RITHM CAPITAL CORP., 10-K filed on 2/19/2026
Annual Report
v3.25.4
Cover - USD ($)
$ in Billions
 12 Months Ended
Dec. 31, 2025
Feb. 13, 2026
Jun. 30, 2025
Entity Information [Line Items]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
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 Well-known Seasoned Issuer Yes    
Entity Voluntary Filers No    
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    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 6.0
Entity Common Stock, Shares Outstanding   555,892,415  
Documents Incorporated by Reference
The information required by Part III (Items 10, 11, 12, 13 and 14) will be incorporated by reference from the registrant’s Definitive Proxy Statement for its 2026 Annual Meeting of Stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A.
    
Entity Central Index Key 0001556593    
Amendment Flag false    
Document Fiscal Period Focus FY    
Document Fiscal Year Focus 2025    
Common Stock, $0.01 par value per share      
Entity Information [Line Items]      
Title of 12(b) Security Common Stock, $0.01 par value per share    
Trading Symbol RITM    
Security Exchange Name NYSE    
7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security 7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock    
Trading Symbol RITM PR A    
Security Exchange Name NYSE    
7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock    
Trading Symbol RITM PR B    
Security Exchange Name NYSE    
6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock    
Trading Symbol RITM PR C    
Security Exchange Name NYSE    
7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security 7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock    
Trading Symbol RITM PR D    
Security Exchange Name NYSE    
8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security 8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock    
Trading Symbol RITM PR E    
Security Exchange Name NYSE    
8.750% Series F Fixed-Rate Reset Cumulative Redeemable Preferred Stock      
Entity Information [Line Items]      
Title of 12(b) Security 8.750% Series F Fixed-Rate Reset Cumulative Redeemable Preferred Stock    
Trading Symbol RITM PR F    
Security Exchange Name NYSE    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Audit Information [Abstract]  
Auditor Name Ernst & Young LLP
Auditor Location New York, New York
Auditor Firm ID 42
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Assets    
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 10,359,141 $ 10,321,671
Government and government-backed securities (includes $5,230,139 and $9,711,346 at fair value, respectively) 5,254,905 9,736,116
Residential mortgage loans, held-for-sale (includes [$—] and [$4,307,571] at fair value, respectively) [1] 5,484,272 4,374,241
Residential mortgage loans, held-for-investment, at fair value 324,688 361,890
Consumer loans held-for-investment, at fair value [1] 784,399 665,565
Residential transition loans, at fair value 2,699,864 2,178,075
Residential mortgage loans subject to repurchase 3,952,792 2,745,756
Real estate, net [1] 6,175,735 1,056,193
Insurance company investments, at fair value 906,454 0
Cash and cash equivalents 1,847,626 1,458,743
Restricted cash 941,787 459,066
Servicer advances receivable 3,090,613 3,198,921
Other assets [1] 5,583,976 4,535,517
Assets of Consolidated Entities    
Investments, at fair value and other assets 5,789,349 5,107,826
Total Assets 53,063,126 46,048,957
Liabilities    
Secured financing agreements [1] 13,763,802 16,782,467
Secured notes and bonds payable (includes [$185,460] and [$185,460] at fair value, respectively) [1] 15,203,770 10,298,075
Residential mortgage loan repurchase liability 3,952,792 2,745,756
Unsecured notes, net of issuance costs 1,421,088 1,204,220
Interest Sensitive Insurance Contract Liabilities 960,209 0
Dividends payable 178,900 153,114
Accrued expenses and other liabilities (includes [[•]] and [$525,486] at fair value, respectively) [1] 3,349,643 2,630,771
Liabilities of Consolidated Entities    
Notes payable, at fair value and other liabilities 4,978,212 4,348,244
Total Liabilities 43,808,416 38,162,647
Commitments and Contingencies (Note 26)
Redeemable Non-controlling Interests of Consolidated Subsidiaries (Note 22) 314,303 0
Stockholders’ Equity    
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 57,564,122 and 51,964,122 issued and outstanding, $1,439,104 and $1,299,104 aggregate liquidation preference, respectively 1,390,790 1,257,254
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 555,880,947 and 520,656,256 issued and outstanding, respectively 5,559 5,206
Additional paid-in capital 6,982,991 6,528,613
Accumulated deficit (19,945) (46,985)
Accumulated other comprehensive income 71,092 50,886
Stockholders’ Equity in Rithm Capital Corp. 8,430,487 7,794,974
Non-controlling interests in equity of consolidated subsidiaries 509,920 91,336
Total Stockholders’ Equity 8,940,407 7,886,310
Total Liabilities and Equity 53,063,126 46,048,957
Consolidated Entity, Excluding Consolidated VIE    
Assets    
Cash and cash equivalents [1] 1,847,626 1,458,743
Restricted cash [1] $ 809,312 $ 308,443
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”), including funds and collateralized financing entities (“CFEs”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2025 and 2024, total assets of such consolidated VIEs were $10.7 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $8.2 billion and $5.2 billion, respectively. See Note 19 for further details.
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate and other securities at fair value $ 5,230,139 $ 9,711,346
Residential mortgage loans, HFS, at fair value 5,427,481 4,307,571
Other assets at fair value 2,707,456 2,311,979
Secured notes and bonds payable, at fair value 143,442 185,460
Accrued expenses and other liabilities at fair value $ 638,090 $ 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) 57,564,122 51,964,122
Preferred stock, shares outstanding (in shares) 57,564,122 51,964,122
Preferred stock, liquidation preference $ 1,439,104 $ 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) 555,880,947 520,656,256
Common stock, shares outstanding (in shares) 555,880,947 520,656,256
Assets $ 53,063,126 $ 46,048,957
Liabilities 43,808,416 38,162,647
Variable Interest Entity, Primary Beneficiary    
Residential mortgage loans, HFS, at fair value 437,060 496,420
Assets 10,705,892 6,321,334
Liabilities $ 8,206,491 $ 5,182,479
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]                              
Total Revenues                         $ 4,590,228 $ 4,917,492 $ 3,732,625
Expenses                              
Interest expense and warehouse line fees                         1,662,433 1,835,325 1,401,327
General and administrative                         1,011,564 868,484 761,102
Compensation and benefits                         1,318,879 1,134,768 787,092
Total Operating Expenses                         3,992,876 3,838,577 2,949,521
Other Income (Loss)                              
Realized and unrealized gains, net                         125,867 72,639 10,106
Other income (loss), net                         83,164 57,255 (40,377)
Total Other Income (Loss)                         209,031 129,894 (30,271)
Income (Loss) before Income Taxes                         806,383 1,208,809 752,833
Income tax expense                         88,291 267,317 122,159
Net Income (Loss)                         718,092 941,492 630,674
Non-controlling interests in income of consolidated subsidiaries                         8,820 9,989 8,417
Redeemable non-controlling interests in income of consolidated subsidiaries                         12,215 0 0
Net Income (Loss) Attributable to Rithm Capital Corp.                         697,057 931,503 622,257
Change in redemption value of redeemable non-controlling interests                         15,611 0 0
Dividends on preferred stock                         114,246 96,456 89,579
Net Income (Loss) Attributable to Common Stockholders                         $ 567,200 $ 835,047 $ 532,678
Net Income per Share of Common Stock                              
Basic (in dollars per share)                         $ 1.05 $ 1.69 $ 1.11
Diluted (in dollars per share)                         $ 1.04 $ 1.67 $ 1.10
Weighted Average Number of Shares of Common Stock Outstanding                              
Basic (in shares)                         537,879,037 495,479,956 481,934,951
Diluted (in shares)                         546,091,491 499,597,670 483,716,715
Dividends Declared per Share of Common Stock (in dollars per share) $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 1.00 $ 1.00 $ 1.00
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                         $ 2,294,969 $ 1,993,319 $ 1,859,357
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(746,006), $(602,241) and $(518,978), respectively)                              
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]                              
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues                         (1,174,549) (455,918) (595,246)
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                         1,120,420 1,537,401 1,264,111
Interest income                              
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]                              
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues                         1,874,315 1,949,790 1,616,189
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                         729,526 682,535 533,477
Other revenues                              
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]                              
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues                         238,927 227,472 236,167
Asset Management                              
Origination And Servicing, Investment Portfolio, Mortgage Loans Receivable And Corporate [Abstract]                              
Total Revenues                         $ 627,040 $ 520,294 $ 82,681
v3.25.4
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
MSRs      
Realization of cash flows $ (746,006) $ (602,241) $ (518,978)
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]      
Net income $ 718,092 $ 941,492 $ 630,674
Other Comprehensive Income (Loss):      
Unrealized gain on available-for-sale securities, net of tax 16,631 8,885 5,437
Cumulative translation adjustment, net of tax 3,575 (1,673) 586
Comprehensive Income 738,298 948,704 636,697
Comprehensive income attributable to non-controlling interests 8,820 9,989 8,417
Comprehensive income attributable to redeemable non-controlling interests 12,215 0 0
Comprehensive Income Attributable to Rithm Capital Corp. $ 717,263 $ 938,715 $ 628,280
v3.25.4
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Common Stock
Preferred Stock
Stockholders’ Equity in Rithm Capital Corp.
Stockholders’ Equity in Rithm Capital Corp.
Common Stock
Stockholders’ Equity in Rithm Capital Corp.
Preferred Stock
Preferred Stock
Preferred Stock
Preferred Stock
Common Stock
Common Stock
Common Stock
Additional Paid-in Capital
Additional Paid-in Capital
Common Stock
Accumulated Deficit
Accumulated Other Comprehensive Income
Non-controlling Interests in Equity of Consolidated Subsidiaries
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022             51,964,122                
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2022                 473,715,100            
Equity, beginning balance at Dec. 31, 2022 $ 7,010,068     $ 6,943,001     $ 1,257,254   $ 4,739   $ 6,062,019   $ (418,662) $ 37,651 $ 67,067
Increase (Decrease) in Stockholders' Equity [Roll Forward]                              
Dividends declared on common stock (483,192)     (483,192)                 (483,192)    
Dividends declared on preferred stock (89,579)     (89,579)                 (89,579)    
Capital contributions 4,733                           4,733
Distributions (21,994)                           (21,994)
Purchase of non-controlling interest 35,873                           35,873
Director share grants and stock-based compensation (in shares)                 223,792            
Director share grants and stock-based compensation 8,432     8,432         $ 1   12,396   (3,965)    
Cashless exercise of 2020 Warrants (in shares)                 9,287,347            
Cashless exercise of 2020 Warrants 0               $ 93   (93)        
Change in redemption value of redeemable non-controlling interests 0                            
Comprehensive Income:                              
Net income 630,674     622,257                 622,257   8,417
Unrealized gain on available-for-sale securities, net of tax 5,437     5,437                   5,437  
Cumulative translation adjustment, net of tax 586     586                   586  
Total comprehensive income, excluding amounts attributable to redeemable non-controlling interests 636,697     628,280                     8,417
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2023             51,964,122                
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2023                 483,226,239            
Equity, ending 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 (503,399)     (503,399)                 (503,399)    
Dividends declared on preferred stock (96,456)     (96,456)                 (96,456)    
Capital contributions 42,627                           42,627
Distributions (29,334)                           (29,334)
Issuance of common stock & preferred stock (in shares)                 36,097,793            
Issuance of common stock & preferred stock 409,957     409,957         $ 360   409,597        
Option exercise (in shares)                 917,745            
Option exercise                 $ 9   (9)        
Purchase of non-controlling interest 26,042                           26,042
Director share grants and stock-based compensation (in shares)                 414,479            
Director share grants and stock-based compensation 39,215     39,215         $ 4   44,703   (5,492)    
Change in redemption value of redeemable non-controlling interests 0                            
Comprehensive Income:                              
Net income 941,492     931,503                 931,503   9,989
Unrealized gain on available-for-sale securities, net of tax 8,885     8,885                   8,885  
Cumulative translation adjustment, net of tax (1,673)     (1,673)                   (1,673)  
Total comprehensive income, excluding amounts attributable to redeemable non-controlling interests $ 948,704     938,715                     9,989
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2024 51,964,122           51,964,122                
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2024 520,656,256               520,656,256            
Equity, ending 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 (542,623)     (542,623)                 (542,623)    
Dividends declared on preferred stock (114,246)     (114,246)                 (114,246)    
Capital contributions 84,875                           84,875
Distributions $ (12,675)                           (12,675)
Issuance of common stock & preferred stock (in shares)               7,600,000   32,943,784          
Issuance of common stock & preferred stock   $ 398,077 $ 183,536   $ 398,077 $ 183,536   $ 183,536   $ 329   $ 397,748      
Option exercise (in shares) 0                            
Preferred stock repurchase (in shares)             (2,000,000)                
Preferred stock repurchase $ (50,000)     (50,000)     $ (50,000)                
Purchase of non-controlling interest (337,564)                           337,564
Director share grants and stock-based compensation (in shares)                 2,280,907            
Director share grants and stock-based compensation 56,813     56,813         $ 24   69,937   (13,148)    
Fair value of SPAC warrants at issuance 2,304     2,304             2,304        
Change in redemption value of redeemable non-controlling interests (15,611)     (15,611)             (15,611)        
Comprehensive Income:                              
Net income 718,092                            
Net income, excluding amounts attributable to redeemable noncontrolling interests 705,877     697,057                 697,057   8,820
Unrealized gain on available-for-sale securities, net of tax 16,631     16,631                   16,631  
Cumulative translation adjustment, net of tax 3,575     3,575                   3,575  
Total comprehensive income, excluding amounts attributable to redeemable non-controlling interests 726,083     717,263                     8,820
Total comprehensive income, excluding amounts attributable to redeemable non-controlling interests $ 738,298                            
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2025 57,564,122           57,564,122                
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2025 555,880,947               555,880,947            
Equity, ending balance at Dec. 31, 2025 $ 8,940,407     $ 8,430,487     $ 1,390,790   $ 5,559   $ 6,982,991   $ (19,945) $ 71,092 $ 509,920
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Flows From Operating Activities      
Net income $ 718,092 $ 941,492 $ 630,674
Adjustments to reconcile net income to net cash flows from operating activities:      
Change in fair value of investments, net (64,557) 422,336 900,795
Change in fair value of secured notes and bonds payable 25,348 5,885 17,155
(Gain) loss on settlement of investments, net (108,947) 73,599 (769,399)
Gain on sale of originated residential mortgage loans, held-for-sale, net (729,526) (682,535) (533,477)
Gain on transfer of loans to real estate owned (“REO”) (1,244) (789) (10,224)
Accretion and other amortization (7,040) (87,713) (106,421)
Reversal of credit losses on securities, loans and REO (4,900) (319) (478)
Non-cash portions of servicing revenue, net 1,233,580 (37,129) 588,443
Deferred tax provision 60,349 254,402 90,002
Mortgage loans originated and purchased for sale, net of fees (66,258,404) (60,360,268) (39,817,843)
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 63,444,610 57,315,698 39,340,813
Sales proceeds and loan repayment proceeds of consolidated entities 997,441 386,668 278,920
Residential transition loans repayment proceeds of consolidated entities 0 0 353,994
Interest received from servicer advance investments, RMBS, loans and other 48,697 56,170 54,485
Interest received from reverse repurchase agreements 0 57,423 0
Premiums collected on insurance contract liabilities 39,026 0 0
Increase (Decrease) In Benefits Paid On Insurance Contract Liabilities (4,629) 0 0
Principal repayments and sales proceeds of investments of consolidated entities 0 318,877 0
Loan originations and investment purchases of consolidated entities (529,436) (474,120) 0
Changes in:      
Servicer advances receivable 44,313 (222,862) 15,022
Other assets (128,400) (63,178) (428,763)
Accrued expenses and other liabilities (66,424) (88,838) 89,897
Net cash provided by (used in) operating activities (1,292,051) (2,185,201) 693,595
Cash Flows From Investing Activities      
Purchase of servicer advance investments (692,755) (781,896) (852,015)
Purchase of Excess MSRs 0 (122,887) 0
Purchase of government-backed and other securities (2,513,095) (1,249,562) (4,094,934)
Proceeds from sale of government-backed and other securities 3,121,310 2,583,782 2,087,419
Purchase of Treasury securities (98,954) (12,360,987) (998,148)
Treasury sales and Treasury securities payable 3,269,180 7,238,851 1,765,360
Reverse repurchase agreements entered and repurchase agreements closed (507,863) (2,287,188) (1,769,601)
Reverse repurchase agreements closed and repurchase agreements entered 503,863 4,060,788 0
Maturity of Treasury securities 100,000 75,000 1,030,000
Purchase of SFR properties, MSRs and other assets (402,586) (449,931) (106,351)
Purchase of residential transition loans (9,014) 0 (146,631)
Origination of residential transition loans (4,130,256) (2,873,016) 0
Purchase of consumer loans (500,334) 0 0
Draws on revolving consumer loans (22,123) (24,091) (27,510)
Purchase of insurance company investments, at fair value (152,757) 0 0
Net settlement of derivatives and hedges 187,112 129,401 867,637
Return of investments in Excess MSRs 39,720 38,188 31,940
Return of investments in equity method investees 6,084 32,358 0
Principal repayments from servicer advance investments 737,832 808,963 880,861
Principal repayments from government, government-backed and other securities 841,725 751,318 639,736
Principal repayments from residential mortgage loans 42,125 45,159 47,735
Principal repayments from consumer loans 423,156 560,518 439,540
Loan originations and investment purchases of consolidated entities 0 (4,766) 0
Settlement of sale of MSRs and MSR financing receivables 5,970 (8,305) 705,300
Proceeds from sale of REO 41,606 30,327 23,153
Net cash provided by (used in) investing activities 2,671,482 (2,425,156) 216,721
Cash Flows From Financing Activities      
Repayments of secured financing agreements (55,572,991) (68,587,878) (48,921,875)
Repayments of warehouse credit facilities including those related to the initial consolidation of CLOs (82,290,667) (65,260,271) (41,096,041)
Repayment of unsecured notes (291,476) (275,000) 0
Net settlement of margin deposits under repurchase agreements and derivatives 224,430 (611,229) (862,662)
Repayments of secured notes and bonds payable (6,535,396) (5,803,196) (7,636,954)
Deferred financing fees (20,089) (17,915) (7,364)
Dividends paid on common and preferred stock (643,195) (588,058) (570,878)
Borrowings under secured financing agreements 51,112,501 70,352,653 50,079,186
Borrowings under warehouse credit facilities 83,707,018 67,274,958 41,065,479
Borrowings under residential transition loans financing 88,422 0 0
Borrowings under notes receivable financing 0 364,977 0
Borrowings under secured notes and bonds payable 7,730,129 5,529,900 6,669,483
Proceeds from issuance of unsecured senior notes 495,000 767,103 0
Proceeds from issuance of debt obligations of consolidated entities 1,235,975 2,013,765 725,901
Repayments of debt obligations of consolidated entities (603,389) (725,946) (269,563)
Issuance of common stock 398,077 409,957 0
Issuance of preferred stock 183,536 0 0
Repurchase of preferred stock (50,000) 0 0
Net proceeds from issuance of Class A Units of SPAC 230,000 0 0
Contributions from non-controlling and redeemable non-controlling interests 108,003 42,627 0
Distributions to non-controlling and redeemable non-controlling interests (13,715) (29,334) (17,261)
Purchase of non-controlling interest 0 (26,042) 0
Net cash provided by (used in) financing activities (507,827) 4,831,071 (842,549)
Net Increase in Cash, Cash Equivalents and Restricted Cash 871,604 220,714 67,767
Cash, Cash Equivalents and Restricted Cash, Beginning of Period 1,917,809 1,697,095 1,629,328
Cash, Cash Equivalents and Restricted Cash, End of Period 2,789,413 1,917,809 1,697,095
Supplemental Disclosure of Cash Flow Information      
Cash paid during the period for interest 1,765,292 1,741,014 1,484,094
Cash paid during the period for income taxes, net of refunds 15,797 12,178 6,524
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Dividends declared but not paid on common and preferred stock 178,900 153,114 143,199
Transfer from residential mortgage loans to REO and other assets 26,945 8,425 21,943
Real estate securities retained from loan securitizations 110,836 51,536 0
Residential mortgage loans subject to repurchase 3,952,792 2,745,756 1,782,998
Non-controlling interests acquired in and contributed to Paramount transaction 387,564 0 0
Cashless exercise of warrants and options 0 9 93
Liabilities related to the initial consolidation of CLOs 0 512,590 0
Liabilities related to deconsolidated CFEs 0 352,900 0
Paramount Group, Inc.      
Cash Flows From Investing Activities      
Business acquisitions, net of cash acquired (903,606) 0 0
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Seller financing in acquisition 3,706,617 0 0
Marcus Acquisition      
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Seller financing in acquisition 0 0 1,317,347
CPX Acquisition      
Supplemental Schedule of Non-Cash Investing and Financing Activities      
Seller financing in acquisition 0 0 323,452
Business Combination, Series of Individually Immaterial Business Combinations      
Cash Flows From Investing Activities      
Business acquisitions, net of cash acquired (156,335) (603,778) (306,770)
Consolidated Entity, Excluding Consolidated VIE      
Cash Flows From Investing Activities      
Principal repayments and sales proceeds of residential transition loans/ Principal repayments and sales proceeds of investments of consolidated entities 2,182,459 1,393,658 0
Variable Interest Entity, Primary Beneficiary      
Cash Flows From Investing Activities      
Principal repayments and sales proceeds of residential transition loans/ Principal repayments and sales proceeds of investments of consolidated entities 1,164,395 592,940 0
Variable Interest Entity, Not Primary Beneficiary      
Cash Flows From Investing Activities      
Principal repayments and sales proceeds of residential transition loans/ Principal repayments and sales proceeds of investments of consolidated entities $ 94,623 $ 0 $ 0
v3.25.4
BUSINESS AND ORGANIZATION
 12 Months Ended
Dec. 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 and currently operates as an internally managed real estate investment trust (“REIT”).

Rithm Capital seeks to generate long-term value for its investors by leveraging its investment expertise and operating capabilities to identify, acquire, manage and enhance the value of real estate related and other financial assets. Rithm Capital’s platform integrates operating companies, investment portfolios and asset management capabilities across the residential mortgage, real estate and credit markets.

Rithm Capital’s investments in real estate-related assets include equity interests in operating companies and investments across the residential mortgage and real estate lifecycle. These include origination and servicing platforms operated through its wholly owned subsidiaries, Newrez LLC (“Newrez”) and Genesis Capital LLC (“Genesis”), as well as investments in single-family rental (“SFR”) properties. The Company also owns businesses providing title, appraisal and property preservation and maintenance services.

The Company’s Asset Management business primarily conducts its asset management activities through Rithm Asset Management LLC (“RAM”). RAM operates its asset management activities through its wholly owned subsidiaries, including Sculptor Capital Management, Inc. (“Sculptor”), Crestline Management, L.P. and certain of its affiliates (“Crestline”) and Rithm Capital Advisors LLC (“RCA”), which serves as an investment adviser to a range of investment vehicles and managed accounts and generates primarily fee-based revenues. Additionally, RCM GA Manager LLC (“RCM Manager” and, together with RCA, the “Rithm Advisers”) manages Rithm Property Trust Inc. (“Rithm Property Trust”) and Rithm Perpetual Life Residential Trust (“R-HOME”) pursuant to management and/or advisory agreements. In addition, following the Paramount Acquisition (as defined below), the Company owns and operates a portfolio of Class A office properties in New York City and San Francisco, which are managed as part of its broader real estate platform.

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

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 Federal National Mortgage Association (“Fannie Mae”) and 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 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, its company focused on the acquisition and management of SFR properties and (iv) 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”), a strategic partnership with Darwin Homes, Inc., 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.

Rithm Capital’s Residential Transitional Lending business primarily operates through its wholly owned subsidiary Genesis, a residential transitional lender, which originates and manages a portfolio of short-term, business-purpose mortgage loans used by experienced developers of and investors in residential real estate to finance transitional projects, including construction, renovation and bridge financings.

With respect to Rithm’s Asset Management business, 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. Crestline is an alternative investment manager focused on direct lending and opportunistic and portfolio finance platforms, as well as a provider of insurance and re-insurance solutions. The Rithm Advisers serve as investment advisers to funds and managed accounts, including Rithm Property Trust and R-HOME. In addition, following the Paramount Acquisition (as defined below), the Company owns and operates a portfolio of Class A office properties in New York City and San Francisco, which are managed as part of its broader real estate platform.

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 (the “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 19 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 25 for additional information regarding Rithm Capital’s taxable REIT subsidiaries (“TRSs”).

Acquisition of Crestline Management, L.P.

Rithm Capital acquired Crestline on December 1, 2025 pursuant to the Purchase and Sale Agreement (such acquisition, the “Crestline Acquisition”). The purchase price of the Crestline Acquisition was approximately $324.7 million (see Note 3).

Acquisition of Paramount Group, Inc.

Rithm Capital acquired Paramount Group, Inc. and certain of its affiliates (“Paramount”) on December 19, 2025 pursuant to the Agreement and Plan of Merger (including the schedules and exhibits thereto) (the “Paramount Acquisition”). The purchase price of the Paramount Acquisition was approximately $1.8 billion (see Note 3).
v3.25.4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting — The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP” or “U.S. GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation of Rithm Capital’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The consolidated financial statements include the accounts of Rithm Capital and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated. Rithm Capital consolidates those entities in which it has control over significant operating, financing and investing decisions of the entity, as well as those entities classified as VIEs in which Rithm Capital is determined to be the primary beneficiary. For entities over which Rithm Capital exercises significant influence, but which do not meet the requirements for consolidation, Rithm Capital applies the equity method of accounting whereby it records its share of the underlying income of such entities unless a fair value option 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. In particular, the Company reclassified gains and losses related to certain derivatives and government and government-backed securities economically hedging mortgage servicing rights (“MSRs” and each, mortgage servicing right, an “MSR”) that were previously reported within realized and unrealized gains (losses), net, to the change in fair value of MSRs and MSR financing receivables, net of economic hedges line item on the consolidated statements of operations. Such reclassifications had no impact on net income, total assets, total liabilities, stockholders’ equity or cash position.

Risks and Uncertainties — In the normal course of its business, Rithm Capital primarily encounters two significant types of economic risk: credit risk and market risk. Credit risk is the risk of default on Rithm Capital’s investments that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments due to changes in prepayment rates, interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying Rithm Capital’s investments. Taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories and other information, Rithm Capital believes that the carrying values of its investments are reasonable. Furthermore, for each of the periods presented, a significant portion of Rithm Capital’s assets are dependent on its servicers’ and subservicers’ abilities to perform their servicing obligations with respect to the residential mortgage loans underlying Rithm Capital’s excess mortgage servicing rights (“Excess MSRs”), MSRs, MSR financing receivables, servicer advance investments, RMBS issued by either public trusts or private label securitization entities and loans. If a servicer 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 and the determination of whether or not to consolidate a VIE or a voting interest entity (“VOE”). Actual results could differ from those estimates and such differences could be material.

Foreign Currency — The functional currency of substantially all of the Company’s consolidated subsidiaries is the U.S. dollar, as their operations are considered extensions of the U.S. parent’s operations. Monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at the closing rates of exchange on the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars using the historical exchange rate. As a result, no transaction gains or losses are recognized for non-monetary assets and liabilities. The profit or loss arising from foreign currency transactions are remeasured using the rate in effect on the date of any relevant transaction. Gains and losses on transactions denominated in foreign currencies due to changes in exchange rates are recorded within general and administrative on the consolidated statements of operations. Unrealized gains and losses due to changes in exchange rates related to investments denominated in a currency other than an entity’s functional currency are reported as cumulative translation adjustment in the consolidated statements of comprehensive income.

The Company has a subsidiary whose functional currency is the Euro, and the financial statements of such entity are translated into U.S. dollars using the exchange rates prevailing at the end of each reporting period, and the statement of operations of the entity is translated using the rate in effect on the date of any relevant transaction. Gains and losses arising from the translation of monetary assets and liabilities are recorded as a currency translation adjustment in the consolidated statements of comprehensive income and are included in accumulated other comprehensive income (loss) in the consolidated balance sheets.
Business Combinations — The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair value determined by management as of the acquisition date. In a business combination, the initial allocation of the purchase price is considered preliminary and therefore subject to change until the end of the measurement period (up to one year from the acquisition date). Goodwill represents the excess of the consideration transferred over the fair value of net assets acquired in connection with an acquisition. Bargain purchase gain represents the excess of fair value of net assets acquired over the consideration transferred. Acquisition-related costs are expensed as incurred. The results of operations of acquired businesses are included in the consolidated statements of operations from the date of acquisition.

Asset Acquisitions — If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the acquisition is accounted for as an asset acquisition. In an asset acquisition, the purchase consideration, including transaction costs, is allocated to the assets acquired and liabilities assumed based on their relative fair values. Differences between the consideration transferred and the fair value of the identifiable net assets acquired is allocated to the acquired assets on a relative fair value basis.

Consolidation — For each equity investment made, the Company evaluates the underlying entity that issued the securities acquired or to which the Company makes a loan to determine the appropriate accounting. A similar analysis is performed for each entity with which the Company enters into an agreement for management, servicing or related services. In performing the analysis, the Company applies the guidance in Accounting Standards Codification (“ASC”) 810-10, Consolidation. In situations where the Company is the transferor of financial assets, the Company applies the guidance in ASC 860-10, Transfers and Servicing. In VIEs, an entity is subject to consolidation under ASC 810-10 if the equity investors either do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, are unable to direct the entity’s activities or are not exposed to the entity’s losses or entitled to its residual returns. VIEs within the scope of ASC 810-10 are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This determination can sometimes involve complex and subjective analyses. Further, ASC 810-10 also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. In accordance with ASC 810-10, all transferees, including VIEs, must be evaluated for consolidation. If the Company determines that consolidation is not required, it will then assess whether the transfer of the underlying assets would qualify for sale accounting or should be accounted for as secured borrowing. The Company’s equity investments, where the Company exercises significant influence but for which the Company has not elected the fair value option, are accounted for under the equity method of accounting.

In circumstances where an entity does not have the characteristics of a VIE, it would be considered a VOE. The Company would consolidate a VOE where the Company has a majority equity interest and has control over significant operating, financial and investing decisions of the entity.

A special purpose entity (“SPE”) is an entity designed to fulfill a specific limited need of the company that organized it. SPEs are often used to facilitate transactions that involve securitizing financial assets or resecuritizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and, depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement.

Certain consolidated VIEs meet the definition of a CFE. A CFE is a VIE that holds financial assets and issues beneficial interests in those assets, and these beneficial interests have contractual recourse only to the related assets of the CFE. Accounting guidance for CFEs allows companies to elect to measure both the financial assets and financial liabilities of a CFE using the more observable of either 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 CFE.
Transfers of Financial Assets and Financing Arrangements — The Company may periodically enter into transactions in which it transfers assets to a third party. Upon a transfer of financial assets, the Company will sometimes retain or acquire subordinated interests in the related assets. Pursuant to ASC 860-10, a determination must be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor’s continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. The financial components approach under ASC 860-10 limits the circumstances in which a financial asset, or portion of a financial asset, should be derecognized when the transferor has not transferred the entire original financial asset to an entity that is not consolidated with the transferor in the financial statements being presented and/or when the transferor has continuing involvement with the transferred financial asset. It defines the term “participating interest” to establish specific conditions for reporting a transfer of a portion of a financial asset as a sale. Under ASC 860-10, after a transfer of financial assets that meets the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transferred control - an entity recognizes the financial and servicing assets it acquired or retained and the liabilities it has incurred, derecognizes financial assets it has sold and derecognizes liabilities when extinguished. The transferor would then determine the gain or loss on sale of financial assets by allocating the carrying value of the underlying mortgage between securities or loans sold and the interests retained based on their fair values. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the securities or loans sold. When a transfer of financial assets does not qualify for sale accounting, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral.

From time to time, the Company may securitize mortgage loans it holds if such financing is available. Depending upon the structure of the securitization transaction, these transactions will be recorded in accordance with ASC 860-10 and will be accounted for as either a sale and the loans will be derecognized from the consolidated balance sheets, or as a financing and the loans will remain on the consolidated balance sheets.

Policies of Certain Consolidated Entities — For purposes of these consolidated financial statements, “consolidated entities” refer to SPEs, funds or other investment vehicles which the Company is required to consolidate in accordance with ASC 810, Consolidation. Investments held by a consolidated fund that is considered an investment company are reflected at their estimated fair values pursuant to specialized investment company accounting guidance retained by the Company using net asset value (“NAV”) per share of the underlying funds. Refer to Note 18 for further details. The Company’s policy is that a consolidated entity that is considered an investment company under GAAP will generally consolidate another investment company when it owns substantially all of the interest in the investment company.

The Company also consolidates certain securitization vehicles that are CFEs. The Company elected fair value option for the financial assets and the financial liabilities upon consolidation of these securitization vehicles. The Company measures the financial assets of these consolidated securitization vehicles based on the fair value of the financial liabilities, as the Company believes the fair value of the financial liabilities is more observable. The financial assets are measured as (i) the sum of the fair value of the financial liability including beneficial interests retained by the Company less (ii) the carrying value of any non-financial assets held temporarily. As a result of this measurement alternative, there is no attribution of amounts to non-controlling interests for consolidated CFEs.

Investments and other assets of consolidated CFEs accounted for using the measurement alternative are presented within assets of consolidated entities under investments, at fair value and other assets, and liabilities due to third parties are presented within liabilities of consolidated entities under notes payable, at fair value and other liabilities, in the consolidated balance sheets. Change in the fair value of these consolidated securitization vehicles’ financial assets and liabilities and related interest and other income are presented within realized and unrealized gains (losses), net, and ongoing expenses of the vehicles are presented as expenses within general and administrative on the consolidated statements of operations. Refer to Note 19 for further details.

Excess MSRs — Excess MSRs refer to the excess servicing spread related to MSRs, whose underlying collateral is securitized in a trust. Upon acquisition, Rithm Capital has elected to record each of such investments at fair value. Rithm Capital elected to record its investments at fair value in order to provide users of the financial statements with better information regarding the effects of prepayment risk and other market factors on Excess MSRs. Under this election, Rithm Capital records a valuation adjustment on its Excess MSRs on a quarterly basis to recognize the changes in fair value in net income. Excess MSRs are aggregated into pools as applicable; each pool of Excess MSRs is accounted for in the aggregate. Interest income for Excess
MSRs is accreted into earnings on an effective yield or “interest” method, based upon the expected excess mortgage servicing amount through the expected life of the underlying mortgages. Changes to expected cash flows result in a cumulative retrospective adjustment, which will be recorded in the period in which the change in expected cash flows occurs. Under the retrospective method, the interest income recognized for a reporting period is measured as the difference between the amortized cost basis at the end of the period and the amortized cost basis at the beginning of the period, plus any cash received during the period. The amortized cost basis is calculated as the present value of estimated future cash flows using an effective yield, which is the yield that equates all past actual and current estimated future cash flows to the initial investment. In addition, Rithm Capital’s policy is to recognize interest income only on its Excess MSRs in existing eligible underlying mortgages. The difference between the fair value of Excess MSRs and their amortized cost basis is recorded as change in realized and unrealized gains (losses), net on the consolidated statements of operations. Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the Excess MSRs, and therefore may differ from their effective yields. Excess MSRs is grouped and presented as part of other assets on the consolidated balance sheets.

MSRs and MSR Financing Receivables — MSRs represent the contractual right to service residential mortgage loans. The Company recognizes MSRs created through the sale of loans it originates. Under the accounting guidance for transfers and servicing, the Company initially measures a mortgage servicing asset that qualifies for separate recognition at fair value on the date of transfer. Rithm Capital elected to record its investments at fair value in order to provide users of the financial statements with better information regarding the effects of prepayment risk and other market factors on MSRs. Under this election, Rithm Capital records a valuation adjustment on its MSRs on a quarterly basis to recognize the changes in fair value in net income. MSRs are aggregated into pools as applicable; each pool of MSRs is accounted for in the aggregate. Income from MSRs is recorded in servicing revenue, net and comprises (i) income from the MSRs, plus or minus (ii) the mark-to-market on the MSRs including change in fair value due to realization of cash flows. Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the MSRs.

In certain cases, Rithm Capital has legally purchased MSRs or the right to the economic interest in MSRs; however, Rithm Capital has determined that the purchase agreement would not be treated as a sale under GAAP. Therefore, rather than recording an investment in MSRs, Rithm Capital records an investment in MSR financing receivables. Income from this investment (net of subservicing fees) is recorded as interest income and is grouped and presented as part of servicing revenue, net in the consolidated statements of operations. Additionally, Rithm Capital has elected to measure MSR financing receivables at fair value, with changes in fair value flowing through servicing revenue, net in the consolidated statements of operations.

Servicer Advance Investments — Rithm Capital accounts for its servicer advance investments similarly to its Excess MSRs. Interest income for servicer advance investments is accreted into earnings on an effective yield or “interest” method, based upon the expected aggregate cash flows of the servicer advance investments, including the base fee component of the related MSR (but excluding any Excess MSR component) through the expected life of the underlying mortgages, net of a portion of the base fee component of the MSR that Rithm Capital remits to the servicer as compensation for the servicer’s servicing activities.

Changes to expected cash flows result in a cumulative retrospective adjustment, which is recorded in the period in which the change in expected cash flows occurs. Under the retrospective method, the interest income recognized for a reporting period is measured as the difference between the amortized cost basis at the end of the period and the amortized cost basis at the beginning of the period, plus any cash received during the period. The amortized cost basis is calculated as the present value of estimated future cash flows using an effective yield, which is the yield that equates past actual and current estimated future cash flows to the initial investment. For periods in which cash flows are impacted by an independent factor where there is a change in effective interest rate during the period, the new yield is calculated retrospectively back to the change in effective interest rate during that period.

The difference between the fair value of servicer advance investments and their amortized cost basis is recorded as change in realized and unrealized gains (losses), net on the consolidated statements of operations. Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the servicer advance investments, and therefore may differ from their effective yields. Servicer advance investments are presented within other assets on the consolidated balance sheets.
Real Estate and Other Securities — Agency RMBS and non-Agency residential and other securities are classified as either available-for-sale (“AFS”) or accounted for under the fair value option. The Company determines the appropriate classification of its securities at the time they are acquired. If classified as AFS, investments are carried at fair value, with net unrealized gains or losses reported as a component of accumulated other comprehensive income. If classified under the fair value option, changes in fair value are recorded in the consolidated statements of operations as a component of realized and unrealized gains (losses), net, except for changes in fair value related to government and government-backed securities and certain derivatives that are used to economically hedge the Company’s MSR portfolio, which are recorded in change in fair value of MSRs and MSR financing receivables, net of economic hedges in the consolidated statements of operations.

Fair value is determined under the guidance of ASC 820, Fair Value Measurements and Disclosures. Management’s judgment is used to arrive at the fair value of the Company’s real estate and other securities, taking into account prices obtained from third-party pricing providers and other applicable market data. The third-party pricing providers use pricing models that generally incorporate such factors as coupons, primary and secondary mortgage rates, rate reset periods, issuer, prepayment speeds, credit enhancements and expected life of the security. The Company’s application of ASC 820 guidance is discussed in further detail in Note 18.

Investment securities transactions are recorded on the trade date. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investment and is included in net income.

There are several different accounting models that may be applicable for purposes of the recognition of interest income on securities depending on whether the security is designated as AFS or fair value option.

The following accounting models apply to securities classified as AFS:

(i) Securities of high credit quality rated ‘AA’ or higher that, at the time of purchase, the Company expects to collect all contractual cash flows and the security cannot be contractually prepaid in such a way that the Company would not recover substantially all of its recorded investment.

(ii) Non-Agency securities which are not of high credit quality at the time of purchase or that can be contractually prepaid or otherwise settled in such a way that the Company would not recover substantially all of its recorded investment.

For securities of high credit quality accounted for under (i) above, the Company recognizes interest income by applying the permitted “interest method,” whereby purchase premiums and discounts are amortized and accreted, respectively, as an adjustment to contractual interest income accrued at each security’s stated coupon rate. The interest method is applied at the individual security level based upon each security’s effective interest rate. The Company calculates each security’s effective interest rate at the time of purchase by solving for the discount rate that equates the present value of that security's remaining contractual cash flows (assuming no principal prepayments) to its purchase price. Because each security’s effective interest rate does not reflect an estimate of future prepayments, the Company refers to this manner of applying the interest method as the “contractual effective interest method.” When applying the contractual effective interest method to its investments in securities, as principal prepayments occur, a proportional amount of the unamortized premium or discount is recognized in interest income such that the contractual effective interest rate on the remaining security balance is unaffected.

For non-Agency securities accounted for under (ii) above, the Company recognizes interest income by applying the required prospective level-yield methodology. Interest income under this methodology is impacted by management judgments around both the amount and timing of credit losses (defaults) and prepayments. Consequently, interest income on these non-Agency securities is recognized based on the timing and amount of cash flows expected to be collected, as opposed to being based on contractual cash flows. These securities are generally purchased at a discount to the principal amount. At the original acquisition date, the Company estimates the timing and amount of cash flows expected to be collected and calculates the present value of those amounts to the Company’s purchase price. In each subsequent balance sheet date, the Company revises its estimates of the remaining timing and amount of cash flows expected to be collected. If there is a positive change in the amount and timing of future cash flows expected to be collected from the previous estimate, the effective interest rate in future accounting periods may increase resulting in an increase in the reported amount of interest income in future periods. A positive change in the amount and timing of future cash flows expected to be collected is considered to have occurred when the net present value of future cash flows expected to be collected has increased from the previous estimate. This can occur from a
change in either the timing of when cash flows are expected to be collected (i.e., from changes in prepayment speeds or the timing of estimated defaults) or in the amount of cash flows expected to be collected (i.e., from reductions in estimates of future defaults). If there is a negative or adverse change in the amount and timing of future cash flows expected to be collected from the previous estimate and the security's fair value is below its amortized cost, an impairment loss equal to the adverse change in cash flows expected to be collected, discounted using the security's effective rate before impairment, is required to be recorded in current period earnings. Additionally, while the effective interest rate used to accrete interest income after an impairment has been recognized will generally be the same, the amount of interest income recorded in future periods will decline because of the reduced balance of the amortized cost basis of the investment to which such effective interest rate is applied.

The following accounting models apply to securities accounted for under the fair value option:

(iii) Securities of high credit quality rated ‘AA’ or higher that, at the time of purchase, the Company expects to collect all contractual cash flows and the security cannot be contractually prepaid in such a way that the Company would not recover substantially all of its recorded investment.

(iv) Non-Agency securities which are not of high credit quality at the time of purchase or that can be contractually prepaid or otherwise settled in such a way that the Company would not recover substantially all of its recorded investment.

Interest income on securities accounted for in (iii) above is recognized based on the stated coupon rate and the outstanding principal amount. The original purchase premium or discount is not amortized or accreted as part of interest income but rather reflected as part of the security’s fair value.

Interest income on non-Agency securities accounted for in (iv) above is recognized in accordance with the model described in (ii) above.

The Company evaluates its securities classified as AFS on a quarterly basis to assess whether a decline in the fair value below the amortized cost basis should be recognized in net income or other comprehensive income. The presence of an impairment is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. A security is considered to be impaired if the Company (i) intends to sell the security, (ii) will more likely than not be required to sell the security before recovering its cost basis or (iii) does not expect to recover the security’s entire amortized cost basis, even if the Company does not intend to sell the security, or the Company believes it is more likely than not that it will be required to sell the security before recovering its cost basis. Under these scenarios, the full amount of impairment is recognized currently in net income and the cost basis of the security is adjusted. However, if the Company does not intend to sell the impaired security and it is more likely than not that it will not be required to sell before recovery, the impairment is separated into (i) the estimated amount relating to credit loss, or the credit component, and (ii) the amount relating to all other factors, or the non-credit component. Credit related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to net income, with the remainder of the loss recognized in accumulated other comprehensive income (loss). The allowance for credit loss as well as adjustment to net income can be reversed for subsequent changes in the estimate of expected credit loss. Impairment has been classified within other income (loss) in the consolidated statements of operations.

Residential Mortgage Loans and Consumer Loans — The Company's loan portfolio primarily consists of residential mortgage loans and consumer loans. The Company’s loans are classified as (i) held-for-investment (“HFI”) at fair value, (ii) held-for-sale (“HFS”) at fair value or (iii) HFS at lower of cost or fair value. Loans are also eligible to be accounted for under the fair value option which are recorded on the consolidated balance sheets at fair value and the periodic changes in fair value are recorded as a component of gain on originated residential mortgage loans, HFS, net and realized and unrealized gains (losses), net in the consolidated statements of operations. When the Company has the intent and ability to hold loans for the foreseeable future or to maturity/payoff, such loans are classified as HFI. When the Company has the intent to sell loans, such loans are classified as HFS.

For originated residential mortgage loans measured at fair value, Rithm Capital reports the change in the fair value within gain on originated residential mortgage loans, held-for-sale, net in the consolidated statements of operations. Fair value is generally determined using a market approach by utilizing either (i) the fair value of securities backed by similar residential mortgage loans, adjusted for certain factors to approximate the fair value of a whole residential 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.    

For acquired residential mortgage loans measured at fair value, Rithm Capital reports the change in fair value within realized and unrealized gains (losses), net in the consolidated statements of operations. Fair value is generally determined by discounting the expected future cash flows using inputs such as default rates, prepayment speeds and discount rates.

For loans measured at the lower of cost or fair value, the Company accounts for any excess of cost over fair value as a valuation allowance and includes changes in the valuation allowance in other income (loss) in the consolidated statements of operations in the period in which the change occurs. Purchase price discounts or premiums are deferred in a contra loan account until the related loan is sold. The deferred discounts or premiums are an adjustment to the basis of the loan and are included in the quarterly determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale.

Interest income on mortgage loans is accrued based on the unpaid principal balance (“UPB”) and the contractual interest rate. Interest earned on mortgage loans is reported in interest income in the consolidated statements of operations. If it’s probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the original contractual terms of the loan agreement, or if the loan becomes 90 days delinquent, the Company will reverse all prior accrued and unpaid interest on such mortgage loan. The Company will return loans to accrual status only when it reinstates the loan and there is no significant uncertainty as to collectability.

Rithm Capital elected to apply the fair value option for all consumer loans. The fair value option provides an election which allows a company to irrevocably elect fair value for certain financial assets and liabilities on an instrument-by-instrument basis. The Company elected the fair value option for these loans to better align reported results with the underlying economic changes in value of the loans on the Company’s consolidated balance sheets. Gains (losses) from the change in fair value of consumer loans are recognized in realized and unrealized gains (losses), net in the consolidated statements of operations. Interest income is recognized over the life of the loan using the effective interest method and is recorded on the accrual basis.

The Company’s residential mortgage loans and consumer loans are carried at fair value or the lower of cost or fair value. As a result, these loans are not subject to an allowance for credit losses under the current expected credit loss (“CECL”) impairment model.

A loan is reported as past due when a monthly payment is due and unpaid for 30 days or more. Loans, other than purchase credit deteriorated loans, are placed on non-accrual status and considered non-performing when full payment of principal and interest is in doubt, which generally occurs when principal or interest is 90 days or more past due unless the loan is both well secured and in the process of collection. Loans HFS are subject to the non-accrual policy. A loan may be returned to accrual status when repayment is reasonably assured and there has been demonstrated performance under the terms of the loan or, if applicable, the terms of the restructured loan. Rithm Capital’s ability to recognize interest income on non-accrual loans as cash interest payments are received rather than as a reduction of the carrying value of the loans is based on the recorded loan balance being deemed fully collectible.

Single-Family Rental (SFR) Properties, Net — Purchases of SFR properties are accounted for as asset acquisitions and recorded at their purchase price, which is allocated between land, building and improvements and in-place lease intangibles (when a resident is in place at the acquisition date) based upon their relative fair values at the date of acquisition. The purchase price for purposes of this allocation is inclusive of acquisition costs which typically include legal fees, title fees, payments made to cure tax, utility and homeowners’ association (“HOA”) fees, as well as other closing costs.

SFR properties are classified as HFI and are carried at cost less accumulated depreciation expense and impairment. From time to time, the Company may identify SFR properties to be sold. If the Company identifies a property to be sold, depreciation on the property is ceased, the property is measured at the lower of its carrying amount or its fair value less estimated costs to sell. SFR properties HFI and HFS are presented within real estate, net on the consolidated balance sheets.

Initial costs to acquire, renovate and prepare SFR properties to be leased are capitalized as a component of each residential real estate property using specific identification and relative allocation methodologies, including renovation costs and other costs associated with activities that are directly related to preparing the properties for use as rental real estate. Other costs include interest costs, property taxes, property insurance, utilities and HOA fees. The capitalization period associated with renovation
activities begins at the time that such activities commence and conclude at the time that an SFR property is available to be leased. Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs thereafter are expensed to operations as incurred, while expenditures that improve or extend the life of a property, such as certain furniture and fixtures additions, are capitalized. The determination of which costs to capitalize requires judgment and can involve many factors with no one factor necessarily determinative. Expenditures for repairs and maintenance recognized immediately are included in general and administrative expenses in the Company’s consolidated statements of operations.

Except for land, costs capitalized in connection with SFR property acquisitions are depreciated over their estimated useful lives on a straight-line basis generally over 40 years. The depreciation period commences once renovations are complete and the property is ready for its intended use. For those costs capitalized in connection with renovation activities and those capitalized on an ongoing basis, the average useful life is approximately 15 years.

SFR properties are continuously monitored to assess whether there have been any events or changes in circumstances indicating that the carrying amount may be impaired and not recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. To the extent an event or change in circumstance is identified, an SFR property is considered to be impaired only if its carrying value cannot be recovered through estimated future undiscounted cash flows from the use and eventual disposition of the property. To the extent an impairment has occurred, the carrying amount is adjusted to its estimated fair value. Impairment charges are included in other income (loss) in the Company’s consolidated statements of operations.

Commercial Real Estate, Net — Commercial real estate is carried at cost less accumulated depreciation and impairment. Betterments, major renovations and certain costs directly related to the improvement of real estate are capitalized. Maintenance and repair expenses are charged to expense as incurred. Depreciation is recognized on a straight-line basis over estimated useful lives of the assets, which range from 5 to 40 years. Tenant improvements are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, the Company assesses the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above-market leases and acquired in-place leases) and acquired liabilities (such as acquired below-market leases) and allocates the purchase price based on these assessments. The Company assesses fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends and market/economic conditions. The Company records acquired intangible assets (including acquired above-market leases and acquired in-place leases) and acquired intangible liabilities (including below-market leases) at their estimated fair value. The Company amortizes acquired above-market and below-market leases as a decrease or increase to rental revenue, respectively, over the lives of the respective leases. Amortization of acquired in-place leases is included as a component of general and administrative expenses in the Company’s consolidated statements of operations.

The Company’s properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment analyses are based on the Company’s current plans, intended holding periods and available market information at the time the analyses are prepared. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Estimates of fair value are determined using discounted cash flow models, which consider, among other things, anticipated holding periods, current market conditions and utilize unobservable quantitative inputs, including appropriate capitalization and discount rates. If the Company’s estimates of the projected future cash flows, anticipated holding periods, or market conditions change, the evaluation of impairment losses may be different and such differences could be material to the consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. Real estate and related intangibles are classified as held for sale when all the necessary criteria are met. The criteria include (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate and the related intangibles held for sale are carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization is not recognized on real estate and related intangibles classified as assets held for sale.
Property and Maintenance Revenue — The Company, through its wholly owned subsidiary Guardian, collects revenue from property management, inspections and repair services. These revenues are included in other revenues in the Company’s consolidated statements of operations. Revenues recognized are from fixed-price work orders created for services defined within contracts with the customer. In accordance with ASC 606, the Company recognizes revenue upon completion of the services as detailed in each work order.

Residential Transition Loans — The Company, through its wholly owned subsidiary Genesis, originates and manages a portfolio of primarily short-term mortgage loans to fund the construction, renovation and development of, or investment in, residential properties.

Rithm Capital elected to apply the fair value option for all residential transition loans. The fair value option provides an election which allows a company to irrevocably elect fair value for certain financial asset and liabilities on an instrument-by-instrument basis. The Company elected the fair value option for these loans to better align reported results with the underlying economic changes in value of the loans on the Company’s consolidated balance sheets. Furthermore, as a result of the election to apply the fair value option, these loans are not subject to an allowance for credit losses under the CECL impairment model. Rithm Capital reports the change in the fair value within realized and unrealized gains (losses), net in the consolidated statements of operations. Fair value approximates carrying value due to the short duration of the residential transition loans.

Residential transition loans are presented net of construction holdbacks and interest reserves on the consolidated balance sheets. The construction holdback represents amounts withheld from the funding of construction loans and released as the project progresses. The interest reserve represents amounts withheld from the funding of certain mortgage loans in order to satisfy monthly interest payments for all or part of the term of the related loan. Accrued interest is paid out of the interest reserve and recognized as interest income on a monthly basis. Interest income is recognized over the life of the loan using the effective interest method and is recorded on the accrual basis.

Residential transition loans can be placed in contractual default status for (i) an interest payment that is more than 30 days past due or sooner, if collection is considered doubtful, (ii) a loan that matures and the borrower fails to make payment of all amounts owed or extend the loan or (iii) the collateral that becomes impaired in such a way that the ultimate collection of the loan receivable is doubtful. The accrual of interest income is suspended when a loan is in contractual default unless the interest is paid in cash or collectability of all amounts due is reasonably assured. In addition, in certain instances, where the interest reserve on a current loan has been fully depleted and the interest payment is not expected to be collected from the borrower, the Company may place a current loan on non-accrual status and recognize interest income on a cash basis. Interest previously accrued may be reversed at that time, and such reversal is offset against interest income. The accrual of interest income resumes only when the suspended loan becomes contractually current or a credit analysis supports the ability to collect in accordance with the terms of the loan.

In addition to interest income, the Company generates loan fee income, including loan origination fees, loan renewal fees and inspection fees. The majority of fee income is composed of loan origination fees, or “points,” with interest rates based on the total commitment at origination. In addition to origination fees, the Company earns loan extension fees when maturing loans are renewed or extended and amendment fees when loan terms are modified, such as increases in interest reserves and construction holdbacks. Loans are generally only renewed or extended if the loan is not in default and satisfies the Company’s underwriting criteria. Loan fee income is recognized as interest income at origination or amendment given the Company’s election of the fair value option.

Both interest and loan fee income earned on mortgage loans is reported in interest income in the consolidated statements of operations.

Residential Mortgage Loan Repurchases — Newrez, as approved issuer of Ginnie Mae mortgage-backed securities (“MBS”), originates and securitizes government-insured residential mortgage loans. As an issuer of Ginnie Mae-guaranteed securitizations, Newrez 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. Under GAAP, Newrez is required to recognize the right to loans on its balance sheet and establish a corresponding liability upon the triggering of the repurchase right regardless of whether Newrez intends to repurchase the loans. Upon recognizing loans eligible for repurchase, the Company does not change the accounting for MSRs related to previously sold loans. Upon reacquisition of a loan the MSR is written off.
Cash, Cash Equivalents and Restricted Cash — The Company 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 balances subject to contractual or legal restrictions on use.

Servicer Advances Receivable — The Company’s servicer advances receivable represents servicer advances due to Rithm Capital’s servicer subsidiaries, NRM and Newrez (Note 5). The servicer advances receivable purchased in conjunction with MSRs are recorded with purchase discounts. Subsequent advances are recorded at cost, subject to impairment. Any related purchase discounts are accreted into servicing revenue, net in the consolidated statements of operations on a straight-line basis over the estimated weighted average life of the advances.

Goodwill and Intangible Assets — The Company qualitatively assesses its goodwill assigned to each of its reporting units during the fourth quarter of each year. This qualitative assessment evaluates various events and circumstances, such as macro-economic conditions, industry and market conditions, cost factors, relevant events and financial trends, that may impact a reporting unit's fair value. Using this qualitative assessment, the Company determines whether it is more likely than not the reporting unit's fair value exceeds its carrying value. If it is determined that it is not more likely than not the reporting unit's fair value exceeds the carrying value, or upon consideration of other factors, including recent acquisition, restructuring or divestiture activity, the Company performs a quantitative, “step one,” goodwill impairment analysis. In addition, the Company may test goodwill in between annual test dates if an event occurs or circumstances change that could more likely than not reduce the fair value of a reporting unit below its carrying value. Rithm Capital did not recognize any impairment for the years ended December 31, 2025, 2024 and 2023.

As a result of various acquisitions (see Note 3), Rithm Capital identified intangible assets in the form of management contracts, customer relationships, purchased technology, trademarks / trade names, licenses, lease intangibles and value of business acquired (“VOBA”). Rithm Capital recorded the intangible assets at fair value at the acquisition date and amortizes the value of finite-lived intangibles into expense over the expected useful life. Amortization of acquired intangible assets is included in general and administrative in Rithm Capital’s consolidated statements of operations. If impairment events occur, they could accelerate the timing of acquired intangible asset charges. Licenses and certain trade names acquired are deemed to have an indefinite useful life and are evaluated for impairment annually during the fourth quarter and in interim periods if indicators of impairment exist. Rithm Capital did not recognize any impairment for the years ended December 31, 2025, 2024 and 2023.

Impairment of Long-Lived Assets — The Company reviews long-lived assets for impairment when events or changes in circumstances indicate the carrying value of these assets may exceed their current fair values. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. No impairment charges were recognized on long-lived assets for the years ended December 31, 2025, 2024 and 2023. Subsequently, if events or market conditions affect the estimated fair value of an impaired long-lived asset, the Company will adjust the carrying value of these long-lived assets in the period in which the impairment occurs.

Leases (Lessee) — The Company determines if an arrangement is a lease at inception. 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. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the lease term. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company used an incremental borrowing rate based on the information available as of the lease commencement dates, or as of the acquisition date, if applicable, in determining the present value of lease payments. The operating lease ROU asset reflects any upfront lease payments made as well as lease incentives received. The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU asset and lease liability at lease inception when and if it is reasonably certain that the Company will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term.
Subrental income is recognized on a straight-line basis over the lease term and is included within other revenues in the consolidated statements of operations. Where the Company has entered into a sublease arrangement, the Company will evaluate the lease arrangement for impairment. To the extent an impairment of the ROU lease asset is recognized, the Company will recognize lease impairment and subsequently amortize the remaining lease asset on a straight-line basis over the remaining lease term within general and administrative in the consolidated statements of operations.

The Company has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets.

ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable. Modification of a lease term would result in re-measurement of the lease liability and a corresponding adjustment to the ROU asset.

Leases (Lessor) — The Company leases residential, office, retail and storage properties to tenants primarily under non-cancellable operating leases.

Leases related to the Company’s office, retail and storage properties generally have initial terms ranging from five to fifteen years, while leases related to SFR properties typically have terms of one to two years. Certain commercial leases provide tenants with extension options at either fixed or market rates. Few leases provide tenants with options to early terminate, and when such options exist, they generally impose an economic penalty upon exercise.

Rental revenue is recognized in accordance with ASC 842, Leases. Rental revenue associated with commercial real estate includes (i) fixed payments of cash rents, which represent amounts contractually owed by tenants and are recognized on a straight-line basis over the non-cancellable term of the lease, including the effects of rent steps and rent abatements, (ii) variable lease payments, including tenant reimbursements for operating expenses, real estate taxes, utilities and other charge-backs, which are recognized in the same period as the related expenses are incurred, (iii) amortization of acquired above- and below-market leases, net, and (iv) lease termination income. Rental revenue from commercial real estate is included in other revenues in the Company’s consolidated statements of operations.

Rental revenue associated with SFR properties consists primarily of rents collected under lease agreements, net of concessions and bad debt, and other income, including tenant reimbursements and other charge-backs, such as late fees and non-refundable deposits. Rental revenue from SFR properties is included in other revenues in the Company’s consolidated statements of operations. All SFR properties are managed through APM.

The Company evaluates the collectability of tenant receivables for payments required under lease agreements. Under ASC 842, an allowance for doubtful accounts related to operating lease receivables is not permitted. When collectability is not deemed probable, the Company writes off the related tenant receivables and limits lease income recognized to cash received. Any difference between rental revenue recognized and rental payments received is recorded as an adjustment to other revenues in the consolidated statements of operations.

Income Taxes — The Company operates so as to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). Requirements for qualification as a REIT include various restrictions on ownership of Rithm Capital’s stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders (subject to certain adjustments). Distributions may extend until timely filing of Rithm Capital’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income.

Certain activities of Rithm Capital are conducted through TRSs and therefore are subject to federal and state income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases upon the change in tax status. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
Rithm Capital recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits.

Secured Financing Agreements and Secured Notes and Bonds Payable — The Company finances the acquisition of certain assets within its investment portfolio using secured financing agreements, including repurchase agreements and warehouse credit facilities. Repurchase agreements and warehouse credit facilities are treated as collateralized financing transactions and carried at their contractual amounts, including accrued interest, as specified in the respective agreements. The carrying amount of the Company’s secured financing agreements and warehouse credit facilities approximates fair value. The Company pledges certain securities, loans or other assets as collateral under secured financing agreements and warehouse credit facilities with financial institutions, the terms and conditions of which are negotiated on a transaction-by-transaction basis. The amounts available to be borrowed under repurchase agreements and warehouse credit facilities are dependent upon the fair value of the securities, or loans pledged as collateral, which can fluctuate with changes in interest rates, type of security and liquidity conditions within the banking, mortgage finance and real estate industries. The Company also finances the acquisition of certain assets within its investment portfolio using secured term notes and securitizations.

Derivative Financial Instruments — The Company enters into derivative contracts, including interest rate swaps, swaptions, futures, interest rate caps and to-be-announced forward contract positions (“TBAs”) securities to manage its interest rate risk and, from time to time, enhance investment returns. The Company’s derivatives are recorded as either assets or liabilities in the consolidated balance sheets and measured at fair value. The Company’s derivative financial instrument contracts are not designated as hedges for U.S. GAAP; accordingly, all changes in fair value are recognized in earnings. The Company estimates the fair value of its derivative instruments as described in Note 18 of these consolidated financial statements.

The Company may also utilize forward contracts for the purchase or sale of TBA Agency MBS. The Company accounts for TBA Agency MBS as derivative instruments if it is reasonably possible that it will not take or make physical delivery of the Agency MBS upon settlement of the contract. The Company accounts for TBA dollar roll transactions as a series of derivative transactions. The Company may also purchase and sell TBA Agency MBS as a means of investing in and financing Agency MBS (thereby increasing “at risk” leverage) or as a means of disposing of or reducing its exposure to Agency MBS (thereby reducing “at risk” leverage). The Company agrees to purchase or sell, for future delivery, Agency MBS with certain principal and interest terms and certain types of collateral, but the particular Agency Securities to be delivered are not identified until shortly before the TBA settlement date. The Company may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a “pair off”), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA Agency MBS for a later settlement date. This transaction is commonly referred to as a “dollar roll.” When it is reasonably possible that the Company will pair off a TBA Agency MBS, it accounts for that contract as a derivative.

Reverse Repurchase Agreements and Obligation to Return Securities Borrowed under Reverse Repurchase Agreements — The Company borrows securities to effectuate short sales of U.S. Treasury (“Treasury”) securities through reverse repurchase transactions under master repurchase agreements. The Company accounts for these as securities borrowing transactions and recognizes an obligation to return the borrowed securities at fair value on the consolidated balance sheets based on the value of the underlying borrowed securities as of the reporting date.

Equity-Based Compensation — The Company grants equity-based compensation awards to certain employees and all directors in the form of restricted shares of common stock. The Company accounts for equity-based awards under ASC 718, Compensation — Stock Compensation, which requires the Company to expense the cost of services received in exchange for equity-based awards based on the grant-date fair value of the awards. This expense is recognized as provided in the applicable award agreement (see Note 23). The fair value of the Company’s restricted stock awards (“RSAs”), time-based and performance-based restricted stock unit awards (“RSU” and “PSU” awards, respectively) and Class B Profit Units (as defined in Note 23) are typically equivalent to the closing stock price on the grant date. The fair value of the Company’s LTIP Profit Units (as defined in Note 23) are liability-classified equity based awards due to a cash settlement feature. As such, the fair value of these awards is initially determined at the date of grant and is remeasured at each reporting period until settlement. Compensation expense is recognized using the accelerated attribution model over the vesting period and presented in compensation and benefits on the Company’s consolidated statements of operations. The Company has elected to account for forfeitures as they occur.
Residential Mortgage Origination Reserves — Newrez originates conventional, government-insured and non-conforming residential mortgage loans for sale and securitization. In connection with the transfer of loans to the GSEs or mortgage investors, Newrez provides 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. Rithm Capital records a reserve for sales recourse at the time of sale to cover all potential recourse obligations based on the outstanding balance of residential mortgage loans subject to recourse as well as historical and estimated future loss rates. Rithm Capital evaluates the ongoing adequacy of the reserve based on actual experience and changing circumstances, making adjustments to the reserve as deemed necessary.

Offering Costs — The Company has incurred offering costs in connection with common stock offerings, registration statements and preferred stock offerings. Where applicable, the offering costs were paid out of the proceeds of the respective offerings. Offering costs in connection with common stock offerings and costs in connection with registration statements have been accounted for as a reduction of additional paid-in capital. Offering costs in connection with preferred stock offerings have been accounted for as a reduction of their respective gross proceeds.

Earnings (Loss) Per Share — In accordance with the provisions of ASC 260, Earnings Per Share, Rithm Capital calculates basic income (loss) per share by dividing net income (loss) attributable to common stockholders for the period by weighted average shares of the Company’s common stock outstanding for that period. Diluted income per share takes into account the effect of dilutive instruments, such as stock options and warrants but uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding. In periods in which the Company records a net loss, potentially dilutive securities are excluded from the diluted loss per share calculation, as their effect on loss per share is anti-dilutive.

Comprehensive Income — Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For Rithm Capital’s purposes, comprehensive income represents net income, as presented in the consolidated statements of operations, adjusted for unrealized gains or losses on certain securities classified as AFS and a cumulative translation adjustment.

Asset Management Revenue Recognition — Management fees are generally calculated and paid to the Company on a quarterly basis in advance, based on the amount of assets under management (“AUM”) at the beginning of the quarter. Management fees for certain of the Company’s closed-end funds are based on invested capital. Management fees are prorated for capital inflows and redemptions during the quarter. Management fees are recognized over the period during which the related services are performed. Certain of the Company’s management fees are paid on a quarterly basis in arrears.

The Company considers management fees to be a form of variable consideration, as the amount earned each quarter may depend on various contingencies, such as the value of AUM, capital inflows and outflows during the period, or changes in committed or invested capital. Management fees, however, are generally recognized at the end of each reporting period and are not subject to clawback and, therefore, the value of the management fees the Company is entitled to receive at the end of each quarter is generally no longer subject to the constraint.

A portion of the management fees the Company earns from its collateralized loan obligations (“CLOs” or a “CLO”) is subordinated to other obligations of the CLOs, including principal and interest on the notes issued by the CLOs. When certain over-collateralization tests are triggered, cash flows received on the underlying collateral in the CLOs that would have otherwise been distributed as subordinated management fees to the Company are redirected to pay principal and interest on the more senior obligations of the CLOs. In the event a CLO fails to satisfy one or more over-collateralization tests, the Company will stop recognizing management fees for the CLO until if and when the collateral tests are remedied and all fees are paid.
The Company earns incentive income based on the cumulative performance of the funds over a commitment period. Incentive income is recognized when it is probable that such income will not significantly reverse. Incentive income is considered variable consideration, the recognition of which is subject to the constraints. Incentive income is no longer constrained when it is probable that a significant reversal will not occur. Determining the amount of incentive income to record is subject to qualitative and quantitative factors including, where a fund is in its life-cycle, whether the Company has received or is entitled to receive incentive income distributions and potential sales of fund investments. The Company continuously evaluates whether there are additional considerations that could potentially impact the recognition of incentive income. To the extent that distributions have been received, but for which the recognition of incentive income is not appropriate, the Company will recognize a liability for unearned incentive income.

The commitment period for certain of the Company’s AUM is for a period of one year on a calendar-year basis with incentive income recognized annually on December 31. The Company may also recognize incentive income related to fund investor redemptions at other times during the year, and on AUM subject to initial commitment periods that are longer than one year where the commitment period expires during the year. The Company may also recognize incentive income for tax distributions that it is entitled to that cover estimated tax obligations related to the management of certain funds, as such distributions are not subject to clawback once distributed to the Company.

Incentive income is generally based on the investment performance of its funds. Incentive income is generally equal to 20% of the profits, net of management fees, attributable to each fund investor. Incentive income may be subject to hurdle rates, where the Company is not entitled to incentive income until the investment performance exceed an agreed upon benchmark with a preferential “catch-up” allocation once the rate has been exceeded, or a perpetual “high-water mark”, where any losses generated in a fund must be recouped before taking incentive income.

See Note 21 for additional information.

Redeemable Non-controlling Interests — The Company recognizes redeemable non-controlling 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 non-controlling interest holders) and their redemption value. The accretion of the redeemable non-controlling interest to redemption value is recorded within change in redemption value of redeemable non-controlling interests in the consolidated statements of operations. The Class A ordinary shares of the consolidated SPAC and certain units issued by a consolidated entity have redemption rights that are considered to be outside of the Company’s control, and as a result, these shares are presented as redeemable non-controlling interests of consolidated subsidiaries on the consolidated balance sheets. Profits and losses attributable to these interests are presented as redeemable non-controlling interests in income of consolidated subsidiaries in the consolidated statements of operations. The redeemable non-controlling 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.

Insurance Company Investments — The Company’s insurance company investments primarily consist of asset and mortgage-backed securities, agency securities and commercial mortgage loans. All insurance company investments are measured at fair value under the fair value option election. Changes in fair value are recognized in earnings and presented within realized and unrealized gains (losses), net in the consolidated statements of operations.

Interest Sensitive Insurance Contract Liabilities — The Company, through its wholly owned subsidiary, Crestline Life and Insurance Annuity Company (“CL Life”), issues interest-sensitive insurance contracts primarily consisting of fixed-rate deferred annuities, including multi-year guaranteed annuities (“MYGAs”) and fixed indexed annuities (“FIAs”). These insurance products are investment contracts accounted for under ASC 944, Financial Services - Insurance, recorded at contract account balances, which represent accumulated policyholder deposits plus credited interest, without reduction for potential surrender or withdrawal charges. Deposits collected on investment contracts are not reflected as revenues, but are recorded directly to interest sensitive insurance contract liabilities upon receipt.
Liabilities for single premium immediate annuities are measured as the present value of future policy benefit payments and related policy maintenance expenses, discounted using interest rates established at contract issuance. The Company retains the insurance contract liabilities associated with these products on its consolidated balance sheets, including contracts subject to reinsurance arrangements accounted for as deposits. Changes in interest sensitive insurance contract liabilities, excluding deposits and withdrawals, are recorded as insurance-related expenses within general and administrative expenses on the consolidated statements of operations.

Embedded derivatives related to index-linked crediting features are bifurcated from the respective FIAs or reinsurance deposit asset and separately recognized as derivatives at fair value with changes in fair value recognized in realized and unrealized gains (losses), net in the consolidated statements of operations. The embedded derivatives are presented within other assets or accrued expenses and other liabilities, as applicable, on the consolidated balance sheets.

Deferred Acquisition Costs — Deferred acquisition costs (“DAC”) represent incremental direct costs that are related to the successful acquisition of new or renewal insurance and annuity contracts and are deferred and amortized over the expected life of the related contracts. Such costs primarily include commissions, underwriting and policy issuance costs that vary with, and are primarily related to, the production of new and renewal business. Costs that are not incremental or not directly attributable to successful contract acquisition are expensed as incurred.

The lapse and mortality assumptions used to amortize DAC are consistent with assumptions used to estimate the liability for future policy benefits. Amortization assumptions are reviewed at least annually and updated for actual experience and changes in future expectations. The impact of assumption updates is recognized prospectively through revised amortization of the remaining unamortized DAC balance.

DAC is evaluated for recoverability at each reporting date or more frequently if events or circumstances indicate that the carrying amount may not be recoverable. Should the DAC asset require a write down to its recoverable amount, any charge is recognized in policyholder benefits and claims or other operating expenses, as appropriate.

Other Insurance-Related Policies — The Company enters into certain reinsurance arrangements of investment contracts that do not meet the risk-transfer requirements for reinsurance accounting. To qualify for reinsurance accounting, a reinsurance contract must transfer significant insurance risk, including mortality or morbidity risks and timing of benefit payments, and subject the reinsurer to a reasonable possibility of a significant loss. Reinsurance arrangements of long-duration contracts that do not meet these risk transfer requirements are accounted for as investment contracts, with the related balances recognized as deposit assets or deposit liabilities. Under these arrangements, the Company retains the related insurance contract liabilities on its consolidated balance sheets as it is not relieved of its primary obligation to the policyholder in a reinsurance transaction.

Deposit assets and liabilities are initially recognized based on net cash flows under the applicable agreements and are subsequently adjusted for settlements and other contractual changes. The carrying amounts are accreted or amortized using an effective yield method, with accretion or amortization recognized in other income (loss) or insurance-related expenses within general and administrative expenses, respectively, in the consolidated statements of operations.

Amounts due to and from the reinsurer, including deposit-accounted reinsurance balances and funds-withheld obligations, are recorded on a net basis as the relevant netting criteria are met. As a result, a single net deposit position is presented within other assets or other liabilities, as applicable, on the consolidated balance sheets. Deposit-accounted balances are not offset against insurance contract liabilities or traditional reinsurance recoverables.

Modified coinsurance and funds withheld reinsurance arrangements contain embedded derivatives that arise from the Company’s obligation to pay the total return on the assets supporting the funds withheld liability. The Company accounts for the embedded derivatives in funds withheld contracts as total return swaps. Accordingly, the value of the derivative is equal to the unrealized gain or loss on the assets underlying the funds withheld portfolio associated with each agreement. The resulting embedded derivative is bifurcated from the host deposit contract and measured at fair value, with changes in fair value recognized in realized and unrealized gains (losses) in the consolidated statements of operations.
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.

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, 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. This standard became effective for the Company for the fiscal year ended December 31, 2025. Upon adoption of the new standard, the Company has included the new additional and relevant required disclosures within its income taxes disclosures in Note 25.

Recently Issued Accounting Standards Not Yet Adopted

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

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

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

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. This ASU is effective for the Company on January 1, 2028, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.
v3.25.4
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS BUSINESS COMBINATIONS AND ASSET ACQUISITIONS
Acquisition of Paramount Group, Inc.

On December 19, 2025, the Company completed the Paramount Acquisition for a total consideration of approximately $1.8 billion, which includes transaction costs that were capitalized as part of the asset acquisition. The transaction was accounted for as an asset acquisition, whereby the total purchase price was allocated to the assets acquired and liabilities assumed based on their relative fair values on a pro-rata basis. No goodwill was recognized in connection with the acquisition.

Acquisition of Crestline Management, L.P.

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

Purchase Price Allocation

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

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

The Company acquired 100% of the outstanding equity interests of Crestline and certain affiliated companies for cash consideration of $324.7 million. The Company recognized goodwill of approximately $182.8 million primarily driven by the assembled workforce acquired in the Crestline Acquisition. Purchased goodwill is expected to be deductible for income tax purposes over 15 years. Rithm Capital will assess goodwill for impairment annually during the fourth quarter and in interim periods in case of events or circumstances that make it more likely than not that an impairment may have occurred.
The estimate of fair value of assets and liabilities required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that management believes to be reasonable; however, actual results may differ materially from these estimates. The 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 intangible assets, other assets, deferred tax assets, other liabilities and goodwill. The final acquisition accounting adjustments, including those resulting from conforming Crestline’s accounting policies to those of the Company’s, could differ materially.

The results of Crestline’s operations were included in the Company’s consolidated statements of operations from December 1, 2025 through December 31, 2025 and represent $17.0 million of revenues and $0.2 million of net income. Acquisition-related costs are expensed in the period incurred. The Company recognized $13.9 million of Crestline Acquisition-related costs that were expensed for the year ended December 31, 2025. These costs are presented within general and administrative expenses in the consolidated statements of operations.

Intangible assets acquired consist of customer relationships, management contracts, trade names, insurance licenses and VOBA. Rithm Capital amortizes finite-lived intangible assets on a straight-line basis over their respective useful lives. The following table presents the details of identifiable intangible assets acquired and the respective estimated useful lives:
Estimated Useful Life (Years)Amount
Customer relationships9$8,645 
Management contracts
 2 to 11
63,770 
Trade names113,740 
VOBA
(A)
2,401 
Insurance LicensesIndefinite5,720 
Total Identifiable Intangible Assets$84,276 
(A)VOBA, an actuarial intangible asset arising from the Crestline Acquisition, is amortized on a basis consistent with the related policyholder liabilities over the remaining life of each contract.

Unaudited Supplemental Pro Forma Financial Information

The following table presents unaudited pro forma combined revenues and income before income taxes for the years ended December 31, 2025 and 2024 prepared as if the Crestline Acquisition had been consummated on January 1, 2024:

Year Ended December 31,
Pro Forma 20252024
Revenues$4,776,194 $5,065,601 
Income before income taxes803,724 1,212,292 

The unaudited supplemental pro forma financial information reflects, among other things, financing adjustments, amortization of intangibles and transaction costs. The unaudited supplemental pro forma financial information has not been adjusted to reflect all conforming accounting policies. The unaudited supplemental pro forma financial information does not include any anticipated synergies or other anticipated benefits of the Crestline Acquisition and, accordingly, the unaudited supplemental pro forma financial information is not necessarily indicative of either future results of operations or results that might have been achieved had the Crestline Acquisition occurred on January 1, 2024.

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.

Rithm Capital has not disclosed the amount of revenue and net income attributable to Computershare for the year ended December 31, 2024, because it is impracticable to do so. As of the beginning of the third quarter in 2024, Computershare’s operations and financial information had been integrated within the Company’s systems, making it infeasible to separately identify and report the specific revenue and net income figures for Computershare.

Acquisition-related costs are expensed in the period incurred. Rithm Capital recognized $17.8 million of Computershare Acquisition related costs that were expensed for the year ended December 31, 2024. These costs were grouped and presented within compensation and benefits and general and administrative expenses in the consolidated statements of operations.
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 adjustments made during the measurement period to arrive at the final allocation of the total consideration paid for acquired assets and assumed liabilities:
Preliminary Amounts as of the Acquisition Date
Subsequent Adjustments to Fair Value(A)
Final 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 years ended December 31, 2024 and 2023 prepared as if the Computershare Acquisition had been consummated on January 1, 2023:
Year Ended December 31,
Pro Forma 20242023
Revenues$5,051,332 $4,044,192 
Income before income taxes1,233,419 718,013 
The unaudited supplemental pro forma financial information reflects, among other things, financing adjustments, amortization of intangibles and transaction costs. The unaudited supplemental pro forma financial information has not been adjusted to reflect all conforming accounting policies. The unaudited supplemental pro forma financial information does not include any anticipated synergies or other anticipated benefits of the 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.

Acquisition of Sculptor Capital Management, Inc.

Rithm Capital completed the acquisition of Sculptor on November 17, 2023 (the “Sculptor Acquisition”) as part of its strategy to expand its asset management capabilities. 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 Sculptor Acquisition during the fourth quarter of 2023:

Total Consideration(A)
$630,317 
Assets:
Cash and cash equivalents267,469 
Restricted cash26,373 
Other assets(B)(C)
1,346,633 
Total Assets Acquired1,640,475 
Liabilities:
Secured financing agreements177,551 
Secured notes and bonds payable99,232 
Accrued expenses and other liabilities 746,135 
Total Liabilities Assumed1,022,918 
Non-controlling interest35,873 
Net Assets581,684 
Goodwill$48,633 
(A)The fair value of total consideration transferred included cash of $600.6 million and assumption of unvested shares of Sculptor stock of $29.7 million for a total consideration of $630.3 million.
(B)Includes $275.0 million of intangible assets in the form of management contracts. These intangibles are being amortized over a finite life of 10 years.
(C)Includes $246.1 million of CLOs.

Rithm Capital acquired 100% of the outstanding equity interests of Sculptor for a GAAP purchase price of approximately $630.3 million. Prior to the close of the Sculptor Acquisition, on October 12, 2023, Rithm Capital purchased from Delaware Life Insurance Company (“DLIC”) warrants to purchase 4,338,015 shares of Sculptor class A common stock issued by Sculptor to DLIC in November 2020 at an exercise price of $7.95 per share. The warrant purchase price was $37.5 million, including additional amounts paid to DLIC in connection with the successful closing of the Sculptor Acquisition, and is considered a component of the Sculptor Acquisition purchase price.

Rithm Capital recognized goodwill of $48.6 million, a portion of which is purchased goodwill, related to the Sculptor Acquisition. The goodwill was primarily driven by the assembled workforce acquired with the Sculptor Acquisition. Purchased goodwill is expected to be deductible for income tax purposes over 15 years. Rithm Capital will assess the goodwill annually
during the fourth quarter and in interim periods in case of events or circumstances that make it more likely than not that an impairment may have occurred.

The estimate of fair value of assets and liabilities required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that management believes to be reasonable; however, actual results may differ from these estimates.

The results of Sculptor’s operations were included in the Company’s consolidated statements of operations from November 17, 2023 through December 31, 2023 and represent $82.7 million of asset management revenues, $3.8 million of interest income and $1.0 million of net income.

Acquisition-related costs are expensed in the period incurred. Rithm Capital recognized $32.9 million of Sculptor Acquisition-related costs that were expensed for the year ended December 31, 2023. These costs are grouped and presented within general and administrative in the consolidated statements of operations.

Intangible assets consist of management agreements with Sculptor’s various funds categorized as management contracts. Rithm Capital amortizes finite-lived management contracts on a straight-line basis over their respective useful lives. The weighted average life of the total acquired identifiable intangible assets is 10 years. The following table presents the details of identifiable intangible assets acquired:
Estimated Useful LifeAmount
Management contracts10$275,000 
Total Identifiable Intangible Assets$275,000 

Measurement Period Adjustments

The following table summarizes the provisional amounts recognized related to the Sculptor Acquisition as of the acquisition date, as well as the measurement period adjustments made in the fourth quarter of 2024 to arrive at the final allocation of the total consideration paid to acquire the assets and assume the liabilities:
Preliminary Amounts as of the Acquisition DateSubsequent Adjustments to Fair ValueFinal Amounts as of the Acquisition Date
Total Consideration$630,317 $— $630,317 
Assets:
Cash and cash equivalents267,469 — 267,469 
Restricted cash26,373 — 26,373 
Other assets(A)
1,348,608 (1,975)1,346,633 
Total Assets Acquired1,642,450 (1,975)1,640,475 
Liabilities:
Secured financing agreements177,551 — 177,551 
Secured notes and bonds payable99,232 — 99,232 
Accrued expenses and other liabilities746,135 — 746,135 
Total Liabilities Assumed1,022,918 — 1,022,918 
Non-controlling interest35,873 — 35,873 
Net Assets583,659 (1,975)581,684 
Goodwill$46,658 $1,975 $48,633 
(A)The adjustment to other assets primarily reflects the impact on deferred tax assets attributable to certain return to provision adjustments.
Unvested RSUs

In connection with the Sculptor Acquisition, unvested RSUs held by Sculptor employees at the time of the Sculptor Acquisition were converted into a deferred cash plan payable, resulting in a $29.7 million liability as of the date of the Sculptor Acquisition of deferred cash compensation due to employees.

Unaudited Supplemental Pro Forma Financial Information

The following table presents unaudited pro forma combined revenues and income before income taxes for the year ended December 31, 2023 prepared as if the Sculptor Acquisition had been consummated on January 1, 2022:
Pro FormaYear Ended December 31, 2023
Revenues$4,044,455 
Income before income taxes591,129 

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 of accounting policies. The unaudited supplemental pro forma financial information does not include any anticipated synergies or other anticipated benefits of the Sculptor 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 Sculptor Acquisition occurred on January 1, 2022.
v3.25.4
SEGMENT REPORTING
 12 Months Ended
Dec. 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) Residential Transitional Lending, (iii) Asset Management and (iv) Investment Portfolio. 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 17) and related interest expense, and restricted cash and redeemable non-controlling interest related to Class A ordinary shares of the Company’s consolidated SPAC.

Effective in the first quarter of 2025, new purchases of government and government-backed securities are 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 Chief Executive Officer.

The Origination and Servicing segment generates revenue through servicing fee revenue, interest income and gain on originated and sold residential mortgage loans. The Residential Transitional Lending segment generates revenue through interest income related to the origination and management of a portfolio of short-term mortgage loans to fund the construction and development of, or investment in, residential properties. The Asset Management segment generates revenue primarily through management and incentive fees based primarily on AUM and performance of funds and accounts managed by the Company, as well as through real estate-related fee income and rental revenue from commercial real estate properties owned and managed by the Company. 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.
Income before income taxes is the measure of segment profit and loss that is determined in accordance with the measurement principles used in measuring the corresponding amounts in the consolidated financial statements and used by the CODM to evaluate segment results. It is also one of the factors considered in determining capital allocation among the segments, assessing performance for each segment and determining compensation for certain employees.

The following tables summarize segment financial information, including the Corporate category explained above, which in total reconciles to the same data for Rithm Capital on a consolidated basis:


Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCorporate CategoryTotal
Year Ended December 31, 2025
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$2,294,969 $— $— $— $— $2,294,969 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(746,006))
(1,174,549)— — — — (1,174,549)
Servicing revenue, net1,120,420 — — — — 1,120,420 
Interest income1,217,454 301,594 44,662 300,109 10,496 1,874,315 
Gain on originated residential mortgage loans, held-for-sale, net690,401 — — 39,125 — 729,526 
Other revenues106,679 — 26,933 105,315 — 238,927 
Asset management revenues— — 627,040 — — 627,040 
Total Revenues3,134,954 301,594 698,635 444,549 10,496 4,590,228 
Interest expense and warehouse line fees1,085,148 137,066 47,858 296,234 96,127 1,662,433 
Other segment expenses(A)
592,233 24,250 146,343 91,063 50,198 904,087 
Compensation and benefits774,509 63,087 399,879 3,993 77,411 1,318,879 
Depreciation and amortization26,453 7,731 41,103 32,159 31 107,477 
Total Operating Expenses2,478,343 232,134 635,183 423,449 223,767 3,992,876 
Realized and unrealized gains (losses), net— 18,826 4,347 103,355 (661)125,867 
Other income (loss), net5,088 (558)33,206 46,623 (1,195)83,164 
Total Other Income (Loss)5,088 18,268 37,553 149,978 (1,856)209,031 
Income (Loss) before Income Taxes661,699 87,728 101,005 171,078 (215,127)806,383 
Income tax expense (benefit)33,527 (1,446)69,407 (14,284)1,087 88,291 
Net Income (Loss)628,172 89,174 31,598 185,362 (216,214)718,092 
Non-controlling interests in income of consolidated subsidiaries3,227 — 709 4,884 — 8,820 
Redeemable non-controlling interests in income of consolidated subsidiaries— — 3,780 — 8,435 12,215 
Net Income (Loss) Attributable to Rithm Capital Corp.624,945 89,174 27,109 180,478 (224,649)697,057 
Change in redemption value of redeemable non-controlling interests— — — — 15,611 15,611 
Dividends on preferred stock— — — — 114,246 114,246 
Net Income (Loss) Attributable to Common Stockholders$624,945 $89,174 $27,109 $180,478 $(354,506)$567,200 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to legal and professional services, loan origination and servicing, information technology and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to legal and professional services and loan origination. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology, occupancy and property and maintenance. The Investment Portfolio segment’s other segment expenses primarily include expenses related to legal and professional services, loan servicing and property and maintenance.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCorporate CategoryTotal
December 31, 2025
Investments(A)
$18,308,310 $2,706,044 $6,062,702 $4,912,402 $— $31,989,458 
Cash and cash equivalents(A)
1,153,897 97,049 353,290 32,853 210,537 1,847,626 
Restricted cash(A)
174,667 43,156 308,584 44,470 238,435 809,312 
Other assets(A)
7,793,601 174,406 1,918,829 2,414,231 9,671 12,310,738 
Goodwill29,468 55,731 231,444 — — 316,643 
Assets of consolidated entities(A)
— 980,760 1,525,364 3,283,225 — 5,789,349 
Total Assets$27,459,943 $4,057,146 $10,400,213 $10,687,181 $458,643 $53,063,126 
Debt(A)
$16,843,333 $2,219,808 $4,377,897 $5,689,351 $1,258,271 $30,388,660 
Other liabilities(A)
5,040,177 87,637 2,583,469 435,514 294,747 8,441,544 
Liabilities of consolidated entities(A)
— 868,217 1,270,655 2,839,340 — 4,978,212 
Total Liabilities21,883,510 3,175,662 8,232,021 8,964,205 1,553,018 43,808,416 
Redeemable Non-controlling Interests of Consolidated Subsidiaries— — 75,868 — 238,435 314,303 
Total Stockholders’ Equity5,576,433 881,484 2,092,324 1,722,976 (1,332,810)8,940,407 
Non-controlling interests in equity of consolidated subsidiaries9,833 — 441,850 58,237 — 509,920 
Stockholders’ Equity in Rithm Capital Corp.$5,566,600 $881,484 $1,650,474 $1,664,739 $(1,332,810)$8,430,487 
Investments in Equity Method Investees$25,111 $27,708 $445,871 $324,456 $— $823,146 
(A)The Company's consolidated balance sheets include assets and liabilities of consolidated VIEs, including funds and CFEs that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp.


Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCorporate CategoryTotal
Year Ended December 31, 2024
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$1,993,319 $— $— $— $— $1,993,319 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(602,241))
(455,918)— — — — (455,918)
Servicing revenue, net1,537,401 — — — — 1,537,401 
Interest income1,351,066 257,833 21,288 319,596 7 1,949,790 
Gain on originated residential mortgage loans, held-for-sale, net672,093 — — 10,442 — 682,535 
Other revenues121,291 — — 106,181 — 227,472 
Asset management revenues— — 520,294 — — 520,294 
Total Revenues3,681,851 257,833 541,582 436,219 7 4,917,492 
Interest expense and warehouse line fees1,327,115 125,722 36,274 271,908 74,306 1,835,325 
Other segment expenses(A)
500,347 19,578 97,550 80,724 46,154 744,353 
Compensation and benefits706,805 47,320 328,758 3,809 48,076 1,134,768 
Depreciation and amortization56,496 6,268 30,598 30,748 21 124,131 
Total Operating Expenses2,590,763 198,888 493,180 387,189 168,557 3,838,577 
Realized and unrealized gains (losses), net22 54,020 (74)18,671 — 72,639 
Other income (loss), net21,677 (1,603)15,100 22,032 49 57,255 
Total Other Income21,699 52,417 15,026 40,703 49 129,894 
Income (Loss) before Income Taxes1,112,787 111,362 63,428 89,733 (168,501)1,208,809 
Income tax expense219,086 5,224 36,058 6,949 — 267,317 
Net Income (Loss)893,701 106,138 27,370 82,784 (168,501)941,492 
Non-controlling interests in income of consolidated subsidiaries2,554 — 4,302 3,133 — 9,989 
Net Income (Loss) Attributable to Rithm Capital Corp.891,147 106,138 23,068 79,651 (168,501)931,503 
Dividends on preferred stock— — — — 96,456 96,456 
Net Income (Loss) Attributable to Common Stockholders$891,147 $106,138 $23,068 $79,651 $(264,957)$835,047 
(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. 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, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to loan servicing and property and maintenance.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCorporate CategoryTotal
December 31, 2024
Investments(A)
$24,111,365 $2,194,413 $— $2,387,973 $— $28,693,751 
Cash and cash equivalents(A)
1,004,326 37,605 174,819 27,987 214,006 1,458,743 
Restricted cash(A)
207,724 33,555 18,038 49,126 — 308,443 
Other assets(A)
7,065,373 122,059 962,845 2,190,333 5,752 10,346,362 
Goodwill29,468 55,731 48,633 — — 133,832 
Assets of consolidated entities(A)
— 995,712 1,303,795 2,808,319 — 5,107,826 
Total Assets$32,418,256 $3,439,075 $2,508,130 $7,463,738 $219,758 $46,048,957 
Debt(A)
$21,968,357 $1,747,307 $431,806 $3,103,488 $1,033,804 $28,284,762 
Other liabilities(A)
4,725,155 29,999 104,879 433,762 235,846 5,529,641 
Liabilities of consolidated entities(A)
— 860,123 1,126,776 2,361,345 — 4,348,244 
Total Liabilities26,693,512 2,637,429 1,663,461 5,898,595 1,269,650 38,162,647 
Total Stockholders’ Equity5,724,744 801,646 844,669 1,565,143 (1,049,892)7,886,310 
Non-controlling interests in equity of consolidated subsidiaries9,687 — 39,942 41,707 — 91,336 
Stockholders’ Equity in Rithm Capital Corp.$5,715,057 $801,646 $804,727 $1,523,436 $(1,049,892)$7,794,974 
Investments in Equity Method Investees$24,488 $13,352 $113,662 $291,637 $— $443,139 
(A)The Company's consolidated balance sheets include assets and liabilities of consolidated VIEs, including funds and CFEs that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCorporate CategoryTotal
Year Ended December 31, 2023
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$1,859,357 $— $— $— $— $1,859,357 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(518,978))
(595,246)— — — — (595,246)
Servicing revenue, net1,264,111 — — — — 1,264,111 
Interest income1,084,479 205,779 3,788 322,143 — 1,616,189 
Gain on originated residential mortgage loans, held-for-sale, net494,693 — — 38,784 — 533,477 
Other revenues133,424 — — 102,743 — 236,167 
Asset management revenues— — 82,681 — — 82,681 
Total Revenues2,976,707 205,779 86,469 463,670 — 3,732,625 
Interest expense and warehouse line fees1,011,387 105,909 2,727 245,120 36,184 1,401,327 
Other segment expenses(A)
513,453 12,529 16,801 59,698 77,940 680,421 
Compensation and benefits655,819 43,547 42,839 8,681 36,206 787,092 
Depreciation and amortization44,174 6,282 4,230 25,930 65 80,681 
Total Operating Expenses2,224,833 168,267 66,597 339,429 150,395 2,949,521 
Realized and unrealized gains, net273 1,500 8,060 273 — 10,106 
Other income (loss), net(20,125)6,209 557 (657)(26,361)(40,377)
Total Other Income (Loss)(19,852)7,709 8,617 (384)(26,361)(30,271)
Income (Loss) before Income Taxes732,022 45,221 28,489 123,857 (176,756)752,833 
Income tax expense (benefit)107,617 (5,122)27,121 (7,457)— 122,159 
Net Income (Loss)624,405 50,343 1,368 131,314 (176,756)630,674 
Non-controlling interests in income of consolidated subsidiaries581 — 365 7,471 — 8,417 
Net Income (Loss) Attributable to Rithm Capital Corp.623,824 50,343 1,003 123,843 (176,756)622,257 
Dividends on preferred stock— — — — 89,579 89,579 
Net Income (Loss) Attributable to Common Stockholders$623,824 $50,343 $1,003 $123,843 $(266,335)$532,678 
(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. 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, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to loan servicing and property and maintenance.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCorporate CategoryTotal
December 31, 2023
Investments(A)
$19,015,600 $1,879,319 $— $3,159,247 $— $24,054,166 
Cash and cash equivalents(A)
548,666 58,628 230,008 30,639 419,258 1,287,199 
Restricted cash(A)
300,941 30,233 8,156 38,718 — 378,048 
Other assets(A)
5,208,941 108,523 1,069,203 3,707,187 20,483 10,114,337 
Goodwill29,468 55,731 46,658 — — 131,857 
Assets of consolidated entities(A)
— 365,698 340,929 3,044,850 — 3,751,477 
Total Assets$25,103,616 $2,498,132 $1,694,954 $9,980,641 $439,741 $39,717,084 
Debt(A)
$17,116,565 $1,537,008 $455,512 $3,984,572 $546,818 $23,640,475 
Other liabilities(A)
3,391,408 23,608 345,999 1,837,801 213,121 5,811,937 
Liabilities of consolidated entities(A)
— 319,369 219,920 2,624,345 — 3,163,634 
Total Liabilities20,507,973 1,879,985 1,021,431 8,446,718 759,939 32,616,046 
Total Stockholders’ Equity4,595,643 618,147 673,523 1,533,923 (320,198)7,101,038 
Non-controlling interests in equity of consolidated subsidiaries8,220 — 40,971 44,905 — 94,096 
Stockholders’ Equity in Rithm Capital Corp.$4,587,423 $618,147 $632,552 $1,489,018 $(320,198)$7,006,942 
Investments in Equity Method Investees$— $— $91,563 $110,883 $— $202,446 
(A)The Company's consolidated balance sheets include assets and liabilities of consolidated VIEs, including funds and CFEs that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp.
v3.25.4
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES
 12 Months Ended
Dec. 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, 2023$8,405,938 
Acquisition700,207 
Originations(A)
1,396,154 
Sales11,026 
Change in Fair Value Due To:
Realization of cash flows(B)
(607,169)
Change in valuation inputs and assumptions415,515 
Balance at December 31, 202410,321,671 
Originations(A)
1,650,475 
Sales(3,249)
Change in Fair Value due to:
Realization of cash flows(B)
(750,012)
Change in valuation inputs and assumptions(859,744)
Balance at December 31, 2025$10,359,141 
(A)Represents MSRs retained on the sale of originated residential mortgage loans. Includes $192.0 million and $54.4 million of MSRs capitalized through co-issue with third parties for the years ended December 31, 2025 and 2024, respectively.
(B)Based on the paydown of the underlying residential mortgage loans.
The following table summarizes components of servicing revenue, net:
Year Ended December 31,
202520242023
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$2,099,987 $1,833,221 $1,735,060 
Ancillary and other fees194,982 160,098 124,297 
Servicing fee revenue, net and fees2,294,969 1,993,319 1,859,357 
Change in Fair Value due to:
Realization of cash flows(A)
(746,006)(602,241)(518,978)
Change in valuation inputs and assumptions, net of realized gains (losses)(B)
(873,379)434,667 (46,706)
Gains (losses) on MSR economic hedges444,836 (288,344)(29,562)
Servicing Revenue, Net$1,120,420 $1,537,401 $1,264,111 
(A)Net of realization of cash flows related to MSR financing liability of $4.0 million and $4.9 million for the years ended December 31, 2025 and 2024, respectively. There was no excess spread financing during the year ended December 31, 2023 (Note 13).
(B)Net of change in valuation inputs and assumptions related to MSR financing liability of $(13.6) million and $19.2 million for the years ended December 31, 2025 and 2024, respectively. There was no excess spread financing during the year ended December 31, 2023 (Note 13).

The following table summarizes MSRs and MSR financing receivables by type as of December 31, 2025 and 2024:
UPB of Underlying Mortgages
Weighted Average Life (Years)(A)
Carrying Value(B)
December 31, 2025
GSE$376,982,090 6.2$6,051,855 
Non-Agency66,874,608 5.6894,988 
Ginnie Mae151,675,782 6.13,412,298 
Total / Weighted Average$595,532,480 6.1$10,359,141 
December 31, 2024
GSE$383,014,320 6.5$6,413,199 
Non-Agency70,022,636 5.4836,408 
Ginnie Mae137,177,395 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 December 31, 2025 and 2024, weighted average discount rates of 8.4% (range of 8.0% – 10.3%) and 8.9% (range of 8.7% - 10.3%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables.

Residential Mortgage Loans Subject to Repurchase

Rithm Capital, through Newrez, is an approved issuer of Ginnie Mae 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 December 31, 2025 and 2024, Rithm Capital reflected approximately $4.0 billion and $2.7 billion, respectively, in residential mortgage loans subject to repurchase and residential mortgage loan repurchase liability on its consolidated balance sheets. Rithm Capital may re-pool repurchased loans into new Ginnie Mae securitizations upon re-performance of the loan or otherwise sell to third-party investors. The Company does not change the accounting for MSRs related to previously sold loans upon re-recognizing loans eligible for repurchase. Rather, upon repurchase of a loan, the MSR is written off. As of December 31, 2025 and 2024, Rithm Capital held approximately $0.5 billion of such repurchased loans presented within residential mortgage loans, HFS on the 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 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 $9.5 billion UPB, as of December 31, 2025, of underlying loans consents have not been received and all other conditions to transfer have not been met and, accordingly, are presented as MSR financing receivables within MSRs and MSR financing receivables, at fair value on the consolidated balance sheets.

Geographic Distributions

The table below summarizes the geographic distribution of the residential mortgage loans underlying the MSRs and MSR financing receivables:
Percentage of Total Outstanding Unpaid Principal Amount
December 31,
State Concentration20252024
California15.8 %16.5 %
Florida8.1 %8.2 %
Texas6.7 %6.6 %
New York5.7 %5.7 %
Washington5.0 %5.2 %
New Jersey3.9 %4.1 %
Virginia3.8 %3.7 %
Maryland3.4 %3.4 %
Illinois3.2 %3.3 %
Georgia3.2 %3.1 %
Other U.S.41.2 %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 December 31, 2025 and 2024 was $242.8 billion and $242.9 billion, respectively. Rithm Capital earned servicing revenue of $315.5 million, $219.6 million and $139.4 million for the years ended December 31, 2025, 2024 and 2023, respectively, related to unaffiliated serviced loans presented within servicing revenue, net in the consolidated statements of operations.

In relation to certain owned MSRs, Rithm Capital engages unaffiliated licensed mortgage servicers as subservicers to perform the operational servicing duties, including recapture activities, in exchange for a subservicing fee, which is recognized as subservicing expense and presented in general and administrative in the consolidated statements of operations. As of December 31, 2025, PHH and Valon Mortgage, Inc. subserviced 5.5% and 3.6% of owned MSRs, respectively, with the remaining 90.9% 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 26). 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:
December 31,
20252024
Principal and interest advances$539,371 $640,723 
Escrow advances (taxes and insurance advances)1,735,259 1,733,426 
Foreclosure advances941,658 950,092 
Gross advance balance(A)(B)(C)
3,216,288 3,324,241 
Reserves, impairment, unamortized discount, net of recovery accruals(125,675)(125,320)
Total Servicer Advances Receivable$3,090,613 $3,198,921 
(A)Includes $738.7 million and $673.7 million as of December 31, 2025 and 2024 of servicer advances receivable related to GSE MSRs, respectively, recoverable either from the borrower or the Agencies.
(B)Includes $576.7 million and $529.3 million as of December 31, 2025 and 2024 of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae.
(C)Expected losses for advances associated with loans in the MSR portfolio are considered in the MSR fair value through a non-reimbursable advance loss assumption.

Rithm Capital’s servicer advances receivable related to non-Agency MSRs generally have the highest reimbursement priority pursuant to the underlying servicing agreements (i.e., rank “top of the waterfall”), and Rithm Capital is generally entitled to repayment from the respective loan or REO liquidation proceeds before any interest or principal is paid on the notes issued by the trust. In most cases, advances in excess of the respective loan or REO liquidation proceeds may be recovered from pool-level proceeds. Furthermore, to the extent that advances are not recoverable by Rithm Capital as a result of the subservicer’s failure to comply with applicable requirements in the relevant servicing agreements, Rithm Capital has a contractual right to be reimbursed by the subservicer. For advances on loans that have been liquidated, sold, paid in full, modified or delinquent, the Company provisioned $121.5 million, or 3.8%, and $121.4 million, or 3.7%, for expected non-recovery of advances as of December 31, 2025 and 2024, respectively.

The following table summarizes servicer advances provision activity during the period:
Balance at December 31, 2023$93,681 
Provision47,685 
Write-offs(19,970)
Balance at December 31, 2024121,396 
Provision63,979 
Write-offs(63,838)
Balance at December 31, 2025$121,537 
See Note 17 regarding the financing of MSRs and servicer advances receivable.
v3.25.4
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES
 12 Months Ended
Dec. 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 Treasury securities. The following table summarizes Agency and Treasury securities classified as AFS or measured at fair value under the fair value option (fair value through net income) (“FVO”) election:
December 31, 2025
Gross UnrealizedWeighted Average
Outstanding Face AmountGainsLosses
Carrying Value(A)
Number of SecuritiesCouponYield
Life (Years)(B)
Securities Designated as AFS:
Agency(C)(D)
$64,816 $— $— $58,523 1 3.5 %3.5 %10.9
Securities Measured at FVO:
Agency(C)
5,165,539 116,528 — 5,171,616 22 5.0 %5.0 %8.0
Total / Weighted Average$5,230,355 $116,528 $— $5,230,139 23 5.0 %5.0 %8.0
December 31, 2024
Gross UnrealizedWeighted Average
Outstanding Face AmountGainsLosses
Carrying Value(A)
Number of SecuritiesCouponYield
Life (Years)(B)
Securities Designated as AFS:
Agency(C)
$69,295 $— $— $60,135 1 3.5 %3.5 %7.8
Securities Measured at FVO:
Agency(C)
6,602,894 428 (51,024)6,390,508 42 5.0 %5.0 %5.7
Treasury(C)
3,250,000 4,102 (781)3,260,703 3 4.5 %4.5 %1.9
Total / Weighted Average$9,922,189 $4,530 $(51,805)$9,711,346 46 4.8 %4.8 %4.4
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)All fixed-rate as of December 31, 2025 and 2024.
(D)Expected loss is realized through allowance for credit losses.

The following table summarizes Treasury securities classified as held-to-maturity (“HTM”) as of and for the years ended December 31, 2025 and 2024:
Weighted Average
Outstanding Face AmountAmortized Cost / Carrying Value
Fair Value(A)
Unrecognized Gains (Losses)Number of SecuritiesYieldLife (Years)
Treasury Securities Designated as HTM:
December 31, 2025$25,000 $24,766 $24,762 $(4)1 3.5 %0.3
December 31, 202425,000 24,770 24,775 5 1 4.3 %0.5
(A)See Note 18 regarding the fair value measurements.
The following table summarizes purchases and sales of Agency and Treasury securities:
Year Ended December 31,
202520242023
Treasury(A)
Agency
Treasury(A)
Agency
Treasury(A)
Agency
Purchases:
Face$100,000 $2,387,863 $8,825,000 $1,280,545 $1,055,000 $3,373,770 
Purchase price98,954 2,355,623 8,813,058 1,249,562 1,028,051 3,350,588 
Sales:
Face$3,250,000 $3,105,723 $5,500,000 $2,556,839 $— $1,691,131 
Amortized cost3,257,383 3,038,671 5,481,688 2,536,357 — 1,671,349 
Sale price3,269,180 3,121,310 5,499,395 2,583,782 — 1,614,293 
Gain (loss) on sale11,797 82,639 17,707 47,425 — (57,056)
(A)Excludes Treasury short sales. Refer to Note 16 for information regarding short sales.

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

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

The following table presents the composition of insurance company investments, at fair value, acquired as a result of Crestline acquisition on December 1, 2025:
December 31, 2025
Securities$135,472 
Commercial mortgage loans397,982 
Private credit373,000 
Insurance company investments, at fair value$906,454 

The following table summarizes the bonds held by the insurance company at fair value:
December 31, 2025
Outstanding Face AmountGross Unrealized
Carrying Value(A)
Number of SecuritiesWeighted Average
GainsLossesCouponYield
Life (Years)(B)
Securities Measured at FVO:
Asset-backed and mortgage-backed securities$106,378 $1,126 $(1,508)$93,729 171 4.2 %8.0 %4.8
Corporates debt20,233 401 (77)20,141 144 5.4 %5.8 %7.4
Government and Agency securities19,403 210 (30)18,036 35 3.1 %4.3 %5.2
Other3,560 8 (2)3,566 16 6.0 %5.8 %5.5
Total / Weighted Average$149,574 $1,745 $(1,617)$135,472 366 4.2 %7.1 %5.2
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.

The following table summarizes the commercial mortgage loans and private credit held by the insurance company at fair value:
December 31, 2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Commercial mortgage loans, HFI, at fair value$399,735 $397,982 79 10.5 %1.7
Private credit, at fair value375,516 373,000 87 10.4 %3.5
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For loans classified as Level 2 in the fair value hierarchy, the weighted average life is based on the contractual term of the loan.
The following table summarizes the past due status and difference between the aggregate UPB and aggregate carrying value of commercial mortgage loans, HFI, at fair value on the consolidated balance sheets:
December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPB
Current$386,642 $387,401 $759 
90+13,093 10,581 (2,512)
Total$399,735 $397,982 $(1,753)

The following table summarizes the activity of commercial mortgage loans, HFI, at fair value and private credit, at fair value for the period presented:
Commercial Mortgage Loans, HFI, at Fair ValuePrivate Credit, at Fair Value
Balance at December 31, 2024
$— $— 
Crestline Acquisition (Note 3)
322,325 347,024 
Purchases98,462 32,748 
Paydowns(27,650)(7,790)
Other(A)
1,038 1,459 
Fair Value Adjustments due to:
Other factors3,807 (441)
Balance at December 31, 2025
$397,982 $373,000 
(A)Includes interest reserve used, payment-in-kind interest, foreign exchange (“FX”) adjustments and accretion.

Interest sensitive insurance contract liabilities

Interest sensitive insurance contract liabilities primarily include FIAs and deferred annuities, including MYGAs. The Company, through its wholly owned subsidiary, CL Life, also issues single premium immediate annuities, which provide fixed benefit payments commencing shortly after contract issuance.

The following represents a rollforward of the policyholder account balance by product within interest sensitive insurance contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.

Year Ended December 31, 2025
Fixed Indexed AnnuitiesDeferred
Annuities
Balance as of December 31, 2024$— $— 
Crestline Acquisition (Note 3)
70,137 844,843 
Deposits3,712 35,314 
Policy charges— (9)
Surrenders and withdrawals(3)(3,475)
Benefit payments— (1,142)
Interest credited187 4,933 
Balance as of December 31, 2025$74,033 $880,464 
Weighted average crediting rate4 %6 %
Net amount at risk$— $— 
Cash surrender value66,543 812,725 
The following is a reconciliation of interest sensitive insurance contract liabilities to the consolidated balance sheets:

December 31, 2025
Fixed indexed annuities$74,033 
Deferred annuities880,464 
Other(A)
5,712 
Interest Sensitive Insurance Contract Liabilities$960,209 
(A)Primarily includes single premium immediate annuities.

The following represents policyholder account balances related to deferred annuity contracts by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums:

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

Reinsurance Recoverable

The Company entered into a funds withheld coinsurance and modified coinsurance agreement with a special purpose reinsurer ceding 90% of its annuity business. Under the arrangement, the Company established a segregated account from the general investment portfolio in which the investments supporting the ceded obligations are maintained. The Company retains legal ownership of the investments supporting the ceded reserves and withholds investments equal to the ceded reserves. The reinsurer has a contractual claim on the funds withheld and is credited with investment returns in accordance with the terms of the agreement. Gross reinsurance recoverable and funds withheld obligations are recorded as a single net deposit position and are presented within other assets or accrued expenses and other liabilities, as applicable. See Note 13.
v3.25.4
RESIDENTIAL MORTGAGE LOANS
 12 Months Ended
Dec. 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 December 31, 2025, Rithm Capital accounts for loans based on the following categories:

•Loans HFI, at fair value
•Loans HFS, at lower of cost or fair value
•Loans HFS, at fair value
•Investments of consolidated CFEs represent mortgage loans held by certain mortgage securitization trusts where Rithm Capital is determined to be a primary beneficiary and, as a result, consolidates such trusts. The assets are measured based on the fair value of the more observable liabilities of such trusts under the CFE election. The obligations and liabilities of CFEs may only be satisfied with the assets of the respective consolidated CFEs, and creditors of the CFE do not have recourse to Rithm Capital Corp.
The following table summarizes residential mortgage loans outstanding by loan type:
December 31,
20252024
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$3,347,429 $3,265,142 8,396 6.1 %26.0$2,791,027 
Residential mortgage loans, HFI, at fair value349,196 324,688 6,651 7.5 %4.6361,890 
Residential Mortgage Loans, HFS:
Acquired performing loans(C)
49,983 45,861 1,512 6.1 %4.351,011 
Acquired non-performing loans(D)
13,443 10,930 162 11.6 %3.515,659 
Total Residential Mortgage Loans, HFS$63,426 $56,791 1,674 7.3 %4.1$66,670 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(C)(E)
1,583,196 1,612,154 3,608 6.0 %8.4408,421 
Acquired non-performing loans(D)(E)
326,394 299,413 1,344 5.3 %27.5270,879 
Originated loans3,441,976 3,515,914 10,052 6.3 %29.03,628,271 
Total Residential Mortgage Loans, HFS, at Fair Value$5,351,566 $5,427,481 15,004 6.2 %22.8$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 loans classified as Level 2 in the fair value hierarchy, the weighted average life is based on the contractual term of the loan.
(B)Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.
(C)Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)As of December 31, 2025, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below.
(E)Includes $152.0 million and $317.1 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 December 31, 2025.

See Note 17 regarding the financing of residential mortgage loans.

The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of residential mortgage loans, HFS and residential mortgage loans, HFI, at fair value on the consolidated balance sheets:
December 31,
20252024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$5,358,662 $5,437,702 $79,040 $4,377,435 $4,400,113 $22,678 
90+405,526 371,258 (34,268)369,118 336,018 (33,100)
Total$5,764,188 $5,808,960 $44,772 $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, 2023$379,044 $78,877 $2,461,865 $2,919,786 
Originations— — 57,796,441 57,796,441 
Sales— (2,307)(57,973,190)(57,975,497)
Purchases/additional fundings— — 2,566,210 2,566,210 
Proceeds from repayments(45,159)(9,680)(97,975)(152,814)
Transfer of loans to other assets(A)
— (2,968)(449,065)(452,033)
Transfer of loans to REO(3,990)(1,232)(3,203)(8,425)
Transfers of loans to HFS(52)— — (52)
Transfers of loans from HFI— — 52 52 
Valuation provision on loans— 3,980 — 3,980 
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk24,061 — 12,784 36,845 
Other factors7,986 — (6,348)1,638 
Balance at December 31, 2024361,890 66,670 4,307,571 4,736,131 
Originations — — 60,710,719 60,710,719 
Sales— — (64,243,027)(64,243,027)
Purchases/additional fundings— — 5,547,685 5,547,685 
Proceeds from repayments(42,124)(9,251)(164,698)(216,073)
Net transfer of loans to/from other assets(A)(B)
— (1,130)(786,552)(787,682)
Transfer of loans to REO(2,585)(769)(2,029)(5,383)
Valuation reversal on loans— 1,271 — 1,271 
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(3,438)— (1,815)(5,253)
Other factors10,945 — 59,627 70,572 
Balance at December 31, 2025$324,688 $56,791 $5,427,481 $5,808,960 
(A)Includes receivable modifications resulting in transfers between other assets and residential mortgage loans as well as transfers to and from consolidated entities.
(B)Includes the collapse of the 2022-NQM5 securitization, which resulted in a $178.1 million transfer to residential mortgage loans, HFS from investments, at fair value and other assets on the consolidated balance sheets.

Gain on Originated Residential Mortgage Loans, HFS, Net

Newrez originates conventional, government-insured and non-conforming residential mortgage loans for sale and securitization. In connection with the sale or securitization of loans to the GSEs or mortgage investors, Rithm Capital recognizes gain on sale within gain on originated residential mortgage loans, HFS, net in the consolidated statements of operations. See Note 19 for further details on Rithm Capital’s continuing involvement in residential mortgage loan securitizations.
The following table summarizes the components of gain on originated residential mortgage loans, HFS, net:
Year Ended December 31,
202520242023
Loss on residential mortgage loans originated and sold, net(A)
$(700,752)$(822,641)$(392,137)
Gain (loss) on settlement of residential mortgage loan origination derivative instruments(B)
(103,085)28,157 73,476 
MSRs retained on transfer of residential mortgage loans(C)
1,458,509 1,341,728 786,655
Other(D)
67,519 54,969 14,622
Realized gain on sale of originated residential mortgage loans, net722,191 602,213 482,616 
Change in fair value of residential mortgage loans51,970 2,096 99,877 
Change in fair value of interest rate lock commitments (Note 16)
10,155 (12,449)15,018 
Change in fair value of derivative instruments (Note 16)
(54,790)90,675 (64,034)
Gain on Originated Residential Mortgage Loans, HFS, Net$729,526 $682,535 $533,477 
(A)Includes residential mortgage loan origination fees of $1.0 billion, $0.9 billion and $0.4 billion in the years ended December 31, 2025, 2024 and 2023, respectively. Includes gain on residential mortgage loan securitizations accounted for as sales of $58.8 million and $24.2 million for the years ended December 31, 2025 and 2024, respectively, and no gain or loss for the year ended December 31, 2023.
(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.
v3.25.4
CONSUMER LOANS
 12 Months Ended
Dec. 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 Upgrade, Inc. (the “Upgrade loans” or “Upgrade”), (ii) consumer loans acquired from Goldman Sachs Bank USA (the “Marcus loans” or “Marcus”) and (iii) consumer loans acquired from SpringCastle (the “SpringCastle loans” or “SpringCastle”), in which, following the acquisition of the remaining interest in June 2024, the Company owns a 100% interest.

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

Pursuant to the forward flow agreement with Upgrade, entered into by the Company on July 31, 2025, Rithm Capital will purchase $1.0 billion UPB of consumer home improvement loans through the expiry of the Agreement. Each individual purchase is at Rithm Capital’s discretion, prices are negotiated on a best efforts basis, and the Company’s obligation to acquire the loans is subject to certain conditions being met. The agreement expires on October 31, 2026. Through December 31, 2025, $527.3 million UPB of loans were purchased under the agreement.

The Company has invested in SpringCastle loans with an aggregate of $131.4 million of unfunded and available revolving credit privileges as of December 31, 2025. However, under the terms of these loans, requests for draws may be denied and unfunded availability may be terminated at the Company’s discretion.
The following table summarizes characteristics of 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)
December 31, 2025
SpringCastle$164,119 $167,807 18.0 %3.7
Marcus295,074 166,473 11.2 %0.6
Upgrade471,651 450,119 13.5 %10.9
Total Consumer Loans$930,844 $784,399 13.6 %6.4
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 17 regarding the financing of consumer loans.

The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of consumer loans:
December 31,
20252024
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
SpringCastle:
Current$160,524 $164,175 $3,651 $203,923 $214,746 $10,823 
90+3,595 3,632 37 4,383 4,562 179 
Total SpringCastle164,119 167,807 3,688 208,306 219,308 11,002 
Marcus:
Current$151,530 $151,985 $455 $438,712 $438,712 $— 
90+143,544 14,488 (129,056)120,605 7,545 (113,060)
Total Marcus295,074 166,473 (128,601)559,317 446,257 (113,060)
Upgrade:
Current$471,108 $449,601 $(21,507)$— $— $— 
90+543 518 (25)— — — 
Total Upgrade471,651 450,119 (21,532)— — — 
$930,844 $784,399 $(146,445)$767,623 $665,565 $(102,058)
(A)Consumer loans are carried at fair value. See Note 18 regarding fair value measurements.
The following table summarizes the activity for consumer loans for the period:
Balance at December 31, 2023$1,274,005 
Additional fundings(A)
24,091 
Proceeds from repayments(560,518)
Accretion of loan discount and premium amortization, net27,914 
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk(51,977)
Other factors(47,950)
Balance at December 31, 2024665,565 
Additional fundings(A)
22,123 
Purchases500,334 
Proceeds from repayments(423,156)
Accretion of loan discount and premium amortization, net9,915 
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(13,472)
Other factors23,090 
Balance at December 31, 2025$784,399 
(A)Represents draws on consumer loans with revolving privileges.
v3.25.4
REAL ESTATE, NET
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
REAL ESTATE, NET REAL ESTATE, NET
The following table presents the composition of real estate, net:
December 31,
20252024
Commercial real estate$5,156,248 $— 
Single-family rental properties1,004,917 1,028,295 
REO14,570 27,898 
Real Estate, Net$6,175,735 $1,056,193 

Commercial Real Estate

As a result of the Paramount acquisition during the fourth quarter of 2025, the Company owns and operates a portfolio of high-quality, Class A office properties in New York City and San Francisco, which are managed as part of the Company’s broader real estate platform. Commercial real estate properties are classified as HFI carried at cost less accumulated depreciation and any impairment and presented within real estate, net on the consolidated balance sheets.
The following table summarizes the net carrying value of commercial real estate:
Depreciable Life / Estimated Useful Life (Years)(A)
December 31, 2025
Commercial Real Estate Tangible Assets:
LandN/A$1,721,869 
Buildings and improvements
5 to 40
2,300,895 
Total commercial real estate tangible assets, at cost4,022,764 
Accumulated depreciation(4,007)
Total commercial real estate tangible assets, net4,018,757 
Commercial Real Estate Intangible Assets:
In-place leases
7.8
1,044,592 
Above-market leases
7.8
99,831 
Total commercial real estate intangible assets, gross1,144,423 
In-place leases accumulated amortization(6,347)
Above-market leases(585)
Accumulated amortization(6,932)
Total commercial real estate intangible assets, net1,137,491 
Commercial Real Estate, Net$5,156,248 
(A)The estimated useful lives of commercial real estate intangible assets represents the weighted-average useful life.

As of December 31, 2025, the carrying amount of the commercial real estate properties includes capitalized acquisition costs of $1.3 million. Depreciation expense of commercial real estate was $4.0 million for the year ended December 31, 2025 and is presented in general and administrative in the consolidated statements of operations. Amortization expense of lease intangible assets was $6.9 million for the year ended December 31, 2025 and is presented in general and administrative in the consolidated statements of operations, except as it relates to the amortization of above-market leases, which is included in rental revenue, a component of other revenues in the consolidated statements of operations.

The following table summarizes the activity for the period related to the net carrying value of commercial real estate:
Commercial Real Estate Tangible AssetsCommercial Real Estate Intangible AssetsTotal Commercial Real Estate, Net
Balance at December 31, 2024$— $— $— 
Paramount Acquisition4,021,418 1,144,423 5,165,841 
Acquisitions and capital improvements1,346 — 1,346 
Depreciation and amortization expense(4,007)(6,932)(10,939)
Balance at December 31, 2025$4,018,757 $1,137,491 $5,156,248 

The Company leases office, retail and storage space to tenants, primarily under non-cancellable operating leases which generally have terms ranging from five to fifteen years. Most of the Company’s leases provide tenants with extension options at either fixed or market rates. A few of the Company’s leases provide tenants with options to terminate early, but such options generally impose an economic penalty on the tenant upon exercising.
The following table summarizes rental revenue and other variable revenue based on the specific lease terms presented in other revenues on the consolidated statements of operations for the period:
Year Ended December 31, 2025
Rental revenue$23,191 
Other variable revenue3,045 
Total(A)
$26,236 
(A)Represents revenue recognized following the acquisition of Paramount for the period from December 19, 2025 through December 31, 2025.

The following table summarizes the future minimum rental revenues under existing leases on commercial real estate properties:
2026$515,886 
2027530,825 
2028572,608 
2029563,971 
2030517,841 
2031 and thereafter2,451,585 
Total$5,152,716 

The following table summarizes the expected future amortization expense for lease intangible assets as of December 31, 2025:
Year EndingAmortization Expense
2026$163,313 
2027164,786 
2028159,974 
2029147,274 
2030122,297 
2031 and thereafter
379,847 
$1,137,491 

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

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

The following table summarizes the net carrying value of investments in SFR properties:
December 31,
20252024
Land$192,335 $191,992 
Building759,716 767,966 
Capital improvements163,496 150,811 
Total gross investment in SFR properties1,115,547 1,110,769 
Accumulated depreciation(110,630)(82,474)
Investment in SFR Properties, Net$1,004,917 $1,028,295 

Depreciation expense was $30.1 million, $30.0 million and $28.2 million for the years ended December 31, 2025, 2024 and 2023 and presented in general and administrative in the consolidated statements of operations.

As of December 31, 2025 and 2024, the carrying amount of the SFR properties includes capitalized acquisition costs of $6.7 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, 2023$1,000,357 $1,571 $1,001,928 
Acquisitions and capital improvements70,355 — 70,355 
Transfers to (from) HFS/HFI(50,615)50,615 — 
Dispositions(1,140)(12,893)(14,033)
Depreciation expense(29,955)— (29,955)
Balance at December 31, 2024989,002 39,293 1,028,295 
Acquisitions and capital improvements30,051 — 30,051 
Transfers to (from) HFS/HFI10,197 (10,197)— 
Dispositions— (23,281)(23,281)
Depreciation expense(30,148)— (30,148)
Balance at December 31, 2025$999,102 $5,815 $1,004,917 

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

The following table summarizes rental revenue and other variable revenue presented in other revenues and other income (loss), net, respectively, on the consolidated statements of operations based on the specific lease terms for the period:
Year Ended December 31,
202520242023
Rental revenue$79,183 $76,561 $73,216 
Other variable revenue9,677 4,524 2,299 
Total $88,860 $81,085 $75,515 
The following table summarizes the future minimum rental revenues under existing leases on SFR properties:
2026$45,230 
2027 and thereafter
6,711 
Total$51,941 

The following table summarizes SFR portfolio activity for the period by number of properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 20233,882 6 3,888 
Acquisition of SFR properties219 — 219 
Transfer to (from) HFS/HFI(206)206 — 
Disposition of SFR properties(4)(54)(58)
Balance at December 31, 20243,891 158 4,049 
Acquisition of SFR properties38 — 38 
Transfer to (from) HFS/HFI56 (56)— 
Disposition of SFR properties— (81)(81)
Balance at December 31, 20253,985 21 4,006 

See Note 17 regarding the financing of SFR properties.

REO

REO assets are individual properties acquired by Rithm Capital through foreclosure or deed-in-lieu of foreclosure as a result of borrower default. REO assets are measured 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 REOs:
Balance at December 31, 2023$15,507 
Purchases16,256 
Property received in satisfaction of loan28,859 
Sales(A)
(31,614)
Valuation provision(1,110)
Balance at December 31, 202427,898 
Property received in satisfaction of loan26,281 
Sales(A)
(40,362)
Valuation reversal753 
Balance at December 31, 2025$14,570 
(A)Recognized when control of the property has transferred to the buyer.

As of December 31, 2025 and 2024, the Company has residential mortgage loans and RTLs that are in the process of foreclosure with UPBs of $40.8 million and $16.2 million, respectively.
v3.25.4
RESIDENTIAL TRANSITION LOANS
 12 Months Ended
Dec. 31, 2025
Receivables [Abstract]  
RESIDENTIAL TRANSITION LOANS RESIDENTIAL TRANSITION LOANS
The Company, through its wholly owned subsidiary, Genesis, specializes in originating and managing a portfolio of primarily short-term mortgage loans to fund the construction and development of, or investment in, residential properties.
The following table summarizes residential transition loans, at fair value and residential transition loans (“RTL”) held by consolidated entities by loan type:
Residential Transition Loans - Carrying
Value(A)
Residential Transition Loans of Consolidated Entities - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
December 31, 2025
Construction$1,018,250 $485,049 $1,503,299 38.4 %400 29.8 %11.1 %21.6
71.8% / 61.3%
Bridge1,339,198 514,400 1,853,598 47.4 %507 37.8 %9.4 %25.767.8%
Renovation342,416 215,361 557,777 14.2 %435 32.4 %9.7 %14.4
81.3% / 67.5%
$2,699,864 $1,214,810 $3,914,674 100.0 %1,342 100.0 %10.1 %22.1N/A
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. Certain residential transition loans of consolidated entities, classified as CFEs, are valued based on the more observable financial liabilities of consolidated CFEs and are classified as Level 3. See Note 18 regarding fair value measurements.
(B)Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans.

The following table summarizes the activity of loans included in residential transition loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2023$1,879,319 
Initial loan advances1,991,047 
Construction holdbacks and draws882,623 
Paydowns and payoffs(1,394,313)
Purchased loans discount amortization1,087 
Transfer of loans to REO(11,649)
Transfers to assets of consolidated entities(1,200,446)
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk8,549 
Other factors21,858 
Balance at December 31, 20242,178,075 
Purchases9,014 
Initial loan advances2,969,766 
Construction holdbacks and draws1,160,490 
Repayments and sales(2,182,458)
Purchased loans discount amortization33 
Transfer of loans to REO(7,865)
Transfers to assets of consolidated entities(1,427,920)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(24,256)
Other factors24,985 
Balance at December 31, 2025$2,699,864 

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:
December 31,
20252024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$2,593,228 $2,610,258 $17,030 $2,117,479 $2,128,802 $11,323 
90+100,921 89,606 (11,315)55,234 49,273 (5,961)
Total$2,694,149 $2,699,864 $5,715 $2,172,713 $2,178,075 $5,362 
See Note 17 regarding the financing of RTLs.
v3.25.4
INSURANCE
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
INSURANCE GOVERNMENT AND GOVERNMENT-BACKED SECURITIES
Government and government-backed securities include Agency securities issued by the GSEs or Ginnie Mae and Treasury securities. The following table summarizes Agency and Treasury securities classified as AFS or measured at fair value under the fair value option (fair value through net income) (“FVO”) election:
December 31, 2025
Gross UnrealizedWeighted Average
Outstanding Face AmountGainsLosses
Carrying Value(A)
Number of SecuritiesCouponYield
Life (Years)(B)
Securities Designated as AFS:
Agency(C)(D)
$64,816 $— $— $58,523 1 3.5 %3.5 %10.9
Securities Measured at FVO:
Agency(C)
5,165,539 116,528 — 5,171,616 22 5.0 %5.0 %8.0
Total / Weighted Average$5,230,355 $116,528 $— $5,230,139 23 5.0 %5.0 %8.0
December 31, 2024
Gross UnrealizedWeighted Average
Outstanding Face AmountGainsLosses
Carrying Value(A)
Number of SecuritiesCouponYield
Life (Years)(B)
Securities Designated as AFS:
Agency(C)
$69,295 $— $— $60,135 1 3.5 %3.5 %7.8
Securities Measured at FVO:
Agency(C)
6,602,894 428 (51,024)6,390,508 42 5.0 %5.0 %5.7
Treasury(C)
3,250,000 4,102 (781)3,260,703 3 4.5 %4.5 %1.9
Total / Weighted Average$9,922,189 $4,530 $(51,805)$9,711,346 46 4.8 %4.8 %4.4
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)All fixed-rate as of December 31, 2025 and 2024.
(D)Expected loss is realized through allowance for credit losses.

The following table summarizes Treasury securities classified as held-to-maturity (“HTM”) as of and for the years ended December 31, 2025 and 2024:
Weighted Average
Outstanding Face AmountAmortized Cost / Carrying Value
Fair Value(A)
Unrecognized Gains (Losses)Number of SecuritiesYieldLife (Years)
Treasury Securities Designated as HTM:
December 31, 2025$25,000 $24,766 $24,762 $(4)1 3.5 %0.3
December 31, 202425,000 24,770 24,775 5 1 4.3 %0.5
(A)See Note 18 regarding the fair value measurements.
The following table summarizes purchases and sales of Agency and Treasury securities:
Year Ended December 31,
202520242023
Treasury(A)
Agency
Treasury(A)
Agency
Treasury(A)
Agency
Purchases:
Face$100,000 $2,387,863 $8,825,000 $1,280,545 $1,055,000 $3,373,770 
Purchase price98,954 2,355,623 8,813,058 1,249,562 1,028,051 3,350,588 
Sales:
Face$3,250,000 $3,105,723 $5,500,000 $2,556,839 $— $1,691,131 
Amortized cost3,257,383 3,038,671 5,481,688 2,536,357 — 1,671,349 
Sale price3,269,180 3,121,310 5,499,395 2,583,782 — 1,614,293 
Gain (loss) on sale11,797 82,639 17,707 47,425 — (57,056)
(A)Excludes Treasury short sales. Refer to Note 16 for information regarding short sales.

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

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

The following table presents the composition of insurance company investments, at fair value, acquired as a result of Crestline acquisition on December 1, 2025:
December 31, 2025
Securities$135,472 
Commercial mortgage loans397,982 
Private credit373,000 
Insurance company investments, at fair value$906,454 

The following table summarizes the bonds held by the insurance company at fair value:
December 31, 2025
Outstanding Face AmountGross Unrealized
Carrying Value(A)
Number of SecuritiesWeighted Average
GainsLossesCouponYield
Life (Years)(B)
Securities Measured at FVO:
Asset-backed and mortgage-backed securities$106,378 $1,126 $(1,508)$93,729 171 4.2 %8.0 %4.8
Corporates debt20,233 401 (77)20,141 144 5.4 %5.8 %7.4
Government and Agency securities19,403 210 (30)18,036 35 3.1 %4.3 %5.2
Other3,560 8 (2)3,566 16 6.0 %5.8 %5.5
Total / Weighted Average$149,574 $1,745 $(1,617)$135,472 366 4.2 %7.1 %5.2
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.

The following table summarizes the commercial mortgage loans and private credit held by the insurance company at fair value:
December 31, 2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Commercial mortgage loans, HFI, at fair value$399,735 $397,982 79 10.5 %1.7
Private credit, at fair value375,516 373,000 87 10.4 %3.5
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For loans classified as Level 2 in the fair value hierarchy, the weighted average life is based on the contractual term of the loan.
The following table summarizes the past due status and difference between the aggregate UPB and aggregate carrying value of commercial mortgage loans, HFI, at fair value on the consolidated balance sheets:
December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPB
Current$386,642 $387,401 $759 
90+13,093 10,581 (2,512)
Total$399,735 $397,982 $(1,753)

The following table summarizes the activity of commercial mortgage loans, HFI, at fair value and private credit, at fair value for the period presented:
Commercial Mortgage Loans, HFI, at Fair ValuePrivate Credit, at Fair Value
Balance at December 31, 2024
$— $— 
Crestline Acquisition (Note 3)
322,325 347,024 
Purchases98,462 32,748 
Paydowns(27,650)(7,790)
Other(A)
1,038 1,459 
Fair Value Adjustments due to:
Other factors3,807 (441)
Balance at December 31, 2025
$397,982 $373,000 
(A)Includes interest reserve used, payment-in-kind interest, foreign exchange (“FX”) adjustments and accretion.

Interest sensitive insurance contract liabilities

Interest sensitive insurance contract liabilities primarily include FIAs and deferred annuities, including MYGAs. The Company, through its wholly owned subsidiary, CL Life, also issues single premium immediate annuities, which provide fixed benefit payments commencing shortly after contract issuance.

The following represents a rollforward of the policyholder account balance by product within interest sensitive insurance contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.

Year Ended December 31, 2025
Fixed Indexed AnnuitiesDeferred
Annuities
Balance as of December 31, 2024$— $— 
Crestline Acquisition (Note 3)
70,137 844,843 
Deposits3,712 35,314 
Policy charges— (9)
Surrenders and withdrawals(3)(3,475)
Benefit payments— (1,142)
Interest credited187 4,933 
Balance as of December 31, 2025$74,033 $880,464 
Weighted average crediting rate4 %6 %
Net amount at risk$— $— 
Cash surrender value66,543 812,725 
The following is a reconciliation of interest sensitive insurance contract liabilities to the consolidated balance sheets:

December 31, 2025
Fixed indexed annuities$74,033 
Deferred annuities880,464 
Other(A)
5,712 
Interest Sensitive Insurance Contract Liabilities$960,209 
(A)Primarily includes single premium immediate annuities.

The following represents policyholder account balances related to deferred annuity contracts by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums:

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

Reinsurance Recoverable

The Company entered into a funds withheld coinsurance and modified coinsurance agreement with a special purpose reinsurer ceding 90% of its annuity business. Under the arrangement, the Company established a segregated account from the general investment portfolio in which the investments supporting the ceded obligations are maintained. The Company retains legal ownership of the investments supporting the ceded reserves and withholds investments equal to the ceded reserves. The reinsurer has a contractual claim on the funds withheld and is credited with investment returns in accordance with the terms of the agreement. Gross reinsurance recoverable and funds withheld obligations are recorded as a single net deposit position and are presented within other assets or accrued expenses and other liabilities, as applicable. See Note 13.
v3.25.4
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH
 12 Months Ended
Dec. 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 federally insured deposit limits.

Restricted cash consists of cash collateral pledges related to secured financing and securitizations, amounts restricted or escrowed under loan agreements for debt service, real estate taxes, property insurance and capital improvements, security deposits held on behalf of tenants, lease obligations and cash proceeds held in a trust account from the 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 the Company’s consolidated balance sheets to the total of the same amounts presented in the consolidated statements of cash flows:
December 31,
20252024
Cash and cash equivalents
$1,847,626 $1,458,743 
Restricted cash809,312 308,443 
Restricted cash of consolidated entities(A)
132,475 150,623 
Total Cash and Cash Equivalents and Restricted Cash$2,789,413 $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:
December 31,
20252024
Investment Portfolio(A)
$62,554 $66,419 
Origination and Servicing174,667 207,724 
Residential Transitional Lending(A)
56,031 40,727 
Asset Management(A)
410,100 144,196 
Corporate Category(B)
238,435 — 
Total Restricted Cash$941,787 $459,066 
(A)Includes restricted cash related to consolidated entities presented within investments, at fair value and other assets on the consolidated balance sheets.
(B)Restricted cash in the corporate category relates to cash held in a trust account related to the Company’s consolidated SPAC.
v3.25.4
OTHER ASSETS AND LIABILITIES
 12 Months Ended
Dec. 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
December 31,December 31,
2025202420252024
CLOs, at fair value$362,280 $242,227 Accounts payable$253,931 $133,037 
Derivative and hedging assets (Note 16)
46,747 75,147 Accrued compensation and benefits457,783 322,957 
Deferred tax asset6,437 — Net deferred tax liability849,415 786,141 
Due from related parties75,729 35,198 
Derivative and hedging liabilities (Note 16)
101,346 52,610 
Equity investments(A)
1,029,524 502,610 Due to affiliates4,557 — 
Excess MSRs, at fair value
323,564 369,162 Escheat payable184,942 187,830 
Goodwill (Note 14)
316,643 133,832 MSR financing liability, at fair value76,266 101,088 
Income and fees receivable337,712 208,672 Interest payable158,072 260,931 
Intangible assets, net (Note 14)
369,999 331,949 
Intangible liabilities, net (Note 14)
125,156 — 
Loans receivable, at fair value(B)
11,396 31,580 
Lease liability (Note 15)
173,814 160,437 
Margin receivable, net(C)
126,396 414,404 
Notes receivable financing liability(E)
377,989 371,788 
Non-Agency securities, at fair value759,633 552,797 Open trades payable5,700 — 
Notes receivable, at fair value(D)
460,631 393,786 RTL financing liability, at fair value82,489 — 
Operating lease ROU assets (Note 15)
123,143 99,224 Unearned income and fees9,346 17,280 
Other receivables174,386 178,651 
Deposit liability(F)
34,806 — 
Prepaid expenses72,660 59,198 Other liabilities454,031 236,672 
Principal and interest receivable136,488 181,271 $3,349,643 $2,630,771 
Property and equipment82,908 70,495  
Servicer advance investments, at fair value
294,322 339,646 
Servicing fee receivables180,655 106,228 
Warrants, at fair value13,253 9,316 
Other assets279,470 200,124 
$5,583,976 $4,535,517 
(A)Represents equity investments in (i) certain real estate joint ventures and redevelopment projects, (ii) various real estate services operating companies, (iii) funds managed by the Company (iv) the Credit Risk Transfer LLC (as defined in Note 18) that holds exposure in residential mortgage loan warehouse lines (measured at fair value under the FVO election), (v) Rithm Property Trust common and preferred securities, (vi) Newrez Joint Ventures (as defined in Note 19) and (vii) APM
(B)The Company’s loans receivable are measured at fair value under the FVO election.
(C)Represents collateral posted as a result of changes in the fair value of Rithm Capital’s (i) government and government-backed securities securing its secured financing agreements and (ii) derivative instruments.
(D)Represents notes receivable secured by commercial properties. The notes are measured at fair value under the FVO election.
(E)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 repurchase financing of $323.5 million, from a third party to a non-consolidated 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 liability is comprised of the repurchase 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.
(F)The Company entered into a funds withheld coinsurance and modified coinsurance agreement with a special purpose reinsurer ceding 90% of its annuity business. Amounts due to and from the reinsurer, including deposit-accounted reinsurance balances and funds-withheld obligations, are recorded on a net basis and a single net deposit position is presented within other assets or other liabilities, as applicable. As of December 31, 2025, the gross resinsurance recoverable asset and funds-withheld obligations were $826.0 million and $860.8 million, respectively, and are presented as a net deposit liability in the table above.
Notes and Loans Receivable — The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2023$398,227 $31,323 $429,550 
Fundings23,036 — 23,036 
Payment in kind— 4,677 4,677 
Proceeds from repayments(33,250)(4,420)(37,670)
Fair Value Adjustments Due To:
Other factors(A)
5,773 — 5,773 
Balance at December 31, 2024393,786 31,580 425,366 
Purchases— 11,396 11,396 
Fundings56,805 — 56,805 
Payment in kind4,923 1,458 6,381 
Proceeds from repayments— (25,000)(25,000)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk— (8,038)(8,038)
Other factors5,117 — 5,117 
Balance at December 31, 2025$460,631 $11,396 $472,027 
(A)There were no fair value adjustments due to changes in instrument-specific credit risk in the current period.

The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
December 31,
20252024
Days Past DueUPB
Carrying Value(A)
Carrying Value Under UPBUPB
Carrying Value(A)
Carrying Value Under UPB
Current$560,400 $472,027 $(88,373)$518,856 $425,366 $(93,490)
90+8,038 — (8,038)— — — 
Total$568,438 $472,027 $(96,411)$518,856 $425,366 $(93,490)
(A)Notes and loans receivable are carried at fair value. See Note 18 regarding fair value measurements.
v3.25.4
GOODWILL AND INTANGIBLE ASSETS
 12 Months Ended
Dec. 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, licenses and VOBA. The Company also recognized goodwill on certain acquisitions. Goodwill is presented within other assets on the consolidated balance sheets.

The following table summarizes the carrying value of goodwill by reportable segment:
Origination and ServicingResidential Transitional LendingAsset ManagementTotal
Balance at December 31, 2023$29,468 $55,731 $46,658 $131,857 
Impairment loss— — — — 
Measurement period adjustments (Note 3)
— — 1,975 1,975 
Balance at December 31, 202429,468 55,731 48,633 133,832 
Goodwill acquired— — 182,811 182,811 
Impairment loss— — — — 
Balance at December 31, 2025$29,468 $55,731 $231,444 $316,643 
Intangible Assets

The following table summarizes the acquired identifiable intangible assets:
December 31,
Estimated Useful Lives (Years)20252024
Gross Intangible Assets:
Management contracts
2 to 11
$347,415 $275,000 
Customer relationships
2 to 9
79,753 79,753 
Purchased technology
3 to 7
113,606 105,567 
Trademarks / Trade names(A)
1 to 11
13,999 10,259 
VOBA(B)
(B)2,401 — 
LicensesIndefinite27,084 21,365 
584,258 491,944 
Accumulated Amortization:
Management contracts58,420 30,940 
Customer relationships42,437 25,773 
Purchased technology106,171 97,259 
Trademarks / Trade names7,231 6,023 
214,259 159,995 
Intangible Assets, Net:
Management contracts288,995 244,060 
Customer relationships37,316 53,980 
Purchased technology7,435 8,308 
Trademarks / Trade names(A)
6,768 4,236 
VOBA(B)
2,401 — 
Licenses27,084 21,365 
Intangible Assets, Net$369,999 $331,949 
(A)Includes indefinite-lived intangible assets of $1.9 million as of December 31, 2025 and 2024.
(B)VOBA, an actuarial intangible asset arising from the Crestline Acquisition, is amortized on a basis consistent with the related policyholder liabilities over the remaining life of each contract.

The Company did not record any impairment loss on its intangible assets for the years ended December 31, 2025, 2024 and 2023.

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.
Year Ended December 31,
202520242023
Amortization expense$50,684 $79,817 $32,596 

The following table summarizes the expected future amortization expense for intangible assets as of December 31, 2025:
Year EndingAmortization Expense
2026$54,866 
202751,158 
202850,186 
202948,281 
203039,005 
2031 and thereafter
97,544 
$341,040 
Intangible Liabilities

The following table summarizes the acquired identifiable intangible liabilities recognized as a result of the Paramount acquisition on December 19, 2025:
Weighted-Average Useful Lives (Years)Year Ended December 31, 2025
Below-market leases
7.8
$125,760 
Accumulated amortization604 
Intangible Liabilities, Net$125,156 

The following table summarizes the amortization expense recorded by the Company related to its intangible liabilities. Amortization related to below-market leases is included in rental revenue, a component of other revenues in the consolidated statements of operations.
Year Ended December 31, 2025
Amortization expense$604 

The following table summarizes the expected future amortization for intangible liabilities as of December 31, 2025:
Year EndingAmortization
2026$17,793 
202717,657 
202815,803 
202913,715 
203011,884 
2031 and thereafter
48,304 
$125,156 

In connection with the Paramount Acquisition, the Company recognized intangible assets related to in-place leases and above-market leases, which are presented in real estate, net in the consolidated balance sheets. See Note 9 for further details.
v3.25.4
LEASES
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
LEASES LEASES
Rithm Capital, through its wholly owned subsidiaries, has non-cancelable operating leases on office space and data centers expiring through 2035, and a non-cancelable operating ground lease expiring through 2075. Rent expense, net of sublease income, totaled $29.8 million, $35.4 million and $45.8 million for the years ended December 31, 2025, 2024 and 2023, 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 ROU assets represent the right to use an underlying assets for the lease term and lease liabilities represent obligations to make lease payments arising from the leases. In addition, the Company has finance leases for computer hardware. As of December 31, 2025, the Company has pledged collateral related to its lease obligations of $7.6 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 13).
The table below summarizes the future commitments under the non-cancelable leases:
Year EndingOperating LeasesFinance LeasesTotal
2026$44,894 $228 $45,122 
202747,363 228 47,591 
202836,370 — 36,370 
202934,565 — 34,565 
20309,480 — 9,480 
2031 and thereafter42,131 — 42,131 
Total remaining undiscounted lease payments214,803 456 215,259 
Less: imputed interest41,428 17 41,445 
Total Remaining Discounted Lease Payments$173,375 $439 $173,814 

The future commitments under the non-cancelable leases have not been reduced by the sublease rentals of $25.8 million due in the future periods.

Other information related to leases is summarized below:
December 31,
20252024
Weighted Average Remaining Lease Term (Years):
Operating leases6.35.1
Finance leases1.52.5
Weighted Average Discount Rate:
Operating leases6.7 %6.5 %
Finance leases7.9 %7.9 %

Year Ended December 31,
Supplemental Information202520242023
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating cash flows - operating leases$46,021 $51,289 $34,655 
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$40,990 $20,465 $1,449 
See Note 9 for further information on leases of commercial real estate and SFR properties.
v3.25.4
DERIVATIVES AND HEDGING
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
DERIVATIVES AND HEDGING DERIVATIVES AND HEDGING
The Company enters into economic hedges including interest rate swaps, TBAs and futures to hedge a portion of its interest rate risk exposure. Interest rate risk is sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, as well as other factors. Rithm Capital’s credit risk with respect to economic hedges is the risk of default on Rithm Capital’s investments that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments.

The Company may at times hold TBAs in order to mitigate Rithm Capital’s interest rate risk on certain specified MBS and MSRs. Amounts or obligations owed by or to Rithm Capital are subject to the right of set-off with the counterparty. As part of executing these trades, Rithm Capital may enter into agreements with its counterparties that govern the transactions for the purchases or sales made, including margin maintenance, payment and transfer, events of default, settlements and various other provisions. Changes in the value of economic hedges designed to protect against MBS and MSR fair value fluctuations, or hedging gains and losses, are reflected in the tables below.
As of December 31, 2025, the Company also held interest rate lock commitments (“IRLCs”), which represent a commitment to a particular interest rate provided the borrower is able to close the loan within a specified period, and forward loan sale and securities delivery commitments, which represent a commitment to sell specific residential mortgage loans at prices which are fixed as of the forward commitment date. Rithm Capital enters into forward loan sale and securities delivery commitments in order to hedge the exposure related to IRLCs and residential mortgage loans that are not covered by residential mortgage loan sale commitments.

Derivatives and other economic hedging instruments are recorded at fair value and presented in other assets or accrued expenses and other liabilities on the consolidated balance sheets, as follows:
December 31,
20252024
Derivative and Hedging Assets:
Interest rate swaps and futures(A)
$406 $6 
IRLCs29,839 21,496 
TBAs6,070 50,809 
Embedded derivatives(B)
8,109 — 
Foreign exchange forwards812 2,836 
Other commitments(C)
1,511 — 
$46,747 $75,147 
Derivative and Hedging Liabilities:
IRLCs$8,390 $10,202 
TBAs47,001 15,628 
Treasury short sales(D)
— 1,245 
Other commitments(E)
31,542 25,521 
Stock options3 14 
Foreign exchange forwards1,758 — 
Embedded derivatives(B)
12,652 — 
$101,346 $52,610 
(A)Net of $34.7 million and $42.0 million of related variation margin accounts as of December 31, 2025 and 2024, respectively.
(B)Embedded derivatives include (i) modified coinsurance and funds withheld arrangement that require the Company to pay the total return on the assets supporting the funds withheld liability and (ii) index linked crediting features embedded in the FIAs or reinsurance deposit asset.
(C)Refers to a reinsurance agreement, between CL Life and New Reinsurance Company Ltd., to economically hedge the equity option features embedded in the FIA products.
(D)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.
(E)During the first quarter of 2024, a subsidiary of the Company entered into an agreement, classified as a derivative, 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. During the first quarter of 2025, the Company entered into a consolidated joint venture with a third party to invest in an affiliated fund. The third party’s interest is subject to a redemption right after a certain period. The Company separately accounts for the redemption right as a derivative with a fair value of $6.0 million as of December 31, 2025.
The following table summarizes notional amounts related to derivatives and other hedging instruments:
December 31,
20252024
Interest rate swaps(A)
$2,476,346 $8,995,000 
Interest rate futures(B)
14,535,000 — 
IRLCs4,377,044 3,413,043 
TBAs(C)
21,568,758 17,402,824 
Other commitments59,262 25,057 
Embedded derivatives(D)
1,752,960 — 
Foreign exchange forwards109,830 17,300 
(A)Includes $2.2 billion notional of receive fixed of 3.4%/pay Secured Overnight Financing Rate (“SOFR”) with weighted average maturity of 15 months, as of December 31, 2025. There were no receive SOFR/pay fixed interest rate swaps as of December 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 $14.5 billion notional Eris SOFR swap future with weighted average maturity of 44 months that replicates cash flows of receive fixed/pay SOFR interest rate swaps.
(C)Represents the notional amount of Agency RMBS classified as derivatives.
(D)Represents $865.8 million associated with ceded reserves, $26.4 million associated with FIA contracts and $860.8 million associated with funds withheld arrangements.

The following table summarizes gain (loss) on derivatives and other hedging instruments and the related presentation on the consolidated statements of operations:
Year Ended December 31,
202520242023
Servicing Revenue, Net:
TBAs$269,527 $(269,974)$(7,326)
Interest rate swaps(32,769)43,239 24,493 
Interest rate futures(33,803)— — 
Treasury short sales— 23,783 (68,006)
202,955 (202,952)(50,839)
Gain (Loss) on Originated Residential Mortgage Loans, HFS, Net(A):
IRLCs10,155 (12,449)15,018 
TBAs (54,917)90,675 (62,924)
Interest rate swaps— — (1,110)
(44,762)78,226 (49,016)
Realized and Unrealized Gains (Losses), Net(B):
Interest rate swaps(12,604)20,209 (3,503)
Other commitments(68)(25,423)— 
Stock options136 (3)— 
Embedded derivatives(C)
(4,246)— — 
Foreign exchange forwards(3,807)2,019 — 
(20,589)(3,198)(3,503)
Total Gain (Loss)$137,604 $(127,924)$(103,358)
(A)Represents unrealized gain (loss).
(B)Excludes $103.1 million loss, $28.2 million gain and $73.5 million gain for the years ended December 31, 2025, 2024 and 2023, respectively, reflected as gain (loss) on settlement of residential mortgage loan origination derivative instruments presented within gain on originated residential mortgage loans, HFS, net (Note 7) in the consolidated statements of operations.
(C)Embedded derivatives include (i) modified coinsurance and funds withheld arrangement that require the Company to pay the total return on the assets supporting the funds withheld liability and (ii) index linked crediting features embedded in the FIAs or reinsurance deposit asset.
v3.25.4
DEBT OBLIGATIONS
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
DEBT OBLIGATIONS DEBT OBLIGATIONS
The following table summarizes secured financing agreements, secured notes, bonds payable and notes payable and other liabilities of consolidated entities:
December 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)
$5,091,525 $5,091,525 Jan-26 to Mar-285.3 %0.4$5,685,873 $5,755,559 $5,752,716 21.5$4,231,879 
Warehouse credit facilities - RTLs(F)
2,019,808 2,019,808 Jul-26 to Mar-286.0 %2.12,354,953 2,360,883 2,360,883 1.21,547,307 
Government and government-backed securities(F)
5,130,519 5,130,519 Jan-26 to Jul-264.3 %0.55,230,356 5,119,755 5,353,092 8.09,782,976 
Non-Agency securities(D)
936,424 936,424 Jan-26 to Oct-285.4 %0.215,585,267 1,261,281 1,334,900 4.8744,457 
Jupiter(E)
110,688 110,688 Dec-266.4 %1.0192,500 192,500 194,286 0.7— 
Excess MSRs(F)
202,000 201,660 Sep-266.3 %0.747,862,469 265,860 304,407 5.9222,452 
CLOs(F)
259,372 257,796 Jan-30 to Jul-393.8 %7.2260,193 N/A259,896 7.2170,990 
Real estate(F)
15,382 15,382 Feb-26 to Mar-286.5 %1.0 N/A 27,523 25,797  N/A 82,406 
Total secured financing agreements13,765,718 13,763,802 5.0 %0.816,782,467 
Secured Notes and Bonds Payable:
MSRs(H)
6,800,263 6,785,138 Mar-26 to Nov-316.7 %2.5584,423,366 8,708,453 10,233,740 6.15,838,250 
Servicer advance investments(I)
229,069 229,069 Oct-276.2 %1.8258,157 283,725 294,322 7.4258,183 
Servicer advances(I)
2,528,871 2,528,896 Feb-26 to Jun-296.0 %1.92,922,259 2,939,685 2,939,685 0.62,629,802 
Consumer loans(J)
679,855 660,565 Oct-26 to Sep-374.0 %1.8930,844 775,008 784,399 6.4564,791 
Real estate(K)
4,920,130 4,755,270 Jun-26 to Aug-304.4 %2.5N/A4,471,992 4,471,992 N/A716,649 
RTLs(L)
200,000 200,000 Jul-265.8 %0.5231,001 231,001 232,303 0.4200,000 
Secured facility - asset management(N)
— — N/A— %0.0N/AN/AN/AN/A71,971 
Other investments(F)
40,000 40,000 Feb-306.0 %4.1N/AN/AN/AN/A— 
CLOs(F)
4,856 4,832 Jul-306.1 %4.57,126 N/A6,187 4.518,429 
Total secured notes and bonds payable15,403,044 15,203,770 5.7 %2.310,298,075 
Notes Payable and Secured Financing of Consolidated Entities
Consolidated funds(M)
1,218,425 1,209,739 Aug-27 to Jan-385.7 %9.91,280,207 N/A1,307,811 4.0959,958 
Residential mortgage loans2,919,256 2,820,922 Apr-41 to Dec-558.9 %26.03,347,429 N/A3,265,142 26.02,369,934 
RTLs
861,949 867,141 Mar-39 to Sep-396.2 %13.4905,959 N/A927,089 0.8859,023 
Total notes payable and secured financing of consolidated entities4,999,630 4,897,802 7.7 %19.94,188,915 
Total / Weighted Average$34,168,392 $33,865,374 5.7 %4.3$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 $119.4 million and $239.4 million as of December 31, 2025 and 2024, respectively.
(D)Based on SOFR interest rates. Includes repurchase agreements and related collateral on non-Agency securities retained through consolidated securitizations.
(E)Refers to a repurchase agreement with an interest equal to the sum of (i) a floating rate equal to SOFR and (ii) a margin of 2.8%
(F)All SOFR- or Euro Interbank Offered Rate (EURIBOR)-based floating interest rates.
(G)Repurchase agreements are based on a fixed-rate. Collateral carrying value includes margin deposits.
(H)Includes $5.5 billion of MSR notes with an interest equal to the sum of (i) a floating rate index equal to SOFR and (ii) a margin ranging from 2.5% to 3.8%; and $1.3 billion of MSR notes with fixed interest rates ranging 3.1% to 7.4%. The outstanding face amount of the collateral represents the UPB of the residential mortgage loans underlying the MSRs and MSR financing receivables securing these notes.
(I)Includes $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 1.5% to 2.9%; and $1.0 billion of debt with fixed interest rates ranging from 3.9% to 5.3%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and Newrez.
(J)Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $106.8 million UPB of Class A notes with a coupon of 2.0% and $53.0 million UPB of Class B notes with a coupon of 2.7%, (ii) $131.1 million of debt collateralized by the Marcus loans with an interest rate of SOFR plus a margin of 2.4% and (iii) $388.9 million of debt collateralized by the Upgrade loans with an interest rate of SOFR plus a margin of 1.6%.
(K)Includes $4.9 billion of fixed rate notes which bear interest ranging from 3.0% to 6.7%.
(L)Includes a fixed rate note which bears interest of 5.8%.
(M)Includes notes payable of consolidated CLOs and of a structured alternative investment solution. Weighted average rate is the effective rate for the senior notes with stated coupon rates. The subordinate notes with UPB of $18.0 million do not have a stated rate of interest. Weighted average life of a structured alternative investment solution is based on expected maturity.
(N)The term loan was paid down during the fourth quarter of 2025.
General

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

As of December 31, 2025, Rithm Capital has margin exposure on $13.8 billion of secured financing agreements. To the extent that the value of the collateral underlying these secured financing agreements declines below the collateral margin trigger, Rithm Capital may be required to post margin, which could significantly impact its liquidity.

The following table summarizes activities related to the carrying value of secured debt obligations:
Servicer Advances and Excess MSRs(A)
MSRsGovernment and Government-Backed and Other SecuritiesResidential Mortgage LoansConsumer LoansReal Estate, NetRTLsAsset Management, CLOs and Consolidated FundsTotal
Balance at December 31, 2023$2,713,933 $4,800,728 $8,762,658 $5,204,666 $1,106,974 $1,130,258 $1,856,008 $501,483 $26,076,708 
Secured Financing Agreements:
Borrowings223,241 — 70,352,653 63,522,887 — 52,361 3,450,754 25,715 137,627,611 
Repayments— — (68,587,878)(61,227,849)— (314,313)(3,240,457)(28,143)(133,398,640)
FX remeasurement— — — — — (3,082)— (10,641)(13,723)
Capitalized deferred financing costs, net of amortization(789)— — 257 — 6,356 — 110 5,934 
Secured Notes and Bonds Payable:
Acquired borrowings, net of discount (Note 3)
190,596 — — — — — — — 190,596 
Borrowings2,843,835 2,671,987 — — — — — 14,078 5,529,900 
Repayments(2,860,702)(1,633,923)— (650,000)(549,633)(83,716)— (25,222)(5,803,196)
FX remeasurement— — — — — — — (377)(377)
Unrealized loss on notes, fair value— — — — 6,262 — — — 6,262 
Capitalized deferred financing costs, net of amortization323 (542)— — 1,188 11,191 — 2,544 14,704 
Notes Payable of Consolidated CFEs:
Non-cash borrowings— — — — — — — 512,590 512,590 
Borrowings— — — 49,726 — — 861,949 721,341 1,633,016 
Repayments— — — (358,443)— — (324,062)(494,135)(1,176,640)
Discount on borrowings, net of amortization— — — (16,369)— — — — (16,369)
Unrealized loss on notes, fair value— — — 76,938 — — 901 2,039 79,878 
Capitalized deferred financing costs, net of amortization— — — — — — 1,237 (34)1,203 
Balance at December 31, 20243,110,437 5,838,250 10,527,433 6,601,813 564,791 799,055 2,606,330 1,221,348 31,269,457 
Secured Financing Agreements:
Borrowings— — 51,112,501 79,424,348 — 5,051 4,186,251 91,368 134,819,519 
Repayments(21,241)— (55,572,991)(78,454,014)— (72,075)(3,713,755)(29,582)(137,863,658)
FX remeasurement— — — — — — — 25,348 25,348 
Capitalized deferred financing costs, net of amortization449 — — — — — 5 (328)126 
Secured Notes and Bonds Payable:
Acquired borrowings, net of discount (Note 3)
— — — — — 3,706,618 — — 3,706,618 
Borrowings3,023,226 3,898,556 40,000 — 432,404 324,954 — 10,988 7,730,128 
Repayments(3,153,895)(2,944,135)— — (337,582)(1,657)— (98,127)(6,535,396)
FX remeasurement— — — — — — — 224 224 
Unrealized gain on notes, fair value— — — — (233)— — — (233)
Capitalized deferred financing costs, net of amortization649 (7,533)— — 1,185 8,706 — 1,346 4,353 
Notes Payable and Secured Financing of Consolidated Entities:
Non-cash borrowings— — — — — — — — — 
Borrowings— — — 906,488 — — — 329,488 1,235,976 
Repayments— — — (528,435)— — — (74,954)(603,389)
Discount on borrowings, net of amortization— — — — — — — — — 
Unrealized (gain) loss on notes, fair value— — — 72,935 — — 5,854 (4,752)74,037 
Capitalized deferred financing costs, net of amortization — — — — — — 2,264 — 2,264 
Balance at December 31, 2025$2,959,625 $6,785,138 $6,106,943 $8,023,135 $660,565 $4,770,652 $3,086,949 $1,472,367 $33,865,374 
(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 December 31, 2025 are as follows:
Year Ending
Non-recourse(A)
Recourse(B)
Total
2026$2,760,061 $13,676,934 $16,436,995 
20273,482,571 904,527 4,387,098 
2028805,377 1,019,493 1,824,870 
20291,440,000 3,355,827 4,795,827 
20301,917,637 540,000 2,457,637 
2031 and thereafter5,540,965 — 5,540,965 
$15,946,611 $19,496,781 $35,443,392 
(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs and notes payable of consolidated entities of $1.9 billion, $9.1 billion, $0.0 billion, and $4.9 billion, respectively.
(B)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs and notes payable of consolidated entities of $12.2 billion, $6.0 billion, $1.3 billion, and $0.0 billion, respectively.

Borrowing Capacity

The following table represents borrowing capacity as of December 31, 2025:
Debt Obligations / CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements:
Residential mortgage loans, RTLs, Jupiter and real estate
$6,497,972 $3,643,963 $2,854,009 
Loan originations5,675,000 3,593,439 2,081,561 
CLOs479,194 259,373 219,821 
Excess MSRs350,000 202,000 148,000 
Secured Notes and Bonds Payable:
MSRs7,610,263 6,800,263 810,000 
Servicer advances4,240,000 2,757,940 1,482,060 
Real estate200,000 169,279 30,721 
Liabilities of Consolidated Entities:
Consolidated funds123,000 21,641 101,359 
$25,175,429 $17,447,898 $7,727,531 
(A)Although available financing is uncommitted, the Company’s unused borrowing capacity is available if it has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate.

Certain of the debt obligations are subject to customary loan covenants and event of default provisions, including event of default provisions triggered by certain specified declines in Rithm Capital’s equity or a failure to maintain a specified tangible net worth, liquidity or indebtedness to tangible net worth ratio. Rithm Capital was in compliance with all of its debt covenants as of December 31, 2025.

2030 Senior Unsecured Notes

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

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

The Company incurred fees of approximately $5.4 million in relation to the issuance of the 2030 Senior Notes. These fees were capitalized as debt issuance cost and presented as part of unsecured notes, net of issuance costs on the consolidated balance sheets. In connection with the 2030 Senior Notes, for the year ended December 31, 2025, the Company recognized interest expense of $21.3 million. As of December 31, 2025, the unamortized debt issuance cost was approximately $5.0 million.

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

The 2030 Senior Notes contain financial covenants and other non-financial covenants, including, among other things, limits on the ability of the Company and its restricted subsidiaries to incur certain indebtedness (subject to various exceptions), a requirement that the Company maintain Total Unencumbered Assets (as defined in the 2030 Notes Indenture) of not less than 120% of the aggregate principal amount of the outstanding unsecured debt of the Company, and 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 2030 Notes Indenture. If the Company were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lenders. As of December 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 2030 Notes Indenture), each holder of the 2030 Senior Notes will have the right to require the Company to repurchase all or any part of such holder’s outstanding balance at a purchase price of 101% of the principal amount of the 2030 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of such repurchase.

2029 Senior Unsecured Notes

On March 19, 2024, the Company issued $775.0 million aggregate principal amount of senior unsecured notes due on April 1, 2029 (the “2029 Senior Notes”) in a private offering at an issue price of 98.981% for net proceeds of approximately $759.0 million, net of commissions and initial offering expenses. Interest on the 2029 Senior Notes accrues at the rate of 8.000% per annum with interest payable semi-annually in arrears on each of April 1st and October 1st, commencing on October 1, 2024.
The 2029 Senior Notes become redeemable in whole or in part at any time and from time to time, on or after April 1, 2026, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2029 Senior Notes to be redeemed):
YearPrice
2026104.000 %
2027102.000 %
2028 and thereafter100.000 %

Prior to April 1, 2026, the Company is entitled at its option, at any time and from time to time, to redeem the 2029 Senior Notes in whole or in part at a price equal to 100% of the principal amount thereof, plus the applicable “make-whole” premium as of the applicable redemption date, and accrued but unpaid interest, if any, to, but excluding the applicable date of redemption. In addition, prior to April 1, 2026, the Company 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”)).

The Company incurred fees of approximately $9.1 million in relation to the issuance of the 2029 Senior Notes. These fees were capitalized as debt issuance cost and presented as part of unsecured notes, net of issuance costs on the consolidated balance sheets. In connection with the 2029 Senior Notes, the Company recognized interest expense of $62.0 million and $48.8 million for the years ended December 31, 2025 and 2024, respectively. As of December 31, 2025 and 2024, the unamortized discount and debt issuance cost was approximately $11.8 million and $14.8 million, respectively.

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

The 2029 Senior Notes contain financial covenants and other non-financial covenants, including, among other things, limits on the ability of the Company and its restricted subsidiaries to incur certain indebtedness (subject to various exceptions), a requirement that the Company maintain Total Unencumbered Assets (as defined in the 2029 Notes Indenture) of not less than 120% of the aggregate principal amount of the outstanding unsecured debt of the Company and imposes certain requirements in order for the Company to merge or consolidate with or transfer all or substantially all of its properties and assets to another person, in each case subject to certain qualifications set forth in the 2029 Notes Indenture. If the Company were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lenders. As of December 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 such holder’s outstanding balance at a purchase price of 101% of the principal amount of the 2029 Senior Notes, plus accrued and unpaid interest, if any, to, but not including, the date of such repurchase.

2025 Senior Unsecured Notes

On September 16, 2020, the Company issued $550.0 million aggregate principal amount of senior unsecured notes due on October 15, 2025 (the “2025 Senior Notes” and, together with the 2030 Senior Notes and the 2029 Senior Notes, the “Senior Unsecured Notes”) in a private offering for net proceeds of $544.5 million. Interest on the 2025 Senior Notes accrued at the rate of 6.250% per annum with interest payable semi-annually in arrears on each April 15th and October 15th, commencing on April 15, 2021.

The notes became redeemable at any time and from time to time, on or after October 15, 2022 at certain fixed redemption prices. The Company was able to 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, the Company recognized interest expense of $8.6 million, $20.9 million and $34.4 million for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2024, unamortized debt issuance costs were approximately $1.4 million. There were no unamortized debt issuance costs related to the 2025 Senior Notes as of December 31, 2025.

The 2025 Senior Notes were senior unsecured obligations and ranked equal in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior unsecured guarantees. At the time of issuance, the 2025 Senior Notes were not guaranteed by any of the Company’s subsidiaries and none of its subsidiaries were required to guarantee the 2025 Senior Notes at a later date, except under limited specified circumstances.

During the first quarter of 2024 and 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 remained outstanding.

During the second quarter of 2025 and following the issuance of the 2030 Senior Notes, the Company redeemed the remaining $275.0 million aggregate principal amount of its 2025 Senior Notes for cash in a total amount of $278.7 million, inclusive of accrued and unpaid interest. On June 30, 2025, the 2025 Senior Notes Indenture and the Company’s obligations under the 2025 Senior Notes were satisfied and discharged. As a result of the redemption, the Company recognized a loss on extinguishment of debt of $0.7 million which is included in realized and unrealized gains (losses), net in the consolidated statement of operations.

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 $251.2 million as of December 31, 2025. The carrying value of the TRA liability measured at amortized cost was $162.8 million and $170.4 million as of December 31, 2025 and 2024, respectively, with interest expense recognized under the effective interest method. The TRA liability is presented within unsecured notes, net of issuance costs on the consolidated balance sheets.

The table below presents the Company’s estimate as of December 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
2026$18,360 
202718,885 
202817,560 
202917,578 
203016,662 
2031 and thereafter162,158 
$251,203 
v3.25.4
FAIR VALUE MEASUREMENTS
 12 Months Ended
Dec. 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 and liabilities, certain of which are not publicly traded or that are otherwise illiquid. Significant judgment and estimation go into the assumptions that drive the fair value of these assets and liabilities. Due to the inherent uncertainty of valuations of investments that are determined to be illiquid or do not have readily ascertainable fair values, the estimates of fair value may differ from the values ultimately realized, and those differences can be material.

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

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

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

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

Level 3 – Valuations based significantly on unobservable inputs.

Investments in funds that are measured at fair value using NAV per share as a practical expedient are not categorized within the fair value hierarchy.

Rithm Capital follows this hierarchy for its fair value measurements. The classifications are based on the lowest level of input that is significant to the fair value measurement.
The carrying values and fair values of assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments measured at amortized cost for which fair value is disclosed, as of December 31, 2025 were as follows:
Principal Balance or Notional AmountCarrying Value
Fair Value(E)
Level 1Level 2Level 3NAVTotal
Assets:
Excess MSRs(A)
$47,862,469 $323,564 $— $— $323,564 $— $323,564 
MSRs and MSR financing receivables(A)
595,532,480 10,359,141 — — 10,359,141 — 10,359,141 
Servicer advance investments258,157 294,322 — — 294,322 — 294,322 
Government and government-backed securities(B)
5,255,355 5,254,905 24,762 5,230,139 — — 5,254,901 
Non-Agency securities8,507,851 759,633 — — 759,633 — 759,633 
Residential mortgage loans, HFS63,426 56,791 — — 56,791 — 56,791 
Residential mortgage loans, HFS, at fair value5,351,566 5,427,481 — 5,402,325 25,156 — 5,427,481 
Residential mortgage loans, HFI, at fair value349,196 324,688 — — 324,688 — 324,688 
Residential mortgage loans subject to repurchase3,952,792 3,952,792 — 3,952,792 — — 3,952,792 
Consumer loans930,844 784,399 — — 784,399 — 784,399 
Derivative and hedging assets8,280,512 46,747 — 7,288 39,459 — 46,747 
Residential transition loans
2,694,149 2,699,864 — — 2,699,864 — 2,699,864 
Insurance company investments, at fair value924,825 906,454 5,809 33,396 867,249 — 906,454 
Notes receivable549,004 460,631 — — 460,631 — 460,631 
Loans receivable19,434 11,396 — — 11,396 — 11,396 
Equity investment, at fair value192,500 194,286 — — 194,286 — 194,286 
CLOs364,189 362,280 — 249,452 112,828 — 362,280 
Investments of consolidated entities - funds(C)
1,389,870 1,397,209 — 782,014 290,335 324,860 1,397,209 
Investments of consolidated entities - loan securitizations(C)
4,253,388 4,192,231 — 3,265,142 927,089 — 4,192,231 
Other assetsN/A254,597 42,812 — 107,608 104,177 254,597 
$38,063,411 $73,383 $18,922,548 $18,638,439 $429,037 $38,063,407 
Liabilities:
Secured financing agreements$13,765,718 $13,763,802 $— $13,506,006 $261,551 $— $13,767,557 
Secured notes and bonds payable(D)
15,403,044 15,203,770 — — 15,068,083 — 15,068,083 
Unsecured notes, net of issuance costs1,526,203 1,421,088 — — 1,461,956 — 1,461,956 
Residential mortgage loan repurchase liability3,952,792 3,952,792 — 3,952,792 — — 3,952,792 
Derivative and hedging liabilities36,598,688 101,346 3 48,759 52,584 — 101,346 
MSR financing liability(A)
8,126,218 76,266 — — 76,266 — 76,266 
Notes receivable financing liability371,446 377,989 — — 382,512 — 382,512 
RTL financing liability82,489 82,489 — — 82,489 — 82,489 
Notes payable and secured financing of consolidated entities - funds(C)
1,218,425 1,209,739 — 1,006,085 203,654 — 1,209,739 
Notes payable of consolidated entities - loan securitizations(C)
3,781,205 3,688,063 — 2,820,922 867,141 — 3,688,063 
$39,877,344 $3 $21,334,564 $18,456,236 $— $39,790,803 
(A)The notional amount represents the total UPB of the residential mortgage loans underlying the MSRs, MSR financing receivables, Excess MSRs and MSR financing liability. Rithm Capital does not receive an excess mortgage servicing amount on non-performing loans in Agency portfolios.
(B)Includes Treasury securities classified as Level 1 and held at amortized cost basis of $24.8 million (see Note 6).
(C)Includes assets and notes issued by consolidated VIEs accounted for under the CFE election.
(D)Includes $143.4 million of SCFT 2020-A (as defined in Note 19) MBS as of December 31, 2025, for which the FVO for financial instruments was elected.
(E)The table excludes cash and cash equivalents and other short-term receivables and payables for which the carrying value approximates fair value due to their short term nature and are classified within Level 1.
The 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 repurchase2,745,756 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 entities - funds(C)
1,108,903 1,118,359 — — 785,253 333,106 1,118,359 
Investments of consolidated entities - 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 and hedging liabilities11,255,492 52,610 1,259 15,628 35,723 — 52,610 
MSR financing liability(A)
15,271,757 101,088 — — 101,088 — 101,088 
Notes receivable financing liability371,446 371,788 — — 377,227 — 377,227 
Notes payable of consolidated entities - funds(C)
1,182,640959,958— — 959,958 — 959,958 
Notes payable of consolidated entities - 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 MSR financing liability. Rithm Capital does not receive an excess mortgage servicing amount on non-performing loans in Agency portfolios.
(B)Includes Treasury Bills classified as Level 1 and held at amortized cost basis of $24.8 million (see Note 6).
(C)Includes assets and notes issued by consolidated VIEs accounted for under the CFE election.
(D)Includes $185.5 million of SCFT 2020-A (as defined in Note 19) MBS as of December 31, 2024, for which the FVO for financial instruments was elected.
(E)The table excludes cash and cash equivalents and other short-term receivables and payables for which the carrying value approximates fair value due to their short term nature and are classified within Level 1.

The following tables summarize the changes in the Company’s Level 3 financial assets measured at fair value on a recurring basis for the periods presented:
Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsInsurance Company Investments
Non-Agency Securities & CLOs(B)
Residential Mortgage LoansConsumer Loans
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at December 31, 2023$271,150 $8,405,938 $376,881 $— $804,029 $513,381 $1,274,005 $549,446 $2,232,913 $14,427,743 
Transfers:
Transfers out of Level 3(E)
— — (7,873)— (227,216)(217,641)— — — (452,730)
Transfers to Level 3(J)
— — — — 519,496 85,789 — — — 605,285 
Computershare Acquisition (Note 3)
(1,032)700,207 — — — — — — — 699,175 
Gain (Loss) Included in Net Income:
Credit losses on securities(F)
— — — — (936)— — — — (936)
Servicing Revenue, Net(G):
Included in servicing revenue— (191,654)— — — — — — — (191,654)
Fair Value Adjustments Due to:
Other factors(F)
12,437 — (2,526)— 8,374 13,624 (47,950)23,091 25,580 32,630 
Instrument-specific credit risk(F)
— — — — — 27,151 (51,977)— 8,549 (16,277)
Gain (loss) on settlement of investments, net(F)
(656)— — — 1,448 — — — — 792 
Other income (loss), net(F)
— — — — 2,382 10,957 — (27,584)— (14,245)
Gains included in OCI(H)
— — — — 3,084 — — — — 3,084 
Interest income29,815 — 24,263 — 27,750 — 27,914 538 — 110,280 
Purchases, Sales and Repayments:
Purchases, net(I)
122,887 — 781,896 — 649,922 248,952 — 223,037 — 2,026,694 
Sales and settlement fundings(499)11,026 — — (284,667)(188,490)24,091 — — (438,539)
Proceeds from repayments(64,940)— (832,995)— (140,438)(68,639)(560,518)(67,539)(1,987,252)(3,722,321)
Originations and other— 1,396,154 — — — 30,642 — (47)2,860,477 4,287,226 
Balance at December 31, 2024369,162 10,321,671 339,646 — 1,363,228 455,726 665,565 700,942 3,140,267 17,356,207 
Transfers:
Transfers out of Level 3(E)
— — — — (844,389)(858)— — — (845,247)
Transfers to Level 3(J)
— — — — 149,431 2,081 — — — 151,512 
Crestline Acquisition (Note 3)
— — — 793,009 — — — 595 — 793,604 
Gain (Loss) Included in Net Income:
Credit loss reversal on securities(F)
— — — — 423 — — — — 423 
Servicing Revenue, Net(G):
Included in servicing revenue— (1,609,756)— — — — — — — (1,609,756)
Fair Value Adjustments due to:
Other factors(F)
(5,664)— (1,578)3,883 4,364 18,845 23,090 19,712 18,509 81,161 
Instrument-specific credit risk(F)
— — — — — (9,578)(13,472)— (24,256)(47,306)
Other income (loss), net(F)
598 — — (978)(3,223)2,201 — 35,842 — 34,440 
Gains included in OCI(H)
— — — — 16,568 — — — — 16,568 
Interest income28,677 — 20,538 904 34,964 — 9,915 190 — 95,188 
Purchases, Sales and Repayments:
Purchases, net(I)
— — 692,755 147,328 347,221 1,169 500,334 68,364 9,014 1,766,185 
Sales and settlement fundings(1,105)(3,249)— (43,803)(75,722)(7,216)22,123 — — (108,972)
Proceeds from repayments(68,104)— (757,039)(35,440)(117,791)(57,552)(423,156)(64,848)(3,385,836)(4,909,766)
Originations and other— 1,650,475 — 2,346 — 1,817 — — 4,156,976 5,811,614 
Balance at December 31, 2025$323,564 $10,359,141 $294,322 $867,249 $875,074 $406,635 $784,399 $760,797 $3,914,674 $18,585,855 
(A)Includes the recapture agreement for each respective pool, as applicable.
(B)Includes CLOs of consolidated CFEs classified as Level 3 in the fair value hierarchy.
(C)For the purpose of this table, the IRLC asset and liability positions and embedded and other commitment derivatives are shown net.
(D)Includes residential transition loans of consolidated entities classified as Level 3 in the fair value hierarchy.
(E)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(F)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) relating to Level 3 assets still held at the reporting dates and realized gain (loss) recorded during the period.
(G)See Note 5 for further details on the components of servicing revenue, net.
(H)Gain (loss) included in unrealized gain (loss) on AFS securities, net in the consolidated statements of comprehensive income.
(I)Purchases, net of non-Agency securities includes securities retained through securitizations accounted for as sales.
(J)Transfers to Level 3 financial assets were due to changes in the observability of inputs used in the valuation of such assets.
The following tables summarize the changes in the Company’s Level 3 financial liabilities measured at fair value on a recurring basis for the periods presented:
Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansMSR Financing LiabilityNotes Receivable Financing LiabilityRTL Financing LiabilityTotal
Balance at December 31, 2023$235,770 $218,157 $318,998 $— $— $— $772,925 
Transfers:
Transfers to Level 3(D)
— — — — 371,446 — 371,446 
Computershare Acquisition (Note 3)
— — — 125,168 — — 125,168 
Gains (Losses) Included in Net Income:
Servicing revenue, net(B)
— — — (24,080)— — (24,080)
Other income(C)
6,262 18,626 5,965 — 5,781 — 36,634 
Purchases, Issuance and Repayments:
Issuance
— 723,175 858,828 — — — 1,582,003 
Repayments(56,572)— (324,062)— — — (380,634)
Other— — (706)— — — (706)
Balance at December 31, 2024185,460 959,958 859,023 101,088 377,227 — 2,482,756 
Transfers:
Transfers out of Level 3(A)
— (735,874)— — — — (735,874)
Gains (Losses) Included in Net Income:
Servicing revenue, net(B)
— — — 9,629 — — 9,629 
Other income (loss)(C)
(233)— 5,854 — 5,285 — 10,906 
Purchases, Issuance and Repayments:
Issuance
— — — — — 97,529 97,529 
Repayments(41,785)(20,430)— (34,451)— (15,040)(111,706)
Other— — 2,264 — — — 2,264 
Balance at December 31, 2025$143,442 $203,654 $867,141 $76,266 $382,512 $82,489 $1,755,504 
(A)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(B)See Note 5 for further details on the components of servicing revenue, net.
(C)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) 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 years presented was due to factors other than instrument-specific credit risk.
(D)Transfers to Level 3 financial liabilities were due to changes in the observability of inputs used in the valuation of such liabilities.
Excess MSRs, MSRs and MSR Financing Receivables and MSR Financing Liability Valuation

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

Significant increases (decreases) in the discount rates, prepayment or delinquency rates, or costs of servicing, in isolation would result in a significantly lower (higher) fair value measurement, whereas significant increases (decreases) in the recapture rates or mortgage servicing amount or excess mortgage servicing amount, as applicable, in isolation would result in a significantly higher (lower) fair value measurement. Generally, a change in the delinquency rate assumption is accompanied by a directionally similar change in the assumption used for the prepayment rate.
The following tables summarize certain information regarding the ranges and weighted averages of inputs used:
December 31, 2025
Significant Inputs(A)
Prepayment Rate(B)
Delinquency(C)
Recapture Rate(D)
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps)(E)
Collateral Weighted Average Maturity (Years)(F)
Excess MSRs directly held
2.3% – 13.3%
(6.8%)
0.2% – 14.1%
(4.7%)
0.0% – 63.5%
(39.3%)
7 – 31
(21)
10 – 22
(19)
MSRs, MSR Financing Receivables and MSR Financing Liability:
GSE
2.5% – 100.0%
(7.2%)
0.0% – 100.0%
(1.8%)
7.0% – 15.0% (10.5%)
2 – 176
(29)
0 – 40
(23)
Non-Agency
1.7% – 98.3%
(8.4%)
15.0% – 100.0%
(20.5%)
0.0% – 4.4% (1.3%)
1 – 169
(42)
0 – 59
(22)
Ginnie Mae
1.9% – 97.1%
(9.6%)
44.0% – 99.0%
(10.1%)
10.5% – 32.6% (26.7%)
19 – 132
(48)
0 – 40
(26)
Total / Weighted Average—MSRs, MSR Financing Receivables and MSR Financing Liability
1.7% – 100.0%
(8.1%)
0.0% – 100.0%
(6.1%)
0.0% – 32.6% (20.0%)
1 – 176
(37)
0 – 59
(24)
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 MSR Financing Liability:
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 MSR Financing Liability
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 December 31, 2025 and 2024, weighted average costs of subservicing of $7.22 (range of $7.11 – $7.83) 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 $11.23 (range of $9.08 – $13.36) 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 $9.88 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 185 bps and 95 bps as of December 31, 2025 and 2024, respectively.

As of December 31, 2025 and 2024, weighted average discount rates of 8.5% (range of 8.1% – 9.0%) and 8.4% (range of 8.1% – 9.0%), respectively, were used to value Rithm Capital’s Excess MSRs. As of December 31, 2025 and 2024, weighted average discount rates of 8.4% (range of 8.0% – 10.3%) and 8.9% (range of 8.7% - 10.3%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables.
All of the assumptions listed have some degree of market observability, based on Rithm Capital’s knowledge of the market, relationships with market participants and use of common market data sources. Rithm Capital uses assumptions that generate its best estimate of future cash flows for each investment in MSRs and related MSR financing liability and Excess MSRs.

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

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

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

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

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

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

Rithm Capital uses different prepayment and delinquency assumptions in valuing the MSRs and Excess MSRs, relating to the original loan pools, the recapture agreements and the MSRs and Excess MSRs, relating to recaptured loans. The prepayment rate and delinquency rate assumptions differ because of differences in the collateral characteristics, refinance potential and expected borrower behavior for original loans and loans which have been refinanced. The assumptions for recapture and discount rates when valuing MSRs and Excess MSRs and recapture agreements are based on historical recapture experience and market pricing.
The following table summarizes the estimated change in fair value of Rithm Capital’s interests in GSE MSRs, owned as of December 31, 2025, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at December 31, 2025
$6,051,855 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$6,560,390 $6,296,725 $5,826,571 $5,616,430 
Change in Estimated Fair Value:
Amount$508,535 $244,870 $(225,284)$(435,425)
Percentage8.4 %4.0 %(3.7)%(7.2)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$6,413,139 $6,225,372 $5,893,503 $5,746,051 
Change in Estimated Fair Value:
Amount$361,284 $173,517 $(158,352)$(305,804)
Percentage6.0 %2.9 %(2.6)%(5.1)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$6,071,442 $6,062,282 $6,042,908 $6,032,727 
Change in Estimated Fair Value:
Amount$19,587 $10,427 $(8,947)$(19,128)
Percentage0.3 %0.2 %(0.1)%(0.3)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$6,008,031 $6,030,398 $6,075,131 $6,097,498 
Change in Estimated Fair Value:
Amount$(43,824)$(21,457)$23,276 $45,643 
Percentage(0.7)%(0.4)%0.4 %0.8 %

The following table summarizes the estimated change in fair value of Rithm Capital’s interests in non-Agency MSRs, including MSR financing receivables, owned as of December 31, 2025, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at December 31, 2025
$894,988 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$988,457 $939,798 $854,753 $817,454 
Change in Estimated Fair Value:
Amount$93,469 $44,810 $(40,235)$(77,534)
Percentage10.4 %5.0 %(4.5)%(8.7)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$949,508 $921,584 $870,765 $847,555 
Change in Estimated Fair Value:
Amount$54,520 $26,596 $(24,223)$(47,433)
Percentage6.1 %3.0 %(2.7)%(5.3)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$901,811 $898,661 $892,046 $888,649 
Change in Estimated Fair Value:
Amount$6,823 $3,673 $(2,942)$(6,339)
Percentage0.8 %0.4 %(0.3)%(0.7)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$894,206 $894,668 $895,591 $896,053 
Change in Estimated Fair Value:
Amount$(782)$(320)$603 $1,065 
Percentage(0.1)%— %0.1 %0.1 %
The following table summarizes the estimated change in fair value of Rithm Capital’s interests in Ginnie Mae MSRs, owned as of December 31, 2025, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at December 31, 2025
$3,412,298 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$3,682,692 $3,542,420 $3,291,557 $3,179,089 
Change in Estimated Fair Value:
Amount$270,394 $130,122 $(120,741)$(233,209)
Percentage7.9 %3.8 %(3.5)%(6.8)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$3,589,382 $3,495,972 $3,336,835 $3,268,022 
Change in Estimated Fair Value:
Amount$177,084 $83,674 $(75,463)$(144,276)
Percentage5.2 %2.5 %(2.2)%(4.2)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$3,462,302 $3,437,347 $3,387,460 $3,362,659 
Change in Estimated Fair Value:
Amount$50,004 $25,049 $(24,838)$(49,639)
Percentage1.5 %0.7 %(0.7)%(1.5)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$3,335,023 $3,373,698 $3,451,049 $3,489,725 
Change in Estimated Fair Value:
Amount$(77,275)$(38,600)$38,751 $77,427 
Percentage(2.3)%(1.1)%1.1 %2.3 %

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)
December 31, 2025
2.0%
4.5%
17.9%
19.9 bps
6.5%
20.5
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 4.6 bps and 3.8 bps which represent the amounts Rithm Capital paid its servicers as a monthly servicing fee as of December 31, 2025 and 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 is based on the Company’s equity returns and therefore is impacted by relevant financing assumptions such as LTV ratio and interest rate as well as advance-to-UPB ratio. All of the assumptions listed have some degree of market observability, based on Rithm Capital’s knowledge of the market, relationships with market participants and use of common market data sources. The prepayment rate, the delinquency rate and the advance-to-UPB ratio projections are in the form of “curves” or “vectors” that vary over the expected life of the underlying mortgages and related servicer advances. Rithm Capital uses assumptions that generate its best estimate of future cash flows for each servicer advance investment, including the base fee component of the related MSR.

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

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

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

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

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

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

Real estate and other securities valuation methodology and results are detailed below. Increased (decreased) prepayment speeds, default rates or loss severity assumptions would decrease (increase) valuations. Generally, a change in default rate assumption is accompanied by a directionally similar change in loss severity assumptions. Treasury securities are valued using market-based prices published by the U.S. Department of the Treasury and are classified as Level 1.
Fair Value
Asset TypeOutstanding Face AmountAmortized Cost Basis
Multiple Quotes(A)
Single Quote(B)
TotalLevel
December 31, 2025
Government-backed securities(C)
$5,230,355 $5,119,755 $5,230,139 $— $5,230,139 2 
CLOs(D)
364,189 355,912 249,452 112,828 362,280 2 & 3
Non-Agency and other securities(D)
8,507,851 701,105 732,597 27,036 759,633 3 
Insurance company investments - securities143,399 129,616 129,662 — 129,662 2 & 3
Total$14,245,794 $6,306,388 $6,341,850 $139,864 $6,481,714 
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 78.0% and 82.1% of non-Agency securities as of December 31, 2025 and 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)
December 31, 2025$592,302 
4.2% – 18.0%
(6.6%)
0.0% – 25.0%
(9.2%)
0.0% – 5.3%
(0.3%)
0.0% – 55.0%
(11.0%)
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 non-conforming seasoned mortgage loans acquired and identified for securitization, which are valued using internal pricing models to forecast loan level cash flows based on a potential securitization exit using inputs such as default rates, prepayments speeds and discount rates, and may include adjustments based on consensus pricing (broker quotes). Residential mortgage loans HFI, at fair value include non-conforming seasoned mortgage loans acquired and not identified for sale or securitization, which are valued using internal pricing models to forecast loan level cash flows using inputs such as default rates, prepayments speeds and discount rates, and may include adjustments based on consensus pricing (broker quotes). As the internal pricing models are based on certain unobservable inputs, Rithm Capital classifies these valuations as Level 3 in the fair value hierarchy.

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

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

The following tables summarize certain information regarding the ranges and weighted averages of inputs (weighted by fair value) used in valuing residential mortgage loans HFS, at fair value classified as Level 3 as of December 31, 2025:
Performing LoansFair ValueDiscount RatePrepayment RateCDRLoss Severity
Acquired loans$18,002 
6.1% – 8.3%
(6.8%)
4.3% – 7.0%
(6.4%)
0.9% – 2.3%
(1.9%)
19.0% – 46.1%
(33.8%)
Non-Performing LoansFair ValueDiscount RateAnnual Change in Home PricesCDRCurrent Value of Underlying Properties
Acquired loans$7,154 
10.5% – 12.9%
(12.0%)
3.3% – 4.3%
(4.0%)
4.8% – 6.6%
(6.0%)
300.7% – 306.3%
(302.8%)
The following tables summarize certain information regarding the ranges and weighted averages of inputs (weighted by fair value) used in valuing residential mortgage loans HFS, at fair value classified as Level 3 as of December 31, 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
December 31, 2025$324,688 
6.1% – 10.5%
(7.5%)
5.0% – 7.0%
(6.9%)
0.9% – 4.8%
(1.8%)
28.6% – 46.1%
(39.2%)
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 December 31, 2025:
Fair ValueDiscount RatePrepayment RateCDR
Loss Severity(A)
SpringCastle$167,807 
9.2% – 10.2%
(9.4%)
12.1% – 39.5%
(13.5%)
3.2% – 25.9%
(5.5%)
80.8% - 100.0%
(92.7%)
Marcus166,473 
7.5% - 17.6%
(8.5%)
0.0% - 22.0%
(11.2%)
3.0% - 62.0%
(31.7%)
87.5%
Upgrade450,119 
6.8% - 16.9%
(7.8%)
2.7% - 34.0%
(17.9%)
0.9% - 7.5%
(3.4%)
90.0%
Consumer Loans HFI, at Fair Value$784,399 
(A)Loss severity is the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of realized loss relative to the outstanding loan balance in default.

The following table summarizes certain information regarding the 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 and RTL Financing Liability Valuation

Rithm Capital classifies certain RTLs and related financing liability as Level 3 in the fair value hierarchy. Performing RTLs are valued using an income approach through internal pricing models to forecast cash flows with inputs such as default rates, prepayments speeds and discount rates, and may include adjustments based on consensus pricing (broker quotes). Non-performing RTLs, with UPB of $100.9 million and fair value of $89.6 million as of December 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 RTLs and related financing liability, at fair value classified as Level 3 as of December 31, 2025:
Fair ValueDiscount RatePrepayment RateCDRLoss Severity
RTLs$2,610,258 
7.9% – 8.0%
(7.9%)
0.0% – 50.0%
(46.8%)
0.0% – 1.8%
(0.5%)
25.0%
RTL investments of consolidated entities - funds287,721 7.9%50.0%0.5%25.0%
RTL financing liability(A)
36,150 7.9%50.0%0.5%25.0%
(A)Excludes $46.3 million of financing liability related to a strategic partnership for which the Company elected fair value option. As of December 31, 2025, the amortized cost approximated fair value.

The following table summarizes certain information regarding the weighted averages of inputs (weighted by fair value) used in valuing performing RTLs, at fair value classified as Level 3 as of December 31, 2024:

Fair ValueDiscount RatePrepayment RateCDRLoss Severity
RTLs$2,128,801 
8.3% – 9.9%
(8.3%)
0.0% – 50.0%
(45.8%)
0.5% – 1.8%
(0.5%)
25.0%


Insurance Company Investments - Private Credit and Commercial Mortgage Loans Valuation

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

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

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

The following table summarizes certain information regarding the range and weighted average of the discount rates (weighted by fair value) used in valuing private credit, at fair value and commercial mortgage loans, HFI, at fair value classified as Level 3:
Fair ValueDiscount Rate
December 31, 2025$769,956 
8.2% – 45.1%
(11.3%)

Funds Withheld and Modified Coinsurance Agreement Embedded Derivatives

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

FIA - Embedded Derivative

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

Derivatives and Hedging Valuation

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

Other commitments relate to (i) 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 and (ii) a third-party co-investor’s redemption right of its investment in a consolidated joint venture. These are classified as Level 3 in the fair value hierarchy, valued (i) at the excess of cost basis over the intrinsic value of the underlying investment and (ii) using a simulated Monte Carlo model by independent pricing services, respectively. In addition, Rithm Capital enters into IRLCs, which are valued using internal pricing models (i) incorporating market pricing for instruments with similar characteristics, (ii) estimating the fair value of the servicing rights expected to be recorded at sale of the loan and (iii) adjusting for anticipated loan funding probability. Both the fair value of servicing rights expected to be recorded at the date of sale of the loan and anticipated loan funding probability are significant unobservable inputs and therefore, IRLCs are classified as Level 3 in the fair value hierarchy.
The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing IRLCs:
Fair ValueLoan Funding ProbabilityFair Value of Initial Servicing Rights (bps)
December 31, 2025$21,449 
4.2% – 100.0%
(84.6%)
4.1 – 403.9
(247.4)
December 31, 2024$11,294 
0.0% – 100.0%
(86.1%)
1.0 – 426.7
(281.8)

Asset-Backed Securities Issued

As of December 31, 2025 and 2024, Rithm Capital was the primary beneficiary of the SCFT 2020-A (as defined in Note 19) securitization, and therefore, Rithm Capital’s consolidated balance sheets include the asset-backed securities issued by the trust in the SCFT 2020-A securitization. Rithm Capital elected the FVO for the securities and valued them consistently with non-Agency securities described above.

The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing asset-backed securities issued:
Fair ValueDiscount RatePrepayment RateCDRLoss Severity
December 31, 2025$143,442 5.5%13.5%5.5%92.7%
December 31, 2024$185,460 5.4%14.5%5.1%92.3%

Notes Receivable, Notes Receivable Financing Liability and Loans Receivable

From time to time, Rithm Capital purchases notes and loans receivable that are generally collateralized by 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 liability and loans receivable. Due to the fact that the fair value of Rithm Capital’s notes receivable, notes receivable financing liability and loans receivable are based significantly on unobservable inputs, these are classified as Level 3 in the fair value hierarchy.

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

The following table summarizes certain information regarding the fair value and significant inputs used in valuing Rithm Capital’s notes receivable, notes receivable financing liability and loans receivable:
Fair Value Discount Rate
December 31, 2025
Notes receivable$460,631 
7.8% - 13.6%
(8.8%)
Notes receivable financing liability382,512 5.1%
Loans receivable11,396 12.0%
December 31, 2024
Notes receivable$393,786 
9.0% - 12.5%
(9.2%)
Notes receivable financing liability377,227 5.7%
Loans receivable31,580 18.5%
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 December 31, 2025 and 2024, the fair value of the investment was $194.3 million and $194.4 million, respectively. As the discount rates of 10.4% and 11.8% used to estimate the fair value of the investment as of December 31, 2025 and 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:
December 31,
20252024
Fund Type(A)
Fair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption Notice Period
Open-ended$162,055 
Monthly – Annually
30 days – 90 days
$172,409 
Monthly - Annually
30 days - 90 days
Closed-ended162,805 
None(B)
N/A160,697 
None(B)
N/A
Total$324,860 $333,106 
(A)The structured alternative investment solution invests in both open-ended and closed-ended funds. The investments in each fund may represent investments in a particular tranche of such fund subject to different withdrawal rights.
(B)100% of these investments cannot be redeemed, as distributions will be received as the underlying assets are liquidated, which is expected to be approximately 7 to 9 years from inception.

As of December 31, 2025 and 2024, the structured alternative investment solution had unfunded commitments of $28.1 million and $23.8 million, respectively, related to the closed-ended funds presented in the table above, which will be funded by capital within the consolidated funds from its underlying open-ended funds and liquid assets.

As of December 31, 2025 and 2024, notes payable of the structured alternative investment solution with a fair value of $203.7 million and $224.1 million, respectively, were valued using independent pricing services and are classified as Level 3. The Company measures the financial liabilities of its consolidated structured alternative investment solution based on the fair value of the financial assets of the consolidated entity under the CFE election, as the Company believes the fair value of the financial assets is more observable. The notes payable of consolidated CLOs had a fair value of $751.6 million and $735.9 million as of December 31, 2025 and 2024, respectively, and were valued using independent pricing services. As of December 31, 2025, the Company measured the financial liabilities of its consolidated CLOs based on the fair value of the financial assets of its consolidated CLOs under the CFE election, as the Company believes the fair value of the financial assets were more observable and the fair value of notes payable of consolidated CLOs were transferred out of Level 3 to Level 2 primarily due to increased price transparency. As of December 31, 2024, the Company measured the financial assets of its consolidated CLOs based on the fair value of the financial liabilities of its consolidated CLOs, as the Company believed the fair value of the financial liabilities were more observable and were 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. Notes payable of such consolidated CFEs are included in notes payable, at fair value and other liabilities on the Company’s consolidated balance sheets. Unrealized gain (loss) from changes in fair value and related interest is included in realized and unrealized gains (losses), net in the Company’s consolidated statements of operations. Refer to Note 19 for further details.
Consolidated CFE - Loan Securitizations

Rithm Capital has securitized certain residential mortgage loans and RTLs which are held as part of consolidated CFEs. A CFE is a VIE that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity, and the beneficial interests have contractual recourse only to the related assets of the CFE. GAAP allows entities to elect to measure both the financial assets and financial liabilities of the CFE using the more observable of the fair value of the financial assets and the fair value of the financial liabilities of the CFE. Rithm Capital has elected the FVO for initial and subsequent recognition of the debt issued by its consolidated securitization trusts and has determined that the consolidated securitization trusts meet the definition of a CFE. See Note 19 for further details regarding VIEs and securitization trusts. Rithm Capital determined the inputs to the fair value measurement of the financial liabilities of its consolidated CFEs to be more observable than those of the financial assets and, as a result, has used the fair value of the financial liabilities of the consolidated CFE to measure the fair value of the financial assets of the consolidated CFE. 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 RTLs, 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
December 31, 2025$3,265,142 $2,820,922 
December 31, 2024$2,791,027 $2,369,934 

Rithm Capital classifies securitized RTLs 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)
December 31, 2025$927,089 $867,141 
1.5% – 11.5%
(2.3%)
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 Non-recurring Basis

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

As of December 31, 2025 and 2024, assets measured at fair value on a non-recurring basis were $67.8 million and $87.6 million, respectively, of which, approximately $56.8 million and $66.7 million, respectively, related to residential mortgage loans, HFS, and $11.0 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)
December 31, 2025
Performing loans$45,861 
6.1% – 8.3%
(6.1%)
4.2 – 7.5
(4.3)
4.3% – 7.0%
(6.9%)
0.9% – 2.3%
(2.3%)
19.0% – 46.1%
(33.0%)
Non-performing loans10,930 
10.5% – 12.9%
(11.4%)
3.0 – 3.9
(3.6)
3.6% – 5.0%
(4.5%)
4.8% – 6.6%
(5.5%)
28.6% – 72.1%
(45.4%)
Total$56,791 
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 23.7%), 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 $1.3 million, a reversal of valuation allowance of $4.0 million and a valuation allowance of $1.9 million for the years ended December 31, 2025, 2024 and 2023, 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 $0.8 million, a valuation allowance of $2.6 million and a reversal of valuation allowance of $1.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.
v3.25.4
VARIABLE INTEREST ENTITIES
 12 Months Ended
Dec. 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 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) there is not sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties or (iii) substantially all of the activities of the entity are performed on behalf of the party with disproportionately few voting rights. Where an entity does not have the characteristics of a VIE, it is a VOE. A VIE is required to be consolidated by the primary beneficiary, which is defined as the party that has the power to direct the activities of a VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE.
To assess whether Rithm Capital has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, Rithm Capital considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying (i) the activities that most significantly impact the VIE’s economic performance and (ii) which party, if any, has power over those activities. To assess whether Rithm Capital has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, Rithm Capital considers all of its economic interests and applies judgment in determining whether these interests, individually or in the aggregate, are considered potentially significant to the VIE. When an SPE meets the definition of a VIE and the Company determines that it is the primary beneficiary, the Company consolidates the SPE in its consolidated financial statements.

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

Consolidated VIEs

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

Advance Purchaser

Rithm Capital, through a taxable wholly owned subsidiary, is the managing member of Advance Purchaser and owns approximately 89.3% of Advance Purchaser as of December 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.

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.

Certain entities were formed to acquire, receive, participate, hold, release and dispose of participation interests in certain of Newrez’s residential mortgage loans HFS (“MLHFS PC”). These facilities transfer the MLHFS PC in exchange for cash. Newrez is the primary beneficiary of the VIEs and therefore consolidates the SPEs. The transferred MLHFS PC is classified on the consolidated balance sheets as residential mortgage loans, HFS and the related warehouse credit facility liabilities as part of secured financing agreements. Newrez retains the risks and benefits associated with the assets transferred to the SPEs.
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”), which consolidate certain securitization vehicles (the “Consumer Loan SPVs”) that hold consumer loans and issue asset-backed notes collateralized by those loans. On September 25, 2020, the Company sponsored a securitization of a portfolio of consumer loans through these structures, which issued $663.0 million of asset-backed notes (“SCFT 2020-A”) and retained a residual interest in the securitized loans for risk retention purposes. The Consumer Loan SPVs are classified as VIEs, and the Company, through the Consumer Loan Companies, is the primary beneficiary and therefore consolidates the VIEs, as it has the power to redeem the notes and liquidate the structure and has the obligation to absorb losses or the right to receive benefits that could be potentially significant to the VIEs.

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, including joint ventures owning commercial real estate properties and real estate-related funds, which are classified as VIEs. The Company holds substantially all of the economic interests in these VIEs and, as the primary beneficiary, has a controlling financial interest and therefore consolidates these VIEs. Additionally, in connection with the Paramount Acquisition, the Company formed Rithm PGRE Aggregator LP and Rithm PGRE Aggregator II LP (collectively, the “Aggregators”), to indirectly own an interest in a portfolio of commercial real estate assets. The Aggregators are VIEs for which the Company is the primary beneficiary, as it holds substantially all of the economic interests and has the power to direct the activities that most significantly impact their economic performance. As a result, the Company consolidates the Aggregators.

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, each consisting of one Class A ordinary share and one-third of one redeemable warrant, totaling 23,000,000 Class A ordinary shares and 7,666,667 of one redeemable warrant classified as equity. The Company consolidates the SPAC, which is classified as a VIE. Additionally, the Company, through its consolidated subsidiary Rithm Acquisition Corp Sponsor LLC (the “Sponsor”), owns the majority of the SPAC’s outstanding Class B ordinary shares and has power to direct the activities of the VIE that most significantly impact its economic performance making it the primary beneficiary of the VIE.

Consolidated Entities

Loan Securitizations - RTLs

Rithm Capital sponsored securitization trusts, classified as VIEs, that issue securitized debt collateralized by RTLs and for which a wholly owned subsidiary of Rithm Capital serves as asset manager. Rithm Capital acquired all of the most subordinated trust certificates. Rithm Capital concluded that the most subordinate tranche trust certificates absorb a majority of the trusts’ expected losses or receive a majority of the trusts’ expected residual returns. Rithm Capital also concluded that the securitization’s asset manager has the ability to direct activities that could significantly impact the trusts’ economic performance. As a result, Rithm Capital consolidates such trusts.

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 December 31, 2025, these trusts’ assets consist of pools of performing, adjustable-rate and fixed-rate, interest-only, RTLs (construction, renovation and bridge), secured by a first lien or a first and second lien on a non-owner occupied mortgaged property with original terms to maturity of up to 120 months, with an aggregate UPB of approximately $906.0 million and an aggregate principal limit of approximately $1.1 billion. Refer to Note 18 regarding the fair value measurements of consolidated loan securitizations, classified as CFEs.

Loan Securitizations - Residential Mortgage Loans

Rithm Capital sponsors the formation of certain mortgage securitization trusts, considered VIEs, to securitize performing Non-QM loans and seasoned mortgage loans. The Company consolidates certain trusts for which it is the primary beneficiary. The Company acts as the primary servicer for such trusts and therefore has the ability to direct activities that could significantly impact these trusts’ economic performance. Generally, the Company retains a vertical tranche of notes issued by these trusts for risk retention purposes in addition to the most subordinated tranches and “interest only” interests. Such retained interests were eliminated in consolidation. Depending on the type of securitization, the underlying pool of assets may consist of performing, amortizing and interest only, fixed rate and adjustable rate mortgage loans secured by first liens on single family residential properties, planned unit developments and condominiums.
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 such securities for risk retention purposes. The Company is 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 $16.5 million of notes held at fair value as of December 31, 2025.

As of December 31, 2025, the notes payable, at fair value of consolidated CFEs due to third parties had a fair value of $2.8 billion. Rithm Capital’s retained interest in the consolidated CFEs was $0.4 billion. Refer to Note 18 regarding the fair value measurements of consolidated loan securitizations, classified as CFEs.

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 December 31, 2025, the consolidated notes payable due to third parties had a fair value of $203.7 million.

Sculptor’s structured alternative investment solution entered into a 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 December 31, 2025, the facility has a capacity of $48.0 million, on which the consolidated funds have not drawn.

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 December 31, 2025, the consolidated notes payable due to third parties had a fair value of $751.6 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.

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

See Note 17 and Note 18 regarding the financing and fair value measurements of consolidated funds, respectively.
The tables below present the carrying value and classification of the assets and liabilities of consolidated VIEs on the consolidated balance sheets:
Advance PurchaserNewrez Joint VenturesResidential Mortgage LoansConsumer Loan CompaniesAsset Management and OtherSPAC
Consolidated Entities(A)
Total
December 31, 2025Loan Securitizations - Residential Transition LoansLoan Securitizations - Residential Mortgage LoansConsolidated Funds
Assets:
Servicer advance investments, at fair value$294,323 $— $— $— $— $— $— $— $— $294,323 
Residential mortgage loans, HFS, at fair value— — 437,060 — — — — — — 437,060 
Consumer loans— — — 167,807 — — — — — 167,807 
Real estate, net— — — — 2,365,079 — — — — 2,365,079 
Intangible assets— — — — 678,650 — — — — 678,650 
Assets of consolidated entities - investments— — — — — — 927,089 3,265,142 1,397,209 5,589,440 
Cash and cash equivalents13,164 21,754 — 254 91,926 401 — — — 127,499 
Restricted cash5,019 — 5,953 10,000 181,383 238,435 12,875 18,084 101,516 573,265 
Other assets4 445 — 310 404,314 262 40,796 — 26,638 472,769 
Total Assets$312,510 $22,199 $443,013 $178,371 $3,721,352 $239,098 $980,760 $3,283,226 $1,525,363 $10,705,892 
Liabilities:
Secured financing agreements$— $— $360,140 $— $— $— $— $— $— $360,140 
Secured notes and bonds payable229,069 — — 143,442 2,305,842 — — — — 2,678,353 
Notes payable and secured financing of consolidated entities— — — — — — 867,141 2,820,922 1,209,739 4,897,802 
Accrued expenses and other liabilities1,532 2,334 — 1,344 130,085 8,152 1,076 18,418 107,255 270,196 
Total Liabilities$230,601 $2,334 $360,140 $144,786 $2,435,927 $8,152 $868,217 $2,839,340 $1,316,994 $8,206,491 
(A)Reflect assets of consolidated entities - investments, at fair value and other assets and liabilities of consolidated entities - notes payable, at fair value and other liabilities on the consolidated balance sheets.
Advance PurchaserNewrez Joint VenturesResidential Mortgage LoansConsumer Loan CompaniesAsset Management and OtherSPAC
Consolidated Entities(A)
Total
December 31, 2024Loan Securitizations - Residential Transition LoansLoan Securitizations - Residential Mortgage LoansConsolidated Funds
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 entities - investments— — — — — — 962,192 2,791,027 1,118,359 4,871,578 
Cash and cash equivalents5,163 21,023 — 1,118 11,796 — — — — 39,100 
Restricted cash6,727 — 6,087 11,492 — — 7,172 17,293 126,158 174,929 
Other assets4 452 — 4,618 89,654 — 26,348 — 59,277 180,353 
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 and secured financing of consolidated entities— — — — — — 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 entities - investments, at fair value and other assets and liabilities of consolidated entities - notes payable, at fair value and other liabilities on the consolidated balance sheets.

Non-Consolidated VIEs

The Company transfers residential mortgage loans to securitization trusts, classified as VIEs, and retains the right to service the transferred loans. The Company also retains interests in such VIEs pursuant to required risk retention regulations. The Company does not consolidate such VIEs, as it is not considered the primary beneficiary. The following table summarizes the carrying value of notes issued by unconsolidated VIEs and retained by the Company, which reflects the Company’s maximum exposure to loss, as well as the UPB of transferred loans. The retained notes are presented as non-Agency securities, at fair value within other assets on the consolidated balance sheets:
December 31,
20252024
Residential mortgage loan UPB and other collateral$9,326,370$8,152,970
Weighted average delinquency(A)
4.2%5.2%
Net credit losses$173,618$161,646
Face amount of debt held by third parties$8,664,576$7,532,832
Carrying value of notes retained by Rithm Capital(B)(C)
$595,892$532,845
Cash flows received by Rithm Capital on these notes$104,403$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 18 for details on unobservable inputs.
The Company’s involvement with other VIEs that are not consolidated is primarily through providing asset management services and, in certain cases, through equity investments. The Company is not the primary beneficiary of these VIEs because it does not have the power to direct the activities that most significantly affect their economic performance. The Company’s maximum exposure to loss associated with its involvement in non-consolidated VIEs is limited to the carrying value of its investments, income and fees receivable, unearned income subject to potential clawback, unfunded and other contractual commitments, and membership interests, as applicable. The Company does not provide, nor is it required to provide, any non-contractual financial or other support to non-consolidated VIEs beyond its contractual capital and other commitments.
December 31,
20252024
Unearned income and fees$9,056$17,268
Income and fees receivable123,95935,723
Investments in non-consolidated VIEs990,130830,105
Unfunded commitments(A)
215,215174,530
Other commitments25,52125,521
Maximum Exposure to Loss$1,363,881$1,083,147
(A)Unfunded commitments include commitments from certain current and former employees and managing directors of $131.2 million and $133.9 million as of December 31, 2025 and 2024, respectively.
v3.25.4
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER
 12 Months Ended
Dec. 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:
Year Ended December 31,
202520242023
Property and maintenance$109,838 $121,293 $133,424 
Rental102,374 76,561 73,216 
Other26,715 29,618 29,527 
Total Other Revenues$238,927 $227,472 $236,167 

General and Administrative expenses consists of the following:
Year Ended December 31,
202520242023
Legal and professional$136,520 $104,459 $103,795 
Loan origination64,762 51,313 45,123 
Occupancy62,883 61,305 50,367 
Subservicing52,614 70,580 130,346 
Loan servicing148,741 41,958 17,901 
Property and maintenance124,922 122,581 97,582 
Depreciation and amortization107,477 124,131 80,681 
Information technology121,630 129,710 107,347 
Insurance-related expenses5,392 — — 
Other
186,623 162,447 127,960 
Total General and Administrative Expenses$1,011,564 $868,484 $761,102 
Other Income (Loss)

The following table summarizes the components of other income (loss):
Year Ended December 31,
202520242023
Real estate and other securities
$25,262 $4,328 $18,085 
Residential mortgage loans and REO
22,108 34,065 19,861 
Derivative and hedging instruments
(20,589)(3,198)(3,503)
Notes and bonds payable(1,716)(7,407)(12,843)
Consolidated entities(A)
79,442 97,340 17,780 
Insurance company investments2,606 — — 
Other(B)
18,754 (52,489)(29,274)
Realized and unrealized gains, net125,867 72,639 10,106 
Other income (loss), net83,164 57,255 (40,377)
Total Other Income (Loss), Net$209,031 $129,894 $(30,271)
(A)Includes change in the fair value of the consolidated CFEs’ financial assets and liabilities and related interest and other income.
(B)Includes Excess MSRs, servicer advance investments, consumer loans, RTLs and other.
v3.25.4
ASSET MANAGEMENT REVENUES
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
ASSET MANAGEMENT REVENUES ASSET MANAGEMENT REVENUES
The following table presents the composition of asset management revenues:
Year Ended December 31,
202520242023
Management fees$262,805 $232,691 $29,465 
Incentive income364,235 287,603 50,804 
Other asset management revenue— — 2,412 
Total Asset Management Revenues$627,040 $520,294 $82,681 

The following table presents the composition of the Company’s income and fees receivable:
December 31,
20252024
Management fees receivable$47,542 $25,337 
Incentive income receivable290,170 183,335 
Total Income and Fees Receivable$337,712 $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:
December 31,
20252024
Unearned management fees$310 $12 
Unearned incentive income9,036 17,268 
Total Unearned Income and Fees$9,346 $17,280 
A liability for unearned incentive income is generally recognized when the Company receives incentive income distributions from its funds, primarily its real estate funds, whereby the distributions received have not yet met the recognition threshold of it being probable that a significant reversal of cumulative revenue will not occur. A liability for unearned management fees is generally recognized when management fees are paid to the Company on a quarterly basis in advance, based on the amount of AUM at the beginning of the quarter.
v3.25.4
NONCONTROLLING INTERESTS
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
NONCONTROLLING INTERESTS NON-CONTROLLING INTERESTS
Non-controlling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Rithm Capital, and it is presented as a separate component of equity on the Company’s consolidated balance sheets. These interests are related to non-controlling interests in consolidated entities that hold servicer advance investments, the Newrez Joint Ventures, consumer loans (Note 8), Excess MSRs, asset management investments and other investments.

Others’ interests in the equity of consolidated subsidiaries is computed as follows:
December 31, 2025December 31, 2024
Total Consolidated EquityOthers' Ownership InterestNon-controlling Interest in Equity of Consolidated SubsidiariesTotal Consolidated EquityOthers' Ownership InterestNon-controlling Interest in Equity of Consolidated Subsidiaries
Advance Purchaser$81,909 10.7 %$8,759 $91,384 10.7 %$9,770 
Newrez Joint Ventures19,865 49.5 %9,833 19,621 49.5 %9,687 
Excess MSRs119,931 20.0 %23,986 136,645 20.0 %27,329 
Other investments114,175 22.3 %25,492 50,778 10.0 %4,608 
Asset management2,092,324 
n/m(B)(C)
441,850 844,669 
n/m(B)
39,942 

Others’ interests in the net income of consolidated subsidiaries is computed as follows:     
Year Ended December 31,
202520242023
Net IncomeOthers’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income of Consolidated SubsidiariesNet IncomeOthers’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income (Loss) of Consolidated SubsidiariesNet IncomeOthers’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income of Consolidated Subsidiaries
Advance Purchaser$4,274 10.7 %$456 $1,221 10.7 %$129 $7,978 10.7 %$852 
Newrez Joint Ventures6,519 49.5 %3,227 5,159 49.5 %2,554 1,174 49.5 %581 
Consumer Loan Companies(A)
423 — %— 3,153 46.5 %(2,384)14,235 46.5 %6,619 
Excess MSRs9,042 20.0 %1,808 26,450 20.0 %5,290 — N/A— 
Other investments9,858 22.3 %2,620 981 9.7 %98 — N/A— 
Asset management31,598 
n/m(B)(C)
709 27,370 
n/m(B)
4,302 — 
n/m(B)
— 
(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)Percentages in the table above deemed “n/m” are not meaningful. Non-controlling interests related to asset management investments represent the ownership interests in certain funds held by entities or persons other than the Company. These interests substantially relate to interests held by employees in real estate and energy funds managed by the Company adjusted for their capital activity and allocated earnings in such funds. Such employees’ portion of carried interest is expensed and recorded within compensation and benefits on the consolidated statements of operations and therefore excluded in the calculation of non-controlling interests.
(C)Included in asset management is Rithm Property Trust’s 3.9% minority interest in the Aggregators, which it acquired on December 19, 2025. As of December 31, 2025, the Aggregators total consolidated equity and net income were $1.6 billion and $2.5 million, respectively.

Redeemable Non-controlling Interests

In the first quarter of 2025, the Company consolidated the SPAC it sponsors. The Class A ordinary shares issued by the consolidated SPAC are redeemable for cash by the public shareholders at the time of a business combination or in the event the SPAC is unable to complete a business combination by a set date. Since the redemption of the Class A ordinary shares is outside the Company’s control, they are not classified as permanent equity and are recognized as redeemable non-controlling interests in consolidated subsidiaries in the consolidated balance sheets.
Additionally, in the first quarter of 2025, a certain interest held by a third-party in a consolidated entity is classified within redeemable non-controlling interests on the consolidated balance sheets due to a redemption feature.
The following table presents activity in redeemable non-controlling interests:
SPACConsolidated EntityTotal
Balance at December 31, 2024$— $— $— 
Initial carrying value214,389 73,128 287,517 
Distributions— (1,040)(1,040)
Change in redemption value15,611 — 15,611 
Comprehensive income8,435 3,780 12,215 
Balance at December 31, 2025$238,435 $75,868 $314,303 
v3.25.4
EQUITY-BASED COMPENSATION
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
EQUITY-BASED COMPENSATION EQUITY-BASED COMPENSATION
The Company has granted share-based compensation in the form of RSU awards, PSU awards, RSAs, Class B Profit Units (as defined below) and LTIP Profit Units (as defined below) to its officers, employees and other service providers and independent directors as well as options to its independent directors under the terms of the applicable incentive plans for the purpose of providing incentives and rewards for service or performance that align the interest of grantees with the long-term growth and profitability of the Company. Additionally, prior to the internalization of the Company’s management in 2022, the Company issued options to its former external manager, FIG LLC (the “Former Manager”), an affiliate of Fortress Investment Group LLC, under the terms of the applicable incentive plans.

Share-based awards granted as compensation are measured based on the grant-date fair value of the award. The Company adjusts for forfeitures in the periods in which they occur. Share-based compensation expense is recorded within compensation and benefits in the consolidated statements of operations. For the years ended December 31, 2025, 2024 and 2023, total share-based compensation expense recognized was $71.6 million, $49.1 million and $14.1 million, respectively.

Equity-Classified Share-Based Compensation

On May 25, 2023, the Company’s stockholders adopted the Rithm Capital Corp. 2023 Omnibus Incentive Plan (the “2023 Plan”). The 2023 Plan replaced the Company’s Amended and Restated Nonqualified Stock Option and Incentive Award Plan, which became effective on May 15, 2013, as the same has been amended and restated from time to time (the “2013 Plan”). The 2013 Plan expired in accordance with its terms on April 29, 2023. The Company reserved 34,240,000 shares of its common stock for issuance under the 2023 Plan. Any share-based awards issued under the 2013 Plan continue to be subject to the terms and provisions of the 2013 Plan applicable to such awards.

On February 23, 2024, the Company established and the Compensation Committee of the Board approved the Rithm Capital Management LLC Long-Term Incentive Plan (the “RCM Plan”), as a sub-plan under the 2023 Plan. The RCM Plan provides for the grants of class A profits units and class B profits units (“Class B Profit Units”) in Rithm Capital Management LLC, a wholly owned subsidiary of the Company (“RCM”). The RCM Plan also allows for awards of any other class of units in RCM designated as partnership profits interests. Each award will be granted subject to a benchmark amount calculated at the time of grant with respect to each award such that the award will have no liquidation value with respect to any value below such benchmark amount. Awards of Class B Profit Units that are designated as “Share-Settled Awards” will be settled in shares of common stock in accordance with and subject to the terms and conditions set forth in the individual award agreements.

RSU Awards, PSU Awards and RSAs

The Company has granted share-based awards under the 2023 Plan in the form of RSU and PSU awards and has granted share-based awards in the form of RSAs under the 2013 Plan. RSU and PSU awards entitle the holder to receive a share of common stock or cash equal to the fair value of a share of common stock at the election of the Board, plus any dividend equivalent shares of common stock in respect of dividends declared on the common stock, at the time the award vests. RSAs and RSU awards vest over a specified service period. PSU awards vest upon the satisfaction of a service condition and subject to achieving certain performance-based targets.

The fair value of the awards granted is determined based on the public share price of common stock on the date of the grant. For RSU awards and RSAs, compensation expense is recognized using the accelerated attribution model over the vesting period. RSU awards and RSAs vest ratably over a three year period, as set forth in the applicable award agreements. For PSU awards, the Company estimates the probability that the performance criteria will be achieved and recognizes compensation expense only for those awards expected to vest using the accelerated attribution model. PSU awards vest at the end of a three-year period provided that specified performance criteria are met, as set forth in the applicable award agreements. The Company reevaluates its estimate each reporting period and recognizes a cumulative effect adjustment to expense if estimates change from the prior period. No compensation expense is recognized related to the dividend equivalent shares of common stock (awarded in the form of additional RSU or PSU awards) as they are forfeitable and the delivery of the dividend equivalent shares of common stock on outstanding RSU and PSU awards is contingent upon the vesting of the underlying awards.
Class B Profit Units

The Company has granted both time-based and performance-based vesting awards of Class B Profit Units under the RCM Plan. The time-based Class B Profit Units vest over a specified service period. The performance-based Class B Profit Units vest upon the satisfaction of a service condition and subject to achieving certain performance-based targets. The performance-based Class B Profit Units vest on the third anniversary of the grant date subject to the employee’s continued employment through the applicable vesting date (the “Service Condition”) and subject to the achievement of specified annual targets relating to the Company’s earnings available for distribution return on equity ranging between either 0% and 300% or 0% and 200%, as per the terms of the award, over a three-year performance period (the “Performance Condition”). If the performance-based Class B Profit Units have not satisfied both the Service Condition and the Performance Condition by the third anniversary of the grant date, they will be forfeited. Class B Profit Units entitle the holders to receive shares of common stock or cash equal to the fair value of the common stock shares, at the election of the Company, upon satisfaction of the applicable Service Condition and the Performance Condition, as applicable. The Class B Profit Units are entitled to pre-vesting and post-vesting dividends in the form of dividend equivalent units or cash, as applicable.

The fair value of the Class B Profit Units granted by the Company are based on the grant-date fair value, which considers the public share price of the Company’s common stock. For time-based Class B Profit Units, compensation expense is recognized using the accelerated attribution model over the vesting period. For performance-based Class B Profit Units, the Company estimates the probability that the performance criteria will be achieved and recognizes compensation expense only for those awards expected to vest using the accelerated attribution model. The Company reevaluates its estimate each reporting period and recognizes a cumulative effect adjustment to expense if estimates change from the prior period.

RSU Awards, PSU Awards, RSAs and Class B Profit Units

The table below summarizes the Company’s RSU awards, PSU awards, RSAs and Class B Profit Units granted, forfeited and vested under the 2013 Plan, 2023 Plan and RCM Plan during the year ended December 31, 2025:
Number of Shares / UnitsWeighted-Average Grant-Date Fair Value
RSAsRSU AwardsPSU AwardsTime-Based Class B Profit UnitsPerformance-Based Class B Profit UnitsTotalRSAsRSU AwardsPSU AwardsTime-Based Class B Profits UnitsPerformance-Based Class B Profits Units
Unvested Shares at December 31, 2024
192,678 4,584,121 3,220,901 746,863 3,229,769 11,974,332 $8.65 $10.55 $9.66 $10.72 $10.79 
Granted— 4,107,559 414,773 630,782 3,071,807 8,224,921 — 11.40 11.89 11.89 11.88 
Accrued RSU and PSU dividend equivalents(A)
— 488,432 298,401 72,159 433,509 1,292,501 — 10.75 9.91 11.40 11.31 
Performance adjustment - PSU base grant— — 90,769 — 276,243 367,012 — — 10.70 — 10.86 
Performance adjustment - accrued PSU dividend equivalent— — 16,619 — 19,209 35,828 — — 10.70 — 10.86 
Vested(192,678)(1,830,753)— (254,558)— (2,277,989)8.65 10.46 — 10.73 — 
Forfeited— (107,810)(336,111)— — (443,921)— 10.92 9.54 — — 
Unvested Shares at December 31, 2025(A)
— 7,241,549 3,705,352 1,195,246 7,030,537 19,172,684 $— $11.06 $9.97 $11.38 $11.30 
(A)Number of PSU awards assumes target levels of performance are achieved for outstanding unvested PSU awards.

The weighted-average grant-date fair value of RSU awards granted for the years ended December 31, 2025, 2024 and 2023 was $11.40, $10.90 and $10.41, respectively. As of December 31, 2025, total unrecognized compensation expense related to RSU awards was $43.6 million, with a weighted-average amortization period of 2.4 years. The total fair value of RSU awards vested was $19.1 million and $14.6 million for the years ended December 31, 2025 and 2024, respectively. No RSU awards vested for the year ended December 31, 2023.

The weighted-average grant-date fair value of PSU awards granted for the years ended December 31, 2025, 2024 and 2023 was $11.89, $10.70 and $9.52, respectively. As of December 31, 2025, total unrecognized compensation expense related to PSU awards was $6.3 million, with a weighted-average amortization period of 1.6 years. No PSU awards vested for the years ended December 31, 2025, 2024 and 2023.
There were no RSAs granted for the years ended December 31, 2025, 2024 or 2023. The total fair value of RSAs vested was $1.7 million, $1.7 million and $1.7 million for the years ended December 31, 2025, 2024 and 2023, respectively.

The weighted-average grant-date fair value of time-based Class B Profit Units granted for the years ended December 31, 2025 and 2024 was $11.89 and $10.72, respectively, and the weighted-average grant-date fair value of performance-based Class B Profit Units granted for the years ended December 31, 2025 and 2024 was $11.88 and $10.79, respectively. No time-based or performance-based Class B Profit Units were granted for the year ended December 31, 2023, as the RCM Plan was established in February 2024. As of December 31, 2025, total unrecognized compensation expense related to time-based and performance-based Class B Profit Units was $44.5 million, with a weighted-average amortization period of 1.8 years. No time-based or performance-based Class B Profit Units vested for the years ended December 31, 2025, 2024 and 2023.

Options

Prior to the internalization of its management in 2022, the Company issued options (i) to the Former Manager and (ii) as initial one-time grants relating to 1,000 shares common stock as compensation to each new director. These options were issued pursuant to the 2013 Plan. Upon exercise, all options will be settled in an amount of cash equal to the excess of the fair market value of a share of common stock on the date of exercise over the exercise price per share unless advance approval is made to settle options in shares of common stock.

On November 11, 2024, the Former Manager exercised all of its outstanding options granted in 2021. The outstanding 7,050,335 options were net settled for 0.9 million shares of common stock. The total intrinsic value of options exercised was $9.94 million for the year ended December 31, 2024. There were no options exercised in 2025 or 2023.

The following table summarizes outstanding options as of December 31, 2025. The last sales price on the New York Stock Exchange for Rithm Capital’s common stock for the year ended December 31, 2025 was $10.90 per share.

Recipient
Date of
Grant(A)
Number of Unexercised Options
Options
Exercisable
as of
December 31, 2025
Weighted-Average
Exercise
Price(B)
Intrinsic Value of Exercisable Options as of December 31, 2025
Independent Directors
Various(C)
2,000 2,000 $10.70 $0.39 
Former Manager20171,130,916 1,130,916 12.84 — 
Former Manager20185,320,000 5,320,000 15.57 — 
Former Manager20196,351,000 6,351,000 14.95 — 
Former Manager20201,619,739 1,619,739 16.30 — 
Outstanding14,423,655 14,423,655 $15.16 
(A)Options expire on the tenth anniversary from date of grant.
(B)The exercise prices are subject to adjustment in connection with return of capital dividends.
(C)1,000 options were granted in 2016 and 1,000 were granted in 2021.
 
As of December 31, 2025 and 2024, there were 14,423,655 options outstanding with a weighted-average exercise price of $15.16. There were no options granted, exercised or expired during the year ended December 31, 2025.

Liability-Classified Share-Based Compensation

In November 2023, the Company established the Sculptor Capital Management Inc. Long-Term Incentive Plan (“LTIP”) to attract, retain and provide incentives and rewards for service or performance to grantees to participate in the long-term growth and financial success of Sculptor. One million profit units (“LTIP Profit Units”) are authorized for issuance under the LTIP.

LTIP Profit Units

The LTIP Profit Units have an end date of December 31, 2028 (“End Date”) through which the LTIP Profit Units will vest subject to a service condition and the achievement of a specified minimum performance internal rate of return (“IRR”) hurdle. The LTIP Profit Units’ service condition is satisfied in three equal installments on each of the third, fourth and fifth anniversaries of the grant date. Once vested, each LTIP Profit Unit represents a right to participate in distributions from
Sculptor in accordance with a distribution waterfall dependent on the achieved performance IRR and the value realized by the Company in a monetization event or the End Date, whichever is earlier. In case of a monetization event or End Date, the vested awards are settled in cash.

LTIP Profit Units are liability-classified equity-based awards due to a cash settlement feature. As such, the fair value of these awards is initially determined at the date of grant and is remeasured at each reporting period until settlement. Compensation expense is recognized on an accelerated basis (i.e., each tranche is recognized over its respective service period), over the requisite service period to the extent the performance condition is met or deemed probable. The requisite service period for these awards was estimated to be 5 years at the time of the grant.

The Company calculates the fair value of the LTIP Profit Units at each reporting date using the risk-neutral Monte Carlo simulation pricing model which estimates the fair value of the LTIP Profit Units set over the expected term until the expected monetization event, using the risk-free interest rate and the expected volatility as inputs. The volatility used is based on historical volatility of peer companies, adjusted for size and leverage. The assumptions used are noted in the table below:
December 31,
202520242023
Risk-free interest rate3.5 %4.2 %4.2 %
Expected term to monetization event (in years)2.73.74.7
Volatility37.2 %42.0 %44.2 %
Discount for lack of marketability(A)
13.6 %17.5 %20.2 %
(A)The discount for lack of marketability was applied based on the Finnerty Model.

The table below summarizes the LTIP Profit Units granted, forfeited or vested under the LTIP during the year ended December 31, 2025:
Number of Shares / UnitsWeighted-Average Grant-Date Fair Value
Unvested Shares at December 31, 2024
521,000 $65.87 
Granted34,000 50.15 
Vested— — 
Forfeited(8,000)65.52 
Unvested Shares at December 31, 2025
547,000 $64.89 

The weighted-average grant-date fair value of LTIP Profit Units granted was $50.15, $63.34 and $66.03 for the years ended December 31, 2025, 2024 and 2023, respectively. As of December 31, 2025, total unrecognized compensation expense related to LTIP Profit Units was $48.6 million, with a weighted-average amortization period of 2.1 years. No LTIP Profit Units vested for the years ended December 31, 2025, 2024 and 2023. The liability related to the Company’s liability-classified LTIP Profit Units was $17.6 million and $7.6 million as of December 31, 2025 and 2024, respectively, and is included in accrued expenses and other liabilities in the consolidated balance sheets.
v3.25.4
EQUITY AND EARNINGS PER SHARE
 12 Months Ended
Dec. 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 September 18, 2025, Rithm Capital priced its underwritten public offering of 7,600,000 of its 8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock, par value $0.01 per share, with a liquidation preference of $25.00 per share for net proceeds of approximately $183.5 million. The offering closed on September 25, 2025. In connection with the offering, the Company granted the underwriters an option for a period of 30 days to purchase up to an additional 1,140,000 shares of Series E Preferred Stock, which was not exercised.

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 year ended December 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 (the “Series A”) 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, par value of $0.01 per share, for gross proceeds of $340.2 million, before deducting estimated offering costs.

On August 5, 2022, Rithm Capital entered into a Distribution Agreement (as amended by that Amendment No. 1 to the Distribution Agreement, dated August 1, 2025) 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 “2022 ATM Program”). On September 22, 2025, to replace the 2022 ATM Program, 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 $750.0 million, from time to time, through an “at-the-market” equity offering program (the “2025 ATM Program” and, together with the 2022 ATM Program, the “ATM Program”). During the year ended December 31, 2025, 32.9 million shares of common stock were issued under the ATM Program.

Purchases and sales of Rithm Capital’s securities by the Company’s officers and directors are subject to the Rithm Capital Corp. Insider Trading Compliance Policy.
The table below summarizes the Company’s outstanding preferred shares:
Number of Shares
Liquidation Preference(A)
Carrying Value(C)
Dividends Declared per Share
December 31,December 31,Issuance DiscountDecember 31,Year Ended December 31,
Series(B)
202520242025202420252024202520242023
Series A, issued July 2019(D)(G)(I)
4,200,068 6,200,068 $105,002 $155,002 3.15 %$99,822 $149,822 $2.60 $2.33 $1.88 
Series B, issued August 2019(D)(G)
11,260,712 11,260,712 281,518 281,518 3.15 %272,654 272,654 2.55 2.26 1.78 
Series C, issued February 2020(D)(H)
15,903,342 15,903,342 397,584 397,584 3.15 %385,289 385,289 2.38 1.59 1.59 
Series D, 7.00% issued September 2021(E)
18,600,000 18,600,000 465,000 465,000 3.15 %449,489 449,489 1.75 1.75 1.75 
Series E, 8.75% issued September 2025(F)
7,600,000 — 190,000 — 3.15 %183,536 — 0.85 — — 
Total57,564,122 51,964,122 $1,439,104 $1,299,104 $1,390,790 $1,257,254 $10.13 $7.93 $7.00 
(A)Each series has a liquidation preference or par value of $25.00 per share.
(B)Under certain circumstances upon a change of control, the Series A, Series B, Series C, Series D and Series E are convertible to shares of 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)Fixed-rate cumulative redeemable preferred.
(G)Effective August 15, 2024, dividends on the Series A and the Company’s 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series B”) accumulate at a floating rate. For the fourth 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%.
(H)Effective February 15, 2025, dividends on the Company’s 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series C”) accumulate at a floating rate. For the fourth 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%.
(I)The Company redeemed 2.0 million shares on the redemption date of March 28, 2025.

On December 18, 2025, Rithm Capital’s board of directors declared fourth quarter 2025 preferred dividends of $0.63 per share of Series A, $0.62 per share of Series B, $0.58 per share of Series C, $0.44 per share of the Company’s 7.000% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock (“Series D”) and $0.85 per share of the Company’s 8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock (the “Series E”), or approximately $4.2 million, $7.0 million, $9.2 million, $8.2 million and $6.5 million, respectively.

Common dividends have been declared as follows:
Per Share
Declaration DatePayment DateQuarterly DividendTotal Amounts Distributed (millions)
March 17, 2023April 2023$0.25 $120.8 
June 23, 2023July 20230.25 120.8 
September 14, 2023October 20230.25 120.8 
December 12, 2023January 20240.25 120.8 
March 20, 2024April 20240.25 120.9 
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 
June 18, 2025July 20250.25 132.6 
September 17, 2025October 20250.25 138.5 
December 18, 2025January 20260.25 139.0 
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:
Year Ended December 31,
202520242023
Net Income$718,092 $941,492 $630,674 
Non-controlling interests in income of consolidated subsidiaries8,820 9,989 8,417 
Redeemable non-controlling interests in income of consolidated subsidiaries12,215 — — 
Net Income Attributable to Rithm Capital Corp.697,057 931,503 622,257 
Change in redemption value of redeemable non-controlling interests15,611 — — 
Dividends on preferred stock114,246 96,456 89,579 
Net Income Attributable to Common Stockholders$567,200 $835,047 $532,678 
Basic weighted average shares of common stock outstanding537,879,037495,479,956481,934,951
Effect of Dilutive Securities(A)(B):
Stock options134108192,388
Common stock purchase warrants——1,112,943
Restricted stock43,355185,678223,998
Time-based RSU awards2,991,6631,980,499174,554
Performance-based RSU awards2,605,6421,444,50377,881
Time-based Class B Profit Units715,543197,900—
Performance-based Class B Profit Units1,856,117309,026—
Diluted Weighted Average Shares of Common Stock Outstanding546,091,491499,597,670483,716,715
Basic Earnings per Share Attributable to Common Stockholders$1.05 $1.69 $1.11 
Diluted Earnings per Share Attributable to Common Stockholders$1.04 $1.67 $1.10 
(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.
v3.25.4
INCOME TAXES
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The following table shows income (loss) before income tax expense (or benefit) disaggregated between domestic and foreign:
Year Ended December 31,
202520242023
Income from domestic operations before income tax$767,073 $1,210,811 $733,316 
Income (loss) from foreign operations before income tax39,310 (2,002)19,517 
Income before Income Taxes$806,383 $1,208,809 $752,833 

Income tax expense (benefit) consists of the following:
Year Ended December 31,
202520242023
Current:
Federal$10,813 $1,283 $5,030 
State and local1,889 1,897 416 
Foreign15,241 9,735 377 
Total current income tax expense27,943 12,915 5,823 
Deferred:
Federal16,170 174,306 76,380 
State and local42,986 80,917 39,430 
Foreign1,192 (821)526 
Total deferred income tax expense60,348 254,402 116,336 
Total Income Tax Expense$88,291 $267,317 $122,159 

Total income taxes paid (net of refunds) consists of the following:
Year Ended December 31,
202520242023
U.S. federal$9,881 $1,850 
$—(A)
U.S. state and local:
New York State
—(A)
—(A)
380 
New York City
—(A)
1,467 395 
Pennsylvania
—(A)
—(A)
400 
Other91 287 1,255 
Foreign:
United Kingdom5,620 8,515 4,094 
Other205 59 
—(A)
Total$15,797 $12,178 $6,524 
(A)Jurisdiction is below the threshold for the period presented.

Rithm Capital has qualified 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.

The decrease in income tax expense for the year ended December 31, 2025 is primarily driven by deferred tax benefits resulting from changes in the fair value of MSRs and loans held within taxable entities, offset by income generated by the Origination and Servicing and Asset Management segments as well as deferred tax expense generated from increased valuation allowances on definite-lived deferred tax assets.
The increase in income tax expense for the year ended December 31, 2024 is primarily driven by current and deferred tax expense resulting from changes in the fair value of MSR and loans held within taxable entities, offset by income generated by the Origination and Servicing and Asset Management segments.

As part of the Crestline acquisition, Rithm Capital acquired a net deferred tax asset of $6.3 million, primarily composed of deferred tax assets related to insurance reserves. As of December 31, 2025, Crestline recorded a deferred tax asset of $6.4 million, which is reported within other assets in the consolidated balance sheets. As of December 31, 2025, Rithm Capital recorded a net deferred tax liability of $849.4 million, primarily composed of deferred tax liabilities generated through the deferral of gains from residential mortgage loans sold by the origination business and changes in fair value of MSRs, loans and swaps held within taxable entities, offset 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.

The difference between Rithm Capital’s reported provision for income taxes and the U.S. federal statutory rate of 21.0% is as follows:
December 31,
202520242023
U.S. federal statutory tax$169,340 21.00 %$253,850 21.00 %$158,095 21.00 %
State and local income tax, net of federal benefit(A)(B)(C)
820 0.10 %38,949 3.22 %15,550 2.07 %
Foreign tax effects(3,777)(0.47)%16,103 1.33 %(1,944)(0.26)%
Effect of changes in tax laws or rates enacted in current year32,246 4.00 %32,919 2.72 %8,656 1.15 %
Effect of cross-border tax laws— — %— — %— — %
Tax Credits:
Foreign tax credits (11,350)(1.41)%(9,139)(0.76)%— — %
Changes in valuation allowances40,257 4.99 %6,923 0.57 %3,535 0.47 %
Non-taxable or Non-deductible Items:
REIT income not subject to tax(D)
(155,786)(19.32)%(81,872)(6.77)%(67,420)(8.96)%
Non-deductible compensation 12,377 1.53 %— — %— — %
Other non-taxable or non-deductible items(1,025)(0.13)%7,464 0.62 %2,326 0.31 %
Changes in unrecognized tax benefits:
United Kingdom11,350 1.41 %— — %— — %
Other(6,161)(0.76)%2,120 0.18 %3,361 0.45 %
Total Provision$88,291 10.94 %$267,317 22.11 %$122,159 16.23 %
(A)State taxes in California, New York State and New York City made up the majority (greater than 50 percent) of the tax effect in this category for the year ended December 31, 2025.
(B)State taxes in California, New York State, New York City and New Jersey made up the majority (greater than 50 percent) of the tax effect in this category for the year ended December 31, 2024.
(C)State taxes in California, New York State, New York City, Florida and New Jersey made up the majority (greater than 50 percent) of the tax effect in this category for the year ended December 31, 2023.
(D)The effective tax rate attributable to REIT income not subject to tax is driven by the mix of earnings within the REIT and TRSs, which can vary significantly year over year.
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liability are presented below:
December 31,
20252024
Deferred Tax Assets:
Net operating losses and tax credit carryforwards(A)
$281,017 $226,781 
Basis differences related to assets and investments48,635 77,985 
Goodwill176,741 186,027 
Fixed asset depreciation12,297 19,658 
Accrued expenses72,996 58,467 
Other9,075 4,204 
Total deferred tax assets600,761 573,122 
Less: valuation allowance(73,828)(34,784)
Net deferred tax assets526,933 538,338 
Deferred Tax Liabilities:
Mortgage servicing rights(1,304,467)(1,239,428)
Basis differences related to assets and investments(65,444)(81,369)
Other— (3,682)
Total deferred tax liability(1,369,911)(1,324,479)
Net Deferred Tax Liabilities$(842,978)$(786,141)
(A)As of December 31, 2025, Rithm Capital’s TRSs had approximately $1.0 billion of net operating loss carryforwards for federal and state income tax purposes which may be available to offset future taxable income, if and when it arises. Approximately $432.5 million of federal and state net operating losses are subject to an annual Internal Revenue Code Section 382 limitation. The federal and state net operating loss carryforwards will begin to expire between 2028 and 2042. The utilization of the net operating loss carryforwards to reduce future income taxes will depend on the TRSs’ ability to generate sufficient taxable income prior to the expiration of the carryforward period.

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 year ended December 31, 2025, the Company increased the valuation allowance on definite-lived deferred tax assets by $39.0 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 December 31, 2025 was $73.8 million.

The following table presents changes in the Company’s deferred tax asset valuation allowance for the periods indicated:
Balance at December 31, 2023$34,563 
Net change221 
Balance at December 31, 202434,784 
Net change39,044 
Balance at December 31, 2025$73,828 

Rithm Capital and its TRSs file income tax returns with the U.S. federal government and various state and local jurisdictions. Generally, Rithm Capital is no longer subject to tax examinations by tax authorities for tax years ended prior to December 31, 2022. Rithm Capital recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. As of December 31, 2025, Rithm Capital has no material uncertainties to be recognized. Rithm Capital does not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date.
Common stock distributions were taxable as follows:
YearDividends
per Share		Ordinary
Income		Long-Term
Capital
Gain		Return
of
Capital
2025(A)
$1.00 100 %— %— %
2024(B)
1.00 100 %— %— %
2023(C)
1.25 100 %— %— %
(A)The entire $0.25 per share dividend declared in December 2025 and paid in January 2026 is treated as received by stockholders in 2025.
(B)The entire $0.25 per share dividend declared in December 2024 and paid in January 2025 is treated as received by stockholders in 2024.
(C)The entire $0.25 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2023.

Series A Preferred stock distributions were as follows:
YearDividends
per Share		Ordinary
Income		Long-Term
Capital
Gain		Return
of
Capital
2025(A)
$2.64 100 %— %— %
2024(B)
2.12 100 %— %— %
2023(C)
1.88 100 %— %— %
(A)The entire $0.63 per share dividend declared in December 2025 and paid in January 2026 is treated as received by stockholders in 2026.
(B)The entire $0.68 per share dividend declared in December 2024 and paid in January 2025 is treated as received by stockholders in 2025.
(C)The entire $0.47 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024.
Series B Preferred stock distributions were as follows:
YearDividends
per Share		Ordinary
Income		Long-Term
Capital
Gain		Return
of
Capital
2025(A)
$2.60 100 %— %— %
2024(B)
2.04 100 %— %— %
2023(C)
1.78 100 %— %— %
(A)The entire $0.62 per share dividend declared in December 2025 and paid in January 2026 is treated as received by stockholders in 2026.
(B)The entire $0.67 per share dividend declared in December 2024 and paid in January 2025 is treated as received by stockholders in 2025.
(C)The entire $0.45 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024.

Series C Preferred stock distributions were as follows:
YearDividends
per Share		Ordinary
Income		Long-Term
Capital
Gain		Return
of
Capital
2025(A)
$2.20 100 %— %— %
2024(B)
1.59 100 %— %— %
2023(C)
1.59 100 %— %— %
(A)The entire $0.58 per share dividend declared in December 2025 and paid in January 2026 is treated as received by stockholders in 2026.
(B)The entire $0.40 per share dividend declared in December 2024 and paid in January 2025 is treated as received by stockholders in 2025.
(C)The entire $0.40 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024.

Series D Preferred stock distributions were as follows:
YearDividends
per Share		Ordinary
Income		Long-Term
Capital
Gain		Return
of
Capital
2025(A)
$1.75 100 %— %— %
2024(B)
1.75 100 %— %— %
2023(C)
1.75 100 %— %— %
(A)The entire $0.44 per share dividend declared in December 2025 and paid in January 2026 is treated as received by stockholders in 2026.
(B)The entire $0.44 per share dividend declared in December 2024 and paid in January 2025 is treated as received by stockholders in 2025.
(C)The entire $0.44 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024.
v3.25.4
COMMITMENTS AND CONTINGENCIES
 12 Months Ended
Dec. 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 December 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.

•Mortgage Origination Reserves — Newrez currently originates, or has in the past originated, conventional, government-insured and non-conforming residential mortgage loans for sale and securitization. The GSEs or Ginnie Mae guarantee conventional and government insured mortgage securitizations and mortgage investors issue non-conforming 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 December 31, 2025, Rithm Capital’s estimated liability associated with representations and warranties and Ginnie Mae repurchases was $43.0 million and $4.0 billion, respectively. See Note 5 for information regarding the right to repurchase delinquent loans from Ginnie Mae securities and mortgage origination.

•Residential Mortgage Loans — As part of its investment in residential mortgage loans, Rithm Capital may be required to outlay capital. These capital outflows primarily consist of advance escrow and tax payments, residential maintenance and property disposition fees. The actual amount of these outflows is subject to significant uncertainty. See Note 7 for information regarding Rithm Capital’s residential mortgage loans.
•SFR Properties — On February 27, 2024, Viewpoint Murfreesboro Land LLC, a wholly owned subsidiary of Rithm Capital (“Viewpoint”), executed a purchase and sale agreement (the “PSA”) with an affiliate of BTR Group, LLC (“BTR”), BTR VM LLC, to purchase land for a purchase price of $7.0 million. In connection with the PSA, on February 27, 2024, Viewpoint entered into a fixed price design-build construction contract with BTR (the “Construction Contract”) to purchase 171 SFR properties that are scheduled to be built by BTR on the purchased land in accordance with the plans and specifications approved in accordance with entry into the Construction Contract, for an aggregate purchase price of $49.2 million. The aggregate purchase price is payable in installments in accordance with the draw schedule set forth in the Construction Contract, and delivery of the homes is expected to begin in the third quarter of 2025. As of December 31, 2025, $24.0 million of the aggregate purchase price remains outstanding.

•Residential Transition Loans — Genesis had commitments to fund up to $1.8 billion of additional advances on existing mortgage loans as of December 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 December 31, 2025, the Company has an unfunded capital commitment to fund up to $78.8 million on an existing loan to a certain commercial real estate borrower.

•Fund Commitments — As of December 31, 2025, the Company has unfunded capital commitments of $779.7 million, including certain funds managed by the Company, of which $41.4 million relates to commitments of consolidated funds. Approximately $131.2 million of the commitments will be funded by contributions to the Company from certain current and former employees and executive managing directors. The Company expects to fund these commitments over approximately the next 8 years. The Company has guaranteed these commitments in the event any executive managing director fails to fund any portion when called by the fund. The Company has historically not funded any of these commitments and does not expect to in the future, as these commitments are expected to be funded by the Company’s executive managing directors individually. During the first quarter of 2025, the Company entered into a consolidated joint venture with a third party to acquire an interest in an affiliated fund. As of December 31, 2025, the unfunded capital commitment to the consolidated joint venture was $86.4 million, of which $69.1 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 December 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 17 for further discussion of the Company’s debt obligations.
Other Commitments and Contingencies —

•60 Wall Street Construction Guarantee — Paramount owns a 5.0% interest in 60 Wall Street. In connection with the modification and extension of the mortgage loan at 60 Wall Street, the joint venture committed to redevelop the property and fund the necessary costs to complete the project. On behalf of the joint venture, Paramount has provided the lender with certain guarantees, including a completion guarantee. Paramount has agreements with its joint venture partners that indemnifies it for the partner's share of guarantees that it has provided. In accordance with U.S. GAAP, the Company recorded a liability equal to the fair value of the obligations undertaken in issuing the guarantees and record an asset equal to the fair value of the indemnification it has received. As of December 31, 2025, the Company has a $12.4 million asset and liability, which are included as a component of other assets and accrued expenses and other liabilities, on the consolidated balance sheets.
•718 Fifth Avenue - Put Right — Paramount manages 718 Fifth Avenue, a five-story building containing 19,050 square feet of prime retail space that is located on the southwest corner of 56th Street and Fifth Avenue, in New York, New York. A 50.0% tenancy-in-common interest in 718 Fifth Avenue is owned by its joint venture partner in 712 Fifth Avenue, that also owns a 50.0% interest in 712 Fifth Avenue. Paramount had granted its joint venture partner a put right, pursuant to which the 712 Fifth Avenue joint venture would be required to purchase the entire direct or indirect interests then held by the joint venture partner or its affiliates in 718 Fifth Avenue at a purchase price equal to the fair market value of such interests. The put right may be exercised at any time with the actual purchase occurring no earlier than 12 months after written notice is provided. If the put right is exercised and the 712 Fifth Avenue joint venture acquires the 50.0% tenancy-in-common interest in the property held by the joint venture partner, Paramount will own a 25.0% interest in 718 Fifth Avenue based on the current ownership interests.
v3.25.4
RELATED PARTY TRANSACTIONS
 12 Months Ended
Dec. 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, which was fully redeemed during the second quarter 2025. Prior to redemption, this loan was included in residential transition loans, at fair value on Rithm Capital’s consolidated balance sheets.

Management Agreements

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 19 for additional details on the 2022-SFR2 Securitization.

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

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

As of December 31, 2025, approximately $2.1 billion of the Company’s AUM represented investments by the Company, its current executive managing directors, employees and certain other related parties in Company managed funds and real estate joint ventures. As of December 31, 2025, approximately 71.7% of this AUM is not charged management fees or incentive fees.
Due from Related Parties

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

Investments in Funds

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 in the Company’s consolidated financial statements. See Note 18 and Note 19 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. As of December 31, 2025, the Company invested $132.7 million in the vehicle and the vehicle is consolidated on the Company’s consolidated financial statements. See Note 18 and Note 19 for additional details on the Sculptor Loan Financing Partners.

During the first quarter of 2025, the Company acquired interests in certain funds managed by the Company for approximately $74.6 million. See Note 26 for additional details on this investment. Additionally, the Company has an interest in a consolidated joint venture that holds an investment in an affiliated fund. Refer to Notes 19 and 26 for additional details.

During the third quarter of 2025, the Company entered into a strategic investment partnership, managed by the Company, with a third party investor to fund the acquisition of RTLs, originated and serviced by the Company’s subsidiary, Genesis. The Company invested $4.7 million in the partnership it consolidates. See Note 19 for additional details.

Investments in Loan Securitizations

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

Investment in the SPAC

In a private placement concurrent with the IPO of the SPAC, the Sponsor acquired 660,000 units of the SPAC (the “Private Placement Units”) for total gross proceeds of $6.6 million. Each Private Placement Unit consists of one Class A 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.

Commercial Real Estate Joint Ventures

In connection with the Paramount acquisition in the fourth quarter of 2025, the Company consolidates certain real estate joint ventures that hold commercial real estate properties, which the Company manages. These joint ventures are indirectly consolidated through the Aggregators. See Note 19 for additional information.
Transactions with Rithm Property Trust

On June 11, 2024, RCM Manager, a subsidiary of Rithm Capital, entered into 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”), by and between RCM Manager and Rithm Property Trust, to serve as Rithm Property Trust’s external manager. On December 30, 2025, Rithm Property Trust effected a one-for-six reverse stock split (the “Reverse Stock Split”) of the Company’s issued and outstanding shares of common stock. As of December 31, 2025, Rithm Capital holds 0.5 million shares of Rithm Property Trust common stock with a fair value of $9.1 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 0.5 million shares of Rithm Property Trust’s common stock. During the first quarter of 2025, the Company acquired 400,000 shares, or 19.2%, 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 Chief Executive Officer or a member of the board of directors.

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

During the first quarter of 2024 (prior to the Company acting as an external manager to 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 December 31, 2025, the fair value of recognized MSRs associated with the loans in securitizations sponsored by Rithm Property Trust was approximately $21.2 million.

During the first quarter of 2025, the Company entered into a consolidated joint venture with Rithm Property Trust to fund a certain mortgage note receivable in the amount of $35.0 million, with each party contributing $17.5 million.

In connection with the Paramount Acquisition, Rithm Property Trust acquired an indirect 3.9% interest in the Company’s subsidiaries, the Aggregators, which indirectly own a portfolio of the commercial real estate properties acquired in the Paramount Acquisition. Rithm Property Trust made an aggregate cash contribution to the Aggregators in the amount of $50.0 million, with the commitment to make, under certain circumstances, additional cash capital contributions of up $7.5 million, in the aggregate, in exchange for additional limited partnership interest in the Aggregators.
Transactions with Rithm Perpetual Life Residential Trust (R-HOME)

Pursuant to an advisory agreement entered into during the fourth quarter of 2025, the Rithm Advisers provide investment management services to R-HOME, including the management of R-HOME’s business strategy, investment activities and day-to-day operations, subject to the oversight of R-HOME’s board of trustees. In exchange, the Rithm Advisers receive management fees and performance fees. In addition, the Company holds a 5% interest in R-HOME through Class E common shares. Additionally, the Company’s Chief Executive Officer currently serves as R-HOME’s Chief Executive Officer, Co-Chief Investment Officer and a member of the board of trustees of R-HOME. The Company’s Chief Executive Officer does not receive any compensation from R-HOME for his role as Chief Executive Officer, Co-Chief Investment Officer or a member of the board of trustees.

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

Additionally, in the fourth quarter of 2025, the Company transferred $261.4 million of UPB of certain RTLs and residential mortgage loans to R-HOME, for an aggregate purchase price of approximately $266.4 million.Following the transfer, the Company derecognized the loans from its consolidated balance sheet. The Company, through its subsidiaries Newrez and Genesis, continues to service the transferred loans pursuant to a servicing agreement. For RTLs held by R-HOME, Genesis is entitled to receive an annual servicing fee of 75 bps on the UPB of each RTL (or related REO property), and such fee is payable monthly in arrears. For residential mortgage loans held by R-HOME, Newrez is entitled to receive a flat monthly servicing fee of $7.00 per loan, plus additional fees if the borrower is delinquent with payment.

Other
The Company holds a derivative liability to an affiliate, which is measured at fair value. Refer to Note 16 for additional details.
v3.25.4
SUBSEQUENT EVENTS
 12 Months Ended
Dec. 31, 2025
Subsequent Events [Abstract]  
SUBSEQUENT EVENTS SUBSEQUENT EVENTS
These financial statements include a discussion of material events that have occurred subsequent to December 31, 2025 (referred to as “subsequent events”) through the issuance of these consolidated financial statements. Events subsequent to that date have not been considered in these financial statements.
On January 13, 2026, Rithm Capital priced its underwritten public offering of 10,000,000 shares of its 8.750% Series F Fixed-Rate Reset Cumulative Redeemable Preferred Stock, par value $0.01 per share (the “Series F”), with a liquidation preference of $25.00 per share for net proceeds of approximately $242.1 million. The offering closed on January 21, 2026. In connection with the offering, the Company granted the underwriters an option for a period of 30 days to purchase up to an additional 1,500,000 shares of the Series F.
v3.25.4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION
RITHM CAPITAL CORP.
SCHEDULE III
REAL ESTATE AND ACCUMULATED DEPRECIATION

Column AColumn BColumn CColumn DColumn EColumn FColumn GColumn HColumn I
(Amounts in thousands)
Initial Cost to CompanyCosts Capitalized Subsequent to AcquisitionGross Amount Carried at Close of PeriodAccumulated Depreciation and AmortizationDate of Construction / RenovationDate AcquiredLife on which Depreciation in Latest Income Statement is Computed
DescriptionEncumbrancesLandBuilding and ImprovementsLandBuilding and ImprovementsLandBuilding and Improvements
Total(1)
1633 Broadway$1,250,000 $446,247 $599,319 $— $953 $446,247 $600,272 $1,046,519 $(1,132) 1971 / 2015 12/19/2025
5 to 40 Years
1301 Avenue of Americas900,000 334,861 587,851 — — 334,861 587,851 922,712 (951) 1963 / 2023 12/19/2025
 5 to 40 Years
31 West 52nd Street500,000 178,599 263,760 — — 178,599 263,760 442,359 (360) 1987 / 2019 12/19/2025
5 to 40 Years
1325 Avenue of the Americas250,000 133,825 156,262 — 171 133,825 156,433 290,258 (338) 1989 / 2019 12/19/2025
 5 to 40 Years
900 Third Avenue120,000 75,887 89,149 — — 75,887 89,149 165,036 (181) 1983 / 2023 12/19/2025
 5 to 40 Years
Total New York3,020,000 1,169,419 1,696,341 — 1,124 1,169,419 1,697,465 2,866,884 (2,962)
One Market Plaza850,000 400,377 382,925 — — 400,377 382,925 783,302 (635)1976 / 201612/19/2025
5 to 40 Years 
300 Mission Street232,050 88,053 110,989 — — 88,053 110,989 199,042 (219)1968 / 202012/19/2025
5 to 40 Years
One Front Street— 64,020 109,294 — 222 64,020 109,516 173,536 (191)197912/19/2025
5 to 40 Years
Total San Francisco1,082,050 552,450 603,208 — 222 552,450 603,430 1,155,880 (1,045)
Other833,098 206,152 759,716 — 163,496 206,152 923,212 1,129,364 (109,877)N/AN/AN/A
Total$4,935,148 $1,928,021 $3,059,265 $— $164,842 $1,928,021 $3,224,107 $5,152,128 $(113,884)
(1)The basis of the Company’s assets for tax purposes is approximately $523.6 million higher than the amount reported for financial statement purposes.
For the Year Ended December 31,
(Amounts in thousands)202520242023
Real Estate:
Beginning balance$1,139,777 $1,069,475 $1,016,412 
Acquisitions4,060,386 102,393 68,368 
Additions during the year:
Buildings and improvements18,710 13,077 20,630 
Assets sold and written-off(66,745)(45,168)(35,935)
Ending balance$5,152,128 $1,139,777 $1,069,475 
Accumulated Depreciation:
Beginning balance$83,584 $52,040 $24,779 
Additions charged to expense34,156 29,955 28,200 
Accumulated depreciation related to assets sold and written-off(3,856)1,589 (939)
Ending balance$113,884 $83,584 $52,040 
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Nicola Santoro [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On November 12, 2025, Nicola Santoro, Jr., Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement for the potential sale of up to (i) 29,814 shares of our common stock and (ii) all of the net shares resulting from the vesting of 28,952 restricted stock units, in each case, subject to certain conditions. Net shares are net of shares withheld to cover tax withholding obligations at the time of vesting. The arrangement’s expiration date is February 26, 2027.
Name Nicola Santoro
Title Jr., Chief Financial Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 12, 2025
Expiration Date February 26, 2027
Arrangement Duration 471 days
Aggregate Available 29,814
David Zeiden [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement On November 26, 2025, David Zeiden, Chief Legal Officer, adopted a Rule 10b5-1 trading arrangement for the potential sale of up to 18,434 shares of our common stock, subject to certain conditions. The arrangement’s expiration date is February 26, 2027.
Name David Zeiden
Title Chief Legal Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date November 26, 2025
Expiration Date February 26, 2027
Arrangement Duration 457 days
Aggregate Available 18,434
Nicola Santoro Rule Trading Arrangement, Restricted Stock Units [Member] | Nicola Santoro [Member]  
Trading Arrangements, by Individual  
Aggregate Available 28,952
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block]
We consider cybersecurity risk management to be an important component of our enterprise risk management program and regularly assess and manage the risks posed by cybersecurity threats. We maintain a cybersecurity program designed to identify, assess, manage and mitigate risks to our information systems, data and operations. This program includes ongoing monitoring, testing and evaluation of our information technology environment for potential vulnerabilities and threats.

Our cybersecurity program is led by the Chief Information Security Officer (“CISO”) and is integrated into our broader enterprise risk management framework, alongside other significant operational, financial and regulatory risks. Dedicated cybersecurity personnel oversee and monitor the controls, technologies, systems and processes designed to reduce the risk of data loss, theft, unauthorized access, system disruption or other cybersecurity incidents.

Key elements of our cybersecurity program include incident response and recovery planning; information security policies and standards; vendor and third-party risk management; employee training and awareness programs, including simulated phishing exercises; participation in industry information-sharing forums; and ongoing internal and external testing of our information systems. Independent testing includes periodic evaluations performed by our internal audit function and annual network penetration testing conducted by third-party specialists. Our processes for identifying and managing material cybersecurity risks are embedded within our overall risk management processes.

We also monitor developments in applicable privacy and cybersecurity laws, regulations and guidance in the jurisdictions in which we operate, including, among others, SEC rules, the CCPA and the Gramm-Leach-Bliley Act, as well as emerging regulatory requirements and evolving cybersecurity threats.
To address cybersecurity risks associated with third-party service providers, we maintain a third-party risk management program that includes contractual requirements for appropriate data protection and cybersecurity controls and risk-based due diligence during onboarding. Service providers are assigned tiered risk ratings that determine the frequency and scope of ongoing assessments. For key service providers, we obtain and review materials such as System and Organization Control (“SOC”) reports, including SOC 1 reports, standard information gathering (SIG) questionnaires and business continuity and disaster recovery documentation.

To date, cybersecurity risks, including those arising from known prior cybersecurity incidents, have not materially affected our business strategy, results of operations or financial condition, and we are not aware of any cybersecurity incidents that are reasonably likely to have a material impact on the Company. For additional discussion of cybersecurity-related risks, see Item 1A. “Risk Factors—General Risks—Cybersecurity incidents and technology disruptions or failures could damage our business operations and reputation, increase our costs and subject us to potential liability.”
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block] Our processes for identifying and managing material cybersecurity risks are embedded within our overall risk management processes.
We also monitor developments in applicable privacy and cybersecurity laws, regulations and guidance in the jurisdictions in which we operate, including, among others, SEC rules, the CCPA and the Gramm-Leach-Bliley Act, as well as emerging regulatory requirements and evolving cybersecurity threats.
Cybersecurity Risk Management Third Party Engaged [Flag] true
Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] true
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board of Directors Oversight [Text Block]
Our board of directors oversees the Company’s enterprise risk management program, including cybersecurity risk, both directly and through its committees. The Audit Committee, together with the Regulatory Committee, which focuses on regulatory risk structure and governance across all lines of business, oversees the Company’s risk management framework and the most significant risks facing the Company over the short-, intermediate- and long-term. These committees receive regular updates and engage in periodic discussions regarding key risk areas, including cybersecurity.

The Audit Committee and Regulatory Committee receive reports from the CISO and the Chief Information Officer (“CIO”) regarding the Company’s cybersecurity posture, enterprise risk profile and risk management policies and processes. The Company has established escalation protocols pursuant to which certain cybersecurity incidents are reported in a timely manner to the Audit Committee and, as appropriate, the full board of directors.
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our board of directors oversees the Company’s enterprise risk management program, including cybersecurity risk, both directly and through its committees. The Audit Committee, together with the Regulatory Committee, which focuses on regulatory risk structure and governance across all lines of business, oversees the Company’s risk management framework and the most significant risks facing the Company over the short-, intermediate- and long-term
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] discussions regarding key risk areas, including cybersecurity.
The Audit Committee and Regulatory Committee receive reports from the CISO and the Chief Information Officer (“CIO”) regarding the Company’s cybersecurity posture, enterprise risk profile and risk management policies and processes. The Company has established escalation protocols pursuant to which certain cybersecurity incidents are reported in a timely manner to the Audit Committee and, as appropriate, the full board of directors.
Cybersecurity Risk Role of Management [Text Block]
The Company employs a risk-based approach to cybersecurity, supported by policies, standards and controls designed to address cybersecurity threats and incidents across its operations. Responsibility for cybersecurity risk management is led by the CISO, who oversees the design and implementation of the Company’s information security program and works to enhance the security posture of the Company and its subsidiaries. The CISO coordinates closely with other members of senior management, including the CIO and the Chief Legal Officer, in managing cybersecurity risks.

The CISO receives regular reports from cybersecurity personnel regarding threat intelligence, vulnerabilities and incidents and continuously evaluates the effectiveness of cybersecurity controls and risk mitigation measures. The CISO has over 20 years of experience in information technology and information security, including experience at large financial institutions, mortgage companies and banks, and brings expertise in managing complex and regulated security environments.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block]
The Company employs a risk-based approach to cybersecurity, supported by policies, standards and controls designed to address cybersecurity threats and incidents across its operations. Responsibility for cybersecurity risk management is led by the CISO, who oversees the design and implementation of the Company’s information security program and works to enhance the security posture of the Company and its subsidiaries. The CISO coordinates closely with other members of senior management, including the CIO and the Chief Legal Officer, in managing cybersecurity risks.
Cybersecurity Risk Management Expertise of Management Responsible [Text Block] The CISO coordinates closely with other members of senior management, including the CIO and the Chief Legal Officer, in managing cybersecurity risks
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block]
The CISO receives regular reports from cybersecurity personnel regarding threat intelligence, vulnerabilities and incidents and continuously evaluates the effectiveness of cybersecurity controls and risk mitigation measures. The CISO has over 20 years of experience in information technology and information security, including experience at large financial institutions, mortgage companies and banks, and brings expertise in managing complex and regulated security environments.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)
 12 Months Ended
Dec. 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 25 for additional information regarding Rithm Capital’s taxable REIT subsidiaries (“TRSs”).
Income Taxes — The Company operates so as to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”). Requirements for qualification as a REIT include various restrictions on ownership of Rithm Capital’s stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders (subject to certain adjustments). Distributions may extend until timely filing of Rithm Capital’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income.

Certain activities of Rithm Capital are conducted through TRSs and therefore are subject to federal and state income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases upon the change in tax status. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date.
Rithm Capital recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits.
Basis of Accounting Basis of Accounting — The accompanying consolidated financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP” or “U.S. GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation of Rithm Capital’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The consolidated financial statements include the accounts of Rithm Capital and its consolidated subsidiaries. All intercompany transactions and balances have been eliminated.
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. In particular, the Company reclassified gains and losses related to certain derivatives and government and government-backed securities economically hedging mortgage servicing rights (“MSRs” and each, mortgage servicing right, an “MSR”) that were previously reported within realized and unrealized gains (losses), net, to the change in fair value of MSRs and MSR financing receivables, net of economic hedges line item on the consolidated statements of operations. Such reclassifications had no impact on net income, total assets, total liabilities, stockholders’ equity or cash position.
Risks and Uncertainties
Risks and Uncertainties — In the normal course of its business, Rithm Capital primarily encounters two significant types of economic risk: credit risk and market risk. Credit risk is the risk of default on Rithm Capital’s investments that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments due to changes in prepayment rates, interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying Rithm Capital’s investments. Taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories and other information, Rithm Capital believes that the carrying values of its investments are reasonable. Furthermore, for each of the periods presented, a significant portion of Rithm Capital’s assets are dependent on its servicers’ and subservicers’ abilities to perform their servicing obligations with respect to the residential mortgage loans underlying Rithm Capital’s excess mortgage servicing rights (“Excess MSRs”), MSRs, MSR financing receivables, servicer advance investments, RMBS issued by either public trusts or private label securitization entities and loans. If a servicer 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 and the determination of whether or not to consolidate a VIE or a voting interest entity (“VOE”). Actual results could differ from those estimates and such differences could be material.
Foreign Currency
Foreign Currency — The functional currency of substantially all of the Company’s consolidated subsidiaries is the U.S. dollar, as their operations are considered extensions of the U.S. parent’s operations. Monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at the closing rates of exchange on the balance sheet date. Non-monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars using the historical exchange rate. As a result, no transaction gains or losses are recognized for non-monetary assets and liabilities. The profit or loss arising from foreign currency transactions are remeasured using the rate in effect on the date of any relevant transaction. Gains and losses on transactions denominated in foreign currencies due to changes in exchange rates are recorded within general and administrative on the consolidated statements of operations. Unrealized gains and losses due to changes in exchange rates related to investments denominated in a currency other than an entity’s functional currency are reported as cumulative translation adjustment in the consolidated statements of comprehensive income.

The Company has a subsidiary whose functional currency is the Euro, and the financial statements of such entity are translated into U.S. dollars using the exchange rates prevailing at the end of each reporting period, and the statement of operations of the entity is translated using the rate in effect on the date of any relevant transaction. Gains and losses arising from the translation of monetary assets and liabilities are recorded as a currency translation adjustment in the consolidated statements of comprehensive income and are included in accumulated other comprehensive income (loss) in the consolidated balance sheets.
Business Combinations and Assets Acquisitions
Business Combinations — The Company accounts for business combinations using the acquisition method of accounting, under which the purchase price of the acquisition is allocated to the assets acquired and liabilities assumed using the fair value determined by management as of the acquisition date. In a business combination, the initial allocation of the purchase price is considered preliminary and therefore subject to change until the end of the measurement period (up to one year from the acquisition date). Goodwill represents the excess of the consideration transferred over the fair value of net assets acquired in connection with an acquisition. Bargain purchase gain represents the excess of fair value of net assets acquired over the consideration transferred. Acquisition-related costs are expensed as incurred. The results of operations of acquired businesses are included in the consolidated statements of operations from the date of acquisition.
Asset Acquisitions — If substantially all of the fair value of the gross assets acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the acquisition is accounted for as an asset acquisition. In an asset acquisition, the purchase consideration, including transaction costs, is allocated to the assets acquired and liabilities assumed based on their relative fair values. Differences between the consideration transferred and the fair value of the identifiable net assets acquired is allocated to the acquired assets on a relative fair value basis.
Consolidation and Transfers of Financial Assets
Consolidation — For each equity investment made, the Company evaluates the underlying entity that issued the securities acquired or to which the Company makes a loan to determine the appropriate accounting. A similar analysis is performed for each entity with which the Company enters into an agreement for management, servicing or related services. In performing the analysis, the Company applies the guidance in Accounting Standards Codification (“ASC”) 810-10, Consolidation. In situations where the Company is the transferor of financial assets, the Company applies the guidance in ASC 860-10, Transfers and Servicing. In VIEs, an entity is subject to consolidation under ASC 810-10 if the equity investors either do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, are unable to direct the entity’s activities or are not exposed to the entity’s losses or entitled to its residual returns. VIEs within the scope of ASC 810-10 are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits of the VIE that could potentially be significant to the VIE. This determination can sometimes involve complex and subjective analyses. Further, ASC 810-10 also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. In accordance with ASC 810-10, all transferees, including VIEs, must be evaluated for consolidation. If the Company determines that consolidation is not required, it will then assess whether the transfer of the underlying assets would qualify for sale accounting or should be accounted for as secured borrowing. The Company’s equity investments, where the Company exercises significant influence but for which the Company has not elected the fair value option, are accounted for under the equity method of accounting.

In circumstances where an entity does not have the characteristics of a VIE, it would be considered a VOE. The Company would consolidate a VOE where the Company has a majority equity interest and has control over significant operating, financial and investing decisions of the entity.

A special purpose entity (“SPE”) is an entity designed to fulfill a specific limited need of the company that organized it. SPEs are often used to facilitate transactions that involve securitizing financial assets or resecuritizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and, depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement.

Certain consolidated VIEs meet the definition of a CFE. A CFE is a VIE that holds financial assets and issues beneficial interests in those assets, and these beneficial interests have contractual recourse only to the related assets of the CFE. Accounting guidance for CFEs allows companies to elect to measure both the financial assets and financial liabilities of a CFE using the more observable of either 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 CFE.
Transfers of Financial Assets and Financing Arrangements — The Company may periodically enter into transactions in which it transfers assets to a third party. Upon a transfer of financial assets, the Company will sometimes retain or acquire subordinated interests in the related assets. Pursuant to ASC 860-10, a determination must be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor’s continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. The financial components approach under ASC 860-10 limits the circumstances in which a financial asset, or portion of a financial asset, should be derecognized when the transferor has not transferred the entire original financial asset to an entity that is not consolidated with the transferor in the financial statements being presented and/or when the transferor has continuing involvement with the transferred financial asset. It defines the term “participating interest” to establish specific conditions for reporting a transfer of a portion of a financial asset as a sale. Under ASC 860-10, after a transfer of financial assets that meets the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transferred control - an entity recognizes the financial and servicing assets it acquired or retained and the liabilities it has incurred, derecognizes financial assets it has sold and derecognizes liabilities when extinguished. The transferor would then determine the gain or loss on sale of financial assets by allocating the carrying value of the underlying mortgage between securities or loans sold and the interests retained based on their fair values. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the securities or loans sold. When a transfer of financial assets does not qualify for sale accounting, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral.
From time to time, the Company may securitize mortgage loans it holds if such financing is available. Depending upon the structure of the securitization transaction, these transactions will be recorded in accordance with ASC 860-10 and will be accounted for as either a sale and the loans will be derecognized from the consolidated balance sheets, or as a financing and the loans will remain on the consolidated balance sheets.
Policies of Certain Consolidated Entities 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.
Policies of Certain Consolidated Entities — For purposes of these consolidated financial statements, “consolidated entities” refer to SPEs, funds or other investment vehicles which the Company is required to consolidate in accordance with ASC 810, Consolidation. Investments held by a consolidated fund that is considered an investment company are reflected at their estimated fair values pursuant to specialized investment company accounting guidance retained by the Company using net asset value (“NAV”) per share of the underlying funds. Refer to Note 18 for further details. The Company’s policy is that a consolidated entity that is considered an investment company under GAAP will generally consolidate another investment company when it owns substantially all of the interest in the investment company.

The Company also consolidates certain securitization vehicles that are CFEs. The Company elected fair value option for the financial assets and the financial liabilities upon consolidation of these securitization vehicles. The Company measures the financial assets of these consolidated securitization vehicles based on the fair value of the financial liabilities, as the Company believes the fair value of the financial liabilities is more observable. The financial assets are measured as (i) the sum of the fair value of the financial liability including beneficial interests retained by the Company less (ii) the carrying value of any non-financial assets held temporarily. As a result of this measurement alternative, there is no attribution of amounts to non-controlling interests for consolidated CFEs.

Investments and other assets of consolidated CFEs accounted for using the measurement alternative are presented within assets of consolidated entities under investments, at fair value and other assets, and liabilities due to third parties are presented within liabilities of consolidated entities under notes payable, at fair value and other liabilities, in the consolidated balance sheets. Change in the fair value of these consolidated securitization vehicles’ financial assets and liabilities and related interest and other income are presented within realized and unrealized gains (losses), net, and ongoing expenses of the vehicles are presented as expenses within general and administrative on the consolidated statements of operations. Refer to Note 19 for further details.
Excess MSRs
Excess MSRs — Excess MSRs refer to the excess servicing spread related to MSRs, whose underlying collateral is securitized in a trust. Upon acquisition, Rithm Capital has elected to record each of such investments at fair value. Rithm Capital elected to record its investments at fair value in order to provide users of the financial statements with better information regarding the effects of prepayment risk and other market factors on Excess MSRs. Under this election, Rithm Capital records a valuation adjustment on its Excess MSRs on a quarterly basis to recognize the changes in fair value in net income. Excess MSRs are aggregated into pools as applicable; each pool of Excess MSRs is accounted for in the aggregate. Interest income for Excess
MSRs is accreted into earnings on an effective yield or “interest” method, based upon the expected excess mortgage servicing amount through the expected life of the underlying mortgages. Changes to expected cash flows result in a cumulative retrospective adjustment, which will be recorded in the period in which the change in expected cash flows occurs. Under the retrospective method, the interest income recognized for a reporting period is measured as the difference between the amortized cost basis at the end of the period and the amortized cost basis at the beginning of the period, plus any cash received during the period. The amortized cost basis is calculated as the present value of estimated future cash flows using an effective yield, which is the yield that equates all past actual and current estimated future cash flows to the initial investment. In addition, Rithm Capital’s policy is to recognize interest income only on its Excess MSRs in existing eligible underlying mortgages. The difference between the fair value of Excess MSRs and their amortized cost basis is recorded as change in realized and unrealized gains (losses), net on the consolidated statements of operations. Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the Excess MSRs, and therefore may differ from their effective yields. Excess MSRs is grouped and presented as part of other assets on the consolidated balance sheets.
MSRs
MSRs and MSR Financing Receivables — MSRs represent the contractual right to service residential mortgage loans. The Company recognizes MSRs created through the sale of loans it originates. Under the accounting guidance for transfers and servicing, the Company initially measures a mortgage servicing asset that qualifies for separate recognition at fair value on the date of transfer. Rithm Capital elected to record its investments at fair value in order to provide users of the financial statements with better information regarding the effects of prepayment risk and other market factors on MSRs. Under this election, Rithm Capital records a valuation adjustment on its MSRs on a quarterly basis to recognize the changes in fair value in net income. MSRs are aggregated into pools as applicable; each pool of MSRs is accounted for in the aggregate. Income from MSRs is recorded in servicing revenue, net and comprises (i) income from the MSRs, plus or minus (ii) the mark-to-market on the MSRs including change in fair value due to realization of cash flows. Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the MSRs.
MSR Financing Receivables
In certain cases, Rithm Capital has legally purchased MSRs or the right to the economic interest in MSRs; however, Rithm Capital has determined that the purchase agreement would not be treated as a sale under GAAP. Therefore, rather than recording an investment in MSRs, Rithm Capital records an investment in MSR financing receivables. Income from this investment (net of subservicing fees) is recorded as interest income and is grouped and presented as part of servicing revenue, net in the consolidated statements of operations. Additionally, Rithm Capital has elected to measure MSR financing receivables at fair value, with changes in fair value flowing through servicing revenue, net in the consolidated statements of operations.
Servicer Advance Investments
Servicer Advance Investments — Rithm Capital accounts for its servicer advance investments similarly to its Excess MSRs. Interest income for servicer advance investments is accreted into earnings on an effective yield or “interest” method, based upon the expected aggregate cash flows of the servicer advance investments, including the base fee component of the related MSR (but excluding any Excess MSR component) through the expected life of the underlying mortgages, net of a portion of the base fee component of the MSR that Rithm Capital remits to the servicer as compensation for the servicer’s servicing activities.

Changes to expected cash flows result in a cumulative retrospective adjustment, which is recorded in the period in which the change in expected cash flows occurs. Under the retrospective method, the interest income recognized for a reporting period is measured as the difference between the amortized cost basis at the end of the period and the amortized cost basis at the beginning of the period, plus any cash received during the period. The amortized cost basis is calculated as the present value of estimated future cash flows using an effective yield, which is the yield that equates past actual and current estimated future cash flows to the initial investment. For periods in which cash flows are impacted by an independent factor where there is a change in effective interest rate during the period, the new yield is calculated retrospectively back to the change in effective interest rate during that period.

The difference between the fair value of servicer advance investments and their amortized cost basis is recorded as change in realized and unrealized gains (losses), net on the consolidated statements of operations. Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the servicer advance investments, and therefore may differ from their effective yields. Servicer advance investments are presented within other assets on the consolidated balance sheets.
Real Estate and Other Securities
Real Estate and Other Securities — Agency RMBS and non-Agency residential and other securities are classified as either available-for-sale (“AFS”) or accounted for under the fair value option. The Company determines the appropriate classification of its securities at the time they are acquired. If classified as AFS, investments are carried at fair value, with net unrealized gains or losses reported as a component of accumulated other comprehensive income. If classified under the fair value option, changes in fair value are recorded in the consolidated statements of operations as a component of realized and unrealized gains (losses), net, except for changes in fair value related to government and government-backed securities and certain derivatives that are used to economically hedge the Company’s MSR portfolio, which are recorded in change in fair value of MSRs and MSR financing receivables, net of economic hedges in the consolidated statements of operations.

Fair value is determined under the guidance of ASC 820, Fair Value Measurements and Disclosures. Management’s judgment is used to arrive at the fair value of the Company’s real estate and other securities, taking into account prices obtained from third-party pricing providers and other applicable market data. The third-party pricing providers use pricing models that generally incorporate such factors as coupons, primary and secondary mortgage rates, rate reset periods, issuer, prepayment speeds, credit enhancements and expected life of the security. The Company’s application of ASC 820 guidance is discussed in further detail in Note 18.

Investment securities transactions are recorded on the trade date. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investment and is included in net income.

There are several different accounting models that may be applicable for purposes of the recognition of interest income on securities depending on whether the security is designated as AFS or fair value option.

The following accounting models apply to securities classified as AFS:

(i) Securities of high credit quality rated ‘AA’ or higher that, at the time of purchase, the Company expects to collect all contractual cash flows and the security cannot be contractually prepaid in such a way that the Company would not recover substantially all of its recorded investment.

(ii) Non-Agency securities which are not of high credit quality at the time of purchase or that can be contractually prepaid or otherwise settled in such a way that the Company would not recover substantially all of its recorded investment.

For securities of high credit quality accounted for under (i) above, the Company recognizes interest income by applying the permitted “interest method,” whereby purchase premiums and discounts are amortized and accreted, respectively, as an adjustment to contractual interest income accrued at each security’s stated coupon rate. The interest method is applied at the individual security level based upon each security’s effective interest rate. The Company calculates each security’s effective interest rate at the time of purchase by solving for the discount rate that equates the present value of that security's remaining contractual cash flows (assuming no principal prepayments) to its purchase price. Because each security’s effective interest rate does not reflect an estimate of future prepayments, the Company refers to this manner of applying the interest method as the “contractual effective interest method.” When applying the contractual effective interest method to its investments in securities, as principal prepayments occur, a proportional amount of the unamortized premium or discount is recognized in interest income such that the contractual effective interest rate on the remaining security balance is unaffected.

For non-Agency securities accounted for under (ii) above, the Company recognizes interest income by applying the required prospective level-yield methodology. Interest income under this methodology is impacted by management judgments around both the amount and timing of credit losses (defaults) and prepayments. Consequently, interest income on these non-Agency securities is recognized based on the timing and amount of cash flows expected to be collected, as opposed to being based on contractual cash flows. These securities are generally purchased at a discount to the principal amount. At the original acquisition date, the Company estimates the timing and amount of cash flows expected to be collected and calculates the present value of those amounts to the Company’s purchase price. In each subsequent balance sheet date, the Company revises its estimates of the remaining timing and amount of cash flows expected to be collected. If there is a positive change in the amount and timing of future cash flows expected to be collected from the previous estimate, the effective interest rate in future accounting periods may increase resulting in an increase in the reported amount of interest income in future periods. A positive change in the amount and timing of future cash flows expected to be collected is considered to have occurred when the net present value of future cash flows expected to be collected has increased from the previous estimate. This can occur from a
change in either the timing of when cash flows are expected to be collected (i.e., from changes in prepayment speeds or the timing of estimated defaults) or in the amount of cash flows expected to be collected (i.e., from reductions in estimates of future defaults). If there is a negative or adverse change in the amount and timing of future cash flows expected to be collected from the previous estimate and the security's fair value is below its amortized cost, an impairment loss equal to the adverse change in cash flows expected to be collected, discounted using the security's effective rate before impairment, is required to be recorded in current period earnings. Additionally, while the effective interest rate used to accrete interest income after an impairment has been recognized will generally be the same, the amount of interest income recorded in future periods will decline because of the reduced balance of the amortized cost basis of the investment to which such effective interest rate is applied.

The following accounting models apply to securities accounted for under the fair value option:

(iii) Securities of high credit quality rated ‘AA’ or higher that, at the time of purchase, the Company expects to collect all contractual cash flows and the security cannot be contractually prepaid in such a way that the Company would not recover substantially all of its recorded investment.

(iv) Non-Agency securities which are not of high credit quality at the time of purchase or that can be contractually prepaid or otherwise settled in such a way that the Company would not recover substantially all of its recorded investment.

Interest income on securities accounted for in (iii) above is recognized based on the stated coupon rate and the outstanding principal amount. The original purchase premium or discount is not amortized or accreted as part of interest income but rather reflected as part of the security’s fair value.

Interest income on non-Agency securities accounted for in (iv) above is recognized in accordance with the model described in (ii) above.
The Company evaluates its securities classified as AFS on a quarterly basis to assess whether a decline in the fair value below the amortized cost basis should be recognized in net income or other comprehensive income. The presence of an impairment is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors as well as non-credit factors, such as changes in interest rates and market spreads. A security is considered to be impaired if the Company (i) intends to sell the security, (ii) will more likely than not be required to sell the security before recovering its cost basis or (iii) does not expect to recover the security’s entire amortized cost basis, even if the Company does not intend to sell the security, or the Company believes it is more likely than not that it will be required to sell the security before recovering its cost basis. Under these scenarios, the full amount of impairment is recognized currently in net income and the cost basis of the security is adjusted. However, if the Company does not intend to sell the impaired security and it is more likely than not that it will not be required to sell before recovery, the impairment is separated into (i) the estimated amount relating to credit loss, or the credit component, and (ii) the amount relating to all other factors, or the non-credit component. Credit related impairment is recognized as an allowance on the balance sheet with a corresponding adjustment to net income, with the remainder of the loss recognized in accumulated other comprehensive income (loss). The allowance for credit loss as well as adjustment to net income can be reversed for subsequent changes in the estimate of expected credit loss. Impairment has been classified within other income (loss) in the consolidated statements of operations.
Residential Mortgage Loans and Consumers Loans
Residential Mortgage Loans and Consumer Loans — The Company's loan portfolio primarily consists of residential mortgage loans and consumer loans. The Company’s loans are classified as (i) held-for-investment (“HFI”) at fair value, (ii) held-for-sale (“HFS”) at fair value or (iii) HFS at lower of cost or fair value. Loans are also eligible to be accounted for under the fair value option which are recorded on the consolidated balance sheets at fair value and the periodic changes in fair value are recorded as a component of gain on originated residential mortgage loans, HFS, net and realized and unrealized gains (losses), net in the consolidated statements of operations. When the Company has the intent and ability to hold loans for the foreseeable future or to maturity/payoff, such loans are classified as HFI. When the Company has the intent to sell loans, such loans are classified as HFS.

For originated residential mortgage loans measured at fair value, Rithm Capital reports the change in the fair value within gain on originated residential mortgage loans, held-for-sale, net in the consolidated statements of operations. Fair value is generally determined using a market approach by utilizing either (i) the fair value of securities backed by similar residential mortgage loans, adjusted for certain factors to approximate the fair value of a whole residential 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.    

For acquired residential mortgage loans measured at fair value, Rithm Capital reports the change in fair value within realized and unrealized gains (losses), net in the consolidated statements of operations. Fair value is generally determined by discounting the expected future cash flows using inputs such as default rates, prepayment speeds and discount rates.

For loans measured at the lower of cost or fair value, the Company accounts for any excess of cost over fair value as a valuation allowance and includes changes in the valuation allowance in other income (loss) in the consolidated statements of operations in the period in which the change occurs. Purchase price discounts or premiums are deferred in a contra loan account until the related loan is sold. The deferred discounts or premiums are an adjustment to the basis of the loan and are included in the quarterly determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale.

Interest income on mortgage loans is accrued based on the unpaid principal balance (“UPB”) and the contractual interest rate. Interest earned on mortgage loans is reported in interest income in the consolidated statements of operations. If it’s probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the original contractual terms of the loan agreement, or if the loan becomes 90 days delinquent, the Company will reverse all prior accrued and unpaid interest on such mortgage loan. The Company will return loans to accrual status only when it reinstates the loan and there is no significant uncertainty as to collectability.

Rithm Capital elected to apply the fair value option for all consumer loans. The fair value option provides an election which allows a company to irrevocably elect fair value for certain financial assets and liabilities on an instrument-by-instrument basis. The Company elected the fair value option for these loans to better align reported results with the underlying economic changes in value of the loans on the Company’s consolidated balance sheets. Gains (losses) from the change in fair value of consumer loans are recognized in realized and unrealized gains (losses), net in the consolidated statements of operations. Interest income is recognized over the life of the loan using the effective interest method and is recorded on the accrual basis.

The Company’s residential mortgage loans and consumer loans are carried at fair value or the lower of cost or fair value. As a result, these loans are not subject to an allowance for credit losses under the current expected credit loss (“CECL”) impairment model.
A loan is reported as past due when a monthly payment is due and unpaid for 30 days or more. Loans, other than purchase credit deteriorated loans, are placed on non-accrual status and considered non-performing when full payment of principal and interest is in doubt, which generally occurs when principal or interest is 90 days or more past due unless the loan is both well secured and in the process of collection. Loans HFS are subject to the non-accrual policy. A loan may be returned to accrual status when repayment is reasonably assured and there has been demonstrated performance under the terms of the loan or, if applicable, the terms of the restructured loan. Rithm Capital’s ability to recognize interest income on non-accrual loans as cash interest payments are received rather than as a reduction of the carrying value of the loans is based on the recorded loan balance being deemed fully collectible.
Single-Family Rental (“SFR”) Properties, Net
Single-Family Rental (SFR) Properties, Net — Purchases of SFR properties are accounted for as asset acquisitions and recorded at their purchase price, which is allocated between land, building and improvements and in-place lease intangibles (when a resident is in place at the acquisition date) based upon their relative fair values at the date of acquisition. The purchase price for purposes of this allocation is inclusive of acquisition costs which typically include legal fees, title fees, payments made to cure tax, utility and homeowners’ association (“HOA”) fees, as well as other closing costs.

SFR properties are classified as HFI and are carried at cost less accumulated depreciation expense and impairment. From time to time, the Company may identify SFR properties to be sold. If the Company identifies a property to be sold, depreciation on the property is ceased, the property is measured at the lower of its carrying amount or its fair value less estimated costs to sell. SFR properties HFI and HFS are presented within real estate, net on the consolidated balance sheets.

Initial costs to acquire, renovate and prepare SFR properties to be leased are capitalized as a component of each residential real estate property using specific identification and relative allocation methodologies, including renovation costs and other costs associated with activities that are directly related to preparing the properties for use as rental real estate. Other costs include interest costs, property taxes, property insurance, utilities and HOA fees. The capitalization period associated with renovation
activities begins at the time that such activities commence and conclude at the time that an SFR property is available to be leased. Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs thereafter are expensed to operations as incurred, while expenditures that improve or extend the life of a property, such as certain furniture and fixtures additions, are capitalized. The determination of which costs to capitalize requires judgment and can involve many factors with no one factor necessarily determinative. Expenditures for repairs and maintenance recognized immediately are included in general and administrative expenses in the Company’s consolidated statements of operations.

Except for land, costs capitalized in connection with SFR property acquisitions are depreciated over their estimated useful lives on a straight-line basis generally over 40 years. The depreciation period commences once renovations are complete and the property is ready for its intended use. For those costs capitalized in connection with renovation activities and those capitalized on an ongoing basis, the average useful life is approximately 15 years.

SFR properties are continuously monitored to assess whether there have been any events or changes in circumstances indicating that the carrying amount may be impaired and not recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. To the extent an event or change in circumstance is identified, an SFR property is considered to be impaired only if its carrying value cannot be recovered through estimated future undiscounted cash flows from the use and eventual disposition of the property. To the extent an impairment has occurred, the carrying amount is adjusted to its estimated fair value. Impairment charges are included in other income (loss) in the Company’s consolidated statements of operations.

Commercial Real Estate, Net — Commercial real estate is carried at cost less accumulated depreciation and impairment. Betterments, major renovations and certain costs directly related to the improvement of real estate are capitalized. Maintenance and repair expenses are charged to expense as incurred. Depreciation is recognized on a straight-line basis over estimated useful lives of the assets, which range from 5 to 40 years. Tenant improvements are amortized on a straight-line basis over the lives of the related leases, which approximate the useful lives of the assets. Upon the acquisition of real estate, the Company assesses the fair value of acquired assets (including land, buildings and improvements, identified intangibles, such as acquired above-market leases and acquired in-place leases) and acquired liabilities (such as acquired below-market leases) and allocates the purchase price based on these assessments. The Company assesses fair value based on estimated cash flow projections that utilize appropriate discount and capitalization rates and available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known trends and market/economic conditions. The Company records acquired intangible assets (including acquired above-market leases and acquired in-place leases) and acquired intangible liabilities (including below-market leases) at their estimated fair value. The Company amortizes acquired above-market and below-market leases as a decrease or increase to rental revenue, respectively, over the lives of the respective leases. Amortization of acquired in-place leases is included as a component of general and administrative expenses in the Company’s consolidated statements of operations.

The Company’s properties, including any related intangible assets, are individually reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Impairment analyses are based on the Company’s current plans, intended holding periods and available market information at the time the analyses are prepared. An impairment exists when the carrying amount of an asset exceeds the aggregate projected future cash flows over the anticipated holding period on an undiscounted basis. An impairment loss is measured based on the excess of the property’s carrying amount over its estimated fair value. Estimates of fair value are determined using discounted cash flow models, which consider, among other things, anticipated holding periods, current market conditions and utilize unobservable quantitative inputs, including appropriate capitalization and discount rates. If the Company’s estimates of the projected future cash flows, anticipated holding periods, or market conditions change, the evaluation of impairment losses may be different and such differences could be material to the consolidated financial statements. The evaluation of anticipated cash flows is subjective and is based, in part, on assumptions regarding future occupancy, rental rates and capital requirements that could differ materially from actual results. Plans to hold properties over longer periods decrease the likelihood of recording impairment losses. Real estate and related intangibles are classified as held for sale when all the necessary criteria are met. The criteria include (i) management, having the authority to approve action, commits to a plan to sell the property in its present condition, (ii) the sale of the property is at a price reasonable in relation to its current fair value and (iii) the sale is probable and expected to be completed within one year. Real estate and the related intangibles held for sale are carried at the lower of carrying amounts or estimated fair value less disposal costs. Depreciation and amortization is not recognized on real estate and related intangibles classified as assets held for sale.
Property and Maintenance Revenue and Asset Management Revenue Recognition
Property and Maintenance Revenue — The Company, through its wholly owned subsidiary Guardian, collects revenue from property management, inspections and repair services. These revenues are included in other revenues in the Company’s consolidated statements of operations. Revenues recognized are from fixed-price work orders created for services defined within contracts with the customer. In accordance with ASC 606, the Company recognizes revenue upon completion of the services as detailed in each work order.
Asset Management Revenue Recognition — Management fees are generally calculated and paid to the Company on a quarterly basis in advance, based on the amount of assets under management (“AUM”) at the beginning of the quarter. Management fees for certain of the Company’s closed-end funds are based on invested capital. Management fees are prorated for capital inflows and redemptions during the quarter. Management fees are recognized over the period during which the related services are performed. Certain of the Company’s management fees are paid on a quarterly basis in arrears.

The Company considers management fees to be a form of variable consideration, as the amount earned each quarter may depend on various contingencies, such as the value of AUM, capital inflows and outflows during the period, or changes in committed or invested capital. Management fees, however, are generally recognized at the end of each reporting period and are not subject to clawback and, therefore, the value of the management fees the Company is entitled to receive at the end of each quarter is generally no longer subject to the constraint.

A portion of the management fees the Company earns from its collateralized loan obligations (“CLOs” or a “CLO”) is subordinated to other obligations of the CLOs, including principal and interest on the notes issued by the CLOs. When certain over-collateralization tests are triggered, cash flows received on the underlying collateral in the CLOs that would have otherwise been distributed as subordinated management fees to the Company are redirected to pay principal and interest on the more senior obligations of the CLOs. In the event a CLO fails to satisfy one or more over-collateralization tests, the Company will stop recognizing management fees for the CLO until if and when the collateral tests are remedied and all fees are paid.
The Company earns incentive income based on the cumulative performance of the funds over a commitment period. Incentive income is recognized when it is probable that such income will not significantly reverse. Incentive income is considered variable consideration, the recognition of which is subject to the constraints. Incentive income is no longer constrained when it is probable that a significant reversal will not occur. Determining the amount of incentive income to record is subject to qualitative and quantitative factors including, where a fund is in its life-cycle, whether the Company has received or is entitled to receive incentive income distributions and potential sales of fund investments. The Company continuously evaluates whether there are additional considerations that could potentially impact the recognition of incentive income. To the extent that distributions have been received, but for which the recognition of incentive income is not appropriate, the Company will recognize a liability for unearned incentive income.

The commitment period for certain of the Company’s AUM is for a period of one year on a calendar-year basis with incentive income recognized annually on December 31. The Company may also recognize incentive income related to fund investor redemptions at other times during the year, and on AUM subject to initial commitment periods that are longer than one year where the commitment period expires during the year. The Company may also recognize incentive income for tax distributions that it is entitled to that cover estimated tax obligations related to the management of certain funds, as such distributions are not subject to clawback once distributed to the Company.

Incentive income is generally based on the investment performance of its funds. Incentive income is generally equal to 20% of the profits, net of management fees, attributable to each fund investor. Incentive income may be subject to hurdle rates, where the Company is not entitled to incentive income until the investment performance exceed an agreed upon benchmark with a preferential “catch-up” allocation once the rate has been exceeded, or a perpetual “high-water mark”, where any losses generated in a fund must be recouped before taking incentive income.
Residential Transition Loans
Residential Transition Loans — The Company, through its wholly owned subsidiary Genesis, originates and manages a portfolio of primarily short-term mortgage loans to fund the construction, renovation and development of, or investment in, residential properties.

Rithm Capital elected to apply the fair value option for all residential transition loans. The fair value option provides an election which allows a company to irrevocably elect fair value for certain financial asset and liabilities on an instrument-by-instrument basis. The Company elected the fair value option for these loans to better align reported results with the underlying economic changes in value of the loans on the Company’s consolidated balance sheets. Furthermore, as a result of the election to apply the fair value option, these loans are not subject to an allowance for credit losses under the CECL impairment model. Rithm Capital reports the change in the fair value within realized and unrealized gains (losses), net in the consolidated statements of operations. Fair value approximates carrying value due to the short duration of the residential transition loans.

Residential transition loans are presented net of construction holdbacks and interest reserves on the consolidated balance sheets. The construction holdback represents amounts withheld from the funding of construction loans and released as the project progresses. The interest reserve represents amounts withheld from the funding of certain mortgage loans in order to satisfy monthly interest payments for all or part of the term of the related loan. Accrued interest is paid out of the interest reserve and recognized as interest income on a monthly basis. Interest income is recognized over the life of the loan using the effective interest method and is recorded on the accrual basis.

Residential transition loans can be placed in contractual default status for (i) an interest payment that is more than 30 days past due or sooner, if collection is considered doubtful, (ii) a loan that matures and the borrower fails to make payment of all amounts owed or extend the loan or (iii) the collateral that becomes impaired in such a way that the ultimate collection of the loan receivable is doubtful. The accrual of interest income is suspended when a loan is in contractual default unless the interest is paid in cash or collectability of all amounts due is reasonably assured. In addition, in certain instances, where the interest reserve on a current loan has been fully depleted and the interest payment is not expected to be collected from the borrower, the Company may place a current loan on non-accrual status and recognize interest income on a cash basis. Interest previously accrued may be reversed at that time, and such reversal is offset against interest income. The accrual of interest income resumes only when the suspended loan becomes contractually current or a credit analysis supports the ability to collect in accordance with the terms of the loan.

In addition to interest income, the Company generates loan fee income, including loan origination fees, loan renewal fees and inspection fees. The majority of fee income is composed of loan origination fees, or “points,” with interest rates based on the total commitment at origination. In addition to origination fees, the Company earns loan extension fees when maturing loans are renewed or extended and amendment fees when loan terms are modified, such as increases in interest reserves and construction holdbacks. Loans are generally only renewed or extended if the loan is not in default and satisfies the Company’s underwriting criteria. Loan fee income is recognized as interest income at origination or amendment given the Company’s election of the fair value option.

Both interest and loan fee income earned on mortgage loans is reported in interest income in the consolidated statements of operations.
Residential Mortgage Loan Repurchases
Residential Mortgage Loan Repurchases — Newrez, as approved issuer of Ginnie Mae mortgage-backed securities (“MBS”), originates and securitizes government-insured residential mortgage loans. As an issuer of Ginnie Mae-guaranteed securitizations, Newrez 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. Under GAAP, Newrez is required to recognize the right to loans on its balance sheet and establish a corresponding liability upon the triggering of the repurchase right regardless of whether Newrez intends to repurchase the loans. Upon recognizing loans eligible for repurchase, the Company does not change the accounting for MSRs related to previously sold loans. Upon reacquisition of a loan the MSR is written off.
Cash, Cash Equivalents and Restricted Cash Cash, Cash Equivalents and Restricted Cash — The Company 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.
Servicer Advances Receivable
Servicer Advances Receivable — The Company’s servicer advances receivable represents servicer advances due to Rithm Capital’s servicer subsidiaries, NRM and Newrez (Note 5). The servicer advances receivable purchased in conjunction with MSRs are recorded with purchase discounts. Subsequent advances are recorded at cost, subject to impairment. Any related purchase discounts are accreted into servicing revenue, net in the consolidated statements of operations on a straight-line basis over the estimated weighted average life of the advances.
Goodwill and Intangible Assets
Goodwill and Intangible Assets — The Company qualitatively assesses its goodwill assigned to each of its reporting units during the fourth quarter of each year. This qualitative assessment evaluates various events and circumstances, such as macro-economic conditions, industry and market conditions, cost factors, relevant events and financial trends, that may impact a reporting unit's fair value. Using this qualitative assessment, the Company determines whether it is more likely than not the reporting unit's fair value exceeds its carrying value. If it is determined that it is not more likely than not the reporting unit's fair value exceeds the carrying value, or upon consideration of other factors, including recent acquisition, restructuring or divestiture activity, the Company performs a quantitative, “step one,” goodwill impairment analysis. In addition, the Company may test goodwill in between annual test dates if an event occurs or circumstances change that could more likely than not reduce the fair value of a reporting unit below its carrying value. Rithm Capital did not recognize any impairment for the years ended December 31, 2025, 2024 and 2023.
As a result of various acquisitions (see Note 3), Rithm Capital identified intangible assets in the form of management contracts, customer relationships, purchased technology, trademarks / trade names, licenses, lease intangibles and value of business acquired (“VOBA”). Rithm Capital recorded the intangible assets at fair value at the acquisition date and amortizes the value of finite-lived intangibles into expense over the expected useful life. Amortization of acquired intangible assets is included in general and administrative in Rithm Capital’s consolidated statements of operations. If impairment events occur, they could accelerate the timing of acquired intangible asset charges. Licenses and certain trade names acquired are deemed to have an indefinite useful life and are evaluated for impairment annually during the fourth quarter and in interim periods if indicators of impairment exist.
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets — The Company reviews long-lived assets for impairment when events or changes in circumstances indicate the carrying value of these assets may exceed their current fair values. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, an impairment charge is recognized for the amount by which the carrying amount of the asset exceeds the fair value of the asset. No impairment charges were recognized on long-lived assets for the years ended December 31, 2025, 2024 and 2023. Subsequently, if events or market conditions affect the estimated fair value of an impaired long-lived asset, the Company will adjust the carrying value of these long-lived assets in the period in which the impairment occurs.
Leases
Leases (Lessee) — The Company determines if an arrangement is a lease at inception. 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. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the lease term. The majority of the Company’s lease agreements do not provide an implicit rate. As a result, the Company used an incremental borrowing rate based on the information available as of the lease commencement dates, or as of the acquisition date, if applicable, in determining the present value of lease payments. The operating lease ROU asset reflects any upfront lease payments made as well as lease incentives received. The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU asset and lease liability at lease inception when and if it is reasonably certain that the Company will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term.
Subrental income is recognized on a straight-line basis over the lease term and is included within other revenues in the consolidated statements of operations. Where the Company has entered into a sublease arrangement, the Company will evaluate the lease arrangement for impairment. To the extent an impairment of the ROU lease asset is recognized, the Company will recognize lease impairment and subsequently amortize the remaining lease asset on a straight-line basis over the remaining lease term within general and administrative in the consolidated statements of operations.

The Company has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets.

ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable. Modification of a lease term would result in re-measurement of the lease liability and a corresponding adjustment to the ROU asset.

Leases (Lessor) — The Company leases residential, office, retail and storage properties to tenants primarily under non-cancellable operating leases.

Leases related to the Company’s office, retail and storage properties generally have initial terms ranging from five to fifteen years, while leases related to SFR properties typically have terms of one to two years. Certain commercial leases provide tenants with extension options at either fixed or market rates. Few leases provide tenants with options to early terminate, and when such options exist, they generally impose an economic penalty upon exercise.

Rental revenue is recognized in accordance with ASC 842, Leases. Rental revenue associated with commercial real estate includes (i) fixed payments of cash rents, which represent amounts contractually owed by tenants and are recognized on a straight-line basis over the non-cancellable term of the lease, including the effects of rent steps and rent abatements, (ii) variable lease payments, including tenant reimbursements for operating expenses, real estate taxes, utilities and other charge-backs, which are recognized in the same period as the related expenses are incurred, (iii) amortization of acquired above- and below-market leases, net, and (iv) lease termination income. Rental revenue from commercial real estate is included in other revenues in the Company’s consolidated statements of operations.

Rental revenue associated with SFR properties consists primarily of rents collected under lease agreements, net of concessions and bad debt, and other income, including tenant reimbursements and other charge-backs, such as late fees and non-refundable deposits. Rental revenue from SFR properties is included in other revenues in the Company’s consolidated statements of operations. All SFR properties are managed through APM.

The Company evaluates the collectability of tenant receivables for payments required under lease agreements. Under ASC 842, an allowance for doubtful accounts related to operating lease receivables is not permitted. When collectability is not deemed probable, the Company writes off the related tenant receivables and limits lease income recognized to cash received. Any difference between rental revenue recognized and rental payments received is recorded as an adjustment to other revenues in the consolidated statements of operations.
Secured Financing Agreements and Secured Notes and Bonds Payable
Secured Financing Agreements and Secured Notes and Bonds Payable — The Company finances the acquisition of certain assets within its investment portfolio using secured financing agreements, including repurchase agreements and warehouse credit facilities. Repurchase agreements and warehouse credit facilities are treated as collateralized financing transactions and carried at their contractual amounts, including accrued interest, as specified in the respective agreements. The carrying amount of the Company’s secured financing agreements and warehouse credit facilities approximates fair value. The Company pledges certain securities, loans or other assets as collateral under secured financing agreements and warehouse credit facilities with financial institutions, the terms and conditions of which are negotiated on a transaction-by-transaction basis. The amounts available to be borrowed under repurchase agreements and warehouse credit facilities are dependent upon the fair value of the securities, or loans pledged as collateral, which can fluctuate with changes in interest rates, type of security and liquidity conditions within the banking, mortgage finance and real estate industries. The Company also finances the acquisition of certain assets within its investment portfolio using secured term notes and securitizations.
Derivative Financial Instruments
Derivative Financial Instruments — The Company enters into derivative contracts, including interest rate swaps, swaptions, futures, interest rate caps and to-be-announced forward contract positions (“TBAs”) securities to manage its interest rate risk and, from time to time, enhance investment returns. The Company’s derivatives are recorded as either assets or liabilities in the consolidated balance sheets and measured at fair value. The Company’s derivative financial instrument contracts are not designated as hedges for U.S. GAAP; accordingly, all changes in fair value are recognized in earnings. The Company estimates the fair value of its derivative instruments as described in Note 18 of these consolidated financial statements.

The Company may also utilize forward contracts for the purchase or sale of TBA Agency MBS. The Company accounts for TBA Agency MBS as derivative instruments if it is reasonably possible that it will not take or make physical delivery of the Agency MBS upon settlement of the contract. The Company accounts for TBA dollar roll transactions as a series of derivative transactions. The Company may also purchase and sell TBA Agency MBS as a means of investing in and financing Agency MBS (thereby increasing “at risk” leverage) or as a means of disposing of or reducing its exposure to Agency MBS (thereby reducing “at risk” leverage). The Company agrees to purchase or sell, for future delivery, Agency MBS with certain principal and interest terms and certain types of collateral, but the particular Agency Securities to be delivered are not identified until shortly before the TBA settlement date. The Company may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a “pair off”), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA Agency MBS for a later settlement date. This transaction is commonly referred to as a “dollar roll.” When it is reasonably possible that the Company will pair off a TBA Agency MBS, it accounts for that contract as a derivative.
Reverse Repurchase Agreements and Obligation to Return Securities Borrowed under Reverse Repurchase Agreements Reverse Repurchase Agreements and Obligation to Return Securities Borrowed under Reverse Repurchase Agreements — The Company borrows securities to effectuate short sales of U.S. Treasury (“Treasury”) securities through reverse repurchase transactions under master repurchase agreements. The Company accounts for these as securities borrowing transactions and recognizes an obligation to return the borrowed securities at fair value on the consolidated balance sheets based on the value of the underlying borrowed securities as of the reporting date.
Equity-Based Compensation
Equity-Based Compensation — The Company grants equity-based compensation awards to certain employees and all directors in the form of restricted shares of common stock. The Company accounts for equity-based awards under ASC 718, Compensation — Stock Compensation, which requires the Company to expense the cost of services received in exchange for equity-based awards based on the grant-date fair value of the awards. This expense is recognized as provided in the applicable award agreement (see Note 23). The fair value of the Company’s restricted stock awards (“RSAs”), time-based and performance-based restricted stock unit awards (“RSU” and “PSU” awards, respectively) and Class B Profit Units (as defined in Note 23) are typically equivalent to the closing stock price on the grant date. The fair value of the Company’s LTIP Profit Units (as defined in Note 23) are liability-classified equity based awards due to a cash settlement feature. As such, the fair value of these awards is initially determined at the date of grant and is remeasured at each reporting period until settlement. Compensation expense is recognized using the accelerated attribution model over the vesting period and presented in compensation and benefits on the Company’s consolidated statements of operations. The Company has elected to account for forfeitures as they occur.
Residential Mortgage Origination Reserves
Residential Mortgage Origination Reserves — Newrez originates conventional, government-insured and non-conforming residential mortgage loans for sale and securitization. In connection with the transfer of loans to the GSEs or mortgage investors, Newrez provides 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. Rithm Capital records a reserve for sales recourse at the time of sale to cover all potential recourse obligations based on the outstanding balance of residential mortgage loans subject to recourse as well as historical and estimated future loss rates. Rithm Capital evaluates the ongoing adequacy of the reserve based on actual experience and changing circumstances, making adjustments to the reserve as deemed necessary.
Offering Costs
Offering Costs — The Company has incurred offering costs in connection with common stock offerings, registration statements and preferred stock offerings. Where applicable, the offering costs were paid out of the proceeds of the respective offerings. Offering costs in connection with common stock offerings and costs in connection with registration statements have been accounted for as a reduction of additional paid-in capital. Offering costs in connection with preferred stock offerings have been accounted for as a reduction of their respective gross proceeds.
Earnings (Loss) Per Share Earnings (Loss) Per Share — In accordance with the provisions of ASC 260, Earnings Per Share, Rithm Capital calculates basic income (loss) per share by dividing net income (loss) attributable to common stockholders for the period by weighted average shares of the Company’s common stock outstanding for that period. Diluted income per share takes into account the effect of dilutive instruments, such as stock options and warrants but uses the average share price for the period in determining the number of incremental shares that are to be added to the weighted average number of shares outstanding. In periods in which the Company records a net loss, potentially dilutive securities are excluded from the diluted loss per share calculation, as their effect on loss per share is anti-dilutive.
Comprehensive Income
Comprehensive Income — Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For Rithm Capital’s purposes, comprehensive income represents net income, as presented in the consolidated statements of operations, adjusted for unrealized gains or losses on certain securities classified as AFS and a cumulative translation adjustment.
Redeemable Noncontrolling Interests
Redeemable Non-controlling Interests — The Company recognizes redeemable non-controlling 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 non-controlling interest holders) and their redemption value. The accretion of the redeemable non-controlling interest to redemption value is recorded within change in redemption value of redeemable non-controlling interests in the consolidated statements of operations. The Class A ordinary shares of the consolidated SPAC and certain units issued by a consolidated entity have redemption rights that are considered to be outside of the Company’s control, and as a result, these shares are presented as redeemable non-controlling interests of consolidated subsidiaries on the consolidated balance sheets. Profits and losses attributable to these interests are presented as redeemable non-controlling interests in income of consolidated subsidiaries in the consolidated statements of operations. The redeemable non-controlling 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.
Deferred Acquisition Costs
Deferred Acquisition Costs — Deferred acquisition costs (“DAC”) represent incremental direct costs that are related to the successful acquisition of new or renewal insurance and annuity contracts and are deferred and amortized over the expected life of the related contracts. Such costs primarily include commissions, underwriting and policy issuance costs that vary with, and are primarily related to, the production of new and renewal business. Costs that are not incremental or not directly attributable to successful contract acquisition are expensed as incurred.

The lapse and mortality assumptions used to amortize DAC are consistent with assumptions used to estimate the liability for future policy benefits. Amortization assumptions are reviewed at least annually and updated for actual experience and changes in future expectations. The impact of assumption updates is recognized prospectively through revised amortization of the remaining unamortized DAC balance.

DAC is evaluated for recoverability at each reporting date or more frequently if events or circumstances indicate that the carrying amount may not be recoverable. Should the DAC asset require a write down to its recoverable amount, any charge is recognized in policyholder benefits and claims or other operating expenses, as appropriate.
Insurance Company Investments
Insurance Company Investments — The Company’s insurance company investments primarily consist of asset and mortgage-backed securities, agency securities and commercial mortgage loans. All insurance company investments are measured at fair value under the fair value option election. Changes in fair value are recognized in earnings and presented within realized and unrealized gains (losses), net in the consolidated statements of operations.

Interest Sensitive Insurance Contract Liabilities — The Company, through its wholly owned subsidiary, Crestline Life and Insurance Annuity Company (“CL Life”), issues interest-sensitive insurance contracts primarily consisting of fixed-rate deferred annuities, including multi-year guaranteed annuities (“MYGAs”) and fixed indexed annuities (“FIAs”). These insurance products are investment contracts accounted for under ASC 944, Financial Services - Insurance, recorded at contract account balances, which represent accumulated policyholder deposits plus credited interest, without reduction for potential surrender or withdrawal charges. Deposits collected on investment contracts are not reflected as revenues, but are recorded directly to interest sensitive insurance contract liabilities upon receipt.
Liabilities for single premium immediate annuities are measured as the present value of future policy benefit payments and related policy maintenance expenses, discounted using interest rates established at contract issuance. The Company retains the insurance contract liabilities associated with these products on its consolidated balance sheets, including contracts subject to reinsurance arrangements accounted for as deposits. Changes in interest sensitive insurance contract liabilities, excluding deposits and withdrawals, are recorded as insurance-related expenses within general and administrative expenses on the consolidated statements of operations.

Embedded derivatives related to index-linked crediting features are bifurcated from the respective FIAs or reinsurance deposit asset and separately recognized as derivatives at fair value with changes in fair value recognized in realized and unrealized gains (losses), net in the consolidated statements of operations. The embedded derivatives are presented within other assets or accrued expenses and other liabilities, as applicable, on the consolidated balance sheets.
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.

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, 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. This standard became effective for the Company for the fiscal year ended December 31, 2025. Upon adoption of the new standard, the Company has included the new additional and relevant required disclosures within its income taxes disclosures in Note 25.

Recently Issued Accounting Standards Not Yet Adopted

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

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

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

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which clarifies interim disclosure requirements and the applicability of Topic 270. This ASU is effective for the Company on January 1, 2028, with early adoption permitted. The Company does not expect the adoption of this ASU to have a material impact on its consolidated financial statements.
v3.25.4
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Schedule of Purchase Price Allocation
The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities related to the Crestline Acquisition:

Total Consideration$324,719 
Assets:
Cash and cash equivalents168,259 
Restricted cash124 
Insurance company investments, at fair value844,822 
Intangible assets84,276 
Other assets82,514 
Total Assets Acquired1,179,995 
Liabilities:
Interest sensitive insurance contract liabilities920,776 
Accrued expenses and other liabilities117,311 
Total Liabilities Assumed1,038,087 
Net Assets141,908 
Goodwill$182,811 
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 adjustments made during the measurement period to arrive at the final allocation of the total consideration paid for acquired assets and assumed liabilities:
Preliminary Amounts as of the Acquisition Date
Subsequent Adjustments to Fair Value(A)
Final 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).
The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities related to the Sculptor Acquisition during the fourth quarter of 2023:

Total Consideration(A)
$630,317 
Assets:
Cash and cash equivalents267,469 
Restricted cash26,373 
Other assets(B)(C)
1,346,633 
Total Assets Acquired1,640,475 
Liabilities:
Secured financing agreements177,551 
Secured notes and bonds payable99,232 
Accrued expenses and other liabilities 746,135 
Total Liabilities Assumed1,022,918 
Non-controlling interest35,873 
Net Assets581,684 
Goodwill$48,633 
(A)The fair value of total consideration transferred included cash of $600.6 million and assumption of unvested shares of Sculptor stock of $29.7 million for a total consideration of $630.3 million.
(B)Includes $275.0 million of intangible assets in the form of management contracts. These intangibles are being amortized over a finite life of 10 years.
(C)Includes $246.1 million of CLOs.
The following table summarizes the provisional amounts recognized related to the Sculptor Acquisition as of the acquisition date, as well as the measurement period adjustments made in the fourth quarter of 2024 to arrive at the final allocation of the total consideration paid to acquire the assets and assume the liabilities:
Preliminary Amounts as of the Acquisition DateSubsequent Adjustments to Fair ValueFinal Amounts as of the Acquisition Date
Total Consideration$630,317 $— $630,317 
Assets:
Cash and cash equivalents267,469 — 267,469 
Restricted cash26,373 — 26,373 
Other assets(A)
1,348,608 (1,975)1,346,633 
Total Assets Acquired1,642,450 (1,975)1,640,475 
Liabilities:
Secured financing agreements177,551 — 177,551 
Secured notes and bonds payable99,232 — 99,232 
Accrued expenses and other liabilities746,135 — 746,135 
Total Liabilities Assumed1,022,918 — 1,022,918 
Non-controlling interest35,873 — 35,873 
Net Assets583,659 (1,975)581,684 
Goodwill$46,658 $1,975 $48,633 
(A)The adjustment to other assets primarily reflects the impact on deferred tax assets attributable to certain return to provision adjustments.
Schedule of Acquired Intangible Assets The following table presents the details of identifiable intangible assets acquired and the respective estimated useful lives:
Estimated Useful Life (Years)Amount
Customer relationships9$8,645 
Management contracts
 2 to 11
63,770 
Trade names113,740 
VOBA
(A)
2,401 
Insurance LicensesIndefinite5,720 
Total Identifiable Intangible Assets$84,276 
(A)VOBA, an actuarial intangible asset arising from the Crestline Acquisition, is amortized on a basis consistent with the related policyholder liabilities over the remaining life of each contract.
The following table 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 presents the details of identifiable intangible assets acquired:
Estimated Useful LifeAmount
Management contracts10$275,000 
Total Identifiable Intangible Assets$275,000 
The following table summarizes the acquired identifiable intangible assets:
December 31,
Estimated Useful Lives (Years)20252024
Gross Intangible Assets:
Management contracts
2 to 11
$347,415 $275,000 
Customer relationships
2 to 9
79,753 79,753 
Purchased technology
3 to 7
113,606 105,567 
Trademarks / Trade names(A)
1 to 11
13,999 10,259 
VOBA(B)
(B)2,401 — 
LicensesIndefinite27,084 21,365 
584,258 491,944 
Accumulated Amortization:
Management contracts58,420 30,940 
Customer relationships42,437 25,773 
Purchased technology106,171 97,259 
Trademarks / Trade names7,231 6,023 
214,259 159,995 
Intangible Assets, Net:
Management contracts288,995 244,060 
Customer relationships37,316 53,980 
Purchased technology7,435 8,308 
Trademarks / Trade names(A)
6,768 4,236 
VOBA(B)
2,401 — 
Licenses27,084 21,365 
Intangible Assets, Net$369,999 $331,949 
(A)Includes indefinite-lived intangible assets of $1.9 million as of December 31, 2025 and 2024.
(B)VOBA, an actuarial intangible asset arising from the Crestline Acquisition, is amortized on a basis consistent with the related policyholder liabilities over the remaining life of each contract.
Schedule of Unaudited Supplemental Pro Forma Financial Information
The following table presents unaudited pro forma combined revenues and income before income taxes for the years ended December 31, 2025 and 2024 prepared as if the Crestline Acquisition had been consummated on January 1, 2024:

Year Ended December 31,
Pro Forma 20252024
Revenues$4,776,194 $5,065,601 
Income before income taxes803,724 1,212,292 
The following table presents unaudited pro forma combined revenues and income before income taxes for the years ended December 31, 2024 and 2023 prepared as if the Computershare Acquisition had been consummated on January 1, 2023:
Year Ended December 31,
Pro Forma 20242023
Revenues$5,051,332 $4,044,192 
Income before income taxes1,233,419 718,013 
The following table presents unaudited pro forma combined revenues and income before income taxes for the year ended December 31, 2023 prepared as if the Sculptor Acquisition had been consummated on January 1, 2022:
Pro FormaYear Ended December 31, 2023
Revenues$4,044,455 
Income before income taxes591,129 
v3.25.4
SEGMENT REPORTING (Tables)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Schedule of Segment Financial Data
The following tables summarize segment financial information, including the Corporate category explained above, which in total reconciles to the same data for Rithm Capital on a consolidated basis:


Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCorporate CategoryTotal
Year Ended December 31, 2025
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$2,294,969 $— $— $— $— $2,294,969 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(746,006))
(1,174,549)— — — — (1,174,549)
Servicing revenue, net1,120,420 — — — — 1,120,420 
Interest income1,217,454 301,594 44,662 300,109 10,496 1,874,315 
Gain on originated residential mortgage loans, held-for-sale, net690,401 — — 39,125 — 729,526 
Other revenues106,679 — 26,933 105,315 — 238,927 
Asset management revenues— — 627,040 — — 627,040 
Total Revenues3,134,954 301,594 698,635 444,549 10,496 4,590,228 
Interest expense and warehouse line fees1,085,148 137,066 47,858 296,234 96,127 1,662,433 
Other segment expenses(A)
592,233 24,250 146,343 91,063 50,198 904,087 
Compensation and benefits774,509 63,087 399,879 3,993 77,411 1,318,879 
Depreciation and amortization26,453 7,731 41,103 32,159 31 107,477 
Total Operating Expenses2,478,343 232,134 635,183 423,449 223,767 3,992,876 
Realized and unrealized gains (losses), net— 18,826 4,347 103,355 (661)125,867 
Other income (loss), net5,088 (558)33,206 46,623 (1,195)83,164 
Total Other Income (Loss)5,088 18,268 37,553 149,978 (1,856)209,031 
Income (Loss) before Income Taxes661,699 87,728 101,005 171,078 (215,127)806,383 
Income tax expense (benefit)33,527 (1,446)69,407 (14,284)1,087 88,291 
Net Income (Loss)628,172 89,174 31,598 185,362 (216,214)718,092 
Non-controlling interests in income of consolidated subsidiaries3,227 — 709 4,884 — 8,820 
Redeemable non-controlling interests in income of consolidated subsidiaries— — 3,780 — 8,435 12,215 
Net Income (Loss) Attributable to Rithm Capital Corp.624,945 89,174 27,109 180,478 (224,649)697,057 
Change in redemption value of redeemable non-controlling interests— — — — 15,611 15,611 
Dividends on preferred stock— — — — 114,246 114,246 
Net Income (Loss) Attributable to Common Stockholders$624,945 $89,174 $27,109 $180,478 $(354,506)$567,200 
(A)The Origination and Servicing segment’s other segment expenses primarily include expenses related to legal and professional services, loan origination and servicing, information technology and property and maintenance. The Residential Transitional Lending segment’s other segment expenses primarily include expenses related to legal and professional services and loan origination. The Asset Management segment’s other segment expenses primarily include expenses related to legal and professional services, information technology, occupancy and property and maintenance. The Investment Portfolio segment’s other segment expenses primarily include expenses related to legal and professional services, loan servicing and property and maintenance.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCorporate CategoryTotal
December 31, 2025
Investments(A)
$18,308,310 $2,706,044 $6,062,702 $4,912,402 $— $31,989,458 
Cash and cash equivalents(A)
1,153,897 97,049 353,290 32,853 210,537 1,847,626 
Restricted cash(A)
174,667 43,156 308,584 44,470 238,435 809,312 
Other assets(A)
7,793,601 174,406 1,918,829 2,414,231 9,671 12,310,738 
Goodwill29,468 55,731 231,444 — — 316,643 
Assets of consolidated entities(A)
— 980,760 1,525,364 3,283,225 — 5,789,349 
Total Assets$27,459,943 $4,057,146 $10,400,213 $10,687,181 $458,643 $53,063,126 
Debt(A)
$16,843,333 $2,219,808 $4,377,897 $5,689,351 $1,258,271 $30,388,660 
Other liabilities(A)
5,040,177 87,637 2,583,469 435,514 294,747 8,441,544 
Liabilities of consolidated entities(A)
— 868,217 1,270,655 2,839,340 — 4,978,212 
Total Liabilities21,883,510 3,175,662 8,232,021 8,964,205 1,553,018 43,808,416 
Redeemable Non-controlling Interests of Consolidated Subsidiaries— — 75,868 — 238,435 314,303 
Total Stockholders’ Equity5,576,433 881,484 2,092,324 1,722,976 (1,332,810)8,940,407 
Non-controlling interests in equity of consolidated subsidiaries9,833 — 441,850 58,237 — 509,920 
Stockholders’ Equity in Rithm Capital Corp.$5,566,600 $881,484 $1,650,474 $1,664,739 $(1,332,810)$8,430,487 
Investments in Equity Method Investees$25,111 $27,708 $445,871 $324,456 $— $823,146 
(A)The Company's consolidated balance sheets include assets and liabilities of consolidated VIEs, including funds and CFEs that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp.


Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCorporate CategoryTotal
Year Ended December 31, 2024
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$1,993,319 $— $— $— $— $1,993,319 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(602,241))
(455,918)— — — — (455,918)
Servicing revenue, net1,537,401 — — — — 1,537,401 
Interest income1,351,066 257,833 21,288 319,596 7 1,949,790 
Gain on originated residential mortgage loans, held-for-sale, net672,093 — — 10,442 — 682,535 
Other revenues121,291 — — 106,181 — 227,472 
Asset management revenues— — 520,294 — — 520,294 
Total Revenues3,681,851 257,833 541,582 436,219 7 4,917,492 
Interest expense and warehouse line fees1,327,115 125,722 36,274 271,908 74,306 1,835,325 
Other segment expenses(A)
500,347 19,578 97,550 80,724 46,154 744,353 
Compensation and benefits706,805 47,320 328,758 3,809 48,076 1,134,768 
Depreciation and amortization56,496 6,268 30,598 30,748 21 124,131 
Total Operating Expenses2,590,763 198,888 493,180 387,189 168,557 3,838,577 
Realized and unrealized gains (losses), net22 54,020 (74)18,671 — 72,639 
Other income (loss), net21,677 (1,603)15,100 22,032 49 57,255 
Total Other Income21,699 52,417 15,026 40,703 49 129,894 
Income (Loss) before Income Taxes1,112,787 111,362 63,428 89,733 (168,501)1,208,809 
Income tax expense219,086 5,224 36,058 6,949 — 267,317 
Net Income (Loss)893,701 106,138 27,370 82,784 (168,501)941,492 
Non-controlling interests in income of consolidated subsidiaries2,554 — 4,302 3,133 — 9,989 
Net Income (Loss) Attributable to Rithm Capital Corp.891,147 106,138 23,068 79,651 (168,501)931,503 
Dividends on preferred stock— — — — 96,456 96,456 
Net Income (Loss) Attributable to Common Stockholders$891,147 $106,138 $23,068 $79,651 $(264,957)$835,047 
(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. 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, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to loan servicing and property and maintenance.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCorporate CategoryTotal
December 31, 2024
Investments(A)
$24,111,365 $2,194,413 $— $2,387,973 $— $28,693,751 
Cash and cash equivalents(A)
1,004,326 37,605 174,819 27,987 214,006 1,458,743 
Restricted cash(A)
207,724 33,555 18,038 49,126 — 308,443 
Other assets(A)
7,065,373 122,059 962,845 2,190,333 5,752 10,346,362 
Goodwill29,468 55,731 48,633 — — 133,832 
Assets of consolidated entities(A)
— 995,712 1,303,795 2,808,319 — 5,107,826 
Total Assets$32,418,256 $3,439,075 $2,508,130 $7,463,738 $219,758 $46,048,957 
Debt(A)
$21,968,357 $1,747,307 $431,806 $3,103,488 $1,033,804 $28,284,762 
Other liabilities(A)
4,725,155 29,999 104,879 433,762 235,846 5,529,641 
Liabilities of consolidated entities(A)
— 860,123 1,126,776 2,361,345 — 4,348,244 
Total Liabilities26,693,512 2,637,429 1,663,461 5,898,595 1,269,650 38,162,647 
Total Stockholders’ Equity5,724,744 801,646 844,669 1,565,143 (1,049,892)7,886,310 
Non-controlling interests in equity of consolidated subsidiaries9,687 — 39,942 41,707 — 91,336 
Stockholders’ Equity in Rithm Capital Corp.$5,715,057 $801,646 $804,727 $1,523,436 $(1,049,892)$7,794,974 
Investments in Equity Method Investees$24,488 $13,352 $113,662 $291,637 $— $443,139 
(A)The Company's consolidated balance sheets include assets and liabilities of consolidated VIEs, including funds and CFEs that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCorporate CategoryTotal
Year Ended December 31, 2023
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$1,859,357 $— $— $— $— $1,859,357 
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(518,978))
(595,246)— — — — (595,246)
Servicing revenue, net1,264,111 — — — — 1,264,111 
Interest income1,084,479 205,779 3,788 322,143 — 1,616,189 
Gain on originated residential mortgage loans, held-for-sale, net494,693 — — 38,784 — 533,477 
Other revenues133,424 — — 102,743 — 236,167 
Asset management revenues— — 82,681 — — 82,681 
Total Revenues2,976,707 205,779 86,469 463,670 — 3,732,625 
Interest expense and warehouse line fees1,011,387 105,909 2,727 245,120 36,184 1,401,327 
Other segment expenses(A)
513,453 12,529 16,801 59,698 77,940 680,421 
Compensation and benefits655,819 43,547 42,839 8,681 36,206 787,092 
Depreciation and amortization44,174 6,282 4,230 25,930 65 80,681 
Total Operating Expenses2,224,833 168,267 66,597 339,429 150,395 2,949,521 
Realized and unrealized gains, net273 1,500 8,060 273 — 10,106 
Other income (loss), net(20,125)6,209 557 (657)(26,361)(40,377)
Total Other Income (Loss)(19,852)7,709 8,617 (384)(26,361)(30,271)
Income (Loss) before Income Taxes732,022 45,221 28,489 123,857 (176,756)752,833 
Income tax expense (benefit)107,617 (5,122)27,121 (7,457)— 122,159 
Net Income (Loss)624,405 50,343 1,368 131,314 (176,756)630,674 
Non-controlling interests in income of consolidated subsidiaries581 — 365 7,471 — 8,417 
Net Income (Loss) Attributable to Rithm Capital Corp.623,824 50,343 1,003 123,843 (176,756)622,257 
Dividends on preferred stock— — — — 89,579 89,579 
Net Income (Loss) Attributable to Common Stockholders$623,824 $50,343 $1,003 $123,843 $(266,335)$532,678 
(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. 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, information technology and occupancy. The Investment Portfolio segment’s other segment expenses primarily include expenses related to loan servicing and property and maintenance.
Origination and ServicingResidential Transitional LendingAsset ManagementInvestment PortfolioCorporate CategoryTotal
December 31, 2023
Investments(A)
$19,015,600 $1,879,319 $— $3,159,247 $— $24,054,166 
Cash and cash equivalents(A)
548,666 58,628 230,008 30,639 419,258 1,287,199 
Restricted cash(A)
300,941 30,233 8,156 38,718 — 378,048 
Other assets(A)
5,208,941 108,523 1,069,203 3,707,187 20,483 10,114,337 
Goodwill29,468 55,731 46,658 — — 131,857 
Assets of consolidated entities(A)
— 365,698 340,929 3,044,850 — 3,751,477 
Total Assets$25,103,616 $2,498,132 $1,694,954 $9,980,641 $439,741 $39,717,084 
Debt(A)
$17,116,565 $1,537,008 $455,512 $3,984,572 $546,818 $23,640,475 
Other liabilities(A)
3,391,408 23,608 345,999 1,837,801 213,121 5,811,937 
Liabilities of consolidated entities(A)
— 319,369 219,920 2,624,345 — 3,163,634 
Total Liabilities20,507,973 1,879,985 1,021,431 8,446,718 759,939 32,616,046 
Total Stockholders’ Equity4,595,643 618,147 673,523 1,533,923 (320,198)7,101,038 
Non-controlling interests in equity of consolidated subsidiaries8,220 — 40,971 44,905 — 94,096 
Stockholders’ Equity in Rithm Capital Corp.$4,587,423 $618,147 $632,552 $1,489,018 $(320,198)$7,006,942 
Investments in Equity Method Investees$— $— $91,563 $110,883 $— $202,446 
(A)The Company's consolidated balance sheets include assets and liabilities of consolidated VIEs, including funds and CFEs that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp.
v3.25.4
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES (Tables)
 12 Months Ended
Dec. 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, 2023$8,405,938 
Acquisition700,207 
Originations(A)
1,396,154 
Sales11,026 
Change in Fair Value Due To:
Realization of cash flows(B)
(607,169)
Change in valuation inputs and assumptions415,515 
Balance at December 31, 202410,321,671 
Originations(A)
1,650,475 
Sales(3,249)
Change in Fair Value due to:
Realization of cash flows(B)
(750,012)
Change in valuation inputs and assumptions(859,744)
Balance at December 31, 2025$10,359,141 
(A)Represents MSRs retained on the sale of originated residential mortgage loans. Includes $192.0 million and $54.4 million of MSRs capitalized through co-issue with third parties for the years ended December 31, 2025 and 2024, respectively.
(B)Based on the paydown of the underlying residential mortgage loans.
The following table summarizes MSRs and MSR financing receivables by type as of December 31, 2025 and 2024:
UPB of Underlying Mortgages
Weighted Average Life (Years)(A)
Carrying Value(B)
December 31, 2025
GSE$376,982,090 6.2$6,051,855 
Non-Agency66,874,608 5.6894,988 
Ginnie Mae151,675,782 6.13,412,298 
Total / Weighted Average$595,532,480 6.1$10,359,141 
December 31, 2024
GSE$383,014,320 6.5$6,413,199 
Non-Agency70,022,636 5.4836,408 
Ginnie Mae137,177,395 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 December 31, 2025 and 2024, weighted average discount rates of 8.4% (range of 8.0% – 10.3%) and 8.9% (range of 8.7% - 10.3%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables.
Schedule of Fees Earned in Exchange for Servicing Financial Assets
The following table summarizes components of servicing revenue, net:
Year Ended December 31,
202520242023
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables$2,099,987 $1,833,221 $1,735,060 
Ancillary and other fees194,982 160,098 124,297 
Servicing fee revenue, net and fees2,294,969 1,993,319 1,859,357 
Change in Fair Value due to:
Realization of cash flows(A)
(746,006)(602,241)(518,978)
Change in valuation inputs and assumptions, net of realized gains (losses)(B)
(873,379)434,667 (46,706)
Gains (losses) on MSR economic hedges444,836 (288,344)(29,562)
Servicing Revenue, Net$1,120,420 $1,537,401 $1,264,111 
(A)Net of realization of cash flows related to MSR financing liability of $4.0 million and $4.9 million for the years ended December 31, 2025 and 2024, respectively. There was no excess spread financing during the year ended December 31, 2023 (Note 13).
(B)Net of change in valuation inputs and assumptions related to MSR financing liability of $(13.6) million and $19.2 million for the years ended December 31, 2025 and 2024, respectively. There was no excess spread financing during the year ended December 31, 2023 (Note 13).
Schedule of the Geographic Distribution of the Underlying Residential Mortgage Loans of the Direct Investment in MSRs
The table below summarizes the geographic distribution of the residential mortgage loans underlying the MSRs and MSR financing receivables:
Percentage of Total Outstanding Unpaid Principal Amount
December 31,
State Concentration20252024
California15.8 %16.5 %
Florida8.1 %8.2 %
Texas6.7 %6.6 %
New York5.7 %5.7 %
Washington5.0 %5.2 %
New Jersey3.9 %4.1 %
Virginia3.8 %3.7 %
Maryland3.4 %3.4 %
Illinois3.2 %3.3 %
Georgia3.2 %3.1 %
Other U.S.41.2 %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:
December 31,
20252024
Principal and interest advances$539,371 $640,723 
Escrow advances (taxes and insurance advances)1,735,259 1,733,426 
Foreclosure advances941,658 950,092 
Gross advance balance(A)(B)(C)
3,216,288 3,324,241 
Reserves, impairment, unamortized discount, net of recovery accruals(125,675)(125,320)
Total Servicer Advances Receivable$3,090,613 $3,198,921 
(A)Includes $738.7 million and $673.7 million as of December 31, 2025 and 2024 of servicer advances receivable related to GSE MSRs, respectively, recoverable either from the borrower or the Agencies.
(B)Includes $576.7 million and $529.3 million as of December 31, 2025 and 2024 of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae.
(C)Expected losses for advances associated with loans in the MSR portfolio are considered in the MSR fair value through a non-reimbursable advance loss assumption.
Schedule of Servicer Advances Reserve
The following table summarizes servicer advances provision activity during the period:
Balance at December 31, 2023$93,681 
Provision47,685 
Write-offs(19,970)
Balance at December 31, 2024121,396 
Provision63,979 
Write-offs(63,838)
Balance at December 31, 2025$121,537 
v3.25.4
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Schedule of Debt Securities, Available-for-sale The following table summarizes Agency and Treasury securities classified as AFS or measured at fair value under the fair value option (fair value through net income) (“FVO”) election:
December 31, 2025
Gross UnrealizedWeighted Average
Outstanding Face AmountGainsLosses
Carrying Value(A)
Number of SecuritiesCouponYield
Life (Years)(B)
Securities Designated as AFS:
Agency(C)(D)
$64,816 $— $— $58,523 1 3.5 %3.5 %10.9
Securities Measured at FVO:
Agency(C)
5,165,539 116,528 — 5,171,616 22 5.0 %5.0 %8.0
Total / Weighted Average$5,230,355 $116,528 $— $5,230,139 23 5.0 %5.0 %8.0
December 31, 2024
Gross UnrealizedWeighted Average
Outstanding Face AmountGainsLosses
Carrying Value(A)
Number of SecuritiesCouponYield
Life (Years)(B)
Securities Designated as AFS:
Agency(C)
$69,295 $— $— $60,135 1 3.5 %3.5 %7.8
Securities Measured at FVO:
Agency(C)
6,602,894 428 (51,024)6,390,508 42 5.0 %5.0 %5.7
Treasury(C)
3,250,000 4,102 (781)3,260,703 3 4.5 %4.5 %1.9
Total / Weighted Average$9,922,189 $4,530 $(51,805)$9,711,346 46 4.8 %4.8 %4.4
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)All fixed-rate as of December 31, 2025 and 2024.
(D)Expected loss is realized through allowance for credit losses.
The following table summarizes purchases and sales of Agency and Treasury securities:
Year Ended December 31,
202520242023
Treasury(A)
Agency
Treasury(A)
Agency
Treasury(A)
Agency
Purchases:
Face$100,000 $2,387,863 $8,825,000 $1,280,545 $1,055,000 $3,373,770 
Purchase price98,954 2,355,623 8,813,058 1,249,562 1,028,051 3,350,588 
Sales:
Face$3,250,000 $3,105,723 $5,500,000 $2,556,839 $— $1,691,131 
Amortized cost3,257,383 3,038,671 5,481,688 2,536,357 — 1,671,349 
Sale price3,269,180 3,121,310 5,499,395 2,583,782 — 1,614,293 
Gain (loss) on sale11,797 82,639 17,707 47,425 — (57,056)
(A)Excludes Treasury short sales. Refer to Note 16 for information regarding short sales.
The following table summarizes the bonds held by the insurance company at fair value:
December 31, 2025
Outstanding Face AmountGross Unrealized
Carrying Value(A)
Number of SecuritiesWeighted Average
GainsLossesCouponYield
Life (Years)(B)
Securities Measured at FVO:
Asset-backed and mortgage-backed securities$106,378 $1,126 $(1,508)$93,729 171 4.2 %8.0 %4.8
Corporates debt20,233 401 (77)20,141 144 5.4 %5.8 %7.4
Government and Agency securities19,403 210 (30)18,036 35 3.1 %4.3 %5.2
Other3,560 8 (2)3,566 16 6.0 %5.8 %5.5
Total / Weighted Average$149,574 $1,745 $(1,617)$135,472 366 4.2 %7.1 %5.2
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.

The following table summarizes the commercial mortgage loans and private credit held by the insurance company at fair value:
December 31, 2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Commercial mortgage loans, HFI, at fair value$399,735 $397,982 79 10.5 %1.7
Private credit, at fair value375,516 373,000 87 10.4 %3.5
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For loans classified as Level 2 in the fair value hierarchy, the weighted average life is based on the contractual term of the loan.
Schedule of Debt Securities, Held-to-Maturity
The following table summarizes Treasury securities classified as held-to-maturity (“HTM”) as of and for the years ended December 31, 2025 and 2024:
Weighted Average
Outstanding Face AmountAmortized Cost / Carrying Value
Fair Value(A)
Unrecognized Gains (Losses)Number of SecuritiesYieldLife (Years)
Treasury Securities Designated as HTM:
December 31, 2025$25,000 $24,766 $24,762 $(4)1 3.5 %0.3
December 31, 202425,000 24,770 24,775 5 1 4.3 %0.5
(A)See Note 18 regarding the fair value measurements.
v3.25.4
RESIDENTIAL MORTGAGE LOANS (Tables)
 12 Months Ended
Dec. 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:
December 31,
20252024
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$3,347,429 $3,265,142 8,396 6.1 %26.0$2,791,027 
Residential mortgage loans, HFI, at fair value349,196 324,688 6,651 7.5 %4.6361,890 
Residential Mortgage Loans, HFS:
Acquired performing loans(C)
49,983 45,861 1,512 6.1 %4.351,011 
Acquired non-performing loans(D)
13,443 10,930 162 11.6 %3.515,659 
Total Residential Mortgage Loans, HFS$63,426 $56,791 1,674 7.3 %4.1$66,670 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(C)(E)
1,583,196 1,612,154 3,608 6.0 %8.4408,421 
Acquired non-performing loans(D)(E)
326,394 299,413 1,344 5.3 %27.5270,879 
Originated loans3,441,976 3,515,914 10,052 6.3 %29.03,628,271 
Total Residential Mortgage Loans, HFS, at Fair Value$5,351,566 $5,427,481 15,004 6.2 %22.8$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 loans classified as Level 2 in the fair value hierarchy, the weighted average life is based on the contractual term of the loan.
(B)Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.
(C)Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)As of December 31, 2025, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below.
(E)Includes $152.0 million and $317.1 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 December 31, 2025.
The following table summarizes residential transition loans, at fair value and residential transition loans (“RTL”) held by consolidated entities by loan type:
Residential Transition Loans - Carrying
Value(A)
Residential Transition Loans of Consolidated Entities - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
December 31, 2025
Construction$1,018,250 $485,049 $1,503,299 38.4 %400 29.8 %11.1 %21.6
71.8% / 61.3%
Bridge1,339,198 514,400 1,853,598 47.4 %507 37.8 %9.4 %25.767.8%
Renovation342,416 215,361 557,777 14.2 %435 32.4 %9.7 %14.4
81.3% / 67.5%
$2,699,864 $1,214,810 $3,914,674 100.0 %1,342 100.0 %10.1 %22.1N/A
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. Certain residential transition loans of consolidated entities, classified as CFEs, are valued based on the more observable financial liabilities of consolidated CFEs and are classified as Level 3. See Note 18 regarding fair value measurements.
(B)Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans.

The following table summarizes the activity of loans included in residential transition loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2023$1,879,319 
Initial loan advances1,991,047 
Construction holdbacks and draws882,623 
Paydowns and payoffs(1,394,313)
Purchased loans discount amortization1,087 
Transfer of loans to REO(11,649)
Transfers to assets of consolidated entities(1,200,446)
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk8,549 
Other factors21,858 
Balance at December 31, 20242,178,075 
Purchases9,014 
Initial loan advances2,969,766 
Construction holdbacks and draws1,160,490 
Repayments and sales(2,182,458)
Purchased loans discount amortization33 
Transfer of loans to REO(7,865)
Transfers to assets of consolidated entities(1,427,920)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(24,256)
Other factors24,985 
Balance at December 31, 2025$2,699,864 
The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2023$398,227 $31,323 $429,550 
Fundings23,036 — 23,036 
Payment in kind— 4,677 4,677 
Proceeds from repayments(33,250)(4,420)(37,670)
Fair Value Adjustments Due To:
Other factors(A)
5,773 — 5,773 
Balance at December 31, 2024393,786 31,580 425,366 
Purchases— 11,396 11,396 
Fundings56,805 — 56,805 
Payment in kind4,923 1,458 6,381 
Proceeds from repayments— (25,000)(25,000)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk— (8,038)(8,038)
Other factors5,117 — 5,117 
Balance at December 31, 2025$460,631 $11,396 $472,027 
(A)There were no fair value adjustments due to changes in instrument-specific credit risk in the current period.
Schedule of Performing Loans Past Due
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of residential mortgage loans, HFS and residential mortgage loans, HFI, at fair value on the consolidated balance sheets:
December 31,
20252024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$5,358,662 $5,437,702 $79,040 $4,377,435 $4,400,113 $22,678 
90+405,526 371,258 (34,268)369,118 336,018 (33,100)
Total$5,764,188 $5,808,960 $44,772 $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:
December 31,
20252024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$2,593,228 $2,610,258 $17,030 $2,117,479 $2,128,802 $11,323 
90+100,921 89,606 (11,315)55,234 49,273 (5,961)
Total$2,694,149 $2,699,864 $5,715 $2,172,713 $2,178,075 $5,362 
The following table summarizes the past due status and difference between the aggregate UPB and aggregate carrying value of commercial mortgage loans, HFI, at fair value on the consolidated balance sheets:
December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPB
Current$386,642 $387,401 $759 
90+13,093 10,581 (2,512)
Total$399,735 $397,982 $(1,753)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
December 31,
20252024
Days Past DueUPB
Carrying Value(A)
Carrying Value Under UPBUPB
Carrying Value(A)
Carrying Value Under UPB
Current$560,400 $472,027 $(88,373)$518,856 $425,366 $(93,490)
90+8,038 — (8,038)— — — 
Total$568,438 $472,027 $(96,411)$518,856 $425,366 $(93,490)
(A)Notes and loans receivable are carried at fair value. See Note 18 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, 2023$379,044 $78,877 $2,461,865 $2,919,786 
Originations— — 57,796,441 57,796,441 
Sales— (2,307)(57,973,190)(57,975,497)
Purchases/additional fundings— — 2,566,210 2,566,210 
Proceeds from repayments(45,159)(9,680)(97,975)(152,814)
Transfer of loans to other assets(A)
— (2,968)(449,065)(452,033)
Transfer of loans to REO(3,990)(1,232)(3,203)(8,425)
Transfers of loans to HFS(52)— — (52)
Transfers of loans from HFI— — 52 52 
Valuation provision on loans— 3,980 — 3,980 
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk24,061 — 12,784 36,845 
Other factors7,986 — (6,348)1,638 
Balance at December 31, 2024361,890 66,670 4,307,571 4,736,131 
Originations — — 60,710,719 60,710,719 
Sales— — (64,243,027)(64,243,027)
Purchases/additional fundings— — 5,547,685 5,547,685 
Proceeds from repayments(42,124)(9,251)(164,698)(216,073)
Net transfer of loans to/from other assets(A)(B)
— (1,130)(786,552)(787,682)
Transfer of loans to REO(2,585)(769)(2,029)(5,383)
Valuation reversal on loans— 1,271 — 1,271 
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(3,438)— (1,815)(5,253)
Other factors10,945 — 59,627 70,572 
Balance at December 31, 2025$324,688 $56,791 $5,427,481 $5,808,960 
(A)Includes receivable modifications resulting in transfers between other assets and residential mortgage loans as well as transfers to and from consolidated entities.
(B)Includes the collapse of the 2022-NQM5 securitization, which resulted in a $178.1 million transfer to residential mortgage loans, HFS from investments, at fair value and other assets on the consolidated balance sheets.
Schedule of Originated Mortgage Loans
The following table summarizes the components of gain on originated residential mortgage loans, HFS, net:
Year Ended December 31,
202520242023
Loss on residential mortgage loans originated and sold, net(A)
$(700,752)$(822,641)$(392,137)
Gain (loss) on settlement of residential mortgage loan origination derivative instruments(B)
(103,085)28,157 73,476 
MSRs retained on transfer of residential mortgage loans(C)
1,458,509 1,341,728 786,655
Other(D)
67,519 54,969 14,622
Realized gain on sale of originated residential mortgage loans, net722,191 602,213 482,616 
Change in fair value of residential mortgage loans51,970 2,096 99,877 
Change in fair value of interest rate lock commitments (Note 16)
10,155 (12,449)15,018 
Change in fair value of derivative instruments (Note 16)
(54,790)90,675 (64,034)
Gain on Originated Residential Mortgage Loans, HFS, Net$729,526 $682,535 $533,477 
(A)Includes residential mortgage loan origination fees of $1.0 billion, $0.9 billion and $0.4 billion in the years ended December 31, 2025, 2024 and 2023, respectively. Includes gain on residential mortgage loan securitizations accounted for as sales of $58.8 million and $24.2 million for the years ended December 31, 2025 and 2024, respectively, and no gain or loss for the year ended December 31, 2023.
(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.
v3.25.4
CONSUMER LOANS (Tables)
 12 Months Ended
Dec. 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)
December 31, 2025
SpringCastle$164,119 $167,807 18.0 %3.7
Marcus295,074 166,473 11.2 %0.6
Upgrade471,651 450,119 13.5 %10.9
Total Consumer Loans$930,844 $784,399 13.6 %6.4
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:
December 31,
20252024
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
Carrying Value(A)
Carrying Value Over (Under) UPB
SpringCastle:
Current$160,524 $164,175 $3,651 $203,923 $214,746 $10,823 
90+3,595 3,632 37 4,383 4,562 179 
Total SpringCastle164,119 167,807 3,688 208,306 219,308 11,002 
Marcus:
Current$151,530 $151,985 $455 $438,712 $438,712 $— 
90+143,544 14,488 (129,056)120,605 7,545 (113,060)
Total Marcus295,074 166,473 (128,601)559,317 446,257 (113,060)
Upgrade:
Current$471,108 $449,601 $(21,507)$— $— $— 
90+543 518 (25)— — — 
Total Upgrade471,651 450,119 (21,532)— — — 
$930,844 $784,399 $(146,445)$767,623 $665,565 $(102,058)
(A)Consumer loans are carried at fair value. See Note 18 regarding fair value measurements.
Schedule of Carrying Value of Performing Consumer Loans
The following table summarizes the activity for consumer loans for the period:
Balance at December 31, 2023$1,274,005 
Additional fundings(A)
24,091 
Proceeds from repayments(560,518)
Accretion of loan discount and premium amortization, net27,914 
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk(51,977)
Other factors(47,950)
Balance at December 31, 2024665,565 
Additional fundings(A)
22,123 
Purchases500,334 
Proceeds from repayments(423,156)
Accretion of loan discount and premium amortization, net9,915 
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(13,472)
Other factors23,090 
Balance at December 31, 2025$784,399 
(A)Represents draws on consumer loans with revolving privileges.
v3.25.4
REAL ESTATE, NET (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Composition of Real Estate, Net
The following table presents the composition of real estate, net:
December 31,
20252024
Commercial real estate$5,156,248 $— 
Single-family rental properties1,004,917 1,028,295 
REO14,570 27,898 
Real Estate, Net$6,175,735 $1,056,193 
Schedule of Real Estate Rental Properties
The following table summarizes the net carrying value of commercial real estate:
Depreciable Life / Estimated Useful Life (Years)(A)
December 31, 2025
Commercial Real Estate Tangible Assets:
LandN/A$1,721,869 
Buildings and improvements
5 to 40
2,300,895 
Total commercial real estate tangible assets, at cost4,022,764 
Accumulated depreciation(4,007)
Total commercial real estate tangible assets, net4,018,757 
Commercial Real Estate Intangible Assets:
In-place leases
7.8
1,044,592 
Above-market leases
7.8
99,831 
Total commercial real estate intangible assets, gross1,144,423 
In-place leases accumulated amortization(6,347)
Above-market leases(585)
Accumulated amortization(6,932)
Total commercial real estate intangible assets, net1,137,491 
Commercial Real Estate, Net$5,156,248 
(A)The estimated useful lives of commercial real estate intangible assets represents the weighted-average useful life.
The following table summarizes the net carrying value of investments in SFR properties:
December 31,
20252024
Land$192,335 $191,992 
Building759,716 767,966 
Capital improvements163,496 150,811 
Total gross investment in SFR properties1,115,547 1,110,769 
Accumulated depreciation(110,630)(82,474)
Investment in SFR Properties, Net$1,004,917 $1,028,295 
Summary of Activity Related to the Net Carrying Value of Commercial Real Estate Properties
The following table summarizes the activity for the period related to the net carrying value of commercial real estate:
Commercial Real Estate Tangible AssetsCommercial Real Estate Intangible AssetsTotal Commercial Real Estate, Net
Balance at December 31, 2024$— $— $— 
Paramount Acquisition4,021,418 1,144,423 5,165,841 
Acquisitions and capital improvements1,346 — 1,346 
Depreciation and amortization expense(4,007)(6,932)(10,939)
Balance at December 31, 2025$4,018,757 $1,137,491 $5,156,248 
Schedule Of Rental And Variable Revenue
The following table summarizes rental revenue and other variable revenue based on the specific lease terms presented in other revenues on the consolidated statements of operations for the period:
Year Ended December 31, 2025
Rental revenue$23,191 
Other variable revenue3,045 
Total(A)
$26,236 
(A)Represents revenue recognized following the acquisition of Paramount for the period from December 19, 2025 through December 31, 2025.
The following table summarizes rental revenue and other variable revenue presented in other revenues and other income (loss), net, respectively, on the consolidated statements of operations based on the specific lease terms for the period:
Year Ended December 31,
202520242023
Rental revenue$79,183 $76,561 $73,216 
Other variable revenue9,677 4,524 2,299 
Total $88,860 $81,085 $75,515 
Schedule of Future Minimum Rental Revenues
The following table summarizes the future minimum rental revenues under existing leases on commercial real estate properties:
2026$515,886 
2027530,825 
2028572,608 
2029563,971 
2030517,841 
2031 and thereafter2,451,585 
Total$5,152,716 
The following table summarizes the future minimum rental revenues under existing leases on SFR properties:
2026$45,230 
2027 and thereafter
6,711 
Total$51,941 
Schedule of Intangible Assets, Future Amortization Expense
The following table summarizes the expected future amortization expense for lease intangible assets as of December 31, 2025:
Year EndingAmortization Expense
2026$163,313 
2027164,786 
2028159,974 
2029147,274 
2030122,297 
2031 and thereafter
379,847 
$1,137,491 
The following table summarizes the expected future amortization expense for intangible assets as of December 31, 2025:
Year EndingAmortization Expense
2026$54,866 
202751,158 
202850,186 
202948,281 
203039,005 
2031 and thereafter
97,544 
$341,040 
Schedule of Activity in Real Estate Rental Properties
The following table summarizes the activity for the period related to the net carrying value of investments in SFR properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 2023$1,000,357 $1,571 $1,001,928 
Acquisitions and capital improvements70,355 — 70,355 
Transfers to (from) HFS/HFI(50,615)50,615 — 
Dispositions(1,140)(12,893)(14,033)
Depreciation expense(29,955)— (29,955)
Balance at December 31, 2024989,002 39,293 1,028,295 
Acquisitions and capital improvements30,051 — 30,051 
Transfers to (from) HFS/HFI10,197 (10,197)— 
Dispositions— (23,281)(23,281)
Depreciation expense(30,148)— (30,148)
Balance at December 31, 2025$999,102 $5,815 $1,004,917 
The following table summarizes SFR portfolio activity for the period by number of properties:
SFR Properties HFISFR Properties HFSTotal
Balance at December 31, 20233,882 6 3,888 
Acquisition of SFR properties219 — 219 
Transfer to (from) HFS/HFI(206)206 — 
Disposition of SFR properties(4)(54)(58)
Balance at December 31, 20243,891 158 4,049 
Acquisition of SFR properties38 — 38 
Transfer to (from) HFS/HFI56 (56)— 
Disposition of SFR properties— (81)(81)
Balance at December 31, 20253,985 21 4,006 
Schedule of Real Estate Owned
The following table presents activity for the period related to the carrying value of REOs:
Balance at December 31, 2023$15,507 
Purchases16,256 
Property received in satisfaction of loan28,859 
Sales(A)
(31,614)
Valuation provision(1,110)
Balance at December 31, 202427,898 
Property received in satisfaction of loan26,281 
Sales(A)
(40,362)
Valuation reversal753 
Balance at December 31, 2025$14,570 
(A)Recognized when control of the property has transferred to the buyer.
v3.25.4
RESIDENTIAL TRANSITION LOANS (Tables)
 12 Months Ended
Dec. 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:
December 31,
20252024
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$3,347,429 $3,265,142 8,396 6.1 %26.0$2,791,027 
Residential mortgage loans, HFI, at fair value349,196 324,688 6,651 7.5 %4.6361,890 
Residential Mortgage Loans, HFS:
Acquired performing loans(C)
49,983 45,861 1,512 6.1 %4.351,011 
Acquired non-performing loans(D)
13,443 10,930 162 11.6 %3.515,659 
Total Residential Mortgage Loans, HFS$63,426 $56,791 1,674 7.3 %4.1$66,670 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(C)(E)
1,583,196 1,612,154 3,608 6.0 %8.4408,421 
Acquired non-performing loans(D)(E)
326,394 299,413 1,344 5.3 %27.5270,879 
Originated loans3,441,976 3,515,914 10,052 6.3 %29.03,628,271 
Total Residential Mortgage Loans, HFS, at Fair Value$5,351,566 $5,427,481 15,004 6.2 %22.8$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 loans classified as Level 2 in the fair value hierarchy, the weighted average life is based on the contractual term of the loan.
(B)Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.
(C)Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)As of December 31, 2025, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below.
(E)Includes $152.0 million and $317.1 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 December 31, 2025.
The following table summarizes residential transition loans, at fair value and residential transition loans (“RTL”) held by consolidated entities by loan type:
Residential Transition Loans - Carrying
Value(A)
Residential Transition Loans of Consolidated Entities - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
December 31, 2025
Construction$1,018,250 $485,049 $1,503,299 38.4 %400 29.8 %11.1 %21.6
71.8% / 61.3%
Bridge1,339,198 514,400 1,853,598 47.4 %507 37.8 %9.4 %25.767.8%
Renovation342,416 215,361 557,777 14.2 %435 32.4 %9.7 %14.4
81.3% / 67.5%
$2,699,864 $1,214,810 $3,914,674 100.0 %1,342 100.0 %10.1 %22.1N/A
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. Certain residential transition loans of consolidated entities, classified as CFEs, are valued based on the more observable financial liabilities of consolidated CFEs and are classified as Level 3. See Note 18 regarding fair value measurements.
(B)Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans.

The following table summarizes the activity of loans included in residential transition loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2023$1,879,319 
Initial loan advances1,991,047 
Construction holdbacks and draws882,623 
Paydowns and payoffs(1,394,313)
Purchased loans discount amortization1,087 
Transfer of loans to REO(11,649)
Transfers to assets of consolidated entities(1,200,446)
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk8,549 
Other factors21,858 
Balance at December 31, 20242,178,075 
Purchases9,014 
Initial loan advances2,969,766 
Construction holdbacks and draws1,160,490 
Repayments and sales(2,182,458)
Purchased loans discount amortization33 
Transfer of loans to REO(7,865)
Transfers to assets of consolidated entities(1,427,920)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(24,256)
Other factors24,985 
Balance at December 31, 2025$2,699,864 
The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2023$398,227 $31,323 $429,550 
Fundings23,036 — 23,036 
Payment in kind— 4,677 4,677 
Proceeds from repayments(33,250)(4,420)(37,670)
Fair Value Adjustments Due To:
Other factors(A)
5,773 — 5,773 
Balance at December 31, 2024393,786 31,580 425,366 
Purchases— 11,396 11,396 
Fundings56,805 — 56,805 
Payment in kind4,923 1,458 6,381 
Proceeds from repayments— (25,000)(25,000)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk— (8,038)(8,038)
Other factors5,117 — 5,117 
Balance at December 31, 2025$460,631 $11,396 $472,027 
(A)There were no fair value adjustments due to changes in instrument-specific credit risk in the current period.
Schedule of Performing Loans Past Due
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of residential mortgage loans, HFS and residential mortgage loans, HFI, at fair value on the consolidated balance sheets:
December 31,
20252024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$5,358,662 $5,437,702 $79,040 $4,377,435 $4,400,113 $22,678 
90+405,526 371,258 (34,268)369,118 336,018 (33,100)
Total$5,764,188 $5,808,960 $44,772 $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:
December 31,
20252024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$2,593,228 $2,610,258 $17,030 $2,117,479 $2,128,802 $11,323 
90+100,921 89,606 (11,315)55,234 49,273 (5,961)
Total$2,694,149 $2,699,864 $5,715 $2,172,713 $2,178,075 $5,362 
The following table summarizes the past due status and difference between the aggregate UPB and aggregate carrying value of commercial mortgage loans, HFI, at fair value on the consolidated balance sheets:
December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPB
Current$386,642 $387,401 $759 
90+13,093 10,581 (2,512)
Total$399,735 $397,982 $(1,753)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
December 31,
20252024
Days Past DueUPB
Carrying Value(A)
Carrying Value Under UPBUPB
Carrying Value(A)
Carrying Value Under UPB
Current$560,400 $472,027 $(88,373)$518,856 $425,366 $(93,490)
90+8,038 — (8,038)— — — 
Total$568,438 $472,027 $(96,411)$518,856 $425,366 $(93,490)
(A)Notes and loans receivable are carried at fair value. See Note 18 regarding fair value measurements.
v3.25.4
INSURANCE (Tables)
 12 Months Ended
Dec. 31, 2025
Insurance [Abstract]  
Schedule of Insurance Company Investments, at Fair Value
The following table presents the composition of insurance company investments, at fair value, acquired as a result of Crestline acquisition on December 1, 2025:
December 31, 2025
Securities$135,472 
Commercial mortgage loans397,982 
Private credit373,000 
Insurance company investments, at fair value$906,454 
Schedule of Debt Securities, Available-for-sale The following table summarizes Agency and Treasury securities classified as AFS or measured at fair value under the fair value option (fair value through net income) (“FVO”) election:
December 31, 2025
Gross UnrealizedWeighted Average
Outstanding Face AmountGainsLosses
Carrying Value(A)
Number of SecuritiesCouponYield
Life (Years)(B)
Securities Designated as AFS:
Agency(C)(D)
$64,816 $— $— $58,523 1 3.5 %3.5 %10.9
Securities Measured at FVO:
Agency(C)
5,165,539 116,528 — 5,171,616 22 5.0 %5.0 %8.0
Total / Weighted Average$5,230,355 $116,528 $— $5,230,139 23 5.0 %5.0 %8.0
December 31, 2024
Gross UnrealizedWeighted Average
Outstanding Face AmountGainsLosses
Carrying Value(A)
Number of SecuritiesCouponYield
Life (Years)(B)
Securities Designated as AFS:
Agency(C)
$69,295 $— $— $60,135 1 3.5 %3.5 %7.8
Securities Measured at FVO:
Agency(C)
6,602,894 428 (51,024)6,390,508 42 5.0 %5.0 %5.7
Treasury(C)
3,250,000 4,102 (781)3,260,703 3 4.5 %4.5 %1.9
Total / Weighted Average$9,922,189 $4,530 $(51,805)$9,711,346 46 4.8 %4.8 %4.4
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.
(C)All fixed-rate as of December 31, 2025 and 2024.
(D)Expected loss is realized through allowance for credit losses.
The following table summarizes purchases and sales of Agency and Treasury securities:
Year Ended December 31,
202520242023
Treasury(A)
Agency
Treasury(A)
Agency
Treasury(A)
Agency
Purchases:
Face$100,000 $2,387,863 $8,825,000 $1,280,545 $1,055,000 $3,373,770 
Purchase price98,954 2,355,623 8,813,058 1,249,562 1,028,051 3,350,588 
Sales:
Face$3,250,000 $3,105,723 $5,500,000 $2,556,839 $— $1,691,131 
Amortized cost3,257,383 3,038,671 5,481,688 2,536,357 — 1,671,349 
Sale price3,269,180 3,121,310 5,499,395 2,583,782 — 1,614,293 
Gain (loss) on sale11,797 82,639 17,707 47,425 — (57,056)
(A)Excludes Treasury short sales. Refer to Note 16 for information regarding short sales.
The following table summarizes the bonds held by the insurance company at fair value:
December 31, 2025
Outstanding Face AmountGross Unrealized
Carrying Value(A)
Number of SecuritiesWeighted Average
GainsLossesCouponYield
Life (Years)(B)
Securities Measured at FVO:
Asset-backed and mortgage-backed securities$106,378 $1,126 $(1,508)$93,729 171 4.2 %8.0 %4.8
Corporates debt20,233 401 (77)20,141 144 5.4 %5.8 %7.4
Government and Agency securities19,403 210 (30)18,036 35 3.1 %4.3 %5.2
Other3,560 8 (2)3,566 16 6.0 %5.8 %5.5
Total / Weighted Average$149,574 $1,745 $(1,617)$135,472 366 4.2 %7.1 %5.2
(A)Carrying value is equal to the fair value for all securities. See Note 18 regarding the fair value measurements.
(B)Based on the timing of expected principal reduction on the underlying assets.

The following table summarizes the commercial mortgage loans and private credit held by the insurance company at fair value:
December 31, 2025
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Commercial mortgage loans, HFI, at fair value$399,735 $397,982 79 10.5 %1.7
Private credit, at fair value375,516 373,000 87 10.4 %3.5
(A)For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For loans classified as Level 2 in the fair value hierarchy, the weighted average life is based on the contractual term of the loan.
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:
December 31,
20252024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$5,358,662 $5,437,702 $79,040 $4,377,435 $4,400,113 $22,678 
90+405,526 371,258 (34,268)369,118 336,018 (33,100)
Total$5,764,188 $5,808,960 $44,772 $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:
December 31,
20252024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$2,593,228 $2,610,258 $17,030 $2,117,479 $2,128,802 $11,323 
90+100,921 89,606 (11,315)55,234 49,273 (5,961)
Total$2,694,149 $2,699,864 $5,715 $2,172,713 $2,178,075 $5,362 
The following table summarizes the past due status and difference between the aggregate UPB and aggregate carrying value of commercial mortgage loans, HFI, at fair value on the consolidated balance sheets:
December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPB
Current$386,642 $387,401 $759 
90+13,093 10,581 (2,512)
Total$399,735 $397,982 $(1,753)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
December 31,
20252024
Days Past DueUPB
Carrying Value(A)
Carrying Value Under UPBUPB
Carrying Value(A)
Carrying Value Under UPB
Current$560,400 $472,027 $(88,373)$518,856 $425,366 $(93,490)
90+8,038 — (8,038)— — — 
Total$568,438 $472,027 $(96,411)$518,856 $425,366 $(93,490)
(A)Notes and loans receivable are carried at fair value. See Note 18 regarding fair value measurements.
Activity of Commercial Mortgage Loans, HFI, at Fair Value
The following table summarizes the activity of commercial mortgage loans, HFI, at fair value and private credit, at fair value for the period presented:
Commercial Mortgage Loans, HFI, at Fair ValuePrivate Credit, at Fair Value
Balance at December 31, 2024
$— $— 
Crestline Acquisition (Note 3)
322,325 347,024 
Purchases98,462 32,748 
Paydowns(27,650)(7,790)
Other(A)
1,038 1,459 
Fair Value Adjustments due to:
Other factors3,807 (441)
Balance at December 31, 2025
$397,982 $373,000 
(A)Includes interest reserve used, payment-in-kind interest, foreign exchange (“FX”) adjustments and accretion.
Policyholder Account Balance
The following represents a rollforward of the policyholder account balance by product within interest sensitive insurance contract liabilities. Where explicit policyholder account balances do not exist, the disaggregated rollforward represents the recorded reserve.

Year Ended December 31, 2025
Fixed Indexed AnnuitiesDeferred
Annuities
Balance as of December 31, 2024$— $— 
Crestline Acquisition (Note 3)
70,137 844,843 
Deposits3,712 35,314 
Policy charges— (9)
Surrenders and withdrawals(3)(3,475)
Benefit payments— (1,142)
Interest credited187 4,933 
Balance as of December 31, 2025$74,033 $880,464 
Weighted average crediting rate4 %6 %
Net amount at risk$— $— 
Cash surrender value66,543 812,725 
Schedule Of Interest Sensitive Insurance Contract Liabilities
The following is a reconciliation of interest sensitive insurance contract liabilities to the consolidated balance sheets:

December 31, 2025
Fixed indexed annuities$74,033 
Deferred annuities880,464 
Other(A)
5,712 
Interest Sensitive Insurance Contract Liabilities$960,209 
(A)Primarily includes single premium immediate annuities.
Policyholder Account Balance, Guaranteed Minimum Crediting Rate
The following represents policyholder account balances related to deferred annuity contracts by range of guaranteed minimum crediting rates, as well as the related range of the difference between rates being credited to policyholders and the respective guaranteed minimums:

December 31, 2025
At Guaranteed Minimum1 Basis Point to 300 Basis Points Above Guaranteed Minimum301 Basis Points to 400 Basis Points Above Guaranteed Minimum401 Basis Points to 500 Basis Points Above Guaranteed Minimum501 Basis Points to 600 Basis Points Above Guaranteed MinimumGreater than 600 Basis Points Above Guaranteed MinimumTotal
1.0%$— $1,183 $14,517 $743,815 $68,976 $51,973 $880,464 
v3.25.4
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Tables)
 12 Months Ended
Dec. 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 the Company’s consolidated balance sheets to the total of the same amounts presented in the consolidated statements of cash flows:
December 31,
20252024
Cash and cash equivalents
$1,847,626 $1,458,743 
Restricted cash809,312 308,443 
Restricted cash of consolidated entities(A)
132,475 150,623 
Total Cash and Cash Equivalents and Restricted Cash$2,789,413 $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 the Company’s consolidated balance sheets to the total of the same amounts presented in the consolidated statements of cash flows:
December 31,
20252024
Cash and cash equivalents
$1,847,626 $1,458,743 
Restricted cash809,312 308,443 
Restricted cash of consolidated entities(A)
132,475 150,623 
Total Cash and Cash Equivalents and Restricted Cash$2,789,413 $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:
December 31,
20252024
Investment Portfolio(A)
$62,554 $66,419 
Origination and Servicing174,667 207,724 
Residential Transitional Lending(A)
56,031 40,727 
Asset Management(A)
410,100 144,196 
Corporate Category(B)
238,435 — 
Total Restricted Cash$941,787 $459,066 
(A)Includes restricted cash related to consolidated entities presented within investments, at fair value and other assets on the consolidated balance sheets.
(B)Restricted cash in the corporate category relates to cash held in a trust account related to the Company’s consolidated SPAC.
v3.25.4
OTHER ASSETS AND LIABILITIES (Tables)
 12 Months Ended
Dec. 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
December 31,December 31,
2025202420252024
CLOs, at fair value$362,280 $242,227 Accounts payable$253,931 $133,037 
Derivative and hedging assets (Note 16)
46,747 75,147 Accrued compensation and benefits457,783 322,957 
Deferred tax asset6,437 — Net deferred tax liability849,415 786,141 
Due from related parties75,729 35,198 
Derivative and hedging liabilities (Note 16)
101,346 52,610 
Equity investments(A)
1,029,524 502,610 Due to affiliates4,557 — 
Excess MSRs, at fair value
323,564 369,162 Escheat payable184,942 187,830 
Goodwill (Note 14)
316,643 133,832 MSR financing liability, at fair value76,266 101,088 
Income and fees receivable337,712 208,672 Interest payable158,072 260,931 
Intangible assets, net (Note 14)
369,999 331,949 
Intangible liabilities, net (Note 14)
125,156 — 
Loans receivable, at fair value(B)
11,396 31,580 
Lease liability (Note 15)
173,814 160,437 
Margin receivable, net(C)
126,396 414,404 
Notes receivable financing liability(E)
377,989 371,788 
Non-Agency securities, at fair value759,633 552,797 Open trades payable5,700 — 
Notes receivable, at fair value(D)
460,631 393,786 RTL financing liability, at fair value82,489 — 
Operating lease ROU assets (Note 15)
123,143 99,224 Unearned income and fees9,346 17,280 
Other receivables174,386 178,651 
Deposit liability(F)
34,806 — 
Prepaid expenses72,660 59,198 Other liabilities454,031 236,672 
Principal and interest receivable136,488 181,271 $3,349,643 $2,630,771 
Property and equipment82,908 70,495  
Servicer advance investments, at fair value
294,322 339,646 
Servicing fee receivables180,655 106,228 
Warrants, at fair value13,253 9,316 
Other assets279,470 200,124 
$5,583,976 $4,535,517 
(A)Represents equity investments in (i) certain real estate joint ventures and redevelopment projects, (ii) various real estate services operating companies, (iii) funds managed by the Company (iv) the Credit Risk Transfer LLC (as defined in Note 18) that holds exposure in residential mortgage loan warehouse lines (measured at fair value under the FVO election), (v) Rithm Property Trust common and preferred securities, (vi) Newrez Joint Ventures (as defined in Note 19) and (vii) APM
(B)The Company’s loans receivable are measured at fair value under the FVO election.
(C)Represents collateral posted as a result of changes in the fair value of Rithm Capital’s (i) government and government-backed securities securing its secured financing agreements and (ii) derivative instruments.
(D)Represents notes receivable secured by commercial properties. The notes are measured at fair value under the FVO election.
(E)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 repurchase financing of $323.5 million, from a third party to a non-consolidated 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 liability is comprised of the repurchase 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.
(F)The Company entered into a funds withheld coinsurance and modified coinsurance agreement with a special purpose reinsurer ceding 90% of its annuity business. Amounts due to and from the reinsurer, including deposit-accounted reinsurance balances and funds-withheld obligations, are recorded on a net basis and a single net deposit position is presented within other assets or other liabilities, as applicable. As of December 31, 2025, the gross resinsurance recoverable asset and funds-withheld obligations were $826.0 million and $860.8 million, respectively, and are presented as a net deposit liability in the table above.
Schedule of Accounts, Notes and Loans Receivable
The following table summarizes residential mortgage loans outstanding by loan type:
December 31,
20252024
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Investments of consolidated CFEs(B)
$3,347,429 $3,265,142 8,396 6.1 %26.0$2,791,027 
Residential mortgage loans, HFI, at fair value349,196 324,688 6,651 7.5 %4.6361,890 
Residential Mortgage Loans, HFS:
Acquired performing loans(C)
49,983 45,861 1,512 6.1 %4.351,011 
Acquired non-performing loans(D)
13,443 10,930 162 11.6 %3.515,659 
Total Residential Mortgage Loans, HFS$63,426 $56,791 1,674 7.3 %4.1$66,670 
Residential Mortgage Loans, HFS, at Fair Value:
Acquired performing loans(C)(E)
1,583,196 1,612,154 3,608 6.0 %8.4408,421 
Acquired non-performing loans(D)(E)
326,394 299,413 1,344 5.3 %27.5270,879 
Originated loans3,441,976 3,515,914 10,052 6.3 %29.03,628,271 
Total Residential Mortgage Loans, HFS, at Fair Value$5,351,566 $5,427,481 15,004 6.2 %22.8$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 loans classified as Level 2 in the fair value hierarchy, the weighted average life is based on the contractual term of the loan.
(B)Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election.
(C)Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due.
(D)As of December 31, 2025, Rithm Capital has placed non-performing loans, HFS on non-accrual status, except as described in (E) below.
(E)Includes $152.0 million and $317.1 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 December 31, 2025.
The following table summarizes residential transition loans, at fair value and residential transition loans (“RTL”) held by consolidated entities by loan type:
Residential Transition Loans - Carrying
Value(A)
Residential Transition Loans of Consolidated Entities - Carrying
Value(A)
Total Carrying
Value		% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
December 31, 2025
Construction$1,018,250 $485,049 $1,503,299 38.4 %400 29.8 %11.1 %21.6
71.8% / 61.3%
Bridge1,339,198 514,400 1,853,598 47.4 %507 37.8 %9.4 %25.767.8%
Renovation342,416 215,361 557,777 14.2 %435 32.4 %9.7 %14.4
81.3% / 67.5%
$2,699,864 $1,214,810 $3,914,674 100.0 %1,342 100.0 %10.1 %22.1N/A
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. Certain residential transition loans of consolidated entities, classified as CFEs, are valued based on the more observable financial liabilities of consolidated CFEs and are classified as Level 3. See Note 18 regarding fair value measurements.
(B)Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans.

The following table summarizes the activity of loans included in residential transition loans, at fair value on the consolidated balance sheets:
Balance at December 31, 2023$1,879,319 
Initial loan advances1,991,047 
Construction holdbacks and draws882,623 
Paydowns and payoffs(1,394,313)
Purchased loans discount amortization1,087 
Transfer of loans to REO(11,649)
Transfers to assets of consolidated entities(1,200,446)
Fair Value Adjustments Due To:
Changes in instrument-specific credit risk8,549 
Other factors21,858 
Balance at December 31, 20242,178,075 
Purchases9,014 
Initial loan advances2,969,766 
Construction holdbacks and draws1,160,490 
Repayments and sales(2,182,458)
Purchased loans discount amortization33 
Transfer of loans to REO(7,865)
Transfers to assets of consolidated entities(1,427,920)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk(24,256)
Other factors24,985 
Balance at December 31, 2025$2,699,864 
The following table summarizes the activity for the period for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2023$398,227 $31,323 $429,550 
Fundings23,036 — 23,036 
Payment in kind— 4,677 4,677 
Proceeds from repayments(33,250)(4,420)(37,670)
Fair Value Adjustments Due To:
Other factors(A)
5,773 — 5,773 
Balance at December 31, 2024393,786 31,580 425,366 
Purchases— 11,396 11,396 
Fundings56,805 — 56,805 
Payment in kind4,923 1,458 6,381 
Proceeds from repayments— (25,000)(25,000)
Fair Value Adjustments due to:
Changes in instrument-specific credit risk— (8,038)(8,038)
Other factors5,117 — 5,117 
Balance at December 31, 2025$460,631 $11,396 $472,027 
(A)There were no fair value adjustments due to changes in instrument-specific credit risk in the current period.
Schedule of Performing Loans Past Due
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of residential mortgage loans, HFS and residential mortgage loans, HFI, at fair value on the consolidated balance sheets:
December 31,
20252024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$5,358,662 $5,437,702 $79,040 $4,377,435 $4,400,113 $22,678 
90+405,526 371,258 (34,268)369,118 336,018 (33,100)
Total$5,764,188 $5,808,960 $44,772 $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:
December 31,
20252024
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$2,593,228 $2,610,258 $17,030 $2,117,479 $2,128,802 $11,323 
90+100,921 89,606 (11,315)55,234 49,273 (5,961)
Total$2,694,149 $2,699,864 $5,715 $2,172,713 $2,178,075 $5,362 
The following table summarizes the past due status and difference between the aggregate UPB and aggregate carrying value of commercial mortgage loans, HFI, at fair value on the consolidated balance sheets:
December 31, 2025
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPB
Current$386,642 $387,401 $759 
90+13,093 10,581 (2,512)
Total$399,735 $397,982 $(1,753)
The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:
December 31,
20252024
Days Past DueUPB
Carrying Value(A)
Carrying Value Under UPBUPB
Carrying Value(A)
Carrying Value Under UPB
Current$560,400 $472,027 $(88,373)$518,856 $425,366 $(93,490)
90+8,038 — (8,038)— — — 
Total$568,438 $472,027 $(96,411)$518,856 $425,366 $(93,490)
(A)Notes and loans receivable are carried at fair value. See Note 18 regarding fair value measurements.
v3.25.4
GOODWILL AND INTANGIBLE ASSETS (Tables)
 12 Months Ended
Dec. 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, 2023$29,468 $55,731 $46,658 $131,857 
Impairment loss— — — — 
Measurement period adjustments (Note 3)
— — 1,975 1,975 
Balance at December 31, 202429,468 55,731 48,633 133,832 
Goodwill acquired— — 182,811 182,811 
Impairment loss— — — — 
Balance at December 31, 2025$29,468 $55,731 $231,444 $316,643 
Schedule of Acquired Intangible Assets The following table presents the details of identifiable intangible assets acquired and the respective estimated useful lives:
Estimated Useful Life (Years)Amount
Customer relationships9$8,645 
Management contracts
 2 to 11
63,770 
Trade names113,740 
VOBA
(A)
2,401 
Insurance LicensesIndefinite5,720 
Total Identifiable Intangible Assets$84,276 
(A)VOBA, an actuarial intangible asset arising from the Crestline Acquisition, is amortized on a basis consistent with the related policyholder liabilities over the remaining life of each contract.
The following table 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 presents the details of identifiable intangible assets acquired:
Estimated Useful LifeAmount
Management contracts10$275,000 
Total Identifiable Intangible Assets$275,000 
The following table summarizes the acquired identifiable intangible assets:
December 31,
Estimated Useful Lives (Years)20252024
Gross Intangible Assets:
Management contracts
2 to 11
$347,415 $275,000 
Customer relationships
2 to 9
79,753 79,753 
Purchased technology
3 to 7
113,606 105,567 
Trademarks / Trade names(A)
1 to 11
13,999 10,259 
VOBA(B)
(B)2,401 — 
LicensesIndefinite27,084 21,365 
584,258 491,944 
Accumulated Amortization:
Management contracts58,420 30,940 
Customer relationships42,437 25,773 
Purchased technology106,171 97,259 
Trademarks / Trade names7,231 6,023 
214,259 159,995 
Intangible Assets, Net:
Management contracts288,995 244,060 
Customer relationships37,316 53,980 
Purchased technology7,435 8,308 
Trademarks / Trade names(A)
6,768 4,236 
VOBA(B)
2,401 — 
Licenses27,084 21,365 
Intangible Assets, Net$369,999 $331,949 
(A)Includes indefinite-lived intangible assets of $1.9 million as of December 31, 2025 and 2024.
(B)VOBA, an actuarial intangible asset arising from the Crestline Acquisition, is amortized on a basis consistent with the related policyholder liabilities over the remaining life of each contract.
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.
Year Ended December 31,
202520242023
Amortization expense$50,684 $79,817 $32,596 
Schedule of Intangible Assets, Future Amortization Expense
The following table summarizes the expected future amortization expense for lease intangible assets as of December 31, 2025:
Year EndingAmortization Expense
2026$163,313 
2027164,786 
2028159,974 
2029147,274 
2030122,297 
2031 and thereafter
379,847 
$1,137,491 
The following table summarizes the expected future amortization expense for intangible assets as of December 31, 2025:
Year EndingAmortization Expense
2026$54,866 
202751,158 
202850,186 
202948,281 
203039,005 
2031 and thereafter
97,544 
$341,040 
Schedule of Acquired Finite-Lived Intangible Liabilities by Major Class
The following table summarizes the acquired identifiable intangible liabilities recognized as a result of the Paramount acquisition on December 19, 2025:
Weighted-Average Useful Lives (Years)Year Ended December 31, 2025
Below-market leases
7.8
$125,760 
Accumulated amortization604 
Intangible Liabilities, Net$125,156 
Schedule of Intangible Liabilities Amortization Expense
The following table summarizes the amortization expense recorded by the Company related to its intangible liabilities. Amortization related to below-market leases is included in rental revenue, a component of other revenues in the consolidated statements of operations.
Year Ended December 31, 2025
Amortization expense$604 
Schedule of Finite-Lived Intangible Liabilities, Future Amortization Expense
The following table summarizes the expected future amortization for intangible liabilities as of December 31, 2025:
Year EndingAmortization
2026$17,793 
202717,657 
202815,803 
202913,715 
203011,884 
2031 and thereafter
48,304 
$125,156 
v3.25.4
LEASES (Tables)
 12 Months Ended
Dec. 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
2026$44,894 $228 $45,122 
202747,363 228 47,591 
202836,370 — 36,370 
202934,565 — 34,565 
20309,480 — 9,480 
2031 and thereafter42,131 — 42,131 
Total remaining undiscounted lease payments214,803 456 215,259 
Less: imputed interest41,428 17 41,445 
Total Remaining Discounted Lease Payments$173,375 $439 $173,814 
Schedule of Future Commitments for Non-Cancelable Leases
The table below summarizes the future commitments under the non-cancelable leases:
Year EndingOperating LeasesFinance LeasesTotal
2026$44,894 $228 $45,122 
202747,363 228 47,591 
202836,370 — 36,370 
202934,565 — 34,565 
20309,480 — 9,480 
2031 and thereafter42,131 — 42,131 
Total remaining undiscounted lease payments214,803 456 215,259 
Less: imputed interest41,428 17 41,445 
Total Remaining Discounted Lease Payments$173,375 $439 $173,814 
Schedule of Other Information Related to Operating Leases
Other information related to leases is summarized below:
December 31,
20252024
Weighted Average Remaining Lease Term (Years):
Operating leases6.35.1
Finance leases1.52.5
Weighted Average Discount Rate:
Operating leases6.7 %6.5 %
Finance leases7.9 %7.9 %

Year Ended December 31,
Supplemental Information202520242023
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating cash flows - operating leases$46,021 $51,289 $34,655 
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$40,990 $20,465 $1,449 
v3.25.4
DERIVATIVES AND HEDGING (Tables)
 12 Months Ended
Dec. 31, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivatives
Derivatives and other economic hedging instruments are recorded at fair value and presented in other assets or accrued expenses and other liabilities on the consolidated balance sheets, as follows:
December 31,
20252024
Derivative and Hedging Assets:
Interest rate swaps and futures(A)
$406 $6 
IRLCs29,839 21,496 
TBAs6,070 50,809 
Embedded derivatives(B)
8,109 — 
Foreign exchange forwards812 2,836 
Other commitments(C)
1,511 — 
$46,747 $75,147 
Derivative and Hedging Liabilities:
IRLCs$8,390 $10,202 
TBAs47,001 15,628 
Treasury short sales(D)
— 1,245 
Other commitments(E)
31,542 25,521 
Stock options3 14 
Foreign exchange forwards1,758 — 
Embedded derivatives(B)
12,652 — 
$101,346 $52,610 
(A)Net of $34.7 million and $42.0 million of related variation margin accounts as of December 31, 2025 and 2024, respectively.
(B)Embedded derivatives include (i) modified coinsurance and funds withheld arrangement that require the Company to pay the total return on the assets supporting the funds withheld liability and (ii) index linked crediting features embedded in the FIAs or reinsurance deposit asset.
(C)Refers to a reinsurance agreement, between CL Life and New Reinsurance Company Ltd., to economically hedge the equity option features embedded in the FIA products.
(D)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.
(E)During the first quarter of 2024, a subsidiary of the Company entered into an agreement, classified as a derivative, 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. During the first quarter of 2025, the Company entered into a consolidated joint venture with a third party to invest in an affiliated fund. The third party’s interest is subject to a redemption right after a certain period. The Company separately accounts for the redemption right as a derivative with a fair value of $6.0 million as of December 31, 2025.
The following table summarizes notional amounts related to derivatives and other hedging instruments:
December 31,
20252024
Interest rate swaps(A)
$2,476,346 $8,995,000 
Interest rate futures(B)
14,535,000 — 
IRLCs4,377,044 3,413,043 
TBAs(C)
21,568,758 17,402,824 
Other commitments59,262 25,057 
Embedded derivatives(D)
1,752,960 — 
Foreign exchange forwards109,830 17,300 
(A)Includes $2.2 billion notional of receive fixed of 3.4%/pay Secured Overnight Financing Rate (“SOFR”) with weighted average maturity of 15 months, as of December 31, 2025. There were no receive SOFR/pay fixed interest rate swaps as of December 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 $14.5 billion notional Eris SOFR swap future with weighted average maturity of 44 months that replicates cash flows of receive fixed/pay SOFR interest rate swaps.
(C)Represents the notional amount of Agency RMBS classified as derivatives.
(D)Represents $865.8 million associated with ceded reserves, $26.4 million associated with FIA contracts and $860.8 million associated with funds withheld arrangements.

The following table summarizes gain (loss) on derivatives and other hedging instruments and the related presentation on the consolidated statements of operations:
Year Ended December 31,
202520242023
Servicing Revenue, Net:
TBAs$269,527 $(269,974)$(7,326)
Interest rate swaps(32,769)43,239 24,493 
Interest rate futures(33,803)— — 
Treasury short sales— 23,783 (68,006)
202,955 (202,952)(50,839)
Gain (Loss) on Originated Residential Mortgage Loans, HFS, Net(A):
IRLCs10,155 (12,449)15,018 
TBAs (54,917)90,675 (62,924)
Interest rate swaps— — (1,110)
(44,762)78,226 (49,016)
Realized and Unrealized Gains (Losses), Net(B):
Interest rate swaps(12,604)20,209 (3,503)
Other commitments(68)(25,423)— 
Stock options136 (3)— 
Embedded derivatives(C)
(4,246)— — 
Foreign exchange forwards(3,807)2,019 — 
(20,589)(3,198)(3,503)
Total Gain (Loss)$137,604 $(127,924)$(103,358)
(A)Represents unrealized gain (loss).
(B)Excludes $103.1 million loss, $28.2 million gain and $73.5 million gain for the years ended December 31, 2025, 2024 and 2023, respectively, reflected as gain (loss) on settlement of residential mortgage loan origination derivative instruments presented within gain on originated residential mortgage loans, HFS, net (Note 7) in the consolidated statements of operations.
(C)Embedded derivatives include (i) modified coinsurance and funds withheld arrangement that require the Company to pay the total return on the assets supporting the funds withheld liability and (ii) index linked crediting features embedded in the FIAs or reinsurance deposit asset.
v3.25.4
DEBT OBLIGATIONS (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Debt Obligations
The following table summarizes secured financing agreements, secured notes, bonds payable and notes payable and other liabilities of consolidated entities:
December 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)
$5,091,525 $5,091,525 Jan-26 to Mar-285.3 %0.4$5,685,873 $5,755,559 $5,752,716 21.5$4,231,879 
Warehouse credit facilities - RTLs(F)
2,019,808 2,019,808 Jul-26 to Mar-286.0 %2.12,354,953 2,360,883 2,360,883 1.21,547,307 
Government and government-backed securities(F)
5,130,519 5,130,519 Jan-26 to Jul-264.3 %0.55,230,356 5,119,755 5,353,092 8.09,782,976 
Non-Agency securities(D)
936,424 936,424 Jan-26 to Oct-285.4 %0.215,585,267 1,261,281 1,334,900 4.8744,457 
Jupiter(E)
110,688 110,688 Dec-266.4 %1.0192,500 192,500 194,286 0.7— 
Excess MSRs(F)
202,000 201,660 Sep-266.3 %0.747,862,469 265,860 304,407 5.9222,452 
CLOs(F)
259,372 257,796 Jan-30 to Jul-393.8 %7.2260,193 N/A259,896 7.2170,990 
Real estate(F)
15,382 15,382 Feb-26 to Mar-286.5 %1.0 N/A 27,523 25,797  N/A 82,406 
Total secured financing agreements13,765,718 13,763,802 5.0 %0.816,782,467 
Secured Notes and Bonds Payable:
MSRs(H)
6,800,263 6,785,138 Mar-26 to Nov-316.7 %2.5584,423,366 8,708,453 10,233,740 6.15,838,250 
Servicer advance investments(I)
229,069 229,069 Oct-276.2 %1.8258,157 283,725 294,322 7.4258,183 
Servicer advances(I)
2,528,871 2,528,896 Feb-26 to Jun-296.0 %1.92,922,259 2,939,685 2,939,685 0.62,629,802 
Consumer loans(J)
679,855 660,565 Oct-26 to Sep-374.0 %1.8930,844 775,008 784,399 6.4564,791 
Real estate(K)
4,920,130 4,755,270 Jun-26 to Aug-304.4 %2.5N/A4,471,992 4,471,992 N/A716,649 
RTLs(L)
200,000 200,000 Jul-265.8 %0.5231,001 231,001 232,303 0.4200,000 
Secured facility - asset management(N)
— — N/A— %0.0N/AN/AN/AN/A71,971 
Other investments(F)
40,000 40,000 Feb-306.0 %4.1N/AN/AN/AN/A— 
CLOs(F)
4,856 4,832 Jul-306.1 %4.57,126 N/A6,187 4.518,429 
Total secured notes and bonds payable15,403,044 15,203,770 5.7 %2.310,298,075 
Notes Payable and Secured Financing of Consolidated Entities
Consolidated funds(M)
1,218,425 1,209,739 Aug-27 to Jan-385.7 %9.91,280,207 N/A1,307,811 4.0959,958 
Residential mortgage loans2,919,256 2,820,922 Apr-41 to Dec-558.9 %26.03,347,429 N/A3,265,142 26.02,369,934 
RTLs
861,949 867,141 Mar-39 to Sep-396.2 %13.4905,959 N/A927,089 0.8859,023 
Total notes payable and secured financing of consolidated entities4,999,630 4,897,802 7.7 %19.94,188,915 
Total / Weighted Average$34,168,392 $33,865,374 5.7 %4.3$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 $119.4 million and $239.4 million as of December 31, 2025 and 2024, respectively.
(D)Based on SOFR interest rates. Includes repurchase agreements and related collateral on non-Agency securities retained through consolidated securitizations.
(E)Refers to a repurchase agreement with an interest equal to the sum of (i) a floating rate equal to SOFR and (ii) a margin of 2.8%
(F)All SOFR- or Euro Interbank Offered Rate (EURIBOR)-based floating interest rates.
(G)Repurchase agreements are based on a fixed-rate. Collateral carrying value includes margin deposits.
(H)Includes $5.5 billion of MSR notes with an interest equal to the sum of (i) a floating rate index equal to SOFR and (ii) a margin ranging from 2.5% to 3.8%; and $1.3 billion of MSR notes with fixed interest rates ranging 3.1% to 7.4%. The outstanding face amount of the collateral represents the UPB of the residential mortgage loans underlying the MSRs and MSR financing receivables securing these notes.
(I)Includes $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 1.5% to 2.9%; and $1.0 billion of debt with fixed interest rates ranging from 3.9% to 5.3%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and Newrez.
(J)Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $106.8 million UPB of Class A notes with a coupon of 2.0% and $53.0 million UPB of Class B notes with a coupon of 2.7%, (ii) $131.1 million of debt collateralized by the Marcus loans with an interest rate of SOFR plus a margin of 2.4% and (iii) $388.9 million of debt collateralized by the Upgrade loans with an interest rate of SOFR plus a margin of 1.6%.
(K)Includes $4.9 billion of fixed rate notes which bear interest ranging from 3.0% to 6.7%.
(L)Includes a fixed rate note which bears interest of 5.8%.
(M)Includes notes payable of consolidated CLOs and of a structured alternative investment solution. Weighted average rate is the effective rate for the senior notes with stated coupon rates. The subordinate notes with UPB of $18.0 million do not have a stated rate of interest. Weighted average life of a structured alternative investment solution is based on expected maturity.
(N)The term loan was paid down during the fourth quarter of 2025.
The following table summarizes activities related to the carrying value of secured debt obligations:
Servicer Advances and Excess MSRs(A)
MSRsGovernment and Government-Backed and Other SecuritiesResidential Mortgage LoansConsumer LoansReal Estate, NetRTLsAsset Management, CLOs and Consolidated FundsTotal
Balance at December 31, 2023$2,713,933 $4,800,728 $8,762,658 $5,204,666 $1,106,974 $1,130,258 $1,856,008 $501,483 $26,076,708 
Secured Financing Agreements:
Borrowings223,241 — 70,352,653 63,522,887 — 52,361 3,450,754 25,715 137,627,611 
Repayments— — (68,587,878)(61,227,849)— (314,313)(3,240,457)(28,143)(133,398,640)
FX remeasurement— — — — — (3,082)— (10,641)(13,723)
Capitalized deferred financing costs, net of amortization(789)— — 257 — 6,356 — 110 5,934 
Secured Notes and Bonds Payable:
Acquired borrowings, net of discount (Note 3)
190,596 — — — — — — — 190,596 
Borrowings2,843,835 2,671,987 — — — — — 14,078 5,529,900 
Repayments(2,860,702)(1,633,923)— (650,000)(549,633)(83,716)— (25,222)(5,803,196)
FX remeasurement— — — — — — — (377)(377)
Unrealized loss on notes, fair value— — — — 6,262 — — — 6,262 
Capitalized deferred financing costs, net of amortization323 (542)— — 1,188 11,191 — 2,544 14,704 
Notes Payable of Consolidated CFEs:
Non-cash borrowings— — — — — — — 512,590 512,590 
Borrowings— — — 49,726 — — 861,949 721,341 1,633,016 
Repayments— — — (358,443)— — (324,062)(494,135)(1,176,640)
Discount on borrowings, net of amortization— — — (16,369)— — — — (16,369)
Unrealized loss on notes, fair value— — — 76,938 — — 901 2,039 79,878 
Capitalized deferred financing costs, net of amortization— — — — — — 1,237 (34)1,203 
Balance at December 31, 20243,110,437 5,838,250 10,527,433 6,601,813 564,791 799,055 2,606,330 1,221,348 31,269,457 
Secured Financing Agreements:
Borrowings— — 51,112,501 79,424,348 — 5,051 4,186,251 91,368 134,819,519 
Repayments(21,241)— (55,572,991)(78,454,014)— (72,075)(3,713,755)(29,582)(137,863,658)
FX remeasurement— — — — — — — 25,348 25,348 
Capitalized deferred financing costs, net of amortization449 — — — — — 5 (328)126 
Secured Notes and Bonds Payable:
Acquired borrowings, net of discount (Note 3)
— — — — — 3,706,618 — — 3,706,618 
Borrowings3,023,226 3,898,556 40,000 — 432,404 324,954 — 10,988 7,730,128 
Repayments(3,153,895)(2,944,135)— — (337,582)(1,657)— (98,127)(6,535,396)
FX remeasurement— — — — — — — 224 224 
Unrealized gain on notes, fair value— — — — (233)— — — (233)
Capitalized deferred financing costs, net of amortization649 (7,533)— — 1,185 8,706 — 1,346 4,353 
Notes Payable and Secured Financing of Consolidated Entities:
Non-cash borrowings— — — — — — — — — 
Borrowings— — — 906,488 — — — 329,488 1,235,976 
Repayments— — — (528,435)— — — (74,954)(603,389)
Discount on borrowings, net of amortization— — — — — — — — — 
Unrealized (gain) loss on notes, fair value— — — 72,935 — — 5,854 (4,752)74,037 
Capitalized deferred financing costs, net of amortization — — — — — — 2,264 — 2,264 
Balance at December 31, 2025$2,959,625 $6,785,138 $6,106,943 $8,023,135 $660,565 $4,770,652 $3,086,949 $1,472,367 $33,865,374 
(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 December 31, 2025 are as follows:
Year Ending
Non-recourse(A)
Recourse(B)
Total
2026$2,760,061 $13,676,934 $16,436,995 
20273,482,571 904,527 4,387,098 
2028805,377 1,019,493 1,824,870 
20291,440,000 3,355,827 4,795,827 
20301,917,637 540,000 2,457,637 
2031 and thereafter5,540,965 — 5,540,965 
$15,946,611 $19,496,781 $35,443,392 
(A)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs and notes payable of consolidated entities of $1.9 billion, $9.1 billion, $0.0 billion, and $4.9 billion, respectively.
(B)Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs and notes payable of consolidated entities of $12.2 billion, $6.0 billion, $1.3 billion, and $0.0 billion, respectively.
Schedule of Borrowing Capacity
The following table represents borrowing capacity as of December 31, 2025:
Debt Obligations / CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements:
Residential mortgage loans, RTLs, Jupiter and real estate
$6,497,972 $3,643,963 $2,854,009 
Loan originations5,675,000 3,593,439 2,081,561 
CLOs479,194 259,373 219,821 
Excess MSRs350,000 202,000 148,000 
Secured Notes and Bonds Payable:
MSRs7,610,263 6,800,263 810,000 
Servicer advances4,240,000 2,757,940 1,482,060 
Real estate200,000 169,279 30,721 
Liabilities of Consolidated Entities:
Consolidated funds123,000 21,641 101,359 
$25,175,429 $17,447,898 $7,727,531 
(A)Although available financing is uncommitted, the Company’s unused borrowing capacity is available if it has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate.
Schedule of Debt Redemption
The 2030 Senior Notes become redeemable in whole or in part at any time and from time to time, on or after July 15, 2027, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2030 Senior Notes to be redeemed):
YearPrice
2027104.000 %
2028102.000 %
2029 and thereafter100.000 %
The 2029 Senior Notes become redeemable in whole or in part at any time and from time to time, on or after April 1, 2026, at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2029 Senior Notes to be redeemed):
YearPrice
2026104.000 %
2027102.000 %
2028 and thereafter100.000 %
Schedule of Tax Receivable Agreement Estimated Undiscounted Future Payments
The table below presents the Company’s estimate as of December 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
2026$18,360 
202718,885 
202817,560 
202917,578 
203016,662 
2031 and thereafter162,158 
$251,203 
v3.25.4
FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 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 December 31, 2025 were as follows:
Principal Balance or Notional AmountCarrying Value
Fair Value(E)
Level 1Level 2Level 3NAVTotal
Assets:
Excess MSRs(A)
$47,862,469 $323,564 $— $— $323,564 $— $323,564 
MSRs and MSR financing receivables(A)
595,532,480 10,359,141 — — 10,359,141 — 10,359,141 
Servicer advance investments258,157 294,322 — — 294,322 — 294,322 
Government and government-backed securities(B)
5,255,355 5,254,905 24,762 5,230,139 — — 5,254,901 
Non-Agency securities8,507,851 759,633 — — 759,633 — 759,633 
Residential mortgage loans, HFS63,426 56,791 — — 56,791 — 56,791 
Residential mortgage loans, HFS, at fair value5,351,566 5,427,481 — 5,402,325 25,156 — 5,427,481 
Residential mortgage loans, HFI, at fair value349,196 324,688 — — 324,688 — 324,688 
Residential mortgage loans subject to repurchase3,952,792 3,952,792 — 3,952,792 — — 3,952,792 
Consumer loans930,844 784,399 — — 784,399 — 784,399 
Derivative and hedging assets8,280,512 46,747 — 7,288 39,459 — 46,747 
Residential transition loans
2,694,149 2,699,864 — — 2,699,864 — 2,699,864 
Insurance company investments, at fair value924,825 906,454 5,809 33,396 867,249 — 906,454 
Notes receivable549,004 460,631 — — 460,631 — 460,631 
Loans receivable19,434 11,396 — — 11,396 — 11,396 
Equity investment, at fair value192,500 194,286 — — 194,286 — 194,286 
CLOs364,189 362,280 — 249,452 112,828 — 362,280 
Investments of consolidated entities - funds(C)
1,389,870 1,397,209 — 782,014 290,335 324,860 1,397,209 
Investments of consolidated entities - loan securitizations(C)
4,253,388 4,192,231 — 3,265,142 927,089 — 4,192,231 
Other assetsN/A254,597 42,812 — 107,608 104,177 254,597 
$38,063,411 $73,383 $18,922,548 $18,638,439 $429,037 $38,063,407 
Liabilities:
Secured financing agreements$13,765,718 $13,763,802 $— $13,506,006 $261,551 $— $13,767,557 
Secured notes and bonds payable(D)
15,403,044 15,203,770 — — 15,068,083 — 15,068,083 
Unsecured notes, net of issuance costs1,526,203 1,421,088 — — 1,461,956 — 1,461,956 
Residential mortgage loan repurchase liability3,952,792 3,952,792 — 3,952,792 — — 3,952,792 
Derivative and hedging liabilities36,598,688 101,346 3 48,759 52,584 — 101,346 
MSR financing liability(A)
8,126,218 76,266 — — 76,266 — 76,266 
Notes receivable financing liability371,446 377,989 — — 382,512 — 382,512 
RTL financing liability82,489 82,489 — — 82,489 — 82,489 
Notes payable and secured financing of consolidated entities - funds(C)
1,218,425 1,209,739 — 1,006,085 203,654 — 1,209,739 
Notes payable of consolidated entities - loan securitizations(C)
3,781,205 3,688,063 — 2,820,922 867,141 — 3,688,063 
$39,877,344 $3 $21,334,564 $18,456,236 $— $39,790,803 
(A)The notional amount represents the total UPB of the residential mortgage loans underlying the MSRs, MSR financing receivables, Excess MSRs and MSR financing liability. Rithm Capital does not receive an excess mortgage servicing amount on non-performing loans in Agency portfolios.
(B)Includes Treasury securities classified as Level 1 and held at amortized cost basis of $24.8 million (see Note 6).
(C)Includes assets and notes issued by consolidated VIEs accounted for under the CFE election.
(D)Includes $143.4 million of SCFT 2020-A (as defined in Note 19) MBS as of December 31, 2025, for which the FVO for financial instruments was elected.
(E)The table excludes cash and cash equivalents and other short-term receivables and payables for which the carrying value approximates fair value due to their short term nature and are classified within Level 1.
The 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 repurchase2,745,756 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 entities - funds(C)
1,108,903 1,118,359 — — 785,253 333,106 1,118,359 
Investments of consolidated entities - 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 and hedging liabilities11,255,492 52,610 1,259 15,628 35,723 — 52,610 
MSR financing liability(A)
15,271,757 101,088 — — 101,088 — 101,088 
Notes receivable financing liability371,446 371,788 — — 377,227 — 377,227 
Notes payable of consolidated entities - funds(C)
1,182,640959,958— — 959,958 — 959,958 
Notes payable of consolidated entities - 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 MSR financing liability. Rithm Capital does not receive an excess mortgage servicing amount on non-performing loans in Agency portfolios.
(B)Includes Treasury Bills classified as Level 1 and held at amortized cost basis of $24.8 million (see Note 6).
(C)Includes assets and notes issued by consolidated VIEs accounted for under the CFE election.
(D)Includes $185.5 million of SCFT 2020-A (as defined in Note 19) MBS as of December 31, 2024, for which the FVO for financial instruments was elected.
(E)The table excludes cash and cash equivalents and other short-term receivables and payables for which the carrying value approximates fair value due to their short term nature and are classified within Level 1.
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis using Level 3 Inputs
The following tables summarize the changes in the Company’s Level 3 financial assets measured at fair value on a recurring basis for the periods presented:
Level 3
Excess MSRs(A)
MSRs and MSR Financing Receivables(A)
Servicer Advance InvestmentsInsurance Company Investments
Non-Agency Securities & CLOs(B)
Residential Mortgage LoansConsumer Loans
Other Assets(C)
Residential Transition Loans(D)
Total
Balance at December 31, 2023$271,150 $8,405,938 $376,881 $— $804,029 $513,381 $1,274,005 $549,446 $2,232,913 $14,427,743 
Transfers:
Transfers out of Level 3(E)
— — (7,873)— (227,216)(217,641)— — — (452,730)
Transfers to Level 3(J)
— — — — 519,496 85,789 — — — 605,285 
Computershare Acquisition (Note 3)
(1,032)700,207 — — — — — — — 699,175 
Gain (Loss) Included in Net Income:
Credit losses on securities(F)
— — — — (936)— — — — (936)
Servicing Revenue, Net(G):
Included in servicing revenue— (191,654)— — — — — — — (191,654)
Fair Value Adjustments Due to:
Other factors(F)
12,437 — (2,526)— 8,374 13,624 (47,950)23,091 25,580 32,630 
Instrument-specific credit risk(F)
— — — — — 27,151 (51,977)— 8,549 (16,277)
Gain (loss) on settlement of investments, net(F)
(656)— — — 1,448 — — — — 792 
Other income (loss), net(F)
— — — — 2,382 10,957 — (27,584)— (14,245)
Gains included in OCI(H)
— — — — 3,084 — — — — 3,084 
Interest income29,815 — 24,263 — 27,750 — 27,914 538 — 110,280 
Purchases, Sales and Repayments:
Purchases, net(I)
122,887 — 781,896 — 649,922 248,952 — 223,037 — 2,026,694 
Sales and settlement fundings(499)11,026 — — (284,667)(188,490)24,091 — — (438,539)
Proceeds from repayments(64,940)— (832,995)— (140,438)(68,639)(560,518)(67,539)(1,987,252)(3,722,321)
Originations and other— 1,396,154 — — — 30,642 — (47)2,860,477 4,287,226 
Balance at December 31, 2024369,162 10,321,671 339,646 — 1,363,228 455,726 665,565 700,942 3,140,267 17,356,207 
Transfers:
Transfers out of Level 3(E)
— — — — (844,389)(858)— — — (845,247)
Transfers to Level 3(J)
— — — — 149,431 2,081 — — — 151,512 
Crestline Acquisition (Note 3)
— — — 793,009 — — — 595 — 793,604 
Gain (Loss) Included in Net Income:
Credit loss reversal on securities(F)
— — — — 423 — — — — 423 
Servicing Revenue, Net(G):
Included in servicing revenue— (1,609,756)— — — — — — — (1,609,756)
Fair Value Adjustments due to:
Other factors(F)
(5,664)— (1,578)3,883 4,364 18,845 23,090 19,712 18,509 81,161 
Instrument-specific credit risk(F)
— — — — — (9,578)(13,472)— (24,256)(47,306)
Other income (loss), net(F)
598 — — (978)(3,223)2,201 — 35,842 — 34,440 
Gains included in OCI(H)
— — — — 16,568 — — — — 16,568 
Interest income28,677 — 20,538 904 34,964 — 9,915 190 — 95,188 
Purchases, Sales and Repayments:
Purchases, net(I)
— — 692,755 147,328 347,221 1,169 500,334 68,364 9,014 1,766,185 
Sales and settlement fundings(1,105)(3,249)— (43,803)(75,722)(7,216)22,123 — — (108,972)
Proceeds from repayments(68,104)— (757,039)(35,440)(117,791)(57,552)(423,156)(64,848)(3,385,836)(4,909,766)
Originations and other— 1,650,475 — 2,346 — 1,817 — — 4,156,976 5,811,614 
Balance at December 31, 2025$323,564 $10,359,141 $294,322 $867,249 $875,074 $406,635 $784,399 $760,797 $3,914,674 $18,585,855 
(A)Includes the recapture agreement for each respective pool, as applicable.
(B)Includes CLOs of consolidated CFEs classified as Level 3 in the fair value hierarchy.
(C)For the purpose of this table, the IRLC asset and liability positions and embedded and other commitment derivatives are shown net.
(D)Includes residential transition loans of consolidated entities classified as Level 3 in the fair value hierarchy.
(E)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(F)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) relating to Level 3 assets still held at the reporting dates and realized gain (loss) recorded during the period.
(G)See Note 5 for further details on the components of servicing revenue, net.
(H)Gain (loss) included in unrealized gain (loss) on AFS securities, net in the consolidated statements of comprehensive income.
(I)Purchases, net of non-Agency securities includes securities retained through securitizations accounted for as sales.
(J)Transfers to Level 3 financial assets were due to changes in the observability of inputs used in the valuation of such assets.
Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs
The following tables summarize the changes in the Company’s Level 3 financial liabilities measured at fair value on a recurring basis for the periods presented:
Level 3
Asset-Backed Securities IssuedNotes Payable of CFEs - Consolidated FundsNotes Payable of CFEs - Residential Transition LoansMSR Financing LiabilityNotes Receivable Financing LiabilityRTL Financing LiabilityTotal
Balance at December 31, 2023$235,770 $218,157 $318,998 $— $— $— $772,925 
Transfers:
Transfers to Level 3(D)
— — — — 371,446 — 371,446 
Computershare Acquisition (Note 3)
— — — 125,168 — — 125,168 
Gains (Losses) Included in Net Income:
Servicing revenue, net(B)
— — — (24,080)— — (24,080)
Other income(C)
6,262 18,626 5,965 — 5,781 — 36,634 
Purchases, Issuance and Repayments:
Issuance
— 723,175 858,828 — — — 1,582,003 
Repayments(56,572)— (324,062)— — — (380,634)
Other— — (706)— — — (706)
Balance at December 31, 2024185,460 959,958 859,023 101,088 377,227 — 2,482,756 
Transfers:
Transfers out of Level 3(A)
— (735,874)— — — — (735,874)
Gains (Losses) Included in Net Income:
Servicing revenue, net(B)
— — — 9,629 — — 9,629 
Other income (loss)(C)
(233)— 5,854 — 5,285 — 10,906 
Purchases, Issuance and Repayments:
Issuance
— — — — — 97,529 97,529 
Repayments(41,785)(20,430)— (34,451)— (15,040)(111,706)
Other— — 2,264 — — — 2,264 
Balance at December 31, 2025$143,442 $203,654 $867,141 $76,266 $382,512 $82,489 $1,755,504 
(A)Transfers out of Level 3 to Level 2 were primarily due to increased price transparency.
(B)See Note 5 for further details on the components of servicing revenue, net.
(C)Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) 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 years presented was due to factors other than instrument-specific credit risk.
(D)Transfers to Level 3 financial liabilities were due to changes in the observability of inputs used in the valuation of such liabilities.
Schedule of Measurement Inputs and Valuation Techniques
The following tables summarize certain information regarding the ranges and weighted averages of inputs used:
December 31, 2025
Significant Inputs(A)
Prepayment Rate(B)
Delinquency(C)
Recapture Rate(D)
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps)(E)
Collateral Weighted Average Maturity (Years)(F)
Excess MSRs directly held
2.3% – 13.3%
(6.8%)
0.2% – 14.1%
(4.7%)
0.0% – 63.5%
(39.3%)
7 – 31
(21)
10 – 22
(19)
MSRs, MSR Financing Receivables and MSR Financing Liability:
GSE
2.5% – 100.0%
(7.2%)
0.0% – 100.0%
(1.8%)
7.0% – 15.0% (10.5%)
2 – 176
(29)
0 – 40
(23)
Non-Agency
1.7% – 98.3%
(8.4%)
15.0% – 100.0%
(20.5%)
0.0% – 4.4% (1.3%)
1 – 169
(42)
0 – 59
(22)
Ginnie Mae
1.9% – 97.1%
(9.6%)
44.0% – 99.0%
(10.1%)
10.5% – 32.6% (26.7%)
19 – 132
(48)
0 – 40
(26)
Total / Weighted Average—MSRs, MSR Financing Receivables and MSR Financing Liability
1.7% – 100.0%
(8.1%)
0.0% – 100.0%
(6.1%)
0.0% – 32.6% (20.0%)
1 – 176
(37)
0 – 59
(24)
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 MSR Financing Liability:
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 MSR Financing Liability
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 December 31, 2025 and 2024, weighted average costs of subservicing of $7.22 (range of $7.11 – $7.83) 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 $11.23 (range of $9.08 – $13.36) 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 $9.88 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 GSE MSRs, owned as of December 31, 2025, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at December 31, 2025
$6,051,855 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$6,560,390 $6,296,725 $5,826,571 $5,616,430 
Change in Estimated Fair Value:
Amount$508,535 $244,870 $(225,284)$(435,425)
Percentage8.4 %4.0 %(3.7)%(7.2)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$6,413,139 $6,225,372 $5,893,503 $5,746,051 
Change in Estimated Fair Value:
Amount$361,284 $173,517 $(158,352)$(305,804)
Percentage6.0 %2.9 %(2.6)%(5.1)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$6,071,442 $6,062,282 $6,042,908 $6,032,727 
Change in Estimated Fair Value:
Amount$19,587 $10,427 $(8,947)$(19,128)
Percentage0.3 %0.2 %(0.1)%(0.3)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$6,008,031 $6,030,398 $6,075,131 $6,097,498 
Change in Estimated Fair Value:
Amount$(43,824)$(21,457)$23,276 $45,643 
Percentage(0.7)%(0.4)%0.4 %0.8 %

The following table summarizes the estimated change in fair value of Rithm Capital’s interests in non-Agency MSRs, including MSR financing receivables, owned as of December 31, 2025, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at December 31, 2025
$894,988 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$988,457 $939,798 $854,753 $817,454 
Change in Estimated Fair Value:
Amount$93,469 $44,810 $(40,235)$(77,534)
Percentage10.4 %5.0 %(4.5)%(8.7)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$949,508 $921,584 $870,765 $847,555 
Change in Estimated Fair Value:
Amount$54,520 $26,596 $(24,223)$(47,433)
Percentage6.1 %3.0 %(2.7)%(5.3)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$901,811 $898,661 $892,046 $888,649 
Change in Estimated Fair Value:
Amount$6,823 $3,673 $(2,942)$(6,339)
Percentage0.8 %0.4 %(0.3)%(0.7)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$894,206 $894,668 $895,591 $896,053 
Change in Estimated Fair Value:
Amount$(782)$(320)$603 $1,065 
Percentage(0.1)%— %0.1 %0.1 %
The following table summarizes the estimated change in fair value of Rithm Capital’s interests in Ginnie Mae MSRs, owned as of December 31, 2025, given several parallel shifts in the discount rate, prepayment rate, delinquency rate and recapture rate:
Fair value at December 31, 2025
$3,412,298 
Discount rate shift in %-20%-10%10%20%
Estimated fair value$3,682,692 $3,542,420 $3,291,557 $3,179,089 
Change in Estimated Fair Value:
Amount$270,394 $130,122 $(120,741)$(233,209)
Percentage7.9 %3.8 %(3.5)%(6.8)%
Prepayment rate shift in %-20%-10%10%20%
Estimated fair value$3,589,382 $3,495,972 $3,336,835 $3,268,022 
Change in Estimated Fair Value:
Amount$177,084 $83,674 $(75,463)$(144,276)
Percentage5.2 %2.5 %(2.2)%(4.2)%
Delinquency rate shift in %-20%-10%10%20%
Estimated fair value$3,462,302 $3,437,347 $3,387,460 $3,362,659 
Change in Estimated Fair Value:
Amount$50,004 $25,049 $(24,838)$(49,639)
Percentage1.5 %0.7 %(0.7)%(1.5)%
Recapture rate shift in %-20%-10%10%20%
Estimated fair value$3,335,023 $3,373,698 $3,451,049 $3,489,725 
Change in Estimated Fair Value:
Amount$(77,275)$(38,600)$38,751 $77,427 
Percentage(2.3)%(1.1)%1.1 %2.3 %
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
December 31, 2025
Government-backed securities(C)
$5,230,355 $5,119,755 $5,230,139 $— $5,230,139 2 
CLOs(D)
364,189 355,912 249,452 112,828 362,280 2 & 3
Non-Agency and other securities(D)
8,507,851 701,105 732,597 27,036 759,633 3 
Insurance company investments - securities143,399 129,616 129,662 — 129,662 2 & 3
Total$14,245,794 $6,306,388 $6,341,850 $139,864 $6,481,714 
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 78.0% and 82.1% of non-Agency securities as of December 31, 2025 and 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)
December 31, 2025$592,302 
4.2% – 18.0%
(6.6%)
0.0% – 25.0%
(9.2%)
0.0% – 5.3%
(0.3%)
0.0% – 55.0%
(11.0%)
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 tables summarize certain information regarding the ranges and weighted averages of inputs (weighted by fair value) used in valuing residential mortgage loans HFS, at fair value classified as Level 3 as of December 31, 2025:
Performing LoansFair ValueDiscount RatePrepayment RateCDRLoss Severity
Acquired loans$18,002 
6.1% – 8.3%
(6.8%)
4.3% – 7.0%
(6.4%)
0.9% – 2.3%
(1.9%)
19.0% – 46.1%
(33.8%)
Non-Performing LoansFair ValueDiscount RateAnnual Change in Home PricesCDRCurrent Value of Underlying Properties
Acquired loans$7,154 
10.5% – 12.9%
(12.0%)
3.3% – 4.3%
(4.0%)
4.8% – 6.6%
(6.0%)
300.7% – 306.3%
(302.8%)
The following tables summarize certain information regarding the ranges and weighted averages of inputs (weighted by fair value) used in valuing residential mortgage loans HFS, at fair value classified as Level 3 as of December 31, 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
December 31, 2025$324,688 
6.1% – 10.5%
(7.5%)
5.0% – 7.0%
(6.9%)
0.9% – 4.8%
(1.8%)
28.6% – 46.1%
(39.2%)
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 December 31, 2025:
Fair ValueDiscount RatePrepayment RateCDR
Loss Severity(A)
SpringCastle$167,807 
9.2% – 10.2%
(9.4%)
12.1% – 39.5%
(13.5%)
3.2% – 25.9%
(5.5%)
80.8% - 100.0%
(92.7%)
Marcus166,473 
7.5% - 17.6%
(8.5%)
0.0% - 22.0%
(11.2%)
3.0% - 62.0%
(31.7%)
87.5%
Upgrade450,119 
6.8% - 16.9%
(7.8%)
2.7% - 34.0%
(17.9%)
0.9% - 7.5%
(3.4%)
90.0%
Consumer Loans HFI, at Fair Value$784,399 
(A)Loss severity is the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of realized loss relative to the outstanding loan balance in default.

The following table summarizes certain information regarding the 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 RTLs and related financing liability, at fair value classified as Level 3 as of December 31, 2025:
Fair ValueDiscount RatePrepayment RateCDRLoss Severity
RTLs$2,610,258 
7.9% – 8.0%
(7.9%)
0.0% – 50.0%
(46.8%)
0.0% – 1.8%
(0.5%)
25.0%
RTL investments of consolidated entities - funds287,721 7.9%50.0%0.5%25.0%
RTL financing liability(A)
36,150 7.9%50.0%0.5%25.0%
(A)Excludes $46.3 million of financing liability related to a strategic partnership for which the Company elected fair value option. As of December 31, 2025, the amortized cost approximated fair value.

The following table summarizes certain information regarding the weighted averages of inputs (weighted by fair value) used in valuing performing RTLs, at fair value classified as Level 3 as of December 31, 2024:

Fair ValueDiscount RatePrepayment RateCDRLoss Severity
RTLs$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 range and weighted average of the discount rates (weighted by fair value) used in valuing private credit, at fair value and commercial mortgage loans, HFI, at fair value classified as Level 3:
Fair ValueDiscount Rate
December 31, 2025$769,956 
8.2% – 45.1%
(11.3%)
The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing IRLCs:
Fair ValueLoan Funding ProbabilityFair Value of Initial Servicing Rights (bps)
December 31, 2025$21,449 
4.2% – 100.0%
(84.6%)
4.1 – 403.9
(247.4)
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
December 31, 2025$143,442 5.5%13.5%5.5%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 liability and loans receivable:
Fair Value Discount Rate
December 31, 2025
Notes receivable$460,631 
7.8% - 13.6%
(8.8%)
Notes receivable financing liability382,512 5.1%
Loans receivable11,396 12.0%
December 31, 2024
Notes receivable$393,786 
9.0% - 12.5%
(9.2%)
Notes receivable financing liability377,227 5.7%
Loans receivable31,580 18.5%
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)
December 31, 2025
2.0%
4.5%
17.9%
19.9 bps
6.5%
20.5
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 4.6 bps and 3.8 bps which represent the amounts Rithm Capital paid its servicers as a monthly servicing fee as of December 31, 2025 and 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:
December 31,
20252024
Fund Type(A)
Fair ValueRedemption FrequencyRedemption Notice PeriodFair ValueRedemption FrequencyRedemption Notice Period
Open-ended$162,055 
Monthly – Annually
30 days – 90 days
$172,409 
Monthly - Annually
30 days - 90 days
Closed-ended162,805 
None(B)
N/A160,697 
None(B)
N/A
Total$324,860 $333,106 
(A)The structured alternative investment solution invests in both open-ended and closed-ended funds. The investments in each fund may represent investments in a particular tranche of such fund subject to different withdrawal rights.
(B)100% of these investments cannot be redeemed, as distributions will be received as the underlying assets are liquidated, which is expected to be approximately 7 to 9 years from inception.
Schedule Of Loan Securitizations
Residential Mortgage Loans SecuritizationsInvestments at Fair ValueNotes Payable at Fair Value
December 31, 2025$3,265,142 $2,820,922 
December 31, 2024$2,791,027 $2,369,934 

Rithm Capital classifies securitized RTLs 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)
December 31, 2025$927,089 $867,141 
1.5% – 11.5%
(2.3%)
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)
December 31, 2025
Performing loans$45,861 
6.1% – 8.3%
(6.1%)
4.2 – 7.5
(4.3)
4.3% – 7.0%
(6.9%)
0.9% – 2.3%
(2.3%)
19.0% – 46.1%
(33.0%)
Non-performing loans10,930 
10.5% – 12.9%
(11.4%)
3.0 – 3.9
(3.6)
3.6% – 5.0%
(4.5%)
4.8% – 6.6%
(5.5%)
28.6% – 72.1%
(45.4%)
Total$56,791 
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.
v3.25.4
VARIABLE INTEREST ENTITIES (Tables)
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Variable Interest Entities
The tables below present the carrying value and classification of the assets and liabilities of consolidated VIEs on the consolidated balance sheets:
Advance PurchaserNewrez Joint VenturesResidential Mortgage LoansConsumer Loan CompaniesAsset Management and OtherSPAC
Consolidated Entities(A)
Total
December 31, 2025Loan Securitizations - Residential Transition LoansLoan Securitizations - Residential Mortgage LoansConsolidated Funds
Assets:
Servicer advance investments, at fair value$294,323 $— $— $— $— $— $— $— $— $294,323 
Residential mortgage loans, HFS, at fair value— — 437,060 — — — — — — 437,060 
Consumer loans— — — 167,807 — — — — — 167,807 
Real estate, net— — — — 2,365,079 — — — — 2,365,079 
Intangible assets— — — — 678,650 — — — — 678,650 
Assets of consolidated entities - investments— — — — — — 927,089 3,265,142 1,397,209 5,589,440 
Cash and cash equivalents13,164 21,754 — 254 91,926 401 — — — 127,499 
Restricted cash5,019 — 5,953 10,000 181,383 238,435 12,875 18,084 101,516 573,265 
Other assets4 445 — 310 404,314 262 40,796 — 26,638 472,769 
Total Assets$312,510 $22,199 $443,013 $178,371 $3,721,352 $239,098 $980,760 $3,283,226 $1,525,363 $10,705,892 
Liabilities:
Secured financing agreements$— $— $360,140 $— $— $— $— $— $— $360,140 
Secured notes and bonds payable229,069 — — 143,442 2,305,842 — — — — 2,678,353 
Notes payable and secured financing of consolidated entities— — — — — — 867,141 2,820,922 1,209,739 4,897,802 
Accrued expenses and other liabilities1,532 2,334 — 1,344 130,085 8,152 1,076 18,418 107,255 270,196 
Total Liabilities$230,601 $2,334 $360,140 $144,786 $2,435,927 $8,152 $868,217 $2,839,340 $1,316,994 $8,206,491 
(A)Reflect assets of consolidated entities - investments, at fair value and other assets and liabilities of consolidated entities - notes payable, at fair value and other liabilities on the consolidated balance sheets.
Advance PurchaserNewrez Joint VenturesResidential Mortgage LoansConsumer Loan CompaniesAsset Management and OtherSPAC
Consolidated Entities(A)
Total
December 31, 2024Loan Securitizations - Residential Transition LoansLoan Securitizations - Residential Mortgage LoansConsolidated Funds
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 entities - investments— — — — — — 962,192 2,791,027 1,118,359 4,871,578 
Cash and cash equivalents5,163 21,023 — 1,118 11,796 — — — — 39,100 
Restricted cash6,727 — 6,087 11,492 — — 7,172 17,293 126,158 174,929 
Other assets4 452 — 4,618 89,654 — 26,348 — 59,277 180,353 
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 and secured financing of consolidated entities— — — — — — 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 entities - investments, at fair value and other assets and liabilities of consolidated entities - notes payable, at fair value and other liabilities on the consolidated balance sheets.
The Company transfers residential mortgage loans to securitization trusts, classified as VIEs, and retains the right to service the transferred loans. The Company also retains interests in such VIEs pursuant to required risk retention regulations. The Company does not consolidate such VIEs, as it is not considered the primary beneficiary. The following table summarizes the carrying value of notes issued by unconsolidated VIEs and retained by the Company, which reflects the Company’s maximum exposure to loss, as well as the UPB of transferred loans. The retained notes are presented as non-Agency securities, at fair value within other assets on the consolidated balance sheets:
December 31,
20252024
Residential mortgage loan UPB and other collateral$9,326,370$8,152,970
Weighted average delinquency(A)
4.2%5.2%
Net credit losses$173,618$161,646
Face amount of debt held by third parties$8,664,576$7,532,832
Carrying value of notes retained by Rithm Capital(B)(C)
$595,892$532,845
Cash flows received by Rithm Capital on these notes$104,403$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 18 for details on unobservable inputs.
The Company’s involvement with other VIEs that are not consolidated is primarily through providing asset management services and, in certain cases, through equity investments. The Company is not the primary beneficiary of these VIEs because it does not have the power to direct the activities that most significantly affect their economic performance. The Company’s maximum exposure to loss associated with its involvement in non-consolidated VIEs is limited to the carrying value of its investments, income and fees receivable, unearned income subject to potential clawback, unfunded and other contractual commitments, and membership interests, as applicable. The Company does not provide, nor is it required to provide, any non-contractual financial or other support to non-consolidated VIEs beyond its contractual capital and other commitments.
December 31,
20252024
Unearned income and fees$9,056$17,268
Income and fees receivable123,95935,723
Investments in non-consolidated VIEs990,130830,105
Unfunded commitments(A)
215,215174,530
Other commitments25,52125,521
Maximum Exposure to Loss$1,363,881$1,083,147
(A)Unfunded commitments include commitments from certain current and former employees and managing directors of $131.2 million and $133.9 million as of December 31, 2025 and 2024, respectively.
v3.25.4
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER (Table)
 12 Months Ended
Dec. 31, 2025
Other Income and Expenses [Abstract]  
Schedule of Other Revenues
Other revenues consists of the following:
Year Ended December 31,
202520242023
Property and maintenance$109,838 $121,293 $133,424 
Rental102,374 76,561 73,216 
Other26,715 29,618 29,527 
Total Other Revenues$238,927 $227,472 $236,167 
Schedule of General and Administrative Expenses
General and Administrative expenses consists of the following:
Year Ended December 31,
202520242023
Legal and professional$136,520 $104,459 $103,795 
Loan origination64,762 51,313 45,123 
Occupancy62,883 61,305 50,367 
Subservicing52,614 70,580 130,346 
Loan servicing148,741 41,958 17,901 
Property and maintenance124,922 122,581 97,582 
Depreciation and amortization107,477 124,131 80,681 
Information technology121,630 129,710 107,347 
Insurance-related expenses5,392 — — 
Other
186,623 162,447 127,960 
Total General and Administrative Expenses$1,011,564 $868,484 $761,102 
Schedule of Components of Other Income (Loss)
The following table summarizes the components of other income (loss):
Year Ended December 31,
202520242023
Real estate and other securities
$25,262 $4,328 $18,085 
Residential mortgage loans and REO
22,108 34,065 19,861 
Derivative and hedging instruments
(20,589)(3,198)(3,503)
Notes and bonds payable(1,716)(7,407)(12,843)
Consolidated entities(A)
79,442 97,340 17,780 
Insurance company investments2,606 — — 
Other(B)
18,754 (52,489)(29,274)
Realized and unrealized gains, net125,867 72,639 10,106 
Other income (loss), net83,164 57,255 (40,377)
Total Other Income (Loss), Net$209,031 $129,894 $(30,271)
(A)Includes change in the fair value of the consolidated CFEs’ financial assets and liabilities and related interest and other income.
(B)Includes Excess MSRs, servicer advance investments, consumer loans, RTLs and other.
v3.25.4
ASSET MANAGEMENT REVENUES (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue from Contract with Customer [Abstract]  
Schedule of Asset Management Revenues
The following table presents the composition of asset management revenues:
Year Ended December 31,
202520242023
Management fees$262,805 $232,691 $29,465 
Incentive income364,235 287,603 50,804 
Other asset management revenue— — 2,412 
Total Asset Management Revenues$627,040 $520,294 $82,681 
Schedule of Receivables and Unearned Income and Fees
The following table presents the composition of the Company’s income and fees receivable:
December 31,
20252024
Management fees receivable$47,542 $25,337 
Incentive income receivable290,170 183,335 
Total Income and Fees Receivable$337,712 $208,672 
The following table presents the Company’s unearned income and fees:
December 31,
20252024
Unearned management fees$310 $12 
Unearned incentive income9,036 17,268 
Total Unearned Income and Fees$9,346 $17,280 
v3.25.4
NONCONTROLLING INTERESTS (Tables)
 12 Months Ended
Dec. 31, 2025
Noncontrolling Interest [Abstract]  
Schedule of Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net
Others’ interests in the equity of consolidated subsidiaries is computed as follows:
December 31, 2025December 31, 2024
Total Consolidated EquityOthers' Ownership InterestNon-controlling Interest in Equity of Consolidated SubsidiariesTotal Consolidated EquityOthers' Ownership InterestNon-controlling Interest in Equity of Consolidated Subsidiaries
Advance Purchaser$81,909 10.7 %$8,759 $91,384 10.7 %$9,770 
Newrez Joint Ventures19,865 49.5 %9,833 19,621 49.5 %9,687 
Excess MSRs119,931 20.0 %23,986 136,645 20.0 %27,329 
Other investments114,175 22.3 %25,492 50,778 10.0 %4,608 
Asset management2,092,324 
n/m(B)(C)
441,850 844,669 
n/m(B)
39,942 

Others’ interests in the net income of consolidated subsidiaries is computed as follows:     
Year Ended December 31,
202520242023
Net IncomeOthers’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income of Consolidated SubsidiariesNet IncomeOthers’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income (Loss) of Consolidated SubsidiariesNet IncomeOthers’ Ownership Interest as a Percent of TotalNon-controlling Interest in Income of Consolidated Subsidiaries
Advance Purchaser$4,274 10.7 %$456 $1,221 10.7 %$129 $7,978 10.7 %$852 
Newrez Joint Ventures6,519 49.5 %3,227 5,159 49.5 %2,554 1,174 49.5 %581 
Consumer Loan Companies(A)
423 — %— 3,153 46.5 %(2,384)14,235 46.5 %6,619 
Excess MSRs9,042 20.0 %1,808 26,450 20.0 %5,290 — N/A— 
Other investments9,858 22.3 %2,620 981 9.7 %98 — N/A— 
Asset management31,598 
n/m(B)(C)
709 27,370 
n/m(B)
4,302 — 
n/m(B)
— 
(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)Percentages in the table above deemed “n/m” are not meaningful. Non-controlling interests related to asset management investments represent the ownership interests in certain funds held by entities or persons other than the Company. These interests substantially relate to interests held by employees in real estate and energy funds managed by the Company adjusted for their capital activity and allocated earnings in such funds. Such employees’ portion of carried interest is expensed and recorded within compensation and benefits on the consolidated statements of operations and therefore excluded in the calculation of non-controlling interests.
(C)Included in asset management is Rithm Property Trust’s 3.9% minority interest in the Aggregators, which it acquired on December 19, 2025. As of December 31, 2025, the Aggregators total consolidated equity and net income were $1.6 billion and $2.5 million, respectively.
Schedule of Redeemable Noncontrolling Interest
The following table presents activity in redeemable non-controlling interests:
SPACConsolidated EntityTotal
Balance at December 31, 2024$— $— $— 
Initial carrying value214,389 73,128 287,517 
Distributions— (1,040)(1,040)
Change in redemption value15,611 — 15,611 
Comprehensive income8,435 3,780 12,215 
Balance at December 31, 2025$238,435 $75,868 $314,303 
v3.25.4
EQUITY-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Restricted Stock Awards
The table below summarizes the Company’s RSU awards, PSU awards, RSAs and Class B Profit Units granted, forfeited and vested under the 2013 Plan, 2023 Plan and RCM Plan during the year ended December 31, 2025:
Number of Shares / UnitsWeighted-Average Grant-Date Fair Value
RSAsRSU AwardsPSU AwardsTime-Based Class B Profit UnitsPerformance-Based Class B Profit UnitsTotalRSAsRSU AwardsPSU AwardsTime-Based Class B Profits UnitsPerformance-Based Class B Profits Units
Unvested Shares at December 31, 2024
192,678 4,584,121 3,220,901 746,863 3,229,769 11,974,332 $8.65 $10.55 $9.66 $10.72 $10.79 
Granted— 4,107,559 414,773 630,782 3,071,807 8,224,921 — 11.40 11.89 11.89 11.88 
Accrued RSU and PSU dividend equivalents(A)
— 488,432 298,401 72,159 433,509 1,292,501 — 10.75 9.91 11.40 11.31 
Performance adjustment - PSU base grant— — 90,769 — 276,243 367,012 — — 10.70 — 10.86 
Performance adjustment - accrued PSU dividend equivalent— — 16,619 — 19,209 35,828 — — 10.70 — 10.86 
Vested(192,678)(1,830,753)— (254,558)— (2,277,989)8.65 10.46 — 10.73 — 
Forfeited— (107,810)(336,111)— — (443,921)— 10.92 9.54 — — 
Unvested Shares at December 31, 2025(A)
— 7,241,549 3,705,352 1,195,246 7,030,537 19,172,684 $— $11.06 $9.97 $11.38 $11.30 
(A)Number of PSU awards assumes target levels of performance are achieved for outstanding unvested PSU awards.
The table below summarizes the LTIP Profit Units granted, forfeited or vested under the LTIP during the year ended December 31, 2025:
Number of Shares / UnitsWeighted-Average Grant-Date Fair Value
Unvested Shares at December 31, 2024
521,000 $65.87 
Granted34,000 50.15 
Vested— — 
Forfeited(8,000)65.52 
Unvested Shares at December 31, 2025
547,000 $64.89 
Summary of Outstanding Options
The following table summarizes outstanding options as of December 31, 2025. The last sales price on the New York Stock Exchange for Rithm Capital’s common stock for the year ended December 31, 2025 was $10.90 per share.

Recipient
Date of
Grant(A)
Number of Unexercised Options
Options
Exercisable
as of
December 31, 2025
Weighted-Average
Exercise
Price(B)
Intrinsic Value of Exercisable Options as of December 31, 2025
Independent Directors
Various(C)
2,000 2,000 $10.70 $0.39 
Former Manager20171,130,916 1,130,916 12.84 — 
Former Manager20185,320,000 5,320,000 15.57 — 
Former Manager20196,351,000 6,351,000 14.95 — 
Former Manager20201,619,739 1,619,739 16.30 — 
Outstanding14,423,655 14,423,655 $15.16 
(A)Options expire on the tenth anniversary from date of grant.
(B)The exercise prices are subject to adjustment in connection with return of capital dividends.
(C)1,000 options were granted in 2016 and 1,000 were granted in 2021.
Schedule Of Fair Value Assumptions The assumptions used are noted in the table below:
December 31,
202520242023
Risk-free interest rate3.5 %4.2 %4.2 %
Expected term to monetization event (in years)2.73.74.7
Volatility37.2 %42.0 %44.2 %
Discount for lack of marketability(A)
13.6 %17.5 %20.2 %
(A)The discount for lack of marketability was applied based on the Finnerty Model.
v3.25.4
EQUITY AND EARNINGS PER SHARE (Tables)
 12 Months Ended
Dec. 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)
Carrying Value(C)
Dividends Declared per Share
December 31,December 31,Issuance DiscountDecember 31,Year Ended December 31,
Series(B)
202520242025202420252024202520242023
Series A, issued July 2019(D)(G)(I)
4,200,068 6,200,068 $105,002 $155,002 3.15 %$99,822 $149,822 $2.60 $2.33 $1.88 
Series B, issued August 2019(D)(G)
11,260,712 11,260,712 281,518 281,518 3.15 %272,654 272,654 2.55 2.26 1.78 
Series C, issued February 2020(D)(H)
15,903,342 15,903,342 397,584 397,584 3.15 %385,289 385,289 2.38 1.59 1.59 
Series D, 7.00% issued September 2021(E)
18,600,000 18,600,000 465,000 465,000 3.15 %449,489 449,489 1.75 1.75 1.75 
Series E, 8.75% issued September 2025(F)
7,600,000 — 190,000 — 3.15 %183,536 — 0.85 — — 
Total57,564,122 51,964,122 $1,439,104 $1,299,104 $1,390,790 $1,257,254 $10.13 $7.93 $7.00 
(A)Each series has a liquidation preference or par value of $25.00 per share.
(B)Under certain circumstances upon a change of control, the Series A, Series B, Series C, Series D and Series E are convertible to shares of 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)Fixed-rate cumulative redeemable preferred.
(G)Effective August 15, 2024, dividends on the Series A and the Company’s 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (“Series B”) accumulate at a floating rate. For the fourth 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%.
(H)Effective February 15, 2025, dividends on the Company’s 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series C”) accumulate at a floating rate. For the fourth 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%.
(I)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 17, 2023April 2023$0.25 $120.8 
June 23, 2023July 20230.25 120.8 
September 14, 2023October 20230.25 120.8 
December 12, 2023January 20240.25 120.8 
March 20, 2024April 20240.25 120.9 
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 
June 18, 2025July 20250.25 132.6 
September 17, 2025October 20250.25 138.5 
December 18, 2025January 20260.25 139.0 
Schedule of Basic and Diluted Earnings Per Share
The following table summarizes the basic and diluted EPS calculations:
Year Ended December 31,
202520242023
Net Income$718,092 $941,492 $630,674 
Non-controlling interests in income of consolidated subsidiaries8,820 9,989 8,417 
Redeemable non-controlling interests in income of consolidated subsidiaries12,215 — — 
Net Income Attributable to Rithm Capital Corp.697,057 931,503 622,257 
Change in redemption value of redeemable non-controlling interests15,611 — — 
Dividends on preferred stock114,246 96,456 89,579 
Net Income Attributable to Common Stockholders$567,200 $835,047 $532,678 
Basic weighted average shares of common stock outstanding537,879,037495,479,956481,934,951
Effect of Dilutive Securities(A)(B):
Stock options134108192,388
Common stock purchase warrants——1,112,943
Restricted stock43,355185,678223,998
Time-based RSU awards2,991,6631,980,499174,554
Performance-based RSU awards2,605,6421,444,50377,881
Time-based Class B Profit Units715,543197,900—
Performance-based Class B Profit Units1,856,117309,026—
Diluted Weighted Average Shares of Common Stock Outstanding546,091,491499,597,670483,716,715
Basic Earnings per Share Attributable to Common Stockholders$1.05 $1.69 $1.11 
Diluted Earnings per Share Attributable to Common Stockholders$1.04 $1.67 $1.10 
(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.
v3.25.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2025
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
The following table shows income (loss) before income tax expense (or benefit) disaggregated between domestic and foreign:
Year Ended December 31,
202520242023
Income from domestic operations before income tax$767,073 $1,210,811 $733,316 
Income (loss) from foreign operations before income tax39,310 (2,002)19,517 
Income before Income Taxes$806,383 $1,208,809 $752,833 
Schedule of Income Tax Expense (Benefit)
Income tax expense (benefit) consists of the following:
Year Ended December 31,
202520242023
Current:
Federal$10,813 $1,283 $5,030 
State and local1,889 1,897 416 
Foreign15,241 9,735 377 
Total current income tax expense27,943 12,915 5,823 
Deferred:
Federal16,170 174,306 76,380 
State and local42,986 80,917 39,430 
Foreign1,192 (821)526 
Total deferred income tax expense60,348 254,402 116,336 
Total Income Tax Expense$88,291 $267,317 $122,159 
Schedule of Cash Flow, Supplemental Disclosures
Total income taxes paid (net of refunds) consists of the following:
Year Ended December 31,
202520242023
U.S. federal$9,881 $1,850 
$—(A)
U.S. state and local:
New York State
—(A)
—(A)
380 
New York City
—(A)
1,467 395 
Pennsylvania
—(A)
—(A)
400 
Other91 287 1,255 
Foreign:
United Kingdom5,620 8,515 4,094 
Other205 59 
—(A)
Total$15,797 $12,178 $6,524 
(A)Jurisdiction is below the threshold for the period presented.
Schedule of Effective Income Tax Rate Reconciliation
The difference between Rithm Capital’s reported provision for income taxes and the U.S. federal statutory rate of 21.0% is as follows:
December 31,
202520242023
U.S. federal statutory tax$169,340 21.00 %$253,850 21.00 %$158,095 21.00 %
State and local income tax, net of federal benefit(A)(B)(C)
820 0.10 %38,949 3.22 %15,550 2.07 %
Foreign tax effects(3,777)(0.47)%16,103 1.33 %(1,944)(0.26)%
Effect of changes in tax laws or rates enacted in current year32,246 4.00 %32,919 2.72 %8,656 1.15 %
Effect of cross-border tax laws— — %— — %— — %
Tax Credits:
Foreign tax credits (11,350)(1.41)%(9,139)(0.76)%— — %
Changes in valuation allowances40,257 4.99 %6,923 0.57 %3,535 0.47 %
Non-taxable or Non-deductible Items:
REIT income not subject to tax(D)
(155,786)(19.32)%(81,872)(6.77)%(67,420)(8.96)%
Non-deductible compensation 12,377 1.53 %— — %— — %
Other non-taxable or non-deductible items(1,025)(0.13)%7,464 0.62 %2,326 0.31 %
Changes in unrecognized tax benefits:
United Kingdom11,350 1.41 %— — %— — %
Other(6,161)(0.76)%2,120 0.18 %3,361 0.45 %
Total Provision$88,291 10.94 %$267,317 22.11 %$122,159 16.23 %
(A)State taxes in California, New York State and New York City made up the majority (greater than 50 percent) of the tax effect in this category for the year ended December 31, 2025.
(B)State taxes in California, New York State, New York City and New Jersey made up the majority (greater than 50 percent) of the tax effect in this category for the year ended December 31, 2024.
(C)State taxes in California, New York State, New York City, Florida and New Jersey made up the majority (greater than 50 percent) of the tax effect in this category for the year ended December 31, 2023.
(D)The effective tax rate attributable to REIT income not subject to tax is driven by the mix of earnings within the REIT and TRSs, which can vary significantly year over year.
Schedule of Deferred Tax Assets and Liabilities
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liability are presented below:
December 31,
20252024
Deferred Tax Assets:
Net operating losses and tax credit carryforwards(A)
$281,017 $226,781 
Basis differences related to assets and investments48,635 77,985 
Goodwill176,741 186,027 
Fixed asset depreciation12,297 19,658 
Accrued expenses72,996 58,467 
Other9,075 4,204 
Total deferred tax assets600,761 573,122 
Less: valuation allowance(73,828)(34,784)
Net deferred tax assets526,933 538,338 
Deferred Tax Liabilities:
Mortgage servicing rights(1,304,467)(1,239,428)
Basis differences related to assets and investments(65,444)(81,369)
Other— (3,682)
Total deferred tax liability(1,369,911)(1,324,479)
Net Deferred Tax Liabilities$(842,978)$(786,141)
(A)As of December 31, 2025, Rithm Capital’s TRSs had approximately $1.0 billion of net operating loss carryforwards for federal and state income tax purposes which may be available to offset future taxable income, if and when it arises. Approximately $432.5 million of federal and state net operating losses are subject to an annual Internal Revenue Code Section 382 limitation. The federal and state net operating loss carryforwards will begin to expire between 2028 and 2042. The utilization of the net operating loss carryforwards to reduce future income taxes will depend on the TRSs’ ability to generate sufficient taxable income prior to the expiration of the carryforward period.
Summary of Valuation Allowance
The following table presents changes in the Company’s deferred tax asset valuation allowance for the periods indicated:
Balance at December 31, 2023$34,563 
Net change221 
Balance at December 31, 202434,784 
Net change39,044 
Balance at December 31, 2025$73,828 
Schedule Of Tax Treatment Of Common Stock Dividend Distribution
Common stock distributions were taxable as follows:
YearDividends
per Share		Ordinary
Income		Long-Term
Capital
Gain		Return
of
Capital
2025(A)
$1.00 100 %— %— %
2024(B)
1.00 100 %— %— %
2023(C)
1.25 100 %— %— %
(A)The entire $0.25 per share dividend declared in December 2025 and paid in January 2026 is treated as received by stockholders in 2025.
(B)The entire $0.25 per share dividend declared in December 2024 and paid in January 2025 is treated as received by stockholders in 2024.
(C)The entire $0.25 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2023.

Series A Preferred stock distributions were as follows:
YearDividends
per Share		Ordinary
Income		Long-Term
Capital
Gain		Return
of
Capital
2025(A)
$2.64 100 %— %— %
2024(B)
2.12 100 %— %— %
2023(C)
1.88 100 %— %— %
(A)The entire $0.63 per share dividend declared in December 2025 and paid in January 2026 is treated as received by stockholders in 2026.
(B)The entire $0.68 per share dividend declared in December 2024 and paid in January 2025 is treated as received by stockholders in 2025.
(C)The entire $0.47 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024.
Series B Preferred stock distributions were as follows:
YearDividends
per Share		Ordinary
Income		Long-Term
Capital
Gain		Return
of
Capital
2025(A)
$2.60 100 %— %— %
2024(B)
2.04 100 %— %— %
2023(C)
1.78 100 %— %— %
(A)The entire $0.62 per share dividend declared in December 2025 and paid in January 2026 is treated as received by stockholders in 2026.
(B)The entire $0.67 per share dividend declared in December 2024 and paid in January 2025 is treated as received by stockholders in 2025.
(C)The entire $0.45 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024.

Series C Preferred stock distributions were as follows:
YearDividends
per Share		Ordinary
Income		Long-Term
Capital
Gain		Return
of
Capital
2025(A)
$2.20 100 %— %— %
2024(B)
1.59 100 %— %— %
2023(C)
1.59 100 %— %— %
(A)The entire $0.58 per share dividend declared in December 2025 and paid in January 2026 is treated as received by stockholders in 2026.
(B)The entire $0.40 per share dividend declared in December 2024 and paid in January 2025 is treated as received by stockholders in 2025.
(C)The entire $0.40 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024.

Series D Preferred stock distributions were as follows:
YearDividends
per Share		Ordinary
Income		Long-Term
Capital
Gain		Return
of
Capital
2025(A)
$1.75 100 %— %— %
2024(B)
1.75 100 %— %— %
2023(C)
1.75 100 %— %— %
(A)The entire $0.44 per share dividend declared in December 2025 and paid in January 2026 is treated as received by stockholders in 2026.
(B)The entire $0.44 per share dividend declared in December 2024 and paid in January 2025 is treated as received by stockholders in 2025.
(C)The entire $0.44 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024.
v3.25.4
BUSINESS AND ORGANIZATION (Details)
$ in Millions
 3 Months Ended 12 Months Ended
Dec. 19, 2025
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
channel
Variable Interest Entity [Line Items]      
Number of channels | channel     4
Crestline Management, L.P.      
Variable Interest Entity [Line Items]      
Total Consideration $ 324.7    
Parament Group, Inc      
Variable Interest Entity [Line Items]      
Total Consideration $ 1,800.0    
IPO | Rithm Acquisition Corp      
Variable Interest Entity [Line Items]      
Sale of stock, consideration received on transaction   $ 230.0  
v3.25.4
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash and Cash Equivalents [Line Items]        
Impairment loss $ 0 $ 0    
Intangible asset impairment   0 $ 0 $ 0
Impairment of long-lived assets   $ 0 $ 0 $ 0
Incentive income equal to percentage of profits, net of management fees   20.00%    
Office, Retail and Storage | Minimum        
Cash and Cash Equivalents [Line Items]        
Lease term   5 years    
Office, Retail and Storage | Maximum        
Cash and Cash Equivalents [Line Items]        
Lease term   15 years    
Single Family | Minimum        
Cash and Cash Equivalents [Line Items]        
Lease term   1 year    
Single Family | Maximum        
Cash and Cash Equivalents [Line Items]        
Lease term   2 years    
Single Family        
Cash and Cash Equivalents [Line Items]        
Property acquired, useful life   40 years    
Land, Buildings and Improvements        
Cash and Cash Equivalents [Line Items]        
Property acquired, useful life   15 years    
Commercial real estate | Minimum        
Cash and Cash Equivalents [Line Items]        
Property acquired, useful life   5 years    
Commercial real estate | Maximum        
Cash and Cash Equivalents [Line Items]        
Property acquired, useful life   40 years    
v3.25.4
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS - Narrative (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 19, 2025
Dec. 01, 2025
Dec. 31, 2024
May 01, 2024
Dec. 31, 2023
Nov. 17, 2023
Jun. 30, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 28, 2025
Oct. 12, 2023
Business Combination [Line Items]                        
Goodwill     $ 133,832   $ 131,857     $ 316,643 $ 133,832 $ 131,857    
Exercise price (in dollars per share)                     $ 11.50  
Paramount Group, Inc.                        
Business Combination [Line Items]                        
Total Consideration $ 1,800,000                      
Crestline Mortgage Services Inc                        
Business Combination [Line Items]                        
Total Consideration   $ 324,719                    
Equity interest acquired   100.00%                    
Goodwill   $ 182,811                    
Revenue of acquiree               17,000        
Net income of acquiree               200        
Acquisition related costs               13,900        
Crestline Mortgage Services Inc | Customer relationships                        
Business Combination [Line Items]                        
Finite-lived intangible assets, useful life   9 years                    
Computershare Mortgage Services Inc                        
Business Combination [Line Items]                        
Total Consideration     715,458 $ 708,026     $ 715,458          
Equity interest acquired       100.00%                
Acquisition related costs                 17,800      
Cash consideration       $ 715,500                
Bargain Purchase Gain     27,415 $ 28,159     $ 27,415   27,400      
Computershare Mortgage Services Inc | Customer relationships                        
Business Combination [Line Items]                        
Finite-lived intangible assets, useful life       4 years 6 months                
Sculptor                        
Business Combination [Line Items]                        
Total Consideration     630,317   630,317 $ 630,317            
Equity interest acquired           100.00%            
Goodwill     $ 48,633   $ 48,633 $ 46,658   48,600 $ 48,633 48,633    
Net income of acquiree                   1,000    
Acquisition related costs                   32,900    
Cash consideration           $ 600,600            
Deferred cash plan payable               $ 29,700        
Sculptor | Asset Management                        
Business Combination [Line Items]                        
Revenue of acquiree                   82,700    
Sculptor | Interest income                        
Business Combination [Line Items]                        
Revenue of acquiree                   $ 3,800    
Sculptor | Delaware Life Insurance Company                        
Business Combination [Line Items]                        
Shares issued for exercised warrants (in shares)                       4,338,015
Exercise price (in dollars per share)                       $ 7.95
Warrants acquired                       $ 37,500
Sculptor | Management contracts                        
Business Combination [Line Items]                        
Finite-lived intangible assets, useful life           10 years            
v3.25.4
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS - Schedule of Purchase Price Allocation (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 01, 2025
Dec. 31, 2024
May 01, 2024
Dec. 31, 2023
Nov. 17, 2023
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2025
Liabilities:                
Goodwill   $ 133,832   $ 131,857     $ 133,832 $ 316,643
Crestline Mortgage Services Inc                
Business Combination [Line Items]                
Total Consideration $ 324,719              
Assets:                
Cash and cash equivalents 168,259              
Restricted cash 124              
Insurance company investments, at fair value 844,822              
Intangible assets 84,276              
Other assets 82,514              
Total Assets Acquired 1,179,995              
Liabilities:                
Interest sensitive insurance contract liabilities 920,776              
Accrued expenses and other liabilities 117,311              
Total Liabilities Assumed 1,038,087              
Net Assets 141,908              
Goodwill 182,811              
Intangible assets acquired 84,276              
Crestline Mortgage Services Inc | Customer relationships                
Liabilities:                
Intangible assets acquired $ 8,645              
Finite-lived intangible assets, useful life 9 years              
Crestline Mortgage Services Inc | Management contracts                
Liabilities:                
Intangible assets acquired $ 63,770              
Crestline Mortgage Services Inc | Management contracts | Minimum                
Liabilities:                
Finite-lived intangible assets, useful life 2 years              
Crestline Mortgage Services Inc | Management contracts | Maximum                
Liabilities:                
Finite-lived intangible assets, useful life 11 years              
Crestline Mortgage Services Inc | VOBA                
Liabilities:                
Intangible assets acquired $ 2,401              
Crestline Mortgage Services Inc | Trade Names                
Liabilities:                
Intangible assets acquired $ 3,740              
Finite-lived intangible assets, useful life 11 years              
Crestline Mortgage Services Inc | Insurance Licenses                
Liabilities:                
Intangible assets acquired $ 5,720              
Computershare Mortgage Services Inc                
Business Combination [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 28,159     $ 27,415 27,400  
Cash consideration     715,500          
Intangible assets acquired     16,000          
Computershare Mortgage Services Inc | Customer relationships                
Liabilities:                
Intangible assets acquired     $ 16,000          
Finite-lived intangible assets, useful life     4 years 6 months          
Sculptor                
Business Combination [Line Items]                
Total Consideration   630,317   630,317 $ 630,317      
Assets:                
Cash and cash equivalents   267,469   267,469 267,469   267,469  
Restricted cash   26,373   26,373 26,373   26,373  
Other assets   1,346,633   1,346,633 1,348,608   1,346,633  
Total Assets Acquired   1,640,475   1,640,475 1,642,450   1,640,475  
Liabilities:                
Secured financing agreements   177,551   177,551 177,551   177,551  
Secured notes and bonds payable   99,232   99,232 99,232   99,232  
Accrued expenses and other liabilities   746,135   746,135 746,135   746,135  
Total Liabilities Assumed   1,022,918   1,022,918 1,022,918   1,022,918  
Non-controlling interest   35,873   35,873 35,873   35,873  
Net Assets   581,684   581,684 583,659   581,684  
Goodwill   $ 48,633   $ 48,633 46,658   $ 48,633 $ 48,600
Cash consideration         600,600      
Value of stock assumed         29,700      
Intangible assets acquired         275,000      
Marketable securities CLOs         246,100      
Sculptor | Management contracts                
Liabilities:                
Intangible assets acquired         $ 275,000      
Finite-lived intangible assets, useful life         10 years      
v3.25.4
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS - Schedule of Measurement Period Adjustments (Details) - USD ($)
$ in Thousands
 3 Months Ended 8 Months Ended 12 Months Ended 13 Months Ended
Dec. 31, 2024
May 01, 2024
Dec. 31, 2023
Nov. 17, 2023
Jun. 30, 2024
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2024
Dec. 31, 2025
Business Combination [Line Items]                  
Goodwill $ 133,832   $ 131,857     $ 133,832 $ 133,832 $ 133,832 $ 316,643
Subsequent Adjustments to Fair Value, Goodwill             1,975    
Computershare Mortgage Services Inc                  
Business Combination [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 2,402  
Subsequent Adjustments to Fair Value, Residential mortgage loans, held-for-sale           0      
Servicer advances receivable 269,484 275,782     269,484 269,484 269,484 269,484  
Subsequent Adjustments to Fair Value, Servicer advances receivable           (6,298)      
Mortgage servicing rights, at fair value 700,207 696,462     700,207 700,207 700,207 700,207  
Subsequent Adjustments to Fair Value, Mortgage servicing rights, at fair value           3,745      
Cash and cash equivalents 101,993 102,011     101,993 101,993 101,993 101,993  
Subsequent Adjustments to Fair Value, Cash and cash equivalents           (18)      
Restricted cash 2,271 2,237     2,271 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 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 1,159,413  
Subsequent Adjustments to Fair Value, Total Assets Acquired           (3,509)      
Accrued expenses and other liabilities 225,944 236,141     225,944 225,944 225,944 225,944  
Subsequent Adjustments to Fair Value, Accrued expenses and other liabilities           (10,197)      
Secured notes and bonds payable 190,596 190,596     190,596 190,596 190,596 190,596  
Subsequent Adjustments to Fair Value, Secured notes and bonds payable           0      
Total Liabilities Assumed 416,540 426,737     416,540 416,540 416,540 416,540  
Subsequent Adjustments to Fair Value, Total Liabilities Assumed           (10,197)      
Net Assets 742,873 736,185     742,873 742,873 742,873 742,873  
Subsequent Adjustments to Fair Value, Net Assets           6,688      
Subsequent Adjustments to Fair Value, Bargain Purchase Gain           (744)      
Bargain Purchase Gain 27,415 $ 28,159     $ 27,415   27,400    
Sculptor                  
Business Combination [Line Items]                  
Total Consideration 630,317   630,317 $ 630,317          
Subsequent Adjustments to Fair Value, Total consideration               0  
Cash and cash equivalents 267,469   267,469 267,469   267,469 267,469 267,469  
Subsequent Adjustments to Fair Value, Cash and cash equivalents               0  
Restricted cash 26,373   26,373 26,373   26,373 26,373 26,373  
Subsequent Adjustments to Fair Value, Restricted cash               0  
Other assets 1,346,633   1,346,633 1,348,608   1,346,633 1,346,633 1,346,633  
Subsequent Adjustments to Fair Value, Other assets               (1,975)  
Total Assets Acquired 1,640,475   1,640,475 1,642,450   1,640,475 1,640,475 1,640,475  
Subsequent Adjustments to Fair Value, Total Assets Acquired               (1,975)  
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Secured Debt               0  
Secured financing agreements 177,551   177,551 177,551   177,551 177,551 177,551  
Secured notes and bonds payable 99,232   99,232 99,232   99,232 99,232 99,232  
Accrued expenses and other liabilities 746,135   746,135 746,135   746,135 746,135 746,135  
Subsequent Adjustments to Fair Value, Accrued expenses and other liabilities               0  
Subsequent Adjustments to Fair Value, Secured notes and bonds payable               0  
Total Liabilities Assumed 1,022,918   1,022,918 1,022,918   1,022,918 1,022,918 1,022,918  
Subsequent Adjustments to Fair Value, Total Liabilities Assumed               0  
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Noncontrolling Interest, Fair Value               0  
Non-controlling interest 35,873   35,873 35,873   35,873 35,873 35,873  
Net Assets 581,684   581,684 583,659   581,684 581,684 581,684  
Subsequent Adjustments to Fair Value, Net Assets               (1,975)  
Goodwill $ 48,633   $ 48,633 $ 46,658   $ 48,633 $ 48,633 48,633 $ 48,600
Subsequent Adjustments to Fair Value, Goodwill               $ 1,975  
v3.25.4
BUSINESS COMBINATIONS AND ASSET ACQUISITIONS - Schedule of Unaudited Supplemental Pro Forma Financial Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Crestline Mortgage Services Inc      
Pro Forma      
Revenues $ 4,776,194 $ 5,065,601  
Income before income taxes $ 803,724 1,212,292  
Computershare Mortgage Services Inc      
Pro Forma      
Revenues   5,051,332 $ 4,044,192
Income before income taxes   $ 1,233,419 718,013
Sculptor      
Pro Forma      
Revenues     4,044,455
Income before income taxes     $ 591,129
v3.25.4
SEGMENT REPORTING - Narrative (Details)
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Number Of Reportable Segments Not Disclosed Flag reportable segments
v3.25.4
SEGMENT REPORTING - Summary of Segment Financial Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Segment Reporting Information [Line Items]        
Total Revenues $ 4,590,228 $ 4,917,492 $ 3,732,625  
Interest expense and warehouse line fees 1,662,433 1,835,325 1,401,327  
Other segment expenses 904,087 744,353 680,421  
Compensation and benefits 1,318,879 1,134,768 787,092  
Depreciation and amortization 107,477 124,131 80,681  
Total Operating Expenses 3,992,876 3,838,577 2,949,521  
Realized and unrealized gains (losses), net 125,867 72,639 10,106  
Other income (loss), net 83,164 57,255 (40,377)  
Total Other Income (Loss) 209,031 129,894 (30,271)  
Income (Loss) before Income Taxes 806,383 1,208,809 752,833  
Income tax expense (benefit) 88,291 267,317 122,159  
Net Income (Loss) 718,092 941,492 630,674  
Noncontrolling interests in income of consolidated subsidiaries 8,820 9,989 8,417  
Redeemable non-controlling interests in income of consolidated subsidiaries 12,215 0 0  
Net Income (Loss) Attributable to Rithm Capital Corp. 697,057 931,503 622,257  
Change in redemption value of redeemable non-controlling interests 15,611 0 0  
Dividends on preferred stock 114,246 96,456 89,579  
Net Income (Loss) Attributable to Common Stockholders 567,200 835,047 532,678  
Investments 31,989,458 28,693,751 24,054,166  
Cash and cash equivalents 1,847,626 1,458,743 1,287,199  
Restricted cash 809,312 308,443 378,048  
Other assets 12,310,738 10,346,362 10,114,337  
Goodwill 316,643 133,832 131,857  
Assets of consolidated entities 5,789,349 5,107,826 3,751,477  
Total Assets 53,063,126 46,048,957 39,717,084  
Debt 30,388,660 28,284,762 23,640,475  
Due to affiliates 8,441,544 5,529,641 5,811,937  
Liabilities of consolidated entities 4,978,212 4,348,244 3,163,634  
Total Liabilities 43,808,416 38,162,647 32,616,046  
Redeemable Non-controlling Interests of Consolidated Subsidiaries 314,303 0    
Total Stockholders’ Equity 8,940,407 7,886,310 7,101,038 $ 7,010,068
Non-controlling interests in equity of consolidated subsidiaries 509,920 91,336 94,096  
Stockholders’ Equity in Rithm Capital Corp. 8,430,487 7,794,974 7,006,942  
Investments in Equity Method Investees 823,146 443,139 202,446  
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 2,294,969 1,993,319 1,859,357  
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 (1,174,549) (455,918) (595,246)  
Servicing revenue, net        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 1,120,420 1,537,401 1,264,111  
Interest income        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 1,874,315 1,949,790 1,616,189  
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 729,526 682,535 533,477  
Other revenues        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 238,927 227,472 236,167  
Asset Management        
Segment Reporting Information [Line Items]        
Total Revenues 627,040 520,294 82,681  
Mortgage Servicing Rights        
Segment Reporting Information [Line Items]        
Realization of cash flows (746,006) (602,241) (518,978)  
Origination and Servicing        
Segment Reporting Information [Line Items]        
Goodwill 29,468 29,468 29,468  
Assets of consolidated entities   0 0  
Residential Transitional Lending        
Segment Reporting Information [Line Items]        
Goodwill 55,731 55,731 55,731  
Asset Management        
Segment Reporting Information [Line Items]        
Goodwill 231,444 48,633 46,658  
Operating Segments | Origination and Servicing        
Segment Reporting Information [Line Items]        
Total Revenues 3,134,954 3,681,851 2,976,707  
Interest expense and warehouse line fees 1,085,148 1,327,115 1,011,387  
Other segment expenses 592,233 500,347 513,453  
Compensation and benefits 774,509 706,805 655,819  
Depreciation and amortization 26,453 56,496 44,174  
Total Operating Expenses 2,478,343 2,590,763 2,224,833  
Realized and unrealized gains (losses), net 0 22 273  
Other income (loss), net 5,088 21,677 (20,125)  
Total Other Income (Loss) 5,088 21,699 (19,852)  
Income (Loss) before Income Taxes 661,699 1,112,787 732,022  
Income tax expense (benefit) 33,527 219,086 107,617  
Net Income (Loss) 628,172 893,701 624,405  
Noncontrolling interests in income of consolidated subsidiaries 3,227 2,554 581  
Redeemable non-controlling interests in income of consolidated subsidiaries 0      
Net Income (Loss) Attributable to Rithm Capital Corp. 624,945 891,147 623,824  
Change in redemption value of redeemable non-controlling interests 0      
Dividends on preferred stock 0 0 0  
Net Income (Loss) Attributable to Common Stockholders 624,945 891,147 623,824  
Investments 18,308,310 24,111,365 19,015,600  
Cash and cash equivalents 1,153,897 1,004,326 548,666  
Restricted cash 174,667 207,724 300,941  
Other assets 7,793,601 7,065,373 5,208,941  
Goodwill 29,468 29,468 29,468  
Assets of consolidated entities 0      
Total Assets 27,459,943 32,418,256 25,103,616  
Debt 16,843,333 21,968,357 17,116,565  
Due to affiliates 5,040,177 4,725,155 3,391,408  
Liabilities of consolidated entities 0 0 0  
Total Liabilities 21,883,510 26,693,512 20,507,973  
Redeemable Non-controlling Interests of Consolidated Subsidiaries 0      
Total Stockholders’ Equity 5,576,433 5,724,744 4,595,643  
Non-controlling interests in equity of consolidated subsidiaries 9,833 9,687 8,220  
Stockholders’ Equity in Rithm Capital Corp. 5,566,600 5,715,057 4,587,423  
Investments in Equity Method Investees 25,111 24,488 0  
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 2,294,969 1,993,319 1,859,357  
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 (1,174,549) (455,918) (595,246)  
Operating Segments | Origination and Servicing | Servicing revenue, net        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 1,120,420 1,537,401 1,264,111  
Operating Segments | Origination and Servicing | Interest income        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 1,217,454 1,351,066 1,084,479  
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 690,401 672,093 494,693  
Operating Segments | Origination and Servicing | Other revenues        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 106,679 121,291 133,424  
Operating Segments | Origination and Servicing | Asset Management        
Segment Reporting Information [Line Items]        
Total Revenues 0 0 0  
Operating Segments | Residential Transitional Lending        
Segment Reporting Information [Line Items]        
Total Revenues 301,594 257,833 205,779  
Interest expense and warehouse line fees 137,066 125,722 105,909  
Other segment expenses 24,250 19,578 12,529  
Compensation and benefits 63,087 47,320 43,547  
Depreciation and amortization 7,731 6,268 6,282  
Total Operating Expenses 232,134 198,888 168,267  
Realized and unrealized gains (losses), net 18,826 54,020 1,500  
Other income (loss), net (558) (1,603) 6,209  
Total Other Income (Loss) 18,268 52,417 7,709  
Income (Loss) before Income Taxes 87,728 111,362 45,221  
Income tax expense (benefit) (1,446) 5,224 (5,122)  
Net Income (Loss) 89,174 106,138 50,343  
Noncontrolling interests in income of consolidated subsidiaries 0 0 0  
Redeemable non-controlling interests in income of consolidated subsidiaries 0      
Net Income (Loss) Attributable to Rithm Capital Corp. 89,174 106,138 50,343  
Change in redemption value of redeemable non-controlling interests 0      
Dividends on preferred stock 0 0 0  
Net Income (Loss) Attributable to Common Stockholders 89,174 106,138 50,343  
Investments 2,706,044 2,194,413 1,879,319  
Cash and cash equivalents 97,049 37,605 58,628  
Restricted cash 43,156 33,555 30,233  
Other assets 174,406 122,059 108,523  
Goodwill 55,731 55,731 55,731  
Assets of consolidated entities 980,760 995,712 365,698  
Total Assets 4,057,146 3,439,075 2,498,132  
Debt 2,219,808 1,747,307 1,537,008  
Due to affiliates 87,637 29,999 23,608  
Liabilities of consolidated entities 868,217 860,123 319,369  
Total Liabilities 3,175,662 2,637,429 1,879,985  
Redeemable Non-controlling Interests of Consolidated Subsidiaries 0      
Total Stockholders’ Equity 881,484 801,646 618,147  
Non-controlling interests in equity of consolidated subsidiaries 0 0 0  
Stockholders’ Equity in Rithm Capital Corp. 881,484 801,646 618,147  
Investments in Equity Method Investees 27,708 13,352 0  
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 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 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 0  
Operating Segments | Residential Transitional Lending | Interest income        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 301,594 257,833 205,779  
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 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 0  
Operating Segments | Residential Transitional Lending | Asset Management        
Segment Reporting Information [Line Items]        
Total Revenues 0 0 0  
Operating Segments | Asset Management        
Segment Reporting Information [Line Items]        
Total Revenues 698,635 541,582 86,469  
Interest expense and warehouse line fees 47,858 36,274 2,727  
Other segment expenses 146,343 97,550 16,801  
Compensation and benefits 399,879 328,758 42,839  
Depreciation and amortization 41,103 30,598 4,230  
Total Operating Expenses 635,183 493,180 66,597  
Realized and unrealized gains (losses), net 4,347 (74) 8,060  
Other income (loss), net 33,206 15,100 557  
Total Other Income (Loss) 37,553 15,026 8,617  
Income (Loss) before Income Taxes 101,005 63,428 28,489  
Income tax expense (benefit) 69,407 36,058 27,121  
Net Income (Loss) 31,598 27,370 1,368  
Noncontrolling interests in income of consolidated subsidiaries 709 4,302 365  
Redeemable non-controlling interests in income of consolidated subsidiaries 3,780      
Net Income (Loss) Attributable to Rithm Capital Corp. 27,109 23,068 1,003  
Change in redemption value of redeemable non-controlling interests 0      
Dividends on preferred stock 0 0 0  
Net Income (Loss) Attributable to Common Stockholders 27,109 23,068 1,003  
Investments 6,062,702 0 0  
Cash and cash equivalents 353,290 174,819 230,008  
Restricted cash 308,584 18,038 8,156  
Other assets 1,918,829 962,845 1,069,203  
Goodwill 231,444 48,633 46,658  
Assets of consolidated entities 1,525,364 1,303,795 340,929  
Total Assets 10,400,213 2,508,130 1,694,954  
Debt 4,377,897 431,806 455,512  
Due to affiliates 2,583,469 104,879 345,999  
Liabilities of consolidated entities 1,270,655 1,126,776 219,920  
Total Liabilities 8,232,021 1,663,461 1,021,431  
Redeemable Non-controlling Interests of Consolidated Subsidiaries 75,868      
Total Stockholders’ Equity 2,092,324 844,669 673,523  
Non-controlling interests in equity of consolidated subsidiaries 441,850 39,942 40,971  
Stockholders’ Equity in Rithm Capital Corp. 1,650,474 804,727 632,552  
Investments in Equity Method Investees 445,871 113,662 91,563  
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 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 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 0  
Operating Segments | Asset Management | Interest income        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 44,662 21,288 3,788  
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 0  
Operating Segments | Asset Management | Other revenues        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 26,933 0 0  
Operating Segments | Asset Management | Asset Management        
Segment Reporting Information [Line Items]        
Total Revenues 627,040 520,294 82,681  
Operating Segments | Investment Portfolio        
Segment Reporting Information [Line Items]        
Total Revenues 444,549 436,219 463,670  
Interest expense and warehouse line fees 296,234 271,908 245,120  
Other segment expenses 91,063 80,724 59,698  
Compensation and benefits 3,993 3,809 8,681  
Depreciation and amortization 32,159 30,748 25,930  
Total Operating Expenses 423,449 387,189 339,429  
Realized and unrealized gains (losses), net 103,355 18,671 273  
Other income (loss), net 46,623 22,032 (657)  
Total Other Income (Loss) 149,978 40,703 (384)  
Income (Loss) before Income Taxes 171,078 89,733 123,857  
Income tax expense (benefit) (14,284) 6,949 (7,457)  
Net Income (Loss) 185,362 82,784 131,314  
Noncontrolling interests in income of consolidated subsidiaries 4,884 3,133 7,471  
Redeemable non-controlling interests in income of consolidated subsidiaries 0      
Net Income (Loss) Attributable to Rithm Capital Corp. 180,478 79,651 123,843  
Change in redemption value of redeemable non-controlling interests 0      
Dividends on preferred stock 0 0 0  
Net Income (Loss) Attributable to Common Stockholders 180,478 79,651 123,843  
Investments 4,912,402 2,387,973 3,159,247  
Cash and cash equivalents 32,853 27,987 30,639  
Restricted cash 44,470 49,126 38,718  
Other assets 2,414,231 2,190,333 3,707,187  
Goodwill 0 0 0  
Assets of consolidated entities 3,283,225 2,808,319 3,044,850  
Total Assets 10,687,181 7,463,738 9,980,641  
Debt 5,689,351 3,103,488 3,984,572  
Due to affiliates 435,514 433,762 1,837,801  
Liabilities of consolidated entities 2,839,340 2,361,345 2,624,345  
Total Liabilities 8,964,205 5,898,595 8,446,718  
Redeemable Non-controlling Interests of Consolidated Subsidiaries 0      
Total Stockholders’ Equity 1,722,976 1,565,143 1,533,923  
Non-controlling interests in equity of consolidated subsidiaries 58,237 41,707 44,905  
Stockholders’ Equity in Rithm Capital Corp. 1,664,739 1,523,436 1,489,018  
Investments in Equity Method Investees 324,456 291,637 110,883  
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 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 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 0  
Operating Segments | Investment Portfolio | Interest income        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 300,109 319,596 322,143  
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 39,125 10,442 38,784  
Operating Segments | Investment Portfolio | Other revenues        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 105,315 106,181 102,743  
Operating Segments | Investment Portfolio | Asset Management        
Segment Reporting Information [Line Items]        
Total Revenues 0 0 0  
Operating Segments | Corporate Category        
Segment Reporting Information [Line Items]        
Total Revenues 10,496 7 0  
Interest expense and warehouse line fees 96,127 74,306 36,184  
Other segment expenses 50,198 46,154 77,940  
Compensation and benefits 77,411 48,076 36,206  
Depreciation and amortization 31 21 65  
Total Operating Expenses 223,767 168,557 150,395  
Realized and unrealized gains (losses), net (661) 0 0  
Other income (loss), net (1,195) 49 (26,361)  
Total Other Income (Loss) (1,856) 49 (26,361)  
Income (Loss) before Income Taxes (215,127) (168,501) (176,756)  
Income tax expense (benefit) 1,087 0 0  
Net Income (Loss) (216,214) (168,501) (176,756)  
Noncontrolling interests in income of consolidated subsidiaries 0 0 0  
Redeemable non-controlling interests in income of consolidated subsidiaries 8,435      
Net Income (Loss) Attributable to Rithm Capital Corp. (224,649) (168,501) (176,756)  
Change in redemption value of redeemable non-controlling interests 15,611      
Dividends on preferred stock 114,246 96,456 89,579  
Net Income (Loss) Attributable to Common Stockholders (354,506) (264,957) (266,335)  
Investments 0 0 0  
Cash and cash equivalents 210,537 214,006 419,258  
Restricted cash 238,435 0 0  
Other assets 9,671 5,752 20,483  
Goodwill 0 0 0  
Assets of consolidated entities 0 0 0  
Total Assets 458,643 219,758 439,741  
Debt 1,258,271 1,033,804 546,818  
Due to affiliates 294,747 235,846 213,121  
Liabilities of consolidated entities 0 0 0  
Total Liabilities 1,553,018 1,269,650 759,939  
Redeemable Non-controlling Interests of Consolidated Subsidiaries 238,435      
Total Stockholders’ Equity (1,332,810) (1,049,892) (320,198)  
Non-controlling interests in equity of consolidated subsidiaries 0 0 0  
Stockholders’ Equity in Rithm Capital Corp. (1,332,810) (1,049,892) (320,198)  
Investments in Equity Method Investees 0 0 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 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 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 0  
Operating Segments | Corporate Category | Interest income        
Segment Reporting Information [Line Items]        
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues 10,496 7 0  
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 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 0  
Operating Segments | Corporate Category | Asset Management        
Segment Reporting Information [Line Items]        
Total Revenues $ 0 $ 0 $ 0  
v3.25.4
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Rollforward of Carrying Value of Investments In MSRs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Activity related to carrying value of investments in mortgage servicing rights [Roll Forward]    
Beginning balance $ 10,321,671 $ 8,405,938
Acquisition   700,207
Originations 1,650,475 1,396,154
Sales (3,249) 11,026
Realization of cash flows (750,012) (607,169)
Change in valuation inputs and assumptions (859,744) 415,515
Ending balance 10,359,141 10,321,671
Capitalized amount $ 192,000 $ 54,400
v3.25.4
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of Servicing Fee Revenue (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Investments in Mortgage Servicing Rights [Line Items]      
Change in valuation inputs and assumptions, net of realized gains (losses) $ 859,744,000 $ (415,515,000)  
Excess spread financing 4,000,000.0 4,900,000 $ 0
Change in valuation and assumptions, excess spread financing $ (13,600,000) 19,200,000 0
MSRs      
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    
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 2,099,987,000 1,833,221,000 1,735,060,000
Ancillary and other fees 194,982,000 160,098,000 124,297,000
Servicing fee revenue, net and fees 2,294,969,000 1,993,319,000 1,859,357,000
Realization of cash flows (746,006,000) (602,241,000) (518,978,000)
Change in valuation inputs and assumptions, net of realized gains (losses) (873,379,000) 434,667,000 (46,706,000)
Gains (losses) on MSR economic hedges 444,836,000 (288,344,000) (29,562,000)
Servicing revenue, net $ 1,120,420,000 $ 1,537,401,000 $ 1,264,111,000
v3.25.4
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of Investment in MSRs and MSR Financing Receivables (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Mortgage Servicing Rights [Line Items]      
Weighted Average Life (Years) 4 years 3 months 18 days    
Carrying Value $ 10,359,141 $ 10,321,671 $ 8,405,938
Mortgage Servicing Rights and Mortgage Servicing Rights Financing Receivable      
Schedule of Mortgage Servicing Rights [Line Items]      
UPB of Underlying Mortgages $ 595,532,480 $ 590,214,351  
Weighted Average Life (Years) 6 years 1 month 6 days 6 years 4 months 24 days  
Carrying Value $ 10,359,141 $ 10,321,671  
MSRs | Weighted Average      
Schedule of Mortgage Servicing Rights [Line Items]      
Discount rate 8.40% 8.90%  
MSRs | Minimum      
Schedule of Mortgage Servicing Rights [Line Items]      
Discount rate 8.00% 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 $ 376,982,090 $ 383,014,320  
Weighted Average Life (Years) 6 years 2 months 12 days 6 years 6 months  
Carrying Value $ 6,051,855 $ 6,413,199  
Non-Agency | MSRs      
Schedule of Mortgage Servicing Rights [Line Items]      
UPB of Underlying Mortgages $ 66,874,608 $ 70,022,636  
Weighted Average Life (Years) 5 years 7 months 6 days 5 years 4 months 24 days  
Carrying Value $ 894,988 $ 836,408  
Ginnie Mae | MSRs      
Schedule of Mortgage Servicing Rights [Line Items]      
UPB of Underlying Mortgages $ 151,675,782 $ 137,177,395  
Weighted Average Life (Years) 6 years 1 month 6 days 6 years 4 months 24 days  
Carrying Value $ 3,412,298 $ 3,072,064  
v3.25.4
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Schedule of Equity Method Investments [Line Items]      
Residential mortgage loans subject to repurchase $ 3,952,792 $ 2,745,756 $ 1,782,998
Residential mortgage loans, held-for-sale (includes [$—] and [$4,307,571] at fair value, respectively) [1] 5,484,272 4,374,241  
Reserve for non-recovery advances $ 121,537 $ 121,396 93,681
Reserve for non-recovery advances, percent 3.80% 3.70%  
Onity Group Inc. | Rithm Capital      
Schedule of Equity Method Investments [Line Items]      
UPB $ 86,800,000    
Unpaid principal balance of underlying loans, not yet transferred $ 9,500,000    
PHH Mortgage Corporation      
Schedule of Equity Method Investments [Line Items]      
Subservicer percent of UPB 5.50%    
Valon      
Schedule of Equity Method Investments [Line Items]      
Subservicer percent of UPB 3.60%    
Newrez And Caliber      
Schedule of Equity Method Investments [Line Items]      
Subservicer percent of UPB 90.90%    
Ocwen      
Schedule of Equity Method Investments [Line Items]      
UPB $ 110,000,000    
Ginnie Mae Loans      
Schedule of Equity Method Investments [Line Items]      
Residential mortgage loans, held-for-sale (includes [$—] and [$4,307,571] at fair value, respectively) 500,000 $ 500,000  
Mortgage Loans Subserviced      
Schedule of Equity Method Investments [Line Items]      
UPB 242,800,000 242,900,000  
Subservicing revenue $ 315,500 $ 219,600 $ 139,400
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”), including funds and collateralized financing entities (“CFEs”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2025 and 2024, total assets of such consolidated VIEs were $10.7 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $8.2 billion and $5.2 billion, respectively. See Note 19 for further details.
v3.25.4
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Summary of the Geographic Distribution of the Underlying Residential Mortgage Loans of the MSRs (Details) - MSRs - Mortgage Loans
Dec. 31, 2025
Dec. 31, 2024
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 100.00% 100.00%
California    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 15.80% 16.50%
Florida    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 8.10% 8.20%
Texas    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 6.70% 6.60%
New York    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 5.70% 5.70%
Washington    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 5.00% 5.20%
New Jersey    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 3.90% 4.10%
Virginia    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 3.80% 3.70%
Maryland    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 3.40% 3.40%
Illinois    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 3.20% 3.30%
Georgia    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 3.20% 3.10%
Other U.S.    
Schedule of MSRs [Line Items]    
Percentage of Total Outstanding Unpaid Principal Amount 41.20% 40.20%
v3.25.4
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of Advances Included in Servicing Advances Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Transfers and Servicing [Abstract]    
Principal and interest advances $ 539,371 $ 640,723
Escrow advances (taxes and insurance advances) 1,735,259 1,733,426
Foreclosure advances 941,658 950,092
Gross advance balance 3,216,288 3,324,241
Reserves, impairment, unamortized discount, net of recovery accruals (125,675) (125,320)
Total 3,090,613 3,198,921
Servicer advances receivable related to agency MSRs 738,700 673,700
Servicer advances receivable related to Ginnie Mae MSRS, recoverable from Ginnie Mae $ 576,700 $ 529,300
v3.25.4
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Summary of Reserve For Servicer Advances (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Servicer Advances Reserve [Roll Forward]    
Beginning balance $ 121,396 $ 93,681
Provision 63,979 47,685
Write-offs (63,838) (19,970)
Ending balance $ 121,537 $ 121,396
v3.25.4
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES - Summary of Real Estate Securities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
security
Dec. 31, 2024
USD ($)
security
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 14,245,794 $ 15,878,274
Carrying Value $ 6,481,714 7,245,667
Weighted Average Life (Years) 4 years 3 months 18 days  
AFS Agency    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 64,816 69,295
Gross Unrealized Gains 0 0
Gross Unrealized Losses 0 0
Carrying Value $ 58,523 $ 60,135
Number of Securities | security 1 1
Weighted Average Coupon 3.50% 3.50%
Weighted Average Yield 3.50% 3.50%
Weighted Average Life (Years) 10 years 10 months 24 days 7 years 9 months 18 days
FVO Agency    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 5,165,539 $ 6,602,894
Gross Unrealized Gains 116,528 428
Gross Unrealized Losses 0 (51,024)
Carrying Value $ 5,171,616 $ 6,390,508
Number of Securities | security 22 42
Weighted Average Coupon 5.00% 5.00%
Weighted Average Yield 5.00% 5.00%
Weighted Average Life (Years) 8 years 5 years 8 months 12 days
FVO Non-Agency    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount   $ 3,250,000
Gross Unrealized Gains   4,102
Gross Unrealized Losses   (781)
Carrying Value   $ 3,260,703
Number of Securities | security   3
Weighted Average Coupon   4.50%
Weighted Average Yield   4.50%
Weighted Average Life (Years)   1 year 10 months 24 days
Agency And Non-Agency Residential Mortgage Backed Securities    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 5,230,355 $ 9,922,189
Gross Unrealized Gains 116,528 4,530
Gross Unrealized Losses 0 (51,805)
Carrying Value $ 5,230,139 $ 9,711,346
Number of Securities | security 23 46
Weighted Average Coupon 5.00% 4.80%
Weighted Average Yield 5.00% 4.80%
Weighted Average Life (Years) 8 years 4 years 4 months 24 days
v3.25.4
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES - Summary of Real Estate and Other Securities for Held to Maturity (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
security
Dec. 31, 2024
USD ($)
security
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Outstanding Face Amount $ 14,245,794 $ 15,878,274
Weighted Average Life (Years) 4 years 3 months 18 days  
Residential Mortgage Backed Securities, Held To Maturity, Treasury    
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items]    
Outstanding Face Amount $ 25,000 25,000
Amortized Cost / Carrying Value 24,766 24,770
Fair Value 24,762 24,775
Unrecognized Gains (Losses) $ (4)  
Unrecognized Gain   $ 5
Number of Securities | security 1 1
Weighted Average Yield 3.50% 4.30%
Weighted Average Life (Years) 3 months 18 days 6 months
v3.25.4
GOVERNMENT AND GOVERNMENT-BACKED SECURITIES - Schedule of Investment in Real Estate Securities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Treasury      
Purchases:      
Face $ 100,000 $ 8,825,000 $ 1,055,000
Purchase price 98,954 8,813,058 1,028,051
Sales:      
Face 3,250,000 5,500,000 0
Amortized cost 3,257,383 5,481,688 0
Sale price 3,269,180 5,499,395 0
Gain (loss) on sale 11,797 17,707 0
Government-backed securities      
Purchases:      
Face 2,387,863 1,280,545 3,373,770
Purchase price 2,355,623 1,249,562 3,350,588
Sales:      
Face 3,105,723 2,556,839 1,691,131
Amortized cost 3,038,671 2,536,357 1,671,349
Sale price 3,121,310 2,583,782 1,614,293
Gain (loss) on sale $ 82,639 $ 47,425 $ (57,056)
v3.25.4
RESIDENTIAL MORTGAGE LOANS - Residential Mortgage Loans Outstanding by Loan Type, Excluding REO (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
loan
Mar. 31, 2025
USD ($)
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) 4 years 3 months 18 days    
Investments of consolidated CFEs      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Outstanding Face Amount $ 3,347,429    
Carrying Value $ 3,265,142   $ 2,791,027
Loan Count | loan 8,396    
Weighted Average Yield 6.10%    
Weighted Average Life (Years) 26 years    
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 $ 349,196    
Carrying Value $ 324,688   361,890
Loan Count | loan 6,651    
Weighted Average Yield 7.50%    
Weighted Average Life (Years) 4 years 7 months 6 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 $ 63,426    
Carrying Value $ 56,791   66,670
Loan Count | loan 1,674    
Weighted Average Yield 7.30%    
Weighted Average Life (Years) 4 years 1 month 6 days    
Acquired performing loans      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Outstanding Face Amount $ 49,983    
Carrying Value $ 45,861   51,011
Loan Count | loan 1,512    
Weighted Average Yield 6.10%    
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 $ 152,000    
Acquired non-performing loans      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Outstanding Face Amount 13,443    
Carrying Value $ 10,930   15,659
Loan Count | loan 162    
Weighted Average Yield 11.60%    
Weighted Average Life (Years) 3 years 6 months    
Acquired non-performing loans | Ginnie Mae      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
UPB $ 317,100    
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 5,351,566    
Carrying Value $ 5,427,481   4,307,571
Loan Count | loan 15,004    
Weighted Average Yield 6.20%    
Weighted Average Life (Years) 22 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 $ 1,583,196    
Carrying Value $ 1,612,154   408,421
Loan Count | loan 3,608    
Weighted Average Yield 6.00%    
Weighted Average Life (Years) 8 years 4 months 24 days    
Acquired non-performing loans      
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]      
Outstanding Face Amount $ 326,394    
Carrying Value $ 299,413   270,879
Loan Count | loan 1,344    
Weighted Average Yield 5.30%    
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 $ 3,441,976    
Carrying Value $ 3,515,914   $ 3,628,271
Loan Count | loan 10,052    
Weighted Average Yield 6.30%    
Weighted Average Life (Years) 29 years    
v3.25.4
RESIDENTIAL MORTGAGE LOANS - Schedule of Aggregate Unpaid Principal Balance and Aggregate Carrying Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 460,631 $ 393,786
90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 8,038 0
Carrying Value 0 0
Carrying Value Under UPB (8,038) 0
Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 568,438 518,856
Carrying Value 472,027 425,366
Carrying Value Under UPB (96,411) (93,490)
Residential Mortgage Loans | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 5,358,662 4,377,435
Carrying Value 5,437,702 4,400,113
Carrying Value Under UPB 79,040 22,678
Residential Mortgage Loans | 90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 405,526 369,118
Carrying Value 371,258 336,018
Carrying Value Under UPB (34,268) (33,100)
Residential Mortgage Loans | Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 5,764,188 4,746,553
Carrying Value 5,808,960 4,736,131
Carrying Value Under UPB $ 44,772 $ (10,422)
v3.25.4
RESIDENTIAL MORTGAGE LOANS - Carrying Value of Mortgage Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]      
Balance, beginning [1] $ 4,374,241    
Net of transfer of loans to/from other assets 178,100    
Valuation reversal on loans 4,900 $ 319 $ 478
Balance, ending [1] 5,484,272 4,374,241  
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 2,919,786  
Originations 60,710,719 57,796,441  
Sales (64,243,027) (57,975,497)  
Purchases/additional fundings 5,547,685 2,566,210  
Proceeds from repayments (216,073) (152,814)  
Net of transfer of loans to/from other assets (787,682) (452,033)  
Transfer of loans to REO (5,383) (8,425)  
Transfers of loans to HFS   (52)  
Transfers of loans from HFI   52  
Valuation reversal on loans 1,271 3,980  
Changes in instrument-specific credit risk (5,253) 36,845  
Other factors 70,572 1,638  
Balance, ending 5,808,960 4,736,131 2,919,786
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 361,890 379,044  
Originations 0 0  
Sales 0 0  
Purchases/additional fundings 0 0  
Proceeds from repayments (42,124) (45,159)  
Net of transfer of loans to/from other assets 0 0  
Transfer of loans to REO (2,585) (3,990)  
Transfers of loans to HFS   (52)  
Transfers of loans from HFI   0  
Valuation reversal on loans 0 0  
Changes in instrument-specific credit risk (3,438) 24,061  
Other factors 10,945 7,986  
Balance, ending 324,688 361,890 379,044
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 78,877  
Originations 0 0  
Sales 0 (2,307)  
Purchases/additional fundings 0 0  
Proceeds from repayments (9,251) (9,680)  
Net of transfer of loans to/from other assets (1,130) (2,968)  
Transfer of loans to REO (769) (1,232)  
Transfers of loans to HFS   0  
Transfers of loans from HFI   0  
Valuation reversal on loans 1,271 3,980  
Changes in instrument-specific credit risk 0 0  
Other factors 0 0  
Balance, ending 56,791 66,670 78,877
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 2,461,865  
Originations 60,710,719 57,796,441  
Sales (64,243,027) (57,973,190)  
Purchases/additional fundings 5,547,685 2,566,210  
Proceeds from repayments (164,698) (97,975)  
Net of transfer of loans to/from other assets (786,552) (449,065)  
Transfer of loans to REO (2,029) (3,203)  
Transfers of loans to HFS   0  
Transfers of loans from HFI   52  
Valuation reversal on loans 0 0  
Changes in instrument-specific credit risk (1,815) 12,784  
Other factors 59,627 (6,348)  
Balance, ending $ 5,427,481 $ 4,307,571 $ 2,461,865
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”), including funds and collateralized financing entities (“CFEs”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2025 and 2024, total assets of such consolidated VIEs were $10.7 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $8.2 billion and $5.2 billion, respectively. See Note 19 for further details.
v3.25.4
RESIDENTIAL MORTGAGE LOANS - Schedule of Gain on Sale of Originated Mortgage Loans, Net (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Long Lived Assets Held-for-sale [Line Items]      
Loss on residential mortgage loans originated and sold, net $ (700,752) $ (822,641) $ (392,137)
Gain (loss) on settlement of residential mortgage loan origination derivative instruments (103,085) 28,157 73,476
MSRs retained on transfer of residential mortgage loans 1,458,509 1,341,728 786,655
Other 67,519 54,969 14,622
Realized gain on sale of originated residential mortgage loans, net 722,191 602,213 482,616
Gain on Originated Residential Mortgage Loans, HFS, Net 729,526 682,535 533,477
Loan origination fees and direct loan origination costs 1,000,000 900,000 400,000
Gain on residential mortgage loan securitizations 58,800 24,200 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 10,155 (12,449) 15,018
Change in fair value of derivative instruments      
Long Lived Assets Held-for-sale [Line Items]      
Change in fair value of derivative instruments (54,790) 90,675 (64,034)
Change in fair value of residential mortgage loans      
Long Lived Assets Held-for-sale [Line Items]      
Change in fair value of residential mortgage loans $ 51,970 $ 2,096 $ 99,877
v3.25.4
CONSUMER LOANS - Narrative (Details) - USD ($)
$ in Millions
Dec. 31, 2025
Jul. 31, 2025
Consumer Home-Improvement Loans    
Schedule of Consumer Loans [Line Items]    
Acquire up   $ 1,000.0
Loans had been purchased $ 527.3  
Consumer Portfolio Segment | Unfunded Loan Commitment | Consumer Loan Companies    
Schedule of Consumer Loans [Line Items]    
UPB $ 131.4  
SpringCastle    
Schedule of Consumer Loans [Line Items]    
Ownership percentage 100.00%  
v3.25.4
CONSUMER LOANS - Summary of Investment in Consumer Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Schedule of Consumer Loans [Line Items]    
Weighted Average Expected Life (Years) 4 years 3 months 18 days  
Consumer Portfolio Segment    
Schedule of Consumer Loans [Line Items]    
UPB $ 930,844 $ 767,623
Carrying Value $ 784,399 $ 665,565
Weighted Average Coupon 13.60% 12.90%
Weighted Average Expected Life (Years) 6 years 4 months 24 days 1 year 9 months 18 days
Consumer Portfolio Segment | SpringCastle    
Schedule of Consumer Loans [Line Items]    
UPB $ 164,119 $ 208,306
Carrying Value $ 167,807 $ 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 $ 295,074 $ 559,317
Carrying Value $ 166,473 $ 446,257
Weighted Average Coupon 11.20% 11.00%
Weighted Average Expected Life (Years) 7 months 6 days 1 year
Consumer Portfolio Segment | Upgrade    
Schedule of Consumer Loans [Line Items]    
UPB $ 471,651  
Carrying Value $ 450,119  
Weighted Average Coupon 13.50%  
Weighted Average Expected Life (Years) 10 years 10 months 24 days  
v3.25.4
CONSUMER LOANS - Schedule of Aggregate Unpaid Principal Balance and Aggregate Carrying Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Schedule of Equity Method Investments [Line Items]    
Notes receivable $ 460,631 $ 393,786
90+    
Schedule of Equity Method Investments [Line Items]    
UPB 8,038 0
Notes receivable 0 0
Carrying Value Under UPB (8,038) 0
Past Due    
Schedule of Equity Method Investments [Line Items]    
UPB 568,438 518,856
Notes receivable 472,027 425,366
Carrying Value Under UPB (96,411) (93,490)
Consumer Portfolio Segment | Current | Total Rithm Capital Stockholders’ Equity | SpringCastle    
Schedule of Equity Method Investments [Line Items]    
UPB 160,524 203,923
Notes receivable 164,175 214,746
Carrying Value Under UPB 3,651 10,823
Consumer Portfolio Segment | Current | Total Rithm Capital Stockholders’ Equity | Marcus    
Schedule of Equity Method Investments [Line Items]    
UPB 151,530 438,712
Notes receivable 151,985 438,712
Carrying Value Under UPB 455 0
Consumer Portfolio Segment | Current | Total Rithm Capital Stockholders’ Equity | Upgrade    
Schedule of Equity Method Investments [Line Items]    
UPB 471,108 0
Notes receivable 449,601 0
Carrying Value Under UPB (21,507) 0
Consumer Portfolio Segment | 90+ | Total Rithm Capital Stockholders’ Equity | SpringCastle    
Schedule of Equity Method Investments [Line Items]    
UPB 3,595 4,383
Notes receivable 3,632 4,562
Carrying Value Under UPB 37 179
Consumer Portfolio Segment | 90+ | Total Rithm Capital Stockholders’ Equity | Marcus    
Schedule of Equity Method Investments [Line Items]    
UPB 143,544 120,605
Notes receivable 14,488 7,545
Carrying Value Under UPB (129,056) (113,060)
Consumer Portfolio Segment | 90+ | Total Rithm Capital Stockholders’ Equity | Upgrade    
Schedule of Equity Method Investments [Line Items]    
UPB 543 0
Notes receivable 518 0
Carrying Value Under UPB (25) 0
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity    
Schedule of Equity Method Investments [Line Items]    
UPB 930,844 767,623
Notes receivable 784,399 665,565
Carrying Value Under UPB (146,445) (102,058)
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity | SpringCastle    
Schedule of Equity Method Investments [Line Items]    
UPB 164,119 208,306
Notes receivable 167,807 219,308
Carrying Value Under UPB 3,688 11,002
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity | Marcus    
Schedule of Equity Method Investments [Line Items]    
UPB 295,074 559,317
Notes receivable 166,473 446,257
Carrying Value Under UPB (128,601) (113,060)
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity | Upgrade    
Schedule of Equity Method Investments [Line Items]    
UPB 471,651 0
Notes receivable 450,119 0
Carrying Value Under UPB $ (21,532) $ 0
v3.25.4
CONSUMER LOANS - Carrying Value of Consumer Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Loans Receivable [Roll Forward]      
Purchases $ 529,436 $ 474,120 $ 0
Proceeds from repayments (42,125) (45,159) (47,735)
Accretion of loan discount and premium amortization, net 7,040 87,713 106,421
Changes in instrument-specific credit risk (8,038)    
Other factors 5,117 5,773  
Consumer Portfolio Segment | Performing Financial Instruments      
Loans Receivable [Roll Forward]      
Beginning balance 665,565 1,274,005  
Additional fundings 22,123 24,091  
Purchases 500,334    
Proceeds from repayments (423,156) (560,518)  
Accretion of loan discount and premium amortization, net 9,915 27,914  
Changes in instrument-specific credit risk (13,472) (51,977)  
Other factors 23,090 (47,950)  
Ending balance $ 784,399 $ 665,565 $ 1,274,005
v3.25.4
REAL ESTATE, NET - Composition of Real Estate, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real Estate [Line Items]    
Real Estate, Net $ 6,175,735 $ 1,056,193
Commercial real estate    
Real Estate [Line Items]    
Real Estate, Net 5,156,248 0
Single-family rental properties    
Real Estate [Line Items]    
Real Estate, Net 1,004,917 1,028,295
REO    
Real Estate [Line Items]    
Real Estate, Net $ 14,570 $ 27,898
v3.25.4
REAL ESTATE, NET - Net Carrying Value of Commercial Real Estate Properties (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real Estate [Line Items]    
Total commercial real estate tangible assets, net $ 82,908 $ 70,495
Total commercial real estate intangible assets, gross 584,258 491,944
Accumulated amortization (214,259) (159,995)
Total commercial real estate intangible assets, net 369,999 331,949
Commercial real estate, net [1] 6,175,735 $ 1,056,193
Commercial real estate    
Real Estate [Line Items]    
Land 1,721,869  
Buildings and improvements 2,300,895  
Total commercial real estate tangible assets, at cost 4,022,764  
Accumulated depreciation (4,007)  
Total commercial real estate tangible assets, net 4,018,757  
Total commercial real estate intangible assets, gross 1,144,423  
Accumulated amortization (6,932)  
Total commercial real estate intangible assets, net 1,137,491  
Commercial real estate, net 5,156,248  
Commercial real estate | In-place leases    
Real Estate [Line Items]    
Total commercial real estate intangible assets, gross 1,044,592  
Accumulated amortization 6,347  
Commercial real estate | Above-market leases    
Real Estate [Line Items]    
Total commercial real estate intangible assets, gross 99,831  
Accumulated amortization $ 585  
Commercial real estate | Maximum    
Real Estate [Line Items]    
Property acquired, useful life 40 years  
Commercial real estate | Minimum    
Real Estate [Line Items]    
Property acquired, useful life 5 years  
Commercial real estate | Minimum | In-place leases    
Real Estate [Line Items]    
Estimated Useful Lives (Years) 7 years 9 months 18 days  
Commercial real estate | Minimum | Above-market leases    
Real Estate [Line Items]    
Estimated Useful Lives (Years) 7 years 9 months 18 days  
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”), including funds and collateralized financing entities (“CFEs”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2025 and 2024, total assets of such consolidated VIEs were $10.7 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $8.2 billion and $5.2 billion, respectively. See Note 19 for further details.
v3.25.4
REAL ESTATE, NET - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real Estate [Line Items]      
Accumulated amortization $ 214,259 $ 159,995  
Residential Mortgage Loans      
Real Estate [Line Items]      
Unpaid principal balance 40,800 40,800  
Mortgage Receivable      
Real Estate [Line Items]      
Unpaid principal balance 16,200 16,200  
Commercial real estate      
Real Estate [Line Items]      
Capitalized acquisition costs 1,300    
Accumulated depreciation 4,000    
Accumulated amortization $ 6,932    
Commercial real estate | Minimum      
Real Estate [Line Items]      
Lease term 5 years    
Commercial real estate | Maximum      
Real Estate [Line Items]      
Lease term 15 years    
Single Family      
Real Estate [Line Items]      
Accumulated depreciation $ 30,148 29,955 $ 28,200
Capitalized acquisition costs $ 6,700 $ 7,000  
Single Family | Minimum      
Real Estate [Line Items]      
Lease term 1 year    
Single Family | Maximum      
Real Estate [Line Items]      
Lease term 2 years    
v3.25.4
REAL ESTATE, NET - Commercial Real Estate Properties (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Commercial Real Estate [Roll Forward]  
Beginning balance $ 0
Paramount Acquisition 5,165,841
Acquisitions and capital improvements 1,346
Depreciation and amortization expense (10,939)
Ending balance 5,156,248
Commercial Real Estate Tangible Assets  
Commercial Real Estate [Roll Forward]  
Beginning balance 0
Paramount Acquisition 4,021,418
Acquisitions and capital improvements 1,346
Depreciation and amortization expense (4,007)
Ending balance 4,018,757
Commercial Real Estate Intangible Assets  
Commercial Real Estate [Roll Forward]  
Beginning balance 0
Paramount Acquisition 1,144,423
Acquisitions and capital improvements 0
Depreciation and amortization expense (6,932)
Ending balance $ 1,137,491
v3.25.4
REAL ESTATE, NET - Net Carrying Value (Details) - Single Family - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real Estate [Line Items]    
Land $ 192,335 $ 191,992
Building 759,716 767,966
Capital improvements 163,496 150,811
Total gross investment in SFR properties 1,115,547 1,110,769
Accumulated depreciation (110,630) (82,474)
Investment in SFR Properties, Net $ 1,004,917 $ 1,028,295
v3.25.4
REAL ESTATE, NET - Activity in Single-Family Rental Properties (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SFR Properties HFI      
Real Estate Investment Property, Net [Roll Forward]      
Beginning balance $ 989,002 $ 1,000,357  
Acquisitions and capital improvements 30,051 70,355  
Transfers to (from) HFS/HFI 10,197 (50,615)  
Dispositions 0 (1,140)  
Depreciation expense (30,148) (29,955)  
Ending balance 999,102 989,002 $ 1,000,357
SFR Properties HFS      
Real Estate Investment Property, Net [Roll Forward]      
Beginning balance 39,293 1,571  
Acquisitions and capital improvements 0 0  
Transfers to (from) HFS/HFI (10,197) 50,615  
Dispositions (23,281) (12,893)  
Depreciation expense 0 0  
Ending balance 5,815 39,293 1,571
Single Family      
Real Estate Investment Property, Net [Roll Forward]      
Beginning balance 1,028,295 1,001,928  
Acquisitions and capital improvements 30,051 70,355  
Transfers to (from) HFS/HFI 0 0  
Dispositions (23,281) (14,033)  
Depreciation expense (30,148) (29,955) (28,200)
Ending balance $ 1,004,917 $ 1,028,295 $ 1,001,928
v3.25.4
REAL ESTATE, NET - Schedule of Rental and Variable Revenue (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Commercial real estate      
Real Estate [Line Items]      
Rental revenue $ 23,191    
Other variable revenue 3,045    
Total $ 26,236    
Single Family      
Real Estate [Line Items]      
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] Other income (loss), net, Revenue Other income (loss), net, Revenue  
Rental revenue $ 79,183 $ 76,561 $ 73,216
Other variable revenue 9,677 4,524 2,299
Total $ 88,860 $ 81,085 $ 75,515
v3.25.4
REAL ESTATE, NET - Revenue to be Received (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Real Estate [Line Items]  
Total $ 25,800
Commercial real estate  
Real Estate [Line Items]  
2026 515,886
2027 530,825
2028 572,608
2029 563,971
2030 517,841
2031 and thereafter 2,451,585
Total 5,152,716
Single Family  
Real Estate [Line Items]  
2026 45,230
2027 and thereafter 6,711
Total $ 51,941
v3.25.4
REAL ESTATE, NET - Intangible Asset Expected Amortization (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Real Estate [Line Items]  
2026 $ 54,866
2027 51,158
2028 50,186
2029 48,281
2030 39,005
2031 and thereafter 97,544
Intangible assets, net 341,040
Commercial real estate  
Real Estate [Line Items]  
2026 163,313
2027 164,786
2028 159,974
2029 147,274
2030 122,297
2031 and thereafter 379,847
Intangible assets, net $ 1,137,491
v3.25.4
REAL ESTATE, NET - Activity in Single-Family Rental Portfolio by Units (Details) - property
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
SFR Properties HFI    
Real Estate Investment Property, Net [Roll Forward]    
Beginning balance 3,891 3,882
Acquisition of SFR properties 38 219
Transfer to (from) HFS/HFI 56 (206)
Disposition of SFR properties 0 (4)
Ending balance 3,985 3,891
SFR Properties HFS    
Real Estate Investment Property, Net [Roll Forward]    
Beginning balance 158 6
Acquisition of SFR properties 0 0
Transfer to (from) HFS/HFI (56) 206
Disposition of SFR properties (81) (54)
Ending balance 21 158
Single Family    
Real Estate Investment Property, Net [Roll Forward]    
Beginning balance 4,049 3,888
Acquisition of SFR properties 38 219
Transfer to (from) HFS/HFI 0 0
Disposition of SFR properties (81) (58)
Ending balance 4,006 4,049
v3.25.4
REAL ESTATE, NET - Carrying Value of Investments in REO (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Real Estate Owned [Roll Forward]    
Beginning balance $ 27,898 $ 15,507
Purchases   16,256
Property received in satisfaction of loan 26,281 28,859
Sales (40,362) (31,614)
Valuation provision 753 (1,110)
Ending balance $ 14,570 $ 27,898
v3.25.4
RESIDENTIAL TRANSITION LOANS - Summary of Residential Transition Loans (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2025
loan
Dec. 31, 2025
USD ($)
loan
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Carrying Value   $ 472,027 $ 425,366 $ 429,550
Residential Transitional Lending        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Carrying Value   $ 3,914,674 $ 3,140,267  
% of Portfolio   100.00% 100.00%  
Loan Count | loan 1,535 1,342    
% of Portfolio   100.00% 100.00%  
Weighted Average Yield   10.10% 10.70%  
Weighted Average Original Life (Months) 20 years 4 months 24 days 22 years 1 month 6 days    
Residential Transitional Lending | Consolidated Entity, Excluding Consolidated VIE        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Carrying Value   $ 2,699,864 $ 2,178,075 $ 1,879,319
Residential Transitional Lending | Residential Transition Loans of Consolidated Entities - Carrying Value        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Carrying Value   1,214,810 962,192  
Residential Transitional Lending | Construction        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Carrying Value   $ 1,503,299 $ 1,427,213  
% of Portfolio   38.40% 45.40%  
Loan Count | loan 490 400    
% of Portfolio   29.80% 31.90%  
Weighted Average Yield   11.10% 11.40%  
Weighted Average Original Life (Months) 20 years 21 years 7 months 6 days    
Weighted Average Committed Loan Balance to Value, LTC   71.80% 72.70%  
Weighted Average Committed Loan Balance to Value, LTARV   61.30% 62.20%  
Residential Transitional Lending | Construction | Consolidated Entity, Excluding Consolidated VIE        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Carrying Value   $ 1,018,250 $ 935,142  
Residential Transitional Lending | Construction | Residential Transition Loans of Consolidated Entities - Carrying Value        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Carrying Value   485,049 492,071  
Residential Transitional Lending | Bridge        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Carrying Value   $ 1,853,598 $ 1,336,389  
% of Portfolio   47.40% 42.60%  
Loan Count | loan 600 507    
% of Portfolio   37.80% 39.10%  
Weighted Average Yield   9.40% 10.00%  
Weighted Average Original Life (Months) 23 years 10 months 24 days 25 years 8 months 12 days    
Weighted Average Committed Loan Balance to Value   67.80% 66.60%  
Residential Transitional Lending | Bridge | Consolidated Entity, Excluding Consolidated VIE        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Carrying Value   $ 1,339,198 $ 972,443  
Residential Transitional Lending | Bridge | Residential Transition Loans of Consolidated Entities - Carrying Value        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Carrying Value   514,400 363,946  
Residential Transitional Lending | Renovation        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Carrying Value   $ 557,777 $ 376,665  
% of Portfolio   14.20% 12.00%  
Loan Count | loan 445 435    
% of Portfolio   32.40% 29.00%  
Weighted Average Yield   9.70% 10.50%  
Weighted Average Original Life (Months) 12 years 9 months 18 days 14 years 4 months 24 days    
Weighted Average Committed Loan Balance to Value, LTC   81.30% 82.80%  
Weighted Average Committed Loan Balance to Value, LTARV   67.50% 68.20%  
Residential Transitional Lending | Renovation | Consolidated Entity, Excluding Consolidated VIE        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Carrying Value   $ 342,416 $ 270,490  
Residential Transitional Lending | Renovation | Residential Transition Loans of Consolidated Entities - Carrying Value        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Carrying Value   $ 215,361 $ 106,175  
v3.25.4
RESIDENTIAL TRANSITION LOANS - Schedule of Residential Transition Loans, at Fair Value (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable [Roll Forward]    
Beginning balance $ 425,366 $ 429,550
Repayments and sales (25,000) (37,670)
Fair Value Adjustments due to:    
Changes in instrument-specific credit risk 8,038  
Other factors 5,117 5,773
Ending balance 472,027 425,366
Residential Transitional Lending    
Financing Receivable [Roll Forward]    
Beginning balance 3,140,267  
Fair Value Adjustments due to:    
Changes in instrument-specific credit risk (24,256) 8,549
Other factors   21,858
Ending balance 3,914,674 3,140,267
Residential Transitional Lending | Consolidated Entity, Excluding Consolidated VIE    
Financing Receivable [Roll Forward]    
Beginning balance 2,178,075 1,879,319
Purchases 9,014  
Initial loan advances 2,969,766 1,991,047
Construction holdbacks and draws 1,160,490 882,623
Repayments and sales (2,182,458) (1,394,313)
Purchased loans discount amortization 33 1,087
Transfer of loans to REO (7,865) (11,649)
Transfers to assets of consolidated entities (1,427,920) (1,200,446)
Fair Value Adjustments due to:    
Other factors 24,985  
Ending balance $ 2,699,864 $ 2,178,075
v3.25.4
RESIDENTIAL TRANSITION LOANS - Past Due Residential Transition Loans (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 460,631 $ 393,786
90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 8,038 0
Carrying Value 0 0
Carrying Value Under UPB (8,038) 0
Residential Transitional Lending    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 2,694,149 2,172,713
Carrying Value 2,699,864 2,178,075
Carrying Value Under UPB 5,715 5,362
Residential Transitional Lending | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 2,593,228 2,117,479
Carrying Value 2,610,258 2,128,802
Carrying Value Under UPB 17,030 11,323
Residential Transitional Lending | 90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 100,921 55,234
Carrying Value 89,606 49,273
Carrying Value Under UPB $ (11,315) $ (5,961)
v3.25.4
INSURANCE - Investments, at Fair Value (Details) - Crestline Management, L.P.
$ in Thousands
Dec. 31, 2025
USD ($)
Schedule Of Investments, at Fair Value Disclosure [Line Items]  
Insurance company investments, at fair value $ 906,454
Securities  
Schedule Of Investments, at Fair Value Disclosure [Line Items]  
Insurance company investments, at fair value 135,472
Commercial mortgage loans  
Schedule Of Investments, at Fair Value Disclosure [Line Items]  
Insurance company investments, at fair value 397,982
Private credit  
Schedule Of Investments, at Fair Value Disclosure [Line Items]  
Insurance company investments, at fair value $ 373,000
v3.25.4
INSURANCE - Summary the Bonds Held by the Insurance Company at Fair Value (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
security
Dec. 31, 2024
USD ($)
security
Debt Securities, Available-for-sale [Line Items]    
Carrying Value $ 6,481,714 $ 7,245,667
Weighted Average Expected Life (Years) 4 years 3 months 18 days  
Crestline Management, L.P.    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains $ 1,745  
Gross Unrealized Losses (1,617)  
Carrying Value $ 135,472  
Number of Securities | security 366  
Weighted Average Coupon 4.20%  
Weighted Average Yield 7.10%  
Weighted Average Expected Life (Years) 5 years 2 months 12 days  
Debt Securities, Available-for-Sale, Face Amount Amortized $ 149,574  
FVO Agency    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains 116,528 428
Gross Unrealized Losses 0 (51,024)
Carrying Value $ 5,171,616 $ 6,390,508
Number of Securities | security 22 42
Weighted Average Coupon 5.00% 5.00%
Weighted Average Yield 5.00% 5.00%
Weighted Average Expected Life (Years) 8 years 5 years 8 months 12 days
FVO Agency | Crestline Management, L.P.    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains $ 1,126  
Gross Unrealized Losses (1,508)  
Carrying Value $ 93,729  
Number of Securities | security 171  
Weighted Average Coupon 4.20%  
Weighted Average Yield 8.00%  
Weighted Average Expected Life (Years) 4 years 9 months 18 days  
Debt Securities, Available-for-Sale, Face Amount Amortized $ 106,378  
Corporates debt | Crestline Management, L.P.    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains 401  
Gross Unrealized Losses (77)  
Carrying Value $ 20,141  
Number of Securities | security 144  
Weighted Average Coupon 5.40%  
Weighted Average Yield 5.80%  
Weighted Average Expected Life (Years) 7 years 4 months 24 days  
Debt Securities, Available-for-Sale, Face Amount Amortized $ 20,233  
Government and Agency securities | Crestline Management, L.P.    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains 210  
Gross Unrealized Losses (30)  
Carrying Value $ 18,036  
Number of Securities | security 35  
Weighted Average Coupon 3.10%  
Weighted Average Yield 4.30%  
Weighted Average Expected Life (Years) 5 years 2 months 12 days  
Debt Securities, Available-for-Sale, Face Amount Amortized $ 19,403  
Commercial Mortgage Loans, HFI, at Fair Value | Level 3    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount 399,735  
Carrying Value $ 397,982  
Number of Securities | security 79  
Weighted Average Yield 10.50%  
Weighted Average Expected Life (Years) 1 year 8 months 12 days  
Private credit, at fair value    
Debt Securities, Available-for-sale [Line Items]    
Outstanding Face Amount $ 375,516  
Carrying Value $ 373,000  
Number of Securities | security 87  
Weighted Average Yield 10.40%  
Weighted Average Expected Life (Years) 3 years 6 months  
FVO Non-Agency    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains   $ 4,102
Gross Unrealized Losses   (781)
Carrying Value   $ 3,260,703
Number of Securities | security   3
Weighted Average Coupon   4.50%
Weighted Average Yield   4.50%
Weighted Average Expected Life (Years)   1 year 10 months 24 days
FVO Non-Agency | Crestline Management, L.P.    
Debt Securities, Available-for-sale [Line Items]    
Gross Unrealized Gains $ 8  
Gross Unrealized Losses (2)  
Carrying Value $ 3,566  
Number of Securities | security 16  
Weighted Average Coupon 6.00%  
Weighted Average Yield 5.80%  
Weighted Average Expected Life (Years) 5 years 6 months  
Debt Securities, Available-for-Sale, Face Amount Amortized $ 3,560  
v3.25.4
INSURANCE - Schedule of Aggregate Unpaid Principal Balance and Aggregate Carrying Value (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value $ 6,481,714 $ 7,245,667
90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value Under UPB (8,038) 0
Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
Carrying Value Under UPB (96,411) $ (93,490)
Commercial Mortgage Loans, HFI, at Fair Value | Current    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 386,642  
Carrying Value 387,401  
Carrying Value Under UPB 759  
Commercial Mortgage Loans, HFI, at Fair Value | 90+    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 13,093  
Carrying Value 10,581  
Carrying Value Under UPB (2,512)  
Commercial Mortgage Loans, HFI, at Fair Value | Past Due    
Accounts, Notes, Loans and Financing Receivable [Line Items]    
UPB 399,735  
Carrying Value 397,982  
Carrying Value Under UPB $ (1,753)  
v3.25.4
INSURANCE - Summarizes the Activity of Commercial Mortgage Loans, HFI, at Fair Value (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Commercial Mortgage Loans, HFI, at Fair Value  
Residental Mortgage Loan Activity [Roll Forward]  
Balance, beginning $ 0
Crestline Acquisition (Note 3) 322,325
Purchases 98,462
Paydowns (27,650)
Other 1,038
Other factors 3,807
Balance, ending 397,982
Private credit, at fair value  
Residental Mortgage Loan Activity [Roll Forward]  
Balance, beginning 0
Crestline Acquisition (Note 3) 347,024
Purchases 32,748
Paydowns (7,790)
Other 1,459
Other factors (441)
Balance, ending $ 373,000
v3.25.4
INSURANCE - Policyholder Account Balance Rollforward (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Fixed Indexed Annuities  
Policyholder Account Balance [Roll Forward]  
Balance as of December 31, 2024 $ 0
Crestline Acquisition (Note 3) 70,137
Deposits 3,712
Policy charges 0
Surrenders and withdrawals (3)
Benefit payments 0
Interest credited 187
Balance as of December 31, 2025 $ 74,033
Weighted average crediting rate 4.00%
Net amount at risk $ 0
Cash surrender value 66,543
Deferred Annuities  
Policyholder Account Balance [Roll Forward]  
Balance as of December 31, 2024 0
Crestline Acquisition (Note 3) 844,843
Deposits 35,314
Policy charges (9)
Surrenders and withdrawals (3,475)
Benefit payments (1,142)
Interest credited 4,933
Balance as of December 31, 2025 $ 880,464
Weighted average crediting rate 6.00%
Net amount at risk $ 0
Cash surrender value $ 812,725
v3.25.4
INSURANCE - Interest Sensitive Insurance Contract Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Policyholder Account Balance [Line Items]    
Interest Sensitive Insurance Contract Liabilities $ 960,209 $ 0
Fixed Indexed Annuities    
Policyholder Account Balance [Line Items]    
Interest Sensitive Insurance Contract Liabilities 74,033  
Deferred Annuities    
Policyholder Account Balance [Line Items]    
Interest Sensitive Insurance Contract Liabilities 880,464  
Reconciling Items    
Policyholder Account Balance [Line Items]    
Interest Sensitive Insurance Contract Liabilities $ 5,712  
v3.25.4
INSURANCE - Guaranteed Minimum Crediting Rates (Details) - 0.01
$ in Thousands
Dec. 31, 2025
USD ($)
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]  
Policyholder account balances $ 880,464
At Guaranteed Minimum  
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]  
Policyholder account balances 0
1 Basis Point to 300 Basis Points Above Guaranteed Minimum  
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]  
Policyholder account balances 1,183
301 Basis Points to 400 Basis Points Above Guaranteed Minimum  
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]  
Policyholder account balances 14,517
401 Basis Points to 500 Basis Points Above Guaranteed Minimum  
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]  
Policyholder account balances 743,815
501 Basis Points to 600 Basis Points Above Guaranteed Minimum  
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]  
Policyholder account balances 68,976
Greater than 600 Basis Points Above Guaranteed Minimum  
Policyholder Account Balance, Guaranteed Minimum Crediting Rate [Line Items]  
Policyholder account balances $ 51,973
v3.25.4
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - Schedule of Cash and Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Restricted Cash and Cash Equivalent Item [Line Items]        
Cash and cash equivalents $ 1,847,626 $ 1,458,743    
Restricted cash 941,787 459,066    
Cash, Cash Equivalent, Restricted Cash, and Restricted Cash Equivalent, Continuing Operation, Total 2,789,413 1,917,809 $ 1,697,095 $ 1,629,328
Consolidated Entity, Excluding Consolidated VIE        
Restricted Cash and Cash Equivalent Item [Line Items]        
Cash and cash equivalents [1] 1,847,626 1,458,743    
Restricted cash [1] 809,312 308,443    
Restricted cash of consolidated entities        
Restricted Cash and Cash Equivalent Item [Line Items]        
Cash and cash equivalents 127,499 39,100    
Restricted cash $ 132,475 $ 150,623    
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”), including funds and collateralized financing entities (“CFEs”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2025 and 2024, total assets of such consolidated VIEs were $10.7 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $8.2 billion and $5.2 billion, respectively. See Note 19 for further details.
v3.25.4
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH - Restricted Cash (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Restricted Cash and Cash Equivalent Item [Line Items]    
Total Restricted Cash $ 941,787 $ 459,066
Operating Segments | Investment Portfolio    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total Restricted Cash 62,554 66,419
Operating Segments | Origination and Servicing    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total Restricted Cash 174,667 207,724
Operating Segments | Residential Transitional Lending    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total Restricted Cash 56,031 40,727
Operating Segments | Asset management    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total Restricted Cash 410,100 144,196
Operating Segments | Corporate Category    
Restricted Cash and Cash Equivalent Item [Line Items]    
Total Restricted Cash $ 238,435 $ 0
v3.25.4
OTHER ASSETS AND LIABILITIES - Schedule of Other Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Other assets Other assets    
Other Assets        
CLOs, at fair value $ 362,280 $ 242,227    
Derivative and hedging assets (Note 16) 46,747 75,147    
Deferred tax asset 6,437 0    
Equity investments 1,029,524 502,610    
Excess MSRs, at fair value 323,564 369,162    
Goodwill 316,643 133,832   $ 131,857
Income and fees receivable 337,712 208,672    
Intangible Assets, Net: 369,999 331,949    
Loan receivable, at fair value 11,396 31,580    
Margin receivable, net 126,396 414,404    
Non-Agency securities, at fair value 759,633 552,797    
Notes receivable, at fair value 460,631 393,786    
Operating lease ROU assets (Note 15) 123,143 99,224    
Prepaid expenses 72,660 59,198    
Principal and interest receivable 136,488 181,271    
Property and equipment 82,908 70,495    
Servicer advance investments, at fair value 294,322 339,646    
Servicing fee receivables 180,655 106,228    
Warrants, at fair value 13,253 9,316    
Other assets 279,470 200,124    
Other assets [1] 5,583,976 4,535,517    
Accrued Expenses and Other Liabilities        
Accounts payable 253,931 133,037    
Accrued compensation and benefits 457,783 322,957    
Net deferred tax liability 849,415 786,141    
Derivative and hedging liabilities (Note 16) 101,346 52,610    
Due to affiliates 8,441,544 5,529,641   $ 5,811,937
Escheat payable 184,942 187,830    
MSR financing liability, at fair value 76,266 101,088    
Interest payable 158,072 260,931    
Intangible liabilities, net (Note 14) 125,156 0    
Lease liability (Note 15) 173,814 160,437    
Notes receivable financing liability 377,989 371,788    
Open trades payable 5,700 0    
RTL financing liability, at fair value 82,489 0    
Unearned income and fees 9,346 17,280    
Deposit liability 34,806 0    
Other liabilities 454,031 236,672    
Accrued expenses and other liabilities [1] 3,349,643 2,630,771    
Financing receivable, transfer     $ 365,000  
Financing receivable subject to repo financing     323,500  
Proceeds from transfer of financing receivable     $ 48,000  
Resinsurance recoverable asset 826,000      
Funds-withheld obligations 860,800      
Related Party        
Other Assets        
Other receivables 75,729 35,198    
Nonrelated Party        
Other Assets        
Other receivables 174,386 178,651    
Accrued Expenses and Other Liabilities        
Due to affiliates $ 4,557 $ 0    
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”), including funds and collateralized financing entities (“CFEs”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2025 and 2024, total assets of such consolidated VIEs were $10.7 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $8.2 billion and $5.2 billion, respectively. See Note 19 for further details.
v3.25.4
OTHER ASSETS AND LIABILITIES - Schedule of Notes and Loans Receivable (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Financing Receivable [Roll Forward]    
Beginning balance $ 425,366 $ 429,550
Fundings 56,805 23,036
Payment in kind 6,381 4,677
Proceeds from repayments (25,000) (37,670)
Changes in instrument-specific credit risk (8,038)  
Purchases 11,396  
Fair Value Adjustments due to:    
Other factors 5,117 5,773
Ending balance 472,027 425,366
Notes Receivable    
Financing Receivable [Roll Forward]    
Beginning balance 393,786 398,227
Fundings 56,805 23,036
Payment in kind 4,923 0
Proceeds from repayments 0 (33,250)
Changes in instrument-specific credit risk 0  
Purchases 0  
Fair Value Adjustments due to:    
Other factors 5,117 5,773
Ending balance 460,631 393,786
Loans Receivable    
Financing Receivable [Roll Forward]    
Beginning balance 31,580 31,323
Fundings 0 0
Payment in kind 1,458 4,677
Proceeds from repayments (25,000) (4,420)
Changes in instrument-specific credit risk (8,038)  
Purchases 11,396  
Fair Value Adjustments due to:    
Other factors 0 0
Ending balance $ 11,396 $ 31,580
v3.25.4
OTHER ASSETS AND LIABILITIES - Past Due Notes and Loans Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Servicing Assets at Fair Value [Line Items]    
Notes receivable $ 460,631 $ 393,786
Current    
Servicing Assets at Fair Value [Line Items]    
UPB 560,400 518,856
Notes receivable 472,027 425,366
Carrying Value Under UPB (88,373) (93,490)
90+    
Servicing Assets at Fair Value [Line Items]    
UPB 8,038 0
Notes receivable 0 0
Carrying Value Under UPB (8,038) 0
Past Due    
Servicing Assets at Fair Value [Line Items]    
UPB 568,438 518,856
Notes receivable 472,027 425,366
Carrying Value Under UPB $ (96,411) $ (93,490)
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Carrying Value of Goodwill (Details) - USD ($)
 9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2025
Dec. 31, 2024
Goodwill [Roll Forward]      
Beginning balance $ 133,832,000 $ 133,832,000 $ 131,857,000
Impairment loss 0 0  
Measurement period adjustments (Note 3)     1,975,000
Goodwill acquired   182,811,000  
Ending balance   316,643,000 133,832,000
Origination and Servicing      
Goodwill [Roll Forward]      
Beginning balance 29,468,000 29,468,000 29,468,000
Impairment loss 0 0  
Measurement period adjustments (Note 3)     0
Goodwill acquired   0  
Ending balance   29,468,000 29,468,000
Residential Transitional Lending      
Goodwill [Roll Forward]      
Beginning balance 55,731,000 55,731,000 55,731,000
Impairment loss 0 0  
Measurement period adjustments (Note 3)     0
Goodwill acquired   0  
Ending balance   55,731,000 55,731,000
Asset Management      
Goodwill [Roll Forward]      
Beginning balance 48,633,000 48,633,000 46,658,000
Impairment loss $ 0 0  
Measurement period adjustments (Note 3)     1,975,000
Goodwill acquired   182,811,000  
Ending balance   $ 231,444,000 $ 48,633,000
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Total commercial real estate intangible assets, gross $ 584,258 $ 491,944
Accumulated amortization 214,259 159,995
Intangible Assets, Net: 369,999 331,949
License    
Finite-Lived Intangible Assets [Line Items]    
Total commercial real estate intangible assets, gross 27,084 21,365
Intangible Assets, Net: 27,084 21,365
Management contracts    
Finite-Lived Intangible Assets [Line Items]    
Total commercial real estate intangible assets, gross 347,415 275,000
Accumulated amortization 58,420 30,940
Intangible Assets, Net: $ 288,995 244,060
Management contracts | Minimum    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Lives (Years) 2 years  
Management contracts | Maximum    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Lives (Years) 11 years  
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Total commercial real estate intangible assets, gross $ 79,753 79,753
Accumulated amortization 42,437 25,773
Intangible Assets, Net: $ 37,316 53,980
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]    
Total commercial real estate intangible assets, gross $ 113,606 105,567
Accumulated amortization 106,171 97,259
Intangible Assets, Net: $ 7,435 8,308
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]    
Total commercial real estate intangible assets, gross $ 13,999 10,259
Accumulated amortization 7,231 6,023
Intangible Assets, Net: 6,768 4,236
Indefinite-lived intangible assets $ 1,900 1,900
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) 11 years  
VOBA    
Finite-Lived Intangible Assets [Line Items]    
Total commercial real estate intangible assets, gross $ 2,401 0
Intangible Assets, Net: $ 2,401 $ 0
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Intangible asset impairment $ 0 $ 0 $ 0
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Summary of Intangible Asset Amortization Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]      
Amortization expense $ 50,684 $ 79,817 $ 32,596
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Schedule of Amortization Expense (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 $ 54,866
2027 51,158
2028 50,186
2029 48,281
2030 39,005
2031 and thereafter 97,544
Intangible assets, net $ 341,040
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Summary Of Acquired Identifiable Intangible Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Accumulated amortization $ 604  
Intangible Liabilities, Net 125,156 $ 0
Below-market leases    
Finite-Lived Intangible Assets [Line Items]    
Below-market leases $ 125,760  
Minimum | Below-market leases    
Finite-Lived Intangible Assets [Line Items]    
Estimated Useful Lives (Years) 7 years 9 months 18 days  
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Amortization Expense Related to Intangible Liabilities (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Amortization expense $ 604
v3.25.4
GOODWILL AND INTANGIBLE ASSETS - Summary of Future Amortization Expense for Intangible Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]    
2026 $ 17,793  
2027 17,657  
2028 15,803  
2029 13,715  
2030 11,884  
2031 and thereafter 48,304  
Intangible Liabilities, Net $ 125,156 $ 0
v3.25.4
LEASES - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessee, Lease, Description [Line Items]      
Rent expense, net of sublease income $ 29.8 $ 35.4 $ 45.8
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    
Sublease rentals $ 25.8    
Collateral Pledged      
Lessee, Lease, Description [Line Items]      
Lease, Liability 7.6    
Lease obligations $ 7.6    
v3.25.4
LEASES - Schedule of Future Commitments for Non-Cancelable Leases (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Operating Leases    
2026 $ 44,894  
2027 47,363  
2028 36,370  
2029 34,565  
2030 9,480  
2031 and thereafter 42,131  
Total remaining undiscounted lease payments 214,803  
Less: imputed interest 41,428  
Total Remaining Discounted Lease Payments 173,375  
Finance Leases    
2026 228  
2027 228  
2028 0  
2029 0  
2030 0  
2031 and thereafter 0  
Total remaining undiscounted lease payments 456  
Less: imputed interest 17  
Total Remaining Discounted Lease Payments 439  
Total    
2026 45,122  
2027 47,591  
2028 36,370  
2029 34,565  
2030 9,480  
2031 and thereafter 42,131  
Total remaining undiscounted lease payments 215,259  
Less: imputed interest 41,445  
Total Remaining Discounted Lease Payments $ 173,814 $ 160,437
Operating Lease, Liability, Statement of Financial Position [Extensible List] Accrued expenses and other liabilities  
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accrued expenses and other liabilities  
v3.25.4
LEASES - Other Information Related to Operating Leases (Details)
Dec. 31, 2025
Dec. 31, 2024
Leases [Abstract]    
Operating leases, weighted-average remaining lease term (years) 6 years 3 months 18 days 5 years 1 month 6 days
Finance leases, weighted-average remaining lease term (years) 1 year 6 months 2 years 6 months
Operating leases, weighted-average discount rate 6.70% 6.50%
Finance leases, weighted-average discount rate 7.90% 7.90%
v3.25.4
LEASES - Supplemental Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:      
Operating cash flows - operating leases $ 46,021 $ 51,289 $ 34,655
Operating cash flows - finance leases 3 4 0
Finance cash flows - finance leases 225 224 0
Supplemental Non-Cash Information on Lease Liabilities Arising from Obtaining ROU Assets:      
ROU assets obtained in exchange for new operating lease liabilities $ 40,990 $ 20,465 $ 1,449
v3.25.4
DERIVATIVES AND HEDGING - Derivatives and Hedges Recorded at Fair Value (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Derivative [Line Items]      
Derivative and hedging assets   $ 46,747 $ 75,147
Derivative and Hedging Liabilities:   101,346 52,610
Derivative liabilities, other commitments $ 25,500    
Derivative liabilities, redemption right as derivative fair value   6,000  
Interest rate swaps and futures      
Derivative [Line Items]      
Derivative and hedging assets   406 6
Derivative asset, variation margin accounts   34,700 42,000
IRLCs      
Derivative [Line Items]      
Derivative and hedging assets   29,839 21,496
Derivative and Hedging Liabilities:   8,390 10,202
TBAs      
Derivative [Line Items]      
Derivative and hedging assets   6,070 50,809
Derivative and Hedging Liabilities:   47,001 15,628
Embedded derivatives      
Derivative [Line Items]      
Derivative and hedging assets   8,109 0
Derivative and Hedging Liabilities:   12,652 0
Foreign exchange forwards      
Derivative [Line Items]      
Derivative and hedging assets   812 2,836
Derivative and Hedging Liabilities:   1,758 0
Other commitments      
Derivative [Line Items]      
Derivative and hedging assets   1,511 0
Derivative and Hedging Liabilities:   31,542 25,521
Treasury short sales      
Derivative [Line Items]      
Derivative and Hedging Liabilities:   0 1,245
Derivative liabilities, reverse repurchase agreements     503,900
Stock options      
Derivative [Line Items]      
Derivative and Hedging Liabilities:   $ 3 $ 14
v3.25.4
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, 2025
Dec. 31, 2024
Interest rate swaps      
Derivative [Line Items]      
Derivative asset, notional amount   $ 2,476,346 $ 8,995,000
Interest rate swaps | TBAs, short position      
Derivative [Line Items]      
Notional amount   $ 2,200,000 $ 5,900,000
Derivative, cap interest rate   3.40% 3.80%
Weighted average maturity 32 months 15 months  
Interest rate swaps | TBAs, long position      
Derivative [Line Items]      
Notional amount     $ 3,100,000
Derivative, cap interest rate     3.60%
Weighted average maturity     71 months
Interest rate futures      
Derivative [Line Items]      
Derivative liability, notional amount   $ 14,535,000 $ 0
Notional amount   $ 14,500,000  
Weighted average maturity   44 months  
IRLCs      
Derivative [Line Items]      
Derivative asset, notional amount   $ 4,377,044 3,413,043
TBAs | TBAs, short position      
Derivative [Line Items]      
Derivative liability, notional amount   21,568,758 17,402,824
Other commitments      
Derivative [Line Items]      
Derivative liability, notional amount   59,262 25,057
Embedded derivatives      
Derivative [Line Items]      
Derivative liability, notional amount   1,752,960 0
Embedded derivatives | Ceded Reserves      
Derivative [Line Items]      
Derivative liability, notional amount   865,800  
Embedded derivatives | Fixed Indexed Annuity      
Derivative [Line Items]      
Derivative liability, notional amount   26,400  
Embedded derivatives | Funds Withheld      
Derivative [Line Items]      
Derivative liability, notional amount   860,800  
Foreign exchange forwards      
Derivative [Line Items]      
Derivative liability, notional amount   $ 109,830 $ 17,300
v3.25.4
DERIVATIVES AND HEDGING - Derivatives and Hedging Gain (Losses) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative [Line Items]      
Total Gain (Loss) $ 137,604 $ (127,924) $ (103,358)
Loss on settlement of derivatives $ 103,100 $ 28,200 $ 73,500
Servicing Revenue      
Derivative [Line Items]      
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenue Revenue Revenue
Total Gain (Loss) $ 202,955 $ (202,952) $ (50,839)
Gain on originated residential mortgage loans, held-for-sale, net      
Derivative [Line Items]      
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] Revenue Revenue Revenue
Total Gain (Loss) $ (44,762) $ 78,226 $ (49,016)
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 Gain (Loss) on Investments
Total Gain (Loss) $ (20,589) $ (3,198) $ (3,503)
TBAs | Servicing Revenue      
Derivative [Line Items]      
Total Gain (Loss) 269,527 (269,974) (7,326)
TBAs | Gain on originated residential mortgage loans, held-for-sale, net      
Derivative [Line Items]      
Total Gain (Loss) (54,917) 90,675 (62,924)
IRLCs      
Derivative [Line Items]      
Total Gain (Loss) 10,155 (12,449) 15,018
Interest rate swaps | Servicing Revenue      
Derivative [Line Items]      
Total Gain (Loss) (32,769) 43,239 24,493
Interest rate swaps | Gain on originated residential mortgage loans, held-for-sale, net      
Derivative [Line Items]      
Total Gain (Loss) 0 0 (1,110)
Interest rate swaps | Change In Fair Value Of Investments      
Derivative [Line Items]      
Total Gain (Loss) (12,604) 20,209 (3,503)
Interest rate futures      
Derivative [Line Items]      
Total Gain (Loss) (33,803) 0 0
Treasury short sales      
Derivative [Line Items]      
Total Gain (Loss) 0 23,783 (68,006)
Other commitments      
Derivative [Line Items]      
Total Gain (Loss) (68) (25,423) 0
Stock options      
Derivative [Line Items]      
Total Gain (Loss) 136 (3) 0
Embedded derivatives      
Derivative [Line Items]      
Total Gain (Loss) (4,246) 0 0
Foreign exchange forwards      
Derivative [Line Items]      
Total Gain (Loss) $ (3,807) $ 2,019 $ 0
v3.25.4
DEBT OBLIGATIONS - Schedule of Debt Obligations (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]      
Outstanding Face Amount $ 34,168,392    
Carrying Value $ 33,865,374 $ 31,269,457 $ 26,076,708
Weighted Average Funding Cost 5.70%    
Weighted Average Life (Years) 4 years 3 months 18 days    
Interest payable $ 158,072 260,931  
Secured Financing Agreements:      
Debt Instrument [Line Items]      
Outstanding Face Amount 13,765,718    
Carrying Value $ 13,763,802 16,782,467  
Weighted Average Funding Cost 5.00%    
Weighted Average Life (Years) 9 months 18 days    
Interest payable $ 119,400 239,400  
Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Outstanding Face Amount 15,403,044    
Carrying Value $ 15,203,770 10,298,075  
Weighted Average Funding Cost 5.70%    
Weighted Average Life (Years) 2 years 3 months 18 days    
Liabilities of Consolidated Funds      
Debt Instrument [Line Items]      
Outstanding Face Amount $ 4,999,630    
Carrying Value $ 4,897,802 4,188,915  
Weighted Average Funding Cost 7.70%    
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 $ 5,091,525    
Carrying Value $ 5,091,525 4,231,879  
Weighted Average Funding Cost 5.30%    
Weighted Average Life (Years) 4 months 24 days    
Warehouse Credit Facilities-Residential Mortgage Loans | Secured Financing Agreements: | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 21 years 6 months    
Outstanding Face $ 5,685,873    
Amortized Cost Basis 5,755,559    
Carrying Value 5,752,716    
Warehouse credit facilities - RTLs | Secured Financing Agreements:      
Debt Instrument [Line Items]      
Outstanding Face Amount 2,019,808    
Carrying Value $ 2,019,808 1,547,307  
Weighted Average Funding Cost 6.00%    
Weighted Average Life (Years) 2 years 1 month 6 days    
Warehouse credit facilities - RTLs | Secured Financing Agreements: | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 1 year 2 months 12 days    
Outstanding Face $ 2,354,953    
Amortized Cost Basis 2,360,883    
Carrying Value 2,360,883    
Agency RMBS or Treasuries | Secured Financing Agreements:      
Debt Instrument [Line Items]      
Outstanding Face Amount 5,130,519    
Carrying Value $ 5,130,519 9,782,976  
Weighted Average Funding Cost 4.30%    
Weighted Average Life (Years) 6 months    
Agency RMBS or Treasuries | Secured Financing Agreements: | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 8 years    
Outstanding Face $ 5,230,356    
Amortized Cost Basis 5,119,755    
Carrying Value 5,353,092    
Non-Agency securities | Secured Financing Agreements:      
Debt Instrument [Line Items]      
Outstanding Face Amount 936,424    
Carrying Value $ 936,424 744,457  
Weighted Average Funding Cost 5.40%    
Weighted Average Life (Years) 2 months 12 days    
Non-Agency securities | Secured Financing Agreements: | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 4 years 9 months 18 days    
Outstanding Face $ 15,585,267    
Amortized Cost Basis 1,261,281    
Carrying Value 1,334,900    
Jupiter | Secured Financing Agreements:      
Debt Instrument [Line Items]      
Outstanding Face Amount 110,688    
Carrying Value $ 110,688 0  
Weighted Average Funding Cost 6.40%    
Weighted Average Life (Years) 1 year    
Jupiter | Secured Financing Agreements: | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 8 months 12 days    
Outstanding Face $ 192,500    
Amortized Cost Basis 192,500    
Carrying Value $ 194,286    
Jupiter | Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Variable interest rate spread 2.80%    
Excess MSRs | Secured Financing Agreements:      
Debt Instrument [Line Items]      
Outstanding Face Amount $ 202,000    
Carrying Value $ 201,660 222,452  
Weighted Average Funding Cost 6.30%    
Weighted Average Life (Years) 8 months 12 days    
Excess MSRs | Secured Financing Agreements: | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 5 years 10 months 24 days    
Outstanding Face $ 47,862,469    
Amortized Cost Basis 265,860    
Carrying Value 304,407    
CLOs | Secured Financing Agreements:      
Debt Instrument [Line Items]      
Outstanding Face Amount 259,372    
Carrying Value $ 257,796 170,990  
Weighted Average Funding Cost 3.80%    
Weighted Average Life (Years) 7 years 2 months 12 days    
CLOs | Secured Financing Agreements: | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 7 years 2 months 12 days    
Outstanding Face $ 260,193    
Carrying Value 259,896    
CLOs | Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Outstanding Face Amount 4,856    
Carrying Value $ 4,832 18,429  
Weighted Average Funding Cost 6.10%    
Weighted Average Life (Years) 4 years 6 months    
CLOs | Secured Notes and Bonds Payable: | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 4 years 6 months    
Outstanding Face $ 7,126    
Carrying Value 6,187    
Real estate      
Debt Instrument [Line Items]      
Carrying Value 4,770,652 799,055 1,130,258
Real estate | Secured Financing Agreements:      
Debt Instrument [Line Items]      
Outstanding Face Amount 15,382    
Carrying Value $ 15,382 82,406  
Weighted Average Funding Cost 6.50%    
Weighted Average Life (Years) 1 year    
Real estate | Secured Financing Agreements: | CLOs      
Debt Instrument [Line Items]      
Amortized Cost Basis $ 27,523    
Carrying Value 25,797    
Real estate | Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Outstanding Face Amount 4,920,130    
Carrying Value $ 4,755,270 716,649  
Weighted Average Funding Cost 4.40%    
Weighted Average Life (Years) 2 years 6 months    
Real estate | Secured Notes and Bonds Payable: | CLOs      
Debt Instrument [Line Items]      
Amortized Cost Basis $ 4,471,992    
Carrying Value 4,471,992    
MSRs | Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Outstanding Face Amount 6,800,263    
Carrying Value $ 6,785,138 5,838,250  
Weighted Average Funding Cost 6.70%    
Weighted Average Life (Years) 2 years 6 months    
MSRs | Secured Notes and Bonds Payable: | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 6 years 1 month 6 days    
Outstanding Face $ 584,423,366    
Amortized Cost Basis 8,708,453    
Carrying Value 10,233,740    
Servicer Advance Investments | Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Outstanding Face Amount 229,069    
Carrying Value $ 229,069 258,183  
Weighted Average Funding Cost 6.20%    
Weighted Average Life (Years) 1 year 9 months 18 days    
Servicer Advance Investments | Secured Notes and Bonds Payable: | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 7 years 4 months 24 days    
Outstanding Face $ 258,157    
Amortized Cost Basis 283,725    
Carrying Value 294,322    
Servicer Advances      
Debt Instrument [Line Items]      
Carrying Value 2,959,625 3,110,437 2,713,933
Servicer Advances | Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Outstanding Face Amount 2,528,871    
Carrying Value $ 2,528,896 2,629,802  
Weighted Average Funding Cost 6.00%    
Weighted Average Life (Years) 1 year 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 1.50%    
Interest rate of fixed interest debt 3.90%    
Servicer Advances | Secured Notes and Bonds Payable: | Maximum      
Debt Instrument [Line Items]      
Variable interest rate spread 2.90%    
Interest rate of fixed interest debt 5.30%    
Servicer Advances | Secured Notes and Bonds Payable: | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 7 months 6 days    
Outstanding Face $ 2,922,259    
Amortized Cost Basis 2,939,685    
Carrying Value 2,939,685    
Consumer Loans      
Debt Instrument [Line Items]      
Carrying Value 660,565 564,791 1,106,974
Consumer Loans | Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Outstanding Face Amount 679,855    
Carrying Value $ 660,565 564,791  
Weighted Average Funding Cost 4.00%    
Weighted Average Life (Years) 1 year 9 months 18 days    
Consumer Loans | Secured Notes and Bonds Payable: | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 6 years 4 months 24 days    
Outstanding Face $ 930,844    
Amortized Cost Basis 775,008    
Carrying Value 784,399    
RTLs      
Debt Instrument [Line Items]      
Carrying Value 3,086,949 2,606,330 $ 1,856,008
RTLs | Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Outstanding Face Amount 200,000    
Carrying Value $ 200,000 200,000  
Weighted Average Funding Cost 5.80%    
Weighted Average Life (Years) 6 months    
Interest rate, stated percentage 5.80%    
RTLs | Secured Notes and Bonds Payable: | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 4 months 24 days    
Outstanding Face $ 231,001    
Amortized Cost Basis 231,001    
Carrying Value 232,303    
RTLs | Liabilities of Consolidated Funds      
Debt Instrument [Line Items]      
Outstanding Face Amount 861,949    
Carrying Value $ 867,141 859,023  
Weighted Average Funding Cost 6.20%    
Weighted Average Life (Years) 13 years 4 months 24 days    
RTLs | Liabilities of Consolidated Funds | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 9 months 18 days    
Outstanding Face $ 905,959    
Carrying Value 927,089    
Secured facility - asset management | Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Outstanding Face Amount 0    
Carrying Value $ 0 71,971  
Weighted Average Funding Cost 0.00%    
Weighted Average Life (Years) 0 years    
Other investments | Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Outstanding Face Amount $ 40,000    
Carrying Value $ 40,000 0  
Weighted Average Funding Cost 6.00%    
Weighted Average Life (Years) 4 years 1 month 6 days    
Residential Mortgage Loans | Liabilities of Consolidated Funds      
Debt Instrument [Line Items]      
Outstanding Face Amount $ 2,919,256    
Carrying Value $ 2,820,922 2,369,934  
Weighted Average Funding Cost 8.90%    
Weighted Average Life (Years) 26 years    
Residential Mortgage Loans | Liabilities of Consolidated Funds | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 26 years    
Outstanding Face $ 3,347,429    
Carrying Value 3,265,142    
Liabilities of Consolidated Funds | Liabilities of Consolidated Funds      
Debt Instrument [Line Items]      
Outstanding Face Amount 1,218,425    
Carrying Value $ 1,209,739 $ 959,958  
Weighted Average Funding Cost 5.70%    
Weighted Average Life (Years) 9 years 10 months 24 days    
Liabilities of Consolidated Funds | Liabilities of Consolidated Funds | CLOs      
Debt Instrument [Line Items]      
Weighted Average Life (Years) 4 years    
Outstanding Face $ 1,280,207    
Carrying Value 1,307,811    
2.5% To 3.0% Agency MSR Secured Note And Bond Payable | Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Outstanding Face Amount $ 5,500,000    
2.5% To 3.0% Agency MSR Secured Note And Bond Payable | Secured Notes and Bonds Payable: | Minimum      
Debt Instrument [Line Items]      
Variable interest rate spread 2.50%    
2.5% To 3.0% Agency MSR Secured Note And Bond Payable | Secured Notes and Bonds Payable: | Maximum      
Debt Instrument [Line Items]      
Variable interest rate spread 3.80%    
3.0% To 5.4% Public Notes | Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Outstanding Face Amount $ 1,300,000    
3.0% To 5.4% Public Notes | Secured Notes and Bonds Payable: | Minimum      
Debt Instrument [Line Items]      
Interest rate, stated percentage 3.10%    
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 $ 106,800    
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 $ 131,100    
Variable interest rate spread 2.40%    
Upgrade | Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Outstanding Face Amount $ 388,900    
Variable interest rate spread 1.60%    
Subordinated Notes | Liabilities of Consolidated Funds      
Debt Instrument [Line Items]      
Face amount of variable rate debt $ 18,000    
Real Estate, Net | Secured Notes and Bonds Payable:      
Debt Instrument [Line Items]      
Outstanding Face Amount $ 4,900,000    
Real Estate, Net | Secured Notes and Bonds Payable: | Minimum      
Debt Instrument [Line Items]      
Interest rate, stated percentage 3.00%    
Real Estate, Net | Secured Notes and Bonds Payable: | Maximum      
Debt Instrument [Line Items]      
Interest rate, stated percentage 6.70%    
v3.25.4
DEBT OBLIGATIONS - Narrative (Details) - USD ($)
 3 Months Ended 12 Months Ended
Jun. 20, 2025
Mar. 19, 2024
Sep. 16, 2020
Jun. 30, 2025
Mar. 31, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Debt Instrument [Line Items]                
Face Amount of Secured Notes and Bonds Payable           $ 34,168,392,000    
Undiscounted future payment           251,203,000    
TRA liability           162,800,000 $ 170,400,000  
Secured Financing Agreements:                
Debt Instrument [Line Items]                
Face Amount of Secured Notes and Bonds Payable           13,765,718,000    
Proceeds from issuance of debt           134,819,519,000 137,627,611,000  
Senior Notes | 2030 Senior Notes                
Debt Instrument [Line Items]                
Face Amount of Secured Notes and Bonds Payable $ 500,000,000              
Proceeds from issuance of debt $ 495,000,000              
Interest rate, stated percentage 8.00%              
Debt instrument, redemption price, percentage of principal amount redeemed 40.00%              
Issuance fees $ 5,400,000              
Interest expense and warehouse line fees           21,300,000    
Unamortized discount and debt issuance cost           $ 5,000,000.0    
Debt instrument, restrictive covenants, minimum total unencumbered assets maintenance requirement 1.20              
Senior Notes | 2030 Senior Notes | Debt Instrument, Redemption, Period Two, Prior To July 15, 2027                
Debt Instrument [Line Items]                
Debt redemption percentage 100.00%              
Senior Notes | 2030 Senior Notes | Debt Instrument, Redemption, Period Two, Prior To July 15, 2027, Period Two                
Debt Instrument [Line Items]                
Debt redemption percentage 108.00%              
Senior Notes | 2030 Senior Notes | Debt instrument Redemption, Change In Control                
Debt Instrument [Line Items]                
Debt redemption percentage           101.00%    
Senior Notes | 2030 Senior Notes | Debt Instrument, Redemption, Period One                
Debt Instrument [Line Items]                
Debt redemption percentage 104.00%              
Senior Notes | 2029 Senior Notes                
Debt Instrument [Line Items]                
Face Amount of Secured Notes and Bonds Payable   $ 775,000,000            
Proceeds from issuance of debt   $ 759,000,000            
Interest rate, stated percentage   8.00%            
Debt redemption percentage   108.00%       101.00%    
Debt instrument, redemption price, percentage of principal amount redeemed   40.00%            
Issuance fees   $ 9,100,000            
Interest expense and warehouse line fees           $ 62,000,000.0 48,800,000  
Unamortized discount and debt issuance cost           11,800,000 14,800,000  
Debt instrument, restrictive covenants, minimum total unencumbered assets maintenance requirement   1.20            
Debt instrument, discount percentage   98.981%            
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]                
Face Amount of Secured Notes and Bonds Payable     $ 550,000,000          
Proceeds from issuance of debt     $ 544,500,000          
Interest rate, stated percentage     6.25%          
Issuance fees     $ 8,300,000     0 1,400,000  
Interest expense and warehouse line fees           $ 8,600,000 $ 20,900,000 $ 34,400,000
Debt instrument, repurchased face amount       $ 275,000,000 $ 275,000,000      
Debt instrument, repurchase amount       278,700,000 282,400,000      
Line of credit, early tender premium         30      
Long-term line of credit         $ 275,000,000      
loss on extinguishment of debt       $ 700,000        
Senior Notes | 2025 Senior Notes | Debt Instrument, Redemption, Period One                
Debt Instrument [Line Items]                
Debt redemption percentage     100.00%          
v3.25.4
DEBT OBLIGATIONS - Carrying Value (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Debt Instrument [Roll Forward]    
Beginning balance $ 31,269,457 $ 26,076,708
Ending balance 33,865,374 31,269,457
Servicer Advances    
Debt Instrument [Roll Forward]    
Beginning balance 3,110,437 2,713,933
Ending balance 2,959,625 3,110,437
MSRs    
Debt Instrument [Roll Forward]    
Beginning balance 5,838,250 4,800,728
Ending balance 6,785,138 5,838,250
Government and Government-Backed and Other Securities    
Debt Instrument [Roll Forward]    
Beginning balance 10,527,433 8,762,658
Ending balance 6,106,943 10,527,433
Residential Transitional Lending    
Debt Instrument [Roll Forward]    
Beginning balance 6,601,813 5,204,666
Ending balance 8,023,135 6,601,813
Consumer Loans    
Debt Instrument [Roll Forward]    
Beginning balance 564,791 1,106,974
Ending balance 660,565 564,791
Real estate    
Debt Instrument [Roll Forward]    
Beginning balance 799,055 1,130,258
Ending balance 4,770,652 799,055
RTLs    
Debt Instrument [Roll Forward]    
Beginning balance 2,606,330 1,856,008
Ending balance 3,086,949 2,606,330
Asset Management, CLOs and Consolidated Funds    
Debt Instrument [Roll Forward]    
Beginning balance 1,221,348 501,483
Ending balance 1,472,367 1,221,348
Secured Financing Agreements:    
Debt Instrument [Roll Forward]    
Beginning balance 16,782,467  
Borrowings 134,819,519 137,627,611
Repayments (137,863,658) (133,398,640)
FX remeasurement 25,348 (13,723)
Capitalized deferred financing costs, net of amortization 126 5,934
Ending balance 13,763,802 16,782,467
Secured Financing Agreements: | Servicer Advances    
Debt Instrument [Roll Forward]    
Borrowings 0 223,241
Repayments (21,241) 0
FX remeasurement 0 0
Capitalized deferred financing costs, net of amortization 449 (789)
Secured Financing Agreements: | MSRs    
Debt Instrument [Roll Forward]    
Borrowings 0 0
Repayments 0 0
FX remeasurement 0 0
Capitalized deferred financing costs, net of amortization 0 0
Secured Financing Agreements: | Government and Government-Backed and Other Securities    
Debt Instrument [Roll Forward]    
Borrowings 51,112,501 70,352,653
Repayments (55,572,991) (68,587,878)
FX remeasurement 0 0
Capitalized deferred financing costs, net of amortization 0 0
Secured Financing Agreements: | Residential Transitional Lending    
Debt Instrument [Roll Forward]    
Borrowings 79,424,348 63,522,887
Repayments (78,454,014) (61,227,849)
FX remeasurement 0 0
Capitalized deferred financing costs, net of amortization 0 257
Secured Financing Agreements: | Consumer Loans    
Debt Instrument [Roll Forward]    
Borrowings 0 0
Repayments 0 0
FX remeasurement 0 0
Capitalized deferred financing costs, net of amortization 0 0
Secured Financing Agreements: | Real estate    
Debt Instrument [Roll Forward]    
Beginning balance 82,406  
Borrowings 5,051 52,361
Repayments (72,075) (314,313)
FX remeasurement 0 (3,082)
Capitalized deferred financing costs, net of amortization 0 6,356
Ending balance 15,382 82,406
Secured Financing Agreements: | RTLs    
Debt Instrument [Roll Forward]    
Borrowings 4,186,251 3,450,754
Repayments (3,713,755) (3,240,457)
FX remeasurement 0 0
Capitalized deferred financing costs, net of amortization 5 0
Secured Financing Agreements: | Asset Management, CLOs and Consolidated Funds    
Debt Instrument [Roll Forward]    
Borrowings 91,368 25,715
Repayments (29,582) (28,143)
FX remeasurement 25,348 (10,641)
Capitalized deferred financing costs, net of amortization (328) 110
Secured Notes and Bonds Payable:    
Debt Instrument [Roll Forward]    
Borrowings 7,730,128 5,529,900
Repayments (6,535,396) (5,803,196)
FX remeasurement 224 (377)
Acquired borrowings, net of discount (Note 3) 3,706,618 190,596
Unrealized gain on notes, fair value (233) 6,262
Capitalized deferred financing costs, net of amortization 4,353 14,704
Secured Notes and Bonds Payable: | Servicer Advances    
Debt Instrument [Roll Forward]    
Borrowings 3,023,226 2,843,835
Repayments (3,153,895) (2,860,702)
FX remeasurement 0 0
Acquired borrowings, net of discount (Note 3) 0 190,596
Unrealized gain on notes, fair value 0 0
Capitalized deferred financing costs, net of amortization 649 323
Secured Notes and Bonds Payable: | MSRs    
Debt Instrument [Roll Forward]    
Borrowings 3,898,556 2,671,987
Repayments (2,944,135) (1,633,923)
FX remeasurement 0 0
Acquired borrowings, net of discount (Note 3) 0 0
Unrealized gain on notes, fair value 0 0
Capitalized deferred financing costs, net of amortization (7,533) (542)
Secured Notes and Bonds Payable: | Government and Government-Backed and Other Securities    
Debt Instrument [Roll Forward]    
Borrowings 40,000 0
Repayments 0 0
FX remeasurement 0 0
Acquired borrowings, net of discount (Note 3) 0 0
Unrealized gain on notes, fair value 0 0
Capitalized deferred financing costs, net of amortization 0 0
Secured Notes and Bonds Payable: | Residential Transitional Lending    
Debt Instrument [Roll Forward]    
Borrowings 0 0
Repayments 0 (650,000)
FX remeasurement 0 0
Acquired borrowings, net of discount (Note 3) 0 0
Unrealized gain on notes, fair value 0 0
Capitalized deferred financing costs, net of amortization 0 0
Secured Notes and Bonds Payable: | Consumer Loans    
Debt Instrument [Roll Forward]    
Borrowings 432,404 0
Repayments (337,582) (549,633)
FX remeasurement 0 0
Acquired borrowings, net of discount (Note 3) 0 0
Unrealized gain on notes, fair value (233) 6,262
Capitalized deferred financing costs, net of amortization 1,185 1,188
Secured Notes and Bonds Payable: | Real estate    
Debt Instrument [Roll Forward]    
Borrowings 324,954 0
Repayments (1,657) (83,716)
FX remeasurement 0 0
Acquired borrowings, net of discount (Note 3) 3,706,618 0
Unrealized gain on notes, fair value 0 0
Capitalized deferred financing costs, net of amortization 8,706 11,191
Secured Notes and Bonds Payable: | RTLs    
Debt Instrument [Roll Forward]    
Borrowings 0 0
Repayments 0 0
FX remeasurement 0 0
Acquired borrowings, net of discount (Note 3) 0 0
Unrealized gain on notes, fair value 0 0
Capitalized deferred financing costs, net of amortization 0 0
Secured Notes and Bonds Payable: | Asset Management, CLOs and Consolidated Funds    
Debt Instrument [Roll Forward]    
Borrowings 10,988 14,078
Repayments (98,127) (25,222)
FX remeasurement 224 (377)
Acquired borrowings, net of discount (Note 3) 0 0
Unrealized gain on notes, fair value 0 0
Capitalized deferred financing costs, net of amortization 1,346 2,544
Liabilities of Consolidated Funds    
Debt Instrument [Roll Forward]    
Beginning balance 4,188,915  
Borrowings 1,235,976 1,633,016
Repayments (603,389) (1,176,640)
Non-cash borrowings 0 512,590
Discount on borrowings, net of amortization 0 (16,369)
Unrealized gain on notes, fair value 74,037 79,878
Capitalized deferred financing costs, net of amortization 2,264 1,203
Ending balance 4,897,802 4,188,915
Liabilities of Consolidated Funds | Servicer Advances    
Debt Instrument [Roll Forward]    
Borrowings 0 0
Repayments 0 0
Non-cash borrowings 0 0
Discount on borrowings, net of amortization 0 0
Unrealized gain on notes, fair value 0 0
Capitalized deferred financing costs, net of amortization 0 0
Liabilities of Consolidated Funds | MSRs    
Debt Instrument [Roll Forward]    
Borrowings 0 0
Repayments 0 0
Non-cash borrowings 0 0
Discount on borrowings, net of amortization 0 0
Unrealized gain on notes, fair value 0 0
Capitalized deferred financing costs, net of amortization 0 0
Liabilities of Consolidated Funds | Government and Government-Backed and Other Securities    
Debt Instrument [Roll Forward]    
Borrowings 0 0
Repayments 0 0
Non-cash borrowings 0 0
Discount on borrowings, net of amortization 0 0
Unrealized gain on notes, fair value 0 0
Capitalized deferred financing costs, net of amortization 0 0
Liabilities of Consolidated Funds | Residential Transitional Lending    
Debt Instrument [Roll Forward]    
Borrowings 906,488 49,726
Repayments (528,435) (358,443)
Non-cash borrowings 0 0
Discount on borrowings, net of amortization 0 (16,369)
Unrealized gain on notes, fair value 72,935 76,938
Capitalized deferred financing costs, net of amortization 0 0
Liabilities of Consolidated Funds | Consumer Loans    
Debt Instrument [Roll Forward]    
Borrowings 0 0
Repayments 0 0
Non-cash borrowings 0 0
Discount on borrowings, net of amortization 0 0
Unrealized gain on notes, fair value 0 0
Capitalized deferred financing costs, net of amortization 0 0
Liabilities of Consolidated Funds | Real estate    
Debt Instrument [Roll Forward]    
Borrowings 0 0
Repayments 0 0
Non-cash borrowings 0 0
Discount on borrowings, net of amortization 0 0
Unrealized gain on notes, fair value 0 0
Capitalized deferred financing costs, net of amortization 0 0
Liabilities of Consolidated Funds | RTLs    
Debt Instrument [Roll Forward]    
Beginning balance 859,023  
Borrowings 0 861,949
Repayments 0 (324,062)
Non-cash borrowings 0 0
Discount on borrowings, net of amortization 0 0
Unrealized gain on notes, fair value 5,854 901
Capitalized deferred financing costs, net of amortization 2,264 1,237
Ending balance 867,141 859,023
Liabilities of Consolidated Funds | Asset Management, CLOs and Consolidated Funds    
Debt Instrument [Roll Forward]    
Borrowings 329,488 721,341
Repayments (74,954) (494,135)
Non-cash borrowings 0 512,590
Discount on borrowings, net of amortization 0 0
Unrealized gain on notes, fair value (4,752) 2,039
Capitalized deferred financing costs, net of amortization $ 0 $ (34)
v3.25.4
DEBT OBLIGATIONS - Contractual Maturities of Debt Obligations (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt maturing in:  
2026 $ 16,436,995
2027 4,387,098
2028 1,824,870
2029 4,795,827
2030 2,457,637
2031 and thereafter 5,540,965
Total 35,443,392
Nonrecourse  
Debt maturing in:  
2026 2,760,061
2027 3,482,571
2028 805,377
2029 1,440,000
2030 1,917,637
2031 and thereafter 5,540,965
Total 15,946,611
Recourse  
Debt maturing in:  
2026 13,676,934
2027 904,527
2028 1,019,493
2029 3,355,827
2030 540,000
2031 and thereafter 0
Total 19,496,781
Nonrecourse, Secured Financing Agreements  
Debt maturing in:  
Total 1,900,000
Nonrecourse, Secured Notes And Bonds Payable  
Debt maturing in:  
Total 9,100,000
Nonrecourse, Unsecured Notes Net Of Issuance Costs  
Debt maturing in:  
Total 0
Nonrecourse, Consolidated Funds Notes Payable  
Debt maturing in:  
Total 4,900,000
Recourse, Secured Financing Agreements  
Debt maturing in:  
Total 12,200,000
Recourse, Secured Notes And Bonds Payable  
Debt maturing in:  
Total 6,000,000
Recourse, Unsecured Notes Net Of Issuance Costs  
Debt maturing in:  
Total 1,300,000
Recourse, Consolidated Funds Notes Payable  
Debt maturing in:  
Total $ 0
v3.25.4
DEBT OBLIGATIONS - Schedule of Borrowing Capacity (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Residential mortgage loans, RTLs, Jupiter and real estate | Secured Financing Agreements:  
Debt Instrument [Line Items]  
Borrowing Capacity $ 6,497,972
Balance Outstanding 3,643,963
Available Financing 2,854,009
Loan originations | Secured Financing Agreements:  
Debt Instrument [Line Items]  
Borrowing Capacity 5,675,000
Balance Outstanding 3,593,439
Available Financing 2,081,561
CLOs | Secured Financing Agreements:  
Debt Instrument [Line Items]  
Borrowing Capacity 479,194
Balance Outstanding 259,373
Available Financing 219,821
Excess MSRs | Secured Financing Agreements:  
Debt Instrument [Line Items]  
Borrowing Capacity 350,000
Balance Outstanding 202,000
Available Financing 148,000
MSRs | Secured Notes and Bonds Payable:  
Debt Instrument [Line Items]  
Borrowing Capacity 7,610,263
Balance Outstanding 6,800,263
Available Financing 810,000
Servicer advances | Secured Notes and Bonds Payable:  
Debt Instrument [Line Items]  
Borrowing Capacity 4,240,000
Balance Outstanding 2,757,940
Available Financing 1,482,060
Real estate | Secured Notes and Bonds Payable:  
Debt Instrument [Line Items]  
Borrowing Capacity 200,000
Balance Outstanding 169,279
Available Financing 30,721
Consolidated funds | Consolidated funds  
Debt Instrument [Line Items]  
Borrowing Capacity 123,000
Balance Outstanding 21,641
Available Financing 101,359
Debt Excess Borrowing Capacity  
Debt Instrument [Line Items]  
Borrowing Capacity 25,175,429
Balance Outstanding 17,447,898
Available Financing $ 7,727,531
v3.25.4
DEBT OBLIGATIONS - Schedule of Debt Redemption (Details) - Senior Notes
 12 Months Ended
Jun. 20, 2025
Mar. 19, 2024
Dec. 31, 2025
2030 Senior Notes | Debt Instrument, Redemption, Period One      
Debt Instrument [Line Items]      
Debt redemption percentage 104.00%    
2030 Senior Notes | Debt Instrument, Redemption, Period Two      
Debt Instrument [Line Items]      
Debt redemption percentage 102.00%    
2030 Senior Notes | Debt Instrument, Redemption, Period Three      
Debt Instrument [Line Items]      
Debt redemption percentage 100.00%    
2029 Senior Notes      
Debt Instrument [Line Items]      
Debt redemption percentage   108.00% 101.00%
2029 Senior Notes | Debt Instrument, Redemption, Period One      
Debt Instrument [Line Items]      
Debt redemption percentage   104.00%  
2029 Senior Notes | Debt Instrument, Redemption, Period Two      
Debt Instrument [Line Items]      
Debt redemption percentage   102.00%  
2029 Senior Notes | Debt Instrument, Redemption, Period Three      
Debt Instrument [Line Items]      
Debt redemption percentage   100.00%  
v3.25.4
DEBT OBLIGATIONS - Schedule of Maximum Undiscounted Amounts (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Debt Disclosure [Abstract]  
2026 $ 18,360
2027 18,885
2028 17,560
2029 17,578
2030 16,662
2031 and thereafter 162,158
Total Payments $ 251,203
v3.25.4
FAIR VALUE MEASUREMENTS - Carrying Values and Fair Values of Financial Assets Recorded at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets:      
MSRs and MSR financing receivables $ 10,359,141 $ 10,321,671 $ 8,405,938
Government and government-backed securities 6,481,714 7,245,667  
Residential mortgage loans, HFS [1] 5,484,272 4,374,241  
Residential mortgage loans, HFS, at fair value 5,427,481 4,307,571  
Residential mortgage loans subject to repurchase 3,952,792 2,745,756 1,782,998
Derivative and hedging assets 46,747 75,147  
Insurance company investments, at fair value 906,454 0  
Notes receivable 460,631 393,786  
Loans receivable 11,396 31,580  
Other assets 2,707,456 2,311,979  
Liabilities:      
Derivative and hedging liabilities 101,346 52,610  
MSR financing liability, at fair value 76,266 101,088  
Notes receivable financing liability 377,989 371,788  
RTL financing liability, at fair value 82,489 0  
Recurring Basis      
Assets:      
Excess MSRs, principal balance 47,862,469 53,494,378  
MSRs and MSR financing receivables, principal balance 595,532,480 590,214,351  
Servicer advance investments, principal balance 258,157 298,945  
Government and government-backed securities, principal balance 5,255,355 9,947,189  
Non-Agency Securities, Principal Balance 8,507,851 8,962,730  
Residential mortgage loans, HFS, principal balance 63,426 75,872  
Residential mortgage loans, HFS, at fair value, principal balance 5,351,566 4,274,620  
Residential mortgage loans, HFI, at fair value, principal balance 349,196 396,061  
Residential mortgage loans subject to repurchase, principal balance 3,952,792 2,745,756  
Consumer loans, principal balance 930,844 767,623  
Derivative and hedging assets, principal balance 8,280,512 18,597,732  
Residential transition loans, principal balance 2,694,149 2,172,713  
Insurance company investments, at fair value, principal balance 924,825    
Notes receivable, principal balance 549,004 487,276  
Loans receivable, principal balance 19,434 31,580  
Equity investment, at fair value, principal balance 192,500 192,500  
CLOs, principal balance 364,189 243,355  
Investments of consolidated entities - funds, principal balance 1,389,870 1,108,903  
Investments of consolidated entities - loan securitizations, principal balance 4,253,388 3,900,428  
Liabilities:      
Secured financing agreements, principal balance 13,765,718 16,784,505  
Secured notes and bonds payable, principal balance 15,403,044 10,353,561  
Unsecured notes, net of issuance costs, principal balance 1,526,203 1,302,492  
Residential mortgage loan repurchase liability, principal balance 3,952,792 2,745,756  
Derivative liabilities, principal balance 36,598,688 11,255,492  
MSR financing liability, principal balance 8,126,218 15,271,757  
Notes receivable financing liability, principal balance 371,446 371,446  
RTL financing liability, principal balance 82,489    
Notes payable and secured financing of consolidated entities - funds, principal balance 1,218,425 1,182,640  
Notes payable of consolidated entities - loan securitizations, principal balance 3,781,205 3,402,823  
Recurring Basis | Asset-Backed Securities Issued      
Liabilities:      
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value 143,400 185,500  
Recurring Basis | Level 3      
Liabilities:      
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value 1,755,504 2,482,756 772,925
Recurring Basis | Level 3 | Asset-Backed Securities Issued      
Liabilities:      
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value 143,442 185,460 $ 235,770
Recurring Basis | Carrying Value      
Assets:      
Excess MSRs 323,564 369,162  
MSRs and MSR financing receivables 10,359,141 10,321,671  
Servicer advance investments 294,322 339,646  
Government and government-backed securities 5,254,905 9,736,116  
Non-Agency Securities 759,633 552,797  
Residential mortgage loans, HFS 56,791 66,670  
Residential mortgage loans, HFS, at fair value 5,427,481 4,307,571  
Residential mortgage loans, HFI, at fair value 324,688 361,890  
Residential mortgage loans subject to repurchase 3,952,792 2,745,756  
Consumer loans 784,399 665,565  
Derivative and hedging assets 46,747 75,147  
Residential transition loans 2,699,864 2,178,075  
Insurance company investments, at fair value 906,454    
Notes receivable 460,631 393,786  
Loans receivable 11,396 31,580  
Equity investment, at fair value 194,286 194,410  
CLOs 362,280 242,227  
Investments of consolidated entities - funds 1,397,209 1,118,359  
Investments of consolidated entities - loan securitizations 4,192,231 3,753,219  
Other assets 254,597 113,224  
Assets, fair value 38,063,411 37,566,871  
Liabilities:      
Secured financing agreements 13,763,802 16,782,467  
Secured notes and bonds payable 15,203,770 10,298,075  
Unsecured notes, net of issuance costs 1,421,088 1,204,220  
Residential mortgage loan repurchase liability 3,952,792 2,745,756  
Derivative and hedging liabilities 101,346 52,610  
MSR financing liability, at fair value 76,266 101,088  
Notes receivable financing liability 377,989 371,788  
RTL financing liability, at fair value 82,489    
Notes payable and secured financing of consolidated entities - funds 1,209,739 959,958  
Notes payable of consolidated entities - loan securitizations 3,688,063 3,228,957  
Liabilities, fair value 39,877,344 35,744,919  
Recurring Basis | Fair Value      
Assets:      
Excess MSRs 323,564 369,162  
MSRs and MSR financing receivables 10,359,141 10,321,671  
Servicer advance investments 294,322 339,646  
Government and government-backed securities 5,254,901 9,736,121  
Non-Agency Securities 759,633 552,797  
Residential mortgage loans, HFS 56,791 66,670  
Residential mortgage loans, HFS, at fair value 5,427,481 4,307,571  
Residential mortgage loans, HFI, at fair value 324,688 361,890  
Residential mortgage loans subject to repurchase 3,952,792 2,745,756  
Consumer loans 784,399 665,565  
Derivative and hedging assets 46,747 75,147  
Residential transition loans 2,699,864 2,178,075  
Insurance company investments, at fair value 906,454    
Notes receivable 460,631 393,786  
Loans receivable 11,396 31,580  
Equity investment, at fair value 194,286 194,410  
CLOs 362,280 242,227  
Investments of consolidated entities - funds 1,397,209 1,118,359  
Investments of consolidated entities - loan securitizations 4,192,231 3,753,219  
Other assets 254,597 113,224  
Assets, fair value 38,063,407 37,566,876  
Liabilities:      
Secured financing agreements 13,767,557 16,787,036  
Secured notes and bonds payable 15,068,083 10,318,385  
Unsecured notes, net of issuance costs 1,461,956 1,229,408  
Residential mortgage loan repurchase liability 3,952,792 2,745,756  
Derivative and hedging liabilities 101,346 52,610  
MSR financing liability, at fair value 76,266 101,088  
Notes receivable financing liability 382,512 377,227  
RTL financing liability, at fair value 82,489    
Notes payable and secured financing of consolidated entities - funds 1,209,739 959,958  
Notes payable of consolidated entities - loan securitizations 3,688,063 3,228,957  
Liabilities, fair value 39,790,803 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 24,762 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  
Residential transition loans 0 0  
Insurance company investments, at fair value 5,809    
Notes receivable 0 0  
Loans receivable 0 0  
Equity investment, at fair value 0 0  
CLOs 0 0  
Investments of consolidated entities - funds 0 0  
Investments of consolidated entities - loan securitizations 0 0  
Other assets 42,812 17,831  
Assets, fair value 73,383 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 and hedging liabilities 3 1,259  
MSR financing liability, at fair value 0 0  
Notes receivable financing liability 0 0  
RTL financing liability, at fair value 0    
Notes payable and secured financing of consolidated entities - funds 0 0  
Notes payable of consolidated entities - loan securitizations 0 0  
Liabilities, fair value 3 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 5,230,139 6,450,643  
Non-Agency Securities 0 0  
Residential mortgage loans, HFS 0 0  
Residential mortgage loans, HFS, at fair value 5,402,325 4,280,405  
Residential mortgage loans, HFI, at fair value 0 0  
Residential mortgage loans subject to repurchase 3,952,792 2,745,756  
Consumer loans 0 0  
Derivative and hedging assets 7,288 53,651  
Residential transition loans 0 0  
Insurance company investments, at fair value 33,396    
Notes receivable 0 0  
Loans receivable 0 0  
Equity investment, at fair value 0 0  
CLOs 249,452 217,049  
Investments of consolidated entities - funds 782,014 0  
Investments of consolidated entities - loan securitizations 3,265,142 2,791,027  
Other assets 0 0  
Assets, fair value 18,922,548 16,538,531  
Liabilities:      
Secured financing agreements 13,506,006 16,611,477  
Secured notes and bonds payable 0 0  
Unsecured notes, net of issuance costs 0 0  
Residential mortgage loan repurchase liability 3,952,792 2,745,756  
Derivative and hedging liabilities 48,759 15,628  
MSR financing liability, at fair value 0 0  
Notes receivable financing liability 0 0  
RTL financing liability, at fair value 0    
Notes payable and secured financing of consolidated entities - funds 1,006,085 0  
Notes payable of consolidated entities - loan securitizations 2,820,922 2,369,934  
Liabilities, fair value 21,334,564 21,742,795  
Recurring Basis | Fair Value | Level 3      
Assets:      
Excess MSRs 323,564 369,162  
MSRs and MSR financing receivables 10,359,141 10,321,671  
Servicer advance investments 294,322 339,646  
Government and government-backed securities 0 0  
Non-Agency Securities 759,633 552,797  
Residential mortgage loans, HFS 56,791 66,670  
Residential mortgage loans, HFS, at fair value 25,156 27,166  
Residential mortgage loans, HFI, at fair value 324,688 361,890  
Residential mortgage loans subject to repurchase 0 0  
Consumer loans 784,399 665,565  
Derivative and hedging assets 39,459 21,496  
Residential transition loans 2,699,864 2,178,075  
Insurance company investments, at fair value 867,249    
Notes receivable 460,631 393,786  
Loans receivable 11,396 31,580  
Equity investment, at fair value 194,286 194,410  
CLOs 112,828 25,178  
Investments of consolidated entities - funds 290,335 785,253  
Investments of consolidated entities - loan securitizations 927,089 962,192  
Other assets 107,608 95,393  
Assets, fair value 18,638,439 17,391,930  
Liabilities:      
Secured financing agreements 261,551 175,559  
Secured notes and bonds payable 15,068,083 10,318,385  
Unsecured notes, net of issuance costs 1,461,956 1,229,408  
Residential mortgage loan repurchase liability 0 0  
Derivative and hedging liabilities 52,584 35,723  
MSR financing liability, at fair value 76,266 101,088  
Notes receivable financing liability 382,512 377,227  
RTL financing liability, at fair value 82,489    
Notes payable and secured financing of consolidated entities - funds 203,654 959,958  
Notes payable of consolidated entities - loan securitizations 867,141 859,023  
Liabilities, fair value 18,456,236 14,056,371  
Recurring Basis | Fair Value | NAV      
Assets:      
Investments of consolidated entities - funds 324,860 333,106  
Other assets 104,177    
Assets, fair value 429,037 333,106  
Liabilities:      
Liabilities, fair value $ 0 $ 0  
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”), including funds and collateralized financing entities (“CFEs”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2025 and 2024, total assets of such consolidated VIEs were $10.7 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $8.2 billion and $5.2 billion, respectively. See Note 19 for further details.
v3.25.4
FAIR VALUE MEASUREMENTS - Financial Assets Measured at Fair Value on a Recurring Basis using Level 3 Inputs (Details) - Recurring Basis - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 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 (845,247) (452,730)
Transfers to Level 3(J) 151,512 605,285
Crestline Acquisition (Note 3) 793,604 699,175
Gain (Loss) Included in Net Income:    
Credit losses on securities 423 (936)
Included in servicing revenue (1,609,756) (191,654)
Other factors 81,161 32,630
Instrument-specific credit risk (47,306) (16,277)
Gain (loss) on settlement of investments, net   792
Other income (loss), net 34,440 (14,245)
Gains (losses) included in OCI 16,568 3,084
Interest income 95,188 $ 110,280
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]   Gain (Loss) on Investments
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]   Other income (loss), net
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration]   Unrealized gain on available-for-sale securities, net of tax
Purchases, Sales and Repayments:    
Purchases 1,766,185 $ 2,026,694
Sales and settlement fundings (108,972) (438,539)
Proceeds from repayments (4,909,766) (3,722,321)
Originations and other 5,811,614 4,287,226
Balance, ending 18,585,855 17,356,207
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 0
Transfers to Level 3(J) 0 0
Crestline Acquisition (Note 3) 0 (1,032)
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue 0 0
Other factors (5,664) 12,437
Instrument-specific credit risk 0 0
Gain (loss) on settlement of investments, net   (656)
Other income (loss), net 598 0
Gains (losses) included in OCI 0 0
Interest income 28,677 29,815
Purchases, Sales and Repayments:    
Purchases 0 122,887
Sales and settlement fundings (1,105) (499)
Proceeds from repayments (68,104) (64,940)
Originations and other 0 0
Balance, ending 323,564 369,162
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 0
Transfers to Level 3(J) 0 0
Crestline Acquisition (Note 3) 0 700,207
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue (1,609,756) (191,654)
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 0 0
Sales and settlement fundings (3,249) 11,026
Proceeds from repayments 0 0
Originations and other 1,650,475 1,396,154
Balance, ending 10,359,141 10,321,671
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 (7,873)
Transfers to Level 3(J) 0 0
Crestline Acquisition (Note 3) 0 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue 0 0
Other factors (1,578) (2,526)
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 20,538 24,263
Purchases, Sales and Repayments:    
Purchases 692,755 781,896
Sales and settlement fundings 0 0
Proceeds from repayments (757,039) (832,995)
Originations and other 0 0
Balance, ending 294,322 339,646
Insurance Company Investments    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning 0 0
Transfers:    
Transfers out of Level 3 0 0
Transfers to Level 3(J) 0 0
Crestline Acquisition (Note 3) 793,009 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue 0 0
Other factors 3,883 0
Instrument-specific credit risk 0 0
Gain (loss) on settlement of investments, net   0
Other income (loss), net (978) 0
Gains (losses) included in OCI 0 0
Interest income 904 0
Purchases, Sales and Repayments:    
Purchases 147,328 0
Sales and settlement fundings (43,803) 0
Proceeds from repayments (35,440) 0
Originations and other 2,346 0
Balance, ending 867,249 0
CLOs And Consolidated Funds    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Balance, beginning 1,363,228 804,029
Transfers:    
Transfers out of Level 3 (844,389) (227,216)
Transfers to Level 3(J) 149,431 519,496
Crestline Acquisition (Note 3) 0 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 423 (936)
Included in servicing revenue 0 0
Other factors 4,364 8,374
Instrument-specific credit risk 0 0
Gain (loss) on settlement of investments, net   1,448
Other income (loss), net (3,223) 2,382
Gains (losses) included in OCI 16,568 3,084
Interest income 34,964 27,750
Purchases, Sales and Repayments:    
Purchases 347,221 649,922
Sales and settlement fundings (75,722) (284,667)
Proceeds from repayments (117,791) (140,438)
Originations and other 0 0
Balance, ending 875,074 1,363,228
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) (217,641)
Transfers to Level 3(J) 2,081 85,789
Crestline Acquisition (Note 3) 0 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue 0 0
Other factors 18,845 13,624
Instrument-specific credit risk (9,578) 27,151
Gain (loss) on settlement of investments, net   0
Other income (loss), net 2,201 10,957
Gains (losses) included in OCI 0 0
Interest income 0 0
Purchases, Sales and Repayments:    
Purchases 1,169 248,952
Sales and settlement fundings (7,216) (188,490)
Proceeds from repayments (57,552) (68,639)
Originations and other 1,817 30,642
Balance, ending 406,635 455,726
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 0
Transfers to Level 3(J) 0 0
Crestline Acquisition (Note 3) 0 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue 0 0
Other factors 23,090 (47,950)
Instrument-specific credit risk (13,472) (51,977)
Gain (loss) on settlement of investments, net   0
Other income (loss), net 0 0
Gains (losses) included in OCI 0 0
Interest income 9,915 27,914
Purchases, Sales and Repayments:    
Purchases 500,334 0
Sales and settlement fundings 22,123 24,091
Proceeds from repayments (423,156) (560,518)
Originations and other 0 0
Balance, ending 784,399 665,565
Other    
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 0
Transfers to Level 3(J) 0 0
Crestline Acquisition (Note 3) 595 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue 0 0
Other factors 19,712 23,091
Instrument-specific credit risk 0 0
Gain (loss) on settlement of investments, net   0
Other income (loss), net 35,842 (27,584)
Gains (losses) included in OCI 0 0
Interest income 190 538
Purchases, Sales and Repayments:    
Purchases 68,364 223,037
Sales and settlement fundings 0 0
Proceeds from repayments (64,848) (67,539)
Originations and other 0 (47)
Balance, ending 760,797 700,942
RTLs    
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 0
Transfers to Level 3(J) 0 0
Crestline Acquisition (Note 3) 0 0
Gain (Loss) Included in Net Income:    
Credit losses on securities 0 0
Included in servicing revenue 0 0
Other factors 18,509 25,580
Instrument-specific credit risk (24,256) 8,549
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 9,014 0
Sales and settlement fundings 0 0
Proceeds from repayments (3,385,836) (1,987,252)
Originations and other 4,156,976 2,860,477
Balance, ending $ 3,914,674 $ 3,140,267
v3.25.4
FAIR VALUE MEASUREMENTS - Fair Value Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs (Details) - Recurring Basis - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 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:    
Transfers out of Level 3 (735,874) 371,446
Computershare Acquisition (Note 3)   125,168
Gains (Losses) Included in Net Income:    
Servicing revenue, net 9,629 (24,080)
Other income (loss) 10,906 36,634
Purchases, Issuance and Repayments:    
Issuance 97,529 1,582,003
Repayments (111,706) (380,634)
Other 2,264 (706)
Ending balance 1,755,504 2,482,756
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 143,400 185,500
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:    
Transfers out of Level 3 0 0
Computershare Acquisition (Note 3)   0
Gains (Losses) Included in Net Income:    
Servicing revenue, net 0 0
Other income (loss) (233) 6,262
Purchases, Issuance and Repayments:    
Issuance 0 0
Repayments (41,785) (56,572)
Other 0 0
Ending balance 143,442 185,460
Notes Payable and Secured Financing of Consolidated Entities | Level 3    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 959,958 218,157
Transfers:    
Transfers out of Level 3 (735,874) 0
Computershare Acquisition (Note 3)   0
Gains (Losses) Included in Net Income:    
Servicing revenue, net 0 0
Other income (loss) 0 18,626
Purchases, Issuance and Repayments:    
Issuance 0 723,175
Repayments (20,430) 0
Other 0 0
Ending balance 203,654 959,958
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:    
Transfers out of Level 3 0 0
Computershare Acquisition (Note 3)   0
Gains (Losses) Included in Net Income:    
Servicing revenue, net 0 0
Other income (loss) 5,854 5,965
Purchases, Issuance and Repayments:    
Issuance 0 858,828
Repayments 0 (324,062)
Other 2,264 (706)
Ending balance 867,141 859,023
MSR Financing Liability | Level 3    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 101,088 0
Transfers:    
Transfers out of Level 3 0 0
Computershare Acquisition (Note 3)   125,168
Gains (Losses) Included in Net Income:    
Servicing revenue, net 9,629 (24,080)
Other income (loss) 0 0
Purchases, Issuance and Repayments:    
Issuance 0 0
Repayments (34,451) 0
Other 0 0
Ending balance 76,266 101,088
Notes Receivable Financing Liability | Level 3    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 377,227 0
Transfers:    
Transfers out of Level 3 0 371,446
Computershare Acquisition (Note 3)   0
Gains (Losses) Included in Net Income:    
Servicing revenue, net 0 0
Other income (loss) 5,285 5,781
Purchases, Issuance and Repayments:    
Issuance 0 0
Repayments 0 0
Other 0 0
Ending balance 382,512 377,227
RTL Financing Liability | Level 3    
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance 0 0
Transfers:    
Transfers out of Level 3 0 0
Computershare Acquisition (Note 3)   0
Gains (Losses) Included in Net Income:    
Servicing revenue, net 0 0
Other income (loss) 0 0
Purchases, Issuance and Repayments:    
Issuance 97,529 0
Repayments (15,040) 0
Other 0 0
Ending balance $ 82,489 $ 0
v3.25.4
FAIR VALUE MEASUREMENTS - Information Regarding Inputs used in Valuing Excess MSRs Owned Directly and through Equity Method Investees (Details)
 12 Months Ended
Dec. 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 0.081 0.068
Prepayment Rate | MSRs And MSR Financing Receivables | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 1.000 1.000
Prepayment Rate | MSRs And MSR Financing Receivables | GSE | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.025 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 0.072 0.060
Prepayment Rate | MSRs And MSR Financing Receivables | GSE | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 1.000 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 0.017 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 0.084 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 0.983 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 0.019 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 0.096 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 0.971 0.785
Prepayment Rate | Directly Held | Excess MSRs | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.023 0.024
Prepayment Rate | Directly Held | Excess MSRs | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.068 0.066
Prepayment Rate | Directly Held | Excess MSRs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.133 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 0.061 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 0.018 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 0.150 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 0.205 0.248
Delinquency | MSRs And MSR Financing Receivables | Non-Agency | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 1.000 1.000
Delinquency | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.440 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 0.101 0.100
Delinquency | MSRs And MSR Financing Receivables | Ginnie Mae | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.990 1.000
Delinquency | Directly Held | Excess MSRs | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.002 0.002
Delinquency | Directly Held | Excess MSRs | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.047 0.051
Delinquency | Directly Held | Excess MSRs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.141 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 0.326 0.261
Recapture Rate | MSRs And MSR Financing Receivables | GSE | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.070 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 0.105 0.141
Recapture Rate | MSRs And MSR Financing Receivables | GSE | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.150 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 0.013 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 0.044 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 0.105 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 0.326 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 0.393 0.396
Recapture Rate | Directly Held | Excess MSRs | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.635 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 0.0037 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 0.0176 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 0.0002 0.0002
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | GSE | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Servicing asset, measurement input 0.0029 0.0028
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 0.0176 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 0.0042 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 0.0169 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 0.0019 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 0.0048 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 0.0132 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 0.0031 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) 59 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) 22 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) 59 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 9.08 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 11.23 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 13.36 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 9.88 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 7.11 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 7.22 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 7.83 6.96
v3.25.4
FAIR VALUE MEASUREMENTS - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Schedule of Equity Method Investments [Line Items]      
Maximum exposure to loss $ 1,363,881 $ 1,083,147  
Alternative investment, unfunded commitments 28,100 23,800  
Fair Value, Measurements, Nonrecurring      
Schedule of Equity Method Investments [Line Items]      
Assets, fair value 67,800 87,600  
CLOs      
Schedule of Equity Method Investments [Line Items]      
Unsecured notes, net of issuance costs 751,600 735,900  
Residential Mortgage Loans Held-for-Sale | Fair Value, Measurements, Nonrecurring      
Schedule of Equity Method Investments [Line Items]      
Assets, fair value 56,800 66,700  
REO      
Schedule of Equity Method Investments [Line Items]      
Assets, fair value adjustment 800 2,600 $ 1,700
REO | Fair Value, Measurements, Nonrecurring      
Schedule of Equity Method Investments [Line Items]      
Assets, fair value 11,000 20,900  
Residential mortgage loans, held-for-sale, at fair value      
Schedule of Equity Method Investments [Line Items]      
Assets, fair value adjustment 1,300 (4,000) $ 1,900
Secured Notes and Bonds Payable: | CLOs      
Schedule of Equity Method Investments [Line Items]      
Unsecured notes, net of issuance costs 751,600    
Secured Notes and Bonds Payable: | Sculptor      
Schedule of Equity Method Investments [Line Items]      
Unsecured notes, net of issuance costs $ 203,700 $ 224,100  
Discount Rate      
Schedule of Equity Method Investments [Line Items]      
Alternative investment, measurement input 0.104 0.118  
Variable Interest Entity, Not Primary Beneficiary      
Schedule of Equity Method Investments [Line Items]      
Maximum exposure to loss $ 194,300 $ 194,400  
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 23.70%    
Weighted Average | Excess MSRs      
Schedule of Equity Method Investments [Line Items]      
Discount rate 8.50% 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 1.85% 0.95%  
Mortgage Servicing Rights | Weighted Average      
Schedule of Equity Method Investments [Line Items]      
Discount rate 8.40% 8.90%  
Mortgage Servicing Rights | Minimum      
Schedule of Equity Method Investments [Line Items]      
Discount rate 8.00% 8.70%  
Mortgage Servicing Rights | Maximum      
Schedule of Equity Method Investments [Line Items]      
Discount rate 10.30% 10.30%  
RTLs | Non-performing loans      
Schedule of Equity Method Investments [Line Items]      
Mortgage loans, held For investment, fair value $ 100,900 $ 55,200  
Collateral $ 89,600 $ 49,300  
v3.25.4
FAIR VALUE MEASUREMENTS - Effect of Percentage Change In Measurement Inputs (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value $ 10,359,141 $ 10,321,671 $ 8,405,938
MSRs And MSR Financing Receivables | Agency Securities      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value 6,051,855    
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 6,560,390    
Change in Estimated Fair Value:      
Amount $ 508,535    
Percentage 8.40%    
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 $ 6,413,139    
Change in Estimated Fair Value:      
Amount $ 361,284    
Percentage 6.00%    
MSRs And MSR Financing Receivables | Agency Securities | Twenty Percent Decrease In Measurement Input | Delinquency      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 6,071,442    
Change in Estimated Fair Value:      
Amount $ 19,587    
Percentage 0.30%    
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 $ 6,008,031    
Change in Estimated Fair Value:      
Amount $ (43,824)    
Percentage (0.70%)    
MSRs And MSR Financing Receivables | Agency Securities | Ten Percent Decrease In Measurement Input | Discount Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 6,296,725    
Change in Estimated Fair Value:      
Amount $ 244,870    
Percentage 4.00%    
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 $ 6,225,372    
Change in Estimated Fair Value:      
Amount $ 173,517    
Percentage 2.90%    
MSRs And MSR Financing Receivables | Agency Securities | Ten Percent Decrease In Measurement Input | Delinquency      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 6,062,282    
Change in Estimated Fair Value:      
Amount $ 10,427    
Percentage 0.20%    
MSRs And MSR Financing Receivables | Agency Securities | Ten Percent Decrease In Measurement Input | Recapture Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 6,030,398    
Change in Estimated Fair Value:      
Amount $ (21,457)    
Percentage (0.40%)    
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 $ 5,826,571    
Change in Estimated Fair Value:      
Amount $ (225,284)    
Percentage (3.70%)    
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 $ 5,893,503    
Change in Estimated Fair Value:      
Amount $ (158,352)    
Percentage (2.60%)    
MSRs And MSR Financing Receivables | Agency Securities | Ten Percent Increase In Measurement Input | Delinquency      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 6,042,908    
Change in Estimated Fair Value:      
Amount $ (8,947)    
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 $ 6,075,131    
Change in Estimated Fair Value:      
Amount $ 23,276    
Percentage 0.40%    
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 $ 5,616,430    
Change in Estimated Fair Value:      
Amount $ (435,425)    
Percentage (7.20%)    
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 $ 5,746,051    
Change in Estimated Fair Value:      
Amount $ (305,804)    
Percentage (5.10%)    
MSRs And MSR Financing Receivables | Agency Securities | Twenty Percent Increase In Measurement Input | Delinquency      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 6,032,727    
Change in Estimated Fair Value:      
Amount $ (19,128)    
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 $ 6,097,498    
Change in Estimated Fair Value:      
Amount $ 45,643    
Percentage 0.80%    
MSRs And MSR Financing Receivables | Non-Agency      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value $ 894,988    
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 988,457    
Change in Estimated Fair Value:      
Amount $ 93,469    
Percentage 10.40%    
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 $ 949,508    
Change in Estimated Fair Value:      
Amount $ 54,520    
Percentage 6.10%    
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 $ 901,811    
Change in Estimated Fair Value:      
Amount $ 6,823    
Percentage 0.80%    
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 $ 894,206    
Change in Estimated Fair Value:      
Amount $ (782)    
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 $ 939,798    
Change in Estimated Fair Value:      
Amount $ 44,810    
Percentage 5.00%    
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 $ 921,584    
Change in Estimated Fair Value:      
Amount $ 26,596    
Percentage 3.00%    
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 $ 898,661    
Change in Estimated Fair Value:      
Amount $ 3,673    
Percentage 0.40%    
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 $ 894,668    
Change in Estimated Fair Value:      
Amount $ (320)    
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 $ 854,753    
Change in Estimated Fair Value:      
Amount $ (40,235)    
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 $ 870,765    
Change in Estimated Fair Value:      
Amount $ (24,223)    
Percentage (2.70%)    
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 $ 892,046    
Change in Estimated Fair Value:      
Amount $ (2,942)    
Percentage (0.30%)    
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 $ 895,591    
Change in Estimated Fair Value:      
Amount $ 603    
Percentage 0.10%    
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Increase In Measurement Input | Discount Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 817,454    
Change in Estimated Fair Value:      
Amount $ (77,534)    
Percentage (8.70%)    
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 $ 847,555    
Change in Estimated Fair Value:      
Amount $ (47,433)    
Percentage (5.30%)    
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 $ 888,649    
Change in Estimated Fair Value:      
Amount $ (6,339)    
Percentage (0.70%)    
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 $ 896,053    
Change in Estimated Fair Value:      
Amount $ 1,065    
Percentage 0.10%    
MSRs And MSR Financing Receivables | Ginnie Mae      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value $ 3,412,298    
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 3,682,692    
Change in Estimated Fair Value:      
Amount $ 270,394    
Percentage 7.90%    
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Decrease In Measurement Input | Prepayment Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 3,589,382    
Change in Estimated Fair Value:      
Amount $ 177,084    
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 $ 3,462,302    
Change in Estimated Fair Value:      
Amount $ 50,004    
Percentage 1.50%    
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 $ 3,335,023    
Change in Estimated Fair Value:      
Amount $ (77,275)    
Percentage (2.30%)    
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 $ 3,542,420    
Change in Estimated Fair Value:      
Amount $ 130,122    
Percentage 3.80%    
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Decrease In Measurement Input | Prepayment Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 3,495,972    
Change in Estimated Fair Value:      
Amount $ 83,674    
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 $ 3,437,347    
Change in Estimated Fair Value:      
Amount $ 25,049    
Percentage 0.70%    
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Decrease In Measurement Input | Recapture Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 3,373,698    
Change in Estimated Fair Value:      
Amount $ (38,600)    
Percentage (1.10%)    
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Increase In Measurement Input | Discount Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 3,291,557    
Change in Estimated Fair Value:      
Amount $ (120,741)    
Percentage (3.50%)    
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Increase In Measurement Input | Prepayment Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 3,336,835    
Change in Estimated Fair Value:      
Amount $ (75,463)    
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 $ 3,387,460    
Change in Estimated Fair Value:      
Amount $ (24,838)    
Percentage (0.70%)    
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Increase In Measurement Input | Recapture Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 3,451,049    
Change in Estimated Fair Value:      
Amount $ 38,751    
Percentage 1.10%    
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Increase In Measurement Input | Discount Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 3,179,089    
Change in Estimated Fair Value:      
Amount $ (233,209)    
Percentage (6.80%)    
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Increase In Measurement Input | Prepayment Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Estimated fair value $ 3,268,022    
Change in Estimated Fair Value:      
Amount $ (144,276)    
Percentage (4.20%)    
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 $ 3,362,659    
Change in Estimated Fair Value:      
Amount $ (49,639)    
Percentage (1.50%)    
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 $ 3,489,725    
Change in Estimated Fair Value:      
Amount $ 77,427    
Percentage 2.30%    
v3.25.4
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, 2025
Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair value inputs, monthly servicing fee 0.038% 0.046%  
Minimum      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Outstanding Servicer Advances to UPB of Underlying Residential Mortgage Loans   2.00% 2.10%
Minimum | Prepayment Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Servicing asset, measurement input   0.045 0.046
Minimum | Delinquency      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Servicing asset, measurement input   0.179 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 6 months 21 years 1 month 6 days
v3.25.4
FAIR VALUE MEASUREMENTS - Real Estate And Other Securities Valuation Methodology and Results (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
source
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Face Amount $ 14,245,794 $ 15,878,274
Amortized Cost Basis 6,306,388 7,259,894
Government and government-backed securities $ 6,481,714 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 $ 6,341,850 7,196,838
Single Quote    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 139,864 48,829
Government-backed securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Face Amount 5,230,355 6,672,189
Amortized Cost Basis 5,119,755 6,510,235
Government-backed securities | Level 2    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 5,230,139 6,450,643
Government-backed securities | Level 2 | Multiple Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 5,230,139 6,450,643
Government-backed securities | Level 2 | Single Quote    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 0 0
CLOs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Face Amount 364,189 243,355
Amortized Cost Basis 355,912 234,397
CLOs | Fair Value, Inputs, Level 2 and 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 362,280 242,227
CLOs | Fair Value, Inputs, Level 2 and 3 | Multiple Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 249,452 217,049
CLOs | Fair Value, Inputs, Level 2 and 3 | Single Quote    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 112,828 25,178
Non-Agency and other securities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Face Amount 8,507,851 8,962,730
Amortized Cost Basis $ 701,105 $ 515,262
Percent of securities 78.00% 82.10%
Fair Value $ 592,302 $ 453,978
Non-Agency and other securities | Minimum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.042 0.047
Non-Agency and other securities | Minimum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.000 0.000
Non-Agency and other securities | Minimum | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.000 0.000
Non-Agency and other securities | Minimum | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.000 0.000
Non-Agency and other securities | Maximum | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.180 0.200
Non-Agency and other securities | Maximum | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.250 0.200
Non-Agency and other securities | Maximum | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.053 0.019
Non-Agency and other securities | Maximum | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.550 0.500
Non-Agency and other securities | Weighted Average | Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.066 0.069
Non-Agency and other securities | Weighted Average | Prepayment Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.092 0.063
Non-Agency and other securities | Weighted Average | CDR    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.003 0.005
Non-Agency and other securities | Weighted Average | Loss Severity    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Discount Rate 0.110 0.170
Non-Agency and other securities | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities $ 759,633 $ 552,797
Non-Agency and other securities | Level 3 | Multiple Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 732,597 529,146
Non-Agency and other securities | Level 3 | Single Quote    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities $ 27,036 $ 23,651
Residential Mortgage Loans, HFS | Minimum | Discount Rate | Non-performing loans | Acquired loans    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.105 0.085
Residential Mortgage Loans, HFS | Minimum | CDR | Non-performing loans | Acquired loans    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.048 0.013
Residential Mortgage Loans, HFS | Maximum | Discount Rate | Non-performing loans | Acquired loans    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.129 0.093
Residential Mortgage Loans, HFS | Maximum | CDR | Non-performing loans | Acquired loans    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.066 0.051
Residential Mortgage Loans, HFS | Weighted Average | Discount Rate | Non-performing loans | Acquired loans    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.120 0.088
Residential Mortgage Loans, HFS | Weighted Average | CDR | Non-performing loans | Acquired loans    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.060 0.038
Non-Agency    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Outstanding Face Amount $ 143,399  
Amortized Cost Basis 129,616  
Non-Agency | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 129,662  
Non-Agency | Level 3 | Multiple Quotes    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities 129,662  
Non-Agency | Level 3 | Single Quote    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Government and government-backed securities $ 0  
v3.25.4
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
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Financing liability $ 46,300  
Residential mortgage loans, HFI, at fair value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans, held-for-investment, fair value $ 324,688 $ 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 0.061 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 0.105 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 0.075 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 0.050 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 0.070 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 0.069 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 0.009 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 0.048 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 0.018 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 0.286 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 0.461 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 0.392 0.264
Consumer Loans HFI, at Fair Value    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans $ 784,399 $ 665,565
Consumer Loans HFI, at Fair Value | SpringCastle    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans 167,807 219,308
Consumer Loans HFI, at Fair Value | Marcus    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans 166,473 $ 446,257
Consumer Loans HFI, at Fair Value | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans $ 450,119  
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 0.075 0.079
Consumer Loans HFI, at Fair Value | Discount Rate | Minimum | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.068  
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 0.176 0.179
Consumer Loans HFI, at Fair Value | Discount Rate | Maximum | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.169  
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 0.085 0.101
Consumer Loans HFI, at Fair Value | Discount Rate | Weighted Average | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.078  
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 0.121 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 | Minimum | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.027  
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 0.395 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 | Maximum | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.340  
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 0.135 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 0.112 0.178
Consumer Loans HFI, at Fair Value | Prepayment Rate | Weighted Average | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.179  
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 0.032 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 | Minimum | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.009  
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 0.259 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 | Maximum | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.075  
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 0.055 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 0.317 0.143
Consumer Loans HFI, at Fair Value | CDR | Weighted Average | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.034  
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 0.808 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
Consumer Loans HFI, at Fair Value | Loss Severity | Weighted Average | Upgrade    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Consumer loans, held-for-investment, measurement input 0.900  
Private credit | Discount Rate | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held For investment, fair value $ 769,956  
Private credit | Discount Rate | Minimum | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.082  
Private credit | Discount Rate | Maximum | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.451  
Private credit | Discount Rate | Weighted Average | Level 3    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.113  
IRLCs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, fair value $ 21,449 $ 11,294
IRLCs | Loan Funding Probability | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.042 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 0.846 0.861
IRLCs | Fair Value of Initial Servicing Rights (bps) | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.00041 0.00010
IRLCs | Fair Value of Initial Servicing Rights (bps) | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.04039 0.04267
IRLCs | Fair Value of Initial Servicing Rights (bps) | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Derivative, measurement input 0.02474 0.02818
Asset-Backed Securities Issued    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Asset-backed securities, fair value $ 143,442 $ 185,460
Asset-Backed Securities Issued | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Asset-backed securities, measurement input 0.055 0.054
Asset-Backed Securities Issued | Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Asset-backed securities, measurement input 0.135 0.145
Asset-Backed Securities Issued | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Asset-backed securities, measurement input 0.055 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 | RTLs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held For investment, fair value $ 2,610,258 $ 2,128,801
Performing Financial Instruments | RTLs | Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.079 0.083
Performing Financial Instruments | RTLs | Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.080 0.099
Performing Financial Instruments | RTLs | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.079 0.083
Performing Financial Instruments | RTLs | Prepayment Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.000 0.000
Performing Financial Instruments | RTLs | Prepayment Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.500 0.500
Performing Financial Instruments | RTLs | Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.468 0.458
Performing Financial Instruments | RTLs | CDR | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.000 0.005
Performing Financial Instruments | RTLs | CDR | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.018 0.018
Performing Financial Instruments | RTLs | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.005 0.005
Performing Financial Instruments | RTLs | Loss Severity | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.250 0.250
Performing Financial Instruments | RTL Investments Of Consolidated Entities    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held For investment, fair value $ 287,721  
Performing Financial Instruments | RTL Investments Of Consolidated Entities | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.079  
Performing Financial Instruments | RTL Investments Of Consolidated Entities | Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.500  
Performing Financial Instruments | RTL Investments Of Consolidated Entities | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.005  
Performing Financial Instruments | RTL Investments Of Consolidated Entities | Loss Severity | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.250  
Performing Financial Instruments | RTL Financing Liability    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held For investment, fair value $ 36,150  
Performing Financial Instruments | RTL Financing Liability | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.079  
Performing Financial Instruments | RTL Financing Liability | Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.500  
Performing Financial Instruments | RTL Financing Liability | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.005  
Performing Financial Instruments | RTL Financing Liability | Loss Severity | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held-for-investment, measurement input 0.250  
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, fair value $ 18,002 $ 17,700
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.061 0.070
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.083 0.086
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.068 0.079
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Prepayment Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.043 0.060
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Prepayment Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.070 0.082
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Prepayment Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.064 0.079
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | CDR | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.009 0.018
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | CDR | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.023 0.050
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.019 0.031
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Loss Severity | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.190 0.206
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Loss Severity | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.461 0.337
Performing Financial Instruments | Acquired loans | Residential Mortgage Loans, HFS | Loss Severity | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.338 0.240
Non-performing loans | RTLs    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Mortgage loans, held For investment, fair value $ 100,900 $ 55,200
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, fair value $ 7,154 $ 9,466
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.105 0.085
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.129 0.093
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.120 0.088
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | CDR | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.048 0.013
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | CDR | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.066 0.051
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | CDR | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.060 0.038
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Annual Change in Home Prices | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.033 0.086
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Annual Change in Home Prices | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.043 0.158
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Annual Change in Home Prices | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 0.040 0.109
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Current Value of Underlying Properties | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 3.007 2.649
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Current Value of Underlying Properties | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 3.063 3.103
Non-performing loans | Acquired loans | Residential Mortgage Loans, HFS | Current Value of Underlying Properties | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Loans held-for-sale, measurement input 3.028 2.795
v3.25.4
FAIR VALUE MEASUREMENTS - Schedule of Notes And Loans Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable $ 460,631 $ 393,786
Notes receivable financing liability 382,512 377,227
Loans receivable $ 11,396 $ 31,580
Discount Rate    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable financing liability discount rate 5.10% 5.70%
Discount Rate 12.00% 18.50%
Discount Rate | Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable, discount rate 7.80% 9.00%
Discount Rate | Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable, discount rate 13.60% 12.50%
Discount Rate | Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Notes receivable, discount rate 8.80% 9.20%
v3.25.4
FAIR VALUE MEASUREMENTS - Summary of Fair Value of Structured Alternative Investment Solution (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
d
Dec. 31, 2024
USD ($)
d
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Alternative investment $ 41,400  
Percentage of investments that cannot be redeemed 100.00%  
Minimum    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Redemption Notice Period | d 30 30
Liquidation term 7 years  
Maximum    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Redemption Notice Period | d 90 90
Liquidation term 9 years  
Fair Value | NAV    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Alternative investment $ 324,860 $ 333,106
Fair Value | NAV | Open-ended    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Alternative investment 162,055 172,409
Fair Value | NAV | Closed-ended    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Alternative investment $ 162,805 $ 160,697
v3.25.4
FAIR VALUE MEASUREMENTS - Loan Securitizations (Details)
$ in Thousands
Dec. 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 $ 3,265,142 $ 2,791,027
Unsecured notes, net of issuance costs 2,820,922 2,369,934
Residential Transitional Lending    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Investments at Fair Value 927,089 962,192
Unsecured notes, net of issuance costs $ 867,141 $ 859,023
Residential Transitional Lending | Discount Rate | Minimum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.015 0.017
Residential Transitional Lending | Discount Rate | Maximum    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.115 0.117
Residential Transitional Lending | Discount Rate | Weighted Average    
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]    
Measurement input 0.023 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
v3.25.4
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
Dec. 31, 2025
USD ($)
Dec. 31, 2024
USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair Value   $ 56,791 $ 66,670
Performing Financial Instruments      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair Value   $ 45,861 $ 51,011
Performing Financial Instruments | Minimum | Discount Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.061 0.063
Performing Financial Instruments | Minimum | Weighted Average Life (Years)      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Weighted Average Life (Years) 2 years 9 months 18 days 4 years 2 months 12 days  
Performing Financial Instruments | Minimum | Prepayment Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.043 0.060
Performing Financial Instruments | Minimum | CDR      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.009 0.018
Performing Financial Instruments | Minimum | Loss Severity      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.190 0.187
Performing Financial Instruments | Maximum | Discount Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.083 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 years 6 months  
Performing Financial Instruments | Maximum | Prepayment Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.070 0.082
Performing Financial Instruments | Maximum | CDR      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.023 0.229
Performing Financial Instruments | Maximum | Loss Severity      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.461 0.337
Performing Financial Instruments | Weighted Average | Discount Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.061 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 4 months 24 days 4 years 3 months 18 days  
Performing Financial Instruments | Weighted Average | Prepayment Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.069 0.080
Performing Financial Instruments | Weighted Average | CDR      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.023 0.036
Performing Financial Instruments | Weighted Average | Loss Severity      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.330 0.207
Non-performing loans      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Fair Value   $ 10,930 $ 15,659
Non-performing loans | Minimum | Discount Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.105 0.085
Non-performing loans | Minimum | Weighted Average Life (Years)      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Weighted Average Life (Years) 5 years 2 months 12 days 3 years  
Non-performing loans | Minimum | Prepayment Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.036 0.017
Non-performing loans | Minimum | CDR      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.048 0.013
Non-performing loans | Minimum | Loss Severity      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.286 0.124
Non-performing loans | Maximum | Discount Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.129 0.094
Non-performing loans | Maximum | Weighted Average Life (Years)      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Weighted Average Life (Years) 6 years 2 months 12 days 3 years 10 months 24 days  
Non-performing loans | Maximum | Prepayment Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.050 0.054
Non-performing loans | Maximum | CDR      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.066 0.093
Non-performing loans | Maximum | Loss Severity      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.721 0.399
Non-performing loans | Weighted Average | Discount Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.114 0.091
Non-performing loans | Weighted Average | Weighted Average Life (Years)      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Weighted Average Life (Years) 5 years 9 months 18 days 3 years 7 months 6 days  
Non-performing loans | Weighted Average | Prepayment Rate      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.045 0.035
Non-performing loans | Weighted Average | CDR      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.055 0.052
Non-performing loans | Weighted Average | Loss Severity      
Fair Value Measurement Inputs and Valuation Techniques [Line Items]      
Financing receivable, measurement input   0.454 0.231
v3.25.4
VARIABLE INTEREST ENTITIES - Narrative (Details)
 1 Months Ended 3 Months Ended 12 Months Ended
May 31, 2021
USD ($)
Mar. 31, 2025
USD ($)
shares
Sep. 30, 2024
loan
Dec. 31, 2025
USD ($)
fund
shares
Dec. 31, 2024
USD ($)
shares
Sep. 25, 2020
USD ($)
Variable Interest Entity [Line Items]            
Face Amount of Secured Notes and Bonds Payable       $ 34,168,392,000    
Number of common shares (in shares) | shares       57,564,122 51,964,122  
Long-term debt       $ 35,443,392,000    
Secured notes and bonds payable (includes [$185,460] and [$185,460] at fair value, respectively) [1]       15,203,770,000 $ 10,298,075,000  
CLOs            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs       $ 751,600,000 735,900,000  
Number of consolidated funds | fund       2    
IPO | Rithm Acquisition Corp            
Variable Interest Entity [Line Items]            
Sale of stock, consideration received on transaction   $ 230,000,000        
Securitization Notes Payable | Consumer Loan Companies            
Variable Interest Entity [Line Items]            
Face Amount of Secured Notes and Bonds Payable           $ 663,000,000
Secured Notes and Bonds Payable: | CLOs            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs       $ 751,600,000    
Notes payable retained       76,300,000    
Secured Notes and Bonds Payable: | Sculptor            
Variable Interest Entity [Line Items]            
Unsecured notes, net of issuance costs       203,700,000 224,100,000  
Secured notes and bonds payable (includes [$185,460] and [$185,460] at fair value, respectively)       350,000,000    
Notes payable retained       127,800,000    
Secured Notes and Bonds Payable: | Sculptor | CLOs            
Variable Interest Entity [Line Items]            
Secured notes and bonds payable (includes [$185,460] and [$185,460] at fair value, respectively)       $ 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]            
Face Amount of Secured Notes and Bonds Payable       $ 1,100,000,000    
Long-term debt       906,000,000.0    
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       16,500,000    
Variable Interest Entity, Primary Beneficiary | IPO | Rithm Acquisition Corp            
Variable Interest Entity [Line Items]            
Sale of stock, consideration received on transaction   $ 230,000,000        
Number of common shares (in shares) | shares   23,000,000        
Variable Interest Entity, Primary Beneficiary | IPO | Rithm Acquisition Corp | Common Class A            
Variable Interest Entity [Line Items]            
Number of common shares (in shares) | shares   23,000,000        
Variable Interest Entity, Primary Beneficiary | IPO | Rithm Acquisition Corp | Common Class A | Warrant            
Variable Interest Entity [Line Items]            
Number of common shares (in shares) | shares   7,666,667        
Variable Interest Entity, Primary Beneficiary | Line of Credit | Revolving Credit Facility            
Variable Interest Entity [Line Items]            
Line of credit facility, maximum borrowing capacity per quarter       $ 20,000,000    
Variable interest rate spread       3.00%    
Unused commitment fee       1.15%    
Line of credit facility, maximum borrowing capacity       $ 48,000,000    
Variable Interest Entity, Primary Beneficiary | Securitization Facility, 2021-1 | Securitization Notes Payable            
Variable Interest Entity [Line Items]            
Face Amount of Secured Notes and Bonds Payable $ 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       2,800,000,000    
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%    
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”), including funds and collateralized financing entities (“CFEs”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2025 and 2024, total assets of such consolidated VIEs were $10.7 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $8.2 billion and $5.2 billion, respectively. See Note 19 for further details.
v3.25.4
VARIABLE INTEREST ENTITIES - Variable Interest Entities, Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Assets      
Servicer advance investments, at fair value $ 294,322 $ 339,646  
Residential mortgage loans, HFS, at fair value 5,427,481 4,307,571  
Real estate, net [1] 6,175,735 1,056,193  
Intangible Assets, Net: 369,999 331,949  
Assets of consolidated entities - investments 5,789,349 5,107,826 $ 3,751,477
Cash and cash equivalents 1,847,626 1,458,743  
Restricted cash 809,312 308,443 378,048
Total Assets 53,063,126 46,048,957 39,717,084
Liabilities      
Secured financing agreements [1] 13,763,802 16,782,467  
Accrued expenses and other liabilities [1] 3,349,643 2,630,771  
Total Liabilities 43,808,416 38,162,647 $ 32,616,046
Residential Transition Loans of Consolidated Entities - Carrying Value      
Assets      
Servicer advance investments, at fair value 294,323 339,646  
Residential mortgage loans, HFS, at fair value 437,060 496,420  
Consumer loans 167,807 219,308  
Real estate, net 2,365,079    
Intangible Assets, Net: 678,650    
Assets of consolidated entities - investments 5,589,440 4,871,578  
Cash and cash equivalents 127,499 39,100  
Restricted cash 573,265 174,929  
Other assets 472,769 180,353  
Total Assets 10,705,892 6,321,334  
Liabilities      
Secured financing agreements 360,140 384,948  
Secured notes and bonds payable 2,678,353 443,643  
Notes payable and secured financing of consolidated entities 4,897,802 4,188,915  
Accrued expenses and other liabilities 270,196 164,973  
Total Liabilities 8,206,491 5,182,479  
Residential Transition Loans of Consolidated Entities - Carrying Value | Advance Purchaser      
Assets      
Servicer advance investments, at fair value 294,323 339,646  
Residential mortgage loans, HFS, at fair value 0 0  
Consumer loans 0 0  
Real estate, net 0    
Intangible Assets, Net: 0    
Assets of consolidated entities - investments 0 0  
Cash and cash equivalents 13,164 5,163  
Restricted cash 5,019 6,727  
Other assets 4 4  
Total Assets 312,510 351,540  
Liabilities      
Secured financing agreements 0 0  
Secured notes and bonds payable 229,069 258,183  
Notes payable and secured financing of consolidated entities 0 0  
Accrued expenses and other liabilities 1,532 1,975  
Total Liabilities 230,601 260,158  
Residential Transition Loans of Consolidated Entities - Carrying Value | Newrez Joint Ventures      
Assets      
Servicer advance investments, at fair value 0 0  
Residential mortgage loans, HFS, at fair value 0 0  
Consumer loans 0 0  
Real estate, net 0    
Intangible Assets, Net: 0    
Assets of consolidated entities - investments 0 0  
Cash and cash equivalents 21,754 21,023  
Restricted cash 0 0  
Other assets 445 452  
Total Assets 22,199 21,475  
Liabilities      
Secured financing agreements 0 0  
Secured notes and bonds payable 0 0  
Notes payable and secured financing of consolidated entities 0 0  
Accrued expenses and other liabilities 2,334 1,854  
Total Liabilities 2,334 1,854  
Residential Transition Loans of Consolidated Entities - Carrying Value | Residential Mortgage Loans      
Assets      
Servicer advance investments, at fair value 0 0  
Residential mortgage loans, HFS, at fair value 437,060 496,420  
Consumer loans 0 0  
Real estate, net 0    
Intangible Assets, Net: 0    
Assets of consolidated entities - investments 0 0  
Cash and cash equivalents 0 0  
Restricted cash 5,953 6,087  
Other assets 0 0  
Total Assets 443,013 502,507  
Liabilities      
Secured financing agreements 360,140 384,948  
Secured notes and bonds payable 0 0  
Notes payable and secured financing of consolidated entities 0 0  
Accrued expenses and other liabilities 0 0  
Total Liabilities 360,140 384,948  
Residential Transition Loans of Consolidated Entities - Carrying Value | Consumer Loan Companies      
Assets      
Servicer advance investments, at fair value 0 0  
Residential mortgage loans, HFS, at fair value 0 0  
Consumer loans 167,807 219,308  
Real estate, net 0    
Intangible Assets, Net: 0    
Assets of consolidated entities - investments 0 0  
Cash and cash equivalents 254 1,118  
Restricted cash 10,000 11,492  
Other assets 310 4,618  
Total Assets 178,371 236,536  
Liabilities      
Secured financing agreements 0 0  
Secured notes and bonds payable 143,442 185,460  
Notes payable and secured financing of consolidated entities 0 0  
Accrued expenses and other liabilities 1,344 226  
Total Liabilities 144,786 185,686  
Residential Transition Loans of Consolidated Entities - Carrying Value | Asset Management and Other      
Assets      
Servicer advance investments, at fair value 0 0  
Residential mortgage loans, HFS, at fair value 0 0  
Consumer loans 0 0  
Real estate, net 2,365,079    
Intangible Assets, Net: 678,650    
Assets of consolidated entities - investments 0 0  
Cash and cash equivalents 91,926 11,796  
Restricted cash 181,383 0  
Other assets 404,314 89,654  
Total Assets 3,721,352 101,450  
Liabilities      
Secured financing agreements 0 0  
Secured notes and bonds payable 2,305,842 0  
Notes payable and secured financing of consolidated entities 0 0  
Accrued expenses and other liabilities 130,085 1,589  
Total Liabilities 2,435,927 1,589  
Residential Transition Loans of Consolidated Entities - Carrying Value | SPAC      
Assets      
Servicer advance investments, at fair value 0 0  
Residential mortgage loans, HFS, at fair value 0 0  
Consumer loans 0 0  
Real estate, net 0    
Intangible Assets, Net: 0    
Assets of consolidated entities - investments 0 0  
Cash and cash equivalents 401 0  
Restricted cash 238,435 0  
Other assets 262 0  
Total Assets 239,098 0  
Liabilities      
Secured financing agreements 0 0  
Secured notes and bonds payable 0 0  
Notes payable and secured financing of consolidated entities 0 0  
Accrued expenses and other liabilities 8,152 0  
Total Liabilities 8,152 0  
Residential Transition Loans of Consolidated Entities - Carrying Value | Residential Transitional Lending      
Assets      
Servicer advance investments, at fair value 0 0  
Residential mortgage loans, HFS, at fair value 0 0  
Consumer loans 0 0  
Real estate, net 0    
Intangible Assets, Net: 0    
Assets of consolidated entities - investments 927,089 962,192  
Cash and cash equivalents 0 0  
Restricted cash 12,875 7,172  
Other assets 40,796 26,348  
Total Assets 980,760 995,712  
Liabilities      
Secured financing agreements 0 0  
Secured notes and bonds payable 0 0  
Notes payable and secured financing of consolidated entities 867,141 859,023  
Accrued expenses and other liabilities 1,076 1,099  
Total Liabilities 868,217 860,122  
Residential Transition Loans of Consolidated Entities - Carrying Value | 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  
Real estate, net 0    
Intangible Assets, Net: 0    
Assets of consolidated entities - investments 3,265,142 2,791,027  
Cash and cash equivalents 0 0  
Restricted cash 18,084 17,293  
Other assets 0 0  
Total Assets 3,283,226 2,808,320  
Liabilities      
Secured financing agreements 0 0  
Secured notes and bonds payable 0 0  
Notes payable and secured financing of consolidated entities 2,820,922 2,369,934  
Accrued expenses and other liabilities 18,418 17,626  
Total Liabilities 2,839,340 2,387,560  
Residential Transition Loans of Consolidated Entities - Carrying Value | Consolidated Funds      
Assets      
Servicer advance investments, at fair value 0 0  
Residential mortgage loans, HFS, at fair value 0 0  
Consumer loans 0 0  
Real estate, net 0    
Intangible Assets, Net: 0    
Assets of consolidated entities - investments 1,397,209 1,118,359  
Cash and cash equivalents 0 0  
Restricted cash 101,516 126,158  
Other assets 26,638 59,277  
Total Assets 1,525,363 1,303,794  
Liabilities      
Secured financing agreements 0 0  
Secured notes and bonds payable 0 0  
Notes payable and secured financing of consolidated entities 1,209,739 959,958  
Accrued expenses and other liabilities 107,255 140,604  
Total Liabilities $ 1,316,994 $ 1,100,562  
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”), including funds and collateralized financing entities (“CFEs”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2025 and 2024, total assets of such consolidated VIEs were $10.7 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $8.2 billion and $5.2 billion, respectively. See Note 19 for further details.
v3.25.4
VARIABLE INTEREST ENTITIES - Variable Interest Entities, Characteristics (Details) - Variable Interest Entity, Not Primary Beneficiary - Real Estate Bonds - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Variable Interest Entity [Line Items]    
Residential mortgage loan UPB and other collateral $ 9,326,370 $ 8,152,970
Weighted average delinquency 4.20% 5.20%
Net credit losses $ 173,618 $ 161,646
Face amount of debt held by third parties 8,664,576 7,532,832
Carrying value of bonds retained by Rithm Capital 595,892 532,845
Cash flows received by Rithm Capital on these notes $ 104,403 $ 94,589
Number of days delinquent (in days) 60 days  
v3.25.4
VARIABLE INTEREST ENTITIES - Variable Interest Entities, Unconsolidated (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]    
Unearned income and fees $ 9,056 $ 17,268
Income and fees receivable 123,959 35,723
Investments in non-consolidated VIEs 990,130 830,105
Unfunded commitments 215,215 174,530
Other commitments 25,521 25,521
Maximum Exposure to Loss 1,363,881 1,083,147
Employees And Executive Managing Directors    
Variable Interest Entity, Reporting Entity Involvement, Maximum Loss Exposure [Abstract]    
Unfunded commitments $ 131,200 $ 133,900
v3.25.4
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER - Schedule of Other Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other revenues      
Other Income [Line Items]      
Total Other Revenues $ 238,927 $ 227,472 $ 236,167
Property and maintenance      
Other Income [Line Items]      
Total Other Revenues 109,838 121,293 133,424
Rental      
Other Income [Line Items]      
Total Other Revenues 102,374 76,561 73,216
Other      
Other Income [Line Items]      
Total Other Revenues $ 26,715 $ 29,618 $ 29,527
v3.25.4
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER - Schedule of General and Administrative Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Income and Expenses [Abstract]      
Legal and professional $ 136,520 $ 104,459 $ 103,795
Loan origination 64,762 51,313 45,123
Occupancy 62,883 61,305 50,367
Subservicing 52,614 70,580 130,346
Loan servicing 148,741 41,958 17,901
Property and maintenance 124,922 122,581 97,582
Depreciation and amortization 107,477 124,131 80,681
Information technology 121,630 129,710 107,347
Insurance-related expenses 5,392 0 0
Other 186,623 162,447 127,960
Total General and Administrative Expenses $ 1,011,564 $ 868,484 $ 761,102
v3.25.4
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER - Schedule of Components of Other Income (Loss) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Other Income and Expenses [Abstract]      
Real estate and other securities $ 25,262 $ 4,328 $ 18,085
Residential mortgage loans and REO 22,108 34,065 19,861
Derivative and hedging instruments (20,589) (3,198) (3,503)
Notes and bonds payable (1,716) (7,407) (12,843)
Consolidated entities 79,442 97,340 17,780
Insurance company investments 2,606 0 0
Other 18,754 (52,489) (29,274)
Realized and unrealized gains, net 125,867 72,639 10,106
Other income (loss), net 83,164 57,255 (40,377)
Total Other Income (Loss) $ 209,031 $ 129,894 $ (30,271)
v3.25.4
ASSET MANAGEMENT REVENUES - Schedule of Asset Management Revenues (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Disaggregation of Revenue [Line Items]      
Total Asset Management Revenues $ 4,590,228 $ 4,917,492 $ 3,732,625
Asset Management      
Disaggregation of Revenue [Line Items]      
Total Asset Management Revenues 627,040 520,294 82,681
Management fees      
Disaggregation of Revenue [Line Items]      
Revenue 262,805 232,691 29,465
Incentive income      
Disaggregation of Revenue [Line Items]      
Revenue 364,235 287,603 50,804
Other asset management revenue      
Disaggregation of Revenue [Line Items]      
Revenue $ 0 $ 0 $ 2,412
v3.25.4
ASSET MANAGEMENT REVENUES - Schedule of Income and Fees Receivables (Details) - Subsidiaries - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Total Income and Fees Receivable $ 337,712 $ 208,672
Management fees receivable    
Disaggregation of Revenue [Line Items]    
Total Income and Fees Receivable 47,542 25,337
Incentive income receivable    
Disaggregation of Revenue [Line Items]    
Total Income and Fees Receivable $ 290,170 $ 183,335
v3.25.4
ASSET MANAGEMENT REVENUES - Schedule of Unearned Income and Fees (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Disaggregation of Revenue [Line Items]    
Unearned income and fees $ 9,346 $ 17,280
Subsidiaries    
Disaggregation of Revenue [Line Items]    
Unearned income and fees 9,346 17,280
Unearned management fees | Subsidiaries    
Disaggregation of Revenue [Line Items]    
Unearned income and fees 310 12
Unearned incentive income | Subsidiaries    
Disaggregation of Revenue [Line Items]    
Unearned income and fees $ 9,036 $ 17,268
v3.25.4
NONCONTROLLING INTERESTS - Others' Interest in Equity of Consumer Loan Companies (Details) - USD ($)
$ in Thousands
 12 Months Ended
Jun. 28, 2024
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 19, 2025
Dec. 31, 2022
Noncontrolling Interest [Line Items]            
Total Consolidated Equity   $ 8,940,407 $ 7,886,310 $ 7,101,038   $ 7,010,068
Non-controlling Interest in Equity of Consolidated Subsidiaries   509,920 91,336 94,096    
Net Income   718,092 941,492 630,674    
Noncontrolling interests in income of consolidated subsidiaries   8,820 $ 9,989 $ 8,417    
The Aggregators | Paramount Group, Inc.            
Noncontrolling Interest [Line Items]            
Total Consolidated Equity   1,600,000        
Net Income   $ 2,500        
Equity interest acquired         3.90%  
Consumer Loan Companies            
Noncontrolling Interest [Line Items]            
Ownership percentage purchased 46.50%          
Payments to acquire interest in subsidiaries and affiliates $ 22,000          
Residential Transition Loans of Consolidated Entities - Carrying Value | Advance Purchaser            
Noncontrolling Interest [Line Items]            
Others' Ownership Interest   10.70% 10.70%      
Residential Transition Loans of Consolidated Entities - Carrying Value | Advance Purchaser | Weighted Average            
Noncontrolling Interest [Line Items]            
Others' Ownership Interest   10.70% 10.70% 10.70%    
Residential Transition Loans of Consolidated Entities - Carrying Value | Newrez Joint Ventures            
Noncontrolling Interest [Line Items]            
Others' Ownership Interest   49.50% 49.50%      
Residential Transition Loans of Consolidated Entities - Carrying Value | Newrez Joint Ventures | Weighted Average            
Noncontrolling Interest [Line Items]            
Others' Ownership Interest   49.50% 49.50% 49.50%    
Residential Transition Loans of Consolidated Entities - Carrying Value | Consumer Loan Companies            
Noncontrolling Interest [Line Items]            
Ownership percentage by parent 100.00%          
Residential Transition Loans of Consolidated Entities - Carrying Value | Consumer Loan Companies | Weighted Average            
Noncontrolling Interest [Line Items]            
Others' Ownership Interest   0.00% 46.50% 46.50%    
Residential Transition Loans of Consolidated Entities - Carrying Value | Excess MSRs            
Noncontrolling Interest [Line Items]            
Others' Ownership Interest   20.00% 20.00%      
Subsidiary, ownership percentage, noncontrolling owner, after acquisition   20.00% 20.00%      
Residential Transition Loans of Consolidated Entities - Carrying Value | Other investments            
Noncontrolling Interest [Line Items]            
Others' Ownership Interest   22.30% 10.00%      
Subsidiary, ownership percentage, noncontrolling owner, after acquisition   22.30% 9.70%      
Residential Transition Loans of Consolidated Entities - Carrying Value | Advance Purchaser            
Noncontrolling Interest [Line Items]            
Total Consolidated Equity   $ 81,909 $ 91,384      
Non-controlling Interest in Equity of Consolidated Subsidiaries   8,759 9,770      
Net Income   4,274 1,221 $ 7,978    
Noncontrolling interests in income of consolidated subsidiaries   456 129 852    
Residential Transition Loans of Consolidated Entities - Carrying Value | Newrez Joint Ventures            
Noncontrolling Interest [Line Items]            
Total Consolidated Equity   19,865 19,621      
Non-controlling Interest in Equity of Consolidated Subsidiaries   9,833 9,687      
Net Income   6,519 5,159 1,174    
Noncontrolling interests in income of consolidated subsidiaries   3,227 2,554 581    
Residential Transition Loans of Consolidated Entities - Carrying Value | Consumer Loan Companies            
Noncontrolling Interest [Line Items]            
Net Income   423 3,153 14,235    
Noncontrolling interests in income of consolidated subsidiaries   0 (2,384) 6,619    
Residential Transition Loans of Consolidated Entities - Carrying Value | Excess MSRs            
Noncontrolling Interest [Line Items]            
Total Consolidated Equity   119,931 136,645      
Non-controlling Interest in Equity of Consolidated Subsidiaries   23,986 27,329      
Net Income   9,042 26,450 0    
Noncontrolling interests in income of consolidated subsidiaries   1,808 5,290 0    
Residential Transition Loans of Consolidated Entities - Carrying Value | Other investments            
Noncontrolling Interest [Line Items]            
Total Consolidated Equity   114,175 50,778      
Non-controlling Interest in Equity of Consolidated Subsidiaries   25,492 4,608      
Net Income   9,858 981 0    
Noncontrolling interests in income of consolidated subsidiaries   2,620 98 0    
Residential Transition Loans of Consolidated Entities - Carrying Value | Asset management            
Noncontrolling Interest [Line Items]            
Total Consolidated Equity   2,092,324 844,669      
Non-controlling Interest in Equity of Consolidated Subsidiaries   441,850 39,942      
Net Income   31,598 27,370 0    
Noncontrolling interests in income of consolidated subsidiaries   $ 709 $ 4,302 $ 0    
v3.25.4
NONCONTROLLING INTERESTS - Schedule of Redeemable Noncontrolling Interest (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at December 31, 2024 $ 0
Initial carrying value 287,517
Distributions (1,040)
Change in redemption value 15,611
Comprehensive income 12,215
Balance at December 31, 2025 314,303
SPAC  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at December 31, 2024 0
Initial carrying value 214,389
Distributions 0
Change in redemption value 15,611
Comprehensive income 8,435
Balance at December 31, 2025 238,435
Consolidated Entity  
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward]  
Balance at December 31, 2024 0
Initial carrying value 73,128
Distributions (1,040)
Change in redemption value 0
Comprehensive income 3,780
Balance at December 31, 2025 $ 75,868
v3.25.4
EQUITY-BASED COMPENSATION - Narrative (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2017
Nov. 11, 2024
May 25, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Share-based compensation expense $ 71,600,000 $ 49,100,000 $ 14,100,000        
Shares reserved for future issuance (in shares)             34,240,000
Vested (in shares) 2,277,989            
Number of options (in shares) 14,423,655 14,423,655          
Common stock, shares authorized (in shares) 2,000,000,000 2,000,000,000          
Share price (in dollars per share) $ 10.90            
Options granted (in shares) 0     1,000 1,000    
Option exercise (in shares) 0            
Expired (in shares) 0            
Accrued expenses and other liabilities [1] $ 3,349,643,000 $ 2,630,771,000          
Range of exercise prices (in dollars per share) $ 15.16 $ 15.16          
Director              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of options (in shares) 1,000            
Range of exercise prices (in dollars per share) $ 10.70            
Former Manager              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Number of options (in shares)           7,050,335  
Common stock, shares authorized (in shares)           900,000  
Intrinsic value of options exercised $ 0 $ 9,940,000 $ 0        
Restricted Stock Units (RSUs)              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period 3 years            
Weighted average grant date fair value (in dollars per share) $ 11.40 $ 10.90 $ 10.41        
Unrecognized compensation expense $ 43,600,000            
Weighted-average period 2 years 4 months 24 days            
Vested, fair value $ 19,100,000 $ 14,600,000          
Vested (in shares) 1,830,753   0        
Profit Stock Units              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period 3 years            
Weighted average grant date fair value (in dollars per share) $ 11.89 $ 10.70 $ 9.52        
Unrecognized compensation expense $ 6,300,000            
Weighted-average period 1 year 7 months 6 days            
Vested (in shares) 0 0 0        
Class B Profits Units | Time-Vesting              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vested (in shares) 254,558            
Class B Profits Units | Performance-Vesting              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vested (in shares) 0            
Class B Profits Units | RCM Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vesting period 3 years            
Unrecognized compensation expense $ 44,500,000            
Weighted-average period 1 year 9 months 18 days            
Class B Profits Units | RCM Plan | Time-Vesting              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Weighted average grant date fair value (in dollars per share) $ 11.89 $ 10.72          
Vested (in shares) 0 0 0        
Class B Profits Units | RCM Plan | Performance-Vesting              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Weighted average grant date fair value (in dollars per share) $ 11.88 $ 10.79          
Vested (in shares) 0 0 0        
Class B Profits Units | Minimum | RCM Plan | Tranche One              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Target value of the award (as a percent) 0.00%            
Class B Profits Units | Minimum | RCM Plan | Tranche Two              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Target value of the award (as a percent) 0.00%            
Class B Profits Units | Maximum | RCM Plan | Tranche One              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Target value of the award (as a percent) 300.00%            
Class B Profits Units | Maximum | RCM Plan | Tranche Two              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Target value of the award (as a percent) 200.00%            
Restricted stock              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vested, fair value $ 1,700,000 $ 1,700,000 $ 1,700,000        
Vested (in shares) 192,678            
Profit Units              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Vested (in shares) 0            
Profit Units | Long-Term Incentive Plan              
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]              
Weighted average grant date fair value (in dollars per share) $ 50.15 $ 63.34 $ 66.03        
Unrecognized compensation expense $ 48,600,000            
Weighted-average period 2 years 1 month 6 days            
Vested (in shares) 0 0 0        
Reserved shares of common stock for issuance (in shares) 1,000,000            
Award requisite service period 5 years            
Accrued expenses and other liabilities $ 17,600,000 $ 7,600,000          
[1] The Company's consolidated balance sheets include assets and liabilities of consolidated variable interest entities (“VIEs”), including funds and collateralized financing entities (“CFEs”) that are presented separately within assets and liabilities of consolidated entities. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2025 and 2024, total assets of such consolidated VIEs were $10.7 billion and $6.3 billion, respectively, and total liabilities of such consolidated VIEs were $8.2 billion and $5.2 billion, respectively. See Note 19 for further details.
v3.25.4
EQUITY-BASED COMPENSATION - Schedule of Granted, Forfeited or Vested (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Number of Shares / Units      
Beginning balance (in shares) 11,974,332    
Granted (in shares) 8,224,921    
Accrued RSU and PSU dividend equivalents (in shares) 1,292,501    
Performance adjustment - PSU base grant (in shares) 367,012    
Performance adjustment - accrued PSU dividend equivalent (in shares) 35,828    
Vested (in shares) (2,277,989)    
Forfeited (in shares) (443,921)    
Ending balance (in shares) 19,172,684 11,974,332  
Restricted stock      
Number of Shares / Units      
Beginning balance (in shares) 192,678    
Granted (in shares) 0 0 0
Accrued RSU and PSU dividend equivalents (in shares) 0    
Performance adjustment - PSU base grant (in shares) 0    
Performance adjustment - accrued PSU dividend equivalent (in shares) 0    
Vested (in shares) (192,678)    
Forfeited (in shares) 0    
Ending balance (in shares) 0 192,678  
Weighted-Average Grant-Date Fair Value      
Beginning balance (in dollars per share) $ 8.65    
Granted (in dollars per share) 0    
Accrued RSU and PSU dividend equivalents (in dollars per share) 0    
Performance adjustment - PSU base grant (in dollars per share) 0    
Performance adjustment - accrued PSU dividend equivalent (in dollars per share) 0    
Vested (in dollars per share) 8.65    
Forfeited (in dollars per share) 0    
Ending balance (in dollars per share) $ 0 $ 8.65  
Restricted Stock Units (RSUs)      
Number of Shares / Units      
Beginning balance (in shares) 4,584,121    
Granted (in shares) 4,107,559    
Accrued RSU and PSU dividend equivalents (in shares) 488,432    
Performance adjustment - PSU base grant (in shares) 0    
Performance adjustment - accrued PSU dividend equivalent (in shares) 0    
Vested (in shares) (1,830,753)   0
Forfeited (in shares) (107,810)    
Ending balance (in shares) 7,241,549 4,584,121  
Weighted-Average Grant-Date Fair Value      
Beginning balance (in dollars per share) $ 10.55    
Granted (in dollars per share) 11.40    
Accrued RSU and PSU dividend equivalents (in dollars per share) 10.75    
Performance adjustment - PSU base grant (in dollars per share) 0    
Performance adjustment - accrued PSU dividend equivalent (in dollars per share) 0    
Vested (in dollars per share) 10.46    
Forfeited (in dollars per share) 10.92    
Ending balance (in dollars per share) $ 11.06 $ 10.55  
Phantom Share Units (PSUs)      
Number of Shares / Units      
Beginning balance (in shares) 3,220,901    
Granted (in shares) 414,773    
Accrued RSU and PSU dividend equivalents (in shares) 298,401    
Performance adjustment - PSU base grant (in shares) 90,769    
Performance adjustment - accrued PSU dividend equivalent (in shares) 16,619    
Vested (in shares) 0    
Forfeited (in shares) (336,111)    
Ending balance (in shares) 3,705,352 3,220,901  
Weighted-Average Grant-Date Fair Value      
Beginning balance (in dollars per share) $ 9.66    
Granted (in dollars per share) 11.89    
Accrued RSU and PSU dividend equivalents (in dollars per share) 9.91    
Performance adjustment - PSU base grant (in dollars per share) 10.70    
Performance adjustment - accrued PSU dividend equivalent (in dollars per share) 10.70    
Vested (in dollars per share) 0    
Forfeited (in dollars per share) 9.54    
Ending balance (in dollars per share) $ 9.97 $ 9.66  
Class B Profits Units | Time-Vesting      
Number of Shares / Units      
Beginning balance (in shares) 746,863    
Granted (in shares) 630,782    
Accrued RSU and PSU dividend equivalents (in shares) 72,159    
Performance adjustment - PSU base grant (in shares) 0    
Performance adjustment - accrued PSU dividend equivalent (in shares) 0    
Vested (in shares) (254,558)    
Forfeited (in shares) 0    
Ending balance (in shares) 1,195,246 746,863  
Weighted-Average Grant-Date Fair Value      
Beginning balance (in dollars per share) $ 10.72    
Granted (in dollars per share) 11.89    
Accrued RSU and PSU dividend equivalents (in dollars per share) 11.40    
Performance adjustment - PSU base grant (in dollars per share) 0    
Performance adjustment - accrued PSU dividend equivalent (in dollars per share) 0    
Vested (in dollars per share) 10.73    
Forfeited (in dollars per share) 0    
Ending balance (in dollars per share) $ 11.38 $ 10.72  
Class B Profits Units | Performance-Vesting      
Number of Shares / Units      
Beginning balance (in shares) 3,229,769    
Granted (in shares) 3,071,807    
Accrued RSU and PSU dividend equivalents (in shares) 433,509    
Performance adjustment - PSU base grant (in shares) 276,243    
Performance adjustment - accrued PSU dividend equivalent (in shares) 19,209    
Vested (in shares) 0    
Forfeited (in shares) 0    
Ending balance (in shares) 7,030,537 3,229,769  
Weighted-Average Grant-Date Fair Value      
Beginning balance (in dollars per share) $ 10.79    
Granted (in dollars per share) 11.88    
Accrued RSU and PSU dividend equivalents (in dollars per share) 11.31    
Performance adjustment - PSU base grant (in dollars per share) 10.86    
Performance adjustment - accrued PSU dividend equivalent (in dollars per share) 10.86    
Vested (in dollars per share) 0    
Forfeited (in dollars per share) 0    
Ending balance (in dollars per share) $ 11.30 $ 10.79  
Profit Units      
Number of Shares / Units      
Beginning balance (in shares) 521,000    
Granted (in shares) 34,000    
Vested (in shares) 0    
Forfeited (in shares) (8,000)    
Ending balance (in shares) 547,000 521,000  
Weighted-Average Grant-Date Fair Value      
Beginning balance (in dollars per share) $ 65.87    
Granted (in dollars per share) 50.15    
Vested (in dollars per share) 0    
Forfeited (in dollars per share) 65.52    
Ending balance (in dollars per share) $ 64.89 $ 65.87  
v3.25.4
EQUITY-BASED COMPENSATION - Schedule of Outstanding Options - Period End (Details) - USD ($)
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2022
Dec. 31, 2017
Dec. 31, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options outstanding (in shares) 14,423,655      
Options exercisable (in shares) 14,423,655      
Weighted average exercise price (in dollars per share) $ 15.16     $ 15.16
Options granted (in shares) 0 1,000 1,000  
Director        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options outstanding (in shares) 2,000      
Options exercisable (in shares) 2,000      
Weighted average exercise price (in dollars per share) $ 10.70      
Intrinsic value of exercisable options $ 390      
Former Manager | 2017        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options outstanding (in shares) 1,130,916      
Options exercisable (in shares) 1,130,916      
Weighted average exercise price (in dollars per share) $ 12.84      
Intrinsic value of exercisable options $ 0      
Former Manager | 2018        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options outstanding (in shares) 5,320,000      
Options exercisable (in shares) 5,320,000      
Weighted average exercise price (in dollars per share) $ 15.57      
Intrinsic value of exercisable options $ 0      
Former Manager | 2019        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options outstanding (in shares) 6,351,000      
Options exercisable (in shares) 6,351,000      
Weighted average exercise price (in dollars per share) $ 14.95      
Intrinsic value of exercisable options $ 0      
Former Manager | 2020        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock options outstanding (in shares) 1,619,739      
Options exercisable (in shares) 1,619,739      
Weighted average exercise price (in dollars per share) $ 16.30      
Intrinsic value of exercisable options $ 0      
v3.25.4
EQUITY-BASED COMPENSATION - Assumptions (Details) - Profit Units - Long-Term Incentive Plan
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Risk-free interest rate 3.50% 4.20% 4.20%
Expected term to monetization event (in years) 2 years 8 months 12 days 3 years 8 months 12 days 4 years 8 months 12 days
Volatility 37.20% 42.00% 44.20%
Measurement Input, Discount for Lack of Marketability      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Discount for lack of marketability 13.60% 17.50% 20.20%
v3.25.4
EQUITY AND EARNINGS PER SHARE - Narrative (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Sep. 22, 2025
Sep. 18, 2025
Mar. 28, 2025
Sep. 24, 2024
Aug. 05, 2022
Sep. 30, 2025
Sep. 30, 2021
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Feb. 28, 2025
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                        
Common stock, shares authorized (in shares)               2,000,000,000 2,000,000,000 2,000,000,000    
Common stock, par value (in dollars per share) $ 0.01       $ 0.01     $ 0.01 $ 0.01 $ 0.01    
Preferred stock, shares authorized (in shares)               100,000,000 100,000,000 100,000,000    
Preferred stock, par values (in dollars per share)               $ 0.01 $ 0.01 $ 0.01    
Number of common shares (in shares)                 57,564,122 51,964,122    
Liquidation preference per share (in dollars per share)               $ 25.00 $ 25.00      
Shares repurchased (in shares)                 0      
Redemption of shares value                 $ 50.0      
Dividends declared (in dollars per share)                 $ 10.13 $ 7.93 $ 7.00  
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
Common Stock                        
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                        
Stock repurchase program, authorized amount                       $ 200.0
Preferred Stock                        
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                        
Stock repurchase program, authorized amount                       $ 100.0
Public Offering                        
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                        
Sale of stock, consideration received on transaction       $ 340.2                
Public Offering | Common Stock                        
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                
Distribution Agreement | Common Stock                        
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                        
Number of common shares (in shares)                 32,900,000      
Sale of stock, consideration received on transaction $ 750.0       $ 500.0              
8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock                        
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                        
Number of common shares (in shares)                 7,600,000 0    
Interest rate           8.75%   8.75%        
Dividends declared (in dollars per share)               $ 0.85 $ 0.85 $ 0 0  
Preferred dividends               $ 6.5        
8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock | Public Offering                        
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                        
Preferred stock, par values (in dollars per share)   $ 0.01                    
Number of common shares (in shares)   7,600,000                    
Interest rate   8.75%                    
Liquidation preference per share (in dollars per share)   $ 25.00                    
Sale of stock, consideration received on transaction   $ 183.5                    
Number of additional shares issued in transaction (in shares)   1,140,000                    
7.50% Series A Preferred Stock                        
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                        
Number of common shares (in shares)                 4,200,068 6,200,068    
Interest rate                 7.50%      
Liquidation preference per share (in dollars per share)               $ 25.00 $ 25.00      
Redemption of shares (in shares)     2,000,000           2,000,000      
Redemption price (in dollars per share)                 $ 25.00      
Dividends declared (in dollars per share)               $ 0.63 $ 2.60 $ 2.33 1.88  
Preferred dividends               $ 4.2        
7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock                        
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                        
Number of common shares (in shares)                 11,260,712 11,260,712    
Liquidation preference per share (in dollars per share)               $ 25.00 $ 25.00      
Dividends declared (in dollars per share)               $ 0.62 $ 2.55 $ 2.26 1.78  
Preferred dividends               $ 7.0        
6.375% Series C Preferred Stock                        
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]                        
Number of common shares (in shares)                 15,903,342 15,903,342    
Liquidation preference per share (in dollars per share)               $ 25.00 $ 25.00      
Dividends declared (in dollars per share)               $ 0.58 $ 2.38 $ 1.59 1.59  
Preferred dividends               $ 9.2        
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% 7.00%        
Dividends declared (in dollars per share)               $ 0.44 $ 1.75 $ 1.75 $ 1.75  
Preferred dividends               $ 8.2        
v3.25.4
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
Aug. 15, 2024
Sep. 30, 2025
Sep. 30, 2021
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]                
Number of shares issued (in shares)           57,564,122 51,964,122  
Liquidation preference         $ 1,439,104 $ 1,439,104 $ 1,299,104  
Carrying Value         $ 1,390,790 $ 1,390,790 $ 1,257,254  
Dividends declared (in dollars per share)           $ 10.13 $ 7.93 $ 7.00
Liquidation preference per share (in dollars per share)         $ 25.00 $ 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 $ 105,002 $ 155,002  
Issuance Discount           3.15%    
Carrying Value         $ 99,822 $ 99,822 $ 149,822  
Dividends declared (in dollars per share)         $ 0.63 $ 2.60 $ 2.33 1.88
Liquidation preference per share (in dollars per share)         $ 25.00 $ 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 $ 281,518  
Issuance Discount           3.15%    
Carrying Value         $ 272,654 $ 272,654 $ 272,654  
Dividends declared (in dollars per share)         $ 0.62 $ 2.55 $ 2.26 1.78
Liquidation preference per share (in dollars per share)         $ 25.00 $ 25.00    
Preferred stock, dividend payment rate, basis spread   7.125%       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 $ 397,584  
Issuance Discount           3.15%    
Carrying Value         $ 385,289 $ 385,289 $ 385,289  
Dividends declared (in dollars per share)         $ 0.58 $ 2.38 $ 1.59 1.59
Liquidation preference per share (in dollars per share)         $ 25.00 $ 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% 7.00%      
Number of shares issued (in shares)           18,600,000 18,600,000  
Liquidation preference         $ 465,000 $ 465,000 $ 465,000  
Issuance Discount           3.15%    
Carrying Value         $ 449,489 $ 449,489 $ 449,489  
Dividends declared (in dollars per share)         $ 0.44 $ 1.75 $ 1.75 1.75
8.75% Series E Preferred Stock                
Class of Stock [Line Items]                
Interest rate     8.75%   8.75%      
Number of shares issued (in shares)           7,600,000 0  
Liquidation preference         $ 190,000 $ 190,000 $ 0  
Issuance Discount           3.15%    
Carrying Value         $ 183,536 $ 183,536 $ 0  
Dividends declared (in dollars per share)         $ 0.85 $ 0.85 $ 0 $ 0
v3.25.4
EQUITY AND EARNINGS PER SHARE - Schedule of Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Earnings Per Share [Abstract]                              
Dividends declared per share of common stock (in dollars per share) $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 1.00 $ 1.00 $ 1.00
Total Amounts Distributed $ 139.0 $ 138.5 $ 132.6 $ 132.5 $ 130.2 $ 129.9 $ 122.4 $ 120.9 $ 120.8 $ 120.8 $ 120.8 $ 120.8      
v3.25.4
EQUITY AND EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Net income $ 718,092 $ 941,492 $ 630,674
Non-controlling interests in income of consolidated subsidiaries 8,820 9,989 8,417
Redeemable non-controlling interests in income of consolidated subsidiaries 12,215 0 0
Net Income (Loss) Attributable to Rithm Capital Corp. 697,057 931,503 622,257
Change in redemption value of redeemable non-controlling interests (15,611) 0 0
Dividends on preferred stock 114,246 96,456 89,579
Net Income (Loss) Attributable to Common Stockholders 567,200 835,047 532,678
Net Income Attributable to Common Stockholders - diluted $ 567,200 $ 835,047 $ 532,678
Basic weighted average shares of common stock outstanding (in shares) 537,879,037 495,479,956 481,934,951
Common stock purchase warrants (in shares) 0 0 1,112,943
Diluted Weighted Average Shares of Common Stock Outstanding (in shares) 546,091,491 499,597,670 483,716,715
Basic Earnings per Share Attributable to Common Stockholders (in dollars per share) $ 1.05 $ 1.69 $ 1.11
Diluted Earnings per Share Attributable to Common Stockholders (in dollars per share) $ 1.04 $ 1.67 $ 1.10
Stock options      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect of dilutive securities (in shares) 134 108 192,388
Restricted stock      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect of dilutive securities (in shares) 43,355 185,678 223,998
Time-based RSU awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect of dilutive securities (in shares) 2,991,663 1,980,499 174,554
Performance-based RSU awards      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect of dilutive securities (in shares) 2,605,642 1,444,503 77,881
Time-based Class B Profit Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect of dilutive securities (in shares) 715,543 197,900 0
Performance-based Class B Profit Units      
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Effect of dilutive securities (in shares) 1,856,117 309,026 0
v3.25.4
INCOME TAXES - Schedule of Income before Income Tax, Domestic and Foreign (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Income Tax Disclosure [Abstract]      
Income from domestic operations before income tax $ 767,073 $ 1,210,811 $ 733,316
Income (loss) from foreign operations before income tax 39,310 (2,002) 19,517
Income (Loss) before Income Taxes $ 806,383 $ 1,208,809 $ 752,833
v3.25.4
INCOME TAXES - Schedule of Income Tax Expense (Benefit) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Current:      
Federal $ 10,813 $ 1,283 $ 5,030
State and local 1,889 1,897 416
Foreign 15,241 9,735 377
Total current income tax expense 27,943 12,915 5,823
Deferred:      
Federal 16,170 174,306 76,380
State and local 42,986 80,917 39,430
Foreign 1,192 (821) 526
Total deferred income tax expense 60,348 254,402 116,336
Total Income Tax Expense $ 88,291 $ 267,317 $ 122,159
v3.25.4
INCOME TAXES - Income Taxes Paid (Net of Refunds) (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. federal $ 9,881 $ 1,850 $ 0
Total 15,797 12,178 6,524
New York      
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. state and local: 0 0 380
New York City      
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. state and local: 0 1,467 395
Pennsylvania      
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. state and local: 0 0 400
Other      
Effective Income Tax Rate Reconciliation [Line Items]      
U.S. state and local: 91 287 1,255
United Kingdom      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign: 5,620 8,515 4,094
Other      
Effective Income Tax Rate Reconciliation [Line Items]      
Foreign: $ 205 $ 59 $ 0
v3.25.4
INCOME TAXES - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Operating Loss Carryforwards [Line Items]      
Deferred tax asset $ 6,437 $ 0  
Net deferred tax liability (849,415) (786,141)  
Valuation allowance 73,828 $ 34,784 $ 34,563
Foreign Income Tax Credits And Net Operating Losses | Subsidiaries      
Operating Loss Carryforwards [Line Items]      
Valuation allowance 73,800    
Crestline Mortgage Services Inc      
Operating Loss Carryforwards [Line Items]      
Deferred tax asset $ 6,300    
v3.25.4
INCOME TAXES - Schedule of Reported Provision for Income Taxes and the U.S. Federal Statutory Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Amount      
U.S. federal statutory tax $ 169,340 $ 253,850 $ 158,095
State and local income tax, net of federal benefit 820 38,949 15,550
Foreign tax effects (3,777) 16,103 (1,944)
Effect of changes in tax laws or rates enacted in current year 32,246 32,919 8,656
Effect of cross-border tax laws 0 0 0
Foreign tax credits (11,350) (9,139) 0
Changes in valuation allowances 40,257 6,923 3,535
REIT income not subject to tax (155,786) (81,872) (67,420)
Non-deductible compensation 12,377 0 0
Other non-taxable or non-deductible items (1,025) 7,464 2,326
Changes in unrecognized tax benefits: 11,350 0 0
Other (6,161) 2,120 3,361
Total Income Tax Expense $ 88,291 $ 267,317 $ 122,159
Percent      
U.S. federal statutory tax 21.00% 21.00% 21.00%
State and local income tax, net of federal benefit 0.10% 3.22% 2.07%
Foreign tax effects (0.47%) 1.33% (0.26%)
Effect of changes in tax laws or rates enacted in current year 4.00% 2.72% 1.15%
Effect of cross-border tax laws 0.00% 0.00% 0.00%
Foreign tax credits 1.41% 0.76% 0.00%
Changes in valuation allowances 4.99% 0.57% 0.47%
REIT income not subject to tax (19.32%) (6.77%) (8.96%)
Non-deductible compensation 1.53% 0.00% 0.00%
Other non-taxable or non-deductible items (0.13%) 0.62% 0.31%
Changes in unrecognized tax benefits: 1.41% 0.00% 0.00%
Other (0.76%) 0.18% 0.45%
Effective Income Tax Rate Reconciliation, Percent, Total 10.94% 22.11% 16.23%
v3.25.4
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Deferred Tax Assets:      
Net operating losses and tax credit carryforwards $ 281,017 $ 226,781  
Basis differences related to assets and investments 48,635 77,985  
Goodwill 176,741 186,027  
Fixed asset depreciation 12,297 19,658  
Accrued expenses 72,996 58,467  
Other 9,075 4,204  
Total deferred tax assets 600,761 573,122  
Net deferred tax assets (73,828) (34,784) $ (34,563)
Net deferred tax assets 526,933 538,338  
Deferred Tax Liabilities:      
Mortgage servicing rights (1,304,467) (1,239,428)  
Basis differences related to assets and investments (65,444) (81,369)  
Other 0 (3,682)  
Total deferred tax liability (1,369,911) (1,324,479)  
Deferred Tax Liabilities, Net (842,978) $ (786,141)  
Federal and State Tax Authority      
Deferred Tax Liabilities:      
Net operating loss carryforwards 1,000,000    
Net operating loss carryforward that will expire $ 432,500    
v3.25.4
INCOME TAXES - Schedule of Changes in Valuation Allowances (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Valuation Allowance [Line Items]      
Valuation allowance $ 73,828 $ 34,784 $ 34,563
Net change      
Valuation Allowance [Line Items]      
Increase (decrease) in valuation allowance $ 39,044 $ 221  
v3.25.4
INCOME TAXES - Schedule of Taxable Common Stock Distributions (Details) - $ / shares
 3 Months Ended 12 Months Ended
Dec. 31, 2025
Sep. 30, 2025
Jun. 30, 2025
Mar. 31, 2025
Dec. 31, 2024
Sep. 30, 2024
Jun. 30, 2024
Mar. 31, 2024
Dec. 31, 2023
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Class of Stock [Line Items]                              
Dividends per share (in dollars per share)                         $ 1.00 $ 1.00 $ 1.25
Ordinary Income                         100.00% 100.00% 100.00%
Long-Term Capital Gain                         0.00% 0.00% 0.00%
Return of Capital                         0.00% 0.00% 0.00%
Dividends declared per share of common stock (in dollars per share) $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 0.25 $ 1.00 $ 1.00 $ 1.00
Dividends declared (in dollars per share)                         10.13 7.93 7.00
Series A Preferred Stock                              
Class of Stock [Line Items]                              
Dividends per share (in dollars per share)                         $ 2.64 $ 2.12 $ 1.88
Ordinary Income                         100.00% 100.00% 100.00%
Long-Term Capital Gain                         0.00% 0.00% 0.00%
Return of Capital                         0.00% 0.00% 0.00%
Dividends declared (in dollars per share) 0.63       0.68       0.47            
Series B Preferred Stock                              
Class of Stock [Line Items]                              
Dividends per share (in dollars per share)                         $ 2.60 $ 2.04 $ 1.78
Ordinary Income                         100.00% 100.00% 100.00%
Long-Term Capital Gain                         0.00% 0.00% 0.00%
Return of Capital                         0.00% 0.00% 0.00%
Dividends declared (in dollars per share) 0.62       0.67       0.45            
Series C Preferred Stock                              
Class of Stock [Line Items]                              
Dividends per share (in dollars per share)                         $ 2.20 $ 1.59 $ 1.59
Ordinary Income                         100.00% 100.00% 100.00%
Long-Term Capital Gain                         0.00% 0.00% 0.00%
Return of Capital                         0.00% 0.00% 0.00%
Dividends declared (in dollars per share) 0.58       0.40       0.40            
Series D Preferred Stock                              
Class of Stock [Line Items]                              
Dividends per share (in dollars per share)                         $ 1.75 $ 1.75 $ 1.75
Ordinary Income                         100.00% 100.00% 100.00%
Long-Term Capital Gain                         0.00% 0.00% 0.00%
Return of Capital                         0.00% 0.00% 0.00%
Dividends declared (in dollars per share) $ 0.44       $ 0.44       $ 0.44            
v3.25.4
COMMITMENTS AND CONTINGENCIES (Details)
$ in Thousands
 12 Months Ended
Feb. 27, 2024
USD ($)
property
Dec. 31, 2025
USD ($)
ft²
Dec. 31, 2024
USD ($)
Mar. 29, 2024
Loss Contingencies [Line Items]        
Estimated liability, representation and warranties   $ 43,000    
Residential mortgage loan repurchase liability   3,952,792 $ 2,745,756  
Unfunded capital commitments   779,700    
Alternative investment   $ 41,400    
Unfunded capital commitments, term   8 years    
Six Zero Wall Street        
Loss Contingencies [Line Items]        
Ownership percentage       5.00%
Loss contingency accrual   $ 12,400    
Seven One Eight Fifth Avenue        
Loss Contingencies [Line Items]        
Ownership percentage   50.00%    
Area of leased properties | ft²   19,050    
Ownership percentage for tenants   50.00%    
Put right notice period   12 months    
Predecessor ownership percentage   25.00%    
Sculptor Diversified Real Estate Income Trust Inc        
Loss Contingencies [Line Items]        
Unfunded capital commitments   $ 86,400    
Other commitment, funded by third party   69,100    
Director        
Loss Contingencies [Line Items]        
Contributions to parent company   131,200    
Commercial real estate        
Loss Contingencies [Line Items]        
Unfunded capital commitments   78,800    
Genesis Acquisition        
Loss Contingencies [Line Items]        
Committed to fund   1,800,000    
Single Family | Viewpoint Murfreesboro Land LLC        
Loss Contingencies [Line Items]        
Purchase price of land $ 7,000      
Number of properties | property 171      
Aggregate purchase price $ 49,200      
Purchase price outstanding   $ 24,000    
v3.25.4
RELATED PARTY TRANSACTIONS (Details)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended 12 Months Ended
Dec. 19, 2025
USD ($)
Dec. 31, 2025
USD ($)
shares
Sep. 30, 2025
USD ($)
Mar. 31, 2025
USD ($)
$ / shares
shares
Jun. 30, 2024
USD ($)
Dec. 31, 2025
USD ($)
shares
Mar. 31, 2024
USD ($)
Jul. 31, 2023
USD ($)
Mar. 31, 2022
USD ($)
Related Party Transaction [Line Items]                  
Alternative investment   $ 41,400       $ 41,400      
Outstanding Face Amount       $ 35,000          
Notes receivable       $ 17,500          
Outstanding Face Amount   $ 34,168,392       $ 34,168,392      
Rithm Perpetual Life Residential Trust                  
Related Party Transaction [Line Items]                  
Percentage of RPLRT, interest   5.00%       5.00%      
Total Residential Mortgage Loans, HFS                  
Related Party Transaction [Line Items]                  
Outstanding Face Amount   $ 63,426       $ 63,426      
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    
The Aggregators                  
Related Party Transaction [Line Items]                  
Committed funds $ 50,000                
Contingent funds committed $ 7,500                
The Aggregators | Paramount Group, Inc.                  
Related Party Transaction [Line Items]                  
Equity interest acquired 3.90%                
Rithm Acquisition Corp | IPO                  
Related Party Transaction [Line Items]                  
Issuance of common stock (in shares) | shares           660      
Proceeds from issuance of initial public offering           $ 6,600      
Great Ajax Corp.                  
Related Party Transaction [Line Items]                  
Warrant term   5 years       5 years      
Shares issued for exercised warrants (in shares) | shares   500       500      
Rithm Property Trust | Series C Fixed To Floating Rate Cumulative Redeemable Preferred Stock Member                  
Related Party Transaction [Line Items]                  
Percentage of cumulative redeemable preferred stock       0.192          
Interest rate       9.875%          
Rithm Property Trust | IPO | Series C Fixed To Floating Rate Cumulative Redeemable Preferred Stock Member                  
Related Party Transaction [Line Items]                  
Issuance of common stock (in shares) | shares       400          
Cost related to issuance of common stock and preferred stock       $ 10,000          
Shares issued, price per share (in USD per share) | $ / shares       $ 25.00          
Newrez Joint Ventures | Great Ajax Corp. | 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   $ 21,200       $ 21,200      
Related Party | Great Ajax Corp.                  
Related Party Transaction [Line Items]                  
Number of shares issued (in shares) | shares           500      
Net proceeds           $ 9,100      
Loan Agreement | Related Party | Genesis                  
Related Party Transaction [Line Items]                  
UPB               $ 86,400  
Related Party Assets Under Management | Executive Managing Directors Employeesand Other Related Parties                  
Related Party Transaction [Line Items]                  
Assets under management   $ 2,100,000       $ 2,100,000      
Percent of assets under management not charged management and incentive fees   71.70%       71.70%      
Structured Alternative Investment Solution | Related Party                  
Related Party Transaction [Line Items]                  
Amount invested         $ 132,700        
Interest acquired     $ 4,700 $ 74,600          
Structured Alternative Investment Solution | Related Party | Sculptor                  
Related Party Transaction [Line Items]                  
Alternative investment                 $ 350,000
Amount invested                 $ 127,800
Loans By Related Party | Related Party                  
Related Party Transaction [Line Items]                  
Principal amount outstanding residential mortgage loans   $ 261,400              
Outstanding Face Amount   $ 266,400       $ 266,400      
v3.25.4
SUBSEQUENT EVENTS (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Jan. 13, 2026
Sep. 18, 2025
Sep. 24, 2024
Sep. 30, 2025
Dec. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Subsequent Event [Line Items]              
Number of common shares (in shares)           57,564,122 51,964,122
Preferred stock, par values (in dollars per share)         $ 0.01 $ 0.01 $ 0.01
Liquidation preference per share (in dollars per share)         $ 25.00 $ 25.00  
Public Offering              
Subsequent Event [Line Items]              
Sale of stock, consideration received on transaction     $ 340.2        
8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock              
Subsequent Event [Line Items]              
Number of common shares (in shares)           7,600,000 0
Interest rate       8.75% 8.75%    
8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock | Public Offering              
Subsequent Event [Line Items]              
Number of common shares (in shares)   7,600,000          
Interest rate   8.75%          
Preferred stock, par values (in dollars per share)   $ 0.01          
Liquidation preference per share (in dollars per share)   $ 25.00          
Sale of stock, consideration received on transaction   $ 183.5          
Number of additional shares issued in transaction (in shares)   1,140,000          
8.750% Series E Fixed-Rate Cumulative Redeemable Preferred Stock | Public Offering | Subsequent Event              
Subsequent Event [Line Items]              
Number of common shares (in shares) 10,000,000            
Interest rate 8.75%            
Preferred stock, par values (in dollars per share) $ 0.01            
Liquidation preference per share (in dollars per share) $ 25.00            
Sale of stock, consideration received on transaction $ 242.1            
Number of additional shares issued in transaction (in shares) 1,500,000            
v3.25.4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Real Estate and Accumulated Depreciation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 4,935,148      
Initial Cost to Company        
Land 1,928,021      
Building and Improvements 3,059,265      
Costs Capitalized Subsequent to Acquisition        
Land 0      
Building and Improvements 164,842      
Gross Amount Carried at Close of Period        
Land 1,928,021      
Building and Improvements 3,224,107      
Total 5,152,128 $ 1,139,777 $ 1,069,475 $ 1,016,412
Accumulated Depreciation and Amortization (113,884) $ (83,584) $ (52,040) $ (24,779)
Difference in reported assets for tax purposes 523,600      
New York        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 3,020,000      
Initial Cost to Company        
Land 1,169,419      
Building and Improvements 1,696,341      
Costs Capitalized Subsequent to Acquisition        
Land 0      
Building and Improvements 1,124      
Gross Amount Carried at Close of Period        
Land 1,169,419      
Building and Improvements 1,697,465      
Total 2,866,884      
Accumulated Depreciation and Amortization (2,962)      
San Francisco        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,082,050      
Initial Cost to Company        
Land 552,450      
Building and Improvements 603,208      
Costs Capitalized Subsequent to Acquisition        
Land 0      
Building and Improvements 222      
Gross Amount Carried at Close of Period        
Land 552,450      
Building and Improvements 603,430      
Total 1,155,880      
Accumulated Depreciation and Amortization (1,045)      
1633 Broadway        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances 1,250,000      
Initial Cost to Company        
Land 446,247      
Building and Improvements 599,319      
Costs Capitalized Subsequent to Acquisition        
Land 0      
Building and Improvements 953      
Gross Amount Carried at Close of Period        
Land 446,247      
Building and Improvements 600,272      
Total 1,046,519      
Accumulated Depreciation and Amortization $ (1,132)      
1633 Broadway | Minimum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 5 years      
1633 Broadway | Maximum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 40 years      
1301 Avenue of Americas        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 900,000      
Initial Cost to Company        
Land 334,861      
Building and Improvements 587,851      
Costs Capitalized Subsequent to Acquisition        
Land 0      
Building and Improvements 0      
Gross Amount Carried at Close of Period        
Land 334,861      
Building and Improvements 587,851      
Total 922,712      
Accumulated Depreciation and Amortization $ (951)      
1301 Avenue of Americas | Minimum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 5 years      
1301 Avenue of Americas | Maximum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 40 years      
31 West 52nd Street        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 500,000      
Initial Cost to Company        
Land 178,599      
Building and Improvements 263,760      
Costs Capitalized Subsequent to Acquisition        
Land 0      
Building and Improvements 0      
Gross Amount Carried at Close of Period        
Land 178,599      
Building and Improvements 263,760      
Total 442,359      
Accumulated Depreciation and Amortization $ (360)      
31 West 52nd Street | Minimum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 5 years      
31 West 52nd Street | Maximum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 40 years      
1325 Avenue of the Americas        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 250,000      
Initial Cost to Company        
Land 133,825      
Building and Improvements 156,262      
Costs Capitalized Subsequent to Acquisition        
Land 0      
Building and Improvements 171      
Gross Amount Carried at Close of Period        
Land 133,825      
Building and Improvements 156,433      
Total 290,258      
Accumulated Depreciation and Amortization $ (338)      
1325 Avenue of the Americas | Minimum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 5 years      
1325 Avenue of the Americas | Maximum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 40 years      
900 Third Avenue        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 120,000      
Initial Cost to Company        
Land 75,887      
Building and Improvements 89,149      
Costs Capitalized Subsequent to Acquisition        
Land 0      
Building and Improvements 0      
Gross Amount Carried at Close of Period        
Land 75,887      
Building and Improvements 89,149      
Total 165,036      
Accumulated Depreciation and Amortization $ (181)      
900 Third Avenue | Minimum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 5 years      
900 Third Avenue | Maximum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 40 years      
One Market Plaza        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 850,000      
Initial Cost to Company        
Land 400,377      
Building and Improvements 382,925      
Costs Capitalized Subsequent to Acquisition        
Land 0      
Building and Improvements 0      
Gross Amount Carried at Close of Period        
Land 400,377      
Building and Improvements 382,925      
Total 783,302      
Accumulated Depreciation and Amortization $ (635)      
One Market Plaza | Minimum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 5 years      
One Market Plaza | Maximum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 40 years      
300 Mission Street        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 232,050      
Initial Cost to Company        
Land 88,053      
Building and Improvements 110,989      
Costs Capitalized Subsequent to Acquisition        
Land 0      
Building and Improvements 0      
Gross Amount Carried at Close of Period        
Land 88,053      
Building and Improvements 110,989      
Total 199,042      
Accumulated Depreciation and Amortization $ (219)      
300 Mission Street | Minimum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 5 years      
300 Mission Street | Maximum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 40 years      
One Front Street        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 0      
Initial Cost to Company        
Land 64,020      
Building and Improvements 109,294      
Costs Capitalized Subsequent to Acquisition        
Land 0      
Building and Improvements 222      
Gross Amount Carried at Close of Period        
Land 64,020      
Building and Improvements 109,516      
Total 173,536      
Accumulated Depreciation and Amortization $ (191)      
One Front Street | Minimum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 5 years      
One Front Street | Maximum        
Gross Amount Carried at Close of Period        
Life on which Depreciation in Latest Income Statement is Computed 40 years      
Other        
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items]        
Encumbrances $ 833,098      
Initial Cost to Company        
Land 206,152      
Building and Improvements 759,716      
Costs Capitalized Subsequent to Acquisition        
Land 0      
Building and Improvements 163,496      
Gross Amount Carried at Close of Period        
Land 206,152      
Building and Improvements 923,212      
Total 1,129,364      
Accumulated Depreciation and Amortization $ (109,877)      
v3.25.4
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Beginning balance $ 1,139,777 $ 1,069,475 $ 1,016,412
Acquisitions 4,060,386 102,393 68,368
Assets sold and written-off (66,745) (45,168) (35,935)
Ending balance 5,152,128 1,139,777 1,069,475
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward]      
Beginning balance 83,584 52,040 24,779
Additions charged to expense 34,156 29,955 28,200
Accumulated depreciation related to assets sold and written-off (3,856) 1,589 (939)
Ending balance 113,884 83,584 52,040
Buildings and improvements      
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward]      
Acquisitions $ 18,710 $ 13,077 $ 20,630