capital has margin exposure on $16.8 billion of secured financing agreements. To the extent that the value of the collateral underlying these secured financing agreements declines, 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 debt obligations:
Servicer Advances(A)
MSRsGovernment and Government-Backed and Other SecuritiesResidential Mortgage Loans and REOConsumer LoansSFR Properties and CommercialResidential Transition LoansAsset Management, CLOs and Consolidated FundsTotal
Balance at December 31, 2024$3,110,437 $5,838,250 $10,527,433 $6,605,267 $564,791 $795,601 $2,606,330 $1,221,348 $31,269,457 
Secured Financing Agreements:
Borrowings— — 17,282,561 14,370,625 — — 1,081,074 19,246 32,753,506 
Repayments— — (16,278,892)(15,507,397)— (69,453)(894,240)(3,219)(32,753,201)
Foreign exchange ("FX") remeasurement— — — — — — — 8,455 8,455 
Capitalized deferred financing costs, net of amortization113 — — — — — — (105)8 
Secured Notes and Bonds Payable:
Borrowings815,727 928,504 10,030 — — 79,119 — 2,360 1,835,740 
Repayments(1,001,150)(984,742)— — (99,863)— — (9,906)(2,095,661)
FX remeasurement— — — — — — — (26)(26)
Unrealized (gain) loss on notes, fair value— — — — (4,833)— — — (4,833)
Capitalized deferred financing costs, net of amortization41 (10,164)— — 296 2,118 — 361 (7,348)
Notes Payable of Consolidated CFEs:
Repayments— — — (92,417)— — — — (92,417)
Unrealized (gain) loss on notes, fair value— — — 17,649 — — 171 (4,488)13,332 
Capitalized deferred financing costs, net of amortization — — — — — — 566 — 566 
Balance at March 31, 2025$2,925,168 $5,771,848 $11,541,132 $5,393,727 $460,391 $807,385 $2,793,901 $1,234,026 $30,927,578 
(A)Rithm Capital net settles daily borrowings and repayments of the secured notes and bonds payable on its servicer advances.
Maturities

Contractual maturities of debt obligations, including the Senior Unsecured Notes (as defined below), as of March 31, 2025, are as follows:
Year Ending
Nonrecourse(A)
Recourse(B)
Total
April 1 through December 31, 2025$1,123,951 $16,318,281 $17,442,232 
20262,332,961 3,343,325 5,676,286 
2027666,970 307,000 973,970 
2028857,162 377,869 1,235,031 
202970,000 1,025,000 1,095,000 
2030 and thereafter
5,784,572 — 5,784,572 
$10,835,616 $21,371,475 $32,207,091 
(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs and notes payable of consolidated CFEs of $1.7 billion, $3.8 billion, $0.3 billion, and $3.3 billion, respectively.
(B)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs and notes payable of consolidated CFEs of $16.7 billion, $5.3 billion, $1.1 billion, and $0.0 billion, respectively.

Borrowing Capacity

The following table represents borrowing capacity as of March 31, 2025:
Debt Obligations / CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements:
Residential mortgage loans, residential transition loans, SFR and commercial notes receivable
$7,107,051 $2,149,735 $4,957,316 
Loan originations5,877,000 2,692,466 3,184,534 
CLOs424,435 196,721 227,714 
Excess MSRs350,000 223,241 126,759 
Secured Notes and Bonds Payable:
MSRs7,286,652 5,789,600 1,497,052 
Servicer advances4,240,000 2,703,197 1,536,803 
SFR200,000 169,279 30,721 
Liabilities of Consolidated CFEs:
Consolidated funds52,500 — 52,500 
$25,537,638 $13,924,239 $11,613,399 
(A)Although available financing is uncommitted, Rithm Capital’s unused borrowing capacity is available if it has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate.

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 March 31, 2025.

2029 Senior Unsecured Notes

On March 19, 2024, the Company issued in a private offering $775.0 million aggregate principal amount of senior unsecured notes due on April 1, 2029 (the “2029 Senior Notes”) at an issue price of 98.981%. Interest on the 2029 Senior Notes accrues at the rate of 8.000% per annum with interest payable semi-annually in arrears on each April 1 and October 1, commencing on October 1, 2024.
The notes become redeemable at any time and from time to time, on or after April 1, 2026, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2029 Senior Notes to be redeemed):

YearPrice
2026104.000 %
2027102.000 %
2028 and thereafter100.000 %

Prior to April 1, 2026, the Company is 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”)).

Proceeds from the issuance of the 2029 Senior Notes were approximately $759 million, net of discount and commissions and estimated offering expenses payable by the Company. 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, for the three months ended March 31, 2025 and 2024, the Company recognized interest expense of $16.0 million and $2.1 million, respectively. As of March 31, 2025 and December 31, 2024, the unamortized discount and debt issuance cost was approximately $14.1 million and $14.8 million, respectively.

The 2029 Senior Notes are senior unsecured obligations and rank pari passu 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 March 31, 2025, 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 the 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

On September 16, 2020, the Company issued in a private offering $550.0 million of aggregate principal amount of senior unsecured notes due on October 15, 2025 (the “2025 Senior Notes” and, together with the 2029 Senior Notes, the “Senior Unsecured Notes”) for net proceeds of $544.5 million. Interest on the 2025 Senior Notes accrues at the rate of 6.250% per annum with interest payable semi-annually in arrears on each April 15 and October 15, commencing on April 15, 2021.

The notes became redeemable at any time and from time to time, on or after October 15, 2022. The Company may redeem the notes at a fixed redemption price of 100.000% after October 14, 2024 plus accrued and unpaid interest, if any, to, but not including, the applicable redemption date.

The Company incurred fees of approximately $8.3 million in relation to the issuance of the 2025 Senior Notes which were capitalized as debt issuance cost and are presented as part of unsecured notes, net of issuance costs on the consolidated balance
sheets. In connection with the 2025 Senior Notes, for the three months ended March 31, 2025 and 2024, the Company recognized interest expense of $4.2 million and $8.0 million, respectively. As of March 31, 2025 and December 31, 2024, the unamortized debt issuance costs was approximately $1.0 million and $1.4 million, respectively.

The 2025 Senior Notes are senior unsecured obligations and rank pari passu 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 2025 Senior Notes were not guaranteed by any of the Company’s subsidiaries and none of its subsidiaries are required to guarantee the 2025 Senior Notes in the future, except under limited specified circumstances.

The 2025 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 Indenture, dated September 16, 2020, pursuant to which the 2025 Senior Notes were issued (the “2025 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 assets to another person, in each case subject to certain qualifications set forth in the 2025 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 March 31, 2025, the Company was in compliance with all covenants.

In the event of a Change of Control (as defined in the 2025 Notes Indenture), each holder of the 2025 Senior Notes will have the right to require the Company to repurchase all or any part of the outstanding balance at a purchase price of 101% of the principal amount of the 2025 Senior Notes repurchased, plus accrued and unpaid interest, if any, to, but not including, the date of such repurchase.

In connection with the issuance of the 2029 Senior Notes, the Company tendered for and repurchased $275.0 million aggregate principal amount of its 2025 Senior Notes for cash in a total amount of $282.4 million, inclusive of an early tender premium of $30 per $1,000 principal amount of 2025 Senior Notes and accrued and unpaid interest. Following such tender offer, $275.0 million aggregate principal amount of 2025 Senior Notes remains outstanding.

Tax Receivable Agreement

At the time of its IPO 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 $252.4 million as of March 31, 2025. The carrying value of the TRA liability measured at amortized cost was $172.6 million and $170.4 million as of March 31, 2025 and December 31, 2024, respectively, with interest expense recognized under the effective interest method. The TRA liability is recorded in unsecured notes, net of issuance costs on the consolidated balance sheets.

The table below presents the Company’s estimate as of March 31, 2025, of the maximum undiscounted amounts that would be payable under the TRA using the assumptions described above. In light of the numerous factors affecting Sculptor’s obligation to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table.
Year EndingPotential Payments Under TRA
April 1 through December 31, 2025$16,493 
202617,215 
202717,506 
202816,176 
202916,173 
2030 and thereafter
168,819 
$252,382 
v3.25.1
FAIR VALUE MEASUREMENTS
 3 Months Ended
Mar. 31, 2025
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, 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. 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 (“CDR”) and
•Market corroborated inputs (derived principally from or corroborated by observable market data).

Level 3 – Valuations based significantly on unobservable inputs.

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 March 31, 2025 were as follows:
Principal Balance or Notional AmountCarrying Value
Fair Value(E)
Level 1Level 2Level 3Net Asset Value (“NAV”)Total
Assets:
Excess MSRs(A)
$52,144,523 $354,923 $— $— $354,923 $— $354,923 
MSRs and MSR financing receivables(A)
591,114,997 10,133,041 — — 10,133,041 — 10,133,041 
Servicer advance investments283,068 321,531 — — 321,531 — 321,531 
Government and government-backed securities(B)
11,170,808 11,048,701 3,296,798 7,751,904 — — 11,048,702 
Non-Agency securities8,913,777 639,458 — — 639,458 — 639,458 
Residential mortgage loans, HFS72,641 64,248 — — 64,248 — 64,248 
Residential mortgage loans, HFS, at fair value3,047,797 3,092,102 — 3,065,669 26,433 — 3,092,102 
Residential mortgage loans, HFI, at fair value384,304 354,003 — — 354,003 — 354,003 
Residential mortgage loans subject to repurchase2,432,605 2,432,605 — 2,432,605 — — 2,432,605 
Consumer loans663,117 554,168 — — 554,168 — 554,168 
Derivative and hedging assets16,019,170 40,553 — 2,630 37,923 — 40,553 
Residential transition loans
2,330,788 2,335,218 — — 2,335,218 — 2,335,218 
Notes receivable526,170 434,124 — — 434,124 — 434,124 
Loans receivable17,717 17,717 — — 17,717 — 17,717 
Equity investment, at fair value192,500 194,378 — — 194,378 — 194,378 
CLOs268,896 266,612 — 227,934 38,678 — 266,612 
Investments of consolidated CFEs - funds(C)
1,151,477 1,175,136 — 400,500 418,598 356,038 1,175,136 
Investments of consolidated CFEs - loan securitizations(C)
3,781,686 3,641,644 — 2,703,112 938,532 — 3,641,644 
Other assetsN/A153,242 59,744 — 93,498 — 153,242 
$37,253,404 $3,356,542 $16,584,354 $16,956,471 $356,038 $37,253,405 
Liabilities:
Secured financing agreements$16,793,265 $16,791,234 $— $16,595,868 $198,896 $— $16,794,764 
Secured notes and bonds payable(D)
10,093,170 10,025,948 — — 10,051,705 — 10,051,705 
Unsecured notes, net of issuance costs1,302,382 1,207,594 — — 1,224,472 — 1,224,472 
Residential mortgage loan repurchase liability2,432,605 2,432,605 — 2,432,605 — — 2,432,605 
Derivative liabilities14,879,462 60,756 7 31,692 29,057 — 60,756 
Excess spread financing(A)
14,877,137 104,721 — — 104,721 — 104,721 
Notes receivable financing371,446 373,508 — — 378,721 — 378,721 
Notes payable of consolidated CFEs - funds(C)
960,250 955,470 — 363,392 592,078 — 955,470 
Notes payable of consolidated CFEs - loan securitizations(C)
3,310,406 3,154,926 — 2,295,166 859,760 — 3,154,926 
$35,106,762 $7 $21,718,723 $13,439,410 $— $35,158,140 
(A)The notional amount represents the total UPB of the residential mortgage loans underlying the MSRs, MSR financing receivables, Excess MSRs and excess spread financing. 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 $24.8 million (see Note 6).
(C)Represents assets and notes issued by consolidated VIEs accounted for under the CFE election.
(D)Includes $169.0 million of SCFT 2020-A (as defined in Note 20) MBS as of March 31, 2025, for which the FVO for financial instruments was elected.
(E)The table excludes cash 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, 2024 were as follows:
Principal Balance or Notional AmountCarrying Value
Fair Value(E)
Level 1Level 2Level 3NAVTotal
Assets:
Excess MSRs(A)
$53,494,378 $369,162 $— $— $369,162 $— $369,162 
MSRs and MSR financing receivables(A)
590,214,351 10,321,671 — — 10,321,671 — 10,321,671 
Servicer advance investments298,945 339,646 — — 339,646 — 339,646 
Government and government-backed securities(B)
9,947,189 9,736,116 3,285,478 6,450,643 — — 9,736,121 
Non-agency securities8,962,730 552,797 — — 552,797 — 552,797 
Residential mortgage loans, HFS75,872 66,670 — — 66,670 — 66,670 
Residential mortgage loans, HFS, at fair value4,274,620 4,307,571 — 4,280,405 27,166 — 4,307,571 
Residential mortgage loans, HFI, at fair value396,061 361,890 — — 361,890 — 361,890 
Residential mortgage loans subject to repurchase
2,745,756 2,745,756 — 2,745,756 — — 2,745,756 
Consumer loans767,623 665,565 — — 665,565 — 665,565 
Derivative and hedging assets18,597,732 75,147 — 53,651 21,496 — 75,147 
Residential transition loans
2,172,713 2,178,075 — — 2,178,075 — 2,178,075 
Notes receivable487,276 393,786 — — 393,786 — 393,786 
Loans receivable31,580 31,580 — — 31,580 — 31,580 
Equity investment, at fair value192,500 194,410 — — 194,410 — 194,410 
CLOs243,355 242,227 — 217,049 25,178 — 242,227 
Investments of consolidated CFEs - funds(C)
1,108,903 1,118,359 — — 785,253 333,106 1,118,359 
Investments of consolidated CFEs - loan securitizations(C)
3,900,428 3,753,219 — 2,791,027 962,192 — 3,753,219 
Other assetsN/A113,224 17,831 — 95,393 — 113,224 
$37,566,871 $3,303,309 $16,538,531 $17,391,930 $333,106 $37,566,876 
Liabilities:
Secured financing agreements$16,784,505 $16,782,467 $— $16,611,477 $175,559 $— $16,787,036 
Secured notes and bonds payable(D)
10,353,561 10,298,075 — — 10,318,385 — 10,318,385 
Unsecured notes, net of issuance costs1,302,492 1,204,220 — — 1,229,408 — 1,229,408 
Residential mortgage loan repurchase liability2,745,756 2,745,756 — 2,745,756 — — 2,745,756 
Derivative liabilities11,255,492 52,610 1,259 15,628 35,723 — 52,610 
Excess spread financing(A)
15,271,757 101,088 — — 101,088 — 101,088 
Notes receivable financing371,446 371,788 — — 377,227 — 377,227 
Notes payable of consolidated CFEs - funds(C)
1,182,640959,958— — 959,958 — 959,958 
Notes payable of consolidated CFEs - loan securitizations(C)
3,402,8233,228,957— 2,369,934 859,023 — 3,228,957 
$35,744,919 $1,259 $21,742,795 $14,056,371 $— $35,800,425 
(A)The notional amount represents the total UPB of the residential mortgage loans underlying the MSRs, MSR financing receivables, Excess MSRs and excess spread financing. 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)Represents assets and notes issued by consolidated VIEs accounted for under the CFE election.
(D)Includes $185.5 million of SCFT 2020-A (as defined in Note 20) MBS as of December 31, 2024, for which the FVO for financial instruments was elected.
(E)The table excludes cash 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 table summarizes the changes in the Company’s Level 3 financial assets for the periods presented:
Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsNon-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 $552,797 $810,431 $455,726 $665,565 $700,942 $3,140,267 $17,356,207 
Transfers:
Transfers out of Level 3(I)
— — — — (412,268)(858)— — — (413,126)
Transfers to Level 3— — — — 21,809 2,081 — — — 23,890 
Gain (Loss) Included in Net Income:
Credit losses on securities(E)
— — — 102 — — — — — 102 
Servicing Revenue, Net(F):
Included in servicing revenue(F)
— (538,282)— — — — — — — (538,282)
Fair Value Adjustments Due to:
Other factors(E)
(915)— (1,693)1,903 — 10,012 (10,810)23,534 3,010 25,041 
Instrument-specific credit risk(E)
— — — — — (5,797)(2,003)— (8,561)(16,361)
Other income (loss), net(E)
— — — — 28,247 1,438 — 8,570 — 38,255 
Gains (losses) included in OCI(G)
— — — 4,741 — — — — — 4,741 
Interest income4,190 — 5,355 7,023 — — 5,923 119 — 22,610 
Purchases, Sales and Repayments:
Purchases, net(H)
— — 186,356 96,936 26,698 239 — 40,031 — 350,260 
Sales and settlement fundings— 664 — — (17,641)(7,216)6,595 — — (17,598)
Proceeds from repayments(17,514)— (208,133)(24,044)— (16,356)(111,102)(24,613)(635,316)(1,037,078)
Originations and other— 348,988 — — — 5,415 — — 774,350 1,128,753 
Balance at March 31, 2025$354,923 $10,133,041 $321,531 $639,458 $457,276 $444,684 $554,168 $748,583 $3,273,750 $16,927,414 
(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 other commitment derivatives are shown net.
(D)Includes residential transition loans of consolidated CFEs 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) relating to Level 3 assets still held at the reporting dates and realized gain (loss) 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)Non-Agency securities includes securities retained through securitizations accounted for as sales.
(I)For the three months ended March 31, 2025, transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
Level 3
Excess MSRs(A)(J)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsNon-Agency Securities
CLOs(B)
Residential Mortgage LoansConsumer Loans
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at December 31, 2023$271,150 $8,405,938 $376,881 $577,543 $226,486 $513,381 $1,274,005 $549,446 $2,232,913 $14,427,743 
Transfers:
Transfers to Level 3— — — — — 106 — — — 106 
Gain (Loss) Included in Net Income:
Credit losses on securities(E)
— — — (662)— — — — — (662)
Servicing Revenue, Net(F):
Included in servicing revenue(F)
— 84,175 — — — — — — — 84,175 
Fair Value Adjustments Due to:
Other factors(E)
(1,867)— 8,115 — — 9,622 (7,156)1,583 — 10,297 
Instrument-specific credit risk(E)
— — — — — (4,026)(22,961)— — (26,987)
Gain (loss) on settlement of investments, net(E)
— — — — 36 — — — — 36 
Other income (loss), net(E)
— — — 2,860 — 1,824 — (5,043)14,873 14,514 
Gains (losses) included in OCI(G)
— — — 1,602 (865)— — — — 737 
Interest income2,446 — 7,315 8,496 — — 10,152 147 — 28,556 
Purchases, Sales and Repayments:
Purchases, net(H)(I)
— — 212,656 13,900 3,679 216,405 4,113 1,094 — 451,847 
Sales and settlement fundings— 671 — — — (17,766)— — — (17,095)
Proceeds from repayments(16,618)— (230,456)(22,200)(17,340)(16,042)(154,354)(42,918)(505,091)(1,005,019)
Originations and other— 215,939 — — — 45 — (61)642,049 857,972 
Balance at March 31, 2024$255,111 $8,706,723 $374,511 $581,539 $211,996 $703,549 $1,103,799 $504,248 $2,384,744 $14,826,220 
(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 other commitment derivatives are shown net.
(D)Includes residential transition loans of consolidated CFEs classified as Level 3 in the fair hierarchy.
(E)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) relating to Level 3 assets still held at the reporting dates and realized gain (loss) 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)Non-Agency securities includes securities retained through securitizations accounted for as sales.
(I)Net of purchase price adjustments and purchase price fully reimbursable from MSR sellers as a result of prepayment protection.
(J)Amounts include Rithm Capital’s portion of the Excess MSRs held by the respective joint ventures in which Rithm Capital has a 50% interest.

The following table summarizes the changes in the Company’s Level 3 financial liabilities for the periods presented:
Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansExcess Spread FinancingNotes Receivable FinancingTotal
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)
— (367,031)— — — (367,031)
Gains (Losses) Included in Net Income:
Servicing revenue, net(C)
— — — 3,634 — 3,634 
Other income(B)
(4,833)(849)171 — 1,494 (4,017)
Purchases, Issuance and Repayments:
Repayments(11,592)— — — — (11,592)
Other— — 566 (1)— 565 
Balance at March 31, 2025$169,035 $592,078 $859,760 $104,721 $378,721 $2,104,315 
(A)For the three months ended March 31, 2025, transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(B)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) relating to Level 3 financial liabilities still held at the reporting dates and realized gain (loss) recorded during the period. The full fair value change during the period was due to factors other than instrument-specific credit risk.
(C)See Note 5 for further details on the components of servicing revenue, net.
Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansExcess Spread FinancingNotes Receivable FinancingTotal
Balance at December 31, 2023$235,770 $218,157 $318,998 $— $— $772,925 
Gains (Losses) Included in Net Income:
Other income(A)
(411)(34)5,064 — — 4,619 
Purchases, Issuance and Repayments:
Repayments(13,437)— — — — (13,437)
Balance at March 31, 2024$221,922 $218,123 $324,062 $— $— $764,107 
(A)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) relating to Level 3 financial liabilities still held at the reporting dates and realized gain (loss) recorded during the period. The full fair value change during the period was due to factors other than instrument-specific credit risk.

Excess MSRs, MSRs and MSR Financing Receivables and Excess Spread Financing Valuation

Fair value estimates of Rithm Capital’s MSRs and related excess spread financing 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 table summarizes certain information regarding the ranges and weighted averages of inputs used:
March 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
2.4% – 13.9%
(6.9%)
0.3% – 14.5%
(5.1%)
0.0% – 64.0%
(39.6%)
7 – 32
(21)
10 – 22
(19)
MSRs, MSR Financing Receivables and Excess Spread Financing:
GSE
2.8% – 95.4%
(6.6%)
0.0% – 100.0%
(1.7%)
6.5% – 18.7% (14.6%)
11 – 157
(28)
0 – 40
(23)
Non-Agency
1.8% – 90.0%
(8.6%)
0.0% – 99.0%
(23.2%)
0.0% – 5.0% (0.7%)
1 – 192
(44)
0 – 47
(21)
Ginnie Mae
1.7% – 71.3%
(8.6%)
73.0% – 100.0%
(8.5%)
13.3% – 31.1% (26.7%)
8 – 119
(47)
0 – 40
(26)
Total / Weighted Average—MSRs, MSR Financing Receivables and Excess Spread Financing
1.7% – 95.4%
(7.4%)
0.0% – 100.0%
(5.6%)
0.0% – 31.1% (20.0%)
1 – 192
(35)
0 – 47
(24)
December 31, 2024
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
2.4% – 13.3%
(6.6%)
0.2% – 14.7%
(5.1%)
0.0% – 64.2%
(39.6%)
7 – 32
(21)
11 – 22
(19)
MSRs, MSR Financing Receivables and Excess Spread Financing:
GSE
2.5% – 99.4%
(6.0%)
0.0% – 100.0%
(1.9%)
7.6% – 21.9% (14.1%))
2 – 159
(28)
0 – 40
(23)
Non-Agency
1.8% – 100.0%
(8.4%)
0.0% – 100.0%
(24.8%)
0.0% – 15.8% (1.6%)
1 – 156
(45)
0 – 58
(21)
Ginnie Mae
2.1% – 78.5%
(8.0%)
0.0% – 100.0%
(10.0%)
8.0% – 26.1% (21.8%)
8 – 154
(46)
0 – 42
(26)
Total / Weighted Average—MSRs, MSR Financing Receivables and Excess Spread Financing
1.8% – 100.0%
(6.8%)
0.0% – 100.0%
(6.2%)
0.0% – 26.1% (20.0%)
1 – 159
(35)
0 – 58
(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 March 31, 2025 and December 31, 2024, weighted average costs of subservicing of $6.88 (range of $6.86 – $6.94) and $6.89 (range of $6.87 - $6.96), respectively, per loan per month was used to value the GSE MSRs. Weighted average costs of subservicing of $9.28 (range of $8.22 – $10.55) and $9.60 (range of $8.45 - $11.55), respectively, per loan per month was used to value the non-Agency MSRs, including MSR financing receivables. Weighted average cost of subservicing of $8.20 and $8.25, 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 95 bps as of March 31, 2025 and December 31, 2024.

As of March 31, 2025 and December 31, 2024, a weighted average discount rate of 8.4% (range of 8.1% – 9.0%) and 8.4% (range of 8.1% - 9.0%), respectively, was used to value Rithm Capital’s Excess MSRs. As of March 31, 2025 and December 31, 2024, a weighted average discount rate of 8.9% (range of 8.8% – 10.3%) and 8.9% (range of 8.7% - 10.3%), respectively, was used to value Rithm Capital’s MSRs, MSR financing receivables and excess spread financing.

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 excess spread financing 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, 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 (the Company’s “Servicing Partners”) 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 Servicing Partners 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 the GSE MSRs, owned as of March 31, 2025, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at March 31, 2025
$6,195,239 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$6,753,957 $6,462,871 $5,948,572 $5,720,688 
Change in Estimated Fair Value:
Amount$558,718 $267,632 $(246,667)$(474,551)
Percentage9.0 %4.3 %(4.0)%(7.7)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$6,524,015 $6,353,259 $6,048,386 $5,913,429 
Change in Estimated Fair Value:
Amount$328,776 $158,020 $(146,853)$(281,810)
Percentage5.3 %2.6 %(2.4)%(4.5)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$6,210,045 $6,202,880 $6,187,232 $6,178,949 
Change in Estimated Fair Value:
Amount$14,806 $7,641 $(8,007)$(16,290)
Percentage0.2 %0.1 %(0.1)%(0.3)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$6,136,736 $6,165,988 $6,224,492 $6,253,744 
Change in Estimated Fair Value:
Amount$(58,503)$(29,251)$29,253 $58,505 
Percentage(0.9)%(0.5)%0.5 %0.9 %

The following table summarizes the estimated change in fair value of Rithm Capital’s interests in the non-Agency MSRs, including MSR financing receivables, owned as of March 31, 2025, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at March 31, 2025
$830,163 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$915,642 $870,970 $792,778 $758,434 
Change in Estimated Fair Value:
Amount$85,479 $40,807 $(37,385)$(71,729)
Percentage10.3 %4.9 %(4.5)%(8.6)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$877,529 $853,206 $808,299 $787,527 
Change in Estimated Fair Value:
Amount$47,366 $23,043 $(21,864)$(42,636)
Percentage5.7 %2.8 %(2.6)%(5.1)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$834,109 $832,054 $828,242 $825,429 
Change in Estimated Fair Value:
Amount$3,946 $1,891 $(1,921)$(4,734)
Percentage0.5 %0.2 %(0.2)%(0.6)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$829,688 $829,925 $830,400 $830,637 
Change in Estimated Fair Value:
Amount$(475)$(238)$237 $474 
Percentage(0.1)%— %— %0.1 %
The following table summarizes the estimated change in fair value of Rithm Capital’s interests in the Ginnie Mae MSRs, owned as of March 31, 2025, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at March 31, 2025
$3,107,639 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$3,381,235 $3,238,835 $2,986,478 $2,874,331 
Change in Estimated Fair Value:
Amount$273,596 $131,196 $(121,161)$(233,308)
Percentage8.8 %4.2 %(3.9)%(7.5)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$3,269,945 $3,184,586 $3,037,730 $2,973,854 
Change in Estimated Fair Value:
Amount$162,306 $76,947 $(69,909)$(133,785)
Percentage5.2 %2.5 %(2.2)%(4.3)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$3,146,616 $3,127,129 $3,088,175 $3,068,857 
Change in Estimated Fair Value:
Amount$38,977 $19,490 $(19,464)$(38,782)
Percentage1.3 %0.6 %(0.6)%(1.2)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$3,046,484 $3,077,061 $3,138,216 $3,168,794 
Change in Estimated Fair Value:
Amount$(61,155)$(30,578)$30,577 $61,155 
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)
March 31, 2025
2.3%
4.7%
19.2%
19.9 bps
6.5%
20.9
December 31, 2024
2.1%
4.6%
19.6%
19.9 bps
6.5%
21.1
(A)Projected annual weighted average lifetime voluntary and involuntary prepayment rate using a prepayment vector.
(B)Mortgage servicing amount is net of 2.7 bps and 3.8 bps which represent the amounts Rithm Capital paid its servicers as a monthly servicing fee as of as of March 31, 2025 and December 31, 2024, 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 in the case of the buyer is based on its 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 Mr. Cooper-serviced servicer advance investments portfolios 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
March 31, 2025
Government-backed securities(C)
$7,895,808 $7,708,001 $7,751,904 $— $7,751,904 2 
CLOs(D)
268,896 260,448 227,934 38,678 266,612 2 & 3
Non-Agency and other securities(D)
8,913,777 595,327 613,613 25,845 639,458 3 
Total$17,078,481 $8,563,776 $8,593,451 $64,523 $8,657,974 
December 31, 2024
Government-backed securities(C)
$6,672,189 $6,510,235 $6,450,643 $— $6,450,643 2 
CLOs(D)
243,355 234,397 217,049 25,178 242,227 2 & 3
Non-Agency and other securities(D)
8,962,730 515,262 529,146 23,651 552,797 3 
Total$15,878,274 $7,259,894 $7,196,838 $48,829 $7,245,667 
(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 76.9% and 82.1% of non-Agency securities as of March 31, 2025 and December 31, 2024, 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)
March 31, 2025$491,437 
5.0% – 20.0%
(7.3%)
0.0% – 25.0%
(6.0%)
0.0% – 1.9%
(0.4%)
0.0% – 50.0%
(16.8%)
December 31, 2024$453,978 
4.7% – 20.0%
(6.9%)
0.0% – 20.0%
(6.3%)
0.0% – 1.9%
(0.5%)
0.0% – 50.0%
(17.0%)
(a)Represents the annualized rate of the prepayments as a percentage of the total principal balance of the pool.
(b)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.
Residential Mortgage Loans Valuation

Rithm Capital, through Newrez, originates residential mortgage loans that it intends to sell into Fannie Mae, Freddie Mac and Ginnie Mae 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 nonconforming 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 nonconforming 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 table summarizes 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 March 31, 2025:
Performing LoansFair ValueDiscount RatePrepayment RateCDRLoss Severity
Acquired loans$17,775 
7.0% – 8.5%
(7.4%)
5.4% – 9.0%
(8.1%)
1.4% – 5.7%
(3.3%)
21.7% – 31.2%
(24.7%)
Non-Performing LoansFair ValueDiscount RateAnnual Change in Home PricesCDRCurrent Value of Underlying Properties
Acquired loans$8,658 
9.2% – 9.5%
(9.4%)
5.5% – 8.7%
(6.7%)
10.5% – 17.7%
(15.2%)
281.2% – 308.3%
(290.7%)
The following table summarizes 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, 2024:
Performing LoansFair ValueDiscount RatePrepayment RateCDRLoss Severity
Acquired loans$17,700 
7.0% – 8.6%
(7.9%)
6.0% – 8.2%
(7.9%)
1.8% – 5.0%
(3.1%)
20.6% – 33.7%
(24.0%)
Non-Performing LoansFair ValueDiscount RateAnnual Change in Home PricesCDRCurrent Value of Underlying Properties
Acquired loans$9,466 
8.5% – 9.3%
(8.8%)
8.6% – 15.8%
(10.9%)
1.3% – 5.1%
(3.8%)
264.9% – 310.3%
(279.5%)

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
March 31, 2025$354,003 
7.0% – 9.2%
(8.0%)
4.5% – 9.0%
(8.1%)
1.4% – 10.5%
(3.1%)
21.0% – 31.2%
(26.4%)
December 31, 2024$361,890 
7.9% – 9.3%
(8.4%)
5.4% – 8.2%
(8.0%)
1.3% – 4.9%
(3.3%)
12.4% – 33.7%
(26.4%)
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 HFI, at fair value classified as Level 3 as of March 31, 2025:
Fair ValueDiscount RatePrepayment RateCDR
Loss Severity(A)
SpringCastle$201,468 
9.2% – 10.2%
(9.4%)
13.4% – 39.0%
(15.1%)
2.8% – 42.8%
(5.1%)
71.8% - 100.0%
(92.7%)
Marcus352,700 
7.4% - 17.5%
(10.3%)
0.0% - 22.0%
(15.6%)
3.0% - 62.0%
(19.6%)
87.5%
Consumer Loans HFI, at Fair Value$554,168 

The following table summarizes certain information regarding the ranges and weighted averages of inputs (weighted by UPB) used in valuing consumer loans HFI, at fair value classified as Level 3 as of December 31, 2024:
Fair ValueDiscount RatePrepayment RateCDR
Loss Severity(A)
SpringCastle$219,308 
9.2% – 10.2%
(9.4%)
12.9% – 38.4%
(14.5%)
2.3% – 17.1%
(5.1%)
74.2% – 100.0%
(92.3%)
Marcus446,257 
7.9% – 17.9%
(10.1%)
0.0% – 23.1%
(17.8%)
4.0% – 50.0%
(14.3%)
87.5%
Consumer Loans HFI, at Fair Value$665,565 
(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 Valuation

Rithm Capital classifies certain residential transition loans as Level 3 in the fair value hierarchy. Performing residential transition loans 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 residential transition loans, with UPB of $54.3 million and fair value of $47.4 million as of March 31, 2025 and UPB of $55.2 million and fair value of $49.3 million as of December 31, 2024, 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 residential transition loans, at fair value classified as Level 3:
Fair ValueDiscount RatePrepayment RateCDRLoss Severity
March 31, 2025$2,287,856 
8.3% – 9.5%
(8.3%)
0.0% – 50.0%
(45.9%)
0.5% – 1.8%
(0.5%)
25.0%
December 31, 2024$2,128,801 
8.3% – 9.9%
(8.3%)
0.0% – 50.0%
(45.8%)
0.5% – 1.8%
(0.5%)
25.0%

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. Treasury short sales represent the
net of repurchase agreements and related reverse repurchase agreement lending facilities used to borrow securities to effectuate short sales of Treasury securities and are classified as Level 1.

Other commitment relates to an agreement entered into by a subsidiary of Rithm Capital with its affiliate requiring a payment under certain circumstances dependent upon amounts realized from an investment of the affiliate. It is valued at the excess of cost basis over the intrinsic value of the underlying investment and classified as Level 3 in the fair value hierarchy. 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)
March 31, 2025$34,387 
0.0% – 100.0%
(83.0%)
1.9 – 423.8
(272.8)
December 31, 2024$11,294 
0.0% – 100.0%
(86.1%)
1.0 – 426.7
(281.8)

Asset-Backed Securities Issued

As of March 31, 2025 and December 31, 2024, Rithm Capital was the primary beneficiary of the SCFT 2020-A (as defined in Note 20) 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
March 31, 2025$169,035 5.9%15.1%5.1%92.7%
December 31, 2024$185,460 5.4%14.5%5.1%92.3%

Notes Receivable, Notes Receivable Financing and Loans Receivable

From time to time, Rithm Capital purchases notes and loans receivable that are generally collateralized by commercial real estate assets. Rithm Capital generally uses internal discounted cash flow pricing models to estimate the fair value of notes receivable, notes receivable financing and loans receivable. Due to the fact that the fair value of Rithm Capital’s notes receivable, notes receivable financing 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 and loans receivable:
Fair Value Discount Rate
March 31, 2025
Notes receivable$434,124 
8.6% - 14.0%
(9.2%)
Notes receivable financing378,721 5.4%
Loans receivable17,717 17.5%
Total$830,562 
December 31, 2024
Notes receivable$393,786 
9.0% - 12.5%
(9.3%)
Notes receivable financing377,227 5.7%
Loans receivable31,580 18.5%
Total$802,593 

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 fair value option election. The investment is valued using an internal discounted cash flow pricing model to estimate the fair value of the investment. As of March 31, 2025 and December 31, 2024, the fair value of the investment was $194.4 million. As the discount rates of 11.3% and 11.8% used to estimate the fair value of the investment as of March 31, 2025 and December 31, 2024, respectively, were significant unobservable inputs, this investment was classified as Level 3 in the fair value hierarchy.

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:

March 31, 2025December 31, 2024
Fund Type(A)
Fair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption Notice Period
Open-ended$190,799 
Monthly – Annually(B)
30 days – 90 days(B)
$172,409 
Monthly - Annually(B)
30 days - 90 days(B)
Close-ended165,239 
None(C)
N/A160,697 
None(C)
N/A
Total$356,038 $333,106 
(A)The structured alternative investment solution invests in both open-ended and close-ended funds. The investments in each fund may represent investments in a particular tranche of such fund subject to different withdrawal rights.
(B)$46.0 million of investments are subject to an initial lock-up period of three years during which time withdrawals or redemptions are limited. Once the lock-up period ends, the investments can be redeemed with the frequency noted above.
(C)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 March 31, 2025 and December 31, 2024, the structured alternative investment solution had unfunded commitments of $21.3 million and $23.8 million, respectively, related to the investments 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 March 31, 2025 and December 31, 2024, notes payable of the structured alternative investment solution with a fair value of $224.0 million and $224.1 million, respectively, and notes payable of consolidated CLOs with a fair value of $731.4 million and $735.9 million, respectively, are valued using independent pricing services and are classified as Level 3. 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. 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 Company measures the financial assets of its consolidated CLOs based on the fair value of the financial liabilities of its consolidated CLOs. 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 20 for further details.

Consolidated Loan Securitizations

Rithm Capital has securitized certain residential mortgage loans and residential transition 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 trust and has determined that the consolidated securitization trust meets the definition of a CFE. See Note 20 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. Refer to Note 2 for the accounting policies of consolidated entities. 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 and residential transition 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 Loans SecuritizationsInvestments at Fair ValueNotes Payable at Fair Value
March 31, 2025$2,703,112 $2,295,166 
December 31, 2024$2,791,027 $2,369,934 

Rithm Capital classifies securitized residential transition 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:
Residential Transition Loans SecuritizationsInvestments at Fair ValueNotes Payable at Fair Value
Spread(A)
Prepayment Rate(B)
CDR(C)
Loss Severity(D)
March 31, 2025$938,532 $859,760 
1.9% – 11.1%
(2.5%)
8.0%
0.8% – 2.0%
(1.4%)
10.0%
December 31, 2024$962,192 $859,023 
1.7% – 11.7%
(2.2%)
8.0%
0.8% – 2.0%
(1.3%)
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 annualized rate of the involuntary prepayments (defaults) as a percentage of the total principal balance of the pool.
(D)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 Nonrecurring Basis

Certain assets are measured at fair value on a nonrecurring 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 and SFR properties, Rithm Capital measures the assets at the lower of cost or fair value which may require, from time to time, a nonrecurring fair value adjustment.
As of March 31, 2025 and December 31, 2024, assets measured at fair value on a nonrecurring basis were $81.5 million and $87.6 million, respectively, of which, approximately $64.2 million and $66.7 million, respectively, related to residential mortgage loans, HFS, and $17.3 million and $20.9 million, respectively, related to REO. 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 Rate
CDR(B)
Loss Severity(C)
March 31, 2025
Performing loans$49,558 
7.0% – 8.5%
(7.0%)
4.3 – 6.6
(4.3)
5.4% – 9.0%
(9.0%)
1.4% – 5.7%
(3.5%)
21.7% – 31.2%
(21.9%)
Non-performing loans14,690 
9.2% – 9.5%
(9.3%)
3.3 – 4.6
(4.1)
2.6% – 4.5%
(3.7%)
10.5% – 17.7%
(13.4%)
21.0% – 47.0%
(31.5%)
Total$64,248 
December 31, 2024
Performing loans$51,011 
6.3% – 8.6%
(7.7%)
2.8 – 6.0
(4.4)
6.0% – 8.2%
(8.0%)
1.8% – 22.9%
(3.6%)
18.7% – 33.7%
(20.7%)
Non-performing loans15,659 
8.5% – 9.4%
(9.1%)
5.2 – 6.2
(5.8)
1.7% – 5.4%
(3.5%)
1.3% – 9.3%
(5.2%)
12.4% – 39.9%
(23.1%)
Total$66,670 
(A)The weighted average life is based on the expected timing of the receipt of cash flows.
(B)Represents the annualized rate of the involuntary prepayments (defaults) as a percentage of the total principal balance.
(C)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 fair value of REO is estimated using a broker’s price opinion discounted based upon Rithm Capital’s experience with actual liquidation values and, therefore, is categorized within Level 3 of the fair value hierarchy. These discounts to the broker price opinion generally range from 10.0% – 25.0% (weighted average of 22.4%), depending on the information available to the broker.

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 reversal of valuation allowance of $0.5 million and a valuation allowance of $0.2 million for the three months ended March 31, 2025 and 2024, respectively.
The total change in the recorded value of REO for which a fair value adjustment has been included in the consolidated statements of operations consists of a reversal of valuation allowance of $0.3 million and a reversal of valuation allowance of $0.3 million for the three months ended March 31, 2025 and 2024, respectively.
v3.25.1
VARIABLE INTEREST ENTITIES
 3 Months Ended
Mar. 31, 2025
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”), 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) do not have 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 the Company 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 March 31, 2025. 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. See Note 14 for details.

Newrez Joint Ventures

A wholly-owned subsidiary of Newrez, Newrez Ventures LLC (formerly known as Shelter Mortgage Company 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 Loans 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 and Ginnie Mae 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.

Newrez Mortgage Participant LLC, Newrez Mortgage Participant II LLC, NPF Trust EBO I, Newrez Trust II and subsequently, Newrez Trust III 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 VIE and therefore consolidates the SPE. 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. As of September 30, 2024, Newrez Mortgage Participant LLC was terminated.

In May 2021, Newrez issued $750.0 million in notes through a securitization facility (the “2021-1 Securitization Facility”) that bear interest at 30-day SOFR plus a margin. The 2021-1 Securitization Facility is secured by newly originated, first-lien, fixed- and adjustable-rate residential mortgage loans eligible for purchase by the GSEs and Ginnie Mae. Through a master repurchase agreement, Newrez sells its originated residential mortgage loans to the 2021-1 Securitization Facility, which then issues notes to third-party qualified investors, with Newrez retaining the trust certificate. The loans serve as collateral with the proceeds from the note issuance ultimately financing the originations. The 2021-1 Securitization Facility will terminate on the earlier of (i) the three-year anniversary of the initial closing date, (ii) the Company exercising its right to optional prepayment in full or (iii) a repurchase triggering event. The Company is the primary beneficiary of the 2021-1 Securitization Facility 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. As of April 30, 2024, the 2021-1 Securitization Facility was terminated.

In August 2022, Rithm Capital sponsored a securitization of mortgage loans (the “2022-SFR2 Securitization”) secured by certain single family rental properties owned by the Company (the “2022-SFR2 Properties”). The Company retained the most subordinate tranche trust certificate issued by 2022-SFR2 Securitization, classified as a VIE. During the third quarter of 2024, a related party of the Company, APM, became the property manager of the 2022-SFR2 Properties. Upon this reconsideration event, the Company reassessed its consolidation conclusion and concluded that it was now the primary beneficiary of 2022-SFR2 Securitization, as it has power to direct the activities that most significantly impact the 2022-SFR2 Securitization’s economic performance and has an obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. As a result, the Company consolidated 2022-SFR2 Securitization during the third quarter of 2024.

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”) that are classified as VIEs. The Company is primary beneficiary and consolidates the Consumer Loan Companies.

On September 25, 2020, the Company sponsored a securitization of a portfolio of consumer loans which issued $663.0 million of asset-backed notes (“SCFT 2020-A”). Rithm Capital retained a residual interest of securitized loans for risk retention purposes. The Company is the primary beneficiary of SCFT 2020-A, classified as a VIE, and therefore consolidates it, as it has power to redeem the notes issued by SCFT 2020-A and liquidate the structure at any time and has the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE.

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, the Company entered into a joint venture with a third party 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 commercial real estate entities classified as VIEs and held through wholly-owned subsidiaries. The Company has a controlling financial interest in these VIEs as it holds substantially all of the economic interests in such VIEs. The Company is the primary beneficiary and consolidates such VIEs.

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

As noted in Note 1, 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 consisting of 23,000,000 Class A ordinary shares and one-third 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.

Consolidated CFEs

Loan Securitizations - Residential Transition Loans

Rithm Capital sponsored securitization trusts, classified as VIEs, that issue securitized debt collateralized by residential transition loans 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 impact the trusts’ economic performance. As a result, Rithm Capital consolidates such trusts.

The assets of these consolidated loan securitization trusts 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 have no recourse against the assets of the Company, and there is no recourse to the Company for the consolidated entities’ liabilities.

As of March 31, 2025, these trusts’ assets consist of pools of performing, adjustable-rate and fixed-rate, interest-only, residential transition loans (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 $914.8 million and an aggregate principal limit of approximately $1.2 billion. Refer to Note 19 regarding the fair value measurements of consolidated loan securitizations.

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 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 the 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.

The assets of these consolidated loan securitizations 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 have no recourse against the assets of the Company, and there is no recourse to the Company for the consolidated entities’ liabilities.
During the third quarter of 2024, the Company sold “interest only” securities in two seasoned mortgage loan securitization trusts, and it now only holds securities for risk retention purposes. The Company is now not the primary beneficiary as it no longer holds significant interests in these trusts. As a result of deconsolidation, the Company derecognized $371.5 million of assets and $352.9 million of liabilities of consolidated CFEs and recognized a loss of $0.9 million presented in realized and unrealized gains (losses), net in the consolidated statements of operations. The Company continues to retain $17.4 million of notes held at fair value as of March 31, 2025.

As of March 31, 2025, the notes payable, at fair value of consolidated CFEs due to third parties had a fair value of $2.3 billion. Rithm Capital’s retained interest in the consolidated CFEs was $0.4 billion. Refer to Note 19 regarding the fair value measurements of consolidated loan securitizations.

Funds

In the ordinary course of business, Sculptor 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 assets of these consolidated funds may only be used to settle obligations of these entities and are not available to creditors of the Company, including Sculptor. The investors in these consolidated funds have no recourse against the assets of the Company, including Sculptor. There is no recourse to the Company, including to Sculptor, for the consolidated funds’ liabilities.

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 consists of $20.0 million Class A notes, $20.0 million of Class C notes and $87.8 million of subordinated notes. As of March 31, 2025, the consolidated notes payable due to third parties had a fair value of $224.0 million.

Sculptor’s structured alternative investment solution entered into a $52.5 million credit facility maturing March 18, 2026. 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 March 31, 2025, the consolidated funds have not drawn on the facility.

Additionally, the Company consolidates two CLO funds, managed by Sculptor, which in 2024, issued notes in the aggregate principal amount of $814.4 million, of which approximately $76.3 million, were retained by the Company and eliminated in consolidation. As of March 31, 2025, the consolidated notes payable due to third parties had a fair value of $731.4 million. The Company’s investments in CLOs are generally subordinated to other interests in the entities. Investors in the CLOs have no recourse against the Company for any losses incurred by the CLOs. The Company’s maximum exposure to loss is limited to the retained interest.

See Note 18 and Note 19 regarding the financing and fair value measurements of consolidated funds, respectively.

The table below presents 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 CompaniesAsset Management and OtherSPAC
Consolidated CFEs(A)
Total
March 31, 2025Loan Securitizations - Residential Transition LoansLoan Securitizations - Residential Mortgage LoansConsolidated Funds
Assets:
Servicer advance investments, at fair value$321,531 $— $— $— $— $— $— $— $— $321,531 
Residential mortgage loans, HFS, at fair value— — 474,987 — — — — — — 474,987 
Consumer loans— — — 201,468 — — — — — 201,468 
Assets of consolidated CFEs - investments— — — — — — 938,532 2,703,112 1,175,136 4,816,780 
Cash and cash equivalents7,984 19,690 — — 697 1,034 — — — 29,405 
Restricted cash6,146 — 6,080 5,995 12,673 230,810 8,639 14,984 61,417 346,744 
Other assets4 447 — 6,798 166,462 341 42,997 — 27,984 245,033 
Total Assets$335,665 $20,137 $481,067 $214,261 $179,832 $232,185 $990,168 $2,718,096 $1,264,537 $6,435,948 
Liabilities:
Secured financing agreements$— $— $385,916 $— $— $— $— $— $— $385,916 
Secured notes and bonds payable246,438 — — 169,035 — — — — — 415,473 
Notes payable of consolidated CFEs— — — — — — 859,760 2,295,166 955,470 4,110,396 
Accrued expenses and other liabilities1,681 1,903 — 1,302 2,556 8,234 1,083 15,317 103,997 136,073 
Total Liabilities$248,119 $1,903 $385,916 $170,337 $2,556 $8,234 $860,843 $2,310,483 $1,059,467 $5,047,858 
December 31, 2024
Assets:
Servicer advance investments, at fair value$339,646 $— $— $— $— $— $— $— $— $339,646 
Residential mortgage loans, HFS, at fair value— — 496,420 — — — — — — 496,420 
Consumer loans— — — 219,308 — — — — — 219,308 
Assets of consolidated CFEs - investments— — — — — — 962,192 2,791,027 1,118,359 4,871,578 
Cash and cash equivalents5,163 21,023 — — 11,796 — — — — 37,982 
Restricted cash6,727 — 6,087 6,042 — — 7,172 17,293 126,158 169,479 
Other assets4 452 — 11,186 89,654 — 26,348 — 59,277 186,921 
Total Assets$351,540 $21,475 $502,507 $236,536 $101,450 $— $995,712 $2,808,320 $1,303,794 $6,321,334 
Liabilities:
Secured financing agreements$— $— $384,948 $— $— $— $— $— $— $384,948 
Secured notes and bonds payable258,183 — — 185,460 — — — — — 443,643 
Notes payable of consolidated CFEs— — — — — — 859,023 2,369,934 959,958 4,188,915 
Accrued expenses and other liabilities1,975 1,854 — 226 1,589 — 1,099 17,626 140,604 164,973 
Total Liabilities$260,158 $1,854 $384,948 $185,686 $1,589 $— $860,122 $2,387,560 $1,100,562 $5,182,479 
(A)Reflect assets of consolidated CFEs - investments, at fair value and other assets and liabilities of consolidated CFEs - 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 interest 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:
March 31, 2025December 31, 2024
Residential mortgage loan UPB and other collateral$8,562,559$8,152,970
Weighted average delinquency(A)
4.7%5.2%
Net credit losses$162,406$161,646
Face amount of debt held by third parties$7,923,955$7,532,832
Carrying value of notes retained by Rithm Capital(B)(C)
$555,393$532,845
Cash flows received by Rithm Capital on these notes$23,416$94,589
(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 19 for details on unobservable inputs.

The following table summarizes the Company’s involvement, through Sculptor, with VIEs that are not consolidated and is generally limited to providing asset management services and, in certain cases, investments in the VIEs. The maximum exposure to loss represents the potential loss of current investments or income and fees receivables from these entities, as well as the obligation to repay unearned revenues, primarily incentive income subject to clawback, in the event of any future fund losses, as well as unfunded commitments to certain funds that are VIEs. The Company does not provide, nor is it required to provide, any type of non-contractual financial or other support to its VIEs that are not consolidated beyond its share of capital and other commitments described in Note 25.
March 31, 2025December 31, 2024
Maximum Risk of Loss as a Result of the Company’s Involvement with Unconsolidated VIEs:
Unearned income and fees$14,882$17,268
Income and fees receivable28,23435,723
Investments691,818577,849
Unfunded commitments(A)
173,520174,530
Other commitments25,52125,521
Maximum Exposure to Loss$933,975$830,891
(A)Includes commitments from certain current and former employees and executive managing directors in the amounts of $110.7 million and $133.9 million as of March 31, 2025 and December 31, 2024, respectively.

The following table summarizes the carrying value of the Company’s unconsolidated commercial real estate projects which reflects the Company’s maximum exposure to loss. See Note 25 regarding certain guarantees provided in connection with the investments. These investments are presented as part of equity investments within other assets on the consolidated balance sheets:
March 31, 2025December 31, 2024
Carrying value of commercial real estate held within unconsolidated VIEs$195,658 $190,258 
Carrying value of Rithm Capital’s investments in unconsolidated commercial real estate VIEs60,342 57,846 

The Company holds a 70% membership interest in the Credit Risk Transfer LLC, a VIE that holds exposures in warehouse lines collateralized by residential mortgage loans. The Company does not have power to make significant decisions unilaterally over the VIE; therefore, it is not the primary beneficiary and does not consolidate the VIE. The following table summarizes the
carrying value of the Company’s membership interest, which reflects the Company’s maximum exposure to loss. This equity investment is presented within other assets on the consolidated balance sheets:

March 31, 2025December 31, 2024
Membership interest in unconsolidated VIEs$194,378 $194,410 

Noncontrolling Interests

Noncontrolling 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 noncontrolling interests in consolidated entities that hold servicer advance investments (Note 14), the Newrez Joint Ventures, consumer loans (Note 8), asset management investments, Excess MSRs and other investments.

Others’ interests in the equity of consolidated subsidiaries is computed as follows:
March 31, 2025December 31, 2024
Total Consolidated EquityOthers' Ownership InterestNoncontrolling Interest in Equity of Consolidated SubsidiariesTotal Consolidated EquityOthers' Ownership InterestNoncontrolling Interest in Equity of Consolidated Subsidiaries
Advance Purchaser$87,547 10.7 %$9,361 $91,384 10.7 %$9,770 
Newrez Joint Ventures18,234 49.5 %9,100 19,621 49.5 %9,687 
Excess MSRs131,347 20.0 %26,269 136,645 20.0 %27,329 
Other investments89,810 25.7 %23,058 50,778 10.0 %4,608 
Asset management917,145 n/m40,928 844,669 
n/m(B)
39,942 

Others’ interests in the net income (loss) of consolidated subsidiaries is computed as follows:     
Three Months Ended March 31,
20252024
Net Income (Loss)Others’ Ownership Interest as a Percent of TotalNoncontrolling Interest in Income (Loss) of Consolidated SubsidiariesNet Income (Loss)Others’ Ownership Interest as a Percent of TotalNoncontrolling Interest in Income (Loss) of Consolidated Subsidiaries
Advance Purchaser$(336)10.7 %$(36)$9,530 10.7 %$1,018 
Newrez Joint Ventures715 49.5 %354 112 49.5 %55 
Consumer Loan Companies(A)
(1,550)— %— 2,192 46.5 %1,019 
Excess MSRs1,323 20.0 %264 — N/A— 
Other investments1,730 25.7 %500 — N/A— 
Asset management(62,117)
n/m(B)
4 — N/A— 
(A)On June 28, 2024, Rithm Capital purchased the remaining 46.5% interest in the Consumer Loan Companies from the co-investor for a total purchase price of $22.0 million. Following the acquisition, Rithm Capital owns 100% interest in the Consumer Loan Companies.
(B)Percentage in the table above deemed “n/m” are not meaningful. Noncontrolling interests related to asset management investments represents 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 noncontrolling interests.

Redeemable Noncontrolling 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 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 noncontrolling interests in consolidated subsidiaries in the consolidated balance sheets.

Additionally, in the first quarter of 2025, certain interest held by a third-party in a consolidated entity is classified within redeemable noncontrolling interests due to a redemption feature.
The following table presents the activity in redeemable noncontrolling interests:
SPACConsolidated EntityTotal
Balance at December 31, 2024$— $— $— 
Initial carrying value214,389 25,601 239,990 
Change in redemption value15,611 — 15,611 
Comprehensive income (loss)810 3 813 
Balance at March 31, 2025$230,810 $25,604 $256,414 
v3.25.1
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER
Other revenues consists of the following:
Three Months Ended March 31,
20252024
Property and maintenance$25,736 $32,380 
Rental19,402 18,949 
Other5,635 7,019 
Total Other Revenues$50,773 $58,348 

General and Administrative expenses consists of the following:
Three Months Ended March 31,
20252024
Legal and professional$24,638 $21,489 
Loan origination14,677 15,435 
Occupancy14,490 15,946 
Subservicing16,756 19,428 
Loan servicing41,400 5,591 
Property and maintenance27,583 32,264 
Depreciation and amortization24,568 31,952 
Information technology29,691 29,388 
Other
43,743 33,559 
Total General and Administrative Expenses$237,546 $205,052 
Other Income (Loss)

The following table summarizes the components of other income (loss):
Three Months Ended March 31,
20252024
Real estate and other securities
$114,526 $(102,963)
Residential mortgage loans and REO
2,544 3,526 
Derivative and hedging instruments
92,650 41,932 
Notes and bonds payable4,848 226 
Consolidated CFEs(A)
16,442 16,412 
Other(B)
(23,615)(3,979)
Realized and unrealized gains (losses), net207,395 (44,846)
Other income (loss), net9,073 15,784 
Total Other Income (Loss), Net$216,468 $(29,062)
(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, residential transition loans and other.
v3.25.1
ASSET MANAGEMENT REVENUES
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
ASSET MANAGEMENT REVENUES ASSET MANAGEMENT REVENUES
The following table presents the composition of asset management revenues:
Three Months Ended March 31,
20252024
Management fees$58,986 $57,130 
Incentive income28,686 13,821 
Total Asset Management Revenues$87,672 $70,951 


The following table presents the composition of the Company’s income and fees receivable primarily through Sculptor:
March 31, 2025December 31, 2024
Management fees receivable$33,569 $25,337 
Incentive income receivable30,895 183,335 
Total Income and Fees Receivable$64,464 $208,672 

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 primarily through Sculptor:
March 31, 2025December 31, 2024
Unearned management fees$852 $12 
Unearned incentive income14,477 17,268 
Total Unearned Income and Fees$15,329 $17,280 
A liability for unearned incentive income is generally recognized when Sculptor 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 Sculptor on a quarterly basis in advance, based on the amount of AUM at the beginning of the quarter.
v3.25.1
EQUITY AND EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2025
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 August 5, 2022, Rithm Capital entered into a Distribution Agreement to sell shares of its common stock, par value $0.01 per share, having an aggregate offering price of up to $500.0 million, from time to time, through an “at-the-market” equity offering program (the “ATM Program”). During the three months ended March 31, 2025, 9.0 million shares of common stock were issued under the ATM Program.

In February 2025, 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, 2025 through December 31, 2025. 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 three months ended March 31, 2025, the Company did not repurchase any shares of its common stock and redeemed 2,000,000 shares of its 7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock for $50.0 million at a redemption price equal to $25.00 per share plus accumulated and unpaid distributions.

On September 24, 2024, in a public offering, Rithm Capital issued 30.0 million shares of its common stock at a par value of $0.01 per share for gross proceeds of $340.2 million, before deducting estimated offering costs.

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)
Dividends Declared per Share
March 31,
2025		December 31,
2024		March 31,
2025		December 31,
2024		Issuance Discount
Carrying Value(C)
Three Months Ended March 31,
Series(B)
20252024
Series A, issued July 2019(D)(F)(H)
4,200,068 6,200,068 $105,002 $155,002 3.15 %$99,822 $0.64 $0.47 
Series B, issued August 2019(D)(F)
11,260,712 11,260,712 281,518 281,518 3.15 %272,654 0.63 0.45 
Series C, issued February 2020(D)(G)
15,903,342 15,903,342 397,584 397,584 3.15 %385,289 0.59 0.40 
Series D, 7.00% issued September 2021(E)
18,600,000 18,600,000 465,000 465,000 3.15 %449,489 0.44 0.44 
Total49,964,122 51,964,122 $1,249,104 $1,299,104 $1,207,254 $2.30 $1.76 
(A)Each series has a liquidation preference or par value of $25.00 per share.
(B)Under certain circumstances upon a change of control, our Series A, Series B, Series C and Series D are convertible to shares of our common stock.
(C)Carrying value reflects par value less discount and issuance costs.
(D)Fixed-to-floating rate cumulative redeemable preferred.
(E)Fixed-rate reset cumulative redeemable preferred.
(F)Effective August 15, 2024, dividends on the Series A and Series B accumulate at a floating rate. For the first quarter 2025 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%.
(G)Effective February 15, 2025, dividends on the Series C accumulate at a floating rate. For the first quarter 2025 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%.
(H)The Company redeemed 2.0 million shares on the redemption date of March 28, 2025.

On March 21, 2025, Rithm Capital’s board of directors declared first quarter 2025 preferred dividends of $0.64 per share of Series A, $0.63 per share of Series B, $0.59 per share of Series C and $0.44 per share of Series D cumulative redeemable preferred stock, or approximately $2.7 million, $7.1 million, $9.4 million and $8.1 million, respectively.
Common dividends have been declared as follows:
Per Share
Declaration DatePayment DateQuarterly DividendTotal Amounts Distributed (millions)
March 20, 2024April 2024$0.25 $120.9 
June 18, 2024July 20240.25 122.4 
September 20, 2024November 20240.25 129.9 
December 16, 2024January 20250.25 130.2 
March 21, 2025April 20250.25 132.5 

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 March 31,
20252024
Net Income$80,710 $287,487 
Noncontrolling interests in income of consolidated subsidiaries
1,086 3,452 
Redeemable noncontrolling interests in income of consolidated subsidiaries813 — 
Net Income Attributable to Rithm Capital Corp.78,811 284,035 
Change in redemption value of redeemable noncontrolling interests15,611 — 
Dividends on preferred stock26,677 22,395 
Net Income Attributable to Common Stockholders$36,523 $261,640 
Basic weighted average shares of common stock outstanding524,104,842483,336,777
Effect of Dilutive Securities(A)(B):
Stock options149897,800
Restricted stock170,438274,754
Time-based RSU awards2,842,044816,310
Performance-based RSU awards2,050,152605,860
Time vesting Class B Profit Units472,973—
Performance vesting Class B Profit Units958,957—
Diluted Weighted Average Shares of Common Stock Outstanding530,599,555485,931,501
Basic Earnings per Share Attributable to Common Stockholders$0.07 $0.54 
Diluted Earnings per Share Attributable to Common Stockholders$0.07 $0.54 
(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.
v3.25.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
Income tax expense (benefit) consists of the following:
Three Months Ended March 31,
20252024
Current:
Federal$6,555 $613 
State and local197 396 
Foreign10,613 1,775 
Total current income tax expense17,365 2,784 
Deferred:
Federal(30,358)76,453 
State and local(9,296)13,237 
Foreign(1,641)938 
Total deferred income tax expense (benefit)(41,295)90,628 
Total Income Tax Expense (Benefit)$(23,930)$93,412 

Rithm Capital intends to qualify as a REIT for each of its tax years through December 31, 2025. 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, through TRSs that are subject to regular corporate income taxes, which have been provided for in the provision for income taxes, as applicable. Refer to Note 4 for further details.
As of March 31, 2025, Rithm Capital recorded a net deferred tax liability of $744.8 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.

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. During the quarter, the Company increased the valuation allowance on definite-lived deferred tax assets by $44.5 million, including federal and state net operating losses and foreign tax credits. The change was driven primarily by changes to taxable income forecasts. The valuation allowance as of March 31, 2025 was $78.3 million.
v3.25.1
COMMITMENTS AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025, 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. Refer to Notes 5 and 14 for discussion on Rithm Capital’s MSRs and servicer advance investments, respectively.

•Mortgage Origination Reserves — Newrez currently originates, or has in the past originated, conventional, government-insured and nonconforming residential mortgage loans for sale and securitization. The GSEs or Ginnie Mae guarantee conventional and government insured mortgage securitizations and mortgage investors issue nonconforming private label mortgage securitizations 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 their 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 respective option to repurchase loans that will result in an economic benefit. As of March 31, 2025, Rithm Capital’s estimated liability associated with representations and warranties and Ginnie Mae repurchases was $42.5 million and $2.4 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.

•Consumer Loans — The Consumer Loan Companies have invested in loans with an aggregate of $143.5 million of unfunded and available revolving credit privileges as of March 31, 2025. However, under the terms of these loans, requests for draws may be denied and unfunded availability may be terminated at Rithm Capital’s discretion.

•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 $49.0 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 is expected to begin in the third quarter of 2025. As of March 31, 2025, $42.9 million of the aggregate purchase price remains outstanding.

•Residential Transition Loans — Genesis had commitments to fund up to $1.3 billion of additional advances on existing mortgage loans as of March 31, 2025. 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 commercial real estate 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 March 31, 2025, the Company has an unfunded capital commitment to fund up to $86.9 million on an existing loan to a certain commercial real estate borrower.

•Fund Commitments — As of March 31, 2025, the Company has unfunded capital commitments of $286.5 million to certain funds Sculptor manages, of which $21.3 million relates to commitments of consolidated funds. Approximately $126.8 million of the commitments will be funded by contributions to Sculptor from certain current and former employees and executive managing directors. Sculptor expects to fund these commitments over approximately the next 6 years. Sculptor has guaranteed these commitments in the event any executive managing director fails to fund any portion when called by the fund. Sculptor 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 Sculptor’s executive managing directors individually. During the first quarter of 2025, the Company, through a consolidated subsidiary, entered into a joint venture, which the Company consolidates, with a third party to acquire an interest in an affiliated fund. As of March 31, 2025, the unfunded capital commitment to the consolidated joint venture was $155.5 million, of which $124.4 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 commercial real estate 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 March 31, 2025, 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 18 for further discussion of the Company’s debt obligations.
v3.25.1
RELATED PARTY TRANSACTIONS
 3 Months Ended
Mar. 31, 2025
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.

Loan Agreement

In July 2023, an entity in which Rithm Capital has an ownership interest entered into an agreement to acquire a commercial real estate development project. Rithm Capital’s ownership interest in such entity is accounted for under the equity method and is presented within other assets on the Company’s consolidated balance sheets. Concurrently, Genesis entered into a loan agreement in the amount of $86.4 million with a remaining term of approximately 16 months unless otherwise extended with the entity. This loan is included in residential transition loans, at fair value on Rithm Capital’s consolidated balance sheets.

SFR Property Management Agreement

In January 2024, Rithm Capital 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 20 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, which are considered related parties as Sculptor manages the operations of and makes investment decisions for these funds.

As of March 31, 2025, approximately $1.5 billion of the Company’s AUM represented investments by Sculptor and Rithm Capital, its current executive managing directors, employees and certain other related parties in Sculptor’s funds. As of March 31, 2025, approximately 69.6% of these AUM were 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 Sculptor for these expenses. Due from related parties is presented within other assets on the consolidated balance sheets.
Investments in Funds

In the first quarter of 2022, Sculptor closed on 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 and the vehicle is consolidated on the Company’s consolidated financial statements. See Note 19 and Note 20 for additional details on the structured alternative investment solution.

In the second quarter of 2024, Sculptor launched Sculptor Loan Financing Partners, a CLO equity investment platform to manage investments in the equity tranches of Sculptor managed CLOs in the U.S. and Europe. The Company invested $92.9 million in the vehicle and the vehicle is consolidated on the Company’s consolidated financial statements. See Note 19 and Note 20 for additional details on the Sculptor Loan Financing Partners.

During the first quarter of 2025, the Company acquired interest 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 20 and 25 for additional details.

Investments in Loan Securitizations

The Company retains beneficial interests in loan securitization trusts that it sponsors. Refer to Note 20 for additional details.

Investment in 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 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.

Transactions with Rithm Property Trust

In connection with the transaction with Rithm Property Trust, on June 11, 2024, RCM Manager, a subsidiary of Rithm Capital, entered into the Rithm Property Trust Management Agreement to serve as Rithm Property Trust’s external manager. As of March 31, 2025, Rithm Capital holds 3.3 million shares of Rithm Property Trust common stock with a fair value of $9.5 million, equal to 7.3% of the outstanding shares of Rithm Property Trust common stock. In addition, Rithm Property Trust issued five-year warrants to Rithm Capital, exercisable for approximately 3.3 million shares of Rithm Property Trust’s common stock. During the first quarter of 2025, the Company acquired 400,000 shares, or 19.2%, for $10.0 million 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.

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 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 Interim Chief Executive Officer or a member of the board of directors.

During the first quarter of 2024 (prior to the closing of the transaction with Rithm Property Trust), the Company acquired a pool of performing and non-performing residential mortgage loans with an UPB of $245.3 million from Rithm Property Trust.
Further, during the second quarter of 2024, Newrez assumed operational servicing for mortgage loans with an UPB of approximately $562.1 million held directly by Rithm Property Trust, and servicing rights for mortgage loans with an UPB of approximately $2.9 billion in certain securitization trusts sponsored by Rithm Property Trust, which were previously serviced by an affiliate of 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 March 31, 2025, the fair value of recognized MSRs associated with the loans in securitizations sponsored by Rithm Property Trust was approximately $37.3 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.

Other
The Company holds a derivative liability to an affiliate, which is measured at fair value. Refer to Note 17 for additional details.
v3.25.1
SUBSEQUENT EVENTS
 3 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
These financial statements include a discussion of material events that have occurred subsequent to March 31, 2025, through the issuance of these consolidated financial statements. Events subsequent to that date have not been considered in these financial statements.
v3.25.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Pay vs Performance Disclosure    
Net Income (Loss) $ 78,811 $ 284,035
v3.25.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2025
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
v3.25.1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2025
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 significant 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 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 or stockholders’ equity.
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 mortgage servicing rights (“Excess MSRs”), mortgage servicing rights (“MSRs”), MSR financing receivables, servicer advance investments, RMBS issued by either public trusts or private label securitization 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.
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, the determination of whether or not to consolidate a VIE or a voting interest entity (“VOE”), goodwill and intangible assets and the disclosure of contingent assets and liabilities at the reporting date. Actual results could differ from those estimates and such differences could be material.
Redeemable Noncontrolling Interest Redeemable Noncontrolling Interests — The Company recognizes redeemable noncontrolling interests at their redemption amount each reporting period. Changes in the redemption amount are recognized as they occur with an adjustment to the carrying value at the end of each reporting period through additional paid-in capital in an amount equal to the difference between the carrying value of the interests (adjusted for the earnings attributable to noncontrolling interest holders) and their redemption value. The accretion of the redeemable noncontrolling interest to redemption value is recorded within change in redemption value of redeemable noncontrolling interests in the consolidated statements of operations. The Class A ordinary shares of the consolidated SPAC have redemption rights that are considered to be outside of the Company’s control, and as a result, these shares are presented as redeemable noncontrolling interests of consolidated subsidiaries on the consolidated balance sheets. Profits and losses attributable to these interests are presented as redeemable noncontrolling interests in income of consolidated subsidiaries in the consolidated statements of operations. The redeemable noncontrolling interest related to the SPAC was initially recorded at the original issue price, net of offering costs and the initial fair value of separately traded warrants.
Recent Accounting Pronouncements
Recent Accounting Pronouncements

Recently Adopted Accounting Standards

In March 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-01, Compensation-Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards, to clarify the scope application of profits interest and similar awards by adding illustrative guidance to help entities determine whether profit interests and similar awards should be accounted for as share-based payment arrangements within the scope of ASC 718, Compensation-Stock Compensation. This ASU became effective for the Company on January 1, 2025. The adoption of the new standard did not have a material impact on the Company’s consolidated financial statements.

Recently Issued Accounting Standards Not Yet Adopted

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740), which focuses on income tax disclosures around effective tax rates and cash income taxes paid. This standard requires disaggregated information about a reporting entity’s effective tax rate reconciliation, including a tabular rate reconciliation for specified categories and additional information for reconciling items that meet a quantitative threshold. The standard also requires a summary of federal, state and local, and foreign income taxes paid, net of refunds received, as well as separate disclosure of payments made to jurisdictions representing 5% or more of total income taxes paid. The new disclosures specified by ASU 2023-09 are required in the Company’s annual financial statements beginning with the year ending December 31, 2025, with early adoption permitted. The Company expects the adoption of ASU 2023-09 will lead to additional income tax disclosures in its consolidated financial statements for the year ending December 31, 2025 and future annual periods.

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 potential impact upon adoption but does not expect the adoption of the new standard to have a material effect on its consolidated financial statements.
v3.25.1
BUSINESS ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2025
Business Combination, Asset Acquisition, 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 Computershare Acquisition during the second quarter of 2024:

Total Consideration$715,458 
Assets:
Residential mortgage loans, held-for-sale2,402 
Servicer advances receivable269,484 
Mortgage servicing rights, at fair value700,207 
Cash and cash equivalents101,993 
Restricted cash2,271 
Other assets(A)
83,056 
Total Assets Acquired1,159,413 
Liabilities:
Accrued expenses and other liabilities225,944 
Secured notes and bonds payable190,596 
Total Liabilities Assumed416,540 
Net Assets742,873 
Bargain Purchase Gain$27,415 
(A)Includes $16.0 million of intangible assets in the form of customer relationships. This intangible is being amortized over a finite life of 4.5 years.
The following table summarizes the provisional amounts recognized related to the Computershare Acquisition as of the acquisition date, as well as the measurement period adjustments made in the fourth quarter of 2024 to arrive at the revised preliminary allocation of the total consideration paid to acquire the assets and assume the liabilities:
Preliminary Amounts as of the Acquisition Date
Subsequent Adjustments to Fair Value(A)
Revised Preliminary Amounts as of the Acquisition Date
Total Consideration$708,026 $7,432 $715,458 
Assets:
Residential mortgage loans, held-for-sale2,402 — 2,402 
Servicer advances receivable275,782 (6,298)269,484 
Mortgage servicing rights, at fair value696,462 3,745 700,207 
Cash and cash equivalents102,011 (18)101,993 
Restricted cash2,237 34 2,271 
Other assets84,028 (972)83,056 
Total Assets Acquired1,162,922 (3,509)1,159,413 
Liabilities:
Accrued expenses and other liabilities236,141 (10,197)225,944 
Secured notes and bonds payable190,596 — 190,596 
Total Liabilities Assumed426,737 (10,197)416,540 
Net Assets736,185 6,688 742,873 
Bargain Purchase Gain$28,159 $(744)$27,415 
(A)The adjustment to total consideration was primarily driven by changes in valuation of MSRs acquired and resolutions with seller with respect to servicing fee receivables (as reflected in other assets) and legal obligations (as reflected in accrued expenses and other liabilities).
Schedule of Acquired Intangible Assets The following table presents the details of identifiable intangible assets acquired:
Estimated Useful LifeAmount
Customer Relationships4.5$16,000 
Total Identifiable Intangible Assets$16,000 
The following table summarizes the acquired identifiable intangible assets:
Estimated Useful Lives (Years)March 31, 2025December 31, 2024
Gross Intangible Assets:
Management contracts10$275,000 $275,000 
Customer relationships
2 to 9
79,753 79,753 
Purchased technology
3 to 7
109,539 105,567 
Trademarks / Trade names(A)
1 to 5
10,259 10,259 
LicensesIndefinite21,365 21,365 
495,916 491,944 
Accumulated Amortization:
Management contracts37,716 30,940 
Customer relationships32,318 25,773 
Purchased technology100,671 97,259 
Trademarks / Trade names6,318 6,023 
177,023 159,995 
Intangible Assets, Net:
Management contracts237,284 244,060 
Customer relationships47,435 53,980 
Purchased technology8,868 8,308 
Trademarks / Trade names(A)
3,941 4,236 
Licenses21,365 21,365 
$318,893 $331,949 
(A)Includes indefinite-lived intangible assets of $1.9 million as of March 31, 2025 and December 31, 2024.
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 months ended March 31, 2024 prepared as if the Computershare Acquisition had been consummated on January 1, 2023:
Pro FormaThree Months Ended March 31, 2024
Revenues$1,377,640 
Income before income taxes400,991 
v3.25.1
SEGMENT REPORTING (Tables)
 3 Months Ended
Mar. 31, 2025
Segment Reporting [Abstract]  
Summary 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 ServicingInvestment PortfolioResidential Transitional LendingAsset ManagementCorporate CategoryTotal
Three Months Ended March 31, 2025
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$570,801 $— $— $— $— $570,801 
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(146,891))
(541,916)— — — — (541,916)
Servicing revenue, net28,885 — — — — 28,885 
Interest income292,561 71,790 66,508 9,413 988 441,260 
Gain on originated residential mortgage loans, held-for-sale, net151,494 8,295 — — — 159,789 
Other revenues25,738 25,035 — — — 50,773 
Asset management revenues— — — 87,672 — 87,672 
Total Revenues498,678 105,120 66,508 97,085 988 768,379 
Interest expense and warehouse line fees292,948 59,636 31,701 14,089 20,680 419,054 
Other segment expenses(A)
143,767 22,992 4,831 31,591 9,797 212,978 
Compensation and benefits172,702 1,162 14,391 65,330 17,882 271,467 
Depreciation and amortization7,659 7,954 1,567 7,384 4 24,568 
Total Operating Expenses617,076 91,744 52,490 118,394 48,363 928,067 
Realized and unrealized gains (losses), net208,538 3,094 2,043 (6,280)— 207,395 
Other income (loss), net(118)1,489 (141)7,838 5 9,073 
Total Other Income208,420 4,583 1,902 1,558 5 216,468 
Income (Loss) before Income Taxes90,022 17,959 15,920 (19,751)(47,370)56,780 
Income tax expense (benefit)(56,694)(8,512)(1,090)42,366 — (23,930)
Net Income (Loss)146,716 26,471 17,010 (62,117)(47,370)80,710 
Noncontrolling interests in income of consolidated subsidiaries354 728 — 4 — 1,086 
Redeemable noncontrolling interests in income of consolidated subsidiaries— — — 3 810 813 
Net Income (Loss) Attributable to Rithm Capital Corp.146,362 25,743 17,010 (62,124)(48,180)78,811 
Change in redemption value of redeemable noncontrolling interests— — — — 15,611 15,611 
Dividends on preferred stock— — — — 26,677 26,677 
Net Income (Loss) Attributable to Common Stockholders$146,362 $25,743 $17,010 $(62,124)$(90,468)$36,523 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to loan origination and servicing, information technology, occupancy and legal and professional services. The Investment Portfolio segment’s other segment expenses primarily include expenses related to loan servicing and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination, occupancy and information technology. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology and occupancy.
Origination and ServicingInvestment PortfolioResidential Transitional LendingAsset ManagementCorporate CategoryTotal
March 31, 2025
Investments$22,756,176 $3,502,073 $2,335,218 $— $— $28,593,467 
Cash and cash equivalents1,000,135 24,149 47,107 130,300 292,143 1,493,834 
Restricted cash174,176 52,068 34,673 19,971 230,810 511,698 
Other assets6,166,441 2,271,563 204,183 977,086 4,938 9,624,211 
Goodwill29,468 — 55,731 48,633 — 133,832 
Assets of consolidated CFEs(A)
— 2,718,096 990,168 1,264,537 — 4,972,801 
Total Assets$30,126,396 $8,567,949 $3,667,080 $2,440,527 $527,891 $45,329,843 
Debt$20,352,469 $4,252,015 $1,934,141 $451,192 $1,034,959 $28,024,776 
Other liabilities4,248,496 419,235 26,469 (12,881)251,701 4,933,020 
Liabilities of consolidated CFEs(A)
— 2,310,483 860,843 1,059,467 — 4,230,793 
Total Liabilities24,600,965 6,981,733 2,821,453 1,497,778 1,286,660 37,188,589 
Redeemable Noncontrolling Interests of Consolidated Subsidiaries— — — 25,604 230,810 256,414 
Total Stockholders’ Equity5,525,431 1,586,216 845,627 917,145 (989,579)7,884,840 
Noncontrolling interests in equity of consolidated subsidiaries9,100 58,688 — 40,928 — 108,716 
Stockholders’ Equity in Rithm Capital Corp.$5,516,331 $1,527,528 $845,627 $876,217 $(989,579)$7,776,124 
Investments in Equity Method Investees$25,179 $294,756 $14,407 $205,573 $— $539,915 
December 31, 2024
Total Assets$32,418,256 $7,463,738 $3,439,075 $2,508,130 $219,758 $46,048,957 
(A)Includes assets and liabilities of certain consolidated VIEs that meet the definition of CFEs. These assets can only be used to settle obligations and liabilities of such VIEs for which creditors do not have recourse to Rithm Capital Corp.
Origination and ServicingInvestment PortfolioResidential Transitional LendingAsset ManagementCorporate CategoryTotal
Three Months Ended March 31, 2024
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$469,891 $— $— $— $— $469,891 
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(116,839))
84,175 — — — — 84,175 
Servicing revenue, net554,066 — — — — 554,066 
Interest income275,205 89,959 64,720 4,909 2 434,795 
Gain (loss) on originated residential mortgage loans, held-for-sale, net145,869 (3,411)— — — 142,458 
Other revenues32,379 25,969 — — — 58,348 
Asset management revenues— — — 70,951 — 70,951 
Total Revenues1,007,519 112,517 64,720 75,860 2 1,260,618 
Interest expense and warehouse line fees288,856 70,392 32,414 7,621 10,544 409,827 
Other segment expenses(A)
114,506 21,541 3,187 23,922 9,944 173,100 
Compensation and benefits157,981 568 11,303 63,112 2,814 235,778 
Depreciation and amortization14,630 7,742 1,567 8,013 — 31,952 
Total Operating Expenses575,973 100,243 48,471 102,668 23,302 850,657 
Realized and unrealized gains (losses), net(65,257)2,687 24,566 (6,842)— (44,846)
Other income, net25 11,479 274 3,969 37 15,784 
Total Other Income (Loss)(65,232)14,166 24,840 (2,873)37 (29,062)
Income (Loss) before Income Taxes366,314 26,440 41,089 (29,681)(23,263)380,899 
Income tax expense (benefit)96,201 1,248 (333)(3,704)— 93,412 
Net Income (Loss)270,113 25,192 41,422 (25,977)(23,263)287,487 
Noncontrolling interests in income of consolidated subsidiaries55 2,037 — 1,360 — 3,452 
Net Income (Loss) Attributable to Rithm Capital Corp.270,058 23,155 41,422 (27,337)(23,263)284,035 
Dividends on preferred stock— — — — 22,395 22,395 
Net Income (Loss) Attributable to Common Stockholders$270,058 $23,155 $41,422 $(27,337)$(45,658)$261,640 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to loan origination and servicing, information technology, occupancy and legal and professional services. The Investment Portfolio segment’s other segment expenses primarily include expenses related to loan servicing and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to loan origination, occupancy and information technology. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology and occupancy.
v3.25.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2024$10,321,671 
Originations(A)
348,988 
Sales664 
Change in Fair Value Due To:
Realization of cash flows(B)
(148,042)
Change in valuation inputs and assumptions(390,240)
Balance at March 31, 2025$10,133,041 
(A)Represents MSRs retained on the sale of originated residential mortgage loans. Includes $29.8 million of MSRs capitalized through co-issue with third-parties.
(B)Based on the paydown of the underlying residential mortgage loans.
The following table summarizes MSRs and MSR financing receivables by type as of March 31, 2025 and December 31, 2024:
UPB of Underlying Mortgages
Weighted Average Life (Years)(A)
Carrying Value(B)
March 31, 2025
GSE$382,089,209 6.4$6,195,239 
Non-Agency69,089,498 5.4830,163 
Ginnie Mae(C)
139,936,290 6.33,107,639 
Total / Weighted Average$591,114,997 6.3$10,133,041 
December 31, 2024
GSE$383,014,320 6.5$6,413,199 
Non-Agency70,022,636 5.4836,408 
Ginnie Mae(C)
137,177,395 6.43,072,064 
Total / Weighted Average$590,214,351 6.4$10,321,671 
(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 March 31, 2025 and December 31, 2024, weighted average discount rates of 8.9% (range of 8.8% – 10.3%) and 8.9% (range of 8.7% - 10.3%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables.
(C)As of March 31, 2025 and December 31, 2024, Rithm Capital had approximately $2.4 billion and $2.7 billion, respectively, in residential mortgage loans subject to repurchase and the related residential mortgage loans repurchase liability on its consolidated balance sheets.
The following table presents activity related to the consolidated investments in Excess MSRs measured at fair value:
Balance at December 31, 2024$369,162 
Interest income4,190 
Proceeds from repayments(17,514)
Change in fair value(915)
Balance at March 31, 2025$354,923 
Fees Earned in Exchange for Servicing Financial Assets
The following table summarizes components of servicing revenue, net:
Three Months Ended
March 31,
20252024
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$526,810 $430,114 
Ancillary and other fees43,991 39,777 
Servicing fee revenue, net and fees570,801 469,891 
Change in Fair Value Due To:
Realization of cash flows(A)
(146,891)(116,839)
Change in valuation inputs and assumptions, net of realized gains (losses)(B)
(395,025)201,014 
Servicing Revenue, Net$28,885 $554,066 
(A)Net of $1.2 million of realization of cash flows related to excess spread financing for the three months ended March 31, 2025. There was no excess spread financing during the three months ended March 31, 2024 (Note 12).
(B)Net of $(4.8) million of change in valuation inputs and assumptions related to excess spread financing for the three months ended March 31, 2025. There was no excess spread financing during the three months ended March 31, 2024 (Note 12).
Summary 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 ConcentrationMarch 31, 2025December 31, 2024
California16.4 %16.5 %
Florida8.2 %8.2 %
Texas6.6 %6.6 %
New York5.7 %5.7 %
Washington5.2 %5.2 %
New Jersey4.1 %4.1 %
Virginia3.7 %3.7 %
Maryland3.4 %3.4 %
Illinois3.3 %3.3 %
Georgia3.1 %3.1 %
Other U.S.40.3 %40.2 %
100.0 %100.0 %
Schedule of Investment in Servicer Advances
The table below summarizes the type of advances included in the servicer advances receivable:
March 31, 2025December 31, 2024
Principal and interest advances$588,004 $640,723 
Escrow advances (taxes and insurance advances)1,503,455 1,733,426 
Foreclosure advances924,809 950,092 
Gross advance balance(A)(B)(C)
3,016,268 3,324,241 
Reserves, impairment, unamortized discount, net of recovery accruals(141,753)(125,320)
Total Servicer Advances Receivable$2,874,515 $3,198,921 
(A)Includes $575.3 million and $673.7 million of servicer advances receivable related to GSE MSRs, respectively, recoverable either from the borrower or the Agencies.
(B)Includes $465.2 million and $529.3 million of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae. Expected losses for advances associated with Ginnie Mae loans in the MSR portfolio are considered in the MSR fair valuation through a non-reimbursable advance loss assumption.
(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.
The following table summarizes servicer advance investments, including the right to the base fee component of the related MSRs:
Amortized Cost Basis
Carrying Value(A)
Weighted Average Discount RateWeighted Average Yield
Weighted Average Life (Years)(B)
March 31, 2025
Servicer advance investments$311,049 $321,531 6.5 %6.8 %8.1
December 31, 2024
Servicer advance investments$327,471 $339,646 6.5 %6.9 %7.6
(A)Represents the fair value of the servicer advance investments, including the base fee component of the related MSRs.
(B)Represents the weighted average expected timing of the receipt of expected net cash flows for this investment.

The following table provides additional information regarding the servicer advance investments and related financing:
UPB of Underlying Residential Mortgage LoansOutstanding Servicer AdvancesServicer Advances to UPB of Underlying Residential Mortgage LoansFace Amount of Secured Notes and Bonds Payable
LTV(A)
Cost of Funds(C)
Gross
Net(B)
GrossNet
March 31, 2025
Servicer advance investments(D)
$12,955,658 $283,068 2.2 %$246,438 84.4 %82.5 %6.2 %5.8 %
December 31, 2024
Servicer advance investments(D)
$13,316,828 $298,945 2.2 %$258,183 85.0 %82.9 %6.3 %5.9 %
(A)Based on outstanding servicer advances, excluding purchased but unsettled servicer advances.
(B)Ratio of face amount of borrowings to par amount of servicer advance collateral, net of any general reserve.
(C)Annualized measure of the cost associated with borrowings. Gross cost of funds primarily includes interest expense and facility fees. Net cost of funds excludes facility fees.
(D)The following table summarizes the types of advances included in servicer advance investments:
March 31, 2025December 31, 2024
Principal and interest advances$46,378 $51,135 
Escrow advances (taxes and insurance advances)130,494 137,072 
Foreclosure advances106,196 110,738 
Total$283,068 $298,945 
Schedule of Servicer Advances Reserve
The following table summarizes servicer advances provision activity during the period:
Balance at December 31, 2024$121,396 
Provision12,877 
Write-offs(5,482)
Balance at March 31, 2025$128,791 
v3.25.1
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-sale The following tables summarize Agency and Treasury securities by designation:
March 31, 2025December 31,
2024
Gross UnrealizedWeighted Average
Outstanding Face AmountGainsLosses
Carrying Value(A)
Number of SecuritiesCouponYield
Life (Years)(B)
Carrying Value(A)
Securities Designated as AFS:
Agency(C)(D)
$68,354 $— $— $60,630 1 3.5 %3.5 %11.2$60,135 
Securities Measured at Fair Value through Net Income (“FVO”):
Agency(C)
7,827,454 61,666 (10,200)7,691,274 23 5.1 %5.1 %7.96,390,508
Treasury(C)
3,250,000 14,648 — 3,272,031 3 4.5 %4.5 %1.43,260,703
Total / Weighted Average$11,145,808 $76,314 $(10,200)$11,023,935 27 4.9 %4.9 %6.0$9,711,346 
(A)Fair value is equal to the carrying value for all securities. See Note 19 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)All fixed-rate as of March 31, 2025.
(D)Expected loss is realized through allowance for credit losses.
The following table summarizes purchases and sales of Agency and Treasury securities:
Three Months Ended March 31,
20252024
TreasuryAgency
Treasury(A)
Agency
Purchases:
Face$25,000 $1,355,800 $4,800,000 $1,287,034 
Purchase price24,732 1,326,895 4,773,892 1,255,894 
Sales:
Face$— $1,274 $— $— 
Amortized cost— 1,349 — — 
Sale price— 1,291 — — 
Gain (loss) on sale— (58)— — 
(A)Excludes Treasury short sales. Refer to Note 17 for information regarding short sales.
Schedule of Debt Securities, Held-to-Maturity
The following table summarizes Treasury securities, held-to-maturity (“HTM”):
March 31, 2025December 31,
2024
Weighted Average
Outstanding Face AmountAmortized Cost / Carrying ValueFair ValueUnrecognized Gains /(Losses)Number of SecuritiesYieldLife (Years)Amortized Cost / Carrying Value
Treasury Securities Designated as HTM:
Treasury$25,000 $24,766 $24,767 $1 1 4.2 %0.2$24,770 
v3.25.1
RESIDENTIAL MORTGAGE LOANS (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Residential Mortgage Loans Outstanding by Loan Type, Excluding REO
The following table summarizes residential mortgage loans outstanding by loan type:
March 31, 2025December 31,
2024
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$2,866,929 $2,703,112 7,503 5.8 %25.6$2,791,027 
Residential mortgage loans, HFI, at fair value384,304 354,003 7,220 8.0 %4.7361,890 
Residential Mortgage Loans, HFS:
Acquired performing loans(C)
54,503 49,558 1,629 7.0 %4.351,011 
Acquired non-performing loans(D)
18,138 14,690 219 9.4 %4.015,659 
Total Residential Mortgage Loans, HFS$72,641 $64,248 1,848 7.6 %4.2$66,670 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(C)(E)
339,705 328,564 1,582 5.8 %22.2408,421 
Acquired non-performing loans(D)(E)
285,134 263,040 1,302 5.0 %27.5270,879 
Originated loans2,422,958 2,500,498 8,556 6.8 %28.63,628,271 
Total Residential Mortgage Loans, HFS, at Fair Value$3,047,797 $3,092,102 11,440 6.5 %27.8$4,307,571 
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For Level 2 loans, the weighted average life is based on the contractual term of the loan.
(B)Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.
(C)Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)As of March 31, 2025, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below.
(E)Includes $226.3 million and $273.8 million UPB of Ginnie Mae early buyout options performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA as of March 31, 2025.
The following table summarizes residential transition loans, at fair value and residential transition loans held by consolidated CFEs by loan type:
Residential Transition Loans - Carrying
Value(A)
Residential Transition Loans of Consolidated CFEs - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
March 31, 2025
Construction$1,003,657 $417,895 $1,421,552 43.4 %477 32.1 %11.4 %19.8
72.0% / 62.0%
Bridge1,063,102 382,927 1,446,029 44.2 %570 38.5 %10.0 %23.666.6%
Renovation268,459 137,710 406,169 12.4 %437 29.4 %10.3 %14.8
83.4% / 68.4%
$2,335,218 $938,532 $3,273,750 100.0 %1,484 100.0 %10.6 %20.4N/A
December 31, 2024
Construction$935,142 $492,071 $1,427,213 45.4 %490 31.9 %11.4 %20.0
72.7% / 62.2%
Bridge972,443 363,946 1,336,389 42.6 %600 39.1 %10.0 %23.966.6%
Renovation270,490 106,175 376,665 12.0 %445 29.0 %10.5 %12.8
82.8% / 68.2%
$2,178,075 $962,192 $3,140,267 100.0 %1,535 100.0 %10.7 %20.4N/A
(A)Residential transition loans are carried at fair value under the FVO election. Residential transition loans held by consolidated CFEs are classified as Level 3 and valued based on the more observable financial liabilities of consolidated CFEs. See Note 19 regarding fair value measurements.
(B)Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans.
The following table summarizes the activity of loans included in residential transition loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2024$2,178,075 
Initial loan advances526,672 
Construction holdbacks and draws248,857 
Repayments and sales(353,127)
Purchased loans discount (premium) amortization27 
Transfer of loans to REO(1,206)
Transfers to assets of consolidated CFEs(263,356)
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk(8,561)
Other factors7,837 
Balance at March 31, 2025$2,335,218 
The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2024$393,786 $31,580 $425,366 
Fundings(A)
37,913 — 37,913 
Payment in kind981 1,137 2,118 
Proceeds from repayments— (15,000)(15,000)
Fair Value Adjustments Due To:
Other factors(B)
1,444 — 1,444 
Balance at March 31, 2025$434,124 $17,717 $451,841 
(A)Rithm Capital acquired one additional note receivable during 2025 collateralized by commercial real estate.
(B)There were no fair value adjustments due to changes in instrument-specific credit risk in the current period.
Schedule of Performing Loans Past Due
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of residential mortgage loans, HFS and residential mortgage loans, HFI, at fair value on the consolidated balance sheets:
March 31, 2025December 31, 2024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,149,818 $3,186,176 $36,358 $4,377,435 $4,400,113 $22,678 
90+354,924 324,177 (30,747)369,118 336,018 (33,100)
Total$3,504,742 $3,510,353 $5,611 $4,746,553 $4,736,131 $(10,422)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in residential transition loans, at fair value on the consolidated balance sheets:
March 31, 2025December 31, 2024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$2,276,488 $2,287,856 $11,368 $2,117,479 $2,128,802 $11,323 
90+54,300 47,362 (6,938)55,234 49,273 (5,961)
Total$2,330,788 $2,335,218 $4,430 $2,172,713 $2,178,075 $5,362 
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
March 31, 2025December 31, 2024
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
Current$543,887 $451,841 $(92,046)$518,856 $425,366 $(93,490)
90+— — — — — — 
Total$543,887 $451,841 $(92,046)$518,856 $425,366 $(93,490)
(A)Notes and loans receivable are carried at fair value. See Note 19 regarding fair value measurements.
Schedule of Loans Held For Sale, Fair Value
The following table summarizes the activity of residential mortgage loans, HFS and residential mortgage loans, HFI, at fair value on the consolidated balance sheets:
Loans HFI, at Fair ValueLoans HFS, at Lower of Cost or Fair ValueLoans HFS, at Fair ValueTotal
Balance at December 31, 2024$361,890 $66,670 $4,307,571 $4,736,131 
Originations — — 11,879,050 11,879,050 
Sales— — (13,558,301)(13,558,301)
Purchases/additional fundings— — 476,410 476,410 
Proceeds from repayments(10,287)(2,223)(24,210)(36,720)
Transfer of loans from (to) other assets(A)
— (579)10,982 10,403 
Transfer of loans to REO(846)(128)(184)(1,158)
Valuation (provision) reversal on loans— 508 — 508 
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk(1,353)— (4,593)(5,946)
Other factors4,599 — 5,377 9,976 
Balance at March 31, 2025$354,003 $64,248 $3,092,102 $3,510,353 
(A)Includes receivable modifications resulting in transfers between other assets and residential mortgage loans.
Schedule of Originated Mortgage Loans
The following table summarizes the components of gain on originated residential mortgage loans, HFS, net:
Three Months Ended
March 31,
20252024
Gain (loss) on residential mortgage loans originated and sold, net(A)
$(159,650)$(124,113)
Gain (loss) on settlement of residential mortgage loan origination derivative instruments(B)
12,789 (15,524)
MSRs retained on transfer of residential mortgage loans(C)
319,148 215,939 
Other(D)
21,982 6,493 
Realized gain on sale of originated residential mortgage loans, net194,269 82,795 
Change in fair value of residential mortgage loans12,599 14,268 
Change in fair value of interest rate lock commitments (Note 17)
23,093 7,485 
Change in fair value of derivative instruments (Note 17)
(70,172)37,910 
Gain on Originated Residential Mortgage Loans, HFS, Net$159,789 $142,458 
(A)Includes residential mortgage loan origination fees of $197.6 million and $177.7 million in the three months ended March 31, 2025 and 2024, respectively. Includes gain on residential mortgage loan securitizations accounted for as sales of $15.4 million and no gain or loss for the three months ended March 31, 2025 and 2024, 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.
v3.25.1
CONSUMER LOANS (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of the Investment in Consumer Loan Companies
The following table summarizes characteristics of the consumer loan portfolio classified as HFI and measured at fair value under the fair value option election:
UPBCarrying ValueWeighted Average CouponWeighted Average Expected Life (Years)
March 31, 2025
SpringCastle$192,644 $201,468 18.0 %3.7
Marcus470,473 352,700 11.1 %0.8
Total Consumer Loans$663,117 $554,168 13.1 %1.6
December 31, 2024
SpringCastle$208,306 $219,308 18.1 %3.8
Marcus559,317 446,257 11.0 %1.0
Total Consumer Loans$767,623 $665,565 12.9 %1.8
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:
March 31, 2025December 31, 2024
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
SpringCastle:
Current$188,399 $197,088 $8,689 $203,923 $214,746 $10,823 
90+4,245 4,380 135 4,383 4,562 179 
Total SpringCastle192,644 201,468 8,824 208,306 219,308 11,002 
Marcus:
Current$337,889 $338,903 1,014 $438,712 $438,712 $— 
90+132,584 13,797 (118,787)120,605 7,545 (113,060)
Total Marcus470,473 352,700 (117,773)559,317 446,257 (113,060)
$663,117 $554,168 $(108,949)$767,623 $665,565 $(102,058)
(A)Consumer loans are carried at fair value. See Note 19 regarding fair value measurements.
Schedule of Carrying Value of Performing Consumer Loans
The following table summarizes the activity for consumer loans for the period:
Balance at December 31, 2024$665,565 
Additional fundings(A)
6,595 
Proceeds from repayments(111,102)
Accretion of loan discount and premium amortization, net5,923 
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk(2,003)
Other factors(10,810)
Balance at March 31, 2025$554,168 
(A)Represents draws on consumer loans with revolving privileges.
v3.25.1
SINGLE-FAMILY RENTAL PROPERTIES (Tables)
 3 Months Ended
Mar. 31, 2025
Real Estate [Abstract]  
Schedule of Single-Family Rental Properties
The following table summarizes the net carrying value of investments in SFR properties:
March 31, 2025December 31, 2024
Land$189,549 $191,992 
Building758,198 767,966 
Capital improvements152,761 150,811 
Total gross investment in SFR properties1,100,508 1,110,769 
Accumulated depreciation(88,522)(82,474)
Investment in SFR Properties, Net$1,011,986 $1,028,295 
Schedule of Activity in Single-Family 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, 2024$989,002 $39,293 $1,028,295 
Acquisitions and capital improvements3,237 — 3,237 
Transfers to (from) HFS/HFI10,864 (10,864)— 
Dispositions— (12,136)(12,136)
Depreciation expense(7,410)— (7,410)
Balance at March 31, 2025$995,693 $16,293 $1,011,986 
The following table summarizes the activity for the period of the SFR portfolio by properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 20243,891 158 4,049 
Acquisition of SFR properties— — — 
Transfer to (from) HFS/HFI45 (45)— 
Disposition of SFR properties— (42)(42)
Balance at March 31, 20253,936 71 4,007 
Schedule Of Rental And Variable Revenue
The following table summarizes rental revenue and other variable revenue included in other revenues and other income (loss), net, respectively, on the consolidated statements of operations based on the specific lease terms for the period:
Three Months Ended March 31,
20252024
Rental revenue$19,402 $18,949 
Other variable revenue2,330 593 
Total Revenue$21,732 $19,542 
Schedule of Future Minimum Rental Revenues
The following table summarizes the future minimum rental revenues under existing leases on SFR properties:
2026$37,664 
2027 and thereafter
12,385 
Total$50,049 
v3.25.1
RESIDENTIAL TRANSITION LOANS (Tables)
 3 Months Ended
Mar. 31, 2025
Receivables [Abstract]  
Schedule of Residential Mortgage Loans Outstanding by Loan Type, Excluding REO
The following table summarizes residential mortgage loans outstanding by loan type:
March 31, 2025December 31,
2024
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$2,866,929 $2,703,112 7,503 5.8 %25.6$2,791,027 
Residential mortgage loans, HFI, at fair value384,304 354,003 7,220 8.0 %4.7361,890 
Residential Mortgage Loans, HFS:
Acquired performing loans(C)
54,503 49,558 1,629 7.0 %4.351,011 
Acquired non-performing loans(D)
18,138 14,690 219 9.4 %4.015,659 
Total Residential Mortgage Loans, HFS$72,641 $64,248 1,848 7.6 %4.2$66,670 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(C)(E)
339,705 328,564 1,582 5.8 %22.2408,421 
Acquired non-performing loans(D)(E)
285,134 263,040 1,302 5.0 %27.5270,879 
Originated loans2,422,958 2,500,498 8,556 6.8 %28.63,628,271 
Total Residential Mortgage Loans, HFS, at Fair Value$3,047,797 $3,092,102 11,440 6.5 %27.8$4,307,571 
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For Level 2 loans, the weighted average life is based on the contractual term of the loan.
(B)Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.
(C)Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)As of March 31, 2025, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below.
(E)Includes $226.3 million and $273.8 million UPB of Ginnie Mae early buyout options performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA as of March 31, 2025.
The following table summarizes residential transition loans, at fair value and residential transition loans held by consolidated CFEs by loan type:
Residential Transition Loans - Carrying
Value(A)
Residential Transition Loans of Consolidated CFEs - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
March 31, 2025
Construction$1,003,657 $417,895 $1,421,552 43.4 %477 32.1 %11.4 %19.8
72.0% / 62.0%
Bridge1,063,102 382,927 1,446,029 44.2 %570 38.5 %10.0 %23.666.6%
Renovation268,459 137,710 406,169 12.4 %437 29.4 %10.3 %14.8
83.4% / 68.4%
$2,335,218 $938,532 $3,273,750 100.0 %1,484 100.0 %10.6 %20.4N/A
December 31, 2024
Construction$935,142 $492,071 $1,427,213 45.4 %490 31.9 %11.4 %20.0
72.7% / 62.2%
Bridge972,443 363,946 1,336,389 42.6 %600 39.1 %10.0 %23.966.6%
Renovation270,490 106,175 376,665 12.0 %445 29.0 %10.5 %12.8
82.8% / 68.2%
$2,178,075 $962,192 $3,140,267 100.0 %1,535 100.0 %10.7 %20.4N/A
(A)Residential transition loans are carried at fair value under the FVO election. Residential transition loans held by consolidated CFEs are classified as Level 3 and valued based on the more observable financial liabilities of consolidated CFEs. See Note 19 regarding fair value measurements.
(B)Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans.
The following table summarizes the activity of loans included in residential transition loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2024$2,178,075 
Initial loan advances526,672 
Construction holdbacks and draws248,857 
Repayments and sales(353,127)
Purchased loans discount (premium) amortization27 
Transfer of loans to REO(1,206)
Transfers to assets of consolidated CFEs(263,356)
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk(8,561)
Other factors7,837 
Balance at March 31, 2025$2,335,218 
The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2024$393,786 $31,580 $425,366 
Fundings(A)
37,913 — 37,913 
Payment in kind981 1,137 2,118 
Proceeds from repayments— (15,000)(15,000)
Fair Value Adjustments Due To:
Other factors(B)
1,444 — 1,444 
Balance at March 31, 2025$434,124 $17,717 $451,841 
(A)Rithm Capital acquired one additional note receivable during 2025 collateralized by commercial real estate.
(B)There were no fair value adjustments due to changes in instrument-specific credit risk in the current period.
Schedule of Performing Loans Past Due
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of residential mortgage loans, HFS and residential mortgage loans, HFI, at fair value on the consolidated balance sheets:
March 31, 2025December 31, 2024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,149,818 $3,186,176 $36,358 $4,377,435 $4,400,113 $22,678 
90+354,924 324,177 (30,747)369,118 336,018 (33,100)
Total$3,504,742 $3,510,353 $5,611 $4,746,553 $4,736,131 $(10,422)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in residential transition loans, at fair value on the consolidated balance sheets:
March 31, 2025December 31, 2024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$2,276,488 $2,287,856 $11,368 $2,117,479 $2,128,802 $11,323 
90+54,300 47,362 (6,938)55,234 49,273 (5,961)
Total$2,330,788 $2,335,218 $4,430 $2,172,713 $2,178,075 $5,362 
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
March 31, 2025December 31, 2024
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
Current$543,887 $451,841 $(92,046)$518,856 $425,366 $(93,490)
90+— — — — — — 
Total$543,887 $451,841 $(92,046)$518,856 $425,366 $(93,490)
(A)Notes and loans receivable are carried at fair value. See Note 19 regarding fair value measurements.
v3.25.1
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Tables)
 3 Months Ended
Mar. 31, 2025
Cash and Cash Equivalents [Abstract]  
Schedule of Cash and Cash Equivalents
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported on Rithm Capital’s consolidated balance sheets to the total of the same amounts shown in the consolidated statements of cash flows:
March 31,
2025		December 31,
2024
Cash and cash equivalents
$1,493,834 $1,458,743 
Restricted cash511,698 308,443 
Restricted cash of consolidated CFEs(A)
85,040 150,623 
Total Cash and Cash Equivalents and Restricted Cash$2,090,572 $1,917,809 
(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 and cash equivalents and restricted cash reported on Rithm Capital’s consolidated balance sheets to the total of the same amounts shown in the consolidated statements of cash flows:
March 31,
2025		December 31,
2024
Cash and cash equivalents
$1,493,834 $1,458,743 
Restricted cash511,698 308,443 
Restricted cash of consolidated CFEs(A)
85,040 150,623 
Total Cash and Cash Equivalents and Restricted Cash$2,090,572 $1,917,809 
(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:
March 31,
2025		December 31,
2024
Investment Portfolio(A)
$67,052 $66,419 
Origination and Servicing174,176 207,724 
Residential Transitional Lending(A)
43,312 40,727 
Asset Management(A)
81,388 144,196 
Corporate Category(B)
230,810 — 
Total Restricted Cash$596,738 $459,066 
(A)Includes restricted cash related to consolidated CFEs presented within investments, at fair value and other assets on the consolidated balance sheets.
(B)Restricted cash in the corporate category relates to the cash held in a trust account related to the Company’s consolidated SPAC.
v3.25.1
OTHER ASSETS AND LIABILITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Other Income Assets And Liabilities  
Schedule of Other Assets and Liabilities
Other assets and accrued expenses and other liabilities — other assets and accrued expenses and other liabilities on the consolidated balance sheets consist of the following:
Other AssetsAccrued Expenses
and Other Liabilities
March 31,
2025		December 31,
2024		March 31,
2025		December 31,
2024
CLOs, at fair value$266,612 $242,227 Accounts payable$127,400 $133,037 
Derivative and hedging assets (Note 17)
40,553 75,147 Accrued compensation and benefits114,192 322,957 
Due from related parties30,733 35,198 Net deferred tax liability744,778 786,141 
Equity investments(A)
646,256 502,610 
Derivative liabilities (Note 17)
60,756 52,610 
Excess MSRs, at fair value (Note 13)
354,923 369,162 Escheat payable181,647 187,830 
Goodwill (Note 15)
133,832 133,832 Excess spread financing, at fair value104,721 101,088 
Income and fees receivable64,464 208,672 Interest payable225,463 260,931 
Intangible assets (Note 15)
318,893 331,949 
Lease liability (Note 16)
167,121 160,437 
Loans receivable, at fair value(B)
17,717 31,580 
Notes receivable financing(E), at fair value
373,508 371,788 
Margin receivable, net(C)
114,843 414,404 Unearned income and fees15,329 17,280 
Non-Agency securities, at fair value639,458 552,797 Other liabilities228,095 236,672 
Notes receivable, at fair value(D)
434,124 393,786 $2,343,010 $2,630,771 
Operating lease ROU assets (Note 16)
109,264 99,224 
Other receivables194,369 178,651 
Prepaid expenses64,323 59,198  
Principal and interest receivable171,078 181,271 
Property and equipment70,689 70,495 
REO24,181 27,898 
Servicer advance investments, at fair value (Note 14)
321,531 339,646 
Servicing fee receivables154,828 106,228 
Warrants, at fair value10,174 9,316 
Other assets268,078 200,124 
$4,450,923 $4,563,415 
(A)Represents equity investments in (i) certain real estate redevelopment projects, (ii) various real estate services operating companies, (iii) funds managed by Sculptor, (iv) credit risk transfer entity that holds exposure in residential mortgage loan warehouse lines (measured at fair value under the FVO election with changes in fair value presented in other income (loss) in the consolidated statements of operations), (v) Rithm Property Trust common and preferred securities, (vi) Newrez Joint Ventures (as defined in Note 20), (vii) APM, and (viii) an energy fund managed by Rithm.
(B)Represents a loan made pursuant to a senior subordinated credit agreement to an entity affiliated with funds managed by an affiliate of the Company’s former external manager, FIG LLC (the “Former Manager”), an affiliate of Fortress Investment Group LLC. The loans are measured at fair value under the FVO election.
(C)Represents collateral posted as a result of changes in fair value of Rithm Capital’s (i) government and government-backed securities securing its secured financing agreements and (ii) derivative instruments.
(D)Represents notes receivable secured by commercial properties. The notes are measured at fair value under the FVO election.
(E)During the second quarter of 2024, the Company transferred an investment in a note receivable with a fair value of $365.0 million, subject to a repo financing of $323.5 million, from a third party to a nonconsolidated joint venture for cash consideration of $48.0 million. The transaction did not meet sale accounting under ASC 860 and, as a result, was treated as a secured borrowing for accounting purposes for which the Company elected the FVO and is included in accrued expenses and other liabilities in the consolidated balance sheets. The amount presented within notes receivable financing is comprised of the repo financing and the non-recourse liability in a secured borrowing. The Company continues to reflect the transferred note in other assets in the consolidated balance sheets, at fair value.
Schedule of Real Estate Owned
The following table presents activity for the period related to the carrying value of investments in REO:
Balance at December 31, 2024$27,898 
Purchases2,152 
Property received in satisfaction of loan(1,145)
Sales(A)
(4,996)
Valuation reversal272 
Balance at March 31, 2025$24,181 
(A)Recognized when control of the property has transferred to the buyer.
Schedule of Accounts, Notes and Loans Receivable
The following table summarizes residential mortgage loans outstanding by loan type:
March 31, 2025December 31,
2024
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$2,866,929 $2,703,112 7,503 5.8 %25.6$2,791,027 
Residential mortgage loans, HFI, at fair value384,304 354,003 7,220 8.0 %4.7361,890 
Residential Mortgage Loans, HFS:
Acquired performing loans(C)
54,503 49,558 1,629 7.0 %4.351,011 
Acquired non-performing loans(D)
18,138 14,690 219 9.4 %4.015,659 
Total Residential Mortgage Loans, HFS$72,641 $64,248 1,848 7.6 %4.2$66,670 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(C)(E)
339,705 328,564 1,582 5.8 %22.2408,421 
Acquired non-performing loans(D)(E)
285,134 263,040 1,302 5.0 %27.5270,879 
Originated loans2,422,958 2,500,498 8,556 6.8 %28.63,628,271 
Total Residential Mortgage Loans, HFS, at Fair Value$3,047,797 $3,092,102 11,440 6.5 %27.8$4,307,571 
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For Level 2 loans, the weighted average life is based on the contractual term of the loan.
(B)Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.
(C)Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)As of March 31, 2025, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below.
(E)Includes $226.3 million and $273.8 million UPB of Ginnie Mae early buyout options performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA as of March 31, 2025.
The following table summarizes residential transition loans, at fair value and residential transition loans held by consolidated CFEs by loan type:
Residential Transition Loans - Carrying
Value(A)
Residential Transition Loans of Consolidated CFEs - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
March 31, 2025
Construction$1,003,657 $417,895 $1,421,552 43.4 %477 32.1 %11.4 %19.8
72.0% / 62.0%
Bridge1,063,102 382,927 1,446,029 44.2 %570 38.5 %10.0 %23.666.6%
Renovation268,459 137,710 406,169 12.4 %437 29.4 %10.3 %14.8
83.4% / 68.4%
$2,335,218 $938,532 $3,273,750 100.0 %1,484 100.0 %10.6 %20.4N/A
December 31, 2024
Construction$935,142 $492,071 $1,427,213 45.4 %490 31.9 %11.4 %20.0
72.7% / 62.2%
Bridge972,443 363,946 1,336,389 42.6 %600 39.1 %10.0 %23.966.6%
Renovation270,490 106,175 376,665 12.0 %445 29.0 %10.5 %12.8
82.8% / 68.2%
$2,178,075 $962,192 $3,140,267 100.0 %1,535 100.0 %10.7 %20.4N/A
(A)Residential transition loans are carried at fair value under the FVO election. Residential transition loans held by consolidated CFEs are classified as Level 3 and valued based on the more observable financial liabilities of consolidated CFEs. See Note 19 regarding fair value measurements.
(B)Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans.
The following table summarizes the activity of loans included in residential transition loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2024$2,178,075 
Initial loan advances526,672 
Construction holdbacks and draws248,857 
Repayments and sales(353,127)
Purchased loans discount (premium) amortization27 
Transfer of loans to REO(1,206)
Transfers to assets of consolidated CFEs(263,356)
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk(8,561)
Other factors7,837 
Balance at March 31, 2025$2,335,218 
The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2024$393,786 $31,580 $425,366 
Fundings(A)
37,913 — 37,913 
Payment in kind981 1,137 2,118 
Proceeds from repayments— (15,000)(15,000)
Fair Value Adjustments Due To:
Other factors(B)
1,444 — 1,444 
Balance at March 31, 2025$434,124 $17,717 $451,841 
(A)Rithm Capital acquired one additional note receivable during 2025 collateralized by commercial real estate.
(B)There were no fair value adjustments due to changes in instrument-specific credit risk in the current period.
Schedule of Performing Loans Past Due
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of residential mortgage loans, HFS and residential mortgage loans, HFI, at fair value on the consolidated balance sheets:
March 31, 2025December 31, 2024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$3,149,818 $3,186,176 $36,358 $4,377,435 $4,400,113 $22,678 
90+354,924 324,177 (30,747)369,118 336,018 (33,100)
Total$3,504,742 $3,510,353 $5,611 $4,746,553 $4,736,131 $(10,422)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in residential transition loans, at fair value on the consolidated balance sheets:
March 31, 2025December 31, 2024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$2,276,488 $2,287,856 $11,368 $2,117,479 $2,128,802 $11,323 
90+54,300 47,362 (6,938)55,234 49,273 (5,961)
Total$2,330,788 $2,335,218 $4,430 $2,172,713 $2,178,075 $5,362 
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
March 31, 2025December 31, 2024
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
Current$543,887 $451,841 $(92,046)$518,856 $425,366 $(93,490)
90+— — — — — — 
Total$543,887 $451,841 $(92,046)$518,856 $425,366 $(93,490)
(A)Notes and loans receivable are carried at fair value. See Note 19 regarding fair value measurements.
v3.25.1
EXCESS MORTGAGE SERVICING RIGHTS (Tables)
 3 Months Ended
Mar. 31, 2025
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, 2024$10,321,671 
Originations(A)
348,988 
Sales664 
Change in Fair Value Due To:
Realization of cash flows(B)
(148,042)
Change in valuation inputs and assumptions(390,240)
Balance at March 31, 2025$10,133,041 
(A)Represents MSRs retained on the sale of originated residential mortgage loans. Includes $29.8 million of MSRs capitalized through co-issue with third-parties.
(B)Based on the paydown of the underlying residential mortgage loans.
The following table summarizes MSRs and MSR financing receivables by type as of March 31, 2025 and December 31, 2024:
UPB of Underlying Mortgages
Weighted Average Life (Years)(A)
Carrying Value(B)
March 31, 2025
GSE$382,089,209 6.4$6,195,239 
Non-Agency69,089,498 5.4830,163 
Ginnie Mae(C)
139,936,290 6.33,107,639 
Total / Weighted Average$591,114,997 6.3$10,133,041 
December 31, 2024
GSE$383,014,320 6.5$6,413,199 
Non-Agency70,022,636 5.4836,408 
Ginnie Mae(C)
137,177,395 6.43,072,064 
Total / Weighted Average$590,214,351 6.4$10,321,671 
(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 March 31, 2025 and December 31, 2024, weighted average discount rates of 8.9% (range of 8.8% – 10.3%) and 8.9% (range of 8.7% - 10.3%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables.
(C)As of March 31, 2025 and December 31, 2024, Rithm Capital had approximately $2.4 billion and $2.7 billion, respectively, in residential mortgage loans subject to repurchase and the related residential mortgage loans repurchase liability on its consolidated balance sheets.
The following table presents activity related to the consolidated investments in Excess MSRs measured at fair value:
Balance at December 31, 2024$369,162 
Interest income4,190 
Proceeds from repayments(17,514)
Change in fair value(915)
Balance at March 31, 2025$354,923 
Schedule of Direct Investments in Excess MSRs
The following summarizes Rithm Capital’s direct investments in Excess MSRs:
March 31, 2025December 31, 2024
UPB of Underlying MortgagesInterest in Excess MSR
Weighted Average Life (Years)(A)
Amortized Cost Basis
Carrying Value(B)
Carrying Value(B)
Rithm Capital(C)(D)
Mr. Cooper
Total$52,144,523 
65.0% – 80.0%
(69.9%)
20.0% – 35.0%
(30.9%)
5.9$308,638 $354,923 $369,162 
(A)Represents the weighted average expected timing of the receipt of expected cash flows for this investment.
(B)Carrying value represents the fair value of the pools and recapture agreements, as applicable.
(C)Amounts in parentheses represent weighted averages.
(D)Rithm Capital also invested in related servicer advance investments, including the base fee component of the related MSR as of March 31, 2025 and December 31, 2024 (Note 14) on $13.0 billion and $13.3 billion UPB, respectively, underlying these Excess MSRs.

Changes in fair value of Excess MSRs investments consist of the following:
Three Months Ended March 31,
20252024
Original and Recaptured Pools$(915)$(1,867)
v3.25.1
SERVICER ADVANCE INVESTMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
Investments, All Other Investments [Abstract]  
Schedule of Investment in Servicer Advances
The table below summarizes the type of advances included in the servicer advances receivable:
March 31, 2025December 31, 2024
Principal and interest advances$588,004 $640,723 
Escrow advances (taxes and insurance advances)1,503,455 1,733,426 
Foreclosure advances924,809 950,092 
Gross advance balance(A)(B)(C)
3,016,268 3,324,241 
Reserves, impairment, unamortized discount, net of recovery accruals(141,753)(125,320)
Total Servicer Advances Receivable$2,874,515 $3,198,921 
(A)Includes $575.3 million and $673.7 million of servicer advances receivable related to GSE MSRs, respectively, recoverable either from the borrower or the Agencies.
(B)Includes $465.2 million and $529.3 million of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae. Expected losses for advances associated with Ginnie Mae loans in the MSR portfolio are considered in the MSR fair valuation through a non-reimbursable advance loss assumption.
(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.
The following table summarizes servicer advance investments, including the right to the base fee component of the related MSRs:
Amortized Cost Basis
Carrying Value(A)
Weighted Average Discount RateWeighted Average Yield
Weighted Average Life (Years)(B)
March 31, 2025
Servicer advance investments$311,049 $321,531 6.5 %6.8 %8.1
December 31, 2024
Servicer advance investments$327,471 $339,646 6.5 %6.9 %7.6
(A)Represents the fair value of the servicer advance investments, including the base fee component of the related MSRs.
(B)Represents the weighted average expected timing of the receipt of expected net cash flows for this investment.

The following table provides additional information regarding the servicer advance investments and related financing:
UPB of Underlying Residential Mortgage LoansOutstanding Servicer AdvancesServicer Advances to UPB of Underlying Residential Mortgage LoansFace Amount of Secured Notes and Bonds Payable
LTV(A)
Cost of Funds(C)
Gross
Net(B)
GrossNet
March 31, 2025
Servicer advance investments(D)
$12,955,658 $283,068 2.2 %$246,438 84.4 %82.5 %6.2 %5.8 %
December 31, 2024
Servicer advance investments(D)
$13,316,828 $298,945 2.2 %$258,183 85.0 %82.9 %6.3 %5.9 %
(A)Based on outstanding servicer advances, excluding purchased but unsettled servicer advances.
(B)Ratio of face amount of borrowings to par amount of servicer advance collateral, net of any general reserve.
(C)Annualized measure of the cost associated with borrowings. Gross cost of funds primarily includes interest expense and facility fees. Net cost of funds excludes facility fees.
(D)The following table summarizes the types of advances included in servicer advance investments:
March 31, 2025December 31, 2024
Principal and interest advances$46,378 $51,135 
Escrow advances (taxes and insurance advances)130,494 137,072 
Foreclosure advances106,196 110,738 
Total$283,068 $298,945 
v3.25.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Goodwill
The following table summarizes the carrying value of goodwill by reportable segment:
Origination and ServicingResidential Transitional LendingAsset ManagementTotal
Balance at December 31, 202429,468 55,731 48,633 133,832 
Impairment loss— — — — 
Balance at March 31, 2025$29,468 $55,731 $48,633 $133,832 
Schedule of Acquired Intangible Assets The following table presents the details of identifiable intangible assets acquired:
Estimated Useful LifeAmount
Customer Relationships4.5$16,000 
Total Identifiable Intangible Assets$16,000 
The following table summarizes the acquired identifiable intangible assets:
Estimated Useful Lives (Years)March 31, 2025December 31, 2024
Gross Intangible Assets:
Management contracts10$275,000 $275,000 
Customer relationships
2 to 9
79,753 79,753 
Purchased technology
3 to 7
109,539 105,567 
Trademarks / Trade names(A)
1 to 5
10,259 10,259 
LicensesIndefinite21,365 21,365 
495,916 491,944 
Accumulated Amortization:
Management contracts37,716 30,940 
Customer relationships32,318 25,773 
Purchased technology100,671 97,259 
Trademarks / Trade names6,318 6,023 
177,023 159,995 
Intangible Assets, Net:
Management contracts237,284 244,060 
Customer relationships47,435 53,980 
Purchased technology8,868 8,308 
Trademarks / Trade names(A)
3,941 4,236 
Licenses21,365 21,365 
$318,893 $331,949 
(A)Includes indefinite-lived intangible assets of $1.9 million as of March 31, 2025 and December 31, 2024.
Schedule of Intangible Asset Amortization Expense
The following table summarizes the amortization expense recorded by the Company related to its intangible assets. Amortization expense related to intangible assets is included in general and administrative in the consolidated statements of operations.
Three Months Ended March 31,
20252024
Amortization expense$13,056 $18,953 
Schedule of Intangible Assets, Future Amortization Expense
The following table summarizes the expected future amortization expense for intangible assets as of March 31, 2025:
Year EndingAmortization Expense
2026$36,244 
202741,073 
202836,888 
202936,317 
203035,898 
2031 and thereafter
109,232 
$295,652 
v3.25.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2025
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
April 1 through December 31, 2025$34,175 $— $34,175 
202639,349 228 39,577 
202740,471 228 40,699 
202829,942 — 29,942 
202928,162 — 28,162 
2030 and thereafter25,225 — 25,225 
Total remaining undiscounted lease payments197,324 456 197,780 
Less: imputed interest30,616 43 30,659 
Total Remaining Discounted Lease Payments$166,708 $413 $167,121 
Schedule of Future Commitments for Non-Cancelable Leases
The table below summarizes the future commitments under the non-cancelable leases:
Year EndingOperating LeasesFinance LeasesTotal
April 1 through December 31, 2025$34,175 $— $34,175 
202639,349 228 39,577 
202740,471 228 40,699 
202829,942 — 29,942 
202928,162 — 28,162 
2030 and thereafter25,225 — 25,225 
Total remaining undiscounted lease payments197,324 456 197,780 
Less: imputed interest30,616 43 30,659 
Total Remaining Discounted Lease Payments$166,708 $413 $167,121 
Schedule of Other Information Related to Operating Leases
Other information related to leases is summarized below:
March 31, 2025December 31, 2024
Weighted Average Remaining Lease Term (Years):
Operating leases5.35.1
Finance leases2.32.5
Weighted Average Discount Rate:
Operating leases6.7 %6.5 %
Finance leases7.9 %7.9 %
Three Months Ended March 31,
Supplemental Information20252024
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating cash flows - operating leases$11,386 $11,411 
Operating cash flows - finance leases3 4 
Finance cash flows - finance leases225 224 
Supplemental Non-Cash Information on Lease Liabilities Arising from Obtaining ROU Assets:
ROU assets obtained in exchange for new operating lease liabilities$14,146 $126 
v3.25.1
DERIVATIVES AND HEDGING (Tables)
 3 Months Ended
Mar. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives
Derivatives and economic hedges are recorded at fair value and presented in other assets or accrued expenses and other liabilities on the consolidated balance sheets, as follows:
March 31, 2025December 31, 2024
Derivative and Hedging Assets:
Interest rate swaps and futures(A)
$2 $6 
IRLCs37,923 21,496 
TBAs2,628 50,809 
Foreign exchange forwards— 2,836 
$40,553 $75,147 
Derivative and Hedging Liabilities:
IRLCs$3,536 $10,202 
TBAs29,574 15,628 
Treasury short sales(B)
— 1,245 
Other commitments(C)
25,521 25,521 
Stock options7 14 
Foreign exchange forwards2,118 — 
$60,756 $52,610 
(A)Net of $41.8 million and $42.0 million of related variation margin accounts as of as of March 31, 2025 and December 31, 2024, respectively.
(B)As of December 31, 2024, the carrying value represents the net of repurchase agreements and $503.9 million of related reverse repurchase agreement lending facilities used to borrow securities to effectuate short sales of Treasury securities.
(C)During the first quarter of 2024, a subsidiary of the Company entered into an agreement with an affiliate, which could result in the subsidiary being required to make a payment under certain circumstances dependent upon amounts realized from an investment of the affiliate, subject to a maximum amount of $25.5 million. The agreement is classified as a derivative liability and measured at fair value.

The following table summarizes notional amounts related to derivatives and hedging:
March 31, 2025December 31, 2024
Interest rate swaps(A)
$9,074,000 $8,995,000 
Interest rate futures(B)
1,135,000 — 
IRLCs4,343,640 3,413,043 
TBAs(C)
16,258,921 17,402,824 
Other commitments25,521 25,057 
Foreign exchange forwards61,550 17,300 
(A)Includes $3.1 billion notional of receive Secured Overnight Financing Rate (“SOFR”)/pay fixed of 3.6% and $5.9 billion notional of receive fixed of 3.8%/pay SOFR with weighted average maturities of 66 months and 29 months, respectively, as of March 31, 2025. Includes $3.1 billion notional of receive SOFR/pay fixed of 3.6% and $5.9 billion notional of receive fixed of 3.8%/pay SOFR with weighted average maturities of 71 months and 32 months, respectively, as of December 31, 2024.
(B)Represents a $1.1 billion notional Eris SOFR swap future with maturity of 63 months that replicates cash flows of receive fixed/pay SOFR interest rate swaps.
(C)Represents the notional amount of Agency RMBS classified as derivatives.
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 March 31,
20252024
Gain (Loss) on Originated Residential Mortgage Loans, HFS, Net(A):
IRLCs$23,093 $7,485 
TBAs (70,172)37,910 
(47,079)45,395 
Realized and Unrealized Gains (Losses), Net(B):
Interest rate swaps(12,462)29,161 
Interest rate futures5,981 — 
TBAs100,582 1,523 
Treasury short sales(103)28,345 
Other commitments— (17,097)
Stock options39 — 
Foreign exchange forwards(1,387)— 
92,650 41,932 
Total Gain$45,571 $87,327 
(A)Represents unrealized gain (loss).
(B)Excludes $12.8 million gain and $15.5 million loss for the three months ended March 31, 2025 and 2024, 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.
v3.25.1
DEBT OBLIGATIONS (Tables)
 3 Months Ended
Mar. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The following table summarizes secured financing agreements, secured notes and bonds payable and also includes notes payable of consolidated CFEs:
March 31, 2025December 31, 2024
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)
$3,098,561 $3,098,561 Apr-25 to Mar-285.9 %0.8$3,453,730 $3,523,244 $3,482,020 24.9$4,235,333 
Warehouse credit facilities - residential transition loans(E)
1,734,141 1,734,141 Aug-25 to Mar-286.8 %2.21,982,233 1,987,065 1,987,065 1.11,547,307 
Government and government-backed securities(F)
10,762,429 10,762,429 Apr-25 to Mar-264.7 %0.311,145,808 10,965,384 11,129,841 6.09,782,976 
Non-Agency securities(D)
768,673 768,673 Feb-306.3 %0.615,303,080 1,087,771 1,153,601 5.1744,457 
Excess MSRs(E)
223,241 222,565 Sep-266.7 %1.452,144,523 291,133 334,201 6.0222,452 
CLOs(E)
196,721 195,366 Jan-30 to Jan-385.2 %9.0197,775 N/A197,246 9.0170,990 
SFR properties and commercial(E)
9,499 9,499 Dec-267.8 %1.7N/A16,293 16,293 N/A78,952 
Total secured financing agreements16,793,265 16,791,234 5.3 %0.716,782,467 
Secured Notes and Bonds Payable:
MSRs(G)
5,789,600 5,771,848 Jun-25 to Nov-316.6 %2.1564,749,600 7,884,106 9,839,199 6.25,838,250 
Servicer advance investments(H)
246,438 246,438 Mar-266.2 %0.9283,068 311,049 321,531 8.1258,183 
Servicer advances(H)
2,456,759 2,456,165 Sep-25 to Dec-266.8 %0.92,849,773 2,823,306 2,823,306 0.72,629,802 
Consumer loans(I)
485,171 460,391 Jun-28 to Sep-374.9 %3.4663,117 650,956 554,168 1.6564,791 
SFR properties(J)
819,737 797,886 Feb-27 to Mar-284.3 %2.3N/A995,693 995,693 N/A716,649 
Residential transition loans(K)
200,000 200,000 Jul-265.8 %1.3224,882 224,882 226,169 0.5200,000 
Secured facility - asset management(M)
75,000 72,784 Nov-258.8 %0.6N/AN/AN/AN/A71,971 
Other investments(E)
10,030 10,030 Feb-306.4 %4.9N/AN/A14,046 N/A— 
CLOs(E)
10,435 10,406 Jul-306.0 %5.313,185 N/A12,220 5.318,429 
Total secured notes and bonds payable10,093,170 10,025,948 6.4 %1.810,298,075 
Notes Payable of Consolidated CFEs:
Consolidated funds(L)
960,250 955,470 May-28 to Jan-385.9 %10.51,074,450 N/A1,105,163 5.1959,958 
Residential mortgage loans2,448,457 2,295,166 Mar-41 to May-534.4 %25.62,866,929 N/A2,703,112 25.62,369,934 
Residential transition loans
861,949 859,760 Mar-39 to Sep-396.3 %14.2914,757 N/A938,532 0.9859,023 
Total notes payable of consolidated CFEs4,270,656 4,110,396 5.1 %19.94,188,915 
Total / Weighted Average$31,157,091 $30,927,578 5.6 %3.7$31,269,457 
(A)Net of deferred financing costs.
(B)Debt obligations with a stated maturity through the date of issuance of the consolidated financial statements were refinanced, extended or repaid.
(C)Associated with accrued interest payable of approximately $184.3 million and $239.4 million as of March 31, 2025 and December 31, 2024, respectively.
(D)Based on SOFR interest rates. Includes repurchase agreements and related collateral on non-Agency securities retained through consolidated securitizations.
(E)All SOFR- or Euro Interbank Offered Rate (EURIBOR)-based floating interest rates.
(F)Repurchase agreements are based on a fixed-rate. Collateral carrying value includes margin deposits.
(G)Includes $3.7 billion of MSR notes with an interest equal to the sum of (i) a floating rate index equal to SOFR and (ii) a margin ranging from 2.5% to 3.0%; and $2.1 billion of MSR notes with fixed interest rates ranging 3.0% to 7.4%. The outstanding face amount of the collateral represents the UPB of the residential mortgage loans underlying the MSRs and MSR financing receivables securing these notes.
(H)Includes $1.7 billion of debt with an interest rate equal to the sum of (i) a floating rate index equal to SOFR and (ii) a margin ranging from 1.6% to 3.0%; and $1.0 billion of debt with fixed interest rates ranging 3.9% to 5.7%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and Newrez.
(I)Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $137.0 million UPB of Class A notes with a coupon of 2.0% and $53.0 million UPB of Class B notes with a coupon of 2.7% and (ii) $295.1 million of debt collateralized by the Marcus loans with an interest rate of SOFR plus a margin of 2.4%.
(J)Includes $819.7 million of fixed rate notes which bear interest ranging from 3.5% to 6.2%.
(K)Fixed rate note which bears interest of 5.8%.
(L)Includes notes payable of collateralized loan obligations (“CLOs”) and of a structured alternative investment solution. Weighted average rate is the effective rate for the senior notes with stated coupon rates. The subordinate notes with UPB of $32.0 million do not have a stated rate of interest. Weighted average life of a structured alternative investment solution is based on expected maturity.
(M)Fixed rate note which bears interest of 8.8%.
The following table summarizes activities related to the carrying value of debt obligations:
Servicer Advances(A)
MSRsGovernment and Government-Backed and Other SecuritiesResidential Mortgage Loans and REOConsumer LoansSFR Properties and CommercialResidential Transition LoansAsset Management, CLOs and Consolidated FundsTotal
Balance at December 31, 2024$3,110,437 $5,838,250 $10,527,433 $6,605,267 $564,791 $795,601 $2,606,330 $1,221,348 $31,269,457 
Secured Financing Agreements:
Borrowings— — 17,282,561 14,370,625 — — 1,081,074 19,246 32,753,506 
Repayments— — (16,278,892)(15,507,397)— (69,453)(894,240)(3,219)(32,753,201)
Foreign exchange ("FX") remeasurement— — — — — — — 8,455 8,455 
Capitalized deferred financing costs, net of amortization113 — — — — — — (105)8 
Secured Notes and Bonds Payable:
Borrowings815,727 928,504 10,030 — — 79,119 — 2,360 1,835,740 
Repayments(1,001,150)(984,742)— — (99,863)— — (9,906)(2,095,661)
FX remeasurement— — — — — — — (26)(26)
Unrealized (gain) loss on notes, fair value— — — — (4,833)— — — (4,833)
Capitalized deferred financing costs, net of amortization41 (10,164)— — 296 2,118 — 361 (7,348)
Notes Payable of Consolidated CFEs:
Repayments— — — (92,417)— — — — (92,417)
Unrealized (gain) loss on notes, fair value— — — 17,649 — — 171 (4,488)13,332 
Capitalized deferred financing costs, net of amortization — — — — — — 566 — 566 
Balance at March 31, 2025$2,925,168 $5,771,848 $11,541,132 $5,393,727 $460,391 $807,385 $2,793,901 $1,234,026 $30,927,578 
(A)Rithm Capital net settles daily borrowings and repayments of the secured notes and bonds payable on its servicer advances.
Schedule of Contractual Maturities of Debt Obligations
Contractual maturities of debt obligations, including the Senior Unsecured Notes (as defined below), as of March 31, 2025, are as follows:
Year Ending
Nonrecourse(A)
Recourse(B)
Total
April 1 through December 31, 2025$1,123,951 $16,318,281 $17,442,232 
20262,332,961 3,343,325 5,676,286 
2027666,970 307,000 973,970 
2028857,162 377,869 1,235,031 
202970,000 1,025,000 1,095,000 
2030 and thereafter
5,784,572 — 5,784,572 
$10,835,616 $21,371,475 $32,207,091 
(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs and notes payable of consolidated CFEs of $1.7 billion, $3.8 billion, $0.3 billion, and $3.3 billion, respectively.
(B)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs and notes payable of consolidated CFEs of $16.7 billion, $5.3 billion, $1.1 billion, and $0.0 billion, respectively.
Schedule of Borrowing Capacity
The following table represents borrowing capacity as of March 31, 2025:
Debt Obligations / CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements:
Residential mortgage loans, residential transition loans, SFR and commercial notes receivable
$7,107,051 $2,149,735 $4,957,316 
Loan originations5,877,000 2,692,466 3,184,534 
CLOs424,435 196,721 227,714 
Excess MSRs350,000 223,241 126,759 
Secured Notes and Bonds Payable:
MSRs7,286,652 5,789,600 1,497,052 
Servicer advances4,240,000 2,703,197 1,536,803 
SFR200,000 169,279 30,721 
Liabilities of Consolidated CFEs:
Consolidated funds52,500 — 52,500 
$25,537,638 $13,924,239 $11,613,399 
(A)Although available financing is uncommitted, Rithm Capital’s unused borrowing capacity is available if it has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate.
Schedule of Debt Redemption
The notes become redeemable at any time and from time to time, on or after April 1, 2026, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2029 Senior Notes to be redeemed):

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 March 31, 2025, of the maximum undiscounted amounts that would be payable under the TRA using the assumptions described above. In light of the numerous factors affecting Sculptor’s obligation to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table.
Year EndingPotential Payments Under TRA
April 1 through December 31, 2025$16,493 
202617,215 
202717,506 
202816,176 
202916,173 
2030 and thereafter
168,819 
$252,382 
v3.25.1
FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31, 2025 were as follows:
Principal Balance or Notional AmountCarrying Value
Fair Value(E)
Level 1Level 2Level 3Net Asset Value (“NAV”)Total
Assets:
Excess MSRs(A)
$52,144,523 $354,923 $— $— $354,923 $— $354,923 
MSRs and MSR financing receivables(A)
591,114,997 10,133,041 — — 10,133,041 — 10,133,041 
Servicer advance investments283,068 321,531 — — 321,531 — 321,531 
Government and government-backed securities(B)
11,170,808 11,048,701 3,296,798 7,751,904 — — 11,048,702 
Non-Agency securities8,913,777 639,458 — — 639,458 — 639,458 
Residential mortgage loans, HFS72,641 64,248 — — 64,248 — 64,248 
Residential mortgage loans, HFS, at fair value3,047,797 3,092,102 — 3,065,669 26,433 — 3,092,102 
Residential mortgage loans, HFI, at fair value384,304 354,003 — — 354,003 — 354,003 
Residential mortgage loans subject to repurchase2,432,605 2,432,605 — 2,432,605 — — 2,432,605 
Consumer loans663,117 554,168 — — 554,168 — 554,168 
Derivative and hedging assets16,019,170 40,553 — 2,630 37,923 — 40,553 
Residential transition loans
2,330,788 2,335,218 — — 2,335,218 — 2,335,218 
Notes receivable526,170 434,124 — — 434,124 — 434,124 
Loans receivable17,717 17,717 — — 17,717 — 17,717 
Equity investment, at fair value192,500 194,378 — — 194,378 — 194,378 
CLOs268,896 266,612 — 227,934 38,678 — 266,612 
Investments of consolidated CFEs - funds(C)
1,151,477 1,175,136 — 400,500 418,598 356,038 1,175,136 
Investments of consolidated CFEs - loan securitizations(C)
3,781,686 3,641,644 — 2,703,112 938,532 — 3,641,644 
Other assetsN/A153,242 59,744 — 93,498 — 153,242 
$37,253,404 $3,356,542 $16,584,354 $16,956,471 $356,038 $37,253,405 
Liabilities:
Secured financing agreements$16,793,265 $16,791,234 $— $16,595,868 $198,896 $— $16,794,764 
Secured notes and bonds payable(D)
10,093,170 10,025,948 — — 10,051,705 — 10,051,705 
Unsecured notes, net of issuance costs1,302,382 1,207,594 — — 1,224,472 — 1,224,472 
Residential mortgage loan repurchase liability2,432,605 2,432,605 — 2,432,605 — — 2,432,605 
Derivative liabilities14,879,462 60,756 7 31,692 29,057 — 60,756 
Excess spread financing(A)
14,877,137 104,721 — — 104,721 — 104,721 
Notes receivable financing371,446 373,508 — — 378,721 — 378,721 
Notes payable of consolidated CFEs - funds(C)
960,250 955,470 — 363,392 592,078 — 955,470 
Notes payable of consolidated CFEs - loan securitizations(C)
3,310,406 3,154,926 — 2,295,166 859,760 — 3,154,926 
$35,106,762 $7 $21,718,723 $13,439,410 $— $35,158,140 
(A)The notional amount represents the total UPB of the residential mortgage loans underlying the MSRs, MSR financing receivables, Excess MSRs and excess spread financing. 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 $24.8 million (see Note 6).
(C)Represents assets and notes issued by consolidated VIEs accounted for under the CFE election.
(D)Includes $169.0 million of SCFT 2020-A (as defined in Note 20) MBS as of March 31, 2025, for which the FVO for financial instruments was elected.
(E)The table excludes cash 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, 2024 were as follows:
Principal Balance or Notional AmountCarrying Value
Fair Value(E)
Level 1Level 2Level 3NAVTotal
Assets:
Excess MSRs(A)
$53,494,378 $369,162 $— $— $369,162 $— $369,162 
MSRs and MSR financing receivables(A)
590,214,351 10,321,671 — — 10,321,671 — 10,321,671 
Servicer advance investments298,945 339,646 — — 339,646 — 339,646 
Government and government-backed securities(B)
9,947,189 9,736,116 3,285,478 6,450,643 — — 9,736,121 
Non-agency securities8,962,730 552,797 — — 552,797 — 552,797 
Residential mortgage loans, HFS75,872 66,670 — — 66,670 — 66,670 
Residential mortgage loans, HFS, at fair value4,274,620 4,307,571 — 4,280,405 27,166 — 4,307,571 
Residential mortgage loans, HFI, at fair value396,061 361,890 — — 361,890 — 361,890 
Residential mortgage loans subject to repurchase
2,745,756 2,745,756 — 2,745,756 — — 2,745,756 
Consumer loans767,623 665,565 — — 665,565 — 665,565 
Derivative and hedging assets18,597,732 75,147 — 53,651 21,496 — 75,147 
Residential transition loans
2,172,713 2,178,075 — — 2,178,075 — 2,178,075 
Notes receivable487,276 393,786 — — 393,786 — 393,786 
Loans receivable31,580 31,580 — — 31,580 — 31,580 
Equity investment, at fair value192,500 194,410 — — 194,410 — 194,410 
CLOs243,355 242,227 — 217,049 25,178 — 242,227 
Investments of consolidated CFEs - funds(C)
1,108,903 1,118,359 — — 785,253 333,106 1,118,359 
Investments of consolidated CFEs - loan securitizations(C)
3,900,428 3,753,219 — 2,791,027 962,192 — 3,753,219 
Other assetsN/A113,224 17,831 — 95,393 — 113,224 
$37,566,871 $3,303,309 $16,538,531 $17,391,930 $333,106 $37,566,876 
Liabilities:
Secured financing agreements$16,784,505 $16,782,467 $— $16,611,477 $175,559 $— $16,787,036 
Secured notes and bonds payable(D)
10,353,561 10,298,075 — — 10,318,385 — 10,318,385 
Unsecured notes, net of issuance costs1,302,492 1,204,220 — — 1,229,408 — 1,229,408 
Residential mortgage loan repurchase liability2,745,756 2,745,756 — 2,745,756 — — 2,745,756 
Derivative liabilities11,255,492 52,610 1,259 15,628 35,723 — 52,610 
Excess spread financing(A)
15,271,757 101,088 — — 101,088 — 101,088 
Notes receivable financing371,446 371,788 — — 377,227 — 377,227 
Notes payable of consolidated CFEs - funds(C)
1,182,640959,958— — 959,958 — 959,958 
Notes payable of consolidated CFEs - loan securitizations(C)
3,402,8233,228,957— 2,369,934 859,023 — 3,228,957 
$35,744,919 $1,259 $21,742,795 $14,056,371 $— $35,800,425 
(A)The notional amount represents the total UPB of the residential mortgage loans underlying the MSRs, MSR financing receivables, Excess MSRs and excess spread financing. 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)Represents assets and notes issued by consolidated VIEs accounted for under the CFE election.
(D)Includes $185.5 million of SCFT 2020-A (as defined in Note 20) MBS as of December 31, 2024, for which the FVO for financial instruments was elected.
(E)The table excludes cash 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 table summarizes the changes in the Company’s Level 3 financial assets for the periods presented:
Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsNon-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 $552,797 $810,431 $455,726 $665,565 $700,942 $3,140,267 $17,356,207 
Transfers:
Transfers out of Level 3(I)
— — — — (412,268)(858)— — — (413,126)
Transfers to Level 3— — — — 21,809 2,081 — — — 23,890 
Gain (Loss) Included in Net Income:
Credit losses on securities(E)
— — — 102 — — — — — 102 
Servicing Revenue, Net(F):
Included in servicing revenue(F)
— (538,282)— — — — — — — (538,282)
Fair Value Adjustments Due to:
Other factors(E)
(915)— (1,693)1,903 — 10,012 (10,810)23,534 3,010 25,041 
Instrument-specific credit risk(E)
— — — — — (5,797)(2,003)— (8,561)(16,361)
Other income (loss), net(E)
— — — — 28,247 1,438 — 8,570 — 38,255 
Gains (losses) included in OCI(G)
— — — 4,741 — — — — — 4,741 
Interest income4,190 — 5,355 7,023 — — 5,923 119 — 22,610 
Purchases, Sales and Repayments:
Purchases, net(H)
— — 186,356 96,936 26,698 239 — 40,031 — 350,260 
Sales and settlement fundings— 664 — — (17,641)(7,216)6,595 — — (17,598)
Proceeds from repayments(17,514)— (208,133)(24,044)— (16,356)(111,102)(24,613)(635,316)(1,037,078)
Originations and other— 348,988 — — — 5,415 — — 774,350 1,128,753 
Balance at March 31, 2025$354,923 $10,133,041 $321,531 $639,458 $457,276 $444,684 $554,168 $748,583 $3,273,750 $16,927,414 
(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 other commitment derivatives are shown net.
(D)Includes residential transition loans of consolidated CFEs 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) relating to Level 3 assets still held at the reporting dates and realized gain (loss) 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)Non-Agency securities includes securities retained through securitizations accounted for as sales.
(I)For the three months ended March 31, 2025, transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
Level 3
Excess MSRs(A)(J)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsNon-Agency Securities
CLOs(B)
Residential Mortgage LoansConsumer Loans
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at December 31, 2023$271,150 $8,405,938 $376,881 $577,543 $226,486 $513,381 $1,274,005 $549,446 $2,232,913 $14,427,743 
Transfers:
Transfers to Level 3— — — — — 106 — — — 106 
Gain (Loss) Included in Net Income:
Credit losses on securities(E)
— — — (662)— — — — — (662)
Servicing Revenue, Net(F):
Included in servicing revenue(F)
— 84,175 — — — — — — — 84,175 
Fair Value Adjustments Due to:
Other factors(E)
(1,867)— 8,115 — — 9,622 (7,156)1,583 — 10,297 
Instrument-specific credit risk(E)
— — — — — (4,026)(22,961)— — (26,987)
Gain (loss) on settlement of investments, net(E)
— — — — 36 — — — — 36 
Other income (loss), net(E)
— — — 2,860 — 1,824 — (5,043)14,873 14,514 
Gains (losses) included in OCI(G)
— — — 1,602 (865)— — — — 737 
Interest income2,446 — 7,315 8,496 — — 10,152 147 — 28,556 
Purchases, Sales and Repayments:
Purchases, net(H)(I)
— — 212,656 13,900 3,679 216,405 4,113 1,094 — 451,847 
Sales and settlement fundings— 671 — — — (17,766)— — — (17,095)
Proceeds from repayments(16,618)— (230,456)(22,200)(17,340)(16,042)(154,354)(42,918)(505,091)(1,005,019)
Originations and other— 215,939 — — — 45 — (61)642,049 857,972 
Balance at March 31, 2024$255,111 $8,706,723 $374,511 $581,539 $211,996 $703,549 $1,103,799 $504,248 $2,384,744 $14,826,220 
(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 other commitment derivatives are shown net.
(D)Includes residential transition loans of consolidated CFEs classified as Level 3 in the fair hierarchy.
(E)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) relating to Level 3 assets still held at the reporting dates and realized gain (loss) 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)Non-Agency securities includes securities retained through securitizations accounted for as sales.
(I)Net of purchase price adjustments and purchase price fully reimbursable from MSR sellers as a result of prepayment protection.
(J)Amounts include Rithm Capital’s portion of the Excess MSRs held by the respective joint ventures in which Rithm Capital has a 50% interest.
Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs
The following table summarizes the changes in the Company’s Level 3 financial liabilities for the periods presented:
Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansExcess Spread FinancingNotes Receivable FinancingTotal
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)
— (367,031)— — — (367,031)
Gains (Losses) Included in Net Income:
Servicing revenue, net(C)
— — — 3,634 — 3,634 
Other income(B)
(4,833)(849)171 — 1,494 (4,017)
Purchases, Issuance and Repayments:
Repayments(11,592)— — — — (11,592)
Other— — 566 (1)— 565 
Balance at March 31, 2025$169,035 $592,078 $859,760 $104,721 $378,721 $2,104,315 
(A)For the three months ended March 31, 2025, transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(B)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) relating to Level 3 financial liabilities still held at the reporting dates and realized gain (loss) recorded during the period. The full fair value change during the period was due to factors other than instrument-specific credit risk.
(C)See Note 5 for further details on the components of servicing revenue, net.
Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansExcess Spread FinancingNotes Receivable FinancingTotal
Balance at December 31, 2023$235,770 $218,157 $318,998 $— $— $772,925 
Gains (Losses) Included in Net Income:
Other income(A)
(411)(34)5,064 — — 4,619 
Purchases, Issuance and Repayments:
Repayments(13,437)— — — — (13,437)
Balance at March 31, 2024$221,922 $218,123 $324,062 $— $— $764,107 
(A)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) relating to Level 3 financial liabilities still held at the reporting dates and realized gain (loss) recorded during the period. The full fair value change during the period was due to factors other than instrument-specific credit risk.
Schedule of Measurement Inputs and Valuation Techniques
The following table summarizes certain information regarding the ranges and weighted averages of inputs used:
March 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
2.4% – 13.9%
(6.9%)
0.3% – 14.5%
(5.1%)
0.0% – 64.0%
(39.6%)
7 – 32
(21)
10 – 22
(19)
MSRs, MSR Financing Receivables and Excess Spread Financing:
GSE
2.8% – 95.4%
(6.6%)
0.0% – 100.0%
(1.7%)
6.5% – 18.7% (14.6%)
11 – 157
(28)
0 – 40
(23)
Non-Agency
1.8% – 90.0%
(8.6%)
0.0% – 99.0%
(23.2%)
0.0% – 5.0% (0.7%)
1 – 192
(44)
0 – 47
(21)
Ginnie Mae
1.7% – 71.3%
(8.6%)
73.0% – 100.0%
(8.5%)
13.3% – 31.1% (26.7%)
8 – 119
(47)
0 – 40
(26)
Total / Weighted Average—MSRs, MSR Financing Receivables and Excess Spread Financing
1.7% – 95.4%
(7.4%)
0.0% – 100.0%
(5.6%)
0.0% – 31.1% (20.0%)
1 – 192
(35)
0 – 47
(24)
December 31, 2024
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
2.4% – 13.3%
(6.6%)
0.2% – 14.7%
(5.1%)
0.0% – 64.2%
(39.6%)
7 – 32
(21)
11 – 22
(19)
MSRs, MSR Financing Receivables and Excess Spread Financing:
GSE
2.5% – 99.4%
(6.0%)
0.0% – 100.0%
(1.9%)
7.6% – 21.9% (14.1%))
2 – 159
(28)
0 – 40
(23)
Non-Agency
1.8% – 100.0%
(8.4%)
0.0% – 100.0%
(24.8%)
0.0% – 15.8% (1.6%)
1 – 156
(45)
0 – 58
(21)
Ginnie Mae
2.1% – 78.5%
(8.0%)
0.0% – 100.0%
(10.0%)
8.0% – 26.1% (21.8%)
8 – 154
(46)
0 – 42
(26)
Total / Weighted Average—MSRs, MSR Financing Receivables and Excess Spread Financing
1.8% – 100.0%
(6.8%)
0.0% – 100.0%
(6.2%)
0.0% – 26.1% (20.0%)
1 – 159
(35)
0 – 58
(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 March 31, 2025 and December 31, 2024, weighted average costs of subservicing of $6.88 (range of $6.86 – $6.94) and $6.89 (range of $6.87 - $6.96), respectively, per loan per month was used to value the GSE MSRs. Weighted average costs of subservicing of $9.28 (range of $8.22 – $10.55) and $9.60 (range of $8.45 - $11.55), respectively, per loan per month was used to value the non-Agency MSRs, including MSR financing receivables. Weighted average cost of subservicing of $8.20 and $8.25, 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 the GSE MSRs, owned as of March 31, 2025, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at March 31, 2025
$6,195,239 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$6,753,957 $6,462,871 $5,948,572 $5,720,688 
Change in Estimated Fair Value:
Amount$558,718 $267,632 $(246,667)$(474,551)
Percentage9.0 %4.3 %(4.0)%(7.7)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$6,524,015 $6,353,259 $6,048,386 $5,913,429 
Change in Estimated Fair Value:
Amount$328,776 $158,020 $(146,853)$(281,810)
Percentage5.3 %2.6 %(2.4)%(4.5)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$6,210,045 $6,202,880 $6,187,232 $6,178,949 
Change in Estimated Fair Value:
Amount$14,806 $7,641 $(8,007)$(16,290)
Percentage0.2 %0.1 %(0.1)%(0.3)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$6,136,736 $6,165,988 $6,224,492 $6,253,744 
Change in Estimated Fair Value:
Amount$(58,503)$(29,251)$29,253 $58,505 
Percentage(0.9)%(0.5)%0.5 %0.9 %

The following table summarizes the estimated change in fair value of Rithm Capital’s interests in the non-Agency MSRs, including MSR financing receivables, owned as of March 31, 2025, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at March 31, 2025
$830,163 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$915,642 $870,970 $792,778 $758,434 
Change in Estimated Fair Value:
Amount$85,479 $40,807 $(37,385)$(71,729)
Percentage10.3 %4.9 %(4.5)%(8.6)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$877,529 $853,206 $808,299 $787,527 
Change in Estimated Fair Value:
Amount$47,366 $23,043 $(21,864)$(42,636)
Percentage5.7 %2.8 %(2.6)%(5.1)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$834,109 $832,054 $828,242 $825,429 
Change in Estimated Fair Value:
Amount$3,946 $1,891 $(1,921)$(4,734)
Percentage0.5 %0.2 %(0.2)%(0.6)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$829,688 $829,925 $830,400 $830,637 
Change in Estimated Fair Value:
Amount$(475)$(238)$237 $474 
Percentage(0.1)%— %— %0.1 %
The following table summarizes the estimated change in fair value of Rithm Capital’s interests in the Ginnie Mae MSRs, owned as of March 31, 2025, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at March 31, 2025
$3,107,639 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$3,381,235 $3,238,835 $2,986,478 $2,874,331 
Change in Estimated Fair Value:
Amount$273,596 $131,196 $(121,161)$(233,308)
Percentage8.8 %4.2 %(3.9)%(7.5)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$3,269,945 $3,184,586 $3,037,730 $2,973,854 
Change in Estimated Fair Value:
Amount$162,306 $76,947 $(69,909)$(133,785)
Percentage5.2 %2.5 %(2.2)%(4.3)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$3,146,616 $3,127,129 $3,088,175 $3,068,857 
Change in Estimated Fair Value:
Amount$38,977 $19,490 $(19,464)$(38,782)
Percentage1.3 %0.6 %(0.6)%(1.2)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$3,046,484 $3,077,061 $3,138,216 $3,168,794 
Change in Estimated Fair Value:
Amount$(61,155)$(30,578)$30,577 $61,155 
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
March 31, 2025
Government-backed securities(C)
$7,895,808 $7,708,001 $7,751,904 $— $7,751,904 2 
CLOs(D)
268,896 260,448 227,934 38,678 266,612 2 & 3
Non-Agency and other securities(D)
8,913,777 595,327 613,613 25,845 639,458 3 
Total$17,078,481 $8,563,776 $8,593,451 $64,523 $8,657,974 
December 31, 2024
Government-backed securities(C)
$6,672,189 $6,510,235 $6,450,643 $— $6,450,643 2 
CLOs(D)
243,355 234,397 217,049 25,178 242,227 2 & 3
Non-Agency and other securities(D)
8,962,730 515,262 529,146 23,651 552,797 3 
Total$15,878,274 $7,259,894 $7,196,838 $48,829 $7,245,667 
(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 76.9% and 82.1% of non-Agency securities as of March 31, 2025 and December 31, 2024, 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)
March 31, 2025$491,437 
5.0% – 20.0%
(7.3%)
0.0% – 25.0%
(6.0%)
0.0% – 1.9%
(0.4%)
0.0% – 50.0%
(16.8%)
December 31, 2024$453,978 
4.7% – 20.0%
(6.9%)
0.0% – 20.0%
(6.3%)
0.0% – 1.9%
(0.5%)
0.0% – 50.0%
(17.0%)
(a)Represents the annualized rate of the prepayments as a percentage of the total principal balance of the pool.
(b)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.
The following table summarizes 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 March 31, 2025:
Performing LoansFair ValueDiscount RatePrepayment RateCDRLoss Severity
Acquired loans$17,775 
7.0% – 8.5%
(7.4%)
5.4% – 9.0%
(8.1%)
1.4% – 5.7%
(3.3%)
21.7% – 31.2%
(24.7%)
Non-Performing LoansFair ValueDiscount RateAnnual Change in Home PricesCDRCurrent Value of Underlying Properties
Acquired loans$8,658 
9.2% – 9.5%
(9.4%)
5.5% – 8.7%
(6.7%)
10.5% – 17.7%
(15.2%)
281.2% – 308.3%
(290.7%)
The following table summarizes 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, 2024:
Performing LoansFair ValueDiscount RatePrepayment RateCDRLoss Severity
Acquired loans$17,700 
7.0% – 8.6%
(7.9%)
6.0% – 8.2%
(7.9%)
1.8% – 5.0%
(3.1%)
20.6% – 33.7%
(24.0%)
Non-Performing LoansFair ValueDiscount RateAnnual Change in Home PricesCDRCurrent Value of Underlying Properties
Acquired loans$9,466 
8.5% – 9.3%
(8.8%)
8.6% – 15.8%
(10.9%)
1.3% – 5.1%
(3.8%)
264.9% – 310.3%
(279.5%)

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
March 31, 2025$354,003 
7.0% – 9.2%
(8.0%)
4.5% – 9.0%
(8.1%)
1.4% – 10.5%
(3.1%)
21.0% – 31.2%
(26.4%)
December 31, 2024$361,890 
7.9% – 9.3%
(8.4%)
5.4% – 8.2%
(8.0%)
1.3% – 4.9%
(3.3%)
12.4% – 33.7%
(26.4%)
The following table summarizes certain information regarding the ranges and weighted averages of inputs (weighted by UPB) used in valuing consumer loans HFI, at fair value classified as Level 3 as of March 31, 2025:
Fair ValueDiscount RatePrepayment RateCDR
Loss Severity(A)
SpringCastle$201,468 
9.2% – 10.2%
(9.4%)
13.4% – 39.0%
(15.1%)
2.8% – 42.8%
(5.1%)
71.8% - 100.0%
(92.7%)
Marcus352,700 
7.4% - 17.5%
(10.3%)
0.0% - 22.0%
(15.6%)
3.0% - 62.0%
(19.6%)
87.5%
Consumer Loans HFI, at Fair Value$554,168 

The following table summarizes certain information regarding the ranges and weighted averages of inputs (weighted by UPB) used in valuing consumer loans HFI, at fair value classified as Level 3 as of December 31, 2024:
Fair ValueDiscount RatePrepayment RateCDR
Loss Severity(A)
SpringCastle$219,308 
9.2% – 10.2%
(9.4%)
12.9% – 38.4%
(14.5%)
2.3% – 17.1%
(5.1%)
74.2% – 100.0%
(92.3%)
Marcus446,257 
7.9% – 17.9%
(10.1%)
0.0% – 23.1%
(17.8%)
4.0% – 50.0%
(14.3%)
87.5%
Consumer Loans HFI, at Fair Value$665,565 
(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 residential transition loans, at fair value classified as Level 3:
Fair ValueDiscount RatePrepayment RateCDRLoss Severity
March 31, 2025$2,287,856 
8.3% – 9.5%
(8.3%)
0.0% – 50.0%
(45.9%)
0.5% – 1.8%
(0.5%)
25.0%
December 31, 2024$2,128,801 
8.3% – 9.9%
(8.3%)
0.0% – 50.0%
(45.8%)
0.5% – 1.8%
(0.5%)
25.0%
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)
March 31, 2025$34,387 
0.0% – 100.0%
(83.0%)
1.9 – 423.8
(272.8)
December 31, 2024$11,294 
0.0% – 100.0%
(86.1%)
1.0 – 426.7
(281.8)
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
March 31, 2025$169,035 5.9%15.1%5.1%92.7%
December 31, 2024$185,460 5.4%14.5%5.1%92.3%
The following table summarizes certain information regarding the fair value and significant inputs used in valuing Rithm Capital’s notes receivable, notes receivable financing and loans receivable:
Fair Value Discount Rate
March 31, 2025
Notes receivable$434,124 
8.6% - 14.0%
(9.2%)
Notes receivable financing378,721 5.4%
Loans receivable17,717 17.5%
Total$830,562 
December 31, 2024
Notes receivable$393,786 
9.0% - 12.5%
(9.3%)
Notes receivable financing377,227 5.7%
Loans receivable31,580 18.5%
Total$802,593 
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)
March 31, 2025
2.3%
4.7%
19.2%
19.9 bps
6.5%
20.9
December 31, 2024
2.1%
4.6%
19.6%
19.9 bps
6.5%
21.1
(A)Projected annual weighted average lifetime voluntary and involuntary prepayment rate using a prepayment vector.
(B)Mortgage servicing amount is net of 2.7 bps and 3.8 bps which represent the amounts Rithm Capital paid its servicers as a monthly servicing fee as of as of March 31, 2025 and December 31, 2024, 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:

March 31, 2025December 31, 2024
Fund Type(A)
Fair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption Notice Period
Open-ended$190,799 
Monthly – Annually(B)
30 days – 90 days(B)
$172,409 
Monthly - Annually(B)
30 days - 90 days(B)
Close-ended165,239 
None(C)
N/A160,697 
None(C)
N/A
Total$356,038 $333,106 
(A)The structured alternative investment solution invests in both open-ended and close-ended funds. The investments in each fund may represent investments in a particular tranche of such fund subject to different withdrawal rights.
(B)$46.0 million of investments are subject to an initial lock-up period of three years during which time withdrawals or redemptions are limited. Once the lock-up period ends, the investments can be redeemed with the frequency noted above.
(C)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 Loans SecuritizationsInvestments at Fair ValueNotes Payable at Fair Value
March 31, 2025$2,703,112 $2,295,166 
December 31, 2024$2,791,027 $2,369,934 

Rithm Capital classifies securitized residential transition 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:
Residential Transition Loans SecuritizationsInvestments at Fair ValueNotes Payable at Fair Value
Spread(A)
Prepayment Rate(B)
CDR(C)
Loss Severity(D)
March 31, 2025$938,532 $859,760 
1.9% – 11.1%
(2.5%)
8.0%
0.8% – 2.0%
(1.4%)
10.0%
December 31, 2024$962,192 $859,023 
1.7% – 11.7%
(2.2%)
8.0%
0.8% – 2.0%
(1.3%)
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 annualized rate of the involuntary prepayments (defaults) as a percentage of the total principal balance of the pool.
(D)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 Rate
CDR(B)
Loss Severity(C)
March 31, 2025
Performing loans$49,558 
7.0% – 8.5%
(7.0%)
4.3 – 6.6
(4.3)
5.4% – 9.0%
(9.0%)
1.4% – 5.7%
(3.5%)
21.7% – 31.2%
(21.9%)
Non-performing loans14,690 
9.2% – 9.5%
(9.3%)
3.3 – 4.6
(4.1)
2.6% – 4.5%
(3.7%)
10.5% – 17.7%
(13.4%)
21.0% – 47.0%
(31.5%)
Total$64,248 
December 31, 2024
Performing loans$51,011 
6.3% – 8.6%
(7.7%)
2.8 – 6.0
(4.4)
6.0% – 8.2%
(8.0%)
1.8% – 22.9%
(3.6%)
18.7% – 33.7%
(20.7%)
Non-performing loans15,659 
8.5% – 9.4%
(9.1%)
5.2 – 6.2
(5.8)
1.7% – 5.4%
(3.5%)
1.3% – 9.3%
(5.2%)
12.4% – 39.9%
(23.1%)
Total$66,670 
(A)The weighted average life is based on the expected timing of the receipt of cash flows.
(B)Represents the annualized rate of the involuntary prepayments (defaults) as a percentage of the total principal balance.
(C)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.
v3.25.1
VARIABLE INTEREST ENTITIES (Tables)
 3 Months Ended
Mar. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The table below presents 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 CompaniesAsset Management and OtherSPAC
Consolidated CFEs(A)
Total
March 31, 2025Loan Securitizations - Residential Transition LoansLoan Securitizations - Residential Mortgage LoansConsolidated Funds
Assets:
Servicer advance investments, at fair value$321,531 $— $— $— $— $— $— $— $— $321,531 
Residential mortgage loans, HFS, at fair value— — 474,987 — — — — — — 474,987 
Consumer loans— — — 201,468 — — — — — 201,468 
Assets of consolidated CFEs - investments— — — — — — 938,532 2,703,112 1,175,136 4,816,780 
Cash and cash equivalents7,984 19,690 — — 697 1,034 — — — 29,405 
Restricted cash6,146 — 6,080 5,995 12,673 230,810 8,639 14,984 61,417 346,744 
Other assets4 447 — 6,798 166,462 341 42,997 — 27,984 245,033 
Total Assets$335,665 $20,137 $481,067 $214,261 $179,832 $232,185 $990,168 $2,718,096 $1,264,537 $6,435,948 
Liabilities:
Secured financing agreements$— $— $385,916 $— $— $— $— $— $— $385,916 
Secured notes and bonds payable246,438 — — 169,035 — — — — — 415,473 
Notes payable of consolidated CFEs— — — — — — 859,760 2,295,166 955,470 4,110,396 
Accrued expenses and other liabilities1,681 1,903 — 1,302 2,556 8,234 1,083 15,317 103,997 136,073 
Total Liabilities$248,119 $1,903 $385,916 $170,337 $2,556 $8,234 $860,843 $2,310,483 $1,059,467 $5,047,858 
December 31, 2024
Assets:
Servicer advance investments, at fair value$339,646 $— $— $— $— $— $— $— $— $339,646 
Residential mortgage loans, HFS, at fair value— — 496,420 — — — — — — 496,420 
Consumer loans— — — 219,308 — — — — — 219,308 
Assets of consolidated CFEs - investments— — — — — — 962,192 2,791,027 1,118,359 4,871,578 
Cash and cash equivalents5,163 21,023 — — 11,796 — — — — 37,982 
Restricted cash6,727 — 6,087 6,042 — — 7,172 17,293 126,158 169,479 
Other assets4 452 — 11,186 89,654 — 26,348 — 59,277 186,921 
Total Assets$351,540 $21,475 $502,507 $236,536 $101,450 $— $995,712 $2,808,320 $1,303,794 $6,321,334 
Liabilities:
Secured financing agreements$— $— $384,948 $— $— $— $— $— $— $384,948 
Secured notes and bonds payable258,183 — — 185,460 — — — — — 443,643 
Notes payable of consolidated CFEs— — — — — — 859,023 2,369,934 959,958 4,188,915 
Accrued expenses and other liabilities1,975 1,854 — 226 1,589 — 1,099 17,626 140,604 164,973 
Total Liabilities$260,158 $1,854 $384,948 $185,686 $1,589 $— $860,122 $2,387,560 $1,100,562 $5,182,479 
(A)Reflect assets of consolidated CFEs - investments, at fair value and other assets and liabilities of consolidated CFEs - 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 interest 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:
March 31, 2025December 31, 2024
Residential mortgage loan UPB and other collateral$8,562,559$8,152,970
Weighted average delinquency(A)
4.7%5.2%
Net credit losses$162,406$161,646
Face amount of debt held by third parties$7,923,955$7,532,832
Carrying value of notes retained by Rithm Capital(B)(C)
$555,393$532,845
Cash flows received by Rithm Capital on these notes$23,416$94,589
(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 19 for details on unobservable inputs.

The following table summarizes the Company’s involvement, through Sculptor, with VIEs that are not consolidated and is generally limited to providing asset management services and, in certain cases, investments in the VIEs. The maximum exposure to loss represents the potential loss of current investments or income and fees receivables from these entities, as well as the obligation to repay unearned revenues, primarily incentive income subject to clawback, in the event of any future fund losses, as well as unfunded commitments to certain funds that are VIEs. The Company does not provide, nor is it required to provide, any type of non-contractual financial or other support to its VIEs that are not consolidated beyond its share of capital and other commitments described in Note 25.
March 31, 2025December 31, 2024
Maximum Risk of Loss as a Result of the Company’s Involvement with Unconsolidated VIEs:
Unearned income and fees$14,882$17,268
Income and fees receivable28,23435,723
Investments691,818577,849
Unfunded commitments(A)
173,520174,530
Other commitments25,52125,521
Maximum Exposure to Loss$933,975$830,891
(A)Includes commitments from certain current and former employees and executive managing directors in the amounts of $110.7 million and $133.9 million as of March 31, 2025 and December 31, 2024, respectively.

The following table summarizes the carrying value of the Company’s unconsolidated commercial real estate projects which reflects the Company’s maximum exposure to loss. See Note 25 regarding certain guarantees provided in connection with the investments. These investments are presented as part of equity investments within other assets on the consolidated balance sheets:
March 31, 2025December 31, 2024
Carrying value of commercial real estate held within unconsolidated VIEs$195,658 $190,258 
Carrying value of Rithm Capital’s investments in unconsolidated commercial real estate VIEs60,342 57,846 
This equity investment is presented within other assets on the consolidated balance sheets:
March 31, 2025December 31, 2024
Membership interest in unconsolidated VIEs$194,378 $194,410 
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:
March 31, 2025December 31, 2024
Total Consolidated EquityOthers' Ownership InterestNoncontrolling Interest in Equity of Consolidated SubsidiariesTotal Consolidated EquityOthers' Ownership InterestNoncontrolling Interest in Equity of Consolidated Subsidiaries
Advance Purchaser$87,547 10.7 %$9,361 $91,384 10.7 %$9,770 
Newrez Joint Ventures18,234 49.5 %9,100 19,621 49.5 %9,687 
Excess MSRs131,347 20.0 %26,269 136,645 20.0 %27,329 
Other investments89,810 25.7 %23,058 50,778 10.0 %4,608 
Asset management917,145 n/m40,928 844,669 
n/m(B)
39,942 

Others’ interests in the net income (loss) of consolidated subsidiaries is computed as follows:     
Three Months Ended March 31,
20252024
Net Income (Loss)Others’ Ownership Interest as a Percent of TotalNoncontrolling Interest in Income (Loss) of Consolidated SubsidiariesNet Income (Loss)Others’ Ownership Interest as a Percent of TotalNoncontrolling Interest in Income (Loss) of Consolidated Subsidiaries
Advance Purchaser$(336)10.7 %$(36)$9,530 10.7 %$1,018 
Newrez Joint Ventures715 49.5 %354 112 49.5 %55 
Consumer Loan Companies(A)
(1,550)— %— 2,192 46.5 %1,019 
Excess MSRs1,323 20.0 %264 — N/A— 
Other investments1,730 25.7 %500 — N/A— 
Asset management(62,117)
n/m(B)
4 — N/A— 
(A)On June 28, 2024, Rithm Capital purchased the remaining 46.5% interest in the Consumer Loan Companies from the co-investor for a total purchase price of $22.0 million. Following the acquisition, Rithm Capital owns 100% interest in the Consumer Loan Companies.
(B)Percentage in the table above deemed “n/m” are not meaningful. Noncontrolling interests related to asset management investments represents the ownership interests in certain funds held by entities or persons other than the Company. These interests substantially relate to interests held by employees in real estate and energy funds managed by the Company adjusted for their capital activity and allocated earnings in such funds. Such employees’ portion of carried interest is expensed and recorded within compensation and benefits on the consolidated statements of operations and therefore excluded in the calculation of noncontrolling interests.
Schedule of Redeemable Noncontrolling Interest
The following table presents the activity in redeemable noncontrolling interests:
SPACConsolidated EntityTotal
Balance at December 31, 2024$— $— $— 
Initial carrying value214,389 25,601 239,990 
Change in redemption value15,611 — 15,611 
Comprehensive income (loss)810 3 813 
Balance at March 31, 2025$230,810 $25,604 $256,414 
v3.25.1
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER (Table)
 3 Months Ended
Mar. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Revenues
Other revenues consists of the following:
Three Months Ended March 31,
20252024
Property and maintenance$25,736 $32,380 
Rental19,402 18,949 
Other5,635 7,019 
Total Other Revenues$50,773 $58,348 
Schedule of General and Administrative Expenses
General and Administrative expenses consists of the following:
Three Months Ended March 31,
20252024
Legal and professional$24,638 $21,489 
Loan origination14,677 15,435 
Occupancy14,490 15,946 
Subservicing16,756 19,428 
Loan servicing41,400 5,591 
Property and maintenance27,583 32,264 
Depreciation and amortization24,568 31,952 
Information technology29,691 29,388 
Other
43,743 33,559 
Total General and Administrative Expenses$237,546 $205,052 
Schedule of Components of Other Income (Loss)
The following table summarizes the components of other income (loss):
Three Months Ended March 31,
20252024
Real estate and other securities
$114,526 $(102,963)
Residential mortgage loans and REO
2,544 3,526 
Derivative and hedging instruments
92,650 41,932 
Notes and bonds payable4,848 226 
Consolidated CFEs(A)
16,442 16,412 
Other(B)
(23,615)(3,979)
Realized and unrealized gains (losses), net207,395 (44,846)
Other income (loss), net9,073 15,784 
Total Other Income (Loss), Net$216,468 $(29,062)
(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, residential transition loans and other.
v3.25.1
ASSET MANAGEMENT REVENUES (Tables)
 3 Months Ended
Mar. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Asset Management Revenues
The following table presents the composition of asset management revenues:
Three Months Ended March 31,
20252024
Management fees$58,986 $57,130 
Incentive income28,686 13,821 
Total Asset Management Revenues$87,672 $70,951 
Schedule of Receivables and Unearned Income and Fees
The following table presents the composition of the Company’s income and fees receivable primarily through Sculptor:
March 31, 2025December 31, 2024
Management fees receivable$33,569 $25,337 
Incentive income receivable30,895 183,335 
Total Income and Fees Receivable$64,464 $208,672 
The following table presents the Company’s unearned income and fees primarily through Sculptor:
March 31, 2025December 31, 2024
Unearned management fees$852 $12 
Unearned incentive income14,477 17,268 
Total Unearned Income and Fees$15,329 $17,280 
v3.25.1
EQUITY AND EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2025
Earnings Per Share [Abstract]  
Schedule of Preferred Shares
The table below summarizes the Company’s outstanding preferred shares:
Number of Shares
Liquidation Preference(A)
Dividends Declared per Share
March 31,
2025		December 31,
2024		March 31,
2025		December 31,
2024		Issuance Discount
Carrying Value(C)
Three Months Ended March 31,
Series(B)
20252024
Series A, issued July 2019(D)(F)(H)
4,200,068 6,200,068 $105,002 $155,002 3.15 %$99,822 $0.64 $0.47 
Series B, issued August 2019(D)(F)
11,260,712 11,260,712 281,518 281,518 3.15 %272,654 0.63 0.45 
Series C, issued February 2020(D)(G)
15,903,342 15,903,342 397,584 397,584 3.15 %385,289 0.59 0.40 
Series D, 7.00% issued September 2021(E)
18,600,000 18,600,000 465,000 465,000 3.15 %449,489 0.44 0.44 
Total49,964,122 51,964,122 $1,249,104 $1,299,104 $1,207,254 $2.30 $1.76 
(A)Each series has a liquidation preference or par value of $25.00 per share.
(B)Under certain circumstances upon a change of control, our Series A, Series B, Series C and Series D are convertible to shares of our common stock.
(C)Carrying value reflects par value less discount and issuance costs.
(D)Fixed-to-floating rate cumulative redeemable preferred.
(E)Fixed-rate reset cumulative redeemable preferred.
(F)Effective August 15, 2024, dividends on the Series A and Series B accumulate at a floating rate. For the first quarter 2025 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%.
(G)Effective February 15, 2025, dividends on the Series C accumulate at a floating rate. For the first quarter 2025 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%.
(H)The Company redeemed 2.0 million shares on the redemption date of March 28, 2025.
Schedule of Dividends Declared
Common dividends have been declared as follows:
Per Share
Declaration DatePayment DateQuarterly DividendTotal Amounts Distributed (millions)
March 20, 2024April 2024$0.25 $120.9 
June 18, 2024July 20240.25 122.4 
September 20, 2024November 20240.25 129.9 
December 16, 2024January 20250.25 130.2 
March 21, 2025April 20250.25 132.5 
Schedule of Basic and Diluted Earnings Per Share
The following table summarizes the basic and diluted EPS calculations:
Three Months Ended March 31,
20252024
Net Income$80,710 $287,487 
Noncontrolling interests in income of consolidated subsidiaries
1,086 3,452 
Redeemable noncontrolling interests in income of consolidated subsidiaries813 — 
Net Income Attributable to Rithm Capital Corp.78,811 284,035 
Change in redemption value of redeemable noncontrolling interests15,611 — 
Dividends on preferred stock26,677 22,395 
Net Income Attributable to Common Stockholders$36,523 $261,640 
Basic weighted average shares of common stock outstanding524,104,842483,336,777
Effect of Dilutive Securities(A)(B):
Stock options149897,800
Restricted stock170,438274,754
Time-based RSU awards2,842,044816,310
Performance-based RSU awards2,050,152605,860
Time vesting Class B Profit Units472,973—
Performance vesting Class B Profit Units958,957—
Diluted Weighted Average Shares of Common Stock Outstanding530,599,555485,931,501
Basic Earnings per Share Attributable to Common Stockholders$0.07 $0.54 
Diluted Earnings per Share Attributable to Common Stockholders$0.07 $0.54 
(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.
v3.25.1
INCOME TAXES (Tables)
 3 Months Ended
Mar. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income Tax Expense (Benefit)
Income tax expense (benefit) consists of the following:
Three Months Ended March 31,
20252024
Current:
Federal$6,555 $613 
State and local197 396 
Foreign10,613 1,775 
Total current income tax expense17,365 2,784 
Deferred:
Federal(30,358)76,453 
State and local(9,296)13,237 
Foreign(1,641)938 
Total deferred income tax expense (benefit)(41,295)90,628 
Total Income Tax Expense (Benefit)$(23,930)$93,412 
v3.25.1
BUSINESS AND ORGANIZATION (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2025
USD ($)
channel
Variable Interest Entity [Line Items]  
Number of channels | channel 4
IPO | Rithm Acquisition Corp  
Variable Interest Entity [Line Items]  
Sale of stock, consideration received on transaction | $ $ 230.0
v3.25.1
BUSINESS ACQUISITIONS - Schedule of Purchase Price Allocation (Details) - Computershare Mortgage Services Inc - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
May 01, 2024
Jun. 30, 2024
Dec. 31, 2024
Business Acquisition [Line Items]        
Total Consideration $ 715,458 $ 708,026 $ 715,458  
Assets:        
Residential mortgage loans, held-for-sale 2,402 2,402 2,402 $ 2,402
Servicer advances receivable 269,484 275,782 269,484 269,484
Mortgage servicing rights, at fair value 700,207 696,462 700,207 700,207
Cash and cash equivalents 101,993 102,011 101,993 101,993
Restricted cash 2,271 2,237 2,271 2,271
Other assets 83,056 84,028 83,056 83,056
Total Assets Acquired 1,159,413 1,162,922 1,159,413 1,159,413
Liabilities:        
Accrued expenses and other liabilities 225,944 236,141 225,944 225,944
Secured notes and bonds payable 190,596 190,596 190,596 190,596
Total Liabilities Assumed 416,540 426,737 416,540 416,540
Net Assets 742,873 736,185 742,873 742,873
Bargain Purchase Gain $ 27,415   $ 27,415 $ 27,400
Intangible assets acquired   16,000    
Customer relationships        
Liabilities:        
Intangible assets acquired   $ 16,000    
Finite-lived intangible assets, useful life   4 years 6 months    
v3.25.1
BUSINESS ACQUISITIONS - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
May 01, 2024
Jun. 30, 2024
Dec. 31, 2024
Business Acquisition [Line Items]        
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]       Other income (loss), net
Computershare Mortgage Services Inc        
Business Acquisition [Line Items]        
Equity interest acquired   100.00%    
Cash consideration   $ 715,500    
Bargain purchase price $ 27,415   $ 27,415 $ 27,400
Computershare Mortgage Services Inc | Customer relationships        
Business Acquisition [Line Items]        
Finite-lived intangible assets, useful life   4 years 6 months    
v3.25.1
BUSINESS ACQUISITIONS - Schedule of Measurement Period Adjustments (Details) - Computershare Mortgage Services Inc - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2024
May 01, 2024
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2024
Business Acquisition [Line Items]          
Total Consideration $ 715,458 $ 708,026   $ 715,458  
Subsequent Adjustments to Fair Value, Total consideration     $ 7,432    
Residential mortgage loans, held-for-sale 2,402 2,402 2,402 2,402 $ 2,402
Subsequent Adjustments to Fair Value, Residential mortgage loans, held-for-sale     0    
Servicer advances receivable 269,484 275,782 269,484 269,484 269,484
Subsequent Adjustments to Fair Value, Servicer advances receivable     (6,298)    
Mortgage servicing rights, at fair value 700,207 696,462 700,207 700,207 700,207
Subsequent Adjustments to Fair Value, Mortgage servicing rights, at fair value     3,745    
Cash and cash equivalents 101,993 102,011 101,993 101,993 101,993
Subsequent Adjustments to Fair Value, Cash and cash equivalents     (18)    
Restricted cash 2,271 2,237 2,271 2,271 2,271
Subsequent Adjustments to Fair Value, Restricted cash     34    
Other assets 83,056 84,028 83,056 83,056 83,056
Subsequent Adjustments to Fair Value, Other assets     (972)    
Total Assets Acquired 1,159,413 1,162,922 1,159,413 1,159,413 1,159,413
Subsequent Adjustments to Fair Value, Total Assets Acquired     (3,509)    
Accrued expenses and other liabilities 225,944 236,141 225,944 225,944 225,944
Subsequent Adjustments to Fair Value, Accrued expenses and other liabilities     (10,197)    
Secured notes and bonds payable 190,596 190,596 190,596 190,596 190,596
Subsequent Adjustments to Fair Value, Secured notes and bonds payable     0    
Total Liabilities Assumed 416,540 426,737 416,540 416,540 416,540
Subsequent Adjustments to Fair Value, Total Liabilities Assumed     (10,197)    
Net Assets 742,873 736,185 742,873 742,873 742,873
Subsequent Adjustments to Fair Value, Net Assets     6,688    
Bargain purchase gain   $ 28,159      
Subsequent Adjustments to Fair Value, Bargain Purchase Gain     $ (744)    
Bargain Purchase Gain $ 27,415     $ 27,415 $ 27,400
v3.25.1
BUSINESS ACQUISITIONS - Schedule of Unaudited Supplemental Pro Forma Financial Information (Details) - Computershare Mortgage Services Inc
$ in Thousands
 3 Months Ended
Mar. 31, 2024
USD ($)
Pro Forma  
Revenues $ 1,377,640
Income before income taxes $ 400,991
v3.25.1
SEGMENT REPORTING (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Segment Reporting Information [Line Items]        
Total Revenues $ 768,379 $ 1,260,618    
Interest expense and warehouse line fees 419,054 409,827    
Other segment expenses 212,978 173,100    
Compensation and benefits 271,467 235,778    
Depreciation and amortization 24,568 31,952    
Total Operating Expenses 928,067 850,657    
Realized and unrealized gains (losses), net 207,395 (44,846)    
Other income (loss), net 9,073 15,784    
Total Other Income (Loss), Net 216,468 (29,062)    
Income before Income Taxes 56,780 380,899    
Income tax expense (benefit) (23,930) 93,412    
Net Income 80,710 287,487    
Noncontrolling interests in income of consolidated subsidiaries 1,086 3,452    
Redeemable noncontrolling interests in income of consolidated subsidiaries 813 0    
Net Income Attributable to Rithm Capital Corp. 78,811 284,035    
Change in redemption value of redeemable noncontrolling interests 15,611 0    
Dividends on preferred stock 26,677 22,395    
Net Income Attributable to Common Stockholders 36,523 261,640    
Investments 28,593,467      
Cash and cash equivalents 1,493,834      
Restricted cash 511,698      
Other assets 9,624,211      
Goodwill 133,832   $ 133,832  
Assets of consolidated CFEs 4,972,801   5,107,826  
Total Assets 45,329,843   46,048,957  
Debt 28,024,776      
Other liabilities 4,933,020      
Liabilities of consolidated CFEs 4,230,793   4,348,244  
Total Liabilities 37,188,589   38,162,647  
Redeemable Noncontrolling Interests of Consolidated Subsidiaries 256,414   0  
Total Stockholders’ Equity 7,884,840 7,243,372 7,886,310 $ 7,101,038
Noncontrolling interests in equity of consolidated subsidiaries 108,716   91,336  
Stockholders’ Equity in Rithm Capital Corp. 7,776,124   7,794,974  
Investments in Equity Method Investees 539,915      
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 570,801 469,891    
Change in fair value of MSRs and MSR financing receivables        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues (541,916) 84,175    
Servicing revenue, net        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 28,885 554,066    
Interest income        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 441,260 434,795    
Gain on originated residential mortgage loans, held-for-sale, net        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 159,789 142,458    
Other revenues        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 50,773 58,348    
Asset management revenues        
Segment Reporting Information [Line Items]        
Total Revenues 87,672 70,951    
Mortgage Servicing Rights        
Segment Reporting Information [Line Items]        
Realization of cash flows (146,891) (116,839)    
Origination and Servicing        
Segment Reporting Information [Line Items]        
Goodwill 29,468   29,468  
Assets of consolidated CFEs 0      
Residential Transitional Lending        
Segment Reporting Information [Line Items]        
Goodwill 55,731   55,731  
Asset Management        
Segment Reporting Information [Line Items]        
Goodwill 48,633   48,633  
Operating Segments | Origination and Servicing        
Segment Reporting Information [Line Items]        
Total Revenues 498,678 1,007,519    
Interest expense and warehouse line fees 292,948 288,856    
Other segment expenses 143,767 114,506    
Compensation and benefits 172,702 157,981    
Depreciation and amortization 7,659 14,630    
Total Operating Expenses 617,076 575,973    
Realized and unrealized gains (losses), net 208,538 (65,257)    
Other income (loss), net (118) 25    
Total Other Income (Loss), Net 208,420 (65,232)    
Income before Income Taxes 90,022 366,314    
Income tax expense (benefit) (56,694) 96,201    
Net Income 146,716 270,113    
Noncontrolling interests in income of consolidated subsidiaries 354 55    
Redeemable noncontrolling interests in income of consolidated subsidiaries 0      
Net Income Attributable to Rithm Capital Corp. 146,362 270,058    
Change in redemption value of redeemable noncontrolling interests 0      
Dividends on preferred stock 0 0    
Net Income Attributable to Common Stockholders 146,362 270,058    
Investments 22,756,176      
Cash and cash equivalents 1,000,135      
Restricted cash 174,176      
Other assets 6,166,441      
Goodwill 29,468      
Total Assets 30,126,396   32,418,256  
Debt 20,352,469      
Other liabilities 4,248,496      
Liabilities of consolidated CFEs 0      
Total Liabilities 24,600,965      
Redeemable Noncontrolling Interests of Consolidated Subsidiaries 0      
Total Stockholders’ Equity 5,525,431      
Noncontrolling interests in equity of consolidated subsidiaries 9,100      
Stockholders’ Equity in Rithm Capital Corp. 5,516,331      
Investments in Equity Method Investees 25,179      
Operating Segments | Origination and Servicing | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 570,801 469,891    
Operating Segments | Origination and Servicing | Change in fair value of MSRs and MSR financing receivables        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues (541,916) 84,175    
Operating Segments | Origination and Servicing | Servicing revenue, net        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 28,885 554,066    
Operating Segments | Origination and Servicing | Interest income        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 292,561 275,205    
Operating Segments | Origination and Servicing | Gain on originated residential mortgage loans, held-for-sale, net        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 151,494 145,869    
Operating Segments | Origination and Servicing | Other revenues        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 25,738 32,379    
Operating Segments | Origination and Servicing | Asset management revenues        
Segment Reporting Information [Line Items]        
Total Revenues 0 0    
Operating Segments | Investment Portfolio        
Segment Reporting Information [Line Items]        
Total Revenues 105,120 112,517    
Interest expense and warehouse line fees 59,636 70,392    
Other segment expenses 22,992 21,541    
Compensation and benefits 1,162 568    
Depreciation and amortization 7,954 7,742    
Total Operating Expenses 91,744 100,243    
Realized and unrealized gains (losses), net 3,094 2,687    
Other income (loss), net 1,489 11,479    
Total Other Income (Loss), Net 4,583 14,166    
Income before Income Taxes 17,959 26,440    
Income tax expense (benefit) (8,512) 1,248    
Net Income 26,471 25,192    
Noncontrolling interests in income of consolidated subsidiaries 728 2,037    
Redeemable noncontrolling interests in income of consolidated subsidiaries 0      
Net Income Attributable to Rithm Capital Corp. 25,743 23,155    
Change in redemption value of redeemable noncontrolling interests 0      
Dividends on preferred stock 0 0    
Net Income Attributable to Common Stockholders 25,743 23,155    
Investments 3,502,073      
Cash and cash equivalents 24,149      
Restricted cash 52,068      
Other assets 2,271,563      
Goodwill 0      
Assets of consolidated CFEs 2,718,096      
Total Assets 8,567,949   7,463,738  
Debt 4,252,015      
Other liabilities 419,235      
Liabilities of consolidated CFEs 2,310,483      
Total Liabilities 6,981,733      
Redeemable Noncontrolling Interests of Consolidated Subsidiaries 0      
Total Stockholders’ Equity 1,586,216      
Noncontrolling interests in equity of consolidated subsidiaries 58,688      
Stockholders’ Equity in Rithm Capital Corp. 1,527,528      
Investments in Equity Method Investees 294,756      
Operating Segments | Investment Portfolio | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Investment Portfolio | Change in fair value of MSRs and MSR financing receivables        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Investment Portfolio | Servicing revenue, net        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Investment Portfolio | Interest income        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 71,790 89,959    
Operating Segments | Investment Portfolio | Gain on originated residential mortgage loans, held-for-sale, net        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 8,295 (3,411)    
Operating Segments | Investment Portfolio | Other revenues        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 25,035 25,969    
Operating Segments | Investment Portfolio | Asset management revenues        
Segment Reporting Information [Line Items]        
Total Revenues 0 0    
Operating Segments | Residential Transitional Lending        
Segment Reporting Information [Line Items]        
Total Revenues 66,508 64,720    
Interest expense and warehouse line fees 31,701 32,414    
Other segment expenses 4,831 3,187    
Compensation and benefits 14,391 11,303    
Depreciation and amortization 1,567 1,567    
Total Operating Expenses 52,490 48,471    
Realized and unrealized gains (losses), net 2,043 24,566    
Other income (loss), net (141) 274    
Total Other Income (Loss), Net 1,902 24,840    
Income before Income Taxes 15,920 41,089    
Income tax expense (benefit) (1,090) (333)    
Net Income 17,010 41,422    
Noncontrolling interests in income of consolidated subsidiaries 0 0    
Redeemable noncontrolling interests in income of consolidated subsidiaries 0      
Net Income Attributable to Rithm Capital Corp. 17,010 41,422    
Change in redemption value of redeemable noncontrolling interests 0      
Dividends on preferred stock 0 0    
Net Income Attributable to Common Stockholders 17,010 41,422    
Investments 2,335,218      
Cash and cash equivalents 47,107      
Restricted cash 34,673      
Other assets 204,183      
Goodwill 55,731      
Assets of consolidated CFEs 990,168      
Total Assets 3,667,080   3,439,075  
Debt 1,934,141      
Other liabilities 26,469      
Liabilities of consolidated CFEs 860,843      
Total Liabilities 2,821,453      
Redeemable Noncontrolling Interests of Consolidated Subsidiaries 0      
Total Stockholders’ Equity 845,627      
Noncontrolling interests in equity of consolidated subsidiaries 0      
Stockholders’ Equity in Rithm Capital Corp. 845,627      
Investments in Equity Method Investees 14,407      
Operating Segments | Residential Transitional Lending | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Residential Transitional Lending | Change in fair value of MSRs and MSR financing receivables        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Residential Transitional Lending | Servicing revenue, net        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Residential Transitional Lending | Interest income        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 66,508 64,720    
Operating Segments | Residential Transitional Lending | Gain on originated residential mortgage loans, held-for-sale, net        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Residential Transitional Lending | Other revenues        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Residential Transitional Lending | Asset management revenues        
Segment Reporting Information [Line Items]        
Total Revenues 0 0    
Operating Segments | Asset Management        
Segment Reporting Information [Line Items]        
Total Revenues 97,085 75,860    
Interest expense and warehouse line fees 14,089 7,621    
Other segment expenses 31,591 23,922    
Compensation and benefits 65,330 63,112    
Depreciation and amortization 7,384 8,013    
Total Operating Expenses 118,394 102,668    
Realized and unrealized gains (losses), net (6,280) (6,842)    
Other income (loss), net 7,838 3,969    
Total Other Income (Loss), Net 1,558 (2,873)    
Income before Income Taxes (19,751) (29,681)    
Income tax expense (benefit) 42,366 (3,704)    
Net Income (62,117) (25,977)    
Noncontrolling interests in income of consolidated subsidiaries 4 1,360    
Redeemable noncontrolling interests in income of consolidated subsidiaries 3      
Net Income Attributable to Rithm Capital Corp. (62,124) (27,337)    
Change in redemption value of redeemable noncontrolling interests 0      
Dividends on preferred stock 0 0    
Net Income Attributable to Common Stockholders (62,124) (27,337)    
Investments 0      
Cash and cash equivalents 130,300      
Restricted cash 19,971      
Other assets 977,086      
Goodwill 48,633      
Assets of consolidated CFEs 1,264,537      
Total Assets 2,440,527   2,508,130  
Debt 451,192      
Other liabilities (12,881)      
Liabilities of consolidated CFEs 1,059,467      
Total Liabilities 1,497,778      
Redeemable Noncontrolling Interests of Consolidated Subsidiaries 25,604      
Total Stockholders’ Equity 917,145      
Noncontrolling interests in equity of consolidated subsidiaries 40,928      
Stockholders’ Equity in Rithm Capital Corp. 876,217      
Investments in Equity Method Investees 205,573      
Operating Segments | Asset Management | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Asset Management | Change in fair value of MSRs and MSR financing receivables        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Asset Management | Servicing revenue, net        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Asset Management | Interest income        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 9,413 4,909    
Operating Segments | Asset Management | Gain on originated residential mortgage loans, held-for-sale, net        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Asset Management | Other revenues        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Asset Management | Asset management revenues        
Segment Reporting Information [Line Items]        
Total Revenues 87,672 70,951    
Operating Segments | Corporate Category        
Segment Reporting Information [Line Items]        
Total Revenues 988 2    
Interest expense and warehouse line fees 20,680 10,544    
Other segment expenses 9,797 9,944    
Compensation and benefits 17,882 2,814    
Depreciation and amortization 4 0    
Total Operating Expenses 48,363 23,302    
Realized and unrealized gains (losses), net 0 0    
Other income (loss), net 5 37    
Total Other Income (Loss), Net 5 37    
Income before Income Taxes (47,370) (23,263)    
Income tax expense (benefit) 0 0    
Net Income (47,370) (23,263)    
Noncontrolling interests in income of consolidated subsidiaries 0 0    
Redeemable noncontrolling interests in income of consolidated subsidiaries 810      
Net Income Attributable to Rithm Capital Corp. (48,180) (23,263)    
Change in redemption value of redeemable noncontrolling interests 15,611      
Dividends on preferred stock 26,677 22,395    
Net Income Attributable to Common Stockholders (90,468) (45,658)    
Investments 0      
Cash and cash equivalents 292,143      
Restricted cash 230,810      
Other assets 4,938      
Goodwill 0      
Assets of consolidated CFEs 0      
Total Assets 527,891   $ 219,758  
Debt 1,034,959      
Other liabilities 251,701      
Liabilities of consolidated CFEs 0      
Total Liabilities 1,286,660      
Redeemable Noncontrolling Interests of Consolidated Subsidiaries 230,810      
Total Stockholders’ Equity (989,579)      
Noncontrolling interests in equity of consolidated subsidiaries 0      
Stockholders’ Equity in Rithm Capital Corp. (989,579)      
Investments in Equity Method Investees 0      
Operating Segments | Corporate Category | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Corporate Category | Change in fair value of MSRs and MSR financing receivables        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Corporate Category | Servicing revenue, net        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Corporate Category | Interest income        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 988 2    
Operating Segments | Corporate Category | Gain on originated residential mortgage loans, held-for-sale, net        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Corporate Category | Other revenues        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 0 0    
Operating Segments | Corporate Category | Asset management revenues        
Segment Reporting Information [Line Items]        
Total Revenues $ 0 $ 0    
v3.25.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Rollforward of Carrying Value of Investments In MSRs (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Activity related to carrying value of investments in mortgage servicing rights [Roll Forward]  
Beginning balance $ 10,321,671
Originations 348,988
Sales 664
Realization of cash flows (148,042)
Change in valuation inputs and assumptions (390,240)
Ending balance 10,133,041
Capitalized amount $ 29,800
v3.25.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of Servicing Fee Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Schedule of Investments in Mortgage Servicing Rights [Line Items]    
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Revenue  
Ancillary Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] Revenue  
Change in valuation inputs and assumptions, net of realized gains (losses) $ 390,240  
Excess spread financing 1,200  
Change in valuation and assumptions, excess spread financing (4,800)  
MSRs    
Schedule of Investments in Mortgage Servicing Rights [Line Items]    
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables 526,810 $ 430,114
Ancillary and other fees 43,991 39,777
Servicing fee revenue, net and fees 570,801 469,891
Amortization of Mortgage Servicing Rights (MSRs) (146,891) (116,839)
Change in valuation inputs and assumptions, net of realized gains (losses) (395,025) 201,014
Servicing revenue, net $ 28,885 $ 554,066
v3.25.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of Investment in MSRs and MSR Financing Receivables (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Schedule of Mortgage Servicing Rights [Line Items]      
Weighted Average Life (Years) 3 years 8 months 12 days    
Carrying Value $ 10,133,041 $ 10,321,671  
Residential mortgage loans subject to repurchase 2,432,605 2,745,756 $ 1,845,889
Mortgage Servicing Rights and Mortgage Servicing Rights Financing Receivable      
Schedule of Mortgage Servicing Rights [Line Items]      
UPB of Underlying Mortgages $ 591,114,997 $ 590,214,351  
Weighted Average Life (Years) 6 years 3 months 18 days 6 years 4 months 24 days  
Carrying Value $ 10,133,041 $ 10,321,671  
MSRs | Weighted Average      
Schedule of Mortgage Servicing Rights [Line Items]      
Discount rate 8.90% 8.90%  
MSRs | Minimum      
Schedule of Mortgage Servicing Rights [Line Items]      
Discount rate 8.80% 8.70%  
MSRs | Maximum      
Schedule of Mortgage Servicing Rights [Line Items]      
Discount rate 10.30% 10.30%  
GSE | MSRs      
Schedule of Mortgage Servicing Rights [Line Items]      
UPB of Underlying Mortgages $ 382,089,209 $ 383,014,320  
Weighted Average Life (Years) 6 years 4 months 24 days 6 years 6 months  
Carrying Value $ 6,195,239 $ 6,413,199  
Non-Agency | MSRs      
Schedule of Mortgage Servicing Rights [Line Items]      
UPB of Underlying Mortgages $ 69,089,498 $ 70,022,636  
Weighted Average Life (Years) 5 years 4 months 24 days 5 years 4 months 24 days  
Carrying Value $ 830,163 $ 836,408  
Ginnie Mae | MSRs      
Schedule of Mortgage Servicing Rights [Line Items]      
UPB of Underlying Mortgages $ 139,936,290 $ 137,177,395  
Weighted Average Life (Years) 6 years 3 months 18 days 6 years 4 months 24 days  
Carrying Value $ 3,107,639 $ 3,072,064  
v3.25.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Schedule of MSRs [Line Items]      
Residential mortgage loan repurchase liability $ 2,432,605   $ 2,745,756
Residential mortgage loans, HFS [1] 3,156,350   4,374,241
Reserve for non-recovery advances $ 128,791   $ 121,396
Reserve for non-recovery advances, percent 4.30%   3.70%
Onity Group Inc. | Rithm Capital      
Schedule of MSRs [Line Items]      
UPB $ 86,800,000    
Unpaid principal balance of underlying loans, not yet transferred $ 10,200,000    
PHH Mortgage Corporation      
Schedule of MSRs [Line Items]      
Subservicer percent of UPB 6.00%    
Valon      
Schedule of MSRs [Line Items]      
Subservicer percent of UPB 3.90%    
Newrez And Caliber      
Schedule of MSRs [Line Items]      
Subservicer percent of UPB 90.10%    
Ocwen      
Schedule of MSRs [Line Items]      
UPB $ 110,000,000    
Ginnie Mae Loans      
Schedule of MSRs [Line Items]      
Residential mortgage loans, HFS 500,000    
Mortgage Loans Subserviced      
Schedule of MSRs [Line Items]      
UPB 244,200,000   $ 242,900,000
Subservicing revenue $ 76,000 $ 38,100  
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. 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 March 31, 2025 and December 31, 2024, total assets of such consolidated VIEs were $6.4 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $5.0 billion and $5.2 billion, respectively. See Note 20 for further details.
v3.25.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Summary of the Geographic Distribution of the Underlying Residential Mortgage Loans of the MSRs (Details) - MSRs - Mortgage Loans
Mar. 31, 2025
Dec. 31, 2024
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 100.00% 100.00%
California    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 16.40% 16.50%
Florida    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 8.20% 8.20%
Texas    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 6.60% 6.60%
New York    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 5.70% 5.70%
Washington    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 5.20% 5.20%
New Jersey    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 4.10% 4.10%
Virginia    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 3.70% 3.70%
Maryland    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 3.40% 3.40%
Illinois    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 3.30% 3.30%
Georgia    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 3.10% 3.10%
Other U.S.    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 40.30% 40.20%
v3.25.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of Advances Included in Servicing Advances Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Transfers and Servicing [Abstract]    
Principal and interest advances $ 588,004 $ 640,723
Escrow advances (taxes and insurance advances) 1,503,455 1,733,426
Foreclosure advances 924,809 950,092
Gross advance balance 3,016,268 3,324,241
Reserves, impairment, unamortized discount, net of recovery accruals (141,753) (125,320)
Total 2,874,515 3,198,921
Servicer advances receivable related to agency MSRs 575,300 673,700
Servicer advances receivable related to Ginnie Mae MSRS, recoverable from Ginnie Mae $ 465,200 $ 529,300
v3.25.1
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Summary of Reserve For Servicer Advances (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Servicer Advances Reserve [Roll Forward]  
Beginning balance $ 121,396
Provision 12,877
Write-offs (5,482)
Ending balance $ 128,791
v3.25.1
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES - Summary of Real Estate Securities (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
security
Dec. 31, 2024
USD ($)
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 17,078,481 $ 15,878,274
Carrying Value $ 8,657,974 7,245,667
Weighted Average Life (Years) 3 years 8 months 12 days  
AFS Agency    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 68,354  
Gross Unrealized Gains 0  
Gross Unrealized Losses 0  
Carrying Value $ 60,630 60,135
Number of Securities | security 1  
Weighted Average Coupon 3.50%  
Weighted Average Yield 3.50%  
Weighted Average Life (Years) 11 years 2 months 12 days  
FVO Agency    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 7,827,454  
Gross Unrealized Gains 61,666  
Gross Unrealized Losses (10,200)  
Carrying Value $ 7,691,274 6,390,508
Number of Securities | security 23  
Weighted Average Coupon 5.10%  
Weighted Average Yield 5.10%  
Weighted Average Life (Years) 7 years 10 months 24 days  
FVO Non-Agency    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 3,250,000  
Gross Unrealized Gains 14,648  
Gross Unrealized Losses 0  
Carrying Value $ 3,272,031 3,260,703
Number of Securities | security 3  
Weighted Average Coupon 4.50%  
Weighted Average Yield 4.50%  
Weighted Average Life (Years) 1 year 4 months 24 days  
Agency And Non-Agency Residential Mortgage Backed Securities    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 11,145,808  
Gross Unrealized Gains 76,314  
Gross Unrealized Losses (10,200)  
Carrying Value $ 11,023,935 $ 9,711,346
Number of Securities | security 27  
Weighted Average Coupon 4.90%  
Weighted Average Yield 4.90%  
Weighted Average Life (Years) 6 years  
v3.25.1
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES - Summary of Real Estate and Other Securities for Held to Maturity (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
security
Dec. 31, 2024
USD ($)
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Outstanding Face Amount $ 17,078,481 $ 15,878,274
Weighted Average Life (Years) 3 years 8 months 12 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  
Amortized Cost / Carrying Value 24,766 $ 24,770
Fair Value 24,767  
Unrecognized Gains /(Losses) $ 1  
Number of Securities | security 1  
Weighted Average Yield 4.20%  
Weighted Average Life (Years) 2 months 12 days  
v3.25.1
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES - Schedule of Investment in Real Estate Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Treasury    
Purchases:    
Face $ 25,000 $ 4,800,000
Purchase price 24,732 4,773,892
Sales:    
Face 0 0
Amortized cost 0 0
Sale price 0 0
Gain (loss) on sale 0 0
Agency    
Purchases:    
Face 1,355,800 1,287,034
Purchase price 1,326,895 1,255,894
Sales:    
Face 1,274 0
Amortized cost 1,349 0
Sale price 1,291 0
Gain (loss) on sale $ (58) $ 0
v3.25.1
RESIDENTIAL MORTGAGE LOANS - Residential Mortgage Loans Outstanding by Loan Type, Excluding REO (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Outstanding Face Amount $ 35,000  
Weighted Average Life (Years) 3 years 8 months 12 days  
Consolidated Investments    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Outstanding Face Amount $ 2,866,929  
Carrying Value $ 2,703,112 $ 2,791,027
Loan Count | loan 7,503  
Weighted Average Yield 5.80%  
Weighted Average Life (Years) 25 years 7 months 6 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 $ 384,304  
Carrying Value $ 354,003 361,890
Loan Count | loan 7,220  
Weighted Average Yield 8.00%  
Weighted Average Life (Years) 4 years 8 months 12 days  
Total Residential Mortgage Loans, HFS    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Outstanding Face Amount $ 72,641  
Carrying Value $ 64,248 66,670
Loan Count | loan 1,848  
Weighted Average Yield 7.60%  
Weighted Average Life (Years) 4 years 2 months 12 days  
Acquired performing loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Outstanding Face Amount $ 54,503  
Carrying Value $ 49,558 51,011
Loan Count | loan 1,629  
Weighted Average Yield 7.00%  
Weighted Average Life (Years) 4 years 3 months 18 days  
Acquired performing loans | Ginnie Mae    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
UPB $ 226,300  
Acquired non-performing loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Outstanding Face Amount 18,138  
Carrying Value $ 14,690 15,659
Loan Count | loan 219  
Weighted Average Yield 9.40%  
Weighted Average Life (Years) 4 years  
Acquired non-performing loans | Ginnie Mae    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
UPB $ 273,800  
Total 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 3,047,797  
Carrying Value $ 3,092,102 4,307,571
Loan Count | loan 11,440  
Weighted Average Yield 6.50%  
Weighted Average Life (Years) 27 years 9 months 18 days  
Acquired performing loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Outstanding Face Amount $ 339,705  
Carrying Value $ 328,564 408,421
Loan Count | loan 1,582  
Weighted Average Yield 5.80%  
Weighted Average Life (Years) 22 years 2 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 $ 285,134  
Carrying Value $ 263,040 270,879
Loan Count | loan 1,302  
Weighted Average Yield 5.00%  
Weighted Average Life (Years) 27 years 6 months  
Originated loans    
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]    
Outstanding Face Amount $ 2,422,958  
Carrying Value $ 2,500,498 $ 3,628,271
Loan Count | loan 8,556  
Weighted Average Yield 6.80%  
Weighted Average Life (Years) 28 years 7 months 6 days  
v3.25.1
RESIDENTIAL MORTGAGE LOANS - Schedule of Aggregate Unpaid Principal Balance and Aggregate Carrying Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 434,124 $ 393,786
90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 0 0
Carrying Value 0 0
Carrying Value Over (Under) UPB 0 0
Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 543,887 518,856
Carrying Value 451,841 425,366
Carrying Value Over (Under) UPB (92,046) (93,490)
Residential Mortgage Loans | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 3,149,818 4,377,435
Carrying Value 3,186,176 4,400,113
Carrying Value Over (Under) UPB 36,358 22,678
Residential Mortgage Loans | 90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 354,924 369,118
Carrying Value 324,177 336,018
Carrying Value Over (Under) UPB (30,747) (33,100)
Residential Mortgage Loans | Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 3,504,742 4,746,553
Carrying Value 3,510,353 4,736,131
Carrying Value Over (Under) UPB $ 5,611 $ (10,422)
v3.25.1
RESIDENTIAL MORTGAGE LOANS - Carrying Value of Mortgage Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]    
Balance, beginning [1] $ 4,374,241  
Valuation (provision) reversal on loans 2,042 $ (462)
Balance, ending [1] 3,156,350  
Residential Portfolio Segment    
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]    
Balance, beginning 4,736,131  
Originations 11,879,050  
Sales (13,558,301)  
Purchases/additional fundings 476,410  
Proceeds from repayments (36,720)  
Transfer of loans from (to) other assets 10,403  
Transfer of loans to REO (1,158)  
Valuation (provision) reversal on loans 508  
Changes in instrument-specific credit risk (5,946)  
Other factors 9,976  
Balance, ending 3,510,353  
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 361,890  
Originations 0  
Sales 0  
Purchases/additional fundings 0  
Proceeds from repayments (10,287)  
Transfer of loans from (to) other assets 0  
Transfer of loans to REO (846)  
Valuation (provision) reversal on loans 0  
Changes in instrument-specific credit risk (1,353)  
Other factors 4,599  
Balance, ending 354,003  
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 66,670  
Originations 0  
Sales 0  
Purchases/additional fundings 0  
Proceeds from repayments (2,223)  
Transfer of loans from (to) other assets (579)  
Transfer of loans to REO (128)  
Valuation (provision) reversal on loans 508  
Changes in instrument-specific credit risk 0  
Other factors 0  
Balance, ending 64,248  
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 4,307,571  
Originations 11,879,050  
Sales (13,558,301)  
Purchases/additional fundings 476,410  
Proceeds from repayments (24,210)  
Transfer of loans from (to) other assets 10,982  
Transfer of loans to REO (184)  
Valuation (provision) reversal on loans 0  
Changes in instrument-specific credit risk (4,593)  
Other factors 5,377  
Balance, ending $ 3,092,102  
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. 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 March 31, 2025 and December 31, 2024, total assets of such consolidated VIEs were $6.4 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $5.0 billion and $5.2 billion, respectively. See Note 20 for further details.
v3.25.1
RESIDENTIAL MORTGAGE LOANS - Schedule of Gain on Sale of Originated Mortgage Loans, Net (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Long Lived Assets Held-for-sale [Line Items]    
Gain (loss) on residential mortgage loans originated and sold, net $ (159,650,000) $ (124,113,000)
Gain (loss) on settlement of residential mortgage loan origination derivative instruments 12,789,000 (15,524,000)
MSRs retained on transfer of residential mortgage loans 319,148,000 215,939,000
Other 21,982,000 6,493,000
Realized gain on sale of originated residential mortgage loans, net 194,269,000 82,795,000
Gain on Originated Residential Mortgage Loans, HFS, Net 159,789,000 142,458,000
Loan origination fees and direct loan origination costs 197,600,000 177,700,000
Gain on residential mortgage loan securitizations 15,400,000 0
Change in fair value of interest rate lock commitments    
Long Lived Assets Held-for-sale [Line Items]    
Change in fair value of derivative instruments 23,093,000 7,485,000
Change in fair value of derivative instruments    
Long Lived Assets Held-for-sale [Line Items]    
Change in fair value of derivative instruments (70,172,000) 37,910,000
Change in fair value of residential mortgage loans    
Long Lived Assets Held-for-sale [Line Items]    
Change in fair value of residential mortgage loans $ 12,599,000 $ 14,268,000
v3.25.1
CONSUMER LOANS - Narrative (Details) - SpringCastle
$ in Millions
Jun. 28, 2024
USD ($)
Schedule of Consumer Loans [Line Items]  
Ownership interest 46.50%
Purchases $ 22.0
Ownership percentage 100.00%
v3.25.1
CONSUMER LOANS - Summary of Investment in Consumer Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Schedule of Consumer Loans [Line Items]    
Weighted Average Expected Life (Years) 3 years 8 months 12 days  
Consumer Portfolio Segment    
Schedule of Consumer Loans [Line Items]    
UPB $ 663,117 $ 767,623
Carrying Value $ 554,168 $ 665,565
Weighted Average Coupon 13.10% 12.90%
Weighted Average Expected Life (Years) 1 year 7 months 6 days 1 year 9 months 18 days
Consumer Portfolio Segment | SpringCastle    
Schedule of Consumer Loans [Line Items]    
UPB $ 192,644 $ 208,306
Carrying Value $ 201,468 $ 219,308
Weighted Average Coupon 18.00% 18.10%
Weighted Average Expected Life (Years) 3 years 8 months 12 days 3 years 9 months 18 days
Consumer Portfolio Segment | Marcus    
Schedule of Consumer Loans [Line Items]    
UPB $ 470,473 $ 559,317
Carrying Value $ 352,700 $ 446,257
Weighted Average Coupon 11.10% 11.00%
Weighted Average Expected Life (Years) 9 months 18 days 1 year
v3.25.1
CONSUMER LOANS - Schedule of Aggregate Unpaid Principal Balance and Aggregate Carrying Value (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Notes receivable $ 434,124 $ 393,786
90+    
Schedule of Equity Method Investments [Line Items]    
UPB 0 0
Notes receivable 0 0
Carrying Value Over (Under) UPB 0 0
Past Due    
Schedule of Equity Method Investments [Line Items]    
UPB 543,887 518,856
Notes receivable 451,841 425,366
Carrying Value Over (Under) UPB (92,046) (93,490)
Consumer Portfolio Segment | Current | Total Rithm Capital Stockholders’ Equity | SpringCastle    
Schedule of Equity Method Investments [Line Items]    
UPB 188,399 203,923
Notes receivable 197,088 214,746
Carrying Value Over (Under) UPB 8,689 10,823
Consumer Portfolio Segment | Current | Total Rithm Capital Stockholders’ Equity | Marcus    
Schedule of Equity Method Investments [Line Items]    
UPB 337,889 438,712
Notes receivable 338,903 438,712
Carrying Value Over (Under) UPB 1,014 0
Consumer Portfolio Segment | 90+ | Total Rithm Capital Stockholders’ Equity | SpringCastle    
Schedule of Equity Method Investments [Line Items]    
UPB 4,245 4,383
Notes receivable 4,380 4,562
Carrying Value Over (Under) UPB 135 179
Consumer Portfolio Segment | 90+ | Total Rithm Capital Stockholders’ Equity | Marcus    
Schedule of Equity Method Investments [Line Items]    
UPB 132,584 120,605
Notes receivable 13,797 7,545
Carrying Value Over (Under) UPB (118,787) (113,060)
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity    
Schedule of Equity Method Investments [Line Items]    
UPB 663,117 767,623
Notes receivable 554,168 665,565
Carrying Value Over (Under) UPB (108,949) (102,058)
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity | SpringCastle    
Schedule of Equity Method Investments [Line Items]    
UPB 192,644 208,306
Notes receivable 201,468 219,308
Carrying Value Over (Under) UPB 8,824 11,002
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity | Marcus    
Schedule of Equity Method Investments [Line Items]    
UPB 470,473 559,317
Notes receivable 352,700 446,257
Carrying Value Over (Under) UPB $ (117,773) $ (113,060)
v3.25.1
CONSUMER LOANS - Carrying Value of Consumer Loans (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Loans Receivable [Roll Forward]    
Proceeds from repayments $ (10,287) $ (12,187)
Accretion of loan discount and premium amortization, net 12,006 $ 21,224
Other factors 1,444  
Consumer Portfolio Segment | Performing Financial Instruments    
Loans Receivable [Roll Forward]    
Beginning balance 665,565  
Additional fundings 6,595  
Proceeds from repayments (111,102)  
Accretion of loan discount and premium amortization, net 5,923  
Changes in instrument-specific credit risk (2,003)  
Other factors (10,810)  
Ending balance $ 554,168  
v3.25.1
SINGLE-FAMILY RENTAL PROPERTIES - Net Carrying Value (Details) - Single Family - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Real Estate [Line Items]    
Land $ 189,549 $ 191,992
Building 758,198 767,966
Capital improvements 152,761 150,811
Total gross investment in SFR properties 1,100,508 1,110,769
Accumulated depreciation (88,522) (82,474)
Investment in SFR Properties, Net $ 1,011,986 $ 1,028,295
v3.25.1
SINGLE-FAMILY RENTAL PROPERTIES - Narrative (Details) - Single Family - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Real Estate [Line Items]      
Accumulated depreciation $ 7,410 $ 7,700  
Capitalized acquisition costs $ 7,100   $ 7,000
Minimum      
Real Estate [Line Items]      
Lease term 1 year    
Maximum      
Real Estate [Line Items]      
Lease term 2 years    
v3.25.1
SINGLE-FAMILY RENTAL PROPERTIES - Activity in Single-Family Rental Properties (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Real Estate Investment Property, Net [Roll Forward]    
Beginning balance $ 1,028,295  
Ending balance 1,011,986  
SFR Properties HFI    
Real Estate Investment Property, Net [Roll Forward]    
Beginning balance 989,002  
Acquisitions and capital improvements 3,237  
Transfers to (from) HFS/HFI 10,864  
Dispositions 0  
Depreciation expense (7,410)  
Ending balance 995,693  
SFR Properties HFS    
Real Estate Investment Property, Net [Roll Forward]    
Beginning balance 39,293  
Acquisitions and capital improvements 0  
Transfers to (from) HFS/HFI (10,864)  
Dispositions (12,136)  
Depreciation expense 0  
Ending balance 16,293  
Single Family    
Real Estate Investment Property, Net [Roll Forward]    
Beginning balance 1,028,295  
Acquisitions and capital improvements 3,237  
Transfers to (from) HFS/HFI 0  
Dispositions (12,136)  
Depreciation expense (7,410) $ (7,700)
Ending balance $ 1,011,986  
v3.25.1
SINGLE-FAMILY RENTAL PROPERTIES - Schedule of Rental and Variable Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Real Estate [Abstract]    
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Other income (loss), net, Revenue Other income (loss), net, Revenue
Rental revenue $ 19,402 $ 18,949
Other variable revenue 2,330 593
Total $ 21,732 $ 19,542
v3.25.1
SINGLE-FAMILY RENTAL PROPERTIES - Revenue to be Received (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Real Estate [Line Items]  
Total $ 32,700
Single Family  
Real Estate [Line Items]  
2026 37,664
2027 and thereafter 12,385
Total $ 50,049
v3.25.1
SINGLE-FAMILY RENTAL PROPERTIES - Activity in Single-Family Rental Portfolio by Units (Details)
 3 Months Ended
Mar. 31, 2025
property
SFR Properties HFI  
Real Estate Investment Property, Net [Roll Forward]  
Beginning balance 3,891
Acquisition of SFR properties 0
Transfer to (from) HFS/HFI 45
Disposition of SFR properties 0
Ending balance 3,936
SFR Properties HFS  
Real Estate Investment Property, Net [Roll Forward]  
Beginning balance 158
Acquisition of SFR properties 0
Transfer to (from) HFS/HFI (45)
Disposition of SFR properties (42)
Ending balance 71
Single Family  
Real Estate Investment Property, Net [Roll Forward]  
Beginning balance 4,049
Acquisition of SFR properties 0
Transfer to (from) HFS/HFI 0
Disposition of SFR properties (42)
Ending balance 4,007
v3.25.1
RESIDENTIAL TRANSITION LOANS - Summary of Residential Transition Loans (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
loan
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 451,841 $ 425,366
Residential Transitional Lending    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 3,273,750 $ 3,140,267
% of Portfolio 100.00% 100.00%
Loan Count | loan 1,484 1,535
% of Portfolio 100.00% 100.00%
Weighted Average Yield 10.60% 10.70%
Weighted Average Original Life (Months) 20 years 4 months 24 days 20 years 4 months 24 days
Residential Transitional Lending | Consolidated Entity, Excluding Consolidated VIE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 2,335,218 $ 2,178,075
Residential Transitional Lending | Variable Interest Entity, Primary Beneficiary    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value 938,532 962,192
Residential Transitional Lending | Construction    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 1,421,552 $ 1,427,213
% of Portfolio 43.40% 45.40%
Loan Count | loan 477 490
% of Portfolio 32.10% 31.90%
Weighted Average Yield 11.40% 11.40%
Weighted Average Original Life (Months) 19 years 9 months 18 days 20 years
Weighted Average Committed Loan Balance to Value, LTC 72.00% 72.70%
Weighted Average Committed Loan Balance to Value, LTARV 62.00% 62.20%
Residential Transitional Lending | Construction | Consolidated Entity, Excluding Consolidated VIE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 1,003,657 $ 935,142
Residential Transitional Lending | Construction | Variable Interest Entity, Primary Beneficiary    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value 417,895 492,071
Residential Transitional Lending | Bridge    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 1,446,029 $ 1,336,389
% of Portfolio 44.20% 42.60%
Loan Count | loan 570 600
% of Portfolio 38.50% 39.10%
Weighted Average Yield 10.00% 10.00%
Weighted Average Original Life (Months) 23 years 7 months 6 days 23 years 10 months 24 days
Weighted Average Committed Loan Balance to Value 66.60% 66.60%
Residential Transitional Lending | Bridge | Consolidated Entity, Excluding Consolidated VIE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 1,063,102 $ 972,443
Residential Transitional Lending | Bridge | Variable Interest Entity, Primary Beneficiary    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value 382,927 363,946
Residential Transitional Lending | Renovation    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 406,169 $ 376,665
% of Portfolio 12.40% 12.00%
Loan Count | loan 437 445
% of Portfolio 29.40% 29.00%
Weighted Average Yield 10.30% 10.50%
Weighted Average Original Life (Months) 14 years 9 months 18 days 12 years 9 months 18 days
Weighted Average Committed Loan Balance to Value, LTC 83.40% 82.80%
Weighted Average Committed Loan Balance to Value, LTARV 68.40% 68.20%
Residential Transitional Lending | Renovation | Consolidated Entity, Excluding Consolidated VIE    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 268,459 $ 270,490
Residential Transitional Lending | Renovation | Variable Interest Entity, Primary Beneficiary    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 137,710 $ 106,175
v3.25.1
RESIDENTIAL TRANSITION LOANS - Schedule of Residential Transition Loans, at Fair Value (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Financing Receivable [Roll Forward]  
Beginning balance $ 425,366
Repayments and sales (15,000)
Other factors 1,444
Ending balance 451,841
Residential Transitional Lending  
Financing Receivable [Roll Forward]  
Beginning balance 3,140,267
Changes in instrument-specific credit risk (8,561)
Ending balance 3,273,750
Residential Transitional Lending | Consolidated Entity, Excluding Consolidated VIE  
Financing Receivable [Roll Forward]  
Beginning balance 2,178,075
Initial loan advances 526,672
Construction holdbacks and draws 248,857
Repayments and sales (353,127)
Purchased loans discount (premium) amortization 27
Transfer of loans to REO (1,206)
Transfers to assets of consolidated CFEs (263,356)
Other factors 7,837
Ending balance $ 2,335,218
v3.25.1
RESIDENTIAL TRANSITION LOANS - Past Due Residential Transition Loans (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 434,124 $ 393,786
90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 0 0
Carrying Value 0 0
Carrying Value Over (Under) UPB 0 0
Residential Transitional Lending    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 2,330,788 2,172,713
Carrying Value 2,335,218 2,178,075
Carrying Value Over (Under) UPB 4,430 5,362
Residential Transitional Lending | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 2,276,488 2,117,479
Carrying Value 2,287,856 2,128,802
Carrying Value Over (Under) UPB 11,368 11,323
Residential Transitional Lending | 90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 54,300 55,234
Carrying Value 47,362 49,273
Carrying Value Over (Under) UPB $ (6,938) $ (5,961)
v3.25.1
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - Schedule of Cash and Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash and cash equivalents $ 1,493,834 $ 1,458,743    
Restricted cash 596,738 459,066    
Cash and cash equivalents and restricted cash 2,090,572 1,917,809 $ 1,557,994 $ 1,697,095
Consolidated Entity, Excluding Consolidated VIE        
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash and cash equivalents [1] 1,493,834 1,458,743    
Restricted cash [1] 511,698 308,443    
Variable Interest Entity, Primary Beneficiary        
Restricted Cash and Cash Equivalents Items [Line Items]        
Cash and cash equivalents 29,405 37,982    
Restricted cash $ 85,040 $ 150,623    
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. 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 March 31, 2025 and December 31, 2024, total assets of such consolidated VIEs were $6.4 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $5.0 billion and $5.2 billion, respectively. See Note 20 for further details.
v3.25.1
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - Restricted Cash (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Restricted Cash and Cash Equivalents Items [Line Items]    
Total Restricted Cash $ 596,738 $ 459,066
Operating Segments | Investment Portfolio    
Restricted Cash and Cash Equivalents Items [Line Items]    
Total Restricted Cash 67,052 66,419
Operating Segments | Origination and Servicing    
Restricted Cash and Cash Equivalents Items [Line Items]    
Total Restricted Cash 174,176 207,724
Operating Segments | Residential Transitional Lending    
Restricted Cash and Cash Equivalents Items [Line Items]    
Total Restricted Cash 43,312 40,727
Operating Segments | Asset Management    
Restricted Cash and Cash Equivalents Items [Line Items]    
Total Restricted Cash 81,388 144,196
Operating Segments | Corporate Category    
Restricted Cash and Cash Equivalents Items [Line Items]    
Total Restricted Cash $ 230,810 $ 0
v3.25.1
OTHER ASSETS AND LIABILITIES - Schedule of Other Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]      
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Total other assets Total other assets  
Operating Lease, Liability, Statement of Financial Position [Extensible List] Total accrued expenses and other liabilities Total accrued expenses and other liabilities  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Total accrued expenses and other liabilities Total accrued expenses and other liabilities  
Other Assets      
CLOs, at fair value $ 266,612 $ 242,227  
Derivative and hedging assets 40,553 75,147  
Equity investments 646,256 502,610  
Excess MSRs, at fair value (Note 13) 354,923 369,162  
Goodwill (Note 15) 133,832 133,832  
Income and fees receivable 64,464 208,672  
Intangible assets (Note 15) 318,893 331,949  
Loan receivable, at fair value 17,717 31,580  
Margin receivable, net 114,843 414,404  
Non-Agency securities, at fair value 639,458 552,797  
Notes receivable, at fair value 434,124 393,786  
Operating lease ROU assets (Note 16) 109,264 99,224  
Prepaid expenses 64,323 59,198  
Principal and interest receivable 171,078 181,271  
Property and equipment 70,689 70,495  
REO 24,181 27,898  
Servicer advance investments, at fair value (Note 14) 321,531 339,646  
Servicing fee receivables 154,828 106,228  
Warrants, at fair value 10,174 9,316  
Other assets 268,078 200,124  
Total other assets [1] 4,450,923 4,563,415  
Accrued Expenses and Other Liabilities      
Accounts payable 127,400 133,037  
Accrued compensation and benefits 114,192 322,957  
Deferred tax liability 744,778 786,141  
Derivative liabilities (Note 17) 60,756 52,610  
Escheat payable 181,647 187,830  
Excess spread financing, at fair value 104,721 101,088  
Interest payable 225,463 260,931  
Lease liability (Note 16) 167,121 160,437  
Notes receivable financing 373,508 371,788  
Unearned income and fees 15,329 17,280  
Other liabilities 228,095 236,672  
Total accrued expenses and other liabilities [1] 2,343,010 2,630,771  
Financing receivable, transfer     $ 365,000
Financing receivable subject to repo financing     323,500
Proceeds from transfer of financing receivable     $ 48,000
Related Party      
Other Assets      
Other receivables 30,733 35,198  
Nonrelated Party      
Other Assets      
Other receivables $ 194,369 $ 178,651  
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. 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 March 31, 2025 and December 31, 2024, total assets of such consolidated VIEs were $6.4 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $5.0 billion and $5.2 billion, respectively. See Note 20 for further details.
v3.25.1
OTHER ASSETS AND LIABILITIES - Real Estate Owned (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Real Estate Owned [Roll Forward]  
Beginning balance $ 27,898
Purchases 2,152
Property received in satisfaction of loan (1,145)
Sales (4,996)
Valuation reversal 272
Ending balance 24,181
Residential Mortgage Loans  
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]  
Unpaid principal balance 40,700
Mortgage Receivable  
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]  
Unpaid principal balance $ 20,900
v3.25.1
OTHER ASSETS AND LIABILITIES - Schedule of Notes and Loans Receivable (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
receivable
Financing Receivable [Roll Forward]  
Beginning balance $ 425,366
Fundings 37,913
Payment in kind 2,118
Proceeds from repayments (15,000)
Other factors 1,444
Ending balance 451,841
Notes Receivable  
Financing Receivable [Roll Forward]  
Beginning balance 393,786
Fundings 37,913
Payment in kind 981
Proceeds from repayments 0
Other factors 1,444
Ending balance $ 434,124
Number of financing receivables acquired | receivable 1
Loans Receivable  
Financing Receivable [Roll Forward]  
Beginning balance $ 31,580
Fundings 0
Payment in kind 1,137
Proceeds from repayments (15,000)
Other factors 0
Ending balance $ 17,717
v3.25.1
OTHER ASSETS AND LIABILITIES - Past Due Notes and Loans Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Servicing Assets at Fair Value [Line Items]    
Notes receivable $ 434,124 $ 393,786
Current    
Servicing Assets at Fair Value [Line Items]    
UPB 543,887 518,856
Notes receivable 451,841 425,366
Carrying Value Over (Under) UPB (92,046) (93,490)
90+    
Servicing Assets at Fair Value [Line Items]    
UPB 0 0
Notes receivable 0 0
Carrying Value Over (Under) UPB 0 0
Past Due    
Servicing Assets at Fair Value [Line Items]    
UPB 543,887 518,856
Notes receivable 451,841 425,366
Carrying Value Over (Under) UPB $ (92,046) $ (93,490)
v3.25.1
EXCESS MORTGAGE SERVICING RIGHTS - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Jun. 20, 2024
Mar. 31, 2025
Dec. 31, 2024
Excess MSRs | Weighted Average      
Schedule of Equity Method Investments [Line Items]      
Discount rate   8.40% 8.40%
Variable Interest Entity, Primary Beneficiary | Rithm SCU Excess Holdings LLC | Corporate Joint Venture      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage 80.00%    
Fortresses Excess MSR Portfolio      
Schedule of Equity Method Investments [Line Items]      
Purchases, net $ 124.0    
v3.25.1
EXCESS MORTGAGE SERVICING RIGHTS - Schedule of Activity Related to the Carrying Value of Investments in Excess MSRs (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Carrying Value of Investments in Excess MSRs  
Beginning balance $ 10,321,671
Ending balance $ 10,133,041
Servicing Asset, Fair Value, Change in Fair Value, Other, Statement of Income or Comprehensive Income [Extensible Enumeration] Gain (Loss) on Investments
Excess MSRs  
Carrying Value of Investments in Excess MSRs  
Beginning balance $ 369,162
Interest income 4,190
Proceeds from repayments (17,514)
Change in fair value (915)
Ending balance $ 354,923
v3.25.1
EXCESS MORTGAGE SERVICING RIGHTS - Summary of Investments in Excess MSRs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]      
Weighted Average Life (Years) 3 years 8 months 12 days    
Original and Recaptured Pools      
Schedule of Equity Method Investments [Line Items]      
Original and Recaptured Pools $ (915) $ (1,867)  
Corporate Joint Venture | Servicer advance investments      
Schedule of Equity Method Investments [Line Items]      
UPB 12,955,658   $ 13,316,828
Excess MSRs      
Schedule of Equity Method Investments [Line Items]      
UPB $ 52,144,523    
Weighted Average Life (Years) 5 years 10 months 24 days    
Amortized Cost Basis $ 308,638    
Carrying Value $ 354,923   $ 369,162
Excess MSRs | Minimum      
Schedule of Equity Method Investments [Line Items]      
Interest in Excess MSR 65.00%    
Excess MSRs | Minimum | Mr. Cooper      
Schedule of Equity Method Investments [Line Items]      
Interest in Excess MSR 20.00%    
Excess MSRs | Maximum      
Schedule of Equity Method Investments [Line Items]      
Interest in Excess MSR 80.00%    
Excess MSRs | Maximum | Mr. Cooper      
Schedule of Equity Method Investments [Line Items]      
Interest in Excess MSR 35.00%    
Excess MSRs | Weighted Average      
Schedule of Equity Method Investments [Line Items]      
Interest in Excess MSR 69.90%    
Excess MSRs | Weighted Average | Mr. Cooper      
Schedule of Equity Method Investments [Line Items]      
Interest in Excess MSR 30.90%    
v3.25.1
SERVICER ADVANCE INVESTMENTS - Narrative (Details) - Advance Purchaser LLC
$ in Millions
Mar. 31, 2025
USD ($)
Servicing Assets at Fair Value [Line Items]  
Capital distributed to third-party co-investors $ 71.8
Capital distributed to new residential $ 600.6
Corporate Joint Venture  
Servicing Assets at Fair Value [Line Items]  
Ownership percentage 89.30%
v3.25.1
SERVICER ADVANCE INVESTMENTS - Summary of Investments in Servicer Advances (Details) - Servicer Advance Investments - Servicer advance investments - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Investments in and Advances to Affiliates [Line Items]    
Amortized Cost Basis $ 311,049 $ 327,471
Carrying Value $ 321,531 $ 339,646
Weighted Average Discount Rate 6.50% 6.50%
Weighted Average Yield 6.80% 6.90%
Weighted Average Life (Years) 8 years 1 month 6 days 7 years 7 months 6 days
v3.25.1
SERVICER ADVANCE INVESTMENTS - Summary of Investments in Servicer Advances - Additional Information (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Investments in and Advances to Affiliates [Line Items]    
Outstanding Servicer Advances $ 321,531 $ 339,646
Face Amount of Secured Notes and Bonds Payable 31,157,091  
Servicer Advance Investments | Servicer advance investments    
Investments in and Advances to Affiliates [Line Items]    
UPB of Underlying Residential Mortgage Loans 12,955,658 13,316,828
Outstanding Servicer Advances $ 283,068 $ 298,945
Servicer Advances to UPB of Underlying Residential Mortgage Loans 2.20% 2.20%
Face Amount of Secured Notes and Bonds Payable $ 246,438 $ 258,183
Gross Loan-to-Value 84.40% 85.00%
Net Loan-to-Value 82.50% 82.90%
Gross Cost of Funds 6.20% 6.30%
Net Cost of Funds 5.80% 5.90%
v3.25.1
SERVICER ADVANCE INVESTMENTS - Summary of Investments in Servicer Advances - Components of Funded Advances (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Servicing Assets at Fair Value [Line Items]    
Total $ 321,531 $ 339,646
Servicer Advance Investments | Servicer advance investments    
Servicing Assets at Fair Value [Line Items]    
Principal and interest advances 46,378 51,135
Escrow advances (taxes and insurance advances) 130,494 137,072
Foreclosure advances 106,196 110,738
Total $ 283,068 $ 298,945
v3.25.1
GOODWILL AND INTANGIBLE ASSETS - Carrying Value of Goodwill (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Goodwill [Roll Forward]  
Beginning balance $ 133,832
Impairment loss 0
Ending balance 133,832
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 48,633
Impairment loss 0
Ending balance $ 48,633
v3.25.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($)
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]      
Gross Intangible Assets: $ 495,916,000   $ 491,944,000
Accumulated Amortization: 177,023,000   159,995,000
Intangible Assets, Net: 318,893,000   331,949,000
Intangible asset impairment 0 $ 0  
Licenses      
Finite-Lived Intangible Assets [Line Items]      
Gross Intangible Assets: 21,365,000   21,365,000
Intangible Assets, Net: $ 21,365,000   21,365,000
Management contracts      
Finite-Lived Intangible Assets [Line Items]      
Estimated Useful Lives (Years) 10 years    
Gross Intangible Assets: $ 275,000,000   275,000,000
Accumulated Amortization: 37,716,000   30,940,000
Intangible Assets, Net: 237,284,000   244,060,000
Customer relationships      
Finite-Lived Intangible Assets [Line Items]      
Gross Intangible Assets: 79,753,000   79,753,000
Accumulated Amortization: 32,318,000   25,773,000
Intangible Assets, Net: $ 47,435,000   53,980,000
Customer relationships | Minimum      
Finite-Lived Intangible Assets [Line Items]      
Estimated Useful Lives (Years) 2 years    
Customer relationships | Maximum      
Finite-Lived Intangible Assets [Line Items]      
Estimated Useful Lives (Years) 9 years    
Purchased technology      
Finite-Lived Intangible Assets [Line Items]      
Gross Intangible Assets: $ 109,539,000   105,567,000
Accumulated Amortization: 100,671,000   97,259,000
Intangible Assets, Net: $ 8,868,000   8,308,000
Purchased technology | Minimum      
Finite-Lived Intangible Assets [Line Items]      
Estimated Useful Lives (Years) 3 years    
Purchased technology | Maximum      
Finite-Lived Intangible Assets [Line Items]      
Estimated Useful Lives (Years) 7 years    
Trademarks / Trade names      
Finite-Lived Intangible Assets [Line Items]      
Gross Intangible Assets: $ 10,259,000   10,259,000
Accumulated Amortization: 6,318,000   6,023,000
Intangible Assets, Net: 3,941,000   4,236,000
Indefinite-lived intangible assets $ 1,900,000   $ 1,900,000
Trademarks / Trade names | Minimum      
Finite-Lived Intangible Assets [Line Items]      
Estimated Useful Lives (Years) 1 year    
Trademarks / Trade names | Maximum      
Finite-Lived Intangible Assets [Line Items]      
Estimated Useful Lives (Years) 5 years    
v3.25.1
GOODWILL AND INTANGIBLE ASSETS - Summary of Intangible Asset Amortization Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
Amortization expense $ 13,056 $ 18,953
v3.25.1
GOODWILL AND INTANGIBLE ASSETS - Schedule of Amortization Expense (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 36,244
2027 41,073
2028 36,888
2029 36,317
2030 35,898
2031 and thereafter 109,232
Intangible assets, net $ 295,652
v3.25.1
LEASES - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Lessee, Lease, Description [Line Items]      
Rent expense, net of sublease income $ 7.3 $ 11.9  
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] 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 $ 32.7    
Collateral Pledged      
Lessee, Lease, Description [Line Items]      
Lease, Liability 7.3    
Lease obligations $ 7.3    
v3.25.1
LEASES - Schedule of Future Commitments for Non-Cancelable Leases (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Operating Leases    
April 1 through December 31, 2025 $ 34,175  
2026 39,349  
2027 40,471  
2028 29,942  
2029 28,162  
2030 and thereafter 25,225  
Total remaining undiscounted lease payments 197,324  
Less: imputed interest 30,616  
Total Remaining Discounted Lease Payments 166,708  
Finance Leases    
April 1 through December 31, 2025 0  
2026 228  
2027 228  
2028 0  
2029 0  
2030 and thereafter 0  
Total remaining undiscounted lease payments 456  
Less: imputed interest 43  
Total Remaining Discounted Lease Payments 413  
Total    
April 1 through December 31, 2025 34,175  
2026 39,577  
2027 40,699  
2028 29,942  
2029 28,162  
2030 and thereafter 25,225  
Total remaining undiscounted lease payments 197,780  
Less: imputed interest 30,659  
Total Remaining Discounted Lease Payments $ 167,121 $ 160,437
v3.25.1
LEASES - Other Information Related to Operating Leases (Details)
Mar. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating leases, weighted-average remaining lease term (years) 5 years 3 months 18 days 5 years 1 month 6 days
Finance leases, weighted-average remaining lease term (years) 2 years 3 months 18 days 2 years 6 months
Operating leases, weighted-average discount rate 6.70% 6.50%
Finance leases, weighted-average discount rate 7.90% 7.90%
v3.25.1
LEASES - Supplemental Information (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:    
Operating cash flows - operating leases $ 11,386 $ 11,411
Operating cash flows - finance leases 3 4
Finance cash flows - finance leases 225 224
Supplemental Non-Cash Information on Lease Liabilities Arising from Obtaining ROU Assets:    
ROU assets obtained in exchange for new operating lease liabilities $ 14,146 $ 126
v3.25.1
DERIVATIVES AND HEDGING - Derivatives and Hedges Recorded at Fair Value (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2024
Mar. 31, 2025
Dec. 31, 2024
Derivative [Line Items]      
Derivative and hedging assets   $ 40,553 $ 75,147
Derivative and Hedging Liabilities:   60,756 52,610
Derivative liabilities, other commitments $ 25,500    
Interest rate swaps and futures      
Derivative [Line Items]      
Derivative and hedging assets   2 6
Derivative asset, variation margin accounts   41,800 42,000
IRLCs      
Derivative [Line Items]      
Derivative and hedging assets   37,923 21,496
Derivative and Hedging Liabilities:   3,536 10,202
TBAs      
Derivative [Line Items]      
Derivative and hedging assets   2,628 50,809
Derivative and Hedging Liabilities:   29,574 15,628
Foreign exchange forwards      
Derivative [Line Items]      
Derivative and hedging assets   0 2,836
Derivative and Hedging Liabilities:   2,118 0
Treasury short sales      
Derivative [Line Items]      
Derivative and Hedging Liabilities:   0 1,245
Derivative liabilities, reverse repurchase agreements     503,900
Other commitments      
Derivative [Line Items]      
Derivative and Hedging Liabilities:   25,521 25,521
Stock options      
Derivative [Line Items]      
Derivative and Hedging Liabilities:   $ 7 $ 14
v3.25.1
DERIVATIVES AND HEDGING - Derivatives and Hedging Notional Amount (Details) - Not Designated as Hedging Instrument - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Interest rate swaps    
Derivative [Line Items]    
Derivative asset, notional amount $ 9,074,000 $ 8,995,000
Interest rate swaps | TBAs, long position    
Derivative [Line Items]    
Notional amount $ 3,100,000 $ 3,100,000
Derivative, cap interest rate 3.60% 3.60%
Weighted average maturity 66 months 71 months
Interest rate swaps | TBAs, short position    
Derivative [Line Items]    
Notional amount $ 5,900,000 $ 5,900,000
Derivative, cap interest rate 3.80% 3.80%
Weighted average maturity 29 months 32 months
Interest rate futures    
Derivative [Line Items]    
Derivative liability, notional amount $ 1,135,000 $ 0
Notional amount $ 1,100,000  
Weighted average maturity 63 months  
IRLCs    
Derivative [Line Items]    
Derivative asset, notional amount $ 4,343,640 3,413,043
TBAs | TBAs, short position    
Derivative [Line Items]    
Derivative liability, notional amount 16,258,921 17,402,824
Other commitments    
Derivative [Line Items]    
Derivative liability, notional amount 25,521 25,057
Foreign exchange forwards    
Derivative [Line Items]    
Derivative liability, notional amount $ 61,550 $ 17,300
v3.25.1
DERIVATIVES AND HEDGING - Derivatives and Hedging Gain (Losses) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Derivative [Line Items]    
Total Gain $ 45,571 $ 87,327
Gain (loss) on settlement of derivative instruments $ 12,800 $ (15,500)
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
Total Gain $ (47,079) $ 45,395
Change In Fair Value Of Investments    
Derivative [Line Items]    
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Gain (Loss) on Investments Gain (Loss) on Investments
Total Gain $ 92,650 $ 41,932
IRLCs    
Derivative [Line Items]    
Total Gain 23,093 7,485
TBAs | Gain on originated residential mortgage loans, held-for-sale, net    
Derivative [Line Items]    
Total Gain (70,172) 37,910
TBAs | Change In Fair Value Of Investments    
Derivative [Line Items]    
Total Gain 100,582 1,523
Interest rate swaps    
Derivative [Line Items]    
Total Gain (12,462) 29,161
Interest rate futures    
Derivative [Line Items]    
Total Gain 5,981 0
Treasury short sales    
Derivative [Line Items]    
Total Gain (103) 28,345
Other commitments    
Derivative [Line Items]    
Total Gain 0 (17,097)
Stock options    
Derivative [Line Items]    
Total Gain 39 0
Foreign exchange forwards    
Derivative [Line Items]    
Total Gain $ (1,387) $ 0
v3.25.1
DEBT OBLIGATIONS - Schedule of Debt Obligations (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Debt Instrument [Line Items]    
Outstanding Face Amount $ 31,157,091  
Carrying Value $ 30,927,578 $ 31,269,457
Weighted Average Funding Cost 5.60%  
Weighted Average Life (Years) 3 years 8 months 12 days  
Interest payable $ 225,463 260,931
Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 16,793,265  
Carrying Value $ 16,791,234 16,782,467
Weighted Average Funding Cost 5.30%  
Weighted Average Life (Years) 8 months 12 days  
Interest payable $ 184,300 239,400
Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 10,093,170  
Carrying Value $ 10,025,948 10,298,075
Weighted Average Funding Cost 6.40%  
Weighted Average Life (Years) 1 year 9 months 18 days  
Liabilities of Consolidated Funds    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 4,270,656  
Carrying Value $ 4,110,396 4,188,915
Weighted Average Funding Cost 5.10%  
Weighted Average Life (Years) 19 years 10 months 24 days  
Warehouse Credit Facilities-Residential Mortgage Loans | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 3,098,561  
Carrying Value $ 3,098,561 4,235,333
Weighted Average Funding Cost 5.90%  
Weighted Average Life (Years) 9 months 18 days  
Warehouse Credit Facilities-Residential Mortgage Loans | Secured Financing Agreements: | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 24 years 10 months 24 days  
Outstanding Face $ 3,453,730  
Amortized Cost Basis 3,523,244  
Carrying Value 3,482,020  
Warehouse Credit Facility- Mortgage Loans Receivable | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 1,734,141  
Carrying Value $ 1,734,141 1,547,307
Weighted Average Funding Cost 6.80%  
Weighted Average Life (Years) 2 years 2 months 12 days  
Warehouse Credit Facility- Mortgage Loans Receivable | Secured Financing Agreements: | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 1 year 1 month 6 days  
Outstanding Face $ 1,982,233  
Amortized Cost Basis 1,987,065  
Carrying Value 1,987,065  
Agency RMBS or Treasuries | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 10,762,429  
Carrying Value $ 10,762,429 9,782,976
Weighted Average Funding Cost 4.70%  
Weighted Average Life (Years) 3 months 18 days  
Agency RMBS or Treasuries | Secured Financing Agreements: | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 6 years  
Outstanding Face $ 11,145,808  
Amortized Cost Basis 10,965,384  
Carrying Value 11,129,841  
Non-Agency securities | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 768,673  
Carrying Value $ 768,673 744,457
Weighted Average Funding Cost 6.30%  
Weighted Average Life (Years) 7 months 6 days  
Non-Agency securities | Secured Financing Agreements: | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 5 years 1 month 6 days  
Outstanding Face $ 15,303,080  
Amortized Cost Basis 1,087,771  
Carrying Value 1,153,601  
Excess MSRs | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 223,241  
Carrying Value $ 222,565 222,452
Weighted Average Funding Cost 6.70%  
Weighted Average Life (Years) 1 year 4 months 24 days  
Excess MSRs | Secured Financing Agreements: | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 6 years  
Outstanding Face $ 52,144,523  
Amortized Cost Basis 291,133  
Carrying Value 334,201  
CLOs | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 196,721  
Carrying Value $ 195,366 170,990
Weighted Average Funding Cost 5.20%  
Weighted Average Life (Years) 9 years  
CLOs | Secured Financing Agreements: | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 9 years  
Outstanding Face $ 197,775  
Carrying Value 197,246  
CLOs | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 10,435  
Carrying Value $ 10,406 18,429
Weighted Average Funding Cost 6.00%  
Weighted Average Life (Years) 5 years 3 months 18 days  
CLOs | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 5 years 3 months 18 days  
Outstanding Face $ 13,185  
Carrying Value 12,220  
SFR properties and commercial | Secured Financing Agreements:    
Debt Instrument [Line Items]    
Outstanding Face Amount 9,499  
Carrying Value $ 9,499 78,952
Weighted Average Funding Cost 7.80%  
Weighted Average Life (Years) 1 year 8 months 12 days  
SFR properties and commercial | Secured Financing Agreements: | Collateral    
Debt Instrument [Line Items]    
Amortized Cost Basis $ 16,293  
Carrying Value 16,293  
MSRs | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 5,789,600  
Carrying Value $ 5,771,848 5,838,250
Weighted Average Funding Cost 6.60%  
Weighted Average Life (Years) 2 years 1 month 6 days  
MSRs | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 6 years 2 months 12 days  
Outstanding Face $ 564,749,600  
Amortized Cost Basis 7,884,106  
Carrying Value 9,839,199  
Servicer Advance Investments | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 246,438  
Carrying Value $ 246,438 258,183
Weighted Average Funding Cost 6.20%  
Weighted Average Life (Years) 10 months 24 days  
Servicer Advance Investments | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 8 years 1 month 6 days  
Outstanding Face $ 283,068  
Amortized Cost Basis 311,049  
Carrying Value 321,531  
Servicer Advances    
Debt Instrument [Line Items]    
Carrying Value 2,925,168 3,110,437
Servicer Advances | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 2,456,759  
Carrying Value $ 2,456,165 2,629,802
Weighted Average Funding Cost 6.80%  
Weighted Average Life (Years) 10 months 24 days  
Face amount of variable rate debt $ 1,700,000  
Face amount of fixed rate debt $ 1,000,000  
Servicer Advances | Secured Notes And Bonds Payable | Minimum    
Debt Instrument [Line Items]    
Variable interest rate spread 1.60%  
Interest rate of fixed interest debt 3.90%  
Servicer Advances | Secured Notes And Bonds Payable | Maximum    
Debt Instrument [Line Items]    
Variable interest rate spread 3.00%  
Interest rate of fixed interest debt 5.70%  
Servicer Advances | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 8 months 12 days  
Outstanding Face $ 2,849,773  
Amortized Cost Basis 2,823,306  
Carrying Value 2,823,306  
Consumer Loans    
Debt Instrument [Line Items]    
Carrying Value 460,391 564,791
Consumer Loans | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 485,171  
Carrying Value $ 460,391 564,791
Weighted Average Funding Cost 4.90%  
Weighted Average Life (Years) 3 years 4 months 24 days  
Consumer Loans | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 1 year 7 months 6 days  
Outstanding Face $ 663,117  
Amortized Cost Basis 650,956  
Carrying Value 554,168  
SFR Properties and Commercial    
Debt Instrument [Line Items]    
Carrying Value 807,385 795,601
SFR Properties and Commercial | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 819,737  
Carrying Value $ 797,886 716,649
Weighted Average Funding Cost 4.30%  
Weighted Average Life (Years) 2 years 3 months 18 days  
SFR Properties and Commercial | Secured Notes And Bonds Payable | Minimum    
Debt Instrument [Line Items]    
Interest rate, stated percentage 3.50%  
SFR Properties and Commercial | Secured Notes And Bonds Payable | Maximum    
Debt Instrument [Line Items]    
Interest rate, stated percentage 6.20%  
SFR Properties and Commercial | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Amortized Cost Basis $ 995,693  
Carrying Value 995,693  
Residential Transition Loans    
Debt Instrument [Line Items]    
Carrying Value 2,793,901 2,606,330
Residential Transition Loans | 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 Life (Years) 1 year 3 months 18 days  
Interest rate, stated percentage 5.80%  
Residential Transition Loans | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 6 months  
Outstanding Face $ 224,882  
Amortized Cost Basis 224,882  
Carrying Value 226,169  
Residential Transition Loans | Liabilities of Consolidated Funds    
Debt Instrument [Line Items]    
Outstanding Face Amount 861,949  
Carrying Value $ 859,760 859,023
Weighted Average Funding Cost 6.30%  
Weighted Average Life (Years) 14 years 2 months 12 days  
Residential Transition Loans | Liabilities of Consolidated Funds | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 10 months 24 days  
Outstanding Face $ 914,757  
Carrying Value 938,532  
Secured facility - asset management | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount 75,000  
Carrying Value $ 72,784 71,971
Weighted Average Funding Cost 8.80%  
Weighted Average Life (Years) 7 months 6 days  
Interest rate, stated percentage 8.80%  
Other investments | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 10,030  
Carrying Value $ 10,030 0
Weighted Average Funding Cost 6.40%  
Weighted Average Life (Years) 4 years 10 months 24 days  
Other investments | Secured Notes And Bonds Payable | Collateral    
Debt Instrument [Line Items]    
Carrying Value $ 14,046  
Residential Mortgage Loans | Liabilities of Consolidated Funds    
Debt Instrument [Line Items]    
Outstanding Face Amount 2,448,457  
Carrying Value $ 2,295,166 2,369,934
Weighted Average Funding Cost 4.40%  
Weighted Average Life (Years) 25 years 7 months 6 days  
Residential Mortgage Loans | Liabilities of Consolidated Funds | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 25 years 7 months 6 days  
Outstanding Face $ 2,866,929  
Carrying Value 2,703,112  
Liabilities of Consolidated Funds | Liabilities of Consolidated Funds    
Debt Instrument [Line Items]    
Outstanding Face Amount 960,250  
Carrying Value $ 955,470 $ 959,958
Weighted Average Funding Cost 5.90%  
Weighted Average Life (Years) 10 years 6 months  
Liabilities of Consolidated Funds | Liabilities of Consolidated Funds | Collateral    
Debt Instrument [Line Items]    
Weighted Average Life (Years) 5 years 1 month 6 days  
Outstanding Face $ 1,074,450  
Carrying Value 1,105,163  
2.5% To 3.7% Agency MSR Secured Note And Bond Payable | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 3,700,000  
2.5% To 3.7% Agency MSR Secured Note And Bond Payable | Secured Notes And Bonds Payable | Minimum    
Debt Instrument [Line Items]    
Variable interest rate spread 2.50%  
2.5% To 3.7% Agency MSR Secured Note And Bond Payable | Secured Notes And Bonds Payable | Maximum    
Debt Instrument [Line Items]    
Variable interest rate spread 3.00%  
3.0% To 5.4% Public Notes | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 2,100,000  
3.0% To 5.4% Public Notes | Secured Notes And Bonds Payable | Minimum    
Debt Instrument [Line Items]    
Interest rate, stated percentage 3.00%  
3.0% To 5.4% Public Notes | Secured Notes And Bonds Payable | Maximum    
Debt Instrument [Line Items]    
Interest rate, stated percentage 7.40%  
Consumer Loan, UPB Class A | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 137,000  
Interest rate, stated percentage 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 2.70%  
Consumer Loan, Marcus | Secured Notes And Bonds Payable    
Debt Instrument [Line Items]    
Outstanding Face Amount $ 295,100  
Variable interest rate spread 2.40%  
Subordinated Notes | Liabilities of Consolidated Funds    
Debt Instrument [Line Items]    
Face amount of variable rate debt $ 32,000  
v3.25.1
DEBT OBLIGATIONS - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 19, 2024
Sep. 16, 2020
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Debt Instrument [Line Items]          
Debt instrument, face amount     $ 31,157,091,000    
Undiscounted future payment     252,382,000    
TRA liability     172,600,000   $ 170,400,000
Secured Financing Agreements:          
Debt Instrument [Line Items]          
Debt instrument, face amount     16,793,265,000    
Proceeds from issuance of debt     $ 32,753,506,000    
Senior Notes | 2029 Senior Notes          
Debt Instrument [Line Items]          
Debt instrument, face amount $ 775,000,000        
Debt instrument, discount percentage 98.981%        
Interest rate, stated percentage 8.00%        
Debt instrument, redemption price, percentage of principal amount redeemed 40.00%        
Debt redemption percentage 108.00%   101.00%    
Proceeds from issuance of debt $ 759,000,000        
Issuance fees $ 9,100,000        
Interest expense and warehouse line fees     $ 16,000,000.0 $ 2,100,000  
Unamortized discount and debt issuance cost     $ 14,100,000   14,800,000
Debt instrument, restrictive covenants, minimum total unencumbered assets maintenance requirement 1.20        
Senior Notes | 2029 Senior Notes | Debt Instrument, Redemption, Period One          
Debt Instrument [Line Items]          
Debt redemption percentage 104.00%        
Senior Notes | 2025 Senior Notes          
Debt Instrument [Line Items]          
Debt instrument, face amount   $ 550,000,000      
Interest rate, stated percentage   6.25%      
Debt redemption percentage     101.00%    
Proceeds from issuance of debt   $ 544,500,000      
Issuance fees   $ 8,300,000 $ 1,000,000.0   $ 1,400,000
Interest expense and warehouse line fees     $ 4,200,000 $ 8,000,000.0  
Debt instrument, restrictive covenants, minimum total unencumbered assets maintenance requirement     1.20    
Debt instrument, repurchased face amount $ 275,000,000        
Debt instrument, repurchase amount 282,400,000        
Line of credit, early tender premium 30        
Long-term line of credit $ 275,000,000        
Senior Notes | 2025 Senior Notes | Debt Instrument, Redemption, Period One          
Debt Instrument [Line Items]          
Debt redemption percentage   100.00%      
v3.25.1
DEBT OBLIGATIONS - Carrying Value (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
Debt Instrument [Roll Forward]  
Beginning balance $ 31,269,457
Ending balance 30,927,578
Servicer Advances  
Debt Instrument [Roll Forward]  
Beginning balance 3,110,437
Ending balance 2,925,168
MSRs  
Debt Instrument [Roll Forward]  
Beginning balance 5,838,250
Ending balance 5,771,848
Government and Government-Backed and Other Securities  
Debt Instrument [Roll Forward]  
Beginning balance 10,527,433
Ending balance 11,541,132
Residential mortgage loans, residential transition loans, SFR and commercial notes receivable  
Debt Instrument [Roll Forward]  
Beginning balance 6,605,267
Ending balance 5,393,727
Consumer Loans  
Debt Instrument [Roll Forward]  
Beginning balance 564,791
Ending balance 460,391
SFR Properties and Commercial  
Debt Instrument [Roll Forward]  
Beginning balance 795,601
Ending balance 807,385
Residential Transition Loans  
Debt Instrument [Roll Forward]  
Beginning balance 2,606,330
Ending balance 2,793,901
Asset Management, CLOs and Consolidated Funds  
Debt Instrument [Roll Forward]  
Beginning balance 1,221,348
Ending balance 1,234,026
Secured Financing Agreements:  
Debt Instrument [Roll Forward]  
Beginning balance 16,782,467
Borrowings 32,753,506
Repayments (32,753,201)
Foreign exchange ("FX") remeasurement 8,455
Capitalized deferred financing costs, net of amortization 8
Ending balance 16,791,234
Secured Financing Agreements: | Servicer Advances  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments 0
Foreign exchange ("FX") remeasurement 0
Capitalized deferred financing costs, net of amortization 113
Secured Financing Agreements: | MSRs  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments 0
Foreign exchange ("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 17,282,561
Repayments (16,278,892)
Foreign exchange ("FX") remeasurement 0
Capitalized deferred financing costs, net of amortization 0
Secured Financing Agreements: | Residential mortgage loans, residential transition loans, SFR and commercial notes receivable  
Debt Instrument [Roll Forward]  
Borrowings 14,370,625
Repayments (15,507,397)
Foreign exchange ("FX") remeasurement 0
Capitalized deferred financing costs, net of amortization 0
Secured Financing Agreements: | Consumer Loans  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments 0
Foreign exchange ("FX") remeasurement 0
Capitalized deferred financing costs, net of amortization 0
Secured Financing Agreements: | SFR Properties and Commercial  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments (69,453)
Foreign exchange ("FX") remeasurement 0
Capitalized deferred financing costs, net of amortization 0
Secured Financing Agreements: | Residential Transition Loans  
Debt Instrument [Roll Forward]  
Borrowings 1,081,074
Repayments (894,240)
Foreign exchange ("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 19,246
Repayments (3,219)
Foreign exchange ("FX") remeasurement 8,455
Capitalized deferred financing costs, net of amortization (105)
Secured Notes and Bonds Payable:  
Debt Instrument [Roll Forward]  
Borrowings 1,835,740
Repayments (2,095,661)
Foreign exchange ("FX") remeasurement (26)
Unrealized (gain) loss on notes, fair value (4,833)
Capitalized deferred financing costs, net of amortization (7,348)
Secured Notes and Bonds Payable: | Servicer Advances  
Debt Instrument [Roll Forward]  
Borrowings 815,727
Repayments (1,001,150)
Foreign exchange ("FX") remeasurement 0
Unrealized (gain) loss on notes, fair value 0
Capitalized deferred financing costs, net of amortization 41
Secured Notes and Bonds Payable: | MSRs  
Debt Instrument [Roll Forward]  
Borrowings 928,504
Repayments (984,742)
Foreign exchange ("FX") remeasurement 0
Unrealized (gain) loss on notes, fair value 0
Capitalized deferred financing costs, net of amortization (10,164)
Secured Notes and Bonds Payable: | Government and Government-Backed and Other Securities  
Debt Instrument [Roll Forward]  
Borrowings 10,030
Repayments 0
Foreign exchange ("FX") remeasurement 0
Unrealized (gain) loss on notes, fair value 0
Capitalized deferred financing costs, net of amortization 0
Secured Notes and Bonds Payable: | Residential mortgage loans, residential transition loans, SFR and commercial notes receivable  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments 0
Foreign exchange ("FX") remeasurement 0
Unrealized (gain) loss on notes, fair value 0
Capitalized deferred financing costs, net of amortization 0
Secured Notes and Bonds Payable: | Consumer Loans  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments (99,863)
Foreign exchange ("FX") remeasurement 0
Unrealized (gain) loss on notes, fair value (4,833)
Capitalized deferred financing costs, net of amortization 296
Secured Notes and Bonds Payable: | SFR Properties and Commercial  
Debt Instrument [Roll Forward]  
Borrowings 79,119
Repayments 0
Foreign exchange ("FX") remeasurement 0
Unrealized (gain) loss on notes, fair value 0
Capitalized deferred financing costs, net of amortization 2,118
Secured Notes and Bonds Payable: | Residential Transition Loans  
Debt Instrument [Roll Forward]  
Borrowings 0
Repayments 0
Foreign exchange ("FX") remeasurement 0
Unrealized (gain) loss on notes, fair value 0
Capitalized deferred financing costs, net of amortization 0
Secured Notes and Bonds Payable: | Asset Management, CLOs and Consolidated Funds  
Debt Instrument [Roll Forward]  
Borrowings 2,360
Repayments (9,906)
Foreign exchange ("FX") remeasurement (26)
Unrealized (gain) loss on notes, fair value 0
Capitalized deferred financing costs, net of amortization 361
Liabilities of Consolidated Funds  
Debt Instrument [Roll Forward]  
Beginning balance 4,188,915
Repayments (92,417)
Unrealized (gain) loss on notes, fair value 13,332
Capitalized deferred financing costs, net of amortization 566
Ending balance 4,110,396
Liabilities of Consolidated Funds | Servicer Advances  
Debt Instrument [Roll Forward]  
Repayments 0
Unrealized (gain) loss on notes, fair value 0
Capitalized deferred financing costs, net of amortization 0
Liabilities of Consolidated Funds | MSRs  
Debt Instrument [Roll Forward]  
Repayments 0
Unrealized (gain) loss on notes, fair value 0
Capitalized deferred financing costs, net of amortization 0
Liabilities of Consolidated Funds | Government and Government-Backed and Other Securities  
Debt Instrument [Roll Forward]  
Repayments 0
Unrealized (gain) loss on notes, fair value 0
Capitalized deferred financing costs, net of amortization 0
Liabilities of Consolidated Funds | Residential mortgage loans, residential transition loans, SFR and commercial notes receivable  
Debt Instrument [Roll Forward]  
Repayments (92,417)
Unrealized (gain) loss on notes, fair value 17,649
Capitalized deferred financing costs, net of amortization 0
Liabilities of Consolidated Funds | Consumer Loans  
Debt Instrument [Roll Forward]  
Repayments 0
Unrealized (gain) loss on notes, fair value 0
Capitalized deferred financing costs, net of amortization 0
Liabilities of Consolidated Funds | SFR Properties and Commercial  
Debt Instrument [Roll Forward]  
Repayments 0
Unrealized (gain) loss on notes, fair value 0
Capitalized deferred financing costs, net of amortization 0
Liabilities of Consolidated Funds | Residential Transition Loans  
Debt Instrument [Roll Forward]  
Beginning balance 859,023
Repayments 0
Unrealized (gain) loss on notes, fair value 171
Capitalized deferred financing costs, net of amortization 566
Ending balance 859,760
Liabilities of Consolidated Funds | Asset Management, CLOs and Consolidated Funds  
Debt Instrument [Roll Forward]  
Repayments 0
Unrealized (gain) loss on notes, fair value (4,488)
Capitalized deferred financing costs, net of amortization $ 0
v3.25.1
DEBT OBLIGATIONS - Contractual Maturities of Debt Obligations (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Debt maturing in:  
April 1 through December 31, 2025 $ 17,442,232
2026 5,676,286
2027 973,970
2028 1,235,031
2029 1,095,000
2030 and thereafter 5,784,572
Total 32,207,091
Nonrecourse  
Debt maturing in:  
April 1 through December 31, 2025 1,123,951
2026 2,332,961
2027 666,970
2028 857,162
2029 70,000
2030 and thereafter 5,784,572
Total 10,835,616
Recourse  
Debt maturing in:  
April 1 through December 31, 2025 16,318,281
2026 3,343,325
2027 307,000
2028 377,869
2029 1,025,000
2030 and thereafter 0
Total 21,371,475
Nonrecourse, Secured Financing Agreements  
Debt maturing in:  
Total 1,700,000
Nonrecourse, Secured Notes And Bonds Payable  
Debt maturing in:  
Total 3,800,000
Nonrecourse, Unsecured Notes Net Of Issuance Costs  
Debt maturing in:  
Total 300,000
Nonrecourse, Consolidated Funds Notes Payable  
Debt maturing in:  
Total 3,300,000
Recourse, Secured Financing Agreements  
Debt maturing in:  
Total 16,700,000
Recourse, Secured Notes And Bonds Payable  
Debt maturing in:  
Total 5,300,000
Recourse, Unsecured Notes Net Of Issuance Costs  
Debt maturing in:  
Total 1,100,000
Recourse, Consolidated Funds Notes Payable  
Debt maturing in:  
Total $ 0
v3.25.1
DEBT OBLIGATIONS - Schedule of Borrowing Capacity (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Residential mortgage loans, residential transition loans, SFR and commercial notes receivable | Secured Financing Agreements:  
Debt Instrument [Line Items]  
Borrowing Capacity $ 7,107,051
Balance Outstanding 2,149,735
Available Financing 4,957,316
Loan originations | Secured Financing Agreements:  
Debt Instrument [Line Items]  
Borrowing Capacity 5,877,000
Balance Outstanding 2,692,466
Available Financing 3,184,534
CLOs | Secured Financing Agreements:  
Debt Instrument [Line Items]  
Borrowing Capacity 424,435
Balance Outstanding 196,721
Available Financing 227,714
Excess MSRs | Secured Financing Agreements:  
Debt Instrument [Line Items]  
Borrowing Capacity 350,000
Balance Outstanding 223,241
Available Financing 126,759
MSRs | Secured Notes And Bonds Payable  
Debt Instrument [Line Items]  
Borrowing Capacity 7,286,652
Balance Outstanding 5,789,600
Available Financing 1,497,052
Servicer advances | Secured Notes And Bonds Payable  
Debt Instrument [Line Items]  
Borrowing Capacity 4,240,000
Balance Outstanding 2,703,197
Available Financing 1,536,803
SFR | Secured Notes And Bonds Payable  
Debt Instrument [Line Items]  
Borrowing Capacity 200,000
Balance Outstanding 169,279
Available Financing 30,721
Consolidated funds | Liabilities Of Consolidated Funds  
Debt Instrument [Line Items]  
Borrowing Capacity 52,500
Balance Outstanding 0
Available Financing 52,500
Debt Excess Borrowing Capacity  
Debt Instrument [Line Items]  
Borrowing Capacity 25,537,638
Balance Outstanding 13,924,239
Available Financing $ 11,613,399
v3.25.1
DEBT OBLIGATIONS - Schedule of Debt Redemption (Details) - 2029 Senior Notes - Senior Notes
 3 Months Ended
Mar. 19, 2024
Mar. 31, 2025
Debt Instrument [Line Items]    
Debt redemption percentage 108.00% 101.00%
Debt Instrument, Redemption, Period One    
Debt Instrument [Line Items]    
Debt redemption percentage 104.00%  
Debt Instrument, Redemption, Period Two    
Debt Instrument [Line Items]    
Debt redemption percentage 102.00%  
Debt Instrument, Redemption, Period Three    
Debt Instrument [Line Items]    
Debt redemption percentage 100.00%  
v3.25.1
DEBT OBLIGATIONS - Schedule of Maximum Undiscounted Amounts (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
April 1 through December 31, 2025 $ 16,493
2026 17,215
2027 17,506
2028 16,176
2029 16,173
2030 and thereafter 168,819
Total Payments $ 252,382
v3.25.1
FAIR VALUE MEASUREMENTS - Carrying Values and Fair Values of Financial Assets Recorded at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Mar. 31, 2024
Dec. 31, 2023
Assets:        
MSRs and MSR financing receivables $ 10,133,041 $ 10,321,671    
Government and government-backed securities 8,657,974 7,245,667    
Residential mortgage loans, HFS [1] 3,156,350 4,374,241    
Residential mortgage loans, HFS, at fair value 3,092,102 4,307,571    
Residential mortgage loans subject to repurchase 2,432,605 2,745,756 $ 1,845,889  
Derivative and hedging assets 40,553 75,147    
Notes receivable 434,124 393,786    
Loans receivable 17,717 31,580    
Other assets 2,422,538 2,311,979    
Liabilities:        
Derivative liabilities 60,756 52,610    
Excess spread financing, at fair value 104,721 101,088    
Notes receivable financing 373,508 371,788    
Recurring Basis        
Assets:        
Excess MSRs, principal balance 52,144,523 53,494,378    
MSRs and MSR financing receivables, principal balance 591,114,997 590,214,351    
Servicer advance investments, principal balance 283,068 298,945    
Government and government-backed securities, principal balance 11,170,808 9,947,189    
Non-Agency Securities, Principal Balance 8,913,777 8,962,730    
Residential mortgage loans, HFS, principal balance 72,641 75,872    
Residential mortgage loans, HFS, at fair value, principal balance 3,047,797 4,274,620    
Residential mortgage loans, HFI, at fair value, principal balance 384,304 396,061    
Residential mortgage loans subject to repurchase, principal balance 2,432,605 2,745,756    
Consumer loans, principal balance 663,117 767,623    
Derivative and hedging assets, principal balance 16,019,170 18,597,732    
Mortgage loans receivable, principal balance 2,330,788 2,172,713    
Notes receivable, principal balance 526,170 487,276    
Loans receivable, principal balance 17,717 31,580    
Equity investment, at fair value, principal balance 192,500 192,500    
CLOs, principal balance 268,896 243,355    
Investments of consolidated CFEs - funds, principal balance 1,151,477 1,108,903    
Investments of consolidated CFEs - loan securitizations, principal balance 3,781,686 3,900,428    
Liabilities:        
Secured financing agreements, principal balance 16,793,265 16,784,505    
Secured notes and bonds payable, principal balance 10,093,170 10,353,561    
Unsecured notes, net of issuance costs, principal balance 1,302,382 1,302,492    
Residential mortgage loan repurchase liability, principal balance 2,432,605 2,745,756    
Derivative liabilities, principal balance 14,879,462 11,255,492    
Excess spread financing, principal balance 14,877,137 15,271,757    
Notes receivable financing, principal balance 371,446 371,446    
Notes payable of consolidated CFEs - funds, principal balance 960,250 1,182,640    
Notes payable of consolidated CFEs - loan securitizations, principal balance 3,310,406 3,402,823    
Recurring Basis | Asset-Backed Securities Issued        
Liabilities:        
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value 169,000 185,500    
Recurring Basis | Level 3        
Liabilities:        
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value 2,104,315 2,482,756 764,107 $ 772,925
Recurring Basis | Level 3 | Asset-Backed Securities Issued        
Liabilities:        
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value 169,035 185,460 $ 221,922 $ 235,770
Recurring Basis | Carrying Value        
Assets:        
Excess MSRs 354,923 369,162    
MSRs and MSR financing receivables 10,133,041 10,321,671    
Servicer advance investments 321,531 339,646    
Government and government-backed securities 11,048,701 9,736,116    
Non-Agency Securities 639,458 552,797    
Residential mortgage loans, HFS 64,248 66,670    
Residential mortgage loans, HFS, at fair value 3,092,102 4,307,571    
Residential mortgage loans, HFI, at fair value 354,003 361,890    
Residential mortgage loans subject to repurchase 2,432,605 2,745,756    
Consumer loans 554,168 665,565    
Derivative and hedging assets 40,553 75,147    
Mortgage loans receivable 2,335,218 2,178,075    
Notes receivable 434,124 393,786    
Loans receivable 17,717 31,580    
Equity investment, at fair value 194,378 194,410    
CLOs 266,612 242,227    
Investments of consolidated CFEs - funds 1,175,136 1,118,359    
Investments of consolidated CFEs - loan securitizations 3,641,644 3,753,219    
Other assets 153,242 113,224    
Assets, fair value 37,253,404 37,566,871    
Liabilities:        
Secured financing agreements 16,791,234 16,782,467    
Secured notes and bonds payable 10,025,948 10,298,075    
Unsecured notes, net of issuance costs 1,207,594 1,204,220    
Residential mortgage loan repurchase liability 2,432,605 2,745,756    
Derivative liabilities 60,756 52,610    
Excess spread financing, at fair value 104,721 101,088    
Notes receivable financing 373,508 371,788    
Notes payable of consolidated CFEs - funds 955,470 959,958    
Notes payable of consolidated CFEs - loan securitizations 3,154,926 3,228,957    
Liabilities, fair value 35,106,762 35,744,919    
Recurring Basis | Fair Value        
Assets:        
Excess MSRs 354,923 369,162    
MSRs and MSR financing receivables 10,133,041 10,321,671    
Servicer advance investments 321,531 339,646    
Government and government-backed securities 11,048,702 9,736,121    
Non-Agency Securities 639,458 552,797    
Residential mortgage loans, HFS 64,248 66,670    
Residential mortgage loans, HFS, at fair value 3,092,102 4,307,571    
Residential mortgage loans, HFI, at fair value 354,003 361,890    
Residential mortgage loans subject to repurchase 2,432,605 2,745,756    
Consumer loans 554,168 665,565    
Derivative and hedging assets 40,553 75,147    
Mortgage loans receivable 2,335,218 2,178,075    
Notes receivable 434,124 393,786    
Loans receivable 17,717 31,580    
Equity investment, at fair value 194,378 194,410    
CLOs 266,612 242,227    
Investments of consolidated CFEs - funds 1,175,136 1,118,359    
Investments of consolidated CFEs - loan securitizations 3,641,644 3,753,219    
Other assets 153,242 113,224    
Assets, fair value 37,253,405 37,566,876    
Liabilities:        
Secured financing agreements 16,794,764 16,787,036    
Secured notes and bonds payable 10,051,705 10,318,385    
Unsecured notes, net of issuance costs 1,224,472 1,229,408    
Residential mortgage loan repurchase liability 2,432,605 2,745,756    
Derivative liabilities 60,756 52,610    
Excess spread financing, at fair value 104,721 101,088    
Notes receivable financing 378,721 377,227    
Notes payable of consolidated CFEs - funds 955,470 959,958    
Notes payable of consolidated CFEs - loan securitizations 3,154,926 3,228,957    
Liabilities, fair value 35,158,140 35,800,425    
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 3,296,798 3,285,478    
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 0 0    
Derivative and hedging assets 0 0    
Mortgage loans receivable 0 0    
Notes receivable 0 0    
Loans receivable 0 0    
Equity investment, at fair value 0 0    
CLOs 0 0    
Investments of consolidated CFEs - funds 0 0    
Investments of consolidated CFEs - loan securitizations 0 0    
Other assets 59,744 17,831    
Assets, fair value 3,356,542 3,303,309    
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 liabilities 7 1,259    
Excess spread financing, at fair value 0 0    
Notes receivable financing 0 0    
Notes payable of consolidated CFEs - funds 0 0    
Notes payable of consolidated CFEs - loan securitizations 0 0    
Liabilities, fair value 7 1,259    
Recurring Basis | Fair Value | Level 1 | US Treasury Bill Securities        
Liabilities:        
Amortized cost 24,800 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 7,751,904 6,450,643    
Non-Agency Securities 0 0    
Residential mortgage loans, HFS 0 0    
Residential mortgage loans, HFS, at fair value 3,065,669 4,280,405    
Residential mortgage loans, HFI, at fair value 0 0    
Residential mortgage loans subject to repurchase 2,432,605 2,745,756    
Consumer loans 0 0    
Derivative and hedging assets 2,630 53,651    
Mortgage loans receivable 0 0    
Notes receivable 0 0    
Loans receivable 0 0    
Equity investment, at fair value 0 0    
CLOs 227,934 217,049    
Investments of consolidated CFEs - funds 400,500 0    
Investments of consolidated CFEs - loan securitizations 2,703,112 2,791,027    
Other assets 0 0    
Assets, fair value 16,584,354 16,538,531    
Liabilities:        
Secured financing agreements 16,595,868 16,611,477    
Secured notes and bonds payable 0 0    
Unsecured notes, net of issuance costs 0 0    
Residential mortgage loan repurchase liability 2,432,605 2,745,756    
Derivative liabilities 31,692 15,628    
Excess spread financing, at fair value 0 0    
Notes receivable financing 0 0    
Notes payable of consolidated CFEs - funds 363,392 0    
Notes payable of consolidated CFEs - loan securitizations 2,295,166 2,369,934    
Liabilities, fair value 21,718,723 21,742,795    
Recurring Basis | Fair Value | Level 3        
Assets:        
Excess MSRs 354,923 369,162    
MSRs and MSR financing receivables 10,133,041 10,321,671    
Servicer advance investments 321,531 339,646    
Government and government-backed securities 0 0    
Non-Agency Securities 639,458 552,797    
Residential mortgage loans, HFS 64,248 66,670    
Residential mortgage loans, HFS, at fair value 26,433 27,166    
Residential mortgage loans, HFI, at fair value 354,003 361,890    
Residential mortgage loans subject to repurchase 0 0    
Consumer loans 554,168 665,565    
Derivative and hedging assets 37,923 21,496    
Mortgage loans receivable 2,335,218 2,178,075    
Notes receivable 434,124 393,786    
Loans receivable 17,717 31,580    
Equity investment, at fair value 194,378 194,410    
CLOs 38,678 25,178    
Investments of consolidated CFEs - funds 418,598 785,253    
Investments of consolidated CFEs - loan securitizations 938,532 962,192    
Other assets 93,498 95,393    
Assets, fair value 16,956,471 17,391,930    
Liabilities:        
Secured financing agreements 198,896 175,559    
Secured notes and bonds payable 10,051,705 10,318,385    
Unsecured notes, net of issuance costs 1,224,472 1,229,408    
Residential mortgage loan repurchase liability 0 0    
Derivative liabilities 29,057 35,723    
Excess spread financing, at fair value 104,721 101,088    
Notes receivable financing 378,721 377,227    
Notes payable of consolidated CFEs - funds 592,078 959,958    
Notes payable of consolidated CFEs - loan securitizations 859,760 859,023    
Liabilities, fair value 13,439,410 14,056,371    
Recurring Basis | Fair Value | Fair Value Measured at Net Asset Value Per Share        
Assets:        
Equity investment, at fair value 0      
Investments of consolidated CFEs - funds 356,038 333,106    
Assets, fair value 356,038 333,106    
Liabilities:        
Liabilities, fair value $ 0 $ 0    
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. 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 March 31, 2025 and December 31, 2024, total assets of such consolidated VIEs were $6.4 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $5.0 billion and $5.2 billion, respectively. See Note 20 for further details.
v3.25.1
FAIR VALUE MEASUREMENTS - Financial Assets Measured at Fair Value on a Recurring Basis using Level 3 Inputs (Details) - Recurring Basis - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning $ 17,356,207 $ 14,427,743
Transfers:    
Transfers out of Level 3 (413,126)  
Transfers to Level 3 23,890 106
Gain (Loss) Included in Net Income:    
Credit losses on securities 102 (662)
Included in servicing revenue (538,282) 84,175
Other factors 25,041 10,297
Instrument-specific credit risk (16,361) (26,987)
Gain (loss) on settlement of investments, net   36
Other income (loss), net 38,255 14,514
Gains (losses) included in OCI 4,741 737
Interest income 22,610 28,556
Purchases, Sales and Repayments:    
Purchases, net 350,260 451,847
Sales and settlement fundings (17,598) (17,095)
Proceeds from repayments (1,037,078) (1,005,019)
Originations and other 1,128,753 857,972
Balance, ending 16,927,414 14,826,220
Excess MSRs    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning 369,162 271,150
Transfers:    
Transfers out of Level 3 0  
Transfers to Level 3 0 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue 0 0
Other factors (915) (1,867)
Instrument-specific credit risk 0 0
Gain (loss) on settlement of investments, net   0
Other income (loss), net 0 0
Gains (losses) included in OCI 0 0
Interest income 4,190 2,446
Purchases, Sales and Repayments:    
Purchases, net 0 0
Sales and settlement fundings 0 0
Proceeds from repayments (17,514) (16,618)
Originations and other 0 0
Balance, ending 354,923 255,111
MSRs And MSR Financing Receivables    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning 10,321,671 8,405,938
Transfers:    
Transfers out of Level 3 0  
Transfers to Level 3 0 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue (538,282) 84,175
Other factors 0 0
Instrument-specific credit risk 0 0
Gain (loss) on settlement of investments, net   0
Other income (loss), net 0 0
Gains (losses) included in OCI 0 0
Interest income 0 0
Purchases, Sales and Repayments:    
Purchases, net 0 0
Sales and settlement fundings 664 671
Proceeds from repayments 0 0
Originations and other 348,988 215,939
Balance, ending 10,133,041 8,706,723
Servicer Advances    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning 339,646 376,881
Transfers:    
Transfers out of Level 3 0  
Transfers to Level 3 0 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue 0 0
Other factors (1,693) 8,115
Instrument-specific credit risk 0 0
Gain (loss) on settlement of investments, net   0
Other income (loss), net 0 0
Gains (losses) included in OCI 0 0
Interest income 5,355 7,315
Purchases, Sales and Repayments:    
Purchases, net 186,356 212,656
Sales and settlement fundings 0 0
Proceeds from repayments (208,133) (230,456)
Originations and other 0 0
Balance, ending 321,531 374,511
Non-Agency    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning 552,797 577,543
Transfers:    
Transfers out of Level 3 0  
Transfers to Level 3 0 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 102 (662)
Included in servicing revenue 0 0
Other factors 1,903 0
Instrument-specific credit risk 0 0
Gain (loss) on settlement of investments, net   0
Other income (loss), net 0 2,860
Gains (losses) included in OCI 4,741 1,602
Interest income 7,023 8,496
Purchases, Sales and Repayments:    
Purchases, net 96,936 13,900
Sales and settlement fundings 0 0
Proceeds from repayments (24,044) (22,200)
Originations and other 0 0
Balance, ending 639,458 581,539
CLOs And Consolidated Funds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning 810,431 226,486
Transfers:    
Transfers out of Level 3 (412,268)  
Transfers to Level 3 21,809 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue 0 0
Other factors 0 0
Instrument-specific credit risk 0 0
Gain (loss) on settlement of investments, net   36
Other income (loss), net 28,247 0
Gains (losses) included in OCI 0 (865)
Interest income 0 0
Purchases, Sales and Repayments:    
Purchases, net 26,698 3,679
Sales and settlement fundings (17,641) 0
Proceeds from repayments 0 (17,340)
Originations and other 0 0
Balance, ending 457,276 211,996
Residential Mortgage Loans    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning 455,726 513,381
Transfers:    
Transfers out of Level 3 (858)  
Transfers to Level 3 2,081 106
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue 0 0
Other factors 10,012 9,622
Instrument-specific credit risk (5,797) (4,026)
Gain (loss) on settlement of investments, net   0
Other income (loss), net 1,438 1,824
Gains (losses) included in OCI 0 0
Interest income 0 0
Purchases, Sales and Repayments:    
Purchases, net 239 216,405
Sales and settlement fundings (7,216) (17,766)
Proceeds from repayments (16,356) (16,042)
Originations and other 5,415 45
Balance, ending 444,684 703,549
Consumer Loans    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning 665,565 1,274,005
Transfers:    
Transfers out of Level 3 0  
Transfers to Level 3 0 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue 0 0
Other factors (10,810) (7,156)
Instrument-specific credit risk (2,003) (22,961)
Gain (loss) on settlement of investments, net   0
Other income (loss), net 0 0
Gains (losses) included in OCI 0 0
Interest income 5,923 10,152
Purchases, Sales and Repayments:    
Purchases, net 0 4,113
Sales and settlement fundings 6,595 0
Proceeds from repayments (111,102) (154,354)
Originations and other 0 0
Balance, ending 554,168 1,103,799
Other Assets    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning 700,942 549,446
Transfers:    
Transfers out of Level 3 0  
Transfers to Level 3 0 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue 0 0
Other factors 23,534 1,583
Instrument-specific credit risk 0 0
Gain (loss) on settlement of investments, net   0
Other income (loss), net 8,570 (5,043)
Gains (losses) included in OCI 0 0
Interest income 119 147
Purchases, Sales and Repayments:    
Purchases, net 40,031 1,094
Sales and settlement fundings 0 0
Proceeds from repayments (24,613) (42,918)
Originations and other 0 (61)
Balance, ending 748,583 504,248
Residential Transition Loans    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning 3,140,267 2,232,913
Transfers:    
Transfers out of Level 3 0  
Transfers to Level 3 0 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue 0 0
Other factors 3,010 0
Instrument-specific credit risk (8,561) 0
Gain (loss) on settlement of investments, net   0
Other income (loss), net 0 14,873
Gains (losses) included in OCI 0 0
Interest income 0 0
Purchases, Sales and Repayments:    
Purchases, net 0 0
Sales and settlement fundings 0 0
Proceeds from repayments (635,316) (505,091)
Originations and other 774,350 642,049
Balance, ending $ 3,273,750 $ 2,384,744
v3.25.1
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
Mar. 31, 2025
Mar. 31, 2024
Level 3    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 2,482,756 $ 772,925
Transfers out of Level 3 (367,031)  
Gains (Losses) Included in Net Income:    
Servicing revenue, net 3,634  
Other income (4,017) 4,619
Purchases, Issuance and Repayments:    
Repayments (11,592) (13,437)
Other 565  
Ending balance 2,104,315 764,107
Asset-Backed Securities Issued    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 185,500  
Purchases, Issuance and Repayments:    
Ending balance 169,000  
Asset-Backed Securities Issued | Level 3    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 185,460 235,770
Transfers out of Level 3 0  
Gains (Losses) Included in Net Income:    
Servicing revenue, net 0  
Other income (4,833) (411)
Purchases, Issuance and Repayments:    
Repayments (11,592) (13,437)
Other 0  
Ending balance 169,035 221,922
Notes Payable of CFEs - Consolidated Funds | Level 3    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 959,958 218,157
Transfers out of Level 3 (367,031)  
Gains (Losses) Included in Net Income:    
Servicing revenue, net 0  
Other income (849) (34)
Purchases, Issuance and Repayments:    
Repayments 0 0
Other 0  
Ending balance 592,078 218,123
Notes Payable of CFEs - Residential Transition Loans | Level 3    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 859,023 318,998
Transfers out of Level 3 0  
Gains (Losses) Included in Net Income:    
Servicing revenue, net 0  
Other income 171 5,064
Purchases, Issuance and Repayments:    
Repayments 0 0
Other 566  
Ending balance 859,760 324,062
Excess Spread Financing | Level 3    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 101,088 0
Transfers out of Level 3 0  
Gains (Losses) Included in Net Income:    
Servicing revenue, net 3,634  
Other income 0 0
Purchases, Issuance and Repayments:    
Repayments 0 0
Other (1)  
Ending balance 104,721 0
Notes Receivable Financing | Level 3    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 377,227 0
Transfers out of Level 3 0  
Gains (Losses) Included in Net Income:    
Servicing revenue, net 0  
Other income 1,494 0
Purchases, Issuance and Repayments:    
Repayments 0 0
Other 0  
Ending balance $ 378,721 $ 0
v3.25.1
FAIR VALUE MEASUREMENTS - Information Regarding Inputs used in Valuing Excess MSRs Owned Directly and through Equity Method Investees (Details)
 3 Months Ended 12 Months Ended
Mar. 31, 2025
$ / Loan
Dec. 31, 2024
$ / Loan
Prepayment Rate | MSRs And MSR Financing Receivables | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.017 0.018
Prepayment Rate | MSRs And MSR Financing Receivables | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.074 0.068
Prepayment Rate | MSRs And MSR Financing Receivables | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.954 1.000
Prepayment Rate | MSRs And MSR Financing Receivables | GSE | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.028 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 0.066 0.060
Prepayment Rate | MSRs And MSR Financing Receivables | GSE | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.954 0.994
Prepayment Rate | MSRs And MSR Financing Receivables | Non-Agency | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.018 0.018
Prepayment Rate | MSRs And MSR Financing Receivables | Non-Agency | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.086 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 0.900 1.000
Prepayment Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.017 0.021
Prepayment Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.086 0.080
Prepayment Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.713 0.785
Prepayment Rate | Directly Held | Excess MSRs | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.024 0.024
Prepayment Rate | Directly Held | Excess MSRs | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.069 0.066
Prepayment Rate | Directly Held | Excess MSRs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.139 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 0.056 0.062
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 0.017 0.019
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 0.000 0.000
Delinquency | MSRs And MSR Financing Receivables | Non-Agency | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.232 0.248
Delinquency | MSRs And MSR Financing Receivables | Non-Agency | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.990 1.000
Delinquency | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.730 0.000
Delinquency | MSRs And MSR Financing Receivables | Ginnie Mae | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.085 0.100
Delinquency | MSRs And MSR Financing Receivables | Ginnie Mae | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 1.000 1.000
Delinquency | Directly Held | Excess MSRs | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.003 0.002
Delinquency | Directly Held | Excess MSRs | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.051 0.051
Delinquency | Directly Held | Excess MSRs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.145 0.147
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 0.200 0.200
Recapture Rate | MSRs And MSR Financing Receivables | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.311 0.261
Recapture Rate | MSRs And MSR Financing Receivables | GSE | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.065 0.076
Recapture Rate | MSRs And MSR Financing Receivables | GSE | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.146 0.141
Recapture Rate | MSRs And MSR Financing Receivables | GSE | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.187 0.219
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 0.007 0.016
Recapture Rate | MSRs And MSR Financing Receivables | Non-Agency | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.050 0.158
Recapture Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.133 0.080
Recapture Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.267 0.218
Recapture Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.311 0.261
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 0.396 0.396
Recapture Rate | Directly Held | Excess MSRs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.640 0.642
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 0.0035 0.0035
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 0.0192 0.0159
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 0.0011 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 0.0028 0.0028
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 0.0159
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 0.0044 0.0045
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 0.0192 0.0156
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 0.0008 0.0008
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 0.0047 0.0046
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 0.0119 0.0154
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 0.0032 0.0032
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) 47 years 58 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 21 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) 47 years 58 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 42 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) 10 years 11 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 8.22 8.45
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 9.28 9.60
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 10.55 11.55
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 8.20 8.25
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 6.86 6.87
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 6.88 6.89
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 6.94 6.96
v3.25.1
FAIR VALUE MEASUREMENTS - Narrative (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Schedule of Equity Method Investments [Line Items]      
Carrying value of commercial real estate held within unconsolidated VIEs $ 933,975   $ 830,891
Alternative investment 21,300   23,800
Fair Value, Measurements, Nonrecurring      
Schedule of Equity Method Investments [Line Items]      
Assets, fair value 81,500   87,600
CLOs      
Schedule of Equity Method Investments [Line Items]      
Unsecured notes, net of issuance costs 731,400   735,900
Residential Mortgage Loans Held-for-Sale | Fair Value, Measurements, Nonrecurring      
Schedule of Equity Method Investments [Line Items]      
Assets, fair value 64,200   66,700
Real Estate Owned      
Schedule of Equity Method Investments [Line Items]      
Assets, fair value adjustment 300 $ 300  
Real Estate Owned | Fair Value, Measurements, Nonrecurring      
Schedule of Equity Method Investments [Line Items]      
Assets, fair value 17,300   20,900
Residential mortgage loans, held-for-sale, at fair value      
Schedule of Equity Method Investments [Line Items]      
Assets, fair value adjustment 500 $ 200  
Secured Notes and Bonds Payable: | CLOs      
Schedule of Equity Method Investments [Line Items]      
Unsecured notes, net of issuance costs 731,400    
Secured Notes and Bonds Payable: | Sculptor      
Schedule of Equity Method Investments [Line Items]      
Unsecured notes, net of issuance costs $ 224,000   $ 224,100
Discount Rate      
Schedule of Equity Method Investments [Line Items]      
Alternative investment, measurement input 0.113   0.118
Variable Interest Entity, Not Primary Beneficiary      
Schedule of Equity Method Investments [Line Items]      
Carrying value of commercial real estate held within unconsolidated VIEs $ 194,378   $ 194,410
Variable Interest Entity, Not Primary Beneficiary | Credit Risk Transfer LLC      
Schedule of Equity Method Investments [Line Items]      
Ownership percentage by parent 70.00%    
Maturity Greater than 30 Days      
Schedule of Equity Method Investments [Line Items]      
Days delinquent (in days) 30 days    
Weighted Average      
Schedule of Equity Method Investments [Line Items]      
Broker price discount 22.40%    
Weighted Average | Excess MSRs      
Schedule of Equity Method Investments [Line Items]      
Discount rate 8.40%   8.40%
Minimum      
Schedule of Equity Method Investments [Line Items]      
Recapture rate, term (in months) 3 months    
Broker price discount 10.00%    
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    
Broker price discount 25.00%    
Maximum | Excess MSRs      
Schedule of Equity Method Investments [Line Items]      
Discount rate 9.00%   9.00%
MSRs And MSR Financing Receivables      
Schedule of Equity Method Investments [Line Items]      
Variable interest rate spread 0.95%   0.95%
Mortgage Servicing Rights | Weighted Average      
Schedule of Equity Method Investments [Line Items]      
Discount rate 8.90%   8.90%
Mortgage Servicing Rights | Minimum      
Schedule of Equity Method Investments [Line Items]      
Discount rate 8.80%   8.70%
Mortgage Servicing Rights | Maximum      
Schedule of Equity Method Investments [Line Items]      
Discount rate 10.30%   10.30%
Residential Transition Loans | Non-performing loans      
Schedule of Equity Method Investments [Line Items]      
Mortgage loans, held for investment, fair value $ 54,300   $ 55,200
Collateral $ 47,400   $ 49,300
v3.25.1
FAIR VALUE MEASUREMENTS - Effect of Percentage Change In Measurement Inputs (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value $ 10,133,041 $ 10,321,671
MSRs And MSR Financing Receivables | Agency Securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value 6,195,239  
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 6,753,957  
Change in Estimated Fair Value:    
Amount $ 558,718  
Percentage 9.00%  
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 $ 6,524,015  
Change in Estimated Fair Value:    
Amount $ 328,776  
Percentage 5.30%  
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 $ 6,210,045  
Change in Estimated Fair Value:    
Amount $ 14,806  
Percentage 0.20%  
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 $ 6,136,736  
Change in Estimated Fair Value:    
Amount $ (58,503)  
Percentage (0.90%)  
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 $ 6,462,871  
Change in Estimated Fair Value:    
Amount $ 267,632  
Percentage 4.30%  
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 $ 6,353,259  
Change in Estimated Fair Value:    
Amount $ 158,020  
Percentage 2.60%  
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 $ 6,202,880  
Change in Estimated Fair Value:    
Amount $ 7,641  
Percentage 0.10%  
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 $ 6,165,988  
Change in Estimated Fair Value:    
Amount $ (29,251)  
Percentage (0.50%)  
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 $ 5,948,572  
Change in Estimated Fair Value:    
Amount $ (246,667)  
Percentage (4.00%)  
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 $ 6,048,386  
Change in Estimated Fair Value:    
Amount $ (146,853)  
Percentage (2.40%)  
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 $ 6,187,232  
Change in Estimated Fair Value:    
Amount $ (8,007)  
Percentage (0.10%)  
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 $ 6,224,492  
Change in Estimated Fair Value:    
Amount $ 29,253  
Percentage 0.50%  
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 $ 5,720,688  
Change in Estimated Fair Value:    
Amount $ (474,551)  
Percentage (7.70%)  
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 $ 5,913,429  
Change in Estimated Fair Value:    
Amount $ (281,810)  
Percentage (4.50%)  
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 $ 6,178,949  
Change in Estimated Fair Value:    
Amount $ (16,290)  
Percentage (0.30%)  
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 $ 6,253,744  
Change in Estimated Fair Value:    
Amount $ 58,505  
Percentage 0.90%  
MSRs And MSR Financing Receivables | Non-Agency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value $ 830,163  
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 915,642  
Change in Estimated Fair Value:    
Amount $ 85,479  
Percentage 10.30%  
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 $ 877,529  
Change in Estimated Fair Value:    
Amount $ 47,366  
Percentage 5.70%  
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 $ 834,109  
Change in Estimated Fair Value:    
Amount $ 3,946  
Percentage 0.50%  
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 $ 829,688  
Change in Estimated Fair Value:    
Amount $ (475)  
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 $ 870,970  
Change in Estimated Fair Value:    
Amount $ 40,807  
Percentage 4.90%  
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 $ 853,206  
Change in Estimated Fair Value:    
Amount $ 23,043  
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 $ 832,054  
Change in Estimated Fair Value:    
Amount $ 1,891  
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 $ 829,925  
Change in Estimated Fair Value:    
Amount $ (238)  
Percentage 0.00%  
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 $ 792,778  
Change in Estimated Fair Value:    
Amount $ (37,385)  
Percentage (4.50%)  
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 $ 808,299  
Change in Estimated Fair Value:    
Amount $ (21,864)  
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 $ 828,242  
Change in Estimated Fair Value:    
Amount $ (1,921)  
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 $ 830,400  
Change in Estimated Fair Value:    
Amount $ 237  
Percentage 0.00%  
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 $ 758,434  
Change in Estimated Fair Value:    
Amount $ (71,729)  
Percentage (8.60%)  
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 $ 787,527  
Change in Estimated Fair Value:    
Amount $ (42,636)  
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 $ 825,429  
Change in Estimated Fair Value:    
Amount $ (4,734)  
Percentage (0.60%)  
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 $ 830,637  
Change in Estimated Fair Value:    
Amount $ 474  
Percentage 0.10%  
MSRs And MSR Financing Receivables | Ginnie Mae    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value $ 3,107,639  
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 3,381,235  
Change in Estimated Fair Value:    
Amount $ 273,596  
Percentage 8.80%  
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 $ 3,269,945  
Change in Estimated Fair Value:    
Amount $ 162,306  
Percentage 5.20%  
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 $ 3,146,616  
Change in Estimated Fair Value:    
Amount $ 38,977  
Percentage 1.30%  
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 $ 3,046,484  
Change in Estimated Fair Value:    
Amount $ (61,155)  
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 $ 3,238,835  
Change in Estimated Fair Value:    
Amount $ 131,196  
Percentage 4.20%  
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 $ 3,184,586  
Change in Estimated Fair Value:    
Amount $ 76,947  
Percentage 2.50%  
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 $ 3,127,129  
Change in Estimated Fair Value:    
Amount $ 19,490  
Percentage 0.60%  
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 $ 3,077,061  
Change in Estimated Fair Value:    
Amount $ (30,578)  
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 $ 2,986,478  
Change in Estimated Fair Value:    
Amount $ (121,161)  
Percentage (3.90%)  
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 $ 3,037,730  
Change in Estimated Fair Value:    
Amount $ (69,909)  
Percentage (2.20%)  
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 $ 3,088,175  
Change in Estimated Fair Value:    
Amount $ (19,464)  
Percentage (0.60%)  
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 $ 3,138,216  
Change in Estimated Fair Value:    
Amount $ 30,577  
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 $ 2,874,331  
Change in Estimated Fair Value:    
Amount $ (233,308)  
Percentage (7.50%)  
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 $ 2,973,854  
Change in Estimated Fair Value:    
Amount $ (133,785)  
Percentage (4.30%)  
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 $ 3,068,857  
Change in Estimated Fair Value:    
Amount $ (38,782)  
Percentage (1.20%)  
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 $ 3,168,794  
Change in Estimated Fair Value:    
Amount $ 61,155  
Percentage 2.00%  
v3.25.1
FAIR VALUE MEASUREMENTS - Information Regarding the Inputs used in Valuing the Servicer Advances (Details) - Servicer Advances
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value inputs, monthly servicing fee 0.027% 0.038%
Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Servicer Advances to UPB of Underlying Residential Mortgage Loans 2.30% 2.10%
Minimum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.047 0.046
Minimum | Delinquency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.192 0.196
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 10 months 24 days 21 years 1 month 6 days
v3.25.1
FAIR VALUE MEASUREMENTS - Real Estate And Other Securities Valuation Methodology and Results (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
source
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Face Amount $ 17,078,481 $ 15,878,274
Amortized Cost Basis 8,563,776 7,259,894
Government and government-backed securities $ 8,657,974 7,245,667
Number of broker quotation sources | source 2  
Multiple Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities $ 8,593,451 7,196,838
Single Quote    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 64,523 48,829
Agency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Face Amount 7,895,808 6,672,189
Amortized Cost Basis 7,708,001 6,510,235
Agency | Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 7,751,904 6,450,643
Agency | Level 2 | Multiple Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 7,751,904 6,450,643
Agency | Level 2 | Single Quote    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 0 0
Collateral    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Face Amount 268,896 243,355
Amortized Cost Basis 260,448 234,397
Collateral | Fair Value, Inputs, Level 2 and 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 266,612 242,227
Collateral | Fair Value, Inputs, Level 2 and 3 | Multiple Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 227,934 217,049
Collateral | Fair Value, Inputs, Level 2 and 3 | Single Quote    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 38,678 25,178
Non-Agency Securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Face Amount 8,913,777 8,962,730
Amortized Cost Basis $ 595,327 $ 515,262
Percent of securities 76.90% 82.10%
Fair Value $ 491,437 $ 453,978
Non-Agency Securities | Minimum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.050 0.047
Non-Agency Securities | Minimum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.000 0.000
Non-Agency Securities | Minimum | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.000 0.000
Non-Agency Securities | Minimum | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.000 0.000
Non-Agency Securities | Maximum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.200 0.200
Non-Agency Securities | Maximum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.250 0.200
Non-Agency Securities | Maximum | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.019 0.019
Non-Agency Securities | Maximum | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.500 0.500
Non-Agency Securities | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.073 0.069
Non-Agency Securities | Weighted Average | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.060 0.063
Non-Agency Securities | Weighted Average | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.004 0.005
Non-Agency Securities | Weighted Average | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.168 0.170
Non-Agency Securities | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities $ 639,458 $ 552,797
Non-Agency Securities | Level 3 | Multiple Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 613,613 529,146
Non-Agency Securities | Level 3 | Single Quote    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities $ 25,845 $ 23,651
Residential Mortgage Loans HFS, at Fair Value | Minimum | Discount Rate | Non-performing loans | Financial Asset Acquired and No Credit Deterioration [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.092 0.085
Residential Mortgage Loans HFS, at Fair Value | Minimum | CDR | Non-performing loans | Financial Asset Acquired and No Credit Deterioration [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.105 0.013
Residential Mortgage Loans HFS, at Fair Value | Maximum | Discount Rate | Non-performing loans | Financial Asset Acquired and No Credit Deterioration [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.095 0.093
Residential Mortgage Loans HFS, at Fair Value | Maximum | CDR | Non-performing loans | Financial Asset Acquired and No Credit Deterioration [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.177 0.051
Residential Mortgage Loans HFS, at Fair Value | Weighted Average | Discount Rate | Non-performing loans | Financial Asset Acquired and No Credit Deterioration [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.094 0.088
Residential Mortgage Loans HFS, at Fair Value | Weighted Average | CDR | Non-performing loans | Financial Asset Acquired and No Credit Deterioration [Member]    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.152 0.038
v3.25.1
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
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Residential mortgage loans, HFI, at fair value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, fair value $ 354,003 $ 361,890
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 0.070 0.079
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 0.092 0.093
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 0.084
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 0.045 0.054
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 0.090 0.082
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 0.081 0.080
Residential mortgage loans, HFI, at fair value | CDR | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, measurement input 0.014 0.013
Residential mortgage loans, HFI, at fair value | CDR | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, measurement input 0.105 0.049
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 0.031 0.033
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 0.210 0.124
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 0.312 0.337
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 0.264 0.264
Consumer Loans HFI, at Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans $ 554,168 $ 665,565
Consumer Loans HFI, at Fair Value | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans 201,468 219,308
Consumer Loans HFI, at Fair Value | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans $ 352,700 $ 446,257
Consumer Loans HFI, 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 HFI, 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 0.079
Consumer Loans HFI, 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 HFI, at Fair Value | Discount Rate | Maximum | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.175 0.179
Consumer Loans HFI, 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 HFI, at Fair Value | Discount Rate | Weighted Average | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.103 0.101
Consumer Loans HFI, at Fair Value | Prepayment Rate | Minimum | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.134 0.129
Consumer Loans HFI, 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 HFI, at Fair Value | Prepayment Rate | Maximum | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.390 0.384
Consumer Loans HFI, 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 0.231
Consumer Loans HFI, at Fair Value | Prepayment Rate | Weighted Average | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.151 0.145
Consumer Loans HFI, at Fair Value | Prepayment Rate | Weighted Average | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.156 0.178
Consumer Loans HFI, at Fair Value | CDR | Minimum | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.028 0.023
Consumer Loans HFI, at Fair Value | CDR | Minimum | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.030 0.040
Consumer Loans HFI, at Fair Value | CDR | Maximum | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.428 0.171
Consumer Loans HFI, at Fair Value | CDR | Maximum | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.620 0.500
Consumer Loans HFI, at Fair Value | CDR | Weighted Average | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.051 0.051
Consumer Loans HFI, at Fair Value | CDR | Weighted Average | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.196 0.143
Consumer Loans HFI, at Fair Value | Loss Severity | Minimum | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.718 0.742
Consumer Loans HFI, 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 HFI, at Fair Value | Loss Severity | Weighted Average | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.927 0.923
Consumer Loans HFI, 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
IRLCs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, fair value $ 34,387 $ 11,294
IRLCs | Loan Funding Probability | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.000 0.000
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 0.830 0.861
IRLCs | Fair Value of Initial Servicing Rights (bps) | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.00019 0.00010
IRLCs | Fair Value of Initial Servicing Rights (bps) | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.04238 0.04267
IRLCs | Fair Value of Initial Servicing Rights (bps) | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.02728 0.02818
Asset-Backed Securities Issued    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Asset-backed securities, fair value $ 169,035 $ 185,460
Asset-Backed Securities Issued | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Asset-backed securities, measurement input 0.059 0.054
Asset-Backed Securities Issued | Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Asset-backed securities, measurement input 0.151 0.145
Asset-Backed Securities Issued | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Asset-backed securities, measurement input 0.051 0.051
Asset-Backed Securities Issued | Loss Severity | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Asset-backed securities, measurement input 0.927 0.923
Performing Financial Instruments | Residential Transition Loans    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held For investment, fair value $ 2,287,856 $ 2,128,801
Performing Financial Instruments | Residential Transition Loans | Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.083 0.083
Performing Financial Instruments | Residential Transition Loans | Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.095 0.099
Performing Financial Instruments | Residential Transition Loans | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.083 0.083
Performing Financial Instruments | Residential Transition Loans | 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 | Residential Transition Loans | 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 | Residential Transition Loans | Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.459 0.458
Performing Financial Instruments | Residential Transition Loans | CDR | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.005 0.005
Performing Financial Instruments | Residential Transition Loans | 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 | Residential Transition Loans | 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 | Residential Transition Loans | 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, at Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, fair value $ 17,775 $ 17,700
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.070 0.070
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.085 0.086
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.074 0.079
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Prepayment Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.054 0.060
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Prepayment Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.090 0.082
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.081 0.079
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | CDR | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.014 0.018
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | CDR | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.057 0.050
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.033 0.031
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Loss Severity | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.217 0.206
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Loss Severity | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.312 0.337
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Loss Severity | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.247 0.240
Non-performing loans | Residential Transition Loans    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held For investment, fair value $ 54,300 $ 55,200
Non-performing loans | Acquired loans | Residential Mortgage Loans HFS, at Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, fair value $ 8,658 $ 9,466
Non-performing loans | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.092 0.085
Non-performing loans | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.095 0.093
Non-performing loans | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.094 0.088
Non-performing loans | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | CDR | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.105 0.013
Non-performing loans | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | CDR | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.177 0.051
Non-performing loans | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.152 0.038
Non-performing loans | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Annual Change in Home Prices | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.055 0.086
Non-performing loans | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Annual Change in Home Prices | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.087 0.158
Non-performing loans | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Annual Change in Home Prices | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.067 0.109
Non-performing loans | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Current Value of Underlying Properties | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 2.812 2.649
Non-performing loans | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Current Value of Underlying Properties | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 3.083 3.103
Non-performing loans | Acquired loans | Residential Mortgage Loans HFS, at Fair Value | Current Value of Underlying Properties | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 2.907 2.795
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Notes And Loans Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable $ 434,124 $ 393,786
Notes receivable financing 378,721 377,227
Loans receivable 17,717 31,580
Total $ 830,562 $ 802,593
Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable financing discount rate 5.40% 5.70%
Discount Rate 17.50% 18.50%
Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable, discount rate 8.60% 9.00%
Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable, discount rate 14.00% 12.50%
Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable, discount rate 9.20% 9.30%
v3.25.1
FAIR VALUE MEASUREMENTS - Summary of Fair Value of Structured Alternative Investment Solution (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
d
Dec. 31, 2024
USD ($)
d
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Alternative investment $ 21,300 $ 23,800
Investments subject to initial lock-up period $ 46,000  
Initial lock-up period 3 years  
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 | Fair Value Measured at Net Asset Value Per Share    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Alternative investment $ 356,038 $ 333,106
Fair Value | Fair Value Measured at Net Asset Value Per Share | Open-ended    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Alternative investment 190,799 172,409
Fair Value | Fair Value Measured at Net Asset Value Per Share | Close-ended    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Alternative investment $ 165,239 $ 160,697
v3.25.1
FAIR VALUE MEASUREMENTS - Loan Securitizations (Details)
$ in Thousands
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Residential Mortgage Loans    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investments at Fair Value $ 2,703,112 $ 2,791,027
Unsecured notes, net of issuance costs 2,295,166 2,369,934
Residential Transitional Lending    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investments at Fair Value 938,532 962,192
Unsecured notes, net of issuance costs $ 859,760 $ 859,023
Residential Transitional Lending | Discount Rate | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.019 0.017
Residential Transitional Lending | Discount Rate | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.111 0.117
Residential Transitional Lending | Discount Rate | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.025 0.022
Residential Transitional Lending | Prepayment Rate    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.080 0.080
Residential Transitional Lending | CDR | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.008 0.008
Residential Transitional Lending | CDR | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.020 0.020
Residential Transitional Lending | CDR | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.014 0.013
Residential Transitional Lending | Loss Severity    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.100 0.100
v3.25.1
FAIR VALUE MEASUREMENTS - Schedule of Inputs Used in Valuing Assets and Liabilities At Fair Value (Details) - Fair Value, Measurements, Nonrecurring - Fair Value
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 64,248 $ 66,670
Performing Financial Instruments    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 49,558 $ 51,011
Performing Financial Instruments | Minimum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.070 0.063
Performing Financial Instruments | Minimum | Weighted Average Life (Years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average Life (Years) 4 years 3 months 18 days 2 years 9 months 18 days
Performing Financial Instruments | Minimum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.054 0.060
Performing Financial Instruments | Minimum | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.014 0.018
Performing Financial Instruments | Minimum | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.217 0.187
Performing Financial Instruments | Maximum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.085 0.086
Performing Financial Instruments | Maximum | Weighted Average Life (Years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average Life (Years) 6 years 7 months 6 days 6 years
Performing Financial Instruments | Maximum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.090 0.082
Performing Financial Instruments | Maximum | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.057 0.229
Performing Financial Instruments | Maximum | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.312 0.337
Performing Financial Instruments | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.070 0.077
Performing Financial Instruments | Weighted Average | Weighted Average Life (Years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average Life (Years) 4 years 3 months 18 days 4 years 4 months 24 days
Performing Financial Instruments | Weighted Average | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.090 0.080
Performing Financial Instruments | Weighted Average | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.035 0.036
Performing Financial Instruments | Weighted Average | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.219 0.207
Non-performing loans    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair Value $ 14,690 $ 15,659
Non-performing loans | Minimum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.092 0.085
Non-performing loans | Minimum | Weighted Average Life (Years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average Life (Years) 3 years 3 months 18 days 5 years 2 months 12 days
Non-performing loans | Minimum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.026 0.017
Non-performing loans | Minimum | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.105 0.013
Non-performing loans | Minimum | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.210 0.124
Non-performing loans | Maximum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.095 0.094
Non-performing loans | Maximum | Weighted Average Life (Years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average Life (Years) 4 years 7 months 6 days 6 years 2 months 12 days
Non-performing loans | Maximum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.045 0.054
Non-performing loans | Maximum | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.177 0.093
Non-performing loans | Maximum | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.470 0.399
Non-performing loans | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.093 0.091
Non-performing loans | Weighted Average | Weighted Average Life (Years)    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Weighted Average Life (Years) 4 years 1 month 6 days 5 years 9 months 18 days
Non-performing loans | Weighted Average | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.037 0.035
Non-performing loans | Weighted Average | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.134 0.052
Non-performing loans | Weighted Average | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing receivable, measurement input 0.315 0.231
v3.25.1
VARIABLE INTEREST ENTITIES - Narrative (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
May 31, 2021
USD ($)
Mar. 31, 2025
USD ($)
fund
shares
Sep. 30, 2024
USD ($)
loan
Dec. 31, 2024
USD ($)
shares
Jun. 28, 2024
Sep. 25, 2020
USD ($)
Variable Interest Entity [Line Items]            
Debt instrument, face amount   $ 31,157,091,000        
Number of common shares (in shares) | shares   49,964,122   51,964,122    
Long-term debt   $ 32,207,091,000        
Aggregate principal amount [1]   10,025,948,000   $ 10,298,075,000    
Rithm Acquisition Corp | IPO            
Variable Interest Entity [Line Items]            
Sale of stock, consideration received on transaction   $ 230,000,000        
Number of warrants issued per unit   0.333        
CLOs            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs   $ 731,400,000   735,900,000    
Number of consolidated funds | fund   2        
Securitization Notes Payable | Consumer Loan Companies            
Variable Interest Entity [Line Items]            
Debt instrument, face amount           $ 663,000,000
Secured Notes and Bonds Payable: | Sculptor            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs   $ 224,000,000.0   $ 224,100,000    
Aggregate principal amount   350,000,000        
Notes payable retained   127,800,000        
Secured Notes and Bonds Payable: | CLOs            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs   731,400,000        
Notes payable retained   76,300,000        
Secured Notes and Bonds Payable: | CLOs | Sculptor            
Variable Interest Entity [Line Items]            
Aggregate principal amount   $ 814,400,000        
2022-RTL1 Securitization | Residential Transitional Lending            
Variable Interest Entity [Line Items]            
Debt instrument, term   120 months        
2022-RTL1 Securitization | Securitization Notes Payable            
Variable Interest Entity [Line Items]            
Debt instrument, face amount   $ 1,200,000,000        
Long-term debt   914,800,000        
Class A Notes | Secured Notes and Bonds Payable: | Sculptor            
Variable Interest Entity [Line Items]            
Notes payable retained   20,000,000        
Class C Notes | Secured Notes and Bonds Payable: | Sculptor            
Variable Interest Entity [Line Items]            
Notes payable retained   20,000,000        
Subordinated Notes | Secured Notes and Bonds Payable: | Sculptor            
Variable Interest Entity [Line Items]            
Notes payable retained   87,800,000        
Related Party            
Variable Interest Entity [Line Items]            
Number of interest tranches sold | loan     2      
Assets     $ 371,500,000      
Liabilities     352,900,000      
Deconsolidated recognized loss     $ 900,000      
Unsecured notes, net of issuance costs   $ 17,400,000        
Advance Purchaser LLC | Corporate Joint Venture            
Variable Interest Entity [Line Items]            
Ownership percentage   89.30%        
Variable Interest Entity, Primary Beneficiary | Rithm Acquisition Corp | IPO            
Variable Interest Entity [Line Items]            
Sale of stock, consideration received on transaction   $ 230,000,000        
Number of common shares (in shares) | shares   23,000,000        
Variable Interest Entity, Primary Beneficiary | Rithm Acquisition Corp | Common Class A | IPO            
Variable Interest Entity [Line Items]            
Number of common shares (in shares) | shares   23,000,000        
Variable Interest Entity, Primary Beneficiary | Consumer Loan Companies            
Variable Interest Entity [Line Items]            
Ownership percentage by parent         100.00%  
Variable Interest Entity, Primary Beneficiary | Line of Credit | Revolving Credit Facility            
Variable Interest Entity [Line Items]            
Line of credit facility, maximum borrowing capacity   $ 52,500,000        
Line of credit facility, maximum borrowing capacity per quarter   $ 20,000,000        
Variable interest rate spread   3.00%        
Unused commitment fee   1.15%        
Variable Interest Entity, Primary Beneficiary | Securitization Facility, 2021-1 | Securitization Notes Payable            
Variable Interest Entity [Line Items]            
Debt instrument, face amount $ 750,000,000          
Debt instrument, term 3 years          
Variable Interest Entity, Primary Beneficiary | Related Party            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs   $ 2,300,000,000        
Variable Interest Entity, Primary Beneficiary | Related Party | Retained Interest            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs   $ 400,000,000        
Variable Interest Entity, Primary Beneficiary | Advance Purchaser LLC | Corporate Joint Venture            
Variable Interest Entity [Line Items]            
Ownership percentage   89.30%        
Variable Interest Entity, Not Primary Beneficiary | Credit Risk Transfer LLC            
Variable Interest Entity [Line Items]            
Ownership percentage by parent   70.00%        
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. 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 March 31, 2025 and December 31, 2024, total assets of such consolidated VIEs were $6.4 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $5.0 billion and $5.2 billion, respectively. See Note 20 for further details.
v3.25.1
VARIABLE INTEREST ENTITIES - Variable Interest Entities, Assets and Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Assets    
Servicer advance investments, at fair value $ 321,531 $ 339,646
Residential mortgage loans, HFS, at fair value 3,092,102 4,307,571
Assets of consolidated CFEs 4,972,801 5,107,826
Cash and cash equivalents 1,493,834 1,458,743
Restricted cash 511,698  
Total Assets 45,329,843 46,048,957
Liabilities    
Secured financing agreements [1] 16,791,234 16,782,467
Accrued expenses and other liabilities [1] 2,343,010 2,630,771
Total Liabilities 37,188,589 38,162,647
VIE, consolidated    
Assets    
Servicer advance investments, at fair value 321,531 339,646
Residential mortgage loans, HFS, at fair value 474,987 496,420
Consumer loans 201,468 219,308
Assets of consolidated CFEs 4,816,780 4,871,578
Cash and cash equivalents 29,405 37,982
Restricted cash 346,744 169,479
Other assets 245,033 186,921
Total Assets 6,435,948 6,321,334
Liabilities    
Secured financing agreements 385,916 384,948
Secured notes and bonds payable 415,473 443,643
Notes payable of consolidated CFEs 4,110,396 4,188,915
Accrued expenses and other liabilities 136,073 164,973
Total Liabilities 5,047,858 5,182,479
VIE, consolidated | Advance Purchaser    
Assets    
Servicer advance investments, at fair value 321,531 339,646
Residential mortgage loans, HFS, at fair value 0 0
Consumer loans 0 0
Assets of consolidated CFEs 0 0
Cash and cash equivalents 7,984 5,163
Restricted cash 6,146 6,727
Other assets 4 4
Total Assets 335,665 351,540
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 246,438 258,183
Notes payable of consolidated CFEs 0 0
Accrued expenses and other liabilities 1,681 1,975
Total Liabilities 248,119 260,158
VIE, consolidated | 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
Assets of consolidated CFEs 0 0
Cash and cash equivalents 19,690 21,023
Restricted cash 0 0
Other assets 447 452
Total Assets 20,137 21,475
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 0 0
Notes payable of consolidated CFEs 0 0
Accrued expenses and other liabilities 1,903 1,854
Total Liabilities 1,903 1,854
VIE, consolidated | Residential Mortgage Loans    
Assets    
Servicer advance investments, at fair value 0 0
Residential mortgage loans, HFS, at fair value 474,987 496,420
Consumer loans 0 0
Assets of consolidated CFEs 0 0
Cash and cash equivalents 0 0
Restricted cash 6,080 6,087
Other assets 0 0
Total Assets 481,067 502,507
Liabilities    
Secured financing agreements 385,916 384,948
Secured notes and bonds payable 0 0
Notes payable of consolidated CFEs 0 0
Accrued expenses and other liabilities 0 0
Total Liabilities 385,916 384,948
VIE, consolidated | Consumer Loan Companies    
Assets    
Servicer advance investments, at fair value 0 0
Residential mortgage loans, HFS, at fair value 0 0
Consumer loans 201,468 219,308
Assets of consolidated CFEs 0 0
Cash and cash equivalents 0 0
Restricted cash 5,995 6,042
Other assets 6,798 11,186
Total Assets 214,261 236,536
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 169,035 185,460
Notes payable of consolidated CFEs 0 0
Accrued expenses and other liabilities 1,302 226
Total Liabilities 170,337 185,686
VIE, consolidated | 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
Assets of consolidated CFEs 0 0
Cash and cash equivalents 697 11,796
Restricted cash 12,673 0
Other assets 166,462 89,654
Total Assets 179,832 101,450
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 0 0
Notes payable of consolidated CFEs 0 0
Accrued expenses and other liabilities 2,556 1,589
Total Liabilities 2,556 1,589
VIE, consolidated | SPAC    
Assets    
Servicer advance investments, at fair value 0 0
Residential mortgage loans, HFS, at fair value 0 0
Consumer loans 0 0
Assets of consolidated CFEs 0 0
Cash and cash equivalents 1,034 0
Restricted cash 230,810 0
Other assets 341 0
Total Assets 232,185 0
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 0 0
Notes payable of consolidated CFEs 0 0
Accrued expenses and other liabilities 8,234 0
Total Liabilities 8,234 0
VIE, consolidated | 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
Assets of consolidated CFEs 938,532 962,192
Cash and cash equivalents 0 0
Restricted cash 8,639 7,172
Other assets 42,997 26,348
Total Assets 990,168 995,712
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 0 0
Notes payable of consolidated CFEs 859,760 859,023
Accrued expenses and other liabilities 1,083 1,099
Total Liabilities 860,843 860,122
VIE, consolidated | Loan Securitizations - 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
Assets of consolidated CFEs 2,703,112 2,791,027
Cash and cash equivalents 0 0
Restricted cash 14,984 17,293
Other assets 0 0
Total Assets 2,718,096 2,808,320
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 0 0
Notes payable of consolidated CFEs 2,295,166 2,369,934
Accrued expenses and other liabilities 15,317 17,626
Total Liabilities 2,310,483 2,387,560
VIE, consolidated | Consolidated Funds    
Assets    
Servicer advance investments, at fair value 0 0
Residential mortgage loans, HFS, at fair value 0 0
Consumer loans 0 0
Assets of consolidated CFEs 1,175,136 1,118,359
Cash and cash equivalents 0 0
Restricted cash 61,417 126,158
Other assets 27,984 59,277
Total Assets 1,264,537 1,303,794
Liabilities    
Secured financing agreements 0 0
Secured notes and bonds payable 0 0
Notes payable of consolidated CFEs 955,470 959,958
Accrued expenses and other liabilities 103,997 140,604
Total Liabilities $ 1,059,467 $ 1,100,562
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. 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 March 31, 2025 and December 31, 2024, total assets of such consolidated VIEs were $6.4 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $5.0 billion and $5.2 billion, respectively. See Note 20 for further details.
v3.25.1
VARIABLE INTEREST ENTITIES - Variable Interest Entities, Characteristics (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Carrying value of commercial real estate held within unconsolidated VIEs $ 933,975 $ 830,891
Carrying value of Rithm Capital’s investments in unconsolidated commercial real estate VIEs 646,256 502,610
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Carrying value of commercial real estate held within unconsolidated VIEs 194,378 194,410
Variable Interest Entity, Not Primary Beneficiary | Real Estate Bonds    
Variable Interest Entity [Line Items]    
UPB of Underlying Residential Mortgage Loans $ 8,562,559 $ 8,152,970
Weighted average delinquency 4.70% 5.20%
Net credit losses $ 162,406 $ 161,646
Face amount of debt held by third parties 7,923,955 7,532,832
Carrying value of bonds retained by Rithm Capital 555,393 532,845
Cash flows received by Rithm Capital on these notes $ 23,416 94,589
Number of days delinquent (in days) 60 days  
Variable Interest Entity, Not Primary Beneficiary | Commercial Real Estate    
Variable Interest Entity [Line Items]    
Carrying value of commercial real estate held within unconsolidated VIEs $ 195,658 190,258
Carrying value of Rithm Capital’s investments in unconsolidated commercial real estate VIEs $ 60,342 $ 57,846
v3.25.1
VARIABLE INTEREST ENTITIES - Variable Interest Entities, Unconsolidated (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Maximum Risk of Loss as a Result of the Company’s Involvement with Unconsolidated VIEs:    
Unearned income and fees $ 14,882 $ 17,268
Income and fees receivable 28,234 35,723
Investments 691,818 577,849
Unfunded commitments 173,520 174,530
Other commitments 25,521 25,521
Maximum Exposure to Loss 933,975 830,891
Employees And Executive Managing Directors    
Maximum Risk of Loss as a Result of the Company’s Involvement with Unconsolidated VIEs:    
Unfunded commitments $ 110,700 $ 133,900
v3.25.1
VARIABLE INTEREST ENTITIES - Others' Interest in Equity of Consumer Loan Companies (Details) - USD ($)
$ in Thousands
 3 Months Ended
Jun. 28, 2024
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Dec. 31, 2023
Noncontrolling Interest [Line Items]          
Total Consolidated Equity   $ 7,884,840 $ 7,243,372 $ 7,886,310 $ 7,101,038
Noncontrolling Interest in Equity of Consolidated Subsidiaries   108,716   $ 91,336  
Net Income (Loss)   80,710 287,487    
Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries   $ 1,086 $ 3,452    
Consumer Loan Companies          
Noncontrolling Interest [Line Items]          
Ownership percentage purchased 46.50%        
Payments to acquire interest in subsidiaries and affiliates $ 22,000        
VIE, consolidated | Advance Purchaser          
Noncontrolling Interest [Line Items]          
Others' Ownership Interest   10.70%   10.70%  
VIE, consolidated | Advance Purchaser | Weighted Average          
Noncontrolling Interest [Line Items]          
Others' Ownership Interest   10.70% 10.70%    
VIE, consolidated | Newrez Joint Ventures          
Noncontrolling Interest [Line Items]          
Others' Ownership Interest   49.50%   49.50%  
VIE, consolidated | Newrez Joint Ventures | Weighted Average          
Noncontrolling Interest [Line Items]          
Others' Ownership Interest   49.50% 49.50%    
VIE, consolidated | Consumer Loan Companies          
Noncontrolling Interest [Line Items]          
Ownership percentage by parent 100.00%        
VIE, consolidated | Consumer Loan Companies | Weighted Average          
Noncontrolling Interest [Line Items]          
Others' Ownership Interest   0.00% 46.50%    
VIE, consolidated | Excess MSRs          
Noncontrolling Interest [Line Items]          
Others' Ownership Interest   20.00%   20.00%  
Subsidiary, ownership percentage, noncontrolling owner, after acquisition   20.00%      
VIE, consolidated | Other investments          
Noncontrolling Interest [Line Items]          
Others' Ownership Interest   25.70%   10.00%  
Subsidiary, ownership percentage, noncontrolling owner, after acquisition   25.70%      
VIE, consolidated | Advance Purchaser          
Noncontrolling Interest [Line Items]          
Total Consolidated Equity   $ 87,547   $ 91,384  
Noncontrolling Interest in Equity of Consolidated Subsidiaries   9,361   9,770  
Net Income (Loss)   (336) $ 9,530    
Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries   (36) 1,018    
VIE, consolidated | Newrez Joint Ventures          
Noncontrolling Interest [Line Items]          
Total Consolidated Equity   18,234   19,621  
Noncontrolling Interest in Equity of Consolidated Subsidiaries   9,100   9,687  
Net Income (Loss)   715 112    
Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries   354 55    
VIE, consolidated | Consumer Loan Companies          
Noncontrolling Interest [Line Items]          
Net Income (Loss)   (1,550) 2,192    
Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries   0 1,019    
VIE, consolidated | Excess MSRs          
Noncontrolling Interest [Line Items]          
Total Consolidated Equity   131,347   136,645  
Noncontrolling Interest in Equity of Consolidated Subsidiaries   26,269   27,329  
Net Income (Loss)   1,323 0    
Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries   264 0    
VIE, consolidated | Other investments          
Noncontrolling Interest [Line Items]          
Total Consolidated Equity   89,810   50,778  
Noncontrolling Interest in Equity of Consolidated Subsidiaries   23,058   4,608  
Net Income (Loss)   1,730 0    
Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries   500 0    
VIE, consolidated | Asset Management          
Noncontrolling Interest [Line Items]          
Total Consolidated Equity   917,145   844,669  
Noncontrolling Interest in Equity of Consolidated Subsidiaries   40,928   $ 39,942  
Net Income (Loss)   (62,117) 0    
Noncontrolling Interest in Income (Loss) of Consolidated Subsidiaries   $ 4 $ 0    
v3.25.1
VARIABLE INTEREST ENTITIES - Schedule of Redeemable Noncontrolling Interest (Details)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at December 31, 2024 $ 0
Initial carrying value 239,990
Change in redemption value 15,611
Comprehensive income (loss) 813
Balance at March 31, 2025 256,414
SPAC  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at December 31, 2024 0
Initial carrying value 214,389
Change in redemption value 15,611
Comprehensive income (loss) 810
Balance at March 31, 2025 230,810
Consolidated Entity  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at December 31, 2024 0
Initial carrying value 25,601
Change in redemption value 0
Comprehensive income (loss) 3
Balance at March 31, 2025 $ 25,604
v3.25.1
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER - Schedule of Other Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other revenues    
Other Income [Line Items]    
Total Other Revenues $ 50,773 $ 58,348
Property and maintenance    
Other Income [Line Items]    
Total Other Revenues 25,736 32,380
Rental    
Other Income [Line Items]    
Total Other Revenues 19,402 18,949
Other    
Other Income [Line Items]    
Total Other Revenues $ 5,635 $ 7,019
v3.25.1
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER - Schedule of General and Administrative Expenses (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]    
Legal and professional $ 24,638 $ 21,489
Loan origination 14,677 15,435
Occupancy 14,490 15,946
Subservicing 16,756 19,428
Loan servicing 41,400 5,591
Property and maintenance 27,583 32,264
Depreciation and amortization 24,568 31,952
Information technology 29,691 29,388
Other 43,743 33,559
Total General and Administrative Expenses $ 237,546 $ 205,052
v3.25.1
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER - Schedule of Components of Other Income (Loss) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Other Income and Expenses [Abstract]    
Real estate and other securities $ 114,526 $ (102,963)
Residential mortgage loans and REO 2,544 3,526
Derivative and hedging instruments 92,650 41,932
Notes and bonds payable 4,848 226
Consolidated CFEs 16,442 16,412
Other (23,615) (3,979)
Realized and unrealized gains (losses), net 207,395 (44,846)
Other income (loss), net 9,073 15,784
Total Other Income (Loss), Net $ 216,468 $ (29,062)
v3.25.1
ASSET MANAGEMENT REVENUES - Schedule of Asset Management Revenues (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Disaggregation of Revenue [Line Items]    
Total Asset Management Revenues $ 768,379 $ 1,260,618
Management fees    
Disaggregation of Revenue [Line Items]    
Revenue 58,986 57,130
Incentive income    
Disaggregation of Revenue [Line Items]    
Revenue 28,686 13,821
Asset management revenues    
Disaggregation of Revenue [Line Items]    
Total Asset Management Revenues $ 87,672 $ 70,951
v3.25.1
ASSET MANAGEMENT REVENUES - Schedule of Income and Fees Receivables (Details) - Subsidiaries - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Total Income and Fees Receivable $ 64,464 $ 208,672
Management fees receivable    
Disaggregation of Revenue [Line Items]    
Total Income and Fees Receivable 33,569 25,337
Incentive income receivable    
Disaggregation of Revenue [Line Items]    
Total Income and Fees Receivable $ 30,895 $ 183,335
v3.25.1
ASSET MANAGEMENT REVENUES - Schedule of Unearned Income and Fees (Details) - USD ($)
$ in Thousands
Mar. 31, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Unearned income and fees $ 15,329 $ 17,280
Subsidiaries    
Disaggregation of Revenue [Line Items]    
Unearned income and fees 15,329 17,280
Unearned management fees | Subsidiaries    
Disaggregation of Revenue [Line Items]    
Unearned income and fees 852 12
Unearned incentive income | Subsidiaries    
Disaggregation of Revenue [Line Items]    
Unearned income and fees $ 14,477 $ 17,268
v3.25.1
EQUITY AND EARNINGS PER SHARE - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 28, 2025
Mar. 21, 2025
Sep. 24, 2024
Aug. 05, 2022
Sep. 30, 2021
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
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  
Common stock, par value (in dollars per share)       $ 0.01   $ 0.01   $ 0.01  
Preferred stock, shares authorized (in shares)           100,000,000   100,000,000  
Preferred stock, par values (in dollars per share)           $ 0.01   $ 0.01  
Number of common shares (in shares)           49,964,122   51,964,122  
Shares repurchased (in shares)           0      
Redemption of shares value           $ 50.0      
Dividends declared (in dollars per share)           $ 2.30 $ 1.76    
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                 5 years
Third Parties | Rithm Acquisition Corp                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Warrants issued (in shares)                 7,666,667
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   6,200,068  
Redemption of shares (in shares) 2,000,000         2,000,000      
Interest rate           7.50%      
Redemption price (in dollars per share)           $ 25.00      
Dividends declared (in dollars per share)   $ 0.64       $ 0.64 0.47    
Preferred dividends   $ 2.7              
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  
Dividends declared (in dollars per share)   $ 0.63       $ 0.63 0.45    
Preferred dividends   $ 7.1              
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  
Dividends declared (in dollars per share)   $ 0.59       $ 0.59 0.40    
Preferred dividends   $ 9.4              
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         7.00%        
Dividends declared (in dollars per share)   $ 0.44       $ 0.44 $ 0.44    
Preferred dividends   $ 8.1              
Public Offering                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Sale of stock, consideration received on transaction     $ 340.2            
Common Stock                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Stock repurchase program, authorized amount                 $ 200.0
Common Stock | Distribution Agreement                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Sale of stock, consideration received on transaction       $ 500.0          
Number of common shares (in shares)           9,000,000.0      
Common Stock | Public Offering                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Common stock, par value (in dollars per share)     $ 0.01            
Number of common shares (in shares)     30,000,000            
Preferred Stock                  
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                  
Stock repurchase program, authorized amount                 $ 100.0
v3.25.1
EQUITY AND EARNINGS PER SHARE - Schedule of Preferred Shares (Details) - USD ($)
$ / shares in Units, $ in Thousands
 1 Months Ended 3 Months Ended 12 Months Ended
Mar. 28, 2025
Mar. 21, 2025
Sep. 30, 2021
Mar. 31, 2025
Mar. 31, 2024
Dec. 31, 2024
Class of Stock [Line Items]            
Number of shares issued (in shares)       49,964,122   51,964,122
Liquidation preference       $ 1,249,104   $ 1,299,104
Carrying Value       $ 1,207,254    
Dividends declared (in dollars per share)       $ 2.30 $ 1.76  
Liquidation preference per share (in dollars per share)       $ 25.00    
7.50% Series A Preferred Stock            
Class of Stock [Line Items]            
Interest rate       7.50%    
Number of shares issued (in shares)       4,200,068   6,200,068
Liquidation preference       $ 105,002   $ 155,002
Issuance Discount       3.15%    
Carrying Value       $ 99,822    
Dividends declared (in dollars per share)   $ 0.64   $ 0.64 0.47  
Liquidation preference per share (in dollars per share)       $ 25.00    
Preferred stock, dividend payment rate, basis spread       0.261%    
Preferred stock, dividend payment rate, additional basis spread       5.802%    
Redemption of shares (in shares) 2,000,000     2,000,000    
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
Issuance Discount       3.15%    
Carrying Value       $ 272,654    
Dividends declared (in dollars per share)   0.63   $ 0.63 0.45  
Liquidation preference per share (in dollars per share)       $ 25.00    
Preferred stock, dividend payment rate, basis spread       0.261%    
Preferred stock, dividend payment rate, additional basis spread       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
Issuance Discount       3.15%    
Carrying Value       $ 385,289    
Dividends declared (in dollars per share)   0.59   $ 0.59 0.40  
Liquidation preference per share (in dollars per share)       $ 25.00    
Preferred stock, dividend payment rate, basis spread       0.261%    
Preferred stock, dividend payment rate, additional basis spread       4.969%    
7.00% Series D Preferred Stock            
Class of Stock [Line Items]            
Interest rate     7.00%      
Number of shares issued (in shares)       18,600,000   18,600,000
Liquidation preference       $ 465,000   $ 465,000
Issuance Discount       3.15%    
Carrying Value       $ 449,489    
Dividends declared (in dollars per share)   $ 0.44   $ 0.44 $ 0.44  
v3.25.1
EQUITY AND EARNINGS PER SHARE - Schedule of Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
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
Total Amounts Distributed $ 132.5 $ 130.2 $ 129.9 $ 122.4 $ 120.9
v3.25.1
EQUITY AND EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Net income $ 80,710 $ 287,487
Noncontrolling interests in income of consolidated subsidiaries 1,086 3,452
Comprehensive income attributable to redeemable noncontrolling interests 813 0
Net Income Attributable to Rithm Capital Corp. 78,811 284,035
Change in redemption value of redeemable noncontrolling interests (15,611) 0
Dividends on preferred stock 26,677 22,395
Net Income Attributable to Common Stockholders 36,523 261,640
Net Income Attributable to Common Stockholders - diluted $ 36,523 $ 261,640
Basic weighted average shares of common stock outstanding (in shares) 524,104,842 483,336,777
Diluted Weighted Average Shares of Common Stock Outstanding (in shares) 530,599,555 485,931,501
Basic Earnings per Share Attributable to Common Stockholders (in dollars per share) $ 0.07 $ 0.54
Diluted Earnings per Share Attributable to Common Stockholders (in dollars per share) $ 0.07 $ 0.54
Stock options    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Effect of dilutive securities (in shares) 149 897,800
Restricted stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Effect of dilutive securities (in shares) 170,438 274,754
Time-based RSU awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Effect of dilutive securities (in shares) 2,842,044 816,310
Performance-based RSU awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Effect of dilutive securities (in shares) 2,050,152 605,860
Time vesting Class B Profit Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Effect of dilutive securities (in shares) 472,973 0
Performance vesting Class B Profit Units    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Effect of dilutive securities (in shares) 958,957 0
v3.25.1
INCOME TAXES - Schedule of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Mar. 31, 2024
Current:    
Federal $ 6,555 $ 613
State and local 197 396
Foreign 10,613 1,775
Total current income tax expense 17,365 2,784
Deferred:    
Federal (30,358) 76,453
State and local (9,296) 13,237
Foreign (1,641) 938
Total deferred income tax expense (benefit) (41,295) 90,628
Total Income Tax Expense (Benefit) $ (23,930) $ 93,412
v3.25.1
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
Mar. 31, 2025
Dec. 31, 2024
Income Tax Disclosure [Abstract]    
Deferred tax liability $ 744,778 $ 786,141
Increase (decrease) in valuation allowance 44,500  
Valuation allowance $ 78,300  
v3.25.1
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
 3 Months Ended
Feb. 27, 2024
USD ($)
property
Mar. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Loss Contingencies [Line Items]      
Estimated liability, representation and warranties   $ 42,500  
Residential mortgage loan repurchase liability   2,432,605 $ 2,745,756
Unfunded capital commitments   286,500  
Alternative investment   $ 21,300 $ 23,800
Unfunded capital commitments, term   6 years  
Sculptor Diversified Real Estate Income Trust Inc      
Loss Contingencies [Line Items]      
Unfunded capital commitments   $ 155,500  
Other commitment, funded by third party   124,400  
Director      
Loss Contingencies [Line Items]      
Contributions to parent company   126,800  
Viewpoint Murfreesboro Land LLC | Single Family      
Loss Contingencies [Line Items]      
Purchase price of land $ 7,000    
Number of properties | property 171    
Aggregate purchase price $ 49,000    
Purchase price outstanding   42,900  
Genesis Acquisition      
Loss Contingencies [Line Items]      
Committed to fund   1,300,000  
Consumer Portfolio Segment | Unfunded Loan Commitment | Consumer Loan Companies      
Loss Contingencies [Line Items]      
Financing receivable   143,500  
Commercial Real Estate      
Loss Contingencies [Line Items]      
Unfunded capital commitments   $ 86,900  
v3.25.1
RELATED PARTY TRANSACTIONS (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 1 Months Ended 3 Months Ended
Jul. 31, 2023
USD ($)
Mar. 31, 2025
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
shares
Mar. 31, 2024
USD ($)
Dec. 31, 2024
USD ($)
Mar. 31, 2022
USD ($)
Related Party Transaction [Line Items]            
Alternative investment   $ 21,300     $ 23,800  
Proceeds form issuance of preferred stock   107,412   $ 0    
Outstanding face amount   35,000        
Notes receivable   17,500        
Total Residential Mortgage Loans, HFS            
Related Party Transaction [Line Items]            
Outstanding face amount   $ 72,641        
Great Ajax Corp.            
Related Party Transaction [Line Items]            
Percentage of common stock outstanding   7.30%        
Great Ajax Corp. | Total Residential Mortgage Loans, HFS            
Related Party Transaction [Line Items]            
Outstanding face amount       $ 245,300    
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        
Number of warrants issued per unit   0.333        
Great Ajax Corp.            
Related Party Transaction [Line Items]            
Warrant term     5 years      
Shares issued for exercised warrants (in shares) | shares     3,300      
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   0.192        
Interest rate   9.875%        
Rithm Property Trust | Series C Fixed To Floating Rate Cumulative Redeemable Preferred Stock Member | IPO            
Related Party Transaction [Line Items]            
Issuance of common stock (in shares) | shares   400        
Proceeds form issuance of preferred stock   $ 10,000        
Shares issued, price per share (in USD per share) | $ / shares   $ 25.00        
Newrez Joint Ventures | Great Ajax Corp. | Total Residential Mortgage Loans, HFS            
Related Party Transaction [Line Items]            
Outstanding face amount     $ 562,100      
Previously serviced amount     $ 2,900,000      
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   $ 37,300        
Related Party | Great Ajax Corp.            
Related Party Transaction [Line Items]            
Number of shares issued (in shares) | shares   3,300        
Net proceeds   $ 9,500        
Loan Agreement | Related Party | Genesis            
Related Party Transaction [Line Items]            
Financing receivable $ 86,400          
Financing receivable term 16 months          
Related Party Assets Under Management | Executive Managing Directors Employeesand Other Related Parties            
Related Party Transaction [Line Items]            
Assets under management   $ 1,500,000        
Percent of assets under management not charged management and incentive fees   69.60%        
Structured Alternative Investment Solution | Related Party            
Related Party Transaction [Line Items]            
Amount invested     $ 92,900      
Interest acquired   $ 74,600        
Structured Alternative Investment Solution | Related Party | Sculptor            
Related Party Transaction [Line Items]            
Alternative investment           $ 350,000
Amount invested           $ 127,800