Rithm Capital (RITM) 10-Q 5 May 23 2023 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2023	Apr. 28, 2023
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	001-35777
Entity Registrant Name	Rithm Capital Corp.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3449660
Entity Address, Address Line One	799 Broadway
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10003
City Area Code	(212)
Local Phone Number	850-7770
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		483,017,747
Entity Central Index Key	0001556593
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2023
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

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Assets
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value		$ 8,886,209	$ 8,889,403
Real estate and other securities		8,987,572	8,289,277
Residential loans and variable interest entity consumer loans held-for-investment, at fair value	[1]	766,784	816,275
Residential mortgage loans, held-for-sale ($2,743,809 and $3,297,271 at fair value, respectively)		2,841,320	3,398,298
Single-family rental properties		968,987	971,313
Mortgage loans receivable, at fair value	[1]	1,946,422	2,064,028
Residential mortgage loans subject to repurchase	[2]	1,189,907	1,219,890
Cash and cash equivalents	[1]	1,434,697	1,336,508
Restricted cash	[1]	365,649	281,126
Servicer advances receivable		2,594,271	2,825,485
Receivable for investments sold		0	473,126
Other assets	[1]	1,836,833	1,914,607
Total assets		31,818,651	32,479,336
Liabilities
Secured financing agreements	[1]	11,760,930	11,257,736
Secured notes and bonds payable ($598,070 and $632,404 at fair value, respectively)	[1]	9,728,605	10,098,943
Residential mortgage loan repurchase liability	[2]	1,189,907	1,219,890
Unsecured senior notes, net of issuance costs		545,490	545,056
Payable for investments purchased		0	731,216
Dividends payable		131,941	129,760
Accrued expenses and other liabilities	[1]	1,507,235	1,486,667
Total liabilities		24,864,108	25,469,268
Commitments and Contingencies
Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 51,964,122 and 51,964,122 issued and outstanding, $1,299,104 and $1,299,104 aggregate liquidation preference, respectively		1,257,254	1,257,254
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,017,747 and 473,715,100 issued and outstanding, respectively		4,832	4,739
Additional paid-in capital		6,062,051	6,062,019
Retained earnings (accumulated deficit)		(470,562)	(418,662)
Accumulated other comprehensive income		40,631	37,651
Total Rithm Capital stockholders’ equity		6,894,206	6,943,001
Noncontrolling interests in equity of consolidated subsidiaries	[1]	60,337	67,067
Total equity		6,954,543	7,010,068
Liabilities and Equity		$ 31,818,651	$ 32,479,336
[1]The Company's Consolidated Balance Sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIE for which creditors do not have recourse to the primary beneficiary (Rithm Capital). As of March 31, 2023 and December 31, 2022, total assets of consolidated VIEs were $1.8 billion and $2.3 billion, respectively, and total liabilities of consolidated VIEs were $1.6 billion and $1.8 billion, respectively. See Note 20 for further details.[2]See Note 5 for details.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Residential mortgage loans, held-for-sale, at fair value	$ 2,743,809	$ 3,297,271
Notes and bonds payable, fair value	$ 598,070	$ 632,404
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)	51,964,122	51,964,122
Preferred stock, shares outstanding (in shares)	51,964,122	51,964,122
Liquidation preference	$ 1,299,104	$ 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)	483,017,747	473,715,100
Common stock, shares outstanding (in shares)	483,017,747	473,715,100
Assets	$ 31,818,651	$ 32,479,336
Liabilities	24,864,108	25,469,268
Variable Interest Entity, Primary Beneficiary
Residential mortgage loans, held-for-sale, at fair value	588,963	844,000
Assets	1,831,791	2,257,091
Liabilities	$ 1,558,597	$ 1,778,901

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables	$ 469,839	$ 456,400
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(105,691) and $(200,325), respectively)	(142,304)	575,393
Servicing revenue, net	327,535	1,031,793
Interest income	346,614	225,413
Gain on originated residential mortgage loans, held-for-sale, net	109,268	471,996
Total revenues	783,417	1,729,202
Expenses
Interest expense and warehouse line fees	309,068	138,833
General and administrative	167,155	246,238
Compensation and benefits	188,880	392,619
Management fee	0	25,189
Total operating expenses	665,103	802,879
Other Income (Loss)
Realized and unrealized gains (losses) on investments, net	(75,649)	(85,935)
Other income (loss), net	30,478	52,332
Total other income (loss)	(45,171)	(33,603)
Income (loss) before income taxes	73,143	892,720
Income tax expense (benefit)	(16,806)	202,789
Net income (loss)	89,949	689,931
Noncontrolling interests in income (loss) of consolidated subsidiaries	(1,300)	5,609
Dividends on preferred stock	22,395	22,461
Net Income Attributable to Common Stockholders - basic	68,854	661,861
Net Income Attributable to Common Stockholders - diluted	$ 68,854	$ 661,861
Net Income Per Share of Common Stock
Basic (in dollars per share)	$ 0.14	$ 1.42
Diluted (in dollars per share)	$ 0.14	$ 1.37
Weighted Average Number of Shares of Common Stock Outstanding
Basic (in shares)	478,167,178	466,785,584
Diluted (in shares)	482,846,911	484,425,066
Dividends Declared per Share of Common Stock (in dollars per share)	$ 0.25	$ 0.25

CONSOLIDATED STATEMENTS OF OP_2

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Realization of cash flows	$ (105,691)
MSRs
Realization of cash flows	$ (105,691)	$ (200,325)

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]
Net income	$ 89,949	$ 689,931
Other comprehensive income, net of tax:
Unrealized gain (loss) on available-for-sale securities, net	2,980	(23,058)
Reclassification of realized (gain) loss on available-for-sale securities, net into net income	0	0
Comprehensive income	92,929	666,873
Comprehensive income (loss) attributable to noncontrolling interests	(1,300)	5,609
Dividends on preferred stock	22,395	22,461
Comprehensive income attributable to common stockholders	$ 71,834	$ 638,803

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) - USD ($) $ in Thousands	Total	Total Rithm Capital Stockholders’ Equity	Preferred Stock	Common Stock	Additional Paid-in Capital	Retained Earnings (Accumulated Deficit)	Accumulated Other Comprehensive Income	Noncontrolling Interests in Equity of Consolidated Subsidiaries
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2021			52,210,000,000
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2021				466,758,266,000
Equity, beginning balance at Dec. 31, 2021	$ 6,669,380	$ 6,604,032	$ 1,262,481	$ 4,669	$ 6,059,671	$ (813,042)	$ 90,253	$ 65,348
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Dividends declared on common stock	(116,697)	(116,697)				(116,697)
Dividends declared on preferred stock	(22,461)	(22,461)				(22,461)
Capital distributions	(8,879)							(8,879)
Preferred stock repurchase (in shares)			(171,658,000)
Preferred stock repurchase	(3,814)	(3,814)	$ (3,814)
Director share grants (in shares)				28,260,000
Director share grants	310	310			310
Comprehensive income (loss)
Net income (loss)	689,931	684,322				684,322		5,609
Unrealized gain (loss) on available-for-sale securities, net	(23,058)	(23,058)					(23,058)
Total comprehensive income (loss)	666,873	661,264						5,609
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2022			52,038,342,000
Common stock, shares outstanding ending balance (in shares) at Mar. 31, 2022				466,786,526,000
Equity, ending balance at Mar. 31, 2022	$ 7,184,712	7,122,634	$ 1,258,667	$ 4,669	6,059,981	(267,878)	67,195	62,078
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022	51,964,122		51,964,122,000
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2022	473,715,100			473,715,100,000
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	(120,754)	(120,754)				(120,754)
Dividends declared on preferred stock	(22,395)	(22,395)				(22,395)
Capital distributions	(5,430)							(5,430)
Cashless exercise of 2020 Warrants (in shares)				9,287,347,000
Cashless exercise of 2020 Warrants	0			$ 93	(93)
Director share grants and non-cash stock-based compensation (in shares)				15,300,000
Director share grants and non-cash stock-based compensation	125	125			125
Comprehensive income (loss)
Net income (loss)	89,949	91,249				91,249		(1,300)
Unrealized gain (loss) on available-for-sale securities, net	2,980	2,980					2,980
Total comprehensive income (loss)	$ 92,929	94,229						(1,300)
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2023	51,964,122		51,964,122,000
Common stock, shares outstanding ending balance (in shares) at Mar. 31, 2023	483,017,747			483,017,747,000
Equity, ending balance at Mar. 31, 2023	$ 6,954,543	$ 6,894,206	$ 1,257,254	$ 4,832	$ 6,062,051	$ (470,562)	$ 40,631	$ 60,337

CONSOLIDATED STATEMENTS OF CH_2

CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY (UNAUDITED) (Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Statement of Stockholders' Equity [Abstract]
Dividends declared per share of common stock (in dollars per share)	$ 0.25	$ 0.25

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023		Mar. 31, 2022
Cash Flows From Operating Activities
Net income	$ 89,949		$ 689,931
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Change in fair value of investments, net	243,258		147,119
Change in fair value of equity investments	2,098		(256)
Change in fair value of secured notes and bonds payable	2,500		(7,194)
(Gain) loss on settlement of investments, net	(167,609)		(61,184)
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net	(109,268)		(471,996)
(Gain) loss on transfer of loans to REO	(3,276)		(2,944)
Accretion and other amortization	(18,270)		(15,095)
Provision (reversal) for credit losses on securities, loans and real estate owned	(2,803)		3,740
Non-cash portions of servicing revenue, net	149,730		(645,018)
Deferred tax provision	(16,822)		201,354
Mortgage loans originated and purchased for sale, net of fees	(7,531,856)		(29,446,744)
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale	8,227,517		33,244,922
Interest received from servicer advance investments, RMBS, loans and other	13,705		41,721
Changes in:
Servicer advances receivable, net	230,596		202,938
Other assets	50,472		(268,772)
Due to affiliate	0		(7,887)
Accrued expenses and other liabilities	21,346		285,517
Net cash provided by (used in) operating activities	1,181,267		3,890,152
Cash Flows From Investing Activities
Purchase of servicer advance investments	(232,446)		(257,807)
Purchase of MSRs, MSR financing receivables and servicer advances receivable	0		(655)
Purchase of RMBS	(2,883,278)		(1,006,483)
Purchase of residential mortgage loans	(1,269)		(7,182)
Purchase of SFR properties, real estate owned and other assets	(4,607)		(239,347)
Draws on revolving consumer loans	(6,831)		(7,163)
Net settlement of derivatives	225,560		65,436
Return of investments in Excess MSRs	7,821		2,680
Principal repayments from servicer advance investments	240,331		290,128
Principal repayments from RMBS	155,002		355,028
Principal repayments from residential mortgage loans	8,272		24,121
Principal repayments from consumer loans	24,784		39,935
Principal repayments from MSRs and MSR financing receivables	0		703
Proceeds from sale of MSRs and MSR financing receivables	1,357		454
Proceeds from sale of RMBS	1,869,053		0
Proceeds from sale of real estate owned	5,678		3,832
Net cash provided by (used in) investing activities	(590,573)		(736,320)
Cash Flows From Financing Activities
Repayments of secured financing agreements	(11,327,261)		(9,638,525)
Repayments of warehouse credit facilities	(8,473,149)		(33,378,329)
Net settlement of margin deposits under repurchase agreements and derivatives	(387,780)		137,418
Repayments of secured notes and bonds payable	(1,677,534)		(1,047,972)
Deferred financing fees	(2,103)		(4,472)
Dividends paid on common and preferred stock	(140,968)		(139,185)
Borrowings under secured financing agreements	12,240,027		10,081,997
Borrowings under warehouse credit facilities	8,062,420		29,622,712
Borrowings under secured notes and bonds payable	1,303,796		1,675,265
Repurchase of preferred stock	0		(3,814)
Noncontrolling interest in equity of consolidated subsidiaries - distributions	(5,430)		(8,879)
Payment of contingent consideration	0		(12,276)
Net cash provided by (used in) financing activities	(407,982)		(2,716,060)
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	182,712		437,772
Cash, Cash Equivalents and Restricted Cash, Beginning of Period	1,617,634		1,528,442
Cash, Cash Equivalents and Restricted Cash, End of Period	1,800,346		1,966,214
Supplemental Disclosure of Cash Flow Information
Cash paid during the period for interest	286,434		132,817
Cash paid during the period for income taxes	402		36
Supplemental Schedule of Non-Cash Investing and Financing Activities
Dividends declared but not paid on common and preferred stock	143,149		139,158
Transfer from residential mortgage loans to real estate owned and other assets	6,025		2,034
Real estate securities retained from loan securitizations	0		113,695
Residential mortgage loans subject to repurchase	1,189,907	[1]	1,700,426
Cashless exercise of 2020 Warrants (par)	$ 93		$ 0
[1]See Note 5 for details.

BUSINESS AND ORGANIZATION

BUSINESS AND ORGANIZATION	3 Months Ended
	Mar. 31, 2023
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 Delaware corporation that is primarily focused on managing assets and investments in the real estate and financial services sectors. Rithm Capital was formed as a limited liability company in September 2011 (commenced operations on December 8, 2011) for the purpose of making real estate related investments. Rithm Capital is an independent publicly traded Real Estate Investment Trust (“REIT”). Rithm Capital’s investment portfolio is composed of mortgage servicing related assets (full and excess mortgage servicing rights (“MSRs”) and servicer advances), residential securities (and associated call rights), loans and single family rental properties. Rithm Capital’s investments in operating entities include leading origination and servicing platforms held through its wholly-owned subsidiaries, Newrez LLC (“Newrez”) and Caliber Home Loans Inc. (“Caliber,” and together with Newrez, the “Mortgage Company”), and Genesis Capital LLC (“Genesis”), as well as investments in affiliated businesses that provide mortgage related services. Prior to June 17, 2022, Rithm Capital operated under a management agreement (the “Management Agreement”) with FIG LLC (the “Former Manager”), an affiliate of Fortress Investment Group LLC. For its services, the Former Manager was entitled to management fees and incentive compensation, both defined in, and in accordance with the terms of, the Management Agreement. On June 17, 2022 Rithm Capital entered into an Internalization Agreement with the Former Manager (the “Internalization Agreement”), pursuant to which the Management Agreement was terminated effective June 17, 2022 (the “Effective Date”), except that certain indemnification and other obligations survive, and the Company internalized its management functions in accordance with the Internalization Agreement (such transactions, the “Internalization”). As a result of the Internalization, Rithm Capital ceased to be externally managed, and following the Internalization, Rithm Capital operates as an internally managed REIT. In connection with the termination of the Management Agreement, the Company agreed to pay the Former Manager $400.0 million (subject to certain adjustments). Following the Internalization, the Company no longer pays a management or incentive fee to the Former Manager. 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 23, Income Taxes, for additional information regarding Rithm Capital’s taxable REIT subsidiaries. Rithm Capital, through its wholly-owned subsidiaries New Residential Mortgage LLC (“NRM”) and the Mortgage Company, is licensed or otherwise eligible to service residential mortgage loans in all states within the United States and the District of Columbia. NRM and the Mortgage Company are also approved to service mortgage loans on behalf of investors, including the GSEs, and in the case of the Mortgage Company, Ginnie Mae. The Mortgage Company is also eligible to perform servicing on behalf of other servicers (subservicing) and investors. The Mortgage Company sells substantially all of the mortgage loans that it originates into the secondary market. The Mortgage Company securitizes loans into RMBS through the GSEs and Ginnie Mae. Loans originated outside of the GSEs, guidelines of the Federal Housing Administration (“FHA”), United States Department of Agriculture (“USDA”), or Department of Veterans Affairs (“VA”) (for loans securitized with Ginnie Mae) are sold to private investors and mortgage conduits. The Mortgage Company generally retains the right to service the underlying residential mortgage loans sold and securitized by the Mortgage Company. NRM and the Mortgage Company are required to conduct aspects of their operations in accordance with applicable policies and guidelines. Additionally, the Company owns the following affiliated businesses which provide mortgage related services to the Mortgage Company: eStreet Appraisal Management, LLC ("eStreet") a provider of appraisal valuation services and Avenue 365 Lender Services, LLC ("Avenue 365") a provider of title insurance and settlement services. The Company also owns operating companies which support its single-family rental (“SFR”) portfolio and MSR investments. Genesis is a lender specializing in providing capital to developers of new construction, fix and flip, and rental hold projects across the residential spectrum (including single family, multi-family and production home building.) Genesis supports the Company's single-family rental strategy operated by Adoor LLC ("Adoor"). Adoor is a wholly-owned subsidiary focused on the acquisition and management of SFR properties. Rithm Capital, through its wholly-owned subsidiary Guardian Asset Management (“Guardian”), provides property preservation and maintenance services for residential properties. Services offered include repairs, bids, inspections, landscaping, janitorial, inspections and HOA and utility payment services. As of March 31, 2023, Rithm Capital conducted its business through the following segments: (i) Origination, (ii) Servicing, (iii) MSR Related Investments, (iv) Residential Securities, Properties and Loans, (v) Consumer Loans, (vi) Mortgage Loans Receivable and (vii) Corporate.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
BASIS OF PRESENTATION	BASIS OF PRESENTATION Interim Financial Statements — The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP’’ or “U.S. GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation of Rithm Capital’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The Consolidated Financial Statements include the accounts of Rithm Capital and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. Rithm Capital consolidates those entities in which it has control over significant operating, financing and investing decisions of the entity, as well as those entities deemed to be 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 uses the equity method of accounting whereby it records its share of the underlying income of such entities. Distributions from equity method investees are classified in the Consolidated Statements of Cash Flows based on the cumulative earnings approach, where all distributions up to cumulative earnings are classified as distributions of earnings. Reclassifications — Certain prior period amounts in Rithm Capital’s Consolidated Financial Statements and respective notes have been reclassified to be consistent with the current period presentation. Such reclassifications had no impact on net income, total assets, total liabilities, or stockholders’ equity. 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 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 for the three months ended March 31, 2023. In the future, if events or market conditions affect the estimated fair value to the extent that a long-lived asset is impaired, the Company will adjust the carrying value of these long-lived assets in the period in which the impairment occurs. Risks and Uncertainties — In the normal course of business, Rithm Capital encounters primarily two significant types of economic risk: credit and market. 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’ ability to perform their obligations servicing the residential mortgage loans underlying Rithm Capital’s Excess MSRs, MSRs, MSR financing receivables, servicer advance investments, Non-Agency RMBS 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. The mortgage and financial sectors are operating in a challenging and uncertain economic environment. Financial and real estate companies continue to be affected by, among other things, market volatility, rapidly rising interest rates and inflationary pressures. Should macroeconomic conditions continue to worsen, there is no assurance that such conditions will not result in an overall decline in the fair value of many assets, including those in which the Company invests, and potential impairment of the carrying value of goodwill or other intangible assets. The ultimate duration and impact of the current economic environment remain uncertain. Rithm Capital is subject to significant tax risks. If Rithm Capital were to fail to qualify as a REIT in any taxable year, Rithm Capital would be subject to U.S. federal corporate income tax (including any applicable alternative minimum tax), which could be material. Unless entitled to relief under certain statutory provisions, Rithm Capital would also be disqualified from treatment as a REIT for the four taxable years following the year during which qualification is lost. Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements — In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The standard was issued to ease the accounting effects of reform to the London Interbank Offered Rate (“LIBOR”) and other reference rates. The standard provides optional expedients and exceptions for applying GAAP to debt, derivatives and other contracts affected by reference rate reform. The standard was effective for all entities as of March 12, 2020 through December 31, 2022 and was able to be elected over time as reference rate reform activities occur. Additionally, in December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 . The standard defers the expiration date of ASC 848 from December 31, 2022 to December 31, 2024. ASU 2022-06 became effective upon issuance. The Company is continuing to assess the impact of the LIBOR transition and does not expect the transition or the adoption of the standard to have a material impact on the Consolidated Financial Statements. The Company’s primary exposure to LIBOR includes certain financing arrangements, interest rate swaps and the 7.50% Series A, 7.125% Series B, and 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock. The Company's financing arrangements either have provisions in place that provide for an alternative to LIBOR upon its phase-out or contain maturities of one year or less and therefore would mature prior to the phase out of LIBOR in June 2023. In addition, the Company has amended terms of certain financing arrangements, where necessary, to transition or direct the transition to an alternative benchmark. Interest rate swaps are expected to experience an orderly market transition prior to the cessation of LIBOR, and the Company has begun transitioning its interest rate swap portfolio away from LIBOR benchmarks. The Company does not currently intend to amend the 7.50% Series A, 7.125% Series B, or 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock to change the existing USD-LIBOR cessation fallback language. In March 2022, the FASB issued ASU 2022-01, Derivative and Hedging (Topic 815): Fair Value Hedging–Portfolio Layer Method . The standard clarifies the accounting and promotes consistency in reporting for hedges where the portfolio layer method is applied. The new standard is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company’s adoption of the new standard did not have a material effect on its Consolidated Financial Statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The standard clarifies that a contractual restriction on the sale of an equity security is not considered in measuring the security’s fair value. The standard also requires certain disclosures for equity securities that are subject to contractual restrictions. The new standard is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company does not expect the adoption of the new standard to have a material effect on its Consolidated Financial Statements.

SEGMENT REPORTING

SEGMENT REPORTING	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
SEGMENT REPORTING	SEGMENT REPORTING At March 31, 2023, Rithm Capital’s reportable segments include (i) Origination, (ii) Servicing, (iii) MSR Related Investments, (iv) Residential Securities, Properties and Loans, (v) Consumer Loans, (vi) Mortgage Loans Receivable and (vii) Corporate. The Corporate segment primarily consists of general and administrative expenses, corporate cash and related interest income, unsecured senior notes (Note 18) and related interest expense. The following tables summarize segment financial information, which in total reconciles to the same data for Rithm Capital as a whole: Origination and Servicing Residential Securities, Properties and Loans Origination Servicing MSR Related Investments Total Origination and Servicing Real Estate Securities Properties and Residential Mortgage Loans Consumer Loans Mortgage Loans Receivable Corporate Total Three Months Ended March 31, 2023 Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ — $ 349,424 $ 120,415 $ 469,839 $ — $ — $ — $ — $ — $ 469,839 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(105,691)) — (37,526) (104,778) (142,304) — — — — — (142,304) Servicing revenue, net — 311,898 15,637 327,535 — — — — — 327,535 Interest income 25,533 84,233 24,559 134,325 114,247 22,766 14,287 58,337 2,652 346,614 Gain on originated residential mortgage loans, held-for-sale, net 112,822 (4,601) — 108,221 — 1,047 — — — 109,268 Total revenues 138,355 391,530 40,196 570,081 114,247 23,813 14,287 58,337 2,652 783,417 Interest expense 29,995 81,074 31,702 142,771 98,292 26,192 1,680 30,692 9,441 309,068 G&A and other 140,512 100,834 69,241 310,587 630 9,383 1,766 16,231 17,438 356,035 Total operating expenses 170,507 181,908 100,943 453,358 98,922 35,575 3,446 46,923 26,879 665,103 Realized and unrealized gains (losses) on investments, net 168 (191) (12,398) (12,421) (45,999) (6,427) (5,990) (4,812) — (75,649) Other income (loss), net (590) (12,837) 35,921 22,494 165 24,181 (8,722) 1,713 (9,353) 30,478 Total other income (loss) (422) (13,028) 23,523 10,073 (45,834) 17,754 (14,712) (3,099) (9,353) (45,171) Income (loss) before income taxes (32,574) 196,594 (37,224) 126,796 (30,509) 5,992 (3,871) 8,315 (33,580) 73,143 Income tax expense (benefit) (8,160) 4,488 (7,371) (11,043) — (3,728) 59 (2,094) — (16,806) Net income (loss) (24,414) 192,106 (29,853) 137,839 (30,509) 9,720 (3,930) 10,409 (33,580) 89,949 Noncontrolling interests in income (loss) of consolidated subsidiaries (42) — (146) (188) — — (1,112) — — (1,300) Dividends on preferred stock — — — — — — — — 22,395 22,395 Net income (loss) attributable to common stockholders $ (24,372) $ 192,106 $ (29,707) $ 138,027 $ (30,509) $ 9,720 $ (2,818) $ 10,409 $ (55,975) $ 68,854 Origination and Servicing Residential Securities, Properties and Loans Origination Servicing MSR Related Investments Total Origination and Servicing Real Estate Securities Properties and Residential Mortgage Loans Consumer Loans Mortgage Loans Receivable Corporate Total March 31, 2023 Investments $ 1,420,850 $ 7,273,627 $ 1,985,193 $ 10,679,670 $ 8,987,572 $ 2,443,105 $ 340,525 $ 1,946,422 $ — $ 24,397,294 Cash and cash equivalents 262,712 432,850 326,860 1,022,422 352,280 570 1,219 37,512 20,694 1,434,697 Restricted cash 96,823 145,268 72,192 314,283 4,427 6,923 16,759 23,257 — 365,649 Other assets 163,392 2,297,604 2,640,824 5,101,820 93,298 79,537 25,790 117,598 117,769 5,535,812 Goodwill 11,836 12,540 5,092 29,468 — — — 55,731 — 85,199 Total assets $ 1,955,613 $ 10,161,889 $ 5,030,161 $ 17,147,663 $ 9,437,577 $ 2,530,135 $ 384,293 $ 2,180,520 $ 138,463 $ 31,818,651 Debt $ 1,403,564 $ 4,820,673 $ 2,954,585 $ 9,178,822 $ 8,343,730 $ 2,025,068 $ 286,653 $ 1,655,262 $ 545,490 $ 22,035,025 Other liabilities 209,659 2,077,965 40,124 2,327,748 54,436 262,554 1,255 17,748 165,342 2,829,083 Total liabilities 1,613,223 6,898,638 2,994,709 11,506,570 8,398,166 2,287,622 287,908 1,673,010 710,832 24,864,108 Total equity 342,390 3,263,251 2,035,452 5,641,093 1,039,411 242,513 96,385 507,510 (572,369) 6,954,543 Noncontrolling interests in equity of consolidated subsidiaries 11,986 — 11,304 23,290 — — 37,047 — — 60,337 Total Rithm Capital stockholders’ equity $ 330,404 $ 3,263,251 $ 2,024,148 $ 5,617,803 $ 1,039,411 $ 242,513 $ 59,338 $ 507,510 $ (572,369) $ 6,894,206 Investments in equity method investees $ — $ — $ 67,955 $ 67,955 $ — $ — $ — $ — $ — $ 67,955 Origination and Servicing Residential Securities, Properties and Loans Origination Servicing MSR Related Investments Total Origination and Servicing (A) Real Estate Securities Properties and Residential Mortgage Loans Consumer Loans Mortgage Loans Receivable Corporate Total Three Months Ended March 31, 2022 Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ — $ 326,396 $ 130,004 $ 456,400 $ — $ — $ — $ — $ — $ 456,400 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(200,325)) — 497,317 78,076 575,393 — — — — — 575,393 Servicing revenue, net — 823,713 208,080 1,031,793 — — — — — 1,031,793 Interest income 55,371 11,353 15,702 82,426 56,349 26,989 18,933 34,277 6,439 225,413 Gain on originated residential mortgage loans, held-for-sale, net 407,269 61,762 — 471,430 — 566 — — — 471,996 Total revenues 462,640 896,828 223,782 1,585,649 56,349 27,555 18,933 34,277 6,439 1,729,202 Interest expense 29,435 33,706 26,365 89,506 9,029 20,868 2,262 6,969 10,199 138,833 G&A and other 408,758 102,833 77,957 589,548 772 23,434 2,254 16,408 31,630 664,046 Total operating expenses 438,193 136,539 104,322 679,054 9,801 44,302 4,516 23,377 41,829 802,879 Realized and unrealized gains (losses) on investments, net — (347) (3,608) (3,955) (76,529) 12,164 (13,733) (3,882) — (85,935) Other income (loss), net 2,095 943 28,881 31,919 (2,600) 14,316 8,772 — (75) 52,332 Total other income (loss) 2,095 596 25,273 27,964 (79,129) 26,480 (4,961) (3,882) (75) (33,603) Income (loss) before income taxes 26,542 760,885 144,733 934,559 (32,581) 9,733 9,456 7,018 (35,465) 892,720 Income tax expense (benefit) 6,516 161,116 31,463 199,095 — 3,657 37 — — 202,789 Net income (loss) 20,026 599,769 113,270 735,464 (32,581) 6,076 9,419 7,018 (35,465) 689,931 Noncontrolling interests in income (loss) of consolidated subsidiaries 407 — 228 635 — — 4,974 — — 5,609 Dividends on preferred stock — — — — — — — — 22,461 22,461 Net income (loss) attributable to common stockholders $ 19,619 $ 599,769 $ 113,042 $ 734,829 $ (32,581) $ 6,076 $ 4,445 $ 7,018 $ (57,926) $ 661,861 (A) Includes elimination of intercompany transactions of $2.4 million primarily related to loan sales. Servicing Segment Revenues The table below summarizes the components of servicing segment revenues: Three Months Ended 2023 2022 Base servicing MSR-owned assets $ 298,959 $ 258,448 Residential whole loans 2,416 3,389 Third party 22,363 23,653 323,738 285,490 Other fees Ancillary and other fees (A) 25,686 40,906 Change in fair value due to: Realization of cash flows (72,015) (133,276) Change in valuation inputs and assumptions and other 34,489 630,593 Total servicing fees $ 311,898 $ 823,713 Servicing data – unpaid principal balance (“UPB”) (period end) (in millions) UPB – MSR-owned assets $ 401,414 $ 398,730 UPB – Residential whole loans 8,564 11,982 UPB – Third party 94,070 86,179

EXCESS MORTGAGE SERVICING RIGHT

EXCESS MORTGAGE SERVICING RIGHTS	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing [Abstract]
EXCESS MORTGAGE SERVICING RIGHTS	EXCESS MORTGAGE SERVICING RIGHTS Excess mortgage servicing rights assets include Rithm Capital’s direct investments in Excess MSRs and investments in joint ventures jointly controlled by Rithm Capital and funds managed by the Former Manager investing in Excess MSRs. Our investments in Excess MSR assets are included in Other assets on the Consolidated Balance Sheets. The table below summarizes the components of Excess MSRs: March 31, 2023 December 31, 2022 Direct investments in Excess MSRs $ 231,348 $ 249,366 Excess MSR Joint Ventures 67,955 72,437 Excess mortgage servicing rights, at fair value $ 299,303 $ 321,803 Direct Investments in Excess MSRs The following table presents activity related to the carrying value of direct investments in Excess MSRs: Total (A) Balance as of December 31, 2022 $ 249,366 Interest income 3,431 Other income 68 Proceeds from repayments (10,996) Proceeds from sales (703) Change in fair value (9,818) Balance as of March 31, 2023 $ 231,348 (A) Underlying loans serviced by Mr. Cooper Group Inc. (“Mr. Cooper”) and Specialized Loan Servicing LLC (“SLS”). Mr. Cooper or SLS, as applicable, as servicer performs all of the servicing and advancing functions, and retains the ancillary income, servicing obligations and liabilities as the servicer of the underlying loans in the portfolio. Rithm Capital entered into a “recapture agreement” with respect to each of the direct Excess MSR investments serviced by Mr. Cooper and SLS. Under such arrangements, Rithm Capital is generally entitled to a pro rata interest in the Excess MSRs on any refinancing by Mr. Cooper of a loan in the original portfolio. These recapture agreements do not apply to Rithm Capital’s servicer advance investments (Note 6). The following table summarizes direct investments in Excess MSRs: March 31, 2023 December 31, 2022 UPB of Underlying Mortgages Interest in Excess MSR Weighted Average Life Years (A) Amortized Cost Basis Carrying Value (B) Carrying Value (B) Rithm Capital (C, D) Former Manager-managed funds Mr. Cooper $ 46,813,093 32.5% – 100.0% (56.5%) 0.0% – 50% 0.0% – 35.0% 6.2 $ 199,270 $ 231,348 $ 249,366 (A) Represents the weighted average expected timing of the receipt of expected cash flows for this investment. (B) Carrying value represents the fair value of the pools and recapture agreements, as applicable. (C) Amounts in parentheses represent weighted averages. (D) Rithm Capital is also invested in related servicer advance investments, including the basic fee component of the related MSR as of March 31, 2023 (Note 6) on $16.6 billion UPB underlying these Excess MSRs. Changes in fair value of investments consists of the following: Three Months Ended 2023 2022 Original and Recaptured Pools $ (9,818) $ (2,630) As of March 31, 2023, a weighted average discount rate of 8.3% was used to value Rithm Capital’s investments in Excess MSRs (directly and through equity method investees). Excess MSR Joint Ventures Rithm Capital entered into investments in joint ventures (“Excess MSR joint ventures”) jointly controlled by Rithm Capital and funds managed by the Former Manager investing in Excess MSRs. The following tables summarize the financial results of the Excess MSR joint ventures, accounted for as equity method investees: March 31, 2023 December 31, 2022 Excess MSR $ 126,045 $ 135,356 Other assets 10,552 10,204 Other liabilities (687) (687) Equity $ 135,910 $ 144,873 Rithm Capital’s investment $ 67,955 $ 72,437 Rithm Capital’s percentage ownership 50.0 % 50.0 % Three Months Ended 2023 2022 Interest income $ 2,404 $ 5,667 Other income (loss) (5,224) (2,252) Expenses (8) (8) Net income (loss) $ (2,828) $ 3,407 The following table summarizes the activity of investments in equity method investees: Balance at December 31, 2022 $ 72,437 Distributions of capital from equity method investees (3,068) Change in fair value of investments in equity method investees (1,414) Balance at March 31, 2023 $ 67,955 The following is a summary of Excess MSR investments made through equity method investees: March 31, 2023 Unpaid Principal Balance Investee Interest in Excess MSR (A) Rithm Capital Interest in Investees Amortized Cost Basis (B) Carrying Value (C) Weighted Average Life (Years) (D) Agency Original and Recaptured Pools $ 18,693,208 66.7 % 50.0 % $ 102,668 $ 126,045 5.0 (A) The remaining interests are held by Mr. Cooper. (B) Represents the amortized cost basis of the equity method investees in which Rithm Capital holds a 50% interest. (C) Represents the carrying value of the Excess MSRs held in equity method investees, in which Rithm Capital holds a 50% interest. Carrying value represents the fair value of the pools as applicable. (D) Represents the weighted average expected timing of the receipt of cash flows of each investment. The following table summarizes activity related to MSRs and MSR financing receivables: Balance as of December 31, 2022 $ 8,889,403 Purchases, net (A) — Originations (B) 140,513 Proceeds from sales (1,403) Change in fair value due to: Amortization of servicing rights (C) (105,691) Change in valuation inputs and assumptions (37,302) (Gain) loss realized 689 Balance at March 31, 2023 $ 8,886,209 (A) Net of purchase price adjustments and purchase price fully reimbursable from MSR sellers as a result of prepayment protection. (B) Represents MSRs retained on the sale of originated residential mortgage loans. (C) Based on the paydown of the underlying residential mortgage loans. The following table summarizes components of Servicing Revenue, Net: Three Months Ended 2023 2022 Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 439,232 $ 421,555 Ancillary and other fees 30,607 34,845 Servicing fee revenue, net and fees 469,839 456,400 Change in fair value due to: Amortization of servicing rights (105,691) (200,325) Change in valuation inputs and assumptions (37,302) 845,037 Change in fair value of derivative instruments — 7,189 (Gain) loss realized 689 306 Gain (loss) on settlement of derivative instruments — (76,814) Servicing revenue, net $ 327,535 $ 1,031,793 The following table summarizes MSRs and MSR financing receivables by type as of March 31, 2023: UPB of Underlying Mortgages Weighted Average Life (Years) (A) Carrying Value (B) Agency $ 360,605,371 7.4 $ 5,996,278 Non-Agency 52,614,283 6.4 748,723 Ginnie Mae (C) 122,646,241 7.1 2,141,208 Total/Weighted Average $ 535,865,895 7.2 $ 8,886,209 (A) Represents the weighted average expected timing of the receipt of expected cash flows for this investment. (B) Carrying value represents fair value. As of March 31, 2023, weighted average discount rates of 8.4% (range of 7.6% – 10.8%) were used to value Rithm Capital’s MSRs and MSR financing receivables. (C) As of March 31, 2023, Rithm Capital holds approximately $1.2 billion in residential mortgage loans subject to repurchase and the related residential mortgage loans repurchase liability on its Consolidated Balance Sheets. Residential Mortgage Loans Subject to Repurchase Rithm Capital, through its wholly-owned subsidiaries as approved issuers of Ginnie Mae MBS, 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. Under GAAP, Rithm Capital 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 the Company intends to repurchase the loans. As of March 31, 2023, Rithm Capital holds approximately $1.2 billion in residential mortgage loans subject to repurchase and residential mortgage loans 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 recognizing loans eligible for repurchase. Rather, upon repurchase of a loan, the MSR is written off. As of March 31, 2023, Rithm Capital holds approximately $0.7 billion of repurchased residential mortgage loans on its Consolidated Balance Sheets. Ocwen MSR Financing Receivable Transactions In July 2017, Ocwen Loan Servicing, LLC (collectively with certain affiliates, “Ocwen”) and Rithm Capital entered into an agreement in which both parties agreed to undertake certain actions to facilitate the transfer from Ocwen to Rithm Capital of Ocwen’s remaining interests in the MSRs relating to loans with an aggregate unpaid principal balance of approximately $110.0 billion and with respect to which Rithm Capital already held certain rights (“Rights to MSRs”). Ocwen and Rithm Capital concurrently entered into a subservicing agreement pursuant to which Ocwen agreed to subservice the mortgage loans related to the MSRs that were transferred to Rithm Capital. In January 2018, Ocwen sold and transferred to Rithm Capital certain Rights to MSRs and other assets related to mortgage servicing rights for loans with an unpaid principal balance of approximately $86.8 billion. PHH (as successor by merger to Ocwen) will continue to service the residential mortgage loans related to the MSRs until any necessary third-party consents to transferring the MSRs are obtained and all other conditions to transferring the MSRs are satisfied. Of the Rights to MSRs sold and transferred to NRM and Newrez, consents and all other conditions to transfer have been received with respect to approximately $66.7 billion UPB of underlying loans. Although legally sold and entitled to the economics of the transfer, as of March 31, 2023, with respect to MSRs representing approximately $12.1 billion UPB of underlying loans, it was determined for accounting purposes that substantially all of the risks and rewards inherent in owning the MSRs had not been transferred to Newrez and therefore are not treated as a sale under GAAP and are classified as MSR financing receivables. The table below summarizes the geographic distribution of the underlying residential mortgage loans of the MSRs and MSR financing receivables: Percentage of Total Outstanding Unpaid Principal Amount State Concentration March 31, 2023 December 31, 2022 California 17.4 % 17.4 % Florida 8.6 % 8.6 % Texas 6.2 % 6.2 % New York 6.0 % 6.0 % Washington 5.9 % 5.9 % New Jersey 4.4 % 4.4 % Virginia 3.6 % 3.6 % Maryland 3.4 % 3.4 % Illinois 3.4 % 3.4 % Georgia 3.0 % 2.9 % Other U.S. 38.1 % 38.2 % 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 Subservicing The Mortgage Company 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 on Rithm Capital’s Consolidated Balance Sheets. The UPB of residential mortgage loans serviced for others as of March 31, 2023 and 2022 was $94.1 billion and $86.2 billion, respectively. Rithm Capital earned servicing revenue of $34.0 million and $32.5 million for the three months ended March 31, 2023 and 2022, respectively, related to unaffiliated serviced loans which is included within Servicing Revenue, Net in the Consolidated Statements of Operations. Rithm Capital engages unaffiliated licensed mortgage servicers as subservicers and, in relation to certain owned MSRs, including to perform the operational servicing duties, including recapture activities in exchange for a subservicing fee which is recorded as Subservicing Expense and reflected as part of General and Administrative expenses in Rithm Capital’s Consolidated Statements of Operations. As of March 31, 2023, these subservicers include PHH, Mr. Cooper, LoanCare, Valon and Flagstar, which subservice 9.1%, 7.8%, 5.6%, 2.3% and 0.3%, respectively, of the MSRs owned by Rithm Capital. The remaining 74.9% of owned MSRs are serviced by the Mortgage Company (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 (Note 22) it services. These servicer advances are recorded when advanced and are included in Servicer Advances Receivable on the Consolidated Balance Sheets. The table below summarizes the type of advances included in the Servicer Advances Receivable: March 31, 2023 December 31, 2022 Principal and interest advances $ 626,533 $ 664,495 Escrow advances (taxes and insurance advances) 1,234,863 1,426,409 Foreclosure advances 778,880 754,073 Total (A)(B)(C) $ 2,640,276 $ 2,844,977 (A) Includes $508.8 million and $526.5 million of servicer advances receivable related to Agency MSRs, respectively, recoverable either from the borrower or the Agencies. (B) Includes $240.2 million and $261.8 million of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae. Expected losses for advances associated with Ginnie Mae loans in the MSR portfolio are considered in the MSR fair valuation through a non-reimbursable advance loss assumption. (C) Excludes $46.0 million and $19.5 million, respectively, in unamortized advance discount and reserves, net of accruals for advance recoveries. These reserves relate to inactive loans in the foreclosure or liquidation process. 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., “top of the waterfall”) and Rithm Capital is generally entitled to repayment from respective loan or REO liquidation proceeds before any interest or principal is paid on the bonds that were issued by the trust. In the majority of cases, advances in excess of 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 or modified, the Company has reserved $83.3 million, or 3.2%, and $65.4 million, or 2.3%, for expected non-recovery of advances as of March 31, 2023 and December 31, 2022, respectively. The following table summarizes servicer advances reserve: Balance at December 31, 2022 $ 65,428 Provision 20,053 Transfers and Other — Write-offs (2,222) Balance at March 31, 2023 $ 83,259 See Note 18 regarding the financing of MSRs and Servicer Advances Receivable.

MORTGAGE SERVICING RIGHTS AND M

MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing of Financial Assets [Abstract]
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES	EXCESS MORTGAGE SERVICING RIGHTS Excess mortgage servicing rights assets include Rithm Capital’s direct investments in Excess MSRs and investments in joint ventures jointly controlled by Rithm Capital and funds managed by the Former Manager investing in Excess MSRs. Our investments in Excess MSR assets are included in Other assets on the Consolidated Balance Sheets. The table below summarizes the components of Excess MSRs: March 31, 2023 December 31, 2022 Direct investments in Excess MSRs $ 231,348 $ 249,366 Excess MSR Joint Ventures 67,955 72,437 Excess mortgage servicing rights, at fair value $ 299,303 $ 321,803 Direct Investments in Excess MSRs The following table presents activity related to the carrying value of direct investments in Excess MSRs: Total (A) Balance as of December 31, 2022 $ 249,366 Interest income 3,431 Other income 68 Proceeds from repayments (10,996) Proceeds from sales (703) Change in fair value (9,818) Balance as of March 31, 2023 $ 231,348 (A) Underlying loans serviced by Mr. Cooper Group Inc. (“Mr. Cooper”) and Specialized Loan Servicing LLC (“SLS”). Mr. Cooper or SLS, as applicable, as servicer performs all of the servicing and advancing functions, and retains the ancillary income, servicing obligations and liabilities as the servicer of the underlying loans in the portfolio. Rithm Capital entered into a “recapture agreement” with respect to each of the direct Excess MSR investments serviced by Mr. Cooper and SLS. Under such arrangements, Rithm Capital is generally entitled to a pro rata interest in the Excess MSRs on any refinancing by Mr. Cooper of a loan in the original portfolio. These recapture agreements do not apply to Rithm Capital’s servicer advance investments (Note 6). The following table summarizes direct investments in Excess MSRs: March 31, 2023 December 31, 2022 UPB of Underlying Mortgages Interest in Excess MSR Weighted Average Life Years (A) Amortized Cost Basis Carrying Value (B) Carrying Value (B) Rithm Capital (C, D) Former Manager-managed funds Mr. Cooper $ 46,813,093 32.5% – 100.0% (56.5%) 0.0% – 50% 0.0% – 35.0% 6.2 $ 199,270 $ 231,348 $ 249,366 (A) Represents the weighted average expected timing of the receipt of expected cash flows for this investment. (B) Carrying value represents the fair value of the pools and recapture agreements, as applicable. (C) Amounts in parentheses represent weighted averages. (D) Rithm Capital is also invested in related servicer advance investments, including the basic fee component of the related MSR as of March 31, 2023 (Note 6) on $16.6 billion UPB underlying these Excess MSRs. Changes in fair value of investments consists of the following: Three Months Ended 2023 2022 Original and Recaptured Pools $ (9,818) $ (2,630) As of March 31, 2023, a weighted average discount rate of 8.3% was used to value Rithm Capital’s investments in Excess MSRs (directly and through equity method investees). Excess MSR Joint Ventures Rithm Capital entered into investments in joint ventures (“Excess MSR joint ventures”) jointly controlled by Rithm Capital and funds managed by the Former Manager investing in Excess MSRs. The following tables summarize the financial results of the Excess MSR joint ventures, accounted for as equity method investees: March 31, 2023 December 31, 2022 Excess MSR $ 126,045 $ 135,356 Other assets 10,552 10,204 Other liabilities (687) (687) Equity $ 135,910 $ 144,873 Rithm Capital’s investment $ 67,955 $ 72,437 Rithm Capital’s percentage ownership 50.0 % 50.0 % Three Months Ended 2023 2022 Interest income $ 2,404 $ 5,667 Other income (loss) (5,224) (2,252) Expenses (8) (8) Net income (loss) $ (2,828) $ 3,407 The following table summarizes the activity of investments in equity method investees: Balance at December 31, 2022 $ 72,437 Distributions of capital from equity method investees (3,068) Change in fair value of investments in equity method investees (1,414) Balance at March 31, 2023 $ 67,955 The following is a summary of Excess MSR investments made through equity method investees: March 31, 2023 Unpaid Principal Balance Investee Interest in Excess MSR (A) Rithm Capital Interest in Investees Amortized Cost Basis (B) Carrying Value (C) Weighted Average Life (Years) (D) Agency Original and Recaptured Pools $ 18,693,208 66.7 % 50.0 % $ 102,668 $ 126,045 5.0 (A) The remaining interests are held by Mr. Cooper. (B) Represents the amortized cost basis of the equity method investees in which Rithm Capital holds a 50% interest. (C) Represents the carrying value of the Excess MSRs held in equity method investees, in which Rithm Capital holds a 50% interest. Carrying value represents the fair value of the pools as applicable. (D) Represents the weighted average expected timing of the receipt of cash flows of each investment. The following table summarizes activity related to MSRs and MSR financing receivables: Balance as of December 31, 2022 $ 8,889,403 Purchases, net (A) — Originations (B) 140,513 Proceeds from sales (1,403) Change in fair value due to: Amortization of servicing rights (C) (105,691) Change in valuation inputs and assumptions (37,302) (Gain) loss realized 689 Balance at March 31, 2023 $ 8,886,209 (A) Net of purchase price adjustments and purchase price fully reimbursable from MSR sellers as a result of prepayment protection. (B) Represents MSRs retained on the sale of originated residential mortgage loans. (C) Based on the paydown of the underlying residential mortgage loans. The following table summarizes components of Servicing Revenue, Net: Three Months Ended 2023 2022 Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 439,232 $ 421,555 Ancillary and other fees 30,607 34,845 Servicing fee revenue, net and fees 469,839 456,400 Change in fair value due to: Amortization of servicing rights (105,691) (200,325) Change in valuation inputs and assumptions (37,302) 845,037 Change in fair value of derivative instruments — 7,189 (Gain) loss realized 689 306 Gain (loss) on settlement of derivative instruments — (76,814) Servicing revenue, net $ 327,535 $ 1,031,793 The following table summarizes MSRs and MSR financing receivables by type as of March 31, 2023: UPB of Underlying Mortgages Weighted Average Life (Years) (A) Carrying Value (B) Agency $ 360,605,371 7.4 $ 5,996,278 Non-Agency 52,614,283 6.4 748,723 Ginnie Mae (C) 122,646,241 7.1 2,141,208 Total/Weighted Average $ 535,865,895 7.2 $ 8,886,209 (A) Represents the weighted average expected timing of the receipt of expected cash flows for this investment. (B) Carrying value represents fair value. As of March 31, 2023, weighted average discount rates of 8.4% (range of 7.6% – 10.8%) were used to value Rithm Capital’s MSRs and MSR financing receivables. (C) As of March 31, 2023, Rithm Capital holds approximately $1.2 billion in residential mortgage loans subject to repurchase and the related residential mortgage loans repurchase liability on its Consolidated Balance Sheets. Residential Mortgage Loans Subject to Repurchase Rithm Capital, through its wholly-owned subsidiaries as approved issuers of Ginnie Mae MBS, 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. Under GAAP, Rithm Capital 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 the Company intends to repurchase the loans. As of March 31, 2023, Rithm Capital holds approximately $1.2 billion in residential mortgage loans subject to repurchase and residential mortgage loans 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 recognizing loans eligible for repurchase. Rather, upon repurchase of a loan, the MSR is written off. As of March 31, 2023, Rithm Capital holds approximately $0.7 billion of repurchased residential mortgage loans on its Consolidated Balance Sheets. Ocwen MSR Financing Receivable Transactions In July 2017, Ocwen Loan Servicing, LLC (collectively with certain affiliates, “Ocwen”) and Rithm Capital entered into an agreement in which both parties agreed to undertake certain actions to facilitate the transfer from Ocwen to Rithm Capital of Ocwen’s remaining interests in the MSRs relating to loans with an aggregate unpaid principal balance of approximately $110.0 billion and with respect to which Rithm Capital already held certain rights (“Rights to MSRs”). Ocwen and Rithm Capital concurrently entered into a subservicing agreement pursuant to which Ocwen agreed to subservice the mortgage loans related to the MSRs that were transferred to Rithm Capital. In January 2018, Ocwen sold and transferred to Rithm Capital certain Rights to MSRs and other assets related to mortgage servicing rights for loans with an unpaid principal balance of approximately $86.8 billion. PHH (as successor by merger to Ocwen) will continue to service the residential mortgage loans related to the MSRs until any necessary third-party consents to transferring the MSRs are obtained and all other conditions to transferring the MSRs are satisfied. Of the Rights to MSRs sold and transferred to NRM and Newrez, consents and all other conditions to transfer have been received with respect to approximately $66.7 billion UPB of underlying loans. Although legally sold and entitled to the economics of the transfer, as of March 31, 2023, with respect to MSRs representing approximately $12.1 billion UPB of underlying loans, it was determined for accounting purposes that substantially all of the risks and rewards inherent in owning the MSRs had not been transferred to Newrez and therefore are not treated as a sale under GAAP and are classified as MSR financing receivables. The table below summarizes the geographic distribution of the underlying residential mortgage loans of the MSRs and MSR financing receivables: Percentage of Total Outstanding Unpaid Principal Amount State Concentration March 31, 2023 December 31, 2022 California 17.4 % 17.4 % Florida 8.6 % 8.6 % Texas 6.2 % 6.2 % New York 6.0 % 6.0 % Washington 5.9 % 5.9 % New Jersey 4.4 % 4.4 % Virginia 3.6 % 3.6 % Maryland 3.4 % 3.4 % Illinois 3.4 % 3.4 % Georgia 3.0 % 2.9 % Other U.S. 38.1 % 38.2 % 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 Subservicing The Mortgage Company 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 on Rithm Capital’s Consolidated Balance Sheets. The UPB of residential mortgage loans serviced for others as of March 31, 2023 and 2022 was $94.1 billion and $86.2 billion, respectively. Rithm Capital earned servicing revenue of $34.0 million and $32.5 million for the three months ended March 31, 2023 and 2022, respectively, related to unaffiliated serviced loans which is included within Servicing Revenue, Net in the Consolidated Statements of Operations. Rithm Capital engages unaffiliated licensed mortgage servicers as subservicers and, in relation to certain owned MSRs, including to perform the operational servicing duties, including recapture activities in exchange for a subservicing fee which is recorded as Subservicing Expense and reflected as part of General and Administrative expenses in Rithm Capital’s Consolidated Statements of Operations. As of March 31, 2023, these subservicers include PHH, Mr. Cooper, LoanCare, Valon and Flagstar, which subservice 9.1%, 7.8%, 5.6%, 2.3% and 0.3%, respectively, of the MSRs owned by Rithm Capital. The remaining 74.9% of owned MSRs are serviced by the Mortgage Company (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 (Note 22) it services. These servicer advances are recorded when advanced and are included in Servicer Advances Receivable on the Consolidated Balance Sheets. The table below summarizes the type of advances included in the Servicer Advances Receivable: March 31, 2023 December 31, 2022 Principal and interest advances $ 626,533 $ 664,495 Escrow advances (taxes and insurance advances) 1,234,863 1,426,409 Foreclosure advances 778,880 754,073 Total (A)(B)(C) $ 2,640,276 $ 2,844,977 (A) Includes $508.8 million and $526.5 million of servicer advances receivable related to Agency MSRs, respectively, recoverable either from the borrower or the Agencies. (B) Includes $240.2 million and $261.8 million of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae. Expected losses for advances associated with Ginnie Mae loans in the MSR portfolio are considered in the MSR fair valuation through a non-reimbursable advance loss assumption. (C) Excludes $46.0 million and $19.5 million, respectively, in unamortized advance discount and reserves, net of accruals for advance recoveries. These reserves relate to inactive loans in the foreclosure or liquidation process. 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., “top of the waterfall”) and Rithm Capital is generally entitled to repayment from respective loan or REO liquidation proceeds before any interest or principal is paid on the bonds that were issued by the trust. In the majority of cases, advances in excess of 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 or modified, the Company has reserved $83.3 million, or 3.2%, and $65.4 million, or 2.3%, for expected non-recovery of advances as of March 31, 2023 and December 31, 2022, respectively. The following table summarizes servicer advances reserve: Balance at December 31, 2022 $ 65,428 Provision 20,053 Transfers and Other — Write-offs (2,222) Balance at March 31, 2023 $ 83,259 See Note 18 regarding the financing of MSRs and Servicer Advances Receivable.

SERVICER ADVANCE INVESTMENTS

SERVICER ADVANCE INVESTMENTS	3 Months Ended
	Mar. 31, 2023
Investments, All Other Investments [Abstract]
SERVICER ADVANCE INVESTMENTS	SERVICER ADVANCE INVESTMENTS Rithm Capital’s servicer advance investments consist of arrangements to fund existing outstanding servicer advances and the requirement to purchase all future servicer advances made with respect to a specified pool of residential mortgage loans in exchange for the basic fee component of the related MSR. Rithm Capital elected to record its servicer advance investments, including the right to the basic fee component of the related MSRs, at fair value pursuant to the fair value option for financial instruments to provide users of the financial statements with better information regarding the effects of market factors. A taxable wholly-owned subsidiary of Rithm Capital is the managing member of Advance Purchaser LLC (the “Advance Purchaser”), a joint venture entity, and owns an approximately 89.3% interest in Advance Purchaser as of March 31, 2023 and December 31, 2022. Advance Purchaser was established in December 2013 for the purpose of investing in residential mortgage related advances. As of March 31, 2023, the noncontrolling third-party co-investors and Rithm Capital have funded their capital commitments; however, Advance Purchaser may recall $71.5 million and $597.9 million of capital distributed to the third-party co-investors and Rithm Capital, respectively. Neither the third-party co-investors nor Rithm Capital is obligated to fund amounts in excess of their respective capital commitments, regardless of the capital requirements of Advance Purchaser. Our servicer advance investments are included in Other assets on the Consolidated Balance Sheets. The following table summarizes servicer advance investments, including the right to the basic fee component of the related MSRs: Amortized Cost Basis Carrying Value (A) Weighted Average Discount Rate Weighted Average Yield Weighted Average Life (Years) (B) March 31, 2023 Servicer advance investments $ 384,342 $ 389,905 5.7 % 5.6 % 8.4 December 31, 2022 Servicer advance investments $ 392,749 $ 398,820 5.7 % 5.6 % 8.4 (A) Represents the fair value of the servicer advance investments, including the basic fee component of the related MSRs. (B) Represents the weighted average expected timing of the receipt of expected net cash flows for this investment. The following table provides additional information regarding the servicer advance investments and related financing: UPB of Underlying Residential Mortgage Loans Outstanding Servicer Advances Servicer Advances to UPB of Underlying Residential Mortgage Loans Face Amount of Secured Notes and Bonds Payable Loan-to-Value (“LTV”) (A) Cost of Funds (C) Gross Net (B) Gross Net March 31, 2023 Servicer advance investments (D) $ 16,569,002 $ 339,309 2.0 % $ 304,688 87.7 % 85.6 % 6.9 % 6.4 % December 31, 2022 Servicer advance investments (D) $ 17,033,753 $ 341,628 2.0 % $ 319,276 90.2 % 88.3 % 6.5 % 5.9 % (A) Based on outstanding servicer advances, excluding purchased but unsettled servicer advances. (B) Ratio of face amount of borrowings to par amount of servicer advance collateral, net of any general reserve. (C) Annualized measure of the cost associated with borrowings. Gross cost of funds primarily includes interest expense and facility fees. Net cost of funds excludes facility fees. (D) The following table summarizes the types of advances included in servicer advance investments: March 31, 2023 December 31, 2022 Principal and interest advances $ 64,567 $ 66,892 Escrow advances (taxes and insurance advances) 153,908 155,438 Foreclosure advances 120,834 119,298 Total $ 339,309 $ 341,628 The following table summarizes interest income related to servicer advance investments: Three Months Ended 2023 2022 Interest income, gross of amounts attributable to servicer compensation $ 5,995 $ 13,375 Amounts attributable to base servicer compensation 177 (1,480) Amounts attributable to incentive servicer compensation (1,542) (7,739) Interest income (expense) from servicer advance investments $ 4,630 $ 4,156

REAL ESTATE AND OTHER SECURITIE

REAL ESTATE AND OTHER SECURITIES	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
REAL ESTATE AND OTHER SECURITIES	REAL ESTATE AND OTHER SECURITIES“Agency” RMBS are RMBS issued by the GSEs or Ginnie Mae. “Non-Agency” RMBS are issued by either public trusts or private label securitization entities. The following table summarizes Real Estate and Other Securities by designation: March 31, 2023 December 31, 2022 Gross Unrealized Weighted Average Outstanding Face Amount Gains Losses Carrying Value (A) Number of Securities Coupon (B) Yield Life (Years) (C) Principal Subordination (D) Carrying RMBS Designated as Available for Sale (AFS): Agency (E) $ 78,918 $ — $ — $ 73,181 1 3.50 % 3.50 % 11.0 N/A $ 73,439 Non-Agency (F)(G) 2,598,801 71,727 (30,071) 390,848 334 3.50 % 3.70 % 4.8 29.4 % 397,076 RMBS Measured at Fair Value through Net Income (FVO): Agency (E) 7,962,225 165,874 (2,709) 7,968,337 38 5.10 % 5.10 % 8.0 N/A 7,264,978 Non-Agency (F)(G) 14,949,437 65,182 (87,119) 555,206 344 2.70 % 8.70 % 6.1 16.6 % 553,784 Total/Weighted Average $ 25,589,381 $ 302,783 $ (119,899) $ 8,987,572 717 4.90 % 5.30 % 7.8 $ 8,289,277 (A) Fair value is equal to the carrying value for all securities. See Note 19 regarding the fair value measurements. (B) Excludes residual bonds and certain other Non-Agency bonds, with a carrying value of $18.6 million and $1.2 million, respectively, for which no coupon payment is expected. (C) Based on the timing of expected principal reduction on the assets. (D) Percentage of the amortized cost basis of securities that is subordinate to Rithm Capital’s investments, excluding fair value option securities. (E) The total outstanding face amount was $8.0 billion for fixed rate securities as of March 31, 2023. (F) The total outstanding face amount was $8.2 billion (including $7.3 billion of residual and fair value option notional amount) for fixed rate securities and $9.3 billion (including $9.1 billion of residual and fair value option notional amount) for floating rate securities as of March 31, 2023. (G) Includes other asset-backed securities consisting primarily of (i) interest-only securities and servicing strips (fair value option securities) which Rithm Capital elected to carry at fair value and record changes to valuation through earnings, (ii) bonds backed by consumer loans and (iii) corporate debt. Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Gains Losses Carrying Value Number of Securities Coupon Yield Life (Years) Corporate debt $ 514 $ 2 $ — $ 479 2 8.2 % 9.5 % 2.2 Consumer loan bonds 400 553 — 577 3 N/A N/A 0.7 Fair value option securities: Interest-only securities 9,417,388 33,121 (30,151) 157,605 143 0.9 % 14.2 % 2.7 Servicing strips 4,264,723 22,010 (4,262) 61,056 61 0.6 % 27.1 % 3.4 The following table summarizes purchases and sales of Real Estate and Other Securities: Three Months Ended March 31, 2023 2022 (in millions) Agency Non-Agency Agency Non-Agency Purchases Face $ 2,162.4 $ 25.2 $ 998.2 $ 2,210.0 Purchase price 2,154.4 2.4 1,004.5 115.7 Sales Face $ 1,462.4 $ — $ — $ — Amortized cost 1,442.8 — — 1.6 Sale price 1,395.9 — — — Gain (loss) on sale (46.9) — — (1.6) As of March 31, 2023, Rithm Capital had no unsettled trades. As of December 31, 2022, Rithm Capital had purchased $738.4 million face amount of Agency RMBS for $730.0 million and sold $490.8 million face amount of Agency RMBS for $471.6 million which had not yet been settled. Unsettled purchases and sales are recorded on a trade date basis and grouped and presented within Payable for Investments Purchased and Receivable for Investments Sold on the Consolidated Balance Sheets. Rithm Capital has exercised its call rights with respect to Non-Agency RMBS trusts and purchased performing and non-performing residential mortgage loans and REO contained in such trusts prior to their termination. In certain cases, Rithm Capital sold portions of the purchased loans through securitizations and retained bonds issued by such securitizations. In addition, Rithm Capital received par on the securities issued by the called trusts which it owned prior to such trusts’ termination. Refer to Note 8 for further details on these transactions. The following table summarizes certain information for RMBS designated as AFS in an unrealized loss position as of March 31, 2023: Securities in an Unrealized Loss Position Outstanding Face Amount Amortized Cost Basis Gross Unrealized Losses Carrying Value Number of Securities Weighted Average Before Credit Impairment Credit Impairment (A) After Credit Impairment Coupon Yield Life Less than 12 Months $ 170,182 $ 156,345 $ (5,670) $ 150,675 $ (7,318) $ 143,357 89 3.2 % 3.9 % 7.3 12 or More Months 222,735 219,554 (3,918) 215,636 (22,753) 192,883 110 3.8 % 3.5 % 4.6 Total/Weighted Average $ 392,917 $ 375,899 $ (9,588) $ 366,311 $ (30,071) $ 336,240 199 3.5 % 3.7 % 5.8 (A) Represents credit impairment on securities in an unrealized loss position as of March 31, 2023. Rithm Capital performed an assessment of all RMBS designated as AFS that are in an unrealized loss position (an unrealized loss position exists when a security’s amortized cost basis, excluding the effect of credit impairment, exceeds its fair value) and determined the following: March 31, 2023 December 31, 2022 Gross Unrealized Losses Gross Unrealized Losses RMBS Designated as AFS Fair Value Amortized Cost Basis After Credit Impairment Credit (A) Non-Credit (B) Fair Value Amortized Cost Basis After Credit Impairment Credit (A) Non-Credit (B) Securities Rithm Capital intends to sell $ — $ — $ — $ — $ — $ — $ — $ — Securities Rithm Capital is more likely than not to be required to sell (C) — — — — — — — — Securities Rithm Capital has no intent to sell and is not more likely than not to be required to sell: Credit impaired securities 77,476 77,907 (9,588) (431) 77,843 78,101 (10,816) (258) Non-credit impaired securities 258,764 288,404 — (29,640) 271,405 304,831 — (33,426) Total debt securities in an unrealized loss position $ 336,240 $ 366,311 $ (9,588) $ (30,071) $ 349,248 $ 382,932 $ (10,816) $ (33,684) (A) Required to be recorded through earnings. In measuring the portion of credit losses, Rithm Capital estimates the expected cash flow for each of the securities. This evaluation included a review of the credit status and the performance of the collateral supporting those securities, including the credit of the issuer, key terms of the securities and the effect of local, industry and broader economic trends. Significant inputs in estimating the cash flows included Rithm Capital’s expectations of prepayment rates, default rates and loss severities. Credit losses were measured as the decline in the present value of the expected future cash flows discounted at the security’s effective interest rate. (B) Represents unrealized losses on securities that are due to non-credit factors. (C) Rithm Capital may, at times, be more likely than not to be required to sell certain securities for liquidity purposes. While the amount of the securities to be sold may be an estimate, and the securities to be sold have not yet been identified, Rithm Capital must make its best estimate, which is subject to significant judgment regarding future events, and may differ materially from actual future sales. The following table summarizes the activity related to the allowance for credit losses on RMBS designated as AFS (excluding credit impairment relating to securities Rithm Capital intends to sell or is more likely than not required to sell): RMBS Designated as AFS Purchased Credit Deteriorated Non-Purchased Credit Deteriorated Total Allowance for credit losses on available-for-sale debt securities at December 31, 2022 $ 4,140 $ 6,676 $ 10,816 Additions to the allowance for credit losses on securities for which credit losses were not previously recorded — — — Additions to the allowance for credit losses arising from purchases of available-for-sale debt securities accounted for as purchased financial assets with credit deterioration — — — Reductions for securities sold during the period — — — Reductions in the allowance for credit losses because the entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis — — — Additional increases (decreases) to the allowance for credit losses on securities that had credit losses, or an allowance recorded in a previous period (137) (1,091) (1,228) Write-offs charged against the allowance — Recoveries of amounts previously written off — Allowance for credit losses on available-for-sale debt securities at March 31, 2023 $ 4,003 $ 5,585 $ 9,588 Rithm Capital evaluates the credit quality of its real estate securities, as of the acquisition date, for evidence of credit quality deterioration. As a result, Rithm Capital identified a population of real estate securities for which it was determined that it was probable that Rithm Capital would be unable to collect all contractually required payments. The following is the outstanding face amount and carrying value for securities, for which, as of the acquisition date, it was probable that Rithm Capital would be unable to collect all contractually required payments, excluding residual and fair value option securities: Outstanding Face Amount Carrying Value March 31, 2023 $ 441,521 $ 65,264 December 31, 2022 443,680 66,775 The following is a summary of the changes in accretable yield for these securities: Balance at December 31, 2022 $ 41,200 Additions — Accretion (502) Reclassifications from (to) non-accretable difference 2,543 Disposals — Balance at March 31, 2023 $ 43,241

RESIDENTIAL MORTGAGE LOANS

RESIDENTIAL MORTGAGE LOANS	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
RESIDENTIAL MORTGAGE LOANS	RESIDENTIAL MORTGAGE LOANSRithm Capital accumulated its residential mortgage loan portfolio through various bulk acquisitions and the execution of call rights. Rithm Capital, through its Mortgage Company, originates residential mortgage loans for sale and securitization to third parties and generally retains the servicing rights on the underlying loans. Loans are accounted for based on Rithm Capital’s strategy for the loan and on whether the loan was credit-impaired at the date of acquisition. As of March 31, 2023, Rithm Capital accounts for loans based on the following categories: • Loans held-for-investment, at fair value • Loans held-for-sale, at lower of cost or fair value • Loans held-for-sale, at fair value The following table summarizes residential mortgage loans outstanding by loan type: March 31, 2023 December 31, 2022 Loan Type Outstanding Face Amount Carrying Loan Weighted Average Yield Weighted Average Life (Years) (A) Carrying Value Total residential mortgage loans, held-for-investment, at fair value (B) $ 498,602 $ 426,259 9,278 9.1 % 4.4 $ 452,519 Acquired performing loans (C) 81,396 70,897 2,204 8.5 % 5.0 72,425 Acquired non-performing loans (D) 31,712 26,614 403 9.1 % 3.2 28,602 Total residential mortgage loans, held-for-sale, at lower of cost or market $ 113,108 $ 97,511 2,607 8.7 % 4.5 $ 101,027 Acquired performing loans (C)(E) $ 983,700 $ 945,582 4,188 5.8 % 15.1 $ 890,131 Acquired non-performing loans (D)(E) 263,732 244,752 1,403 4.6 % 26.9 340,342 Originated loans 1,556,000 1,553,475 5,353 6.1 % 29.2 2,066,798 Total residential mortgage loans, held-for-sale, at fair value $ 2,803,432 $ 2,743,809 10,944 5.9 % 24.0 $ 3,297,271 Total residential mortgage loans, held-for-sale, at fair value/lower of cost or market $ 2,916,540 $ 2,841,320 $ 3,398,298 (A) For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For Level 2 loans, the weighted average life is based on the contractual term of the loan. (B) Residential mortgage loans, held-for-investment, at fair value is grouped and presented as part of Residential Loans and Variable Interest Entity Consumer Loans Held-for-Investment, at Fair Value on the Consolidated Balance Sheets. (C) Performing loans are generally placed on nonaccrual status when principal or interest is 90 days or more past due. (D) As of March 31, 2023, Rithm Capital has placed non-performing loans, held-for-sale on nonaccrual status, except as described in (E) below. (E) Includes $433.2 million and $240.3 million UPB of Ginnie Mae EBO performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA. The following table summarizes the geographic distribution of the underlying residential mortgage loans: Percentage of Total Outstanding Unpaid Principal Amount State Concentration March 31, 2023 December 31, 2022 Florida 11.6 % 10.9 % California 9.5 % 10.2 % Texas 9.0 % 8.9 % New York 7.8 % 6.8 % Georgia 4.3 % 4.2 % Illinois 3.7 % 3.6 % New Jersey 3.6 % 3.8 % Indiana 3.1 % 3.2 % Washington 3.0 % 4.4 % Maryland 2.9 % 3.1 % Other U.S. 41.5 % 40.9 % 100.0 % 100.0 % See Note 18 regarding the financing of residential mortgage loans. The following table summarizes the difference between the aggregate unpaid principal balance and the aggregate fair value of loans: March 31, 2023 December 31, 2022 Days Past Due UPB Fair Value Fair Value Over (Under) UPB UPB Fair Value Fair Value Over (Under) UPB 90+ $ 376,472 $ 338,474 $ (37,999) $ 468,147 $ 423,321 $ (44,826) Call Rights Rithm Capital has executed calls with respect to Non-Agency RMBS trusts and purchased performing and non-performing residential mortgage loans and REO assets contained in such trusts prior to their termination. In certain cases, Rithm Capital sold portions of the purchased loans through securitizations and retained bonds issued by such securitizations. In addition, Rithm Capital received par on the securities issued by the called trusts which it owned prior to such trusts’ termination. For the three months ended March 31, 2023, Rithm Capital executed no calls or securitizations accounted for as sales. The following table summarizes the activity for residential mortgage loans: Loans Held-for-Investment, at Fair Value Loans Held-for-Sale, at Lower of Cost or Fair Value Loans Held-for-Sale, at Fair Value Total Balance at December 31, 2022 $ 452,519 $ 101,027 $ 3,297,271 $ 3,850,817 Originations — — 6,959,922 6,959,922 Sales — — (7,635,871) (7,635,871) Purchases/additional fundings 1,269 — 131,444 132,713 Proceeds from repayments (12,836) (3,585) (41,091) (57,512) Transfer of loans to other assets (A) — — 31 31 Transfer of loans to real estate owned (1,449) (870) (430) (2,749) Transfers of loans to held for sale (27,340) — — (27,340) Transfer of loans from held-for-investment — — 27,340 27,340 Valuation (provision) reversal on loans — 939 — 939 Fair value adjustments due to: Changes in instrument-specific credit risk 4,785 — 7,446 12,231 Other factors 9,311 — (2,253) 7,058 Balance at March 31, 2023 $ 426,259 $ 97,511 $ 2,743,809 $ 3,267,579 (A) Represents loans for which foreclosure has been completed and for which Rithm Capital has made, or intends to make, a claim with the governmental agency that has guaranteed the loans that are grouped and presented as part of claims receivable in Other Assets (Note 13). Net Interest Income The following table summarizes the net interest income for residential mortgage loans: Three Months Ended 2023 2022 Interest income: Loans held-for-investment, at fair value $ 9,509 $ 10,280 Loans held-for-sale, at lower of cost or fair value 1,504 1,771 Loans held-for-sale, at fair value 37,286 70,309 Total interest income 48,299 82,360 Interest expense: Loans held-for-investment, at fair value 4,670 7,346 Loans held-for-sale, at lower of cost or fair value 907 849 Loans held-for-sale, at fair value 42,779 42,108 Total interest expense 48,356 50,303 Net interest income $ (57) $ 32,057 Gain on Originated Residential Mortgage Loans, Held-for-Sale, Net The Mortgage Company originates conventional, government-insured and nonconforming residential mortgage loans for sale and securitization. In connection with the sale or securitization of loans to the GSEs or mortgage investors, Rithm Capital reports Gain on Originated Residential Mortgage Loans, Held-for-Sale, Net in the Consolidated Statements of Operations. The following table summarizes the components of Gain on Originated Residential Mortgage Loans, Held-for-Sale, Net: Three Months Ended 2023 2022 Gain (loss) on residential mortgage loans originated and sold, net (A) $ (34,314) $ (370,421) Gain (loss) on settlement of residential mortgage loan origination derivative instruments (B) 9,904 524,823 MSRs retained on transfer of residential mortgage loans (C) 140,513 461,452 Other (D) (5,443) 27,701 Realized gain on sale of originated residential mortgage loans, net $ 110,660 $ 643,555 Change in fair value of residential mortgage loans 31,598 (289,997) Change in fair value of interest rate lock commitments (Note 17) 26,240 (127,685) Change in fair value of derivative instruments (Note 17) (59,230) 246,123 Gain on originated residential mortgage loans, held-for-sale, net $ 109,268 $ 471,996 (A) Includes residential mortgage loan origination fees of $68.9 million and $252.5 million for the three months ended March 31, 2023 and 2022, respectively. (B) Represents settlement of forward securities delivery commitments utilized as an economic hedge for mortgage loans not included within forward loan sale commitments. (C) Represents the initial fair value of the capitalized mortgage servicing rights upon loan sales with servicing retained. (D) Includes fees for services associated with the residential mortgage loan origination process.

CONSUMER LOANS

CONSUMER LOANS	3 Months Ended
	Mar. 31, 2023
Investments In Consumer Loans Equity Method Investees [Abstract]
CONSUMER LOANS	CONSUMER LOANS Rithm Capital, through limited liability companies (together, the “Consumer Loan Companies”), has a co-investment in a portfolio of consumer loans. The portfolio includes personal unsecured loans and personal homeowner loans. OneMain Holdings Inc is the servicer of the loans and provides all servicing and advancing functions for the portfolio. As of March 31, 2023, Rithm Capital owns 53.5% of the limited liability company interests in, and consolidates, the Consumer Loan Companies. The following table summarizes characteristics of the consumer loan portfolio: Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Expected Life (Years) March 31, 2023 Total consumer loans $ 310,877 $ 340,525 18.0 % 3.3 December 31, 2022 Total consumer loans $ 330,428 $ 363,756 17.8 % 3.4 See Note 18 regarding the financing of consumer loans. The following table summarizes the past due status and difference between the aggregate unpaid principal balance and the aggregate fair value of consumer loans: March 31, 2023 December 31, 2022 Days Past Due UPB Fair Value Fair Value Over (Under) UPB UPB Fair Value Fair Value Over (Under) UPB Current $ 305,360 $ 334,550 $ 29,190 $ 325,192 $ 358,057 $ 32,865 90+ 5,517 5,975 458 5,236 5,699 463 $ 310,877 $ 340,525 $ 29,648 $ 330,428 $ 363,756 $ 33,328 The following table summarizes activities related to the carrying value of consumer loans: Balance at December 31, 2022 $ 363,756 Additional fundings (A) 6,831 Proceeds from repayments (26,617) Accretion of loan discount and premium amortization, net 2,546 Fair value adjustment due to: Changes in instrument-specific credit risk 103 Other factors (6,094) Balance at March 31, 2023 $ 340,525 (A) Represents draws on consumer loans with revolving privileges.

SINGLE-FAMILY RENTAL PROPERTIES

SINGLE-FAMILY RENTAL PROPERTIES	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
SINGLE-FAMILY RENTAL PROPERTIES	SINGLE-FAMILY RENTAL PROPERTIES The following table summarizes the net carrying value of investments in SFR properties: March 31, 2023 December 31, 2022 Land $ 175,607 $ 175,607 Building 702,427 702,427 Capital improvements 123,606 118,999 Total gross investment in SFR properties 1,001,640 997,033 Accumulated depreciation (32,653) (25,720) Investment in SFR properties, net $ 968,987 $ 971,313 Depreciation expense for the three months ended March 31, 2023 and 2022 totaled $6.9 million and $4.1 million, respectively, and is included in Other Income (Loss), Net in the Consolidated Statements of Operations. As of March 31, 2023 and December 31, 2022, the carrying amount of the SFR properties includes capitalized acquisition costs of $7.1 million and $7.7 million, respectively. SFR properties held-for-sale are managed for prompt sale and disposition. For the three months ending March 31, 2023, Rithm Capital transferred 30 SFR properties to held-for-sale. The following table summarizes the activity related to the net carrying value of investments in SFR properties: SFR Properties Held-for-Investment SFR Properties Held-for-Sale Total Balance at December 31, 2022 $ 971,313 $ — $ 971,313 Acquisitions and capital improvements 4,607 — 4,607 Dispositions — — — Reclassifications to SFR properties (9,747) 9,747 — Write-offs — — — Accumulated depreciation (6,913) (20) (6,933) Balance at March 31, 2023 $ 959,260 $ 9,727 $ 968,987 Rithm Capital generally rents its SFR properties under non-cancelable lease agreements with a term of one Remainder of 2023 $ 51,605 2024 and thereafter 10,566 Total $ 62,171 The following table summarizes the activity of the SFR portfolio by units: SFR Properties Held-for-Investment SFR Properties Held-for-Sale Total Balance at December 31, 2022 3,731 — 3,731 Acquisition of SFR units — — — Transfer to held-for-sale (30) 30 — Disposition of SFR units — — — Balance at March 31, 2023 3,701 30 3,731 See Note 18 regarding the financing of SFR Properties.

MORTGAGE LOANS RECEIVABLE

MORTGAGE LOANS RECEIVABLE	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
MORTGAGE LOANS RECEIVABLE	MORTGAGE LOANS RECEIVABLE Rithm Capital completed the acquisition of Genesis in December 2021. 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 Mortgage Loans Receivable outstanding by loan purpose as of March 31, 2023: Carrying Value (A) % of Portfolio Loan % of Portfolio Weighted Average Yield Weighted Average Original Life (Months) Weighted Average Committed Loan Balance to Value (B) Construction $ 913,495 46.9 % 515 39.7 % 8.7 % 15.1 76.8% / 65.5% Bridge 815,663 41.9 % 546 42.2 % 8.6 % 20.5 73.0% Renovation 217,264 11.2 % 234 18.1 % 8.9 % 13.9 77.8% / 65.3% $ 1,946,422 100.0 % 1,295 100.0 % 8.7 % 17.2 N/A (A) Represents fair value. (B) Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost (“LTC”) and loan-to-after-repair-value (“LTARV”) for construction and renovation loans. The following table summarizes the activity for Mortgage Loans Receivables: Balance at December 31, 2022 $ 2,064,028 Initial loan advances 275,907 Construction holdbacks and draws 153,730 Paydowns and payoffs (547,243) Balance at March 31, 2023 $ 1,946,422 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 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 unpaid principal balance and the aggregate fair value of Mortgage Loans Receivable: March 31, 2023 December 31, 2022 Days Past Due UPB Fair Value Fair Value Over (Under) UPB UPB Fair Value Fair Value Over (Under) UPB Current $ 1,946,422 $ 1,946,422 $ — $ 2,064,028 $ 2,064,028 $ — 90+ — — — — — — The following table summarizes the geographic distribution of the underlying Mortgage Loans Receivable as of March 31, 2023: State Concentration Percentage of Total California 54.9 % Washington 9.7 % Colorado 7.2 % New York 5.6 % Arizona 5.5 % Florida 4.2 % North Carolina 2.5 % Texas 2.0 % New Jersey 1.6 % Washington D.C. 1.3 % Other U.S. 5.5 % 100.0 % See Note 18 regarding the financing of Mortgage Loans Receivable.

CASH, CASH EQUIVALENTS AND REST

CASH, CASH EQUIVALENTS AND RESTRICTED CASH	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
CASH, CASH EQUIVALENTS AND RESTRICTED CASH	CASH, CASH EQUIVALENTS AND RESTRICTED CASH Rithm Capital considers all highly liquid short-term investments with maturities of 90 days or less when purchased to be cash equivalents. Substantially all amounts on deposit with major financial institutions exceed insured limits. Restricted cash primarily relates to the financing of servicer advances that has been pledged to the note holders for interest and fees payable, cash related to securitization facilities (Note 20) and financing of consumer loans as well as real estate securities. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on Rithm Capital’s Consolidated Balance Sheets to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: March 31, 2023 December 31, 2022 Cash and cash equivalents $ 1,434,697 $ 1,336,508 Restricted cash 365,649 281,126 Total cash, cash equivalents and restricted cash $ 1,800,346 $ 1,617,634 The following table summarizes restricted cash balances: March 31, 2023 December 31, 2022 MSRs and servicer advances $ 72,192 $ 69,347 Real estate and other securities 4,427 4,604 Consumer loans 16,759 15,930 SFR properties 6,923 4,627 Origination and servicing 242,091 161,249 Mortgage loans receivable 23,257 25,369 Total restricted cash $ 365,649 $ 281,126

OTHER ASSETS AND LIABILITIES

OTHER ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2023
Other Income Assets And Liabilities [Abstract]
OTHER ASSETS AND LIABILITIES	OTHER ASSETS AND LIABILITIES Other Assets and Accrued Expenses and Other Liabilities consist of the following: Other Assets Accrued Expenses March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Margin receivable, net (A) $ 59,898 $ 20,614 Margin payable $ 47 $ 4,852 Excess MSRs, at fair value (Note 4) 299,303 321,803 Interest payable 110,334 87,700 Servicer advance investments, at fair value (Note 6) 389,905 398,820 Accounts payable 160,766 155,492 Servicing fee receivables 119,812 128,438 Derivative liabilities (Note 17) 46,954 18,064 Principal and interest receivable 100,541 106,608 Accrued compensation and benefits 78,965 112,762 Equity investments (B) 79,665 71,388 Operating lease liabilities (Note 16) 109,838 101,225 Other receivables 144,748 146,131 Deferred tax liability 695,033 711,855 REO 19,162 19,379 Other liabilities 305,298 294,717 Goodwill (Note 15) (C) 85,199 85,199 $ 1,507,235 $ 1,486,667 Warrants, at fair value 17,854 19,346 Property and equipment 30,501 37,883 Intangible assets (Note 15) 139,013 141,413 Prepaid expenses 59,306 60,817 Operating lease right-of-use assets (Note 16) 84,936 77,329 Derivative assets (Note 17) 43,904 52,229 Loans receivable, at fair value (D) 32,105 94,401 Other assets 130,981 132,809 $ 1,836,833 $ 1,914,607 (A) Represents collateral posted as a result of changes in fair value of Rithm Capital’s (i) real estate securities securing its secured financing agreements and (ii) derivative instruments. (B) Represents equity investments in (i) commercial redevelopment projects (ii) operating companies providing services throughout real estate industry, including Covius Holding Inc. (“Covius”), a provider of various technology-enabled services to the mortgage and real estate sectors, preferred stock in Valon Mortgage, Inc. (“Valon”), a residential mortgage servicing and technology company, and preferred stock in Credijusto Ltd. (“Covalto”), a financial services company. (C) Includes goodwill derived from the acquisition of Shellpoint Partners LLC (“Shellpoint”), Guardian Asset Management LLC (“Guardian”) and Genesis. (D) Represents loans made pursuant to a senior credit agreement and a senior subordinated credit agreement to an entity affiliated with funds managed by an affiliate of the Former Manager. The loans are accounted for under the fair value option. Real Estate Owned (REO) — REO assets are those individual properties acquired by Rithm Capital or where Rithm Capital receives the property in satisfaction of a debt (e.g., by taking legal title or physical possession). Rithm Capital measures REO assets at the lower of cost or fair value, with valuation changes recorded in Other Income or Valuation and Credit Loss (Provision) Reversal on Loans and Real Estate Owned in the Consolidated Statements of Operations. REO assets are managed for prompt sale and disposition. The following table presents activity related to the carrying value of investments in REO: Balance at December 31, 2022 $ 19,379 Purchases — Property received in satisfaction of loan 6,025 Sales (A) (6,974) Valuation (provision) reversal 732 Balance at March 31, 2023 $ 19,162 (A) Recognized when control of the property has transferred to the buyer. As of March 31, 2023, Rithm Capital had residential mortgage loans and mortgage loans receivable that were in the process of foreclosure with unpaid principal balances of $70.2 million and $12.5 million, respectively. Notes and Loans Receivable — The following table summarizes the activity for loans receivable: Loans Receivable Balance at December 31, 2022 $ 94,401 Fundings — Payment in Kind 2,134 Proceeds from repayments (64,661) Transfer to other assets — Fair value adjustments due to: Changes in instrument-specific credit risk — Other factors 231 Balance at March 31, 2023 $ 32,105 The following table summarizes the past due status and difference between the aggregate unpaid principal balance and the aggregate fair value of notes and loans receivable: March 31, 2023 December 31, 2022 Days Past Due UPB Fair Value Fair Value Over (Under) UPB UPB Fair Value Fair Value Over (Under) UPB Current $ 98,410 $ 32,105 $ (66,305) $ 157,745 $ 94,401 $ (63,344) 90+ — — — — — —

EXPENSES, REALIZED AND UNREALIZ

EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND OTHER	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND OTHER	EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND OTHER General and Administrative expenses consist of the following: Three Months Ended 2023 2022 Legal and professional $ 12,755 $ 28,586 Loan origination 11,757 39,901 Occupancy 18,366 29,777 Subservicing 35,256 46,808 Loan servicing 2,976 5,304 Property and maintenance 24,035 23,603 Other 62,010 72,259 Total general and administrative expenses $ 167,155 $ 246,238 Other Income (Loss) The following table summarizes the components of Other income (loss): Three Months Ended 2023 2022 Real estate and other securities $ 83,851 $ (606,852) Residential mortgage loans and REO 18,097 (88,523) Derivative instruments (151,006) 622,172 Other (A) (26,591) (12,732) Realized and unrealized gains (losses) on investments, net $ (75,649) $ (85,935) Unrealized gain (loss) on secured notes and bonds payable $ (2,500) $ 7,194 Rental revenue 18,123 8,129 Property and maintenance revenue 33,637 34,305 (Provision) reversal for credit losses on securities 1,228 (711) Valuation and credit loss (provision) reversal on loans and real estate owned 1,575 (3,029) Other income (loss) (21,585) 6,444 Other income (loss), net $ 30,478 $ 52,332 Total Other income (loss) $ (45,171) $ (33,603) (A) Includes excess MSRs, servicer advance investments, consumer loans and other. Accretion and Other Amortization as reflected on the Consolidated Statements of Cash Flows consists of the following: Three Months Ended 2023 2022 Accretion of net discount on securities and loans $ 11,684 $ 5,293 Accretion of servicer advances receivable discount and servicer advance investments 4,630 4,156 Accretion of excess mortgage servicing rights income 3,431 13,017 Amortization of deferred financing costs (1,055) (6,921) Amortization of discount on corporate debt (420) (450) Total accretion and other amortization $ 18,270 $ 15,095

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS As a result of the various acquisitions, Rithm Capital identified intangible assets in the form of licenses, customer relationships, business relationships and trade names. The following table summarizes the carrying value of goodwill by reportable segment: Origination Servicing MSR Mortgage Loans Receivable Total Balance at December 31, 2022 $ 11,836 $ 12,540 $ 5,092 $ 55,731 $ 85,199 Goodwill acquired — — — — Accumulated impairment loss — — — — — Balance at March 31, 2023 $ 11,836 $ 12,540 $ 5,092 $ 55,731 $ 85,199 The following table summarizes the acquired identifiable intangible assets: Estimated Useful Lives (Years) March 31, 2023 December 31, 2022 Gross Intangible Assets Customer relationships 3 to 9 $ 57,949 $ 57,949 Purchased technology 3 to 7 127,938 120,787 Trademarks / Trade names 1 to 5 10,259 10,259 196,146 188,995 Accumulated Amortization Customer relationships 14,550 12,960 Purchased technology 38,625 30,959 Trademarks / Trade names 3,958 3,663 57,133 47,582 Intangible Assets, Net Customer relationships 43,399 44,989 Purchased technology (A) 89,313 89,828 Trademarks / Trade names (B) 6,301 6,596 $ 139,013 $ 141,413 (A) Includes indefinite-lived intangible assets of $21.4 million and $21.4 million, respectively. (B) Includes indefinite-lived intangible assets of $1.9 million and $1.9 million, respectively. The following table summarizes the expected future amortization expense for acquired intangible assets as of March 31, 2023: Year Ending Amortization Expense April 1 through December 31, 2023 $ 23,819 2024 26,348 2025 24,134 2026 17,857 2027 23,614 $ 115,772

OPERATING LEASES

OPERATING LEASES	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
OPERATING LEASES	OPERATING LEASES Rithm Capital, through its wholly-owned subsidiaries, has leases on office space expiring through 2033. Rent expense, net of sublease income for the three months ended March 31, 2023 and 2022 totaled $12.2 million and $12.4 million, respectively. The Company has leases that include renewal options and escalation clauses. The terms of the leases do not impose any financial restrictions or covenants. Operating lease right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are grouped and presented as part of Other Assets Accrued Expenses and Other Liabilities The table below summarizes the future commitments under the non-cancelable leases: Year Ending Amount April 1 through December 31, 2023 $ 22,179 2024 25,393 2025 19,630 2026 12,633 2027 10,837 2028 and thereafter 37,523 Total remaining undiscounted lease payments 128,195 Less: imputed interest 18,357 Total remaining discounted lease payments $ 109,838 The future commitments under the non-cancelable leases have not been reduced by the sublease rentals of $7.8 million due in the future periods. Other information related to operating leases is summarized below: March 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) 6.3 5.7 Weighted-average discount rate 4.5 % 4.0 %

DERIVATIVES

DERIVATIVES	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	DERIVATIVES Rithm Capital enters into economic hedges including interest rate swaps and to-be-announced forward contract positions (“TBAs”) to hedge a portion of its interest rate risk exposure. Interest rate risk is sensitive to many factors, including governmental monetary and tax policies, domestic and international economic and political considerations, as well as other factors. Rithm Capital’s credit risk with respect to economic hedges is the risk of default on Rithm Capital’s investments that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments. Rithm Capital may at times hold TBAs in order to mitigate Rithm Capital’s interest rate risk on certain specified mortgage-backed securities and MSRs. Amounts or obligations owed by or to Rithm Capital are subject to the right of set-off with the TBA counterparty. As part of executing these trades, Rithm Capital may enter into agreements with its TBA counterparties that govern the transactions for the TBA purchases or sales made, including margin maintenance, payment and transfer, events of default, settlements and various other provisions. Changes in the value of derivatives designed to protect against mortgage-backed securities and MSR fair value fluctuations, or hedging gains and losses, are reflected in the tables below. As of March 31, 2023, Rithm Capital also held interest rate lock commitments (“IRLCs”), which represent a commitment to a particular interest rate provided the borrower is able to close the loan within a specified period, and forward loan sale and securities delivery commitments, which represent a commitment to sell specific residential mortgage loans at prices which are fixed as of the forward commitment date. Rithm Capital enters into forward loan sale and securities delivery commitments in order to hedge the exposure related to IRLCs and residential mortgage loans that are not covered by residential mortgage loan sale commitments. Derivatives are recorded at fair value on the Consolidated Balance Sheets as follows: Balance Sheet Location March 31, 2023 December 31, 2022 Derivative assets Interest rate swaps (A) Other assets $ 1,637 $ 449 Interest rate lock commitments Other assets 36,107 16,015 TBAs Other assets 6,160 35,765 Options on treasury futures Other assets — — $ 43,904 $ 52,229 Derivative liabilities Interest rate lock commitments Accrued expenses and other liabilities $ 1,081 $ 7,229 TBAs Accrued expenses and other liabilities 45,873 10,835 $ 46,954 $ 18,064 (A) Net of $0.8 billion and $1.2 billion of related variation margin balances as of March 31, 2023 and December 31, 2022, respectively. The following table summarizes notional amounts related to derivatives: March 31, 2023 December 31, 2022 Interest rate swaps (A) $ 19,840,000 $ 23,085,000 Interest rate lock commitments 2,881,724 2,647,747 TBAs, short position (B) 4,306,239 8,473,221 TBAs, long position (B) — 31,500 (A) Includes $18.8 billion notional of receive LIBOR/pay fixed of 2.2% and $1.0 billion notional of receive fixed of 3.7%/pay LIBOR with weighted average maturities of 34 months and 42 months, respectively, as of March 31, 2023. Includes $23.1 billion notional of receive LIBOR/pay fixed of 1.9% and $0.0 billion notional of receive fixed of 0.0%/pay LIBOR with weighted average maturities of 35 months and 0 months, respectively, as of December 31, 2022. (B) Represents the notional amount of Agency RMBS, classified as derivatives. The following table summarizes gain (loss) on derivatives and the related location on the Consolidated Statements of Operations: Three Months Ended 2023 2022 Servicing revenue, net (A) TBAs $ — $ 3,300 Treasury futures — (1,746) Options on treasury futures — 5,635 — 7,189 Gain on originated residential mortgage loans, held-for-sale, net (A) Interest rate lock commitments 26,240 (127,685) TBAs (57,983) 246,123 Interest rate swaps (1,247) — (32,990) 118,438 Change in fair value of investments (A) Interest rate swaps (369,281) 464,334 TBAs (6,048) 110,363 (375,329) 574,697 Gain (loss) on settlement of investments, net (B) Interest rate swaps 225,656 (25,679) TBAs (C) (1,333) 73,154 224,323 47,475 Total gain (loss) $ (183,996) $ 747,799 (A) Represents unrealized gain (loss). (B) Excludes no loss and $76.8 million loss for the three months ended March 31, 2023 and 2022, respectively, included within Servicing Revenue, Net (Note 5). (C) Excludes $9.9 million gain and $524.8 million gain for the three months ended March 31, 2023 and 2022, respectively, included within Gain on Originated Residential Mortgage Loans, Held-for-Sale, Net (Note 8).

DEBT OBLIGATIONS

DEBT OBLIGATIONS	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
DEBT OBLIGATIONS	DEBT OBLIGATIONS The following table summarizes Secured Financing Agreements and Secured Notes and Bonds Payable debt obligations: March 31, 2023 December 31, 2022 Collateral Debt Obligations/Collateral Outstanding Face Amount Carrying Value (A) Final Stated Maturity (B) Weighted Average Funding Cost Weighted Average Life (Years) Outstanding Face Amortized Cost Basis Carrying Value Weighted Average Life (Years) Carrying Value (A) Secured Financing Agreements (C) Repurchase Agreements: Warehouse Credit Facilities-Residential Mortgage Loans (F) $ 2,274,109 $ 2,273,246 Apr 23 to Jan-25 6.3 % 0.7 $ 2,838,143 $ 2,788,884 $ 2,703,201 18.2 $ 2,606,004 Warehouse Credit Facilities-Mortgage Loans Receivable (E) 1,143,848 1,143,848 May-23 to Dec-23 7.7 % 0.3 1,312,922 1,312,922 1,312,922 0.8 1,220,662 Agency RMBS (D) 7,747,387 7,747,387 Apr-23 to Sep-23 5.0 % 0.1 8,039,219 7,876,322 8,039,499 8.1 6,821,788 Non-Agency RMBS (E) 596,449 596,449 Apr-23 to Oct-27 6.8 % 1.0 14,498,547 909,331 923,708 5.6 609,282 Total Secured Financing Agreements 11,761,793 11,760,930 5.6 % 0.3 11,257,736 Secured Notes and Bonds Payable Excess MSRs (G) 218,089 218,089 Aug-25 3.7 % 2.4 65,506,301 250,605 294,477 5.9 227,596 MSRs (H) 4,768,188 4,760,490 Jan-24 to Mar-28 6.5 % 2.3 528,508,705 6,844,455 8,830,147 7.3 4,791,543 Servicer Advance Investments (I) 304,688 303,864 Aug-23 to Mar-24 6.9 % 0.9 339,309 384,342 389,905 8.4 318,445 Servicer Advances (I) 2,218,498 2,215,705 May-23 to Nov-26 4.3 % 0.8 2,664,251 2,594,271 2,594,271 0.7 2,361,259 Residential Mortgage Loans (J) 650,000 650,000 May-24 5.8 % 1.1 575,874 591,010 668,774 29.0 769,988 Consumer Loans (K) 310,664 286,653 Sep-37 2.1 % 3.3 310,845 323,669 340,494 3.4 299,498 SFR Properties 827,889 782,391 Mar-26 to Sep-27 4.2 % 4.2 N/A 959,232 959,232 N/A 817,695 Mortgage Loans Receivable 524,062 511,413 Jul 26 to Dec-26 5.5 % 3.6 575,479 575,479 575,479 0.6 512,919 Total Secured Notes and Bonds Payable 9,822,078 9,728,605 5.5 % 2.1 10,098,943 Total/ Weighted Average $ 21,583,871 $ 21,489,535 5.6 % 1.1 $ 21,356,679 (A) Net of deferred financing costs. (B) All debt obligations with a stated maturity through the date of issuance were refinanced, extended or repaid. (C) Includes approximately $94.7 million of associated accrued interest payable as of March 31, 2023. (D) All fixed interest rates. (E) All LIBOR or SOFR-based floating interest rates. (F) Includes $267.2 million which bear interest at a fixed rate of 5.1% with the remaining having LIBOR or SOFR-based floating interest rates. (G) Includes $218.1 million of corporate loans which bear interest at a fixed rate of 3.7%. (H) Includes $3.1 billion of MSR notes which bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR or SOFR, and (ii) a margin ranging from 2.5% to 3.3%; and $1.7 billion of capital market notes with fixed interest rates ranging 3.0% to 5.4%. 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) $1.2 billion face amount of the notes have a fixed rate while the remaining notes bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR or a cost of funds rate, as applicable, and (ii) a margin ranging from 1.5% to 3.3%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the mortgage servicing rights and MSR financing receivables owned by NRM. (J) Represents $650.0 million securitization backed by a revolving warehouse facility to finance newly originated first-lien, fixed- and adjustable-rate residential mortgage loans which bears interest equal to one-month LIBOR plus 1.1%. Collateral carrying value includes cash held in the securitization trust required to meet collateral requirements. (K) Includes the SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $257.6 million UPB of Class A notes with a coupon of 2.0% and a stated maturity date in September 2037 and $53.0 million UPB of Class B notes with a coupon of 2.7% and a stated maturity date in September 2037 (collectively, “SCFT 2020-A”). 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. As of March 31, 2023, Rithm Capital has margin exposure on $11.8 billion of secured financing agreements. To the extent that the value of the collateral underlying these secured financing agreements declines, Rithm Capital may be required to post margin, which could significantly impact its liquidity. The following table summarizes activities related to the carrying value of debt obligations: Excess MSRs MSRs Servicer Advances (A) Real Estate Securities Residential Mortgage Loans and REO Consumer Loans SFR Properties Mortgage Loans Receivable Total Balance at December 31, 2022 $ 227,596 $ 4,791,543 $ 2,679,704 $ 7,431,070 $ 3,371,315 $ 299,498 $ 822,372 $ 1,733,581 $ 21,356,679 Secured Financing Agreements Borrowings — — — 12,240,027 7,415,913 — — 646,507 20,302,447 Repayments — — — (11,327,261) (7,745,152) — (4,677) (723,320) (19,800,410) Capitalized deferred financing costs, net of amortization — — — — 1,158 — — — 1,158 Secured Notes and Bonds Payable Borrowings — 667,185 636,611 — — — — — 1,303,796 Repayments (9,507) (698,816) (797,233) — (116,730) (20,108) (35,140) — (1,677,534) Discount on borrowings, net of amortization — — — — — — — — — Unrealized gain on notes, fair value — — — — (3,258) 7,263 — (1,507) 2,498 Capitalized deferred financing costs, net of amortization — 578 487 — — — (164) — 901 Balance at March 31, 2023 $ 218,089 $ 4,760,490 $ 2,519,569 $ 8,343,836 $ 2,923,246 $ 286,653 $ 782,391 $ 1,655,261 $ 21,489,535 (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 as of March 31, 2023 are as follows: Year Ending Nonrecourse (A) Recourse (B) Total April 1 through December 31, 2023 $ 1,315,513 $ 10,890,358 $ 12,205,871 2024 1,938,260 3,088,584 5,026,844 2025 — 1,947,623 1,947,623 2026 — 1,633,630 1,633,630 2027 729,239 280,000 1,009,239 2028 and thereafter 310,664 — 310,664 $ 4,293,676 $ 17,840,195 $ 22,133,871 (A) Includes secured notes and bonds payable of $4.3 billion. (B) Includes secured financing agreements and secured notes and bonds payable of $11.8 billion and $6.0 billion, respectively. Secured financing agreements with contractual maturities prior to December 31, 2023 includes $7.7 billion collateralized by Agency RMBS. Borrowing Capacity The following table represents borrowing capacity as of March 31, 2023: Debt Obligations / Collateral Borrowing Capacity Balance Outstanding Available Financing (A) Secured Financing Agreements Residential mortgage loans and REO $ 4,810,993 $ 2,019,391 $ 2,791,602 Loan originations 8,350,090 1,398,567 6,951,523 Secured Notes and Bonds Payable Excess MSRs 286,380 218,089 68,291 MSRs 6,864,109 4,768,188 2,095,921 Servicer advances 3,569,481 2,523,186 1,046,295 Residential mortgage loans 290,714 189,364 101,350 $ 24,171,767 $ 11,116,785 $ 13,054,982 (A) Although available financing is uncommitted, Rithm Capital’s unused borrowing capacity is available if it has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate. Certain of the debt obligations are subject to customary loan covenants and event of default provisions, including event of default provisions triggered by certain specified declines in Rithm Capital’s equity or a failure to maintain a specified tangible net worth, liquidity, or indebtedness to tangible net worth ratio. Additionally, with the expected phase out of LIBOR, the Company expects the calculated rate on certain debt obligations will be changed to another published reference standard before the planned cessation of LIBOR quotations in 2023. However, the Company does not anticipate this change will have a significant effect on the terms and conditions, ability to access credit, or on its financial condition. Rithm Capital was in compliance with all of its debt covenants as of March 31, 2023. 2025 Senior Unsecured Notes On September 16, 2020, the Company, as borrower, completed a private offering of $550.0 million aggregate principal amount of 6.250% senior unsecured notes due 2025 (the “2025 Senior Notes”). Interest on the 2025 Senior Notes accrue at the rate of 6.250% per annum with interest payable semi-annually in arrears on each April 15 and October 15. The 2025 Senior Notes mature on October 15, 2025 and the Company may redeem some or all of the 2025 Senior Notes at the Company’s option, at any time from time to time, on or after October 15, 2022 at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2025 Senior Notes to be redeemed): Year Price 2023 101.563% 2024 and thereafter 100.000% Net proceeds from the offering were approximately $544.5 million, after deducting the initial purchasers’ discounts and commissions and estimated offering expenses payable by the Company. The Company incurred fees of approximately $8.3 million in relation to the issuance of the 2025 Senior Notes. These fees were capitalized as debt issuance cost and are grouped and presented as part of Unsecured Senior Notes, Net of Issuance Costs on the Consolidated Balance Sheets. For the three months ended March 31, 2023 , the Company recognized interest expense of $8.5 million. At March 31, 2023 , the unamortized debt issuance costs was approximately $4.5 million. The 2025 Senior Notes are senior unsecured obligations and rank pari passu in right of payment with all of the Company’s existing and future senior unsecured indebtedness and senior unsecured guarantees. At the time of issuance, the 2025 Senior Notes were not guaranteed by any of the Company’s subsidiaries and none of its subsidiaries are required to guarantee the 2025 Senior Notes in the future, except under limited specified circumstances. The 2025 Senior Notes contain financial covenants and other non-financial covenants, including, among other things, limits on the ability of the Company and its restricted subsidiaries to incur certain indebtedness (subject to various exceptions), requires that the Company maintain total unencumbered assets (as defined in the debt agreement) of not less than 120% of the aggregate principal amount of the outstanding unsecured debt, and imposes certain requirements in order for the Company to merge or consolidate with or transfer all or substantially all of its assets to another person, in each case subject to certain qualifications set forth in the debt agreement. If the Company were to fail to comply with these covenants, after the expiration of the applicable cure periods, the debt maturity could be accelerated or other remedies could be sought by the lenders. As of March 31, 2023, the Company was in compliance with all covenants. In the event of a change of control, each holder of the 2025 Senior Notes will have the right to require the Company to repurchase all or any part of the outstanding balance at a purchase price of 101% of the principal amount of the 2025 Senior Notes repurchased, plus accrued and unpaid interest, if any, to, but not including, the date of such repurchase.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS U.S. GAAP requires the categorization of fair value measurement into three broad levels which form a hierarchy based on the transparency of inputs to the valuation. Level 1 – Quoted prices in active markets for identical instruments. Level 2 – Valuations based principally on other observable market parameters, including: • Quoted prices in active markets for similar instruments, • Quoted prices in less active or inactive markets for identical or similar instruments, • Other observable inputs (such as interest rates, yield curves, volatilities, prepayment rates, loss severities, credit risks and default rates), and • Market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 – Valuations based significantly on unobservable inputs. 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 for which fair value is disclosed, as of March 31, 2023 were as follows: Principal Balance or Notional Amount Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets Excess MSRs (A) $ 65,506,301 $ 299,303 $ — $ — $ 299,303 $ 299,303 MSRs and MSR financing receivables (A) 535,865,895 8,886,209 — — 8,886,209 8,886,209 Servicer advance investments 339,309 389,905 — — 389,905 389,905 Real estate and other securities 25,589,381 8,987,572 — 8,041,518 946,054 8,987,572 Residential mortgage loans, held-for-sale 113,108 97,511 — — 97,611 97,611 Residential mortgage loans, held-for-sale, at fair value 2,803,432 2,743,809 — 2,488,389 255,420 2,743,809 Residential mortgage loans, held-for-investment, at fair value 498,602 426,259 — — 426,259 426,259 Residential mortgage loans subject to repurchase 1,189,907 1,189,907 — 1,189,907 — 1,189,907 Consumer loans 310,877 340,525 — — 340,525 340,525 Mortgage loans receivable (B) 1,946,422 1,946,422 — 349,499 1,596,923 1,946,422 Notes receivable 66,305 — — — — — Loans receivable 32,105 32,105 — — 32,105 32,105 Cash, cash equivalents and restricted cash 1,800,346 1,800,346 1,800,346 — — 1,800,346 Other assets (C) N/A 21,377 — — 21,377 21,377 Derivative assets 26,844,923 43,904 — 7,797 36,107 43,904 $ 27,205,154 $ 1,800,346 $ 12,077,110 $ 13,327,798 $ 27,205,254 Liabilities Secured financing agreements $ 11,761,793 $ 11,760,930 $ — $ 11,760,930 $ — $ 11,760,930 Secured notes and bonds payable (D) 9,822,078 9,728,605 — — 9,656,481 9,656,481 Unsecured senior notes, net of issuance costs 545,490 545,490 — — 491,662 491,662 Residential mortgage loan repurchase liability 1,189,907 1,189,907 — 1,189,907 — 1,189,907 Derivative liabilities 183,040 46,954 — 45,873 1,081 46,954 $ 23,271,886 $ — $ 12,996,710 $ 10,149,224 $ 23,145,934 (A) The notional amount represents the total unpaid principal balance of the residential mortgage loans underlying the MSRs, MSR financing receivables and Excess MSRs. Rithm Capital does not receive an excess mortgage servicing amount on non-performing loans in Agency portfolios. (B) Includes Rithm Capital’s economic interests in the VIEs consolidated and accounted for under the collateralized financing entity (“CFE”) election. As of March 31, 2023, the fair value of Rithm Capital’s interests in the mortgage loans receivable securitization was $47.4 million. (C) Excludes the indirect equity investment in a commercial redevelopment project that is accounted for at fair value on a recurring basis based on the NAV of Rithm Capital’s investment. The investment had a fair value of $23.1 million as of March 31, 2023. (D) Includes SCFT 2020-A and 2022-RTL1 mortgage-backed securities issued for which the fair value option for financial instruments was elected and resulted in a fair value of $598.1 million as of March 31, 2023. The following table summarizes assets measured at fair value on a recurring basis using Level 3 inputs: Level 3 Total Excess MSRs (A)(B) MSRs and MSR Financing Receivables (A) Servicer Advance Investments Non-Agency RMBS Derivatives (C) Residential Mortgage Loans Consumer Loans Notes and Loans Receivable Mortgage Loans Receivable Balance at December 31, 2022 $ 321,803 $ 8,889,403 $ 398,820 $ 950,860 $ 8,786 $ 713,896 $ 363,756 $ 94,401 $ 1,714,053 $ 13,455,778 Transfers Transfers from Level 3 — — — — — (80,896) — — (90,020) (170,916) Transfers to Level 3 — — — — — 19,404 — — — 19,404 Gain (loss) included in net income Credit losses on securities (D) — — — 146 — — — — — 146 Change in fair value of excess MSRs (D) (9,818) — — — — — — — — (9,818) Change in fair value of excess MSRs, equity method investees (D) (1,414) — — — — — — — — (1,414) Servicing revenue, net (E) Included in servicing revenue (E) — (142,304) — — — — — — — (142,304) Change in fair value of: Servicer advance investments — — (735) — — — — — — (735) Residential mortgage loans — — — — — 12,534 — — 12,534 Consumer loans — — — — — — (5,991) — — (5,991) Gain (loss) on settlement of investments, net 172 — — — — — — — — 172 Other income (loss), net (D) (104) — — 13,218 26,240 39,738 — 231 — 79,323 Gains (losses) included in OCI (F) — — — 2,988 — — — — — 2,988 Interest income 3,431 — 4,630 9,138 — — 2,546 2,134 — 21,879 Purchases, sales and repayments Purchases, net (G) — — 232,446 2,400 — 9,695 6,831 — — 251,372 Proceeds from sales (703) (1,403) — — (34,995) — — — (37,101) Proceeds from repayments (14,064) — (245,256) (32,696) — (25,984) (26,617) (64,661) (456,747) (866,025) Originations and other — 140,513 — — — 28,287 — — 429,637 598,437 Balance at March 31, 2023 $ 299,303 $ 8,886,209 $ 389,905 $ 946,054 $ 35,026 $ 681,679 $ 340,525 $ 32,105 $ 1,596,923 $ 13,207,729 (A) Includes the recapture agreement for each respective pool, as applicable. (B) Amounts include Rithm Capital’s portion of the Excess MSRs held by the respective joint ventures in which Rithm Capital has a 50% interest. (C) For the purpose of this table, the IRLC asset and liability positions are shown net. (D) 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. (E) The components of Servicing Revenue, Net are disclosed in Note 5. (F) Gain (loss) included in Unrealized Gain (Loss) on Available-for-Sale Securities, Net in the Consolidated Statements of Comprehensive Income. (G) Net of purchase price adjustments and purchase price fully reimbursable from MSR sellers as a result of prepayment protection. Liabilities measured at fair value on a recurring basis using Level 3 inputs changed as follows: Level 3 Asset-Backed Securities Issued Balance at December 31, 2022 $ 319,486 Transfers Gains (losses) included in net income Other income (A) 4,005 Purchases, sales and repayments Proceeds from sales — Payments (36,838) Other — Balance at March 31, 2023 $ 286,653 (A) Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) relating to Level 3 liabilities still held at the reporting dates and realized gain (loss) recorded during the period. Excess MSRs, MSRs and MSR Financing Receivables Valuation The following table summarizes certain information regarding the ranges and weighted averages of inputs used as of March 31, 2023: Significant Inputs (A) Prepayment (B) Delinquency (C) Recapture (D) Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) (E) Collateral Weighted Average Maturity (Years) (F) Excess MSRs Directly Held 3.0% – 12.3% (7.2%) 0.2% – 6.1% (3.2%) 0.0% – 91.8% (56.0%) 6 – 31 (19) 11 – 29 (21) Excess MSRs Held through Investees 8.7% – 11.3% (9.6%) 1.9% – 4.2% (2.8%) 45.3% – 64.3% (59.0%) 15 – 26 (22) 15 – 22 (19) MSRs and MSR Financing Receivables (G) Agency 0.2% – 99.1% (7.8%) 0.1% – 66.7% (1.9%) — (H) 7 – 104 (30) 0 – 40 (23) Non-Agency 0.7% – 84.1% (15.1%) 1.0% – 75.0% (22.0%) — (H) 1 – 216 (46) 0 – 57 (24) Ginnie Mae 0.4% – 82.5% (10.3%) 0.2% – 75.0% (7.2%) — (H) 18 – 144 (41) 0 – 35 (27) Total/Weighted Average — MSRs and MSR Financing Receivables 0.2% – 99.1% (9.0%) 0.1% – 75.0% (4.9%) — (H) 1 – 216 (34) 0 – 57 (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 will miss its mortgage payments. (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 basic fee as applicable, measured in basis points (bps). A weighted average cost of subservicing of $6.85 – $7.06 ($6.92) per loan per month was used to value the agency MSRs. A weighted average cost of subservicing of $7.28 – $9.53 ($9.07) per loan per month was used to value the Non-Agency MSRs, including MSR financing receivables. A weighted average cost of subservicing of $8.24 – $8.58 ($8.24) 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. (G) For certain pools, recapture rate represents the expected recapture rate with the successor subservicer appointed by NRM. (H) Recapture is not considered a significant input for MSRs and MSR financing receivables. 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 LIBOR plus 2.1%. As of March 31, 2023, a weighted average discount rate of 8.3% (range of 8.0% – 8.5%) was used to value Rithm Capital’s Excess MSRs (directly and through equity method investees). As of March 31, 2023, a weighted average discount rate of 8.4% (range of 7.6% – 10.8%) was used to value Rithm Capital’s MSRs and MSR financing receivables. Servicer Advance Investments Valuation The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing the servicer advance investments, including the basic fee component of the related MSRs: Significant Inputs Outstanding Servicer Advances to UPB of Underlying Residential Mortgage Loans Prepayment Rate (A) Delinquency Mortgage Servicing Amount (B) Discount Rate Collateral Weighted Average Maturity (Years) (C) March 31, 2023 1.3% – 2.2% (2.2%) 3.4% – 4.6% (4.6%) 3.4% – 19.7% (19.3%) 18.0 – 19.8 (19.8) bps 5.7% – 6.2% (5.7%) 21.8 – 21.9 (21.9) (A) Projected annual weighted average lifetime voluntary and involuntary prepayment rate using a prepayment vector. (B) Mortgage servicing amount is net of 6.2 bps which represents the amount Rithm Capital paid its servicers as a monthly servicing fee. (C) Weighted average maturity of the underlying residential mortgage loans in the pool. Real Estate and Other Securities Valuation As of March 31, 2023, securities valuation methodology and results are further detailed as follows: Fair Value Asset Type Outstanding Face Amount Amortized Cost Basis Multiple Quotes (A) Single Quote (B) Total Level Agency RMBS $ 8,041,143 $ 7,878,353 $ 8,041,518 $ — $ 8,041,518 2 Non-Agency RMBS (C) 17,548,238 926,335 946,040 14 946,054 3 Total $ 25,589,381 $ 8,804,688 $ 8,987,558 $ 14 $ 8,987,572 (A) Rithm Capital generally obtained pricing service quotations or broker quotations from two sources, one of which was generally the seller (the party that sold Rithm Capital the security) for Non-Agency RMBS. 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 RMBS, 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 more 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 actually purchase the security at the quoted price. Rithm Capital’s investments in Agency RMBS are classified within Level 2 of the fair value hierarchy because the market for these securities is very 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 RMBS. 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 valuation group, which is separate from its investment acquisition and management group, to reflect market developments and actual performance. For 55.5% of Non-Agency RMBS, 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 RMBS were not readily available. Fair Value Discount Rate Prepayment Rate (a) CDR (b) Loss Severity (c) Non-Agency RMBS $ 525,004 5.0% – 15.0% (6.8%) 0.0% – 100.0% (6.6%) 0.0% – 20.0% (0.2%) 0.0% – 74.0% (7.9%) (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. (B) Rithm Capital was unable to obtain quotations from more than one source on these securities. (C) Includes Rithm Capital’s investments in interest-only notes for which the fair value option for financial instruments was elected. Residential Mortgage Loans Valuation Rithm Capital, through its Mortgage Company, originates residential mortgage loans that it intends to sell into Fannie Mae, Freddie Mac and Ginnie Mae mortgage-backed securitizations. Residential mortgage loans held-for-sale, 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. The Mortgage Company also originates non-qualified mortgage loans that it intends to sell to private investors. Residential mortgage loans held-for-sale, 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 held-for-sale for which there is little to no observable trading activity of similar instruments are valued using Level 3 measurements based upon dealer price quotes or historical sale transactions for similar loans. Residential mortgage loans held-for-sale, at fair value also includes nonconforming seasoned mortgage loans acquired and identified for securitization, which are valued using internal pricing models to forecast loan level cash flows based on a potential securitization exit using inputs such as default rates, prepayments speeds and discount rates, and may include adjustments based on consensus pricing (broker quotes). As the internal pricing model is 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. The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing residential mortgage loans held-for-sale, at fair value classified as Level 3: Performing Loans Fair Value Discount Rate Prepayment Rate CDR Loss Severity Acquired loans $ 54,252 7.4% – 10.1% (8.4%) 3.6% – 8.0% (5.9%) 2.8% – 3.7% (3.3%) 19.7% – 31.2% (25.5%) Originated loans 168,041 N/A N/A N/A N/A Residential mortgage loans held-for-sale, at fair value $ 222,293 Non-Performing Loans Fair Value Discount Rate Annual change in home prices Liquidation Timeline Current Value of Underlying Properties Acquired $ 19,247 10.7% – 10.7% (10.7%) 18.1%– 25.7% 20.5%) 2.4 – 4.0 (2.9) 201.1%% – 241.3% (214.1%) Originated 13,880 N/A N/A N/A N/A Residential mortgage loans held-for-sale, at fair value $ 33,127 The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing residential mortgage loans held-for-investment, at fair value classified as Level 3: Fair Value Discount Rate Prepayment Rate CDR Loss Severity Residential mortgage loans held-for-investment, at fair value $ 426,259 8.8% – 10.7% (9.1%) 2.9% – 8.0% (6.5%) 3.5% – 12.7% (5.9%) 19.7% – 52.2% (36.7%) Consumer Loans Valuation The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing consumer loans held-for-investment, at fair value, classified as Level 3: Fair Value Discount Rate Prepayment Rate CDR Loss Severity Consumer loans, held-for-investment, at fair value $ 340,525 8.3% – 9.3% (8.6%) 7.4% – 32.8% (27.8%) 0.0% – 7.2% (4.2%) 59.4% – 59.4% (59.4%) Mortgage Loans Receivable Valuation The estimated fair value approximates carrying value as most loans are variable-rate that reprice frequently and with minimal credit risk and severity risk. Rithm Capital classifies mortgage loans receivable as Level 3 in the fair value hierarchy. Rithm Capital has securitized certain mortgage loans receivable which are held as part of a collateralized financing entity (“CFE”). A CFE is a variable interest entity 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 fair value option (“FVO”) for initial and subsequent recognition of the debt issued by its consolidated securitization trust and has determined that the consolidated securitization trust meets the definition of a CFE. See Note 20 for further discussion regarding VIEs and securitization trusts. Rithm Capital determined the inputs to the fair value measurement of the financial liabilities of its CFE 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 CFE to measure the fair value of the financial assets of the CFE. The fair value of the debt issued by the CFE is typically valued using external pricing data, which includes third-party valuations. The securitized mortgage loans receivable, which are assets of the CFE, are included in Mortgage Loans Receivable, at Fair Value, on the Company’s Consolidated Balance Sheets. The debt issued by the CFE is included in Secured Notes and Bonds Payable on the Company’s Consolidated Balance Sheets. Unrealized gain (loss) from changes in fair value of the debt issued by the CFE is included in Other Income (Loss), Net in the Company’s Consolidated Statements of Operations. The securitized mortgage loans receivable and the debt issued by the Company’s CFE are both classified as Level 2. Derivatives 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. As a part of the mortgage loan origination business, Rithm Capital enters into forward loan sale and securities delivery commitments, which are valued based on observed market pricing for similar instruments and therefore, are classified as Level 2. 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 Value Loan Funding Probability Fair Value of Initial Servicing Rights (Bps) IRLCs, net $ 35,026 0.0% – 100.0% (80.3%) 0.5 – 336.8 (205.6) Asset-Backed Securities Issued Rithm Capital was deemed to be the primary beneficiary of the SCFT 2020-A securitization, and therefore, Rithm Capital’s Consolidated Balance Sheets include the asset-backed securities issued by the SCFT 2020-A trust. Rithm Capital elected the fair value option for these financial instruments and the asset-backed securities issued were valued consistently with Rithm Capital’s Non-Agency RMBS described above. The following table summarizes certain information regards the ranges and weighted averages of inputs used in valuing Asset-Backed Securities Issued: Fair Value Discount Rate Prepayment Rate CDR Loss Severity Asset-backed securities issued $ 286,653 5.2% – 5.2% (5.2%) 20.7% – 20.7% (20.7%) 4.4% – 4.4% (4.4%) 94.7% – 94.7% (94.7%) Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis Certain assets are measured at fair value on a nonrecurring basis; that is, they are not measured at fair value on an ongoing basis but are subject to fair value adjustments only in certain circumstances, such as when there is evidence of impairment. For residential mortgage loans held-for-sale, SFR properties and foreclosed real estate accounted for as REO, Rithm Capital applies the lower of cost or fair value accounting and may be required, from time to time, to record a nonrecurring fair value adjustment. Upon the occurrence of certain events, the Company re-measures the fair value of long-lived assets, including property, plant and equipment, operating lease ROU assets, intangible assets and goodwill if an impairment or observable price adjustment is recognized in the current period. At March 31, 2023, assets measured at fair value on a nonrecurring basis were $100.1 million. The $100.1 million of assets include approximately $88.9 million of residential mortgage loans held-for-sale and $11.2 million of REO. The fair value of Rithm Capital’s residential mortgage loans, held-for-sale 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 used in valuing these residential mortgage loans as of March 31, 2023: Fair Value and Carrying Value Discount Rate Weighted Average Life (Years) (A) Prepayment Rate CDR (B) Loss Severity (C) Performing loans $ 70,897 5.3% – 10.1% (8.5%) 4.5 – 8.0 (5.0) 3.6% – 8.0% (7.4%) 2.8% – 4.1% (3.5%) 19.7% – 31.2% (21.3%) Non-performing loans 17,967 10.7% – 10.7% (10.7%) 2.4 – 4.0 (3.1) 2.8% – 2.9% (2.8%) 12.7% – 26.4% (20.5%) 33.8% – 46.7% (41.1%) Total/weighted average $ 88,864 9.0% 4.6 6.5% 6.9% 25.3% (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 loss relative to the outstanding loan balance. 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% – 25% (weighted average of 21%), depending on the information available to the broker. The total change in the recorded value of assets for which a fair value adjustment has been included in the Consolidated Statements of Operations for the three months ended March 31, 2023 consisted of a reversal of valuation allowance of $0.9 million for residential mortgage loans and a reversal of valuation allowance of $0.7 million for REO.

VARIABLE INTEREST ENTITIES

VARIABLE INTEREST ENTITIES	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
VARIABLE INTEREST ENTITIES	VARIABLE INTEREST ENTITIES In the normal course of business, Rithm Capital enters into transactions with special purpose entities (“SPEs”), which primarily consist of trusts established for a limited purpose. The SPEs have been formed for the purpose of transactions in which the Company transfers assets into an SPE in return for various forms of debt obligations supported by those assets. In these transactions, the Company typically receives cash and/or other interests in the SPE as proceeds for the transferred assets. The Company retains the right to service the transferred receivables. The Company evaluates its interests in each SPE for classification as a variable interest entity (“VIE”). VIEs are defined as entities in which equity investors do not have the characteristics of a controlling financial interest or do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties. A VIE is required to be consolidated only by its primary beneficiary, which is defined as the party who has the power to direct the activities of a VIE that most significantly impact its economic performance and who 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, 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 includes the SPE in its consolidated financial statements. For certain consolidated VIEs, Rithm Capital has elected to account for the assets and liabilities of these entities as collateralized financing entities (“CFE”). A CFE is a variable interest entity 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 under GAAP for CFEs 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. Consolidated VIEs Servicer Advances Rithm Capital, through a taxable wholly-owned subsidiary, is the managing member of Advance Purchaser and owned approximately 89.3% of Advance Purchaser as of March 31, 2023 and is deemed to be the primary beneficiary of Advance Purchaser as a result of its ability to direct activities that most significantly impact the economic performance of the entities and its ownership of a significant equity investment. See Note 6 for details. Shelter Joint Ventures A wholly-owned subsidiary of Newrez, Shelter Mortgage Company LLC (“Shelter”), is a mortgage originator specializing in retail originations. Shelter operates its business through a series of joint ventures (“Shelter JVs”) and is deemed to be the primary beneficiary of the joint ventures 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. Residential Mortgage Loans 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 LIBOR 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 determined it 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. Caliber Mortgage Participant I, LLC was formed to acquire, receive, participate, hold, release and dispose of participation interests in certain of Caliber’s residential mortgage loans held for sale (“MLHFS PC”). The Caliber Mortgage Participant I, LLC transfers the MLHFS PC in exchange for cash. Caliber is the primary beneficiary of the VIE and therefore, consolidates the SPE. The transferred MLHFS PC is classified on the Consolidated Balance Sheets as Residential Mortgage Loans, Held-for-Sale and the related warehouse credit facility liabilities as part of Secured Financing Agreements. Caliber retains the risks and benefits associated with the assets transferred to the SPEs. Caliber remains the servicer of the underlying residential mortgage loans and has the power to direct the SPE’s activities. Holders of the term notes issued by the Trust can look only to the assets of the Trust for satisfaction of the debt and have no recourse against Caliber. Consumer Loan Companies Rithm Capital has a co-investment in a portfolio of consumer loans held through the Consumer Loan Companies. As of March 31, 2023, Rithm Capital owns 53.5% of the limited liability company interests in, and consolidates, the Consumer Loan Companies. On September 25, 2020, certain entities comprising the Consumer Loan Companies, in a private transaction, issued $663.0 million of asset-backed notes (“SCFT 2020-A”) securitized by a portfolio of consumer loans. The Consumer Loan Companies consolidate certain entities that issued securitized debt collateralized by the consumer loans (the “Consumer Loan SPVs”). The Consumer Loan SPVs are VIEs of which the Consumer Loan Companies are the primary beneficiaries. Securitized Mortgage Loans Receivable In March 2022, Rithm Capital formed a securitization facility that issued securitized debt collateralized by mortgage loans receivable (the “2022-RTL1 Securitization”). The 2022-RTL1 Securitization consists of a pool of performing, adjustable-rate and fixed-rate, interest-only, mortgage loans (construction, renovation and bridge), secured by a first lien or a first and second lien on a non-owner occupied mortgaged property with original terms to maturity of up to 36 months , with an aggregate UPB of approximately $349.5 million and an aggregate principal limit of approximately $473.7 million as of March 31, 2023. In addition to pass-through certificates sold to third parties, Rithm Capital acquired all of the residual tranche certificate, which bears no interest, for $20.9 million. Rithm Capital evaluated the purchased residual tranche certificate as a variable interest in the trust and concluded that the residual tranche certificate will absorb a majority of the trust’s expected losses or receive a majority of the trust’s expected residual returns. Rithm Capital also concluded that the securitization’s asset manager, a wholly-owned subsidiary of Rithm Capital, has the ability to direct activities that could impact the trust’s economic performance. As a result, Rithm Capital consolidates the trust. The table below presents the carrying value and classification of the assets and liabilities of consolidated VIEs on the Consolidated Balance Sheets: Advance Purchaser Shelter Joint Ventures Residential Mortgage Loans Consumer Loan SPVs Mortgage Loans Receivable Total March 31, 2023 Assets Servicer advance investments, at fair value $ 379,103 $ — $ — $ — $ — $ 379,103 Residential mortgage loans, held-for-sale, at fair value — — 588,963 — — 588,963 Consumer loans — — — 340,525 — 340,525 Mortgage loans receivable — — — — 349,498 349,498 Cash and cash equivalents 18,325 27,364 12,560 — — 58,249 Restricted cash 8,059 — 84,321 6,554 11,154 110,088 Other assets — 559 — 4,806 — 5,365 Total Assets 405,487 27,923 685,844 351,885 360,652 1,831,791 Liabilities Secured financing agreements (A) — — 649,164 — — 649,164 Secured notes and bonds payable (A) 297,126 — 4,007 286,653 311,413 899,199 Accrued expenses and other liabilities 2,560 3,710 907 1,265 1,792 10,234 Total Liabilities $ 299,686 $ 3,710 $ 654,078 $ 287,918 $ 313,205 $ 1,558,597 December 31, 2022 Assets Servicer advance investments, at fair value $ 387,675 $ — $ — $ — $ — $ 387,675 Residential mortgage loans, held-for-investment, at fair value — — 22,699 — — 22,699 Residential mortgage loans, held-for-sale, at fair value — — 844,000 — — 844,000 Mortgage loans receivable — — — — 349,975 349,975 Consumer loans — — — 363,756 — 363,756 Cash and cash equivalents 34,084 28,404 23,473 — — 85,961 Restricted cash 7,433 — 7,547 6,652 9,368 31,000 Other assets 9 1,026 165,975 5,253 (238) 172,025 Total Assets 429,201 29,430 1,063,694 375,661 359,105 2,257,091 Liabilities Secured financing agreements (A) — — 51,325 — — 51,325 Secured notes and bonds payable (A) 313,093 — 768,959 299,498 312,918 1,694,468 Accrued expenses and other liabilities 1,928 4,306 25,381 1,144 349 33,108 Total Liabilities $ 315,021 $ 4,306 $ 845,665 $ 300,642 $ 313,267 $ 1,778,901 (A) The creditors of the VIEs do not have recourse to the general credit of Rithm Capital, and the assets of the VIEs are not directly available to satisfy Rithm Capital’s obligations. Non-Consolidated VIEs The following table summarizes the carrying value of the Company’s unconsolidated bonds retained pursuant to required risk retention regulations which reflects the Company’s maximum exposure to loss, as well as the UPB of transferred loans. These bonds are grouped and presented as part of Real Estate and Other Securities on the Consolidated Balance Sheets: As of and for the 2023 2022 Residential mortgage loan UPB and other collateral $ 11,437,660 $ 11,741,509 Weighted average delinquency (A) 4.7 % 4.0 % Net credit losses $ 142,647 $ 133,727 Face amount of debt held by third parties (B) $ 10,466,997 $ 10,831,148 Carrying value of bonds retained by Rithm Capital (C)(D) $ 924,926 $ 956,977 Cash flows received by Rithm Capital on these bonds $ 38,006 $ 64,085 (A) Represents the percentage of the UPB that is 60+ days delinquent. (B) Excludes bonds retained by Rithm Capital. (C) Includes bonds retained pursuant to required risk retention regulations. (D) Classified within Level 3 of the fair value hierarchy as the valuation is based on certain unobservable inputs including discount rate, prepayment rates and loss severity. See Note 19 for details on unobservable inputs. Noncontrolling Interests Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Rithm Capital. These interests are related to noncontrolling interests in consolidated entities that hold Rithm Capital’s servicer advance investments (Note 6), the Shelter JVs (Note 8) and Consumer loans (Note 9). Others’ interests in the equity of consolidated subsidiaries is computed as follows: March 31, 2023 December 31, 2022 Advance Purchaser (A) Shelter Joint Ventures Consumer Loan Companies Advance Purchaser (A) Shelter Joint Ventures Consumer Loan Companies Total consolidated equity $ 105,810 $ 24,213 $ 79,455 $ 114,180 $ 25,124 $ 91,263 Others’ ownership interest 10.7 % 49.5 % 46.5 % 10.7 % 49.5 % 46.5 % Others’ interest in equity of consolidated subsidiary $ 11,304 $ 11,986 $ 37,047 $ 12,193 $ 12,437 $ 42,437 Others’ interests in the net income (loss) is computed as follows: Three Months Ended March 31, 2023 2022 Advance Purchaser (A) Shelter Joint Ventures Consumer Loan Companies Advance Purchaser (A) Shelter Joint Ventures Consumer Loan Companies Net income (loss) $ (1,370) $ (85) $ (2,391) $ 2,135 $ 823 $ 10,698 Others’ ownership interest 10.7 % 49.5 % 46.5 % 10.7 % 49.5 % 46.5 % Others’ interest in net income (loss) of consolidated subsidiary $ (146) $ (42) $ (1,112) $ 228 $ 407 $ 4,974 (A) Rithm Capital owned 89.3% of Advance Purchaser as of March 31, 2023 and 2022.

EQUITY AND EARNINGS PER SHARE

EQUITY AND EARNINGS PER SHARE	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
EQUITY AND EARNINGS PER SHARE	EQUITY AND EARNINGS PER SHARE Equity and Dividends Rithm Capital’s certificate of incorporation authorizes 2.0 billion shares of common stock, par value $0.01 per share, and 100.0 million shares of preferred stock, par value $0.01 per share. On August 5, 2022, Rithm Capital entered into a Distribution Agreement to sell shares of its common stock, par value $0.01 per share (the “ATM Shares”), having an aggregate offering price of up to $500.0 million, from time to time, through an “at-the-market” equity offering program (the “ATM Program”). No share issuances were made during the three months ended March 31, 2023 under the ATM Program. In December 2022, Rithm Capital’s board of directors authorized the repurchase of up to $200.0 million of its common stock and $100.0 million of its preferred stock through December 31, 2023. Repurchases may 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. The share repurchase programs may be suspended or discontinued at any time. During the three months ended March 31, 2023, the Company did not repurchase any shares of its common stock or preferred stock. The table below summarizes preferred shares: Dividends Declared per Share Number of Shares Three Months Ended Series March 31, 2023 December 31, 2022 Liquidation Preference (A) Issuance Discount Carrying Value (B) 2023 2022 Series A, 7.50% issued July 2019 (C) 6,200 6,200 $ 155,002 3.15 % $ 149,822 $ 0.47 $ 0.47 Series B, 7.125% issued August 2019 (C) 11,261 11,261 281,518 3.15 % 272,654 0.45 0.45 Series C, 6.375% issued February 2020 (C) 15,903 15,903 397,584 3.15 % 385,289 0.40 0.40 Series D, 7.00% issued September 2021 (D) 18,600 18,600 465,000 3.15 % 449,489 0.44 0.44 Total 51,964 51,964 $ 1,299,104 $ 1,257,254 $ 1.76 $ 1.76 (A) Each series has a liquidation preference or par value of $25.00 per share. (B) Carrying value reflects par value less discount and issuance costs. (C) Fixed-to-floating rate cumulative redeemable preferred. (D) Fixed-rate reset cumulative redeemable preferred. On March 17, 2023, Rithm Capital’s board of directors declared first quarter 2023 preferred dividends of $0.47 per share of Preferred Series A, $0.45 per share of Preferred Series B, $0.40 per share of Preferred Series C and $0.44 per share of Preferred Series D, or $2.9 million, $5.0 million, $6.3 million and $8.1 million, respectively. Common dividends have been declared as follows: Declaration Date Payment Date Per Share Total Amounts Distributed (millions) Quarterly Dividend March 21, 2022 April 2022 $ 0.25 $ 116.7 June 17, 2022 August 2022 0.25 116.7 September 22, 2022 October 2022 0.25 118.4 December 15, 2022 January 2023 0.25 118.6 March 17, 2023 April 2023 0.25 120.9 Common Stock Purchase Warrants During the second quarter of 2020, the Company issued warrants (the “2020 Warrants”) in conjunction with the issuance of a term loan, which was fully repaid in the third quarter of 2020, that provided the holders the right to acquire, subject to anti-dilution adjustments, up to 43.4 million shares of the Company’s common stock in the aggregate. The 2020 Warrants were exercisable in cash or on a cashless basis and were set to expire on May 19, 2023 and were exercisable, in whole or in part, at any time or from time to time after September 19, 2020 at the following prices (subject to certain anti-dilution adjustments): approximately 24.6 million shares of common stock at $6.11 per share and approximately 18.9 million shares of common stock at $7.94 per share. On February 21, 2023, warrant holders exercised all remaining and outstanding warrants to purchase up to approximately 25.6 million shares of the Company’s common stock. The warrants were exercised on a cashless basis, using the market price of the Company’s common stock on February 17, 2023, which was the last trading day preceding the date of exercise of the warrants, resulting in the issuance of approximately 9.3 million shares of the Company’s common stock on February 23, 2023. The table below summarizes the 2020 Warrants at March 31, 2023: Number of Warrants (in millions) Adjusted Weighted Average Exercise Price Initial Adjusted (A) December 31, 2022 22.4 25.6 $ 6.1 Granted — — — Exercised (22.4) (25.6) 6.1 Expired — — — March 31, 2023 — — (A) Reflects the incremental number of additional common stock issuable upon exercise of warrants in accordance with the warrant agreement. Option Plan As of March 31, 2023, outstanding options were as follows: Held by Former Manager 21,471,990 Issued to the independent directors 5,000 Total 21,476,990 The following table summarizes outstanding options as of March 31, 2023. The last sales price on the New York Stock Exchange for Rithm Capital’s common stock in the quarter ended March 31, 2023 was $8.00 per share. Recipient Date of Grant/ Exercise (A) Number of Unexercised Options Exercisable as of March 31, 2023 Weighted Average Exercise Price (B) Intrinsic Value of Exercisable Options as of March 31, 2023 (millions) Directors Various 5,000 5,000 $ 12.83 $ — Former Manager 2017 1,130,916 1,130,916 12.84 — Former Manager 2018 5,320,000 5,320,000 15.57 — Former Manager 2019 6,351,000 6,351,000 14.95 — Former Manager 2020 1,619,739 1,619,739 16.30 — Former Manager 2021 7,050,335 5,091,095 9.34 — Outstanding 21,476,990 19,517,750 (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. The following table summarizes activity in outstanding options: Number of Options Weighted Average Exercise Price December 31, 2022 21,476,990 $ — Granted — — Exercised — — Expired — — March 31, 2023 21,476,990 See table above Stock-Based Compensation Rithm Capital’s Nonqualified Stock Option and Incentive Award Plan became effective on May 15, 2013, and was amended and restated as of November 4, 2014 and as of February 16, 2023 (the “Plan”). The Company may grant stock-based compensation to its officers and other employees and non-employee directors for the purpose of providing incentives and rewards for service or performance. Stock-based awards issued under the Plan include time-based and performance-based restricted stock unit awards (“RSU” and “PSU” awards, respectively), and restricted stock awards (“RSA”), and may include other forms of equity-based compensation. RSU and PSU awards are an agreement to issue an equivalent number of shares of the Company’s common stock, plus any equivalent shares for dividends declared on the Company’s common stock, at the time the award vests. RSU awards vest over a specified service period. PSU awards vest over a specified service period subject to achieving long-term performance criteria. The Company measures and recognizes compensation expense for all stock-based payment awards made to employees and non-employee directors based on their fair value. The Company values RSU awards based on the fair value of its common stock on the date of grant. Compensation expense is recognized on a straight-line basis over each award’s respective service period. For PSU awards, the Company estimates the probability that the performance criteria will be achieved and recognizes expense only for those awards expected to vest. The Company reevaluates its estimate each reporting period and recognizes a cumulative effect adjustment to expense if estimates change from the prior period. The Company does not estimate forfeiture rates but rather adjusts for forfeitures in the periods in which they occur. Shares underlying RSU and PSU awards are issued when the awards vest. Statutory tax withholding obligations may be covered via (i) election of a cash payment, (ii) net settlement of the applicable shares of stock underlying the RSUs or PSUs, (iii) a broker assisted sale process or (iv) any such other method approved by Rithm Capital. If applicable, the fair value of shares withheld for tax withholdings is recorded as a reduction to additional paid-in capital. During the three months ended March 31, 2023, the Company granted RSU awards to employees with a grant date fair value of $11.6 million, which vest ratably over a three-year period. The Company also granted PSU awards to employees which vest at the end of a three-year period provided that specified performance criteria are met. The fair value of the PSU awards granted during the three months ended March 31, 2023 as of the grant date was $11.6 million, assuming the target levels of performance are achieved. The table below summarizes the Company’s awards granted, forfeited or vested under the Plan during the three months ended March 31, 2023: Number of Shares Grant Date Price RSAs (B) RSUs PSUs Total RSAs RSUs PSUs Unvested Shares at December 31, 2022 578,034 — — 578,034 $ 8.65 $ — $ — Granted — 1,215,329 1,215,329 2,430,658 — 9.52 9.52 Unvested Shares at March 31, 2023 (A) 578,034 1,215,329 1,215,329 3,008,692 (A) Number of PSUs assumes target levels of performance are achieved for outstanding unvested PSU awards. (B) Does not include cash dividends received in relation to unvested RSAs. The fair value of granted awards is determined based on the closing price of the Company’s common stock on the date of grant of the awards. Stock-based compensation is recorded within Compensation and benefits in the Consolidated Statements of Operations. For the three months ending March 31, 2023, total stock-based compensation expenses recorded was $1.4 million. For the three months ending March 31, 2023, there were no performance adjustments for actual performance achieved relative to target, no vested shares and no forfeited shares. At March 31, 2023, aggregate unrecognized compensation cost for all unvested equity awards was $26.7 million (assuming target levels of performance are achieved), which is expected to be recognized over a weighted-average period of 1.4 years. 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. Diluted EPS is computed 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 following table summarizes the basic and diluted earnings per share calculations: Three Months Ended 2023 2022 Net income $ 89,949 $ 689,931 Noncontrolling interests in income of consolidated subsidiaries (1,300) 5,609 Dividends on preferred stock 22,395 22,461 Net income attributable to common stockholders $ 68,854 $ 661,861 Basic weighted average shares of common stock outstanding 478,167,178 466,785,584 Dilutive effect of stock options, restricted stock, common stock purchase warrants, RSUs and PSUs (A)(B) 4,679,733 17,639,482 Diluted weighted average shares of common stock outstanding 482,846,911 484,425,066 Basic earnings per share attributable to common stockholders $ 0.14 $ 1.42 Diluted earnings per share attributable to common stockholders $ 0.14 $ 1.37 (A) Stock options and common stock purchase warrants that could potentially dilute basic earnings per share in the future were not included in the computation of diluted earnings per share for the periods where a loss has been recorded because they would have been anti-dilutive for the period presented. There were no anti-dilutive stock options or common stock purchase warrants for all periods presented.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Litigation — Rithm Capital is or may become, from time to time, involved in various disputes, litigation and regulatory inquiry and investigation matters that arise in the ordinary course of business. Given the inherent unpredictability of these types of proceedings, it is possible that future adverse outcomes could have a material adverse effect on its business, financial position or results of operations. Rithm Capital is not aware of any unasserted claims that it believes are material and probable of assertion where the risk of loss is expected to be reasonably possible. Rithm Capital is, from time to time, subject to inquiries by government entities. Rithm Capital currently does not believe any of these inquiries would result in a material adverse effect on Rithm Capital’s business. Indemnifications — In the normal course of business, Rithm Capital and its subsidiaries enter into contracts that contain a variety of representations and warranties and that provide general indemnifications. Rithm Capital’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against Rithm Capital that have not yet occurred. However, based on its experience, Rithm Capital expects the risk of material loss to be remote. Capital Commitments — As of March 31, 2023, Rithm Capital had outstanding capital commitments related to investments in the following investment types (also refer to Note 5 for MSR investment commitments and to Note 24 for additional capital commitments entered into subsequent to March 31, 2023, if any): • 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 the Mortgage Company, 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. Notes 5 and 6 for discussion on Rithm Capital’s MSRs and servicer advance investments, respectively. • Mortgage Origination Reserves — The Mortgage Company currently originates, or has in the past originated, conventional, government-insured and nonconforming residential mortgage loans for sale and securitization. The GSEs or Ginnie Mae guarantee conventional and government insured mortgage securitizations and mortgage investors issue nonconforming private label mortgage securitizations while the Mortgage Company generally retains the right to service the underlying residential mortgage loans. In connection with the transfer of loans to the GSEs or mortgage investors, the Mortgage Company 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, the Mortgage Company generally has an obligation to cure the breach. If the Mortgage Company is unable to cure the breach, the purchaser may require the Mortgage Company, as applicable, to repurchase the loan. In addition, as issuers of Ginnie Mae guaranteed securitizations, the Mortgage Company 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 the Mortgage Company is not obligated to repurchase the delinquent loans, the Mortgage Company generally exercises its respective option to repurchase loans that will result in an economic benefit. As of March 31, 2023, Rithm Capital’s estimated liability associated with representations and warranties and Ginnie Mae repurchases was $53.9 million and $1.2 billion, respectively. See Note 5 for information on 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 8 for information regarding Rithm Capital’s residential mortgage loans. • Consumer Loans — The Consumer Loan Companies have invested in loans with an aggregate of $204.9 million of unfunded and available revolving credit privileges as of March 31, 2023. However, under the terms of these loans, requests for draws may be denied and unfunded availability may be terminated at Rithm Capital’s discretion. • Mortgage Loans Receivable — Genesis had commitments to fund up to $682.4 million of additional advances on existing mortgage loans as of March 31, 2023. 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 commitment. Non-Recourse Carve-Out, Construction Completion and Carry Guarantees – In connection with an investment in a commercial real estate development project, Rithm Capital provided certain limited guarantees to the senior lender on the project related to non-recourse carve outs, completion and carry costs of the project. The actual amount that could be called under the guarantees is subject to significant uncertainty. Environmental Costs — As an investor in and owner of commercial and residential real estate, Rithm Capital is subject to potential environmental costs. At March 31, 2023, Rithm Capital is not aware of any environmental concerns that would have a material adverse effect on its consolidated financial position or results of operations. Debt Covenants — Certain of the Company’s debt obligations are subject to loan covenants and event of default provisions, including event of default provisions triggered by certain specified declines in Rithm Capital’s equity or a failure to maintain a specified tangible net worth, liquidity, or indebtedness to tangible net worth ratio. Refer to Note 18.

INCOME TAXES

INCOME TAXES	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES Income tax expense (benefit) consists of the following: Three Months Ended 2023 2022 Current: Federal $ 17 $ 1,199 State and local 22 267 Total current income tax expense (benefit) 39 1,466 Deferred: Federal (14,168) 169,236 State and local (2,677) 32,087 Total deferred income tax expense (16,845) 201,323 Total income tax expense (benefit) $ (16,806) $ 202,789 Rithm Capital intends to qualify as a REIT for each of its tax years through December 31, 2023. 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 servicing, origination and MSR related investments, through taxable REIT subsidiaries (“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 3 for further details. As of March 31, 2023, Rithm Capital recorded a net deferred tax liability of $695.0 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.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS These financial statements include a discussion of material events that have occurred subsequent to March 31, 2023 through the issuance of these Consolidated Financial Statements. Events subsequent to that date have not been considered in these financial statements.

BASIS OF PRESENTATION (Policies

BASIS OF PRESENTATION (Policies)	3 Months Ended
	Mar. 31, 2023
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 23, Income Taxes, for additional information regarding Rithm Capital’s taxable REIT subsidiaries.
Segment Reporting	As of March 31, 2023, Rithm Capital conducted its business through the following segments: (i) Origination, (ii) Servicing, (iii) MSR Related Investments, (iv) Residential Securities, Properties and Loans, (v) Consumer Loans, (vi) Mortgage Loans Receivable and (vii) Corporate.
Interim Financial Statements	Interim Financial Statements — The accompanying Consolidated Financial Statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP’’ or “U.S. GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation of Rithm Capital’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The Consolidated Financial Statements include the accounts of Rithm Capital and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. Rithm Capital consolidates those entities in which it has control over significant operating, financing and investing decisions of the entity, as well as those entities deemed to be 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 uses the equity method of accounting whereby it records its share of the underlying income of such entities. Distributions from equity method investees are classified in the Consolidated Statements of Cash Flows based on the cumulative earnings approach, where all distributions up to cumulative earnings are classified as distributions of earnings.
Reclassifications	Reclassifications — Certain prior period amounts in Rithm Capital’s Consolidated Financial Statements and respective notes have been reclassified to be consistent with the current period presentation. Such reclassifications had no impact on net income, total assets, total liabilities, or stockholders’ equity.
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 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 for the three months ended March 31, 2023. In the future, if events or market conditions affect the estimated fair value to the extent that a long-lived asset is impaired, the Company will adjust the carrying value of these long-lived assets in the period in which the impairment occurs.
Risks and Uncertainties	Risks and Uncertainties — In the normal course of business, Rithm Capital encounters primarily two significant types of economic risk: credit and market. 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’ ability to perform their obligations servicing the residential mortgage loans underlying Rithm Capital’s Excess MSRs, MSRs, MSR financing receivables, servicer advance investments, Non-Agency RMBS 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. The mortgage and financial sectors are operating in a challenging and uncertain economic environment. Financial and real estate companies continue to be affected by, among other things, market volatility, rapidly rising interest rates and inflationary pressures. Should macroeconomic conditions continue to worsen, there is no assurance that such conditions will not result in an overall decline in the fair value of many assets, including those in which the Company invests, and potential impairment of the carrying value of goodwill or other intangible assets. The ultimate duration and impact of the current economic environment remain uncertain.
Use of Estimates	Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements — In March 2020, the Financial Accounting Standards Board (“FASB”) issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting . The standard was issued to ease the accounting effects of reform to the London Interbank Offered Rate (“LIBOR”) and other reference rates. The standard provides optional expedients and exceptions for applying GAAP to debt, derivatives and other contracts affected by reference rate reform. The standard was effective for all entities as of March 12, 2020 through December 31, 2022 and was able to be elected over time as reference rate reform activities occur. Additionally, in December 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 . The standard defers the expiration date of ASC 848 from December 31, 2022 to December 31, 2024. ASU 2022-06 became effective upon issuance. The Company is continuing to assess the impact of the LIBOR transition and does not expect the transition or the adoption of the standard to have a material impact on the Consolidated Financial Statements. The Company’s primary exposure to LIBOR includes certain financing arrangements, interest rate swaps and the 7.50% Series A, 7.125% Series B, and 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock. The Company's financing arrangements either have provisions in place that provide for an alternative to LIBOR upon its phase-out or contain maturities of one year or less and therefore would mature prior to the phase out of LIBOR in June 2023. In addition, the Company has amended terms of certain financing arrangements, where necessary, to transition or direct the transition to an alternative benchmark. Interest rate swaps are expected to experience an orderly market transition prior to the cessation of LIBOR, and the Company has begun transitioning its interest rate swap portfolio away from LIBOR benchmarks. The Company does not currently intend to amend the 7.50% Series A, 7.125% Series B, or 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock to change the existing USD-LIBOR cessation fallback language. In March 2022, the FASB issued ASU 2022-01, Derivative and Hedging (Topic 815): Fair Value Hedging–Portfolio Layer Method . The standard clarifies the accounting and promotes consistency in reporting for hedges where the portfolio layer method is applied. The new standard is effective for fiscal years beginning after December 15, 2022, with early adoption permitted. The Company’s adoption of the new standard did not have a material effect on its Consolidated Financial Statements. In June 2022, the FASB issued ASU 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The standard clarifies that a contractual restriction on the sale of an equity security is not considered in measuring the security’s fair value. The standard also requires certain disclosures for equity securities that are subject to contractual restrictions. The new standard is effective for fiscal years beginning after December 15, 2023, with early adoption permitted. The Company does not expect the adoption of the new standard to have a material effect on its Consolidated Financial Statements.

SEGMENT REPORTING (Tables)

SEGMENT REPORTING (Tables)	3 Months Ended
	Mar. 31, 2023
Segment Reporting [Abstract]
Summary of Segment Financial Data	The following tables summarize segment financial information, which in total reconciles to the same data for Rithm Capital as a whole: Origination and Servicing Residential Securities, Properties and Loans Origination Servicing MSR Related Investments Total Origination and Servicing Real Estate Securities Properties and Residential Mortgage Loans Consumer Loans Mortgage Loans Receivable Corporate Total Three Months Ended March 31, 2023 Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ — $ 349,424 $ 120,415 $ 469,839 $ — $ — $ — $ — $ — $ 469,839 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(105,691)) — (37,526) (104,778) (142,304) — — — — — (142,304) Servicing revenue, net — 311,898 15,637 327,535 — — — — — 327,535 Interest income 25,533 84,233 24,559 134,325 114,247 22,766 14,287 58,337 2,652 346,614 Gain on originated residential mortgage loans, held-for-sale, net 112,822 (4,601) — 108,221 — 1,047 — — — 109,268 Total revenues 138,355 391,530 40,196 570,081 114,247 23,813 14,287 58,337 2,652 783,417 Interest expense 29,995 81,074 31,702 142,771 98,292 26,192 1,680 30,692 9,441 309,068 G&A and other 140,512 100,834 69,241 310,587 630 9,383 1,766 16,231 17,438 356,035 Total operating expenses 170,507 181,908 100,943 453,358 98,922 35,575 3,446 46,923 26,879 665,103 Realized and unrealized gains (losses) on investments, net 168 (191) (12,398) (12,421) (45,999) (6,427) (5,990) (4,812) — (75,649) Other income (loss), net (590) (12,837) 35,921 22,494 165 24,181 (8,722) 1,713 (9,353) 30,478 Total other income (loss) (422) (13,028) 23,523 10,073 (45,834) 17,754 (14,712) (3,099) (9,353) (45,171) Income (loss) before income taxes (32,574) 196,594 (37,224) 126,796 (30,509) 5,992 (3,871) 8,315 (33,580) 73,143 Income tax expense (benefit) (8,160) 4,488 (7,371) (11,043) — (3,728) 59 (2,094) — (16,806) Net income (loss) (24,414) 192,106 (29,853) 137,839 (30,509) 9,720 (3,930) 10,409 (33,580) 89,949 Noncontrolling interests in income (loss) of consolidated subsidiaries (42) — (146) (188) — — (1,112) — — (1,300) Dividends on preferred stock — — — — — — — — 22,395 22,395 Net income (loss) attributable to common stockholders $ (24,372) $ 192,106 $ (29,707) $ 138,027 $ (30,509) $ 9,720 $ (2,818) $ 10,409 $ (55,975) $ 68,854 Origination and Servicing Residential Securities, Properties and Loans Origination Servicing MSR Related Investments Total Origination and Servicing Real Estate Securities Properties and Residential Mortgage Loans Consumer Loans Mortgage Loans Receivable Corporate Total March 31, 2023 Investments $ 1,420,850 $ 7,273,627 $ 1,985,193 $ 10,679,670 $ 8,987,572 $ 2,443,105 $ 340,525 $ 1,946,422 $ — $ 24,397,294 Cash and cash equivalents 262,712 432,850 326,860 1,022,422 352,280 570 1,219 37,512 20,694 1,434,697 Restricted cash 96,823 145,268 72,192 314,283 4,427 6,923 16,759 23,257 — 365,649 Other assets 163,392 2,297,604 2,640,824 5,101,820 93,298 79,537 25,790 117,598 117,769 5,535,812 Goodwill 11,836 12,540 5,092 29,468 — — — 55,731 — 85,199 Total assets $ 1,955,613 $ 10,161,889 $ 5,030,161 $ 17,147,663 $ 9,437,577 $ 2,530,135 $ 384,293 $ 2,180,520 $ 138,463 $ 31,818,651 Debt $ 1,403,564 $ 4,820,673 $ 2,954,585 $ 9,178,822 $ 8,343,730 $ 2,025,068 $ 286,653 $ 1,655,262 $ 545,490 $ 22,035,025 Other liabilities 209,659 2,077,965 40,124 2,327,748 54,436 262,554 1,255 17,748 165,342 2,829,083 Total liabilities 1,613,223 6,898,638 2,994,709 11,506,570 8,398,166 2,287,622 287,908 1,673,010 710,832 24,864,108 Total equity 342,390 3,263,251 2,035,452 5,641,093 1,039,411 242,513 96,385 507,510 (572,369) 6,954,543 Noncontrolling interests in equity of consolidated subsidiaries 11,986 — 11,304 23,290 — — 37,047 — — 60,337 Total Rithm Capital stockholders’ equity $ 330,404 $ 3,263,251 $ 2,024,148 $ 5,617,803 $ 1,039,411 $ 242,513 $ 59,338 $ 507,510 $ (572,369) $ 6,894,206 Investments in equity method investees $ — $ — $ 67,955 $ 67,955 $ — $ — $ — $ — $ — $ 67,955 Origination and Servicing Residential Securities, Properties and Loans Origination Servicing MSR Related Investments Total Origination and Servicing (A) Real Estate Securities Properties and Residential Mortgage Loans Consumer Loans Mortgage Loans Receivable Corporate Total Three Months Ended March 31, 2022 Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ — $ 326,396 $ 130,004 $ 456,400 $ — $ — $ — $ — $ — $ 456,400 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(200,325)) — 497,317 78,076 575,393 — — — — — 575,393 Servicing revenue, net — 823,713 208,080 1,031,793 — — — — — 1,031,793 Interest income 55,371 11,353 15,702 82,426 56,349 26,989 18,933 34,277 6,439 225,413 Gain on originated residential mortgage loans, held-for-sale, net 407,269 61,762 — 471,430 — 566 — — — 471,996 Total revenues 462,640 896,828 223,782 1,585,649 56,349 27,555 18,933 34,277 6,439 1,729,202 Interest expense 29,435 33,706 26,365 89,506 9,029 20,868 2,262 6,969 10,199 138,833 G&A and other 408,758 102,833 77,957 589,548 772 23,434 2,254 16,408 31,630 664,046 Total operating expenses 438,193 136,539 104,322 679,054 9,801 44,302 4,516 23,377 41,829 802,879 Realized and unrealized gains (losses) on investments, net — (347) (3,608) (3,955) (76,529) 12,164 (13,733) (3,882) — (85,935) Other income (loss), net 2,095 943 28,881 31,919 (2,600) 14,316 8,772 — (75) 52,332 Total other income (loss) 2,095 596 25,273 27,964 (79,129) 26,480 (4,961) (3,882) (75) (33,603) Income (loss) before income taxes 26,542 760,885 144,733 934,559 (32,581) 9,733 9,456 7,018 (35,465) 892,720 Income tax expense (benefit) 6,516 161,116 31,463 199,095 — 3,657 37 — — 202,789 Net income (loss) 20,026 599,769 113,270 735,464 (32,581) 6,076 9,419 7,018 (35,465) 689,931 Noncontrolling interests in income (loss) of consolidated subsidiaries 407 — 228 635 — — 4,974 — — 5,609 Dividends on preferred stock — — — — — — — — 22,461 22,461 Net income (loss) attributable to common stockholders $ 19,619 $ 599,769 $ 113,042 $ 734,829 $ (32,581) $ 6,076 $ 4,445 $ 7,018 $ (57,926) $ 661,861 (A) Includes elimination of intercompany transactions of $2.4 million primarily related to loan sales. Servicing Segment Revenues The table below summarizes the components of servicing segment revenues: Three Months Ended 2023 2022 Base servicing MSR-owned assets $ 298,959 $ 258,448 Residential whole loans 2,416 3,389 Third party 22,363 23,653 323,738 285,490 Other fees Ancillary and other fees (A) 25,686 40,906 Change in fair value due to: Realization of cash flows (72,015) (133,276) Change in valuation inputs and assumptions and other 34,489 630,593 Total servicing fees $ 311,898 $ 823,713 Servicing data – unpaid principal balance (“UPB”) (period end) (in millions) UPB – MSR-owned assets $ 401,414 $ 398,730 UPB – Residential whole loans 8,564 11,982 UPB – Third party 94,070 86,179

EXCESS MORTGAGE SERVICING RIG_2

EXCESS MORTGAGE SERVICING RIGHTS (Tables)	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing [Abstract]
Schedule of Activity Related to the Carrying Value of Investments in Excess MSRs	The table below summarizes the components of Excess MSRs: March 31, 2023 December 31, 2022 Direct investments in Excess MSRs $ 231,348 $ 249,366 Excess MSR Joint Ventures 67,955 72,437 Excess mortgage servicing rights, at fair value $ 299,303 $ 321,803 The following table presents activity related to the carrying value of direct investments in Excess MSRs: Total (A) Balance as of December 31, 2022 $ 249,366 Interest income 3,431 Other income 68 Proceeds from repayments (10,996) Proceeds from sales (703) Change in fair value (9,818) Balance as of March 31, 2023 $ 231,348 (A) Underlying loans serviced by Mr. Cooper Group Inc. (“Mr. Cooper”) and Specialized Loan Servicing LLC (“SLS”). The following table summarizes activity related to MSRs and MSR financing receivables: Balance as of December 31, 2022 $ 8,889,403 Purchases, net (A) — Originations (B) 140,513 Proceeds from sales (1,403) Change in fair value due to: Amortization of servicing rights (C) (105,691) Change in valuation inputs and assumptions (37,302) (Gain) loss realized 689 Balance at March 31, 2023 $ 8,886,209 (A) Net of purchase price adjustments and purchase price fully reimbursable from MSR sellers as a result of prepayment protection. (B) Represents MSRs retained on the sale of originated residential mortgage loans. (C) Based on the paydown of the underlying residential mortgage loans. The following table summarizes MSRs and MSR financing receivables by type as of March 31, 2023: UPB of Underlying Mortgages Weighted Average Life (Years) (A) Carrying Value (B) Agency $ 360,605,371 7.4 $ 5,996,278 Non-Agency 52,614,283 6.4 748,723 Ginnie Mae (C) 122,646,241 7.1 2,141,208 Total/Weighted Average $ 535,865,895 7.2 $ 8,886,209 (A) Represents the weighted average expected timing of the receipt of expected cash flows for this investment. (B) Carrying value represents fair value. As of March 31, 2023, weighted average discount rates of 8.4% (range of 7.6% – 10.8%) were used to value Rithm Capital’s MSRs and MSR financing receivables.
Summary of Direct Investments in Excess MSRs	The following table summarizes direct investments in Excess MSRs: March 31, 2023 December 31, 2022 UPB of Underlying Mortgages Interest in Excess MSR Weighted Average Life Years (A) Amortized Cost Basis Carrying Value (B) Carrying Value (B) Rithm Capital (C, D) Former Manager-managed funds Mr. Cooper $ 46,813,093 32.5% – 100.0% (56.5%) 0.0% – 50% 0.0% – 35.0% 6.2 $ 199,270 $ 231,348 $ 249,366 (A) Represents the weighted average expected timing of the receipt of expected cash flows for this investment. (B) Carrying value represents the fair value of the pools and recapture agreements, as applicable. (C) Amounts in parentheses represent weighted averages. (D) Rithm Capital is also invested in related servicer advance investments, including the basic fee component of the related MSR as of March 31, 2023 (Note 6) on $16.6 billion UPB underlying these Excess MSRs. Changes in fair value of investments consists of the following: Three Months Ended 2023 2022 Original and Recaptured Pools $ (9,818) $ (2,630)
Summary of the Financial Results of Excess MSR Joint Ventures, Accounted for as Equity Method Investees	The following tables summarize the financial results of the Excess MSR joint ventures, accounted for as equity method investees: March 31, 2023 December 31, 2022 Excess MSR $ 126,045 $ 135,356 Other assets 10,552 10,204 Other liabilities (687) (687) Equity $ 135,910 $ 144,873 Rithm Capital’s investment $ 67,955 $ 72,437 Rithm Capital’s percentage ownership 50.0 % 50.0 % Three Months Ended 2023 2022 Interest income $ 2,404 $ 5,667 Other income (loss) (5,224) (2,252) Expenses (8) (8) Net income (loss) $ (2,828) $ 3,407 The following table summarizes the activity of investments in equity method investees: Balance at December 31, 2022 $ 72,437 Distributions of capital from equity method investees (3,068) Change in fair value of investments in equity method investees (1,414) Balance at March 31, 2023 $ 67,955
Summary of Excess MSR Investments made through Equity Method Investees	The following is a summary of Excess MSR investments made through equity method investees: March 31, 2023 Unpaid Principal Balance Investee Interest in Excess MSR (A) Rithm Capital Interest in Investees Amortized Cost Basis (B) Carrying Value (C) Weighted Average Life (Years) (D) Agency Original and Recaptured Pools $ 18,693,208 66.7 % 50.0 % $ 102,668 $ 126,045 5.0 (A) The remaining interests are held by Mr. Cooper. (B) Represents the amortized cost basis of the equity method investees in which Rithm Capital holds a 50% interest. (C) Represents the carrying value of the Excess MSRs held in equity method investees, in which Rithm Capital holds a 50% interest. Carrying value represents the fair value of the pools as applicable. (D) Represents the weighted average expected timing of the receipt of cash flows of each investment.

MORTGAGE SERVICING RIGHTS AND_2

MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES (Tables)	3 Months Ended
	Mar. 31, 2023
Transfers and Servicing of Financial Assets [Abstract]
Schedule of Activity Related to the Carrying Value of Investments in Excess MSRs	The table below summarizes the components of Excess MSRs: March 31, 2023 December 31, 2022 Direct investments in Excess MSRs $ 231,348 $ 249,366 Excess MSR Joint Ventures 67,955 72,437 Excess mortgage servicing rights, at fair value $ 299,303 $ 321,803 The following table presents activity related to the carrying value of direct investments in Excess MSRs: Total (A) Balance as of December 31, 2022 $ 249,366 Interest income 3,431 Other income 68 Proceeds from repayments (10,996) Proceeds from sales (703) Change in fair value (9,818) Balance as of March 31, 2023 $ 231,348 (A) Underlying loans serviced by Mr. Cooper Group Inc. (“Mr. Cooper”) and Specialized Loan Servicing LLC (“SLS”). The following table summarizes activity related to MSRs and MSR financing receivables: Balance as of December 31, 2022 $ 8,889,403 Purchases, net (A) — Originations (B) 140,513 Proceeds from sales (1,403) Change in fair value due to: Amortization of servicing rights (C) (105,691) Change in valuation inputs and assumptions (37,302) (Gain) loss realized 689 Balance at March 31, 2023 $ 8,886,209 (A) Net of purchase price adjustments and purchase price fully reimbursable from MSR sellers as a result of prepayment protection. (B) Represents MSRs retained on the sale of originated residential mortgage loans. (C) Based on the paydown of the underlying residential mortgage loans. The following table summarizes MSRs and MSR financing receivables by type as of March 31, 2023: UPB of Underlying Mortgages Weighted Average Life (Years) (A) Carrying Value (B) Agency $ 360,605,371 7.4 $ 5,996,278 Non-Agency 52,614,283 6.4 748,723 Ginnie Mae (C) 122,646,241 7.1 2,141,208 Total/Weighted Average $ 535,865,895 7.2 $ 8,886,209 (A) Represents the weighted average expected timing of the receipt of expected cash flows for this investment. (B) Carrying value represents fair value. As of March 31, 2023, weighted average discount rates of 8.4% (range of 7.6% – 10.8%) were used to value Rithm Capital’s MSRs and MSR financing receivables.
Fees Earned in Exchange for Servicing Financial Assets	The following table summarizes components of Servicing Revenue, Net: Three Months Ended 2023 2022 Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 439,232 $ 421,555 Ancillary and other fees 30,607 34,845 Servicing fee revenue, net and fees 469,839 456,400 Change in fair value due to: Amortization of servicing rights (105,691) (200,325) Change in valuation inputs and assumptions (37,302) 845,037 Change in fair value of derivative instruments — 7,189 (Gain) loss realized 689 306 Gain (loss) on settlement of derivative instruments — (76,814) Servicing revenue, net $ 327,535 $ 1,031,793
Summary of the Geographic Distribution of the Underlying Residential Mortgage Loans of the Direct Investment in MSRs	The table below summarizes the geographic distribution of the underlying residential mortgage loans of the MSRs and MSR financing receivables: Percentage of Total Outstanding Unpaid Principal Amount State Concentration March 31, 2023 December 31, 2022 California 17.4 % 17.4 % Florida 8.6 % 8.6 % Texas 6.2 % 6.2 % New York 6.0 % 6.0 % Washington 5.9 % 5.9 % New Jersey 4.4 % 4.4 % Virginia 3.6 % 3.6 % Maryland 3.4 % 3.4 % Illinois 3.4 % 3.4 % Georgia 3.0 % 2.9 % Other U.S. 38.1 % 38.2 % 100.0 % 100.0 %
Summary of Investments in Servicer Advances	The table below summarizes the type of advances included in the Servicer Advances Receivable: March 31, 2023 December 31, 2022 Principal and interest advances $ 626,533 $ 664,495 Escrow advances (taxes and insurance advances) 1,234,863 1,426,409 Foreclosure advances 778,880 754,073 Total (A)(B)(C) $ 2,640,276 $ 2,844,977 (A) Includes $508.8 million and $526.5 million of servicer advances receivable related to Agency MSRs, respectively, recoverable either from the borrower or the Agencies. (B) Includes $240.2 million and $261.8 million of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae. Expected losses for advances associated with Ginnie Mae loans in the MSR portfolio are considered in the MSR fair valuation through a non-reimbursable advance loss assumption. (C) Excludes $46.0 million and $19.5 million, respectively, in unamortized advance discount and reserves, net of accruals for advance recoveries. These reserves relate to inactive loans in the foreclosure or liquidation process. Amortized Cost Basis Carrying Value (A) Weighted Average Discount Rate Weighted Average Yield Weighted Average Life (Years) (B) March 31, 2023 Servicer advance investments $ 384,342 $ 389,905 5.7 % 5.6 % 8.4 December 31, 2022 Servicer advance investments $ 392,749 $ 398,820 5.7 % 5.6 % 8.4 (A) Represents the fair value of the servicer advance investments, including the basic fee component of the related MSRs. (B) Represents the weighted average expected timing of the receipt of expected net cash flows for this investment. The following table provides additional information regarding the servicer advance investments and related financing: UPB of Underlying Residential Mortgage Loans Outstanding Servicer Advances Servicer Advances to UPB of Underlying Residential Mortgage Loans Face Amount of Secured Notes and Bonds Payable Loan-to-Value (“LTV”) (A) Cost of Funds (C) Gross Net (B) Gross Net March 31, 2023 Servicer advance investments (D) $ 16,569,002 $ 339,309 2.0 % $ 304,688 87.7 % 85.6 % 6.9 % 6.4 % December 31, 2022 Servicer advance investments (D) $ 17,033,753 $ 341,628 2.0 % $ 319,276 90.2 % 88.3 % 6.5 % 5.9 % (A) Based on outstanding servicer advances, excluding purchased but unsettled servicer advances. (B) Ratio of face amount of borrowings to par amount of servicer advance collateral, net of any general reserve. (C) Annualized measure of the cost associated with borrowings. Gross cost of funds primarily includes interest expense and facility fees. Net cost of funds excludes facility fees. (D) The following table summarizes the types of advances included in servicer advance investments: March 31, 2023 December 31, 2022 Principal and interest advances $ 64,567 $ 66,892 Escrow advances (taxes and insurance advances) 153,908 155,438 Foreclosure advances 120,834 119,298 Total $ 339,309 $ 341,628
Schedule Of Servicer Advances Reserve	The following table summarizes servicer advances reserve: Balance at December 31, 2022 $ 65,428 Provision 20,053 Transfers and Other — Write-offs (2,222) Balance at March 31, 2023 $ 83,259

SERVICER ADVANCE INVESTMENTS (T

SERVICER ADVANCE INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, All Other Investments [Abstract]
Summary of Investments in Servicer Advances	The table below summarizes the type of advances included in the Servicer Advances Receivable: March 31, 2023 December 31, 2022 Principal and interest advances $ 626,533 $ 664,495 Escrow advances (taxes and insurance advances) 1,234,863 1,426,409 Foreclosure advances 778,880 754,073 Total (A)(B)(C) $ 2,640,276 $ 2,844,977 (A) Includes $508.8 million and $526.5 million of servicer advances receivable related to Agency MSRs, respectively, recoverable either from the borrower or the Agencies. (B) Includes $240.2 million and $261.8 million of servicer advances receivable related to Ginnie Mae MSRs, respectively, recoverable from either the borrower or Ginnie Mae. Expected losses for advances associated with Ginnie Mae loans in the MSR portfolio are considered in the MSR fair valuation through a non-reimbursable advance loss assumption. (C) Excludes $46.0 million and $19.5 million, respectively, in unamortized advance discount and reserves, net of accruals for advance recoveries. These reserves relate to inactive loans in the foreclosure or liquidation process. Amortized Cost Basis Carrying Value (A) Weighted Average Discount Rate Weighted Average Yield Weighted Average Life (Years) (B) March 31, 2023 Servicer advance investments $ 384,342 $ 389,905 5.7 % 5.6 % 8.4 December 31, 2022 Servicer advance investments $ 392,749 $ 398,820 5.7 % 5.6 % 8.4 (A) Represents the fair value of the servicer advance investments, including the basic fee component of the related MSRs. (B) Represents the weighted average expected timing of the receipt of expected net cash flows for this investment. The following table provides additional information regarding the servicer advance investments and related financing: UPB of Underlying Residential Mortgage Loans Outstanding Servicer Advances Servicer Advances to UPB of Underlying Residential Mortgage Loans Face Amount of Secured Notes and Bonds Payable Loan-to-Value (“LTV”) (A) Cost of Funds (C) Gross Net (B) Gross Net March 31, 2023 Servicer advance investments (D) $ 16,569,002 $ 339,309 2.0 % $ 304,688 87.7 % 85.6 % 6.9 % 6.4 % December 31, 2022 Servicer advance investments (D) $ 17,033,753 $ 341,628 2.0 % $ 319,276 90.2 % 88.3 % 6.5 % 5.9 % (A) Based on outstanding servicer advances, excluding purchased but unsettled servicer advances. (B) Ratio of face amount of borrowings to par amount of servicer advance collateral, net of any general reserve. (C) Annualized measure of the cost associated with borrowings. Gross cost of funds primarily includes interest expense and facility fees. Net cost of funds excludes facility fees. (D) The following table summarizes the types of advances included in servicer advance investments: March 31, 2023 December 31, 2022 Principal and interest advances $ 64,567 $ 66,892 Escrow advances (taxes and insurance advances) 153,908 155,438 Foreclosure advances 120,834 119,298 Total $ 339,309 $ 341,628
Schedule of Interest Income Related to Investments in Servicer Advances	The following table summarizes interest income related to servicer advance investments: Three Months Ended 2023 2022 Interest income, gross of amounts attributable to servicer compensation $ 5,995 $ 13,375 Amounts attributable to base servicer compensation 177 (1,480) Amounts attributable to incentive servicer compensation (1,542) (7,739) Interest income (expense) from servicer advance investments $ 4,630 $ 4,156 The following table summarizes the net interest income for residential mortgage loans: Three Months Ended 2023 2022 Interest income: Loans held-for-investment, at fair value $ 9,509 $ 10,280 Loans held-for-sale, at lower of cost or fair value 1,504 1,771 Loans held-for-sale, at fair value 37,286 70,309 Total interest income 48,299 82,360 Interest expense: Loans held-for-investment, at fair value 4,670 7,346 Loans held-for-sale, at lower of cost or fair value 907 849 Loans held-for-sale, at fair value 42,779 42,108 Total interest expense 48,356 50,303 Net interest income $ (57) $ 32,057

REAL ESTATE AND OTHER SECURIT_2

REAL ESTATE AND OTHER SECURITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Schedule of Debt Securities, Available-for-sale	The following table summarizes Real Estate and Other Securities by designation: March 31, 2023 December 31, 2022 Gross Unrealized Weighted Average Outstanding Face Amount Gains Losses Carrying Value (A) Number of Securities Coupon (B) Yield Life (Years) (C) Principal Subordination (D) Carrying RMBS Designated as Available for Sale (AFS): Agency (E) $ 78,918 $ — $ — $ 73,181 1 3.50 % 3.50 % 11.0 N/A $ 73,439 Non-Agency (F)(G) 2,598,801 71,727 (30,071) 390,848 334 3.50 % 3.70 % 4.8 29.4 % 397,076 RMBS Measured at Fair Value through Net Income (FVO): Agency (E) 7,962,225 165,874 (2,709) 7,968,337 38 5.10 % 5.10 % 8.0 N/A 7,264,978 Non-Agency (F)(G) 14,949,437 65,182 (87,119) 555,206 344 2.70 % 8.70 % 6.1 16.6 % 553,784 Total/Weighted Average $ 25,589,381 $ 302,783 $ (119,899) $ 8,987,572 717 4.90 % 5.30 % 7.8 $ 8,289,277 (A) Fair value is equal to the carrying value for all securities. See Note 19 regarding the fair value measurements. (B) Excludes residual bonds and certain other Non-Agency bonds, with a carrying value of $18.6 million and $1.2 million, respectively, for which no coupon payment is expected. (C) Based on the timing of expected principal reduction on the assets. (D) Percentage of the amortized cost basis of securities that is subordinate to Rithm Capital’s investments, excluding fair value option securities. (E) The total outstanding face amount was $8.0 billion for fixed rate securities as of March 31, 2023. (F) The total outstanding face amount was $8.2 billion (including $7.3 billion of residual and fair value option notional amount) for fixed rate securities and $9.3 billion (including $9.1 billion of residual and fair value option notional amount) for floating rate securities as of March 31, 2023. (G) Includes other asset-backed securities consisting primarily of (i) interest-only securities and servicing strips (fair value option securities) which Rithm Capital elected to carry at fair value and record changes to valuation through earnings, (ii) bonds backed by consumer loans and (iii) corporate debt. Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Gains Losses Carrying Value Number of Securities Coupon Yield Life (Years) Corporate debt $ 514 $ 2 $ — $ 479 2 8.2 % 9.5 % 2.2 Consumer loan bonds 400 553 — 577 3 N/A N/A 0.7 Fair value option securities: Interest-only securities 9,417,388 33,121 (30,151) 157,605 143 0.9 % 14.2 % 2.7 Servicing strips 4,264,723 22,010 (4,262) 61,056 61 0.6 % 27.1 % 3.4 The following table summarizes purchases and sales of Real Estate and Other Securities: Three Months Ended March 31, 2023 2022 (in millions) Agency Non-Agency Agency Non-Agency Purchases Face $ 2,162.4 $ 25.2 $ 998.2 $ 2,210.0 Purchase price 2,154.4 2.4 1,004.5 115.7 Sales Face $ 1,462.4 $ — $ — $ — Amortized cost 1,442.8 — — 1.6 Sale price 1,395.9 — — — Gain (loss) on sale (46.9) — — (1.6)
Summary of Real Estate Securities in an Unrealized Loss Position	The following table summarizes certain information for RMBS designated as AFS in an unrealized loss position as of March 31, 2023: Securities in an Unrealized Loss Position Outstanding Face Amount Amortized Cost Basis Gross Unrealized Losses Carrying Value Number of Securities Weighted Average Before Credit Impairment Credit Impairment (A) After Credit Impairment Coupon Yield Life Less than 12 Months $ 170,182 $ 156,345 $ (5,670) $ 150,675 $ (7,318) $ 143,357 89 3.2 % 3.9 % 7.3 12 or More Months 222,735 219,554 (3,918) 215,636 (22,753) 192,883 110 3.8 % 3.5 % 4.6 Total/Weighted Average $ 392,917 $ 375,899 $ (9,588) $ 366,311 $ (30,071) $ 336,240 199 3.5 % 3.7 % 5.8 (A) Represents credit impairment on securities in an unrealized loss position as of March 31, 2023. Rithm Capital performed an assessment of all RMBS designated as AFS that are in an unrealized loss position (an unrealized loss position exists when a security’s amortized cost basis, excluding the effect of credit impairment, exceeds its fair value) and determined the following: March 31, 2023 December 31, 2022 Gross Unrealized Losses Gross Unrealized Losses RMBS Designated as AFS Fair Value Amortized Cost Basis After Credit Impairment Credit (A) Non-Credit (B) Fair Value Amortized Cost Basis After Credit Impairment Credit (A) Non-Credit (B) Securities Rithm Capital intends to sell $ — $ — $ — $ — $ — $ — $ — $ — Securities Rithm Capital is more likely than not to be required to sell (C) — — — — — — — — Securities Rithm Capital has no intent to sell and is not more likely than not to be required to sell: Credit impaired securities 77,476 77,907 (9,588) (431) 77,843 78,101 (10,816) (258) Non-credit impaired securities 258,764 288,404 — (29,640) 271,405 304,831 — (33,426) Total debt securities in an unrealized loss position $ 336,240 $ 366,311 $ (9,588) $ (30,071) $ 349,248 $ 382,932 $ (10,816) $ (33,684) (A) Required to be recorded through earnings. In measuring the portion of credit losses, Rithm Capital estimates the expected cash flow for each of the securities. This evaluation included a review of the credit status and the performance of the collateral supporting those securities, including the credit of the issuer, key terms of the securities and the effect of local, industry and broader economic trends. Significant inputs in estimating the cash flows included Rithm Capital’s expectations of prepayment rates, default rates and loss severities. Credit losses were measured as the decline in the present value of the expected future cash flows discounted at the security’s effective interest rate. (B) Represents unrealized losses on securities that are due to non-credit factors. (C) Rithm Capital may, at times, be more likely than not to be required to sell certain securities for liquidity purposes. While the amount of the securities to be sold may be an estimate, and the securities to be sold have not yet been identified, Rithm Capital must make its best estimate, which is subject to significant judgment regarding future events, and may differ materially from actual future sales.
Schedule of Debt Securities, Available-for-sale, Allowance for Credit Loss	The following table summarizes the activity related to the allowance for credit losses on RMBS designated as AFS (excluding credit impairment relating to securities Rithm Capital intends to sell or is more likely than not required to sell): RMBS Designated as AFS Purchased Credit Deteriorated Non-Purchased Credit Deteriorated Total Allowance for credit losses on available-for-sale debt securities at December 31, 2022 $ 4,140 $ 6,676 $ 10,816 Additions to the allowance for credit losses on securities for which credit losses were not previously recorded — — — Additions to the allowance for credit losses arising from purchases of available-for-sale debt securities accounted for as purchased financial assets with credit deterioration — — — Reductions for securities sold during the period — — — Reductions in the allowance for credit losses because the entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis — — — Additional increases (decreases) to the allowance for credit losses on securities that had credit losses, or an allowance recorded in a previous period (137) (1,091) (1,228) Write-offs charged against the allowance — Recoveries of amounts previously written off — Allowance for credit losses on available-for-sale debt securities at March 31, 2023 $ 4,003 $ 5,585 $ 9,588
Schedule of the Outstanding Face Amount and Carrying Value for Securities Uncollectible	The following is the outstanding face amount and carrying value for securities, for which, as of the acquisition date, it was probable that Rithm Capital would be unable to collect all contractually required payments, excluding residual and fair value option securities: Outstanding Face Amount Carrying Value March 31, 2023 $ 441,521 $ 65,264 December 31, 2022 443,680 66,775
Summary of Changes in Accretable Yield for Securities	The following is a summary of the changes in accretable yield for these securities: Balance at December 31, 2022 $ 41,200 Additions — Accretion (502) Reclassifications from (to) non-accretable difference 2,543 Disposals — Balance at March 31, 2023 $ 43,241

RESIDENTIAL MORTGAGE LOANS (Tab

RESIDENTIAL MORTGAGE LOANS (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Residential Mortgage Loans Outstanding by Loan Type, Excluding REO	The following table summarizes residential mortgage loans outstanding by loan type: March 31, 2023 December 31, 2022 Loan Type Outstanding Face Amount Carrying Loan Weighted Average Yield Weighted Average Life (Years) (A) Carrying Value Total residential mortgage loans, held-for-investment, at fair value (B) $ 498,602 $ 426,259 9,278 9.1 % 4.4 $ 452,519 Acquired performing loans (C) 81,396 70,897 2,204 8.5 % 5.0 72,425 Acquired non-performing loans (D) 31,712 26,614 403 9.1 % 3.2 28,602 Total residential mortgage loans, held-for-sale, at lower of cost or market $ 113,108 $ 97,511 2,607 8.7 % 4.5 $ 101,027 Acquired performing loans (C)(E) $ 983,700 $ 945,582 4,188 5.8 % 15.1 $ 890,131 Acquired non-performing loans (D)(E) 263,732 244,752 1,403 4.6 % 26.9 340,342 Originated loans 1,556,000 1,553,475 5,353 6.1 % 29.2 2,066,798 Total residential mortgage loans, held-for-sale, at fair value $ 2,803,432 $ 2,743,809 10,944 5.9 % 24.0 $ 3,297,271 Total residential mortgage loans, held-for-sale, at fair value/lower of cost or market $ 2,916,540 $ 2,841,320 $ 3,398,298 (A) For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For Level 2 loans, the weighted average life is based on the contractual term of the loan. (B) Residential mortgage loans, held-for-investment, at fair value is grouped and presented as part of Residential Loans and Variable Interest Entity Consumer Loans Held-for-Investment, at Fair Value on the Consolidated Balance Sheets. (C) Performing loans are generally placed on nonaccrual status when principal or interest is 90 days or more past due. (D) As of March 31, 2023, Rithm Capital has placed non-performing loans, held-for-sale on nonaccrual status, except as described in (E) below. (E) Includes $433.2 million and $240.3 million UPB of Ginnie Mae EBO performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA. The following table summarizes Mortgage Loans Receivable outstanding by loan purpose as of March 31, 2023: Carrying Value (A) % of Portfolio Loan % of Portfolio Weighted Average Yield Weighted Average Original Life (Months) Weighted Average Committed Loan Balance to Value (B) Construction $ 913,495 46.9 % 515 39.7 % 8.7 % 15.1 76.8% / 65.5% Bridge 815,663 41.9 % 546 42.2 % 8.6 % 20.5 73.0% Renovation 217,264 11.2 % 234 18.1 % 8.9 % 13.9 77.8% / 65.3% $ 1,946,422 100.0 % 1,295 100.0 % 8.7 % 17.2 N/A (A) Represents fair value. (B) Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost (“LTC”) and loan-to-after-repair-value (“LTARV”) for construction and renovation loans. The following table summarizes the activity for Mortgage Loans Receivables: Balance at December 31, 2022 $ 2,064,028 Initial loan advances 275,907 Construction holdbacks and draws 153,730 Paydowns and payoffs (547,243) Balance at March 31, 2023 $ 1,946,422 Notes and Loans Receivable — The following table summarizes the activity for loans receivable: Loans Receivable Balance at December 31, 2022 $ 94,401 Fundings — Payment in Kind 2,134 Proceeds from repayments (64,661) Transfer to other assets — Fair value adjustments due to: Changes in instrument-specific credit risk — Other factors 231 Balance at March 31, 2023 $ 32,105
Summary of the Geographic Distribution of the Underlying Residential Mortgage Loans	The following table summarizes the geographic distribution of the underlying residential mortgage loans: Percentage of Total Outstanding Unpaid Principal Amount State Concentration March 31, 2023 December 31, 2022 Florida 11.6 % 10.9 % California 9.5 % 10.2 % Texas 9.0 % 8.9 % New York 7.8 % 6.8 % Georgia 4.3 % 4.2 % Illinois 3.7 % 3.6 % New Jersey 3.6 % 3.8 % Indiana 3.1 % 3.2 % Washington 3.0 % 4.4 % Maryland 2.9 % 3.1 % Other U.S. 41.5 % 40.9 % 100.0 % 100.0 %
Schedule of Performing Loans Past Due	The following table summarizes the difference between the aggregate unpaid principal balance and the aggregate fair value of loans: March 31, 2023 December 31, 2022 Days Past Due UPB Fair Value Fair Value Over (Under) UPB UPB Fair Value Fair Value Over (Under) UPB 90+ $ 376,472 $ 338,474 $ (37,999) $ 468,147 $ 423,321 $ (44,826) The following table summarizes the past due status and difference between the aggregate unpaid principal balance and the aggregate fair value of Mortgage Loans Receivable: March 31, 2023 December 31, 2022 Days Past Due UPB Fair Value Fair Value Over (Under) UPB UPB Fair Value Fair Value Over (Under) UPB Current $ 1,946,422 $ 1,946,422 $ — $ 2,064,028 $ 2,064,028 $ — 90+ — — — — — — The following table summarizes the past due status and difference between the aggregate unpaid principal balance and the aggregate fair value of notes and loans receivable: March 31, 2023 December 31, 2022 Days Past Due UPB Fair Value Fair Value Over (Under) UPB UPB Fair Value Fair Value Over (Under) UPB Current $ 98,410 $ 32,105 $ (66,305) $ 157,745 $ 94,401 $ (63,344) 90+ — — — — — —
Schedule of Loans Held For Sale, Fair Value	The following table summarizes the activity for residential mortgage loans: Loans Held-for-Investment, at Fair Value Loans Held-for-Sale, at Lower of Cost or Fair Value Loans Held-for-Sale, at Fair Value Total Balance at December 31, 2022 $ 452,519 $ 101,027 $ 3,297,271 $ 3,850,817 Originations — — 6,959,922 6,959,922 Sales — — (7,635,871) (7,635,871) Purchases/additional fundings 1,269 — 131,444 132,713 Proceeds from repayments (12,836) (3,585) (41,091) (57,512) Transfer of loans to other assets (A) — — 31 31 Transfer of loans to real estate owned (1,449) (870) (430) (2,749) Transfers of loans to held for sale (27,340) — — (27,340) Transfer of loans from held-for-investment — — 27,340 27,340 Valuation (provision) reversal on loans — 939 — 939 Fair value adjustments due to: Changes in instrument-specific credit risk 4,785 — 7,446 12,231 Other factors 9,311 — (2,253) 7,058 Balance at March 31, 2023 $ 426,259 $ 97,511 $ 2,743,809 $ 3,267,579 (A) Represents loans for which foreclosure has been completed and for which Rithm Capital has made, or intends to make, a claim with the governmental agency that has guaranteed the loans that are grouped and presented as part of claims receivable in Other Assets (Note 13).
Schedule of Net Interest Income	The following table summarizes interest income related to servicer advance investments: Three Months Ended 2023 2022 Interest income, gross of amounts attributable to servicer compensation $ 5,995 $ 13,375 Amounts attributable to base servicer compensation 177 (1,480) Amounts attributable to incentive servicer compensation (1,542) (7,739) Interest income (expense) from servicer advance investments $ 4,630 $ 4,156 The following table summarizes the net interest income for residential mortgage loans: Three Months Ended 2023 2022 Interest income: Loans held-for-investment, at fair value $ 9,509 $ 10,280 Loans held-for-sale, at lower of cost or fair value 1,504 1,771 Loans held-for-sale, at fair value 37,286 70,309 Total interest income 48,299 82,360 Interest expense: Loans held-for-investment, at fair value 4,670 7,346 Loans held-for-sale, at lower of cost or fair value 907 849 Loans held-for-sale, at fair value 42,779 42,108 Total interest expense 48,356 50,303 Net interest income $ (57) $ 32,057
Schedule of Originated Mortgage Loans	The following table summarizes the components of Gain on Originated Residential Mortgage Loans, Held-for-Sale, Net: Three Months Ended 2023 2022 Gain (loss) on residential mortgage loans originated and sold, net (A) $ (34,314) $ (370,421) Gain (loss) on settlement of residential mortgage loan origination derivative instruments (B) 9,904 524,823 MSRs retained on transfer of residential mortgage loans (C) 140,513 461,452 Other (D) (5,443) 27,701 Realized gain on sale of originated residential mortgage loans, net $ 110,660 $ 643,555 Change in fair value of residential mortgage loans 31,598 (289,997) Change in fair value of interest rate lock commitments (Note 17) 26,240 (127,685) Change in fair value of derivative instruments (Note 17) (59,230) 246,123 Gain on originated residential mortgage loans, held-for-sale, net $ 109,268 $ 471,996 (A) Includes residential mortgage loan origination fees of $68.9 million and $252.5 million for the three months ended March 31, 2023 and 2022, respectively. (B) Represents settlement of forward securities delivery commitments utilized as an economic hedge for mortgage loans not included within forward loan sale commitments. (C) Represents the initial fair value of the capitalized mortgage servicing rights upon loan sales with servicing retained. (D) Includes fees for services associated with the residential mortgage loan origination process.

CONSUMER LOANS (Tables)

CONSUMER LOANS (Tables)	3 Months Ended
	Mar. 31, 2023
Investments In Consumer Loans Equity Method Investees [Abstract]
Summary of the Investment in Consumer Loan Companies	The following table summarizes characteristics of the consumer loan portfolio: Unpaid Principal Balance Carrying Value Weighted Average Coupon Weighted Average Expected Life (Years) March 31, 2023 Total consumer loans $ 310,877 $ 340,525 18.0 % 3.3 December 31, 2022 Total consumer loans $ 330,428 $ 363,756 17.8 % 3.4
Schedule Of Consumer Loans, Held-For-Investment	The following table summarizes the past due status and difference between the aggregate unpaid principal balance and the aggregate fair value of consumer loans: March 31, 2023 December 31, 2022 Days Past Due UPB Fair Value Fair Value Over (Under) UPB UPB Fair Value Fair Value Over (Under) UPB Current $ 305,360 $ 334,550 $ 29,190 $ 325,192 $ 358,057 $ 32,865 90+ 5,517 5,975 458 5,236 5,699 463 $ 310,877 $ 340,525 $ 29,648 $ 330,428 $ 363,756 $ 33,328
Schedule of Carrying Value of Performing Consumer Loans	The following table summarizes activities related to the carrying value of consumer loans: Balance at December 31, 2022 $ 363,756 Additional fundings (A) 6,831 Proceeds from repayments (26,617) Accretion of loan discount and premium amortization, net 2,546 Fair value adjustment due to: Changes in instrument-specific credit risk 103 Other factors (6,094) Balance at March 31, 2023 $ 340,525 (A) Represents draws on consumer loans with revolving privileges.

SINGLE-FAMILY RENTAL PROPERTI_2

SINGLE-FAMILY RENTAL PROPERTIES (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate [Abstract]
Schedule of Single-Family Rental Properties	The following table summarizes the net carrying value of investments in SFR properties: March 31, 2023 December 31, 2022 Land $ 175,607 $ 175,607 Building 702,427 702,427 Capital improvements 123,606 118,999 Total gross investment in SFR properties 1,001,640 997,033 Accumulated depreciation (32,653) (25,720) Investment in SFR properties, net $ 968,987 $ 971,313
Schedule of Activity in Single-Family Rental Properties	The following table summarizes the activity related to the net carrying value of investments in SFR properties: SFR Properties Held-for-Investment SFR Properties Held-for-Sale Total Balance at December 31, 2022 $ 971,313 $ — $ 971,313 Acquisitions and capital improvements 4,607 — 4,607 Dispositions — — — Reclassifications to SFR properties (9,747) 9,747 — Write-offs — — — Accumulated depreciation (6,913) (20) (6,933) Balance at March 31, 2023 $ 959,260 $ 9,727 $ 968,987 The following table summarizes the activity of the SFR portfolio by units: SFR Properties Held-for-Investment SFR Properties Held-for-Sale Total Balance at December 31, 2022 3,731 — 3,731 Acquisition of SFR units — — — Transfer to held-for-sale (30) 30 — Disposition of SFR units — — — Balance at March 31, 2023 3,701 30 3,731
Schedule of Future Minimum Rental Revenues	The following table summarizes our future minimum rental revenues under existing leases on SFR properties: Remainder of 2023 $ 51,605 2024 and thereafter 10,566 Total $ 62,171

MORTGAGE LOANS RECEIVABLE (Tabl

MORTGAGE LOANS RECEIVABLE (Tables)	3 Months Ended
	Mar. 31, 2023
Receivables [Abstract]
Schedule of Residential Mortgage Loans Outstanding by Loan Type, Excluding REO	The following table summarizes residential mortgage loans outstanding by loan type: March 31, 2023 December 31, 2022 Loan Type Outstanding Face Amount Carrying Loan Weighted Average Yield Weighted Average Life (Years) (A) Carrying Value Total residential mortgage loans, held-for-investment, at fair value (B) $ 498,602 $ 426,259 9,278 9.1 % 4.4 $ 452,519 Acquired performing loans (C) 81,396 70,897 2,204 8.5 % 5.0 72,425 Acquired non-performing loans (D) 31,712 26,614 403 9.1 % 3.2 28,602 Total residential mortgage loans, held-for-sale, at lower of cost or market $ 113,108 $ 97,511 2,607 8.7 % 4.5 $ 101,027 Acquired performing loans (C)(E) $ 983,700 $ 945,582 4,188 5.8 % 15.1 $ 890,131 Acquired non-performing loans (D)(E) 263,732 244,752 1,403 4.6 % 26.9 340,342 Originated loans 1,556,000 1,553,475 5,353 6.1 % 29.2 2,066,798 Total residential mortgage loans, held-for-sale, at fair value $ 2,803,432 $ 2,743,809 10,944 5.9 % 24.0 $ 3,297,271 Total residential mortgage loans, held-for-sale, at fair value/lower of cost or market $ 2,916,540 $ 2,841,320 $ 3,398,298 (A) For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For Level 2 loans, the weighted average life is based on the contractual term of the loan. (B) Residential mortgage loans, held-for-investment, at fair value is grouped and presented as part of Residential Loans and Variable Interest Entity Consumer Loans Held-for-Investment, at Fair Value on the Consolidated Balance Sheets. (C) Performing loans are generally placed on nonaccrual status when principal or interest is 90 days or more past due. (D) As of March 31, 2023, Rithm Capital has placed non-performing loans, held-for-sale on nonaccrual status, except as described in (E) below. (E) Includes $433.2 million and $240.3 million UPB of Ginnie Mae EBO performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA. The following table summarizes Mortgage Loans Receivable outstanding by loan purpose as of March 31, 2023: Carrying Value (A) % of Portfolio Loan % of Portfolio Weighted Average Yield Weighted Average Original Life (Months) Weighted Average Committed Loan Balance to Value (B) Construction $ 913,495 46.9 % 515 39.7 % 8.7 % 15.1 76.8% / 65.5% Bridge 815,663 41.9 % 546 42.2 % 8.6 % 20.5 73.0% Renovation 217,264 11.2 % 234 18.1 % 8.9 % 13.9 77.8% / 65.3% $ 1,946,422 100.0 % 1,295 100.0 % 8.7 % 17.2 N/A (A) Represents fair value. (B) Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost (“LTC”) and loan-to-after-repair-value (“LTARV”) for construction and renovation loans. The following table summarizes the activity for Mortgage Loans Receivables: Balance at December 31, 2022 $ 2,064,028 Initial loan advances 275,907 Construction holdbacks and draws 153,730 Paydowns and payoffs (547,243) Balance at March 31, 2023 $ 1,946,422 Notes and Loans Receivable — The following table summarizes the activity for loans receivable: Loans Receivable Balance at December 31, 2022 $ 94,401 Fundings — Payment in Kind 2,134 Proceeds from repayments (64,661) Transfer to other assets — Fair value adjustments due to: Changes in instrument-specific credit risk — Other factors 231 Balance at March 31, 2023 $ 32,105
Schedule of Performing Loans Past Due	The following table summarizes the difference between the aggregate unpaid principal balance and the aggregate fair value of loans: March 31, 2023 December 31, 2022 Days Past Due UPB Fair Value Fair Value Over (Under) UPB UPB Fair Value Fair Value Over (Under) UPB 90+ $ 376,472 $ 338,474 $ (37,999) $ 468,147 $ 423,321 $ (44,826) The following table summarizes the past due status and difference between the aggregate unpaid principal balance and the aggregate fair value of Mortgage Loans Receivable: March 31, 2023 December 31, 2022 Days Past Due UPB Fair Value Fair Value Over (Under) UPB UPB Fair Value Fair Value Over (Under) UPB Current $ 1,946,422 $ 1,946,422 $ — $ 2,064,028 $ 2,064,028 $ — 90+ — — — — — — The following table summarizes the past due status and difference between the aggregate unpaid principal balance and the aggregate fair value of notes and loans receivable: March 31, 2023 December 31, 2022 Days Past Due UPB Fair Value Fair Value Over (Under) UPB UPB Fair Value Fair Value Over (Under) UPB Current $ 98,410 $ 32,105 $ (66,305) $ 157,745 $ 94,401 $ (63,344) 90+ — — — — — —
Schedule of Geographic Distribution of Mortgage Loans Receivable	The following table summarizes the geographic distribution of the underlying Mortgage Loans Receivable as of March 31, 2023: State Concentration Percentage of Total California 54.9 % Washington 9.7 % Colorado 7.2 % New York 5.6 % Arizona 5.5 % Florida 4.2 % North Carolina 2.5 % Texas 2.0 % New Jersey 1.6 % Washington D.C. 1.3 % Other U.S. 5.5 % 100.0 %

CASH, CASH EQUIVALENTS AND RE_2

CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)	3 Months Ended
	Mar. 31, 2023
Cash and Cash Equivalents [Abstract]
Summary of Cash and Cash Equivalents	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on Rithm Capital’s Consolidated Balance Sheets to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: March 31, 2023 December 31, 2022 Cash and cash equivalents $ 1,434,697 $ 1,336,508 Restricted cash 365,649 281,126 Total cash, cash equivalents and restricted cash $ 1,800,346 $ 1,617,634
Summary of Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported on Rithm Capital’s Consolidated Balance Sheets to the total of the same such amounts shown in the Consolidated Statements of Cash Flows: March 31, 2023 December 31, 2022 Cash and cash equivalents $ 1,434,697 $ 1,336,508 Restricted cash 365,649 281,126 Total cash, cash equivalents and restricted cash $ 1,800,346 $ 1,617,634 The following table summarizes restricted cash balances: March 31, 2023 December 31, 2022 MSRs and servicer advances $ 72,192 $ 69,347 Real estate and other securities 4,427 4,604 Consumer loans 16,759 15,930 SFR properties 6,923 4,627 Origination and servicing 242,091 161,249 Mortgage loans receivable 23,257 25,369 Total restricted cash $ 365,649 $ 281,126

OTHER ASSETS AND LIABILITIES (T

OTHER ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Other Income Assets And Liabilities [Abstract]
Schedule of Other Assets and Liabilities	Other Assets and Accrued Expenses and Other Liabilities consist of the following: Other Assets Accrued Expenses March 31, 2023 December 31, 2022 March 31, 2023 December 31, 2022 Margin receivable, net (A) $ 59,898 $ 20,614 Margin payable $ 47 $ 4,852 Excess MSRs, at fair value (Note 4) 299,303 321,803 Interest payable 110,334 87,700 Servicer advance investments, at fair value (Note 6) 389,905 398,820 Accounts payable 160,766 155,492 Servicing fee receivables 119,812 128,438 Derivative liabilities (Note 17) 46,954 18,064 Principal and interest receivable 100,541 106,608 Accrued compensation and benefits 78,965 112,762 Equity investments (B) 79,665 71,388 Operating lease liabilities (Note 16) 109,838 101,225 Other receivables 144,748 146,131 Deferred tax liability 695,033 711,855 REO 19,162 19,379 Other liabilities 305,298 294,717 Goodwill (Note 15) (C) 85,199 85,199 $ 1,507,235 $ 1,486,667 Warrants, at fair value 17,854 19,346 Property and equipment 30,501 37,883 Intangible assets (Note 15) 139,013 141,413 Prepaid expenses 59,306 60,817 Operating lease right-of-use assets (Note 16) 84,936 77,329 Derivative assets (Note 17) 43,904 52,229 Loans receivable, at fair value (D) 32,105 94,401 Other assets 130,981 132,809 $ 1,836,833 $ 1,914,607 (A) Represents collateral posted as a result of changes in fair value of Rithm Capital’s (i) real estate securities securing its secured financing agreements and (ii) derivative instruments. (B) Represents equity investments in (i) commercial redevelopment projects (ii) operating companies providing services throughout real estate industry, including Covius Holding Inc. (“Covius”), a provider of various technology-enabled services to the mortgage and real estate sectors, preferred stock in Valon Mortgage, Inc. (“Valon”), a residential mortgage servicing and technology company, and preferred stock in Credijusto Ltd. (“Covalto”), a financial services company. (C) Includes goodwill derived from the acquisition of Shellpoint Partners LLC (“Shellpoint”), Guardian Asset Management LLC (“Guardian”) and Genesis.
Schedule of Real Estate Owned	The following table presents activity related to the carrying value of investments in REO: Balance at December 31, 2022 $ 19,379 Purchases — Property received in satisfaction of loan 6,025 Sales (A) (6,974) Valuation (provision) reversal 732 Balance at March 31, 2023 $ 19,162 (A) Recognized when control of the property has transferred to the buyer.
Schedule of Accounts, Loans Receivable	The following table summarizes residential mortgage loans outstanding by loan type: March 31, 2023 December 31, 2022 Loan Type Outstanding Face Amount Carrying Loan Weighted Average Yield Weighted Average Life (Years) (A) Carrying Value Total residential mortgage loans, held-for-investment, at fair value (B) $ 498,602 $ 426,259 9,278 9.1 % 4.4 $ 452,519 Acquired performing loans (C) 81,396 70,897 2,204 8.5 % 5.0 72,425 Acquired non-performing loans (D) 31,712 26,614 403 9.1 % 3.2 28,602 Total residential mortgage loans, held-for-sale, at lower of cost or market $ 113,108 $ 97,511 2,607 8.7 % 4.5 $ 101,027 Acquired performing loans (C)(E) $ 983,700 $ 945,582 4,188 5.8 % 15.1 $ 890,131 Acquired non-performing loans (D)(E) 263,732 244,752 1,403 4.6 % 26.9 340,342 Originated loans 1,556,000 1,553,475 5,353 6.1 % 29.2 2,066,798 Total residential mortgage loans, held-for-sale, at fair value $ 2,803,432 $ 2,743,809 10,944 5.9 % 24.0 $ 3,297,271 Total residential mortgage loans, held-for-sale, at fair value/lower of cost or market $ 2,916,540 $ 2,841,320 $ 3,398,298 (A) For loans classified as Level 3 in the fair value hierarchy, the weighted average life is based on the expected timing of the receipt of cash flows. For Level 2 loans, the weighted average life is based on the contractual term of the loan. (B) Residential mortgage loans, held-for-investment, at fair value is grouped and presented as part of Residential Loans and Variable Interest Entity Consumer Loans Held-for-Investment, at Fair Value on the Consolidated Balance Sheets. (C) Performing loans are generally placed on nonaccrual status when principal or interest is 90 days or more past due. (D) As of March 31, 2023, Rithm Capital has placed non-performing loans, held-for-sale on nonaccrual status, except as described in (E) below. (E) Includes $433.2 million and $240.3 million UPB of Ginnie Mae EBO performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA. The following table summarizes Mortgage Loans Receivable outstanding by loan purpose as of March 31, 2023: Carrying Value (A) % of Portfolio Loan % of Portfolio Weighted Average Yield Weighted Average Original Life (Months) Weighted Average Committed Loan Balance to Value (B) Construction $ 913,495 46.9 % 515 39.7 % 8.7 % 15.1 76.8% / 65.5% Bridge 815,663 41.9 % 546 42.2 % 8.6 % 20.5 73.0% Renovation 217,264 11.2 % 234 18.1 % 8.9 % 13.9 77.8% / 65.3% $ 1,946,422 100.0 % 1,295 100.0 % 8.7 % 17.2 N/A (A) Represents fair value. (B) Weighted by commitment loan-to-value (“LTV”) for bridge loans, loan-to-cost (“LTC”) and loan-to-after-repair-value (“LTARV”) for construction and renovation loans. The following table summarizes the activity for Mortgage Loans Receivables: Balance at December 31, 2022 $ 2,064,028 Initial loan advances 275,907 Construction holdbacks and draws 153,730 Paydowns and payoffs (547,243) Balance at March 31, 2023 $ 1,946,422 Notes and Loans Receivable — The following table summarizes the activity for loans receivable: Loans Receivable Balance at December 31, 2022 $ 94,401 Fundings — Payment in Kind 2,134 Proceeds from repayments (64,661) Transfer to other assets — Fair value adjustments due to: Changes in instrument-specific credit risk — Other factors 231 Balance at March 31, 2023 $ 32,105
Schedule of Performing Loans Past Due	The following table summarizes the difference between the aggregate unpaid principal balance and the aggregate fair value of loans: March 31, 2023 December 31, 2022 Days Past Due UPB Fair Value Fair Value Over (Under) UPB UPB Fair Value Fair Value Over (Under) UPB 90+ $ 376,472 $ 338,474 $ (37,999) $ 468,147 $ 423,321 $ (44,826) The following table summarizes the past due status and difference between the aggregate unpaid principal balance and the aggregate fair value of Mortgage Loans Receivable: March 31, 2023 December 31, 2022 Days Past Due UPB Fair Value Fair Value Over (Under) UPB UPB Fair Value Fair Value Over (Under) UPB Current $ 1,946,422 $ 1,946,422 $ — $ 2,064,028 $ 2,064,028 $ — 90+ — — — — — — The following table summarizes the past due status and difference between the aggregate unpaid principal balance and the aggregate fair value of notes and loans receivable: March 31, 2023 December 31, 2022 Days Past Due UPB Fair Value Fair Value Over (Under) UPB UPB Fair Value Fair Value Over (Under) UPB Current $ 98,410 $ 32,105 $ (66,305) $ 157,745 $ 94,401 $ (63,344) 90+ — — — — — —

EXPENSES, REALIZED AND UNREAL_2

EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND OTHER (Tables)	3 Months Ended
	Mar. 31, 2023
Other Income and Expenses [Abstract]
Schedule of General and Administrative Expenses	General and Administrative expenses consist of the following: Three Months Ended 2023 2022 Legal and professional $ 12,755 $ 28,586 Loan origination 11,757 39,901 Occupancy 18,366 29,777 Subservicing 35,256 46,808 Loan servicing 2,976 5,304 Property and maintenance 24,035 23,603 Other 62,010 72,259 Total general and administrative expenses $ 167,155 $ 246,238
Schedule of Components of Other Income (Loss)	The following table summarizes the components of Other income (loss): Three Months Ended 2023 2022 Real estate and other securities $ 83,851 $ (606,852) Residential mortgage loans and REO 18,097 (88,523) Derivative instruments (151,006) 622,172 Other (A) (26,591) (12,732) Realized and unrealized gains (losses) on investments, net $ (75,649) $ (85,935) Unrealized gain (loss) on secured notes and bonds payable $ (2,500) $ 7,194 Rental revenue 18,123 8,129 Property and maintenance revenue 33,637 34,305 (Provision) reversal for credit losses on securities 1,228 (711) Valuation and credit loss (provision) reversal on loans and real estate owned 1,575 (3,029) Other income (loss) (21,585) 6,444 Other income (loss), net $ 30,478 $ 52,332 Total Other income (loss) $ (45,171) $ (33,603) (A) Includes excess MSRs, servicer advance investments, consumer loans and other.
Schedule of Accretion of Discount and Other Amortization	Accretion and Other Amortization as reflected on the Consolidated Statements of Cash Flows consists of the following: Three Months Ended 2023 2022 Accretion of net discount on securities and loans $ 11,684 $ 5,293 Accretion of servicer advances receivable discount and servicer advance investments 4,630 4,156 Accretion of excess mortgage servicing rights income 3,431 13,017 Amortization of deferred financing costs (1,055) (6,921) Amortization of discount on corporate debt (420) (450) Total accretion and other amortization $ 18,270 $ 15,095

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	3 Months Ended
	Mar. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table summarizes the carrying value of goodwill by reportable segment: Origination Servicing MSR Mortgage Loans Receivable Total Balance at December 31, 2022 $ 11,836 $ 12,540 $ 5,092 $ 55,731 $ 85,199 Goodwill acquired — — — — Accumulated impairment loss — — — — — Balance at March 31, 2023 $ 11,836 $ 12,540 $ 5,092 $ 55,731 $ 85,199
Schedule of Acquired Intangible Assets	The following table summarizes the acquired identifiable intangible assets: Estimated Useful Lives (Years) March 31, 2023 December 31, 2022 Gross Intangible Assets Customer relationships 3 to 9 $ 57,949 $ 57,949 Purchased technology 3 to 7 127,938 120,787 Trademarks / Trade names 1 to 5 10,259 10,259 196,146 188,995 Accumulated Amortization Customer relationships 14,550 12,960 Purchased technology 38,625 30,959 Trademarks / Trade names 3,958 3,663 57,133 47,582 Intangible Assets, Net Customer relationships 43,399 44,989 Purchased technology (A) 89,313 89,828 Trademarks / Trade names (B) 6,301 6,596 $ 139,013 $ 141,413 (A) Includes indefinite-lived intangible assets of $21.4 million and $21.4 million, respectively. (B) Includes indefinite-lived intangible assets of $1.9 million and $1.9 million, respectively.
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense	The following table summarizes the expected future amortization expense for acquired intangible assets as of March 31, 2023: Year Ending Amortization Expense April 1 through December 31, 2023 $ 23,819 2024 26,348 2025 24,134 2026 17,857 2027 23,614 $ 115,772

OPERATING LEASES (Tables)

OPERATING LEASES (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Future Commitments for Non-Cancelable Leases	The table below summarizes the future commitments under the non-cancelable leases: Year Ending Amount April 1 through December 31, 2023 $ 22,179 2024 25,393 2025 19,630 2026 12,633 2027 10,837 2028 and thereafter 37,523 Total remaining undiscounted lease payments 128,195 Less: imputed interest 18,357 Total remaining discounted lease payments $ 109,838
Other Information Related to Operating Leases	Other information related to operating leases is summarized below: March 31, 2023 December 31, 2022 Weighted-average remaining lease term (years) 6.3 5.7 Weighted-average discount rate 4.5 % 4.0 %

DERIVATIVES (Tables)

DERIVATIVES (Tables)	3 Months Ended
	Mar. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivatives	Derivatives are recorded at fair value on the Consolidated Balance Sheets as follows: Balance Sheet Location March 31, 2023 December 31, 2022 Derivative assets Interest rate swaps (A) Other assets $ 1,637 $ 449 Interest rate lock commitments Other assets 36,107 16,015 TBAs Other assets 6,160 35,765 Options on treasury futures Other assets — — $ 43,904 $ 52,229 Derivative liabilities Interest rate lock commitments Accrued expenses and other liabilities $ 1,081 $ 7,229 TBAs Accrued expenses and other liabilities 45,873 10,835 $ 46,954 $ 18,064 (A) Net of $0.8 billion and $1.2 billion of related variation margin balances as of March 31, 2023 and December 31, 2022, respectively. The following table summarizes notional amounts related to derivatives: March 31, 2023 December 31, 2022 Interest rate swaps (A) $ 19,840,000 $ 23,085,000 Interest rate lock commitments 2,881,724 2,647,747 TBAs, short position (B) 4,306,239 8,473,221 TBAs, long position (B) — 31,500 (A) Includes $18.8 billion notional of receive LIBOR/pay fixed of 2.2% and $1.0 billion notional of receive fixed of 3.7%/pay LIBOR with weighted average maturities of 34 months and 42 months, respectively, as of March 31, 2023. Includes $23.1 billion notional of receive LIBOR/pay fixed of 1.9% and $0.0 billion notional of receive fixed of 0.0%/pay LIBOR with weighted average maturities of 35 months and 0 months, respectively, as of December 31, 2022. (B) Represents the notional amount of Agency RMBS, classified as derivatives. The following table summarizes gain (loss) on derivatives and the related location on the Consolidated Statements of Operations: Three Months Ended 2023 2022 Servicing revenue, net (A) TBAs $ — $ 3,300 Treasury futures — (1,746) Options on treasury futures — 5,635 — 7,189 Gain on originated residential mortgage loans, held-for-sale, net (A) Interest rate lock commitments 26,240 (127,685) TBAs (57,983) 246,123 Interest rate swaps (1,247) — (32,990) 118,438 Change in fair value of investments (A) Interest rate swaps (369,281) 464,334 TBAs (6,048) 110,363 (375,329) 574,697 Gain (loss) on settlement of investments, net (B) Interest rate swaps 225,656 (25,679) TBAs (C) (1,333) 73,154 224,323 47,475 Total gain (loss) $ (183,996) $ 747,799 (A) Represents unrealized gain (loss). (B) Excludes no loss and $76.8 million loss for the three months ended March 31, 2023 and 2022, respectively, included within Servicing Revenue, Net (Note 5). (C) Excludes $9.9 million gain and $524.8 million gain for the three months ended March 31, 2023 and 2022, respectively, included within Gain on Originated Residential Mortgage Loans, Held-for-Sale, Net (Note 8).

DEBT OBLIGATIONS (Tables)

DEBT OBLIGATIONS (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Debt Obligations	The following table summarizes Secured Financing Agreements and Secured Notes and Bonds Payable debt obligations: March 31, 2023 December 31, 2022 Collateral Debt Obligations/Collateral Outstanding Face Amount Carrying Value (A) Final Stated Maturity (B) Weighted Average Funding Cost Weighted Average Life (Years) Outstanding Face Amortized Cost Basis Carrying Value Weighted Average Life (Years) Carrying Value (A) Secured Financing Agreements (C) Repurchase Agreements: Warehouse Credit Facilities-Residential Mortgage Loans (F) $ 2,274,109 $ 2,273,246 Apr 23 to Jan-25 6.3 % 0.7 $ 2,838,143 $ 2,788,884 $ 2,703,201 18.2 $ 2,606,004 Warehouse Credit Facilities-Mortgage Loans Receivable (E) 1,143,848 1,143,848 May-23 to Dec-23 7.7 % 0.3 1,312,922 1,312,922 1,312,922 0.8 1,220,662 Agency RMBS (D) 7,747,387 7,747,387 Apr-23 to Sep-23 5.0 % 0.1 8,039,219 7,876,322 8,039,499 8.1 6,821,788 Non-Agency RMBS (E) 596,449 596,449 Apr-23 to Oct-27 6.8 % 1.0 14,498,547 909,331 923,708 5.6 609,282 Total Secured Financing Agreements 11,761,793 11,760,930 5.6 % 0.3 11,257,736 Secured Notes and Bonds Payable Excess MSRs (G) 218,089 218,089 Aug-25 3.7 % 2.4 65,506,301 250,605 294,477 5.9 227,596 MSRs (H) 4,768,188 4,760,490 Jan-24 to Mar-28 6.5 % 2.3 528,508,705 6,844,455 8,830,147 7.3 4,791,543 Servicer Advance Investments (I) 304,688 303,864 Aug-23 to Mar-24 6.9 % 0.9 339,309 384,342 389,905 8.4 318,445 Servicer Advances (I) 2,218,498 2,215,705 May-23 to Nov-26 4.3 % 0.8 2,664,251 2,594,271 2,594,271 0.7 2,361,259 Residential Mortgage Loans (J) 650,000 650,000 May-24 5.8 % 1.1 575,874 591,010 668,774 29.0 769,988 Consumer Loans (K) 310,664 286,653 Sep-37 2.1 % 3.3 310,845 323,669 340,494 3.4 299,498 SFR Properties 827,889 782,391 Mar-26 to Sep-27 4.2 % 4.2 N/A 959,232 959,232 N/A 817,695 Mortgage Loans Receivable 524,062 511,413 Jul 26 to Dec-26 5.5 % 3.6 575,479 575,479 575,479 0.6 512,919 Total Secured Notes and Bonds Payable 9,822,078 9,728,605 5.5 % 2.1 10,098,943 Total/ Weighted Average $ 21,583,871 $ 21,489,535 5.6 % 1.1 $ 21,356,679 (A) Net of deferred financing costs. (B) All debt obligations with a stated maturity through the date of issuance were refinanced, extended or repaid. (C) Includes approximately $94.7 million of associated accrued interest payable as of March 31, 2023. (D) All fixed interest rates. (E) All LIBOR or SOFR-based floating interest rates. (F) Includes $267.2 million which bear interest at a fixed rate of 5.1% with the remaining having LIBOR or SOFR-based floating interest rates. (G) Includes $218.1 million of corporate loans which bear interest at a fixed rate of 3.7%. (H) Includes $3.1 billion of MSR notes which bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR or SOFR, and (ii) a margin ranging from 2.5% to 3.3%; and $1.7 billion of capital market notes with fixed interest rates ranging 3.0% to 5.4%. 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) $1.2 billion face amount of the notes have a fixed rate while the remaining notes bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR or a cost of funds rate, as applicable, and (ii) a margin ranging from 1.5% to 3.3%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the mortgage servicing rights and MSR financing receivables owned by NRM. (J) Represents $650.0 million securitization backed by a revolving warehouse facility to finance newly originated first-lien, fixed- and adjustable-rate residential mortgage loans which bears interest equal to one-month LIBOR plus 1.1%. Collateral carrying value includes cash held in the securitization trust required to meet collateral requirements. (K) Includes the SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $257.6 million UPB of Class A notes with a coupon of 2.0% and a stated maturity date in September 2037 and $53.0 million UPB of Class B notes with a coupon of 2.7% and a stated maturity date in September 2037 (collectively, “SCFT 2020-A”). The following table summarizes activities related to the carrying value of debt obligations: Excess MSRs MSRs Servicer Advances (A) Real Estate Securities Residential Mortgage Loans and REO Consumer Loans SFR Properties Mortgage Loans Receivable Total Balance at December 31, 2022 $ 227,596 $ 4,791,543 $ 2,679,704 $ 7,431,070 $ 3,371,315 $ 299,498 $ 822,372 $ 1,733,581 $ 21,356,679 Secured Financing Agreements Borrowings — — — 12,240,027 7,415,913 — — 646,507 20,302,447 Repayments — — — (11,327,261) (7,745,152) — (4,677) (723,320) (19,800,410) Capitalized deferred financing costs, net of amortization — — — — 1,158 — — — 1,158 Secured Notes and Bonds Payable Borrowings — 667,185 636,611 — — — — — 1,303,796 Repayments (9,507) (698,816) (797,233) — (116,730) (20,108) (35,140) — (1,677,534) Discount on borrowings, net of amortization — — — — — — — — — Unrealized gain on notes, fair value — — — — (3,258) 7,263 — (1,507) 2,498 Capitalized deferred financing costs, net of amortization — 578 487 — — — (164) — 901 Balance at March 31, 2023 $ 218,089 $ 4,760,490 $ 2,519,569 $ 8,343,836 $ 2,923,246 $ 286,653 $ 782,391 $ 1,655,261 $ 21,489,535 (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 as of March 31, 2023 are as follows: Year Ending Nonrecourse (A) Recourse (B) Total April 1 through December 31, 2023 $ 1,315,513 $ 10,890,358 $ 12,205,871 2024 1,938,260 3,088,584 5,026,844 2025 — 1,947,623 1,947,623 2026 — 1,633,630 1,633,630 2027 729,239 280,000 1,009,239 2028 and thereafter 310,664 — 310,664 $ 4,293,676 $ 17,840,195 $ 22,133,871 (A) Includes secured notes and bonds payable of $4.3 billion. (B) Includes secured financing agreements and secured notes and bonds payable of $11.8 billion and $6.0 billion, respectively. Secured financing agreements with contractual maturities prior to December 31, 2023 includes $7.7 billion collateralized by Agency RMBS.
Schedule of Borrowing Capacity	The following table represents borrowing capacity as of March 31, 2023: Debt Obligations / Collateral Borrowing Capacity Balance Outstanding Available Financing (A) Secured Financing Agreements Residential mortgage loans and REO $ 4,810,993 $ 2,019,391 $ 2,791,602 Loan originations 8,350,090 1,398,567 6,951,523 Secured Notes and Bonds Payable Excess MSRs 286,380 218,089 68,291 MSRs 6,864,109 4,768,188 2,095,921 Servicer advances 3,569,481 2,523,186 1,046,295 Residential mortgage loans 290,714 189,364 101,350 $ 24,171,767 $ 11,116,785 $ 13,054,982
Schedule of Debt Redemption	The 2025 Senior Notes mature on October 15, 2025 and the Company may redeem some or all of the 2025 Senior Notes at the Company’s option, at any time from time to time, on or after October 15, 2022 at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2025 Senior Notes to be redeemed): Year Price 2023 101.563% 2024 and thereafter 100.000%

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Values and Fair Values of Financial Assets 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 for which fair value is disclosed, as of March 31, 2023 were as follows: Principal Balance or Notional Amount Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets Excess MSRs (A) $ 65,506,301 $ 299,303 $ — $ — $ 299,303 $ 299,303 MSRs and MSR financing receivables (A) 535,865,895 8,886,209 — — 8,886,209 8,886,209 Servicer advance investments 339,309 389,905 — — 389,905 389,905 Real estate and other securities 25,589,381 8,987,572 — 8,041,518 946,054 8,987,572 Residential mortgage loans, held-for-sale 113,108 97,511 — — 97,611 97,611 Residential mortgage loans, held-for-sale, at fair value 2,803,432 2,743,809 — 2,488,389 255,420 2,743,809 Residential mortgage loans, held-for-investment, at fair value 498,602 426,259 — — 426,259 426,259 Residential mortgage loans subject to repurchase 1,189,907 1,189,907 — 1,189,907 — 1,189,907 Consumer loans 310,877 340,525 — — 340,525 340,525 Mortgage loans receivable (B) 1,946,422 1,946,422 — 349,499 1,596,923 1,946,422 Notes receivable 66,305 — — — — — Loans receivable 32,105 32,105 — — 32,105 32,105 Cash, cash equivalents and restricted cash 1,800,346 1,800,346 1,800,346 — — 1,800,346 Other assets (C) N/A 21,377 — — 21,377 21,377 Derivative assets 26,844,923 43,904 — 7,797 36,107 43,904 $ 27,205,154 $ 1,800,346 $ 12,077,110 $ 13,327,798 $ 27,205,254 Liabilities Secured financing agreements $ 11,761,793 $ 11,760,930 $ — $ 11,760,930 $ — $ 11,760,930 Secured notes and bonds payable (D) 9,822,078 9,728,605 — — 9,656,481 9,656,481 Unsecured senior notes, net of issuance costs 545,490 545,490 — — 491,662 491,662 Residential mortgage loan repurchase liability 1,189,907 1,189,907 — 1,189,907 — 1,189,907 Derivative liabilities 183,040 46,954 — 45,873 1,081 46,954 $ 23,271,886 $ — $ 12,996,710 $ 10,149,224 $ 23,145,934 (A) The notional amount represents the total unpaid principal balance of the residential mortgage loans underlying the MSRs, MSR financing receivables and Excess MSRs. Rithm Capital does not receive an excess mortgage servicing amount on non-performing loans in Agency portfolios. (B) Includes Rithm Capital’s economic interests in the VIEs consolidated and accounted for under the collateralized financing entity (“CFE”) election. As of March 31, 2023, the fair value of Rithm Capital’s interests in the mortgage loans receivable securitization was $47.4 million. (C) Excludes the indirect equity investment in a commercial redevelopment project that is accounted for at fair value on a recurring basis based on the NAV of Rithm Capital’s investment. The investment had a fair value of $23.1 million as of March 31, 2023. (D) Includes SCFT 2020-A and 2022-RTL1 mortgage-backed securities issued for which the fair value option for financial instruments was elected and resulted in a fair value of $598.1 million as of March 31, 2023.
Schedule of Financial Assets Measured at Fair Value on a Recurring Basis using Level 3 Inputs	The following table summarizes assets measured at fair value on a recurring basis using Level 3 inputs: Level 3 Total Excess MSRs (A)(B) MSRs and MSR Financing Receivables (A) Servicer Advance Investments Non-Agency RMBS Derivatives (C) Residential Mortgage Loans Consumer Loans Notes and Loans Receivable Mortgage Loans Receivable Balance at December 31, 2022 $ 321,803 $ 8,889,403 $ 398,820 $ 950,860 $ 8,786 $ 713,896 $ 363,756 $ 94,401 $ 1,714,053 $ 13,455,778 Transfers Transfers from Level 3 — — — — — (80,896) — — (90,020) (170,916) Transfers to Level 3 — — — — — 19,404 — — — 19,404 Gain (loss) included in net income Credit losses on securities (D) — — — 146 — — — — — 146 Change in fair value of excess MSRs (D) (9,818) — — — — — — — — (9,818) Change in fair value of excess MSRs, equity method investees (D) (1,414) — — — — — — — — (1,414) Servicing revenue, net (E) Included in servicing revenue (E) — (142,304) — — — — — — — (142,304) Change in fair value of: Servicer advance investments — — (735) — — — — — — (735) Residential mortgage loans — — — — — 12,534 — — 12,534 Consumer loans — — — — — — (5,991) — — (5,991) Gain (loss) on settlement of investments, net 172 — — — — — — — — 172 Other income (loss), net (D) (104) — — 13,218 26,240 39,738 — 231 — 79,323 Gains (losses) included in OCI (F) — — — 2,988 — — — — — 2,988 Interest income 3,431 — 4,630 9,138 — — 2,546 2,134 — 21,879 Purchases, sales and repayments Purchases, net (G) — — 232,446 2,400 — 9,695 6,831 — — 251,372 Proceeds from sales (703) (1,403) — — (34,995) — — — (37,101) Proceeds from repayments (14,064) — (245,256) (32,696) — (25,984) (26,617) (64,661) (456,747) (866,025) Originations and other — 140,513 — — — 28,287 — — 429,637 598,437 Balance at March 31, 2023 $ 299,303 $ 8,886,209 $ 389,905 $ 946,054 $ 35,026 $ 681,679 $ 340,525 $ 32,105 $ 1,596,923 $ 13,207,729 (A) Includes the recapture agreement for each respective pool, as applicable. (B) Amounts include Rithm Capital’s portion of the Excess MSRs held by the respective joint ventures in which Rithm Capital has a 50% interest. (C) For the purpose of this table, the IRLC asset and liability positions are shown net. (D) 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. (E) The components of Servicing Revenue, Net are disclosed in Note 5. (F) Gain (loss) included in Unrealized Gain (Loss) on Available-for-Sale Securities, Net in the Consolidated Statements of Comprehensive Income. (G) Net of purchase price adjustments and purchase price fully reimbursable from MSR sellers as a result of prepayment protection.
Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs	Liabilities measured at fair value on a recurring basis using Level 3 inputs changed as follows: Level 3 Asset-Backed Securities Issued Balance at December 31, 2022 $ 319,486 Transfers Gains (losses) included in net income Other income (A) 4,005 Purchases, sales and repayments Proceeds from sales — Payments (36,838) Other — Balance at March 31, 2023 $ 286,653 (A) Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) relating to Level 3 liabilities still held at the reporting dates and realized gain (loss) recorded during the period.
Summary of Measurement Inputs and Valuation Techniques	The following table summarizes certain information regarding the ranges and weighted averages of inputs used as of March 31, 2023: Significant Inputs (A) Prepayment (B) Delinquency (C) Recapture (D) Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) (E) Collateral Weighted Average Maturity (Years) (F) Excess MSRs Directly Held 3.0% – 12.3% (7.2%) 0.2% – 6.1% (3.2%) 0.0% – 91.8% (56.0%) 6 – 31 (19) 11 – 29 (21) Excess MSRs Held through Investees 8.7% – 11.3% (9.6%) 1.9% – 4.2% (2.8%) 45.3% – 64.3% (59.0%) 15 – 26 (22) 15 – 22 (19) MSRs and MSR Financing Receivables (G) Agency 0.2% – 99.1% (7.8%) 0.1% – 66.7% (1.9%) — (H) 7 – 104 (30) 0 – 40 (23) Non-Agency 0.7% – 84.1% (15.1%) 1.0% – 75.0% (22.0%) — (H) 1 – 216 (46) 0 – 57 (24) Ginnie Mae 0.4% – 82.5% (10.3%) 0.2% – 75.0% (7.2%) — (H) 18 – 144 (41) 0 – 35 (27) Total/Weighted Average — MSRs and MSR Financing Receivables 0.2% – 99.1% (9.0%) 0.1% – 75.0% (4.9%) — (H) 1 – 216 (34) 0 – 57 (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 will miss its mortgage payments. (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 basic fee as applicable, measured in basis points (bps). A weighted average cost of subservicing of $6.85 – $7.06 ($6.92) per loan per month was used to value the agency MSRs. A weighted average cost of subservicing of $7.28 – $9.53 ($9.07) per loan per month was used to value the Non-Agency MSRs, including MSR financing receivables. A weighted average cost of subservicing of $8.24 – $8.58 ($8.24) 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. (G) For certain pools, recapture rate represents the expected recapture rate with the successor subservicer appointed by NRM. (H) Recapture is not considered a significant input for MSRs and MSR financing receivables. As of March 31, 2023, securities valuation methodology and results are further detailed as follows: Fair Value Asset Type Outstanding Face Amount Amortized Cost Basis Multiple Quotes (A) Single Quote (B) Total Level Agency RMBS $ 8,041,143 $ 7,878,353 $ 8,041,518 $ — $ 8,041,518 2 Non-Agency RMBS (C) 17,548,238 926,335 946,040 14 946,054 3 Total $ 25,589,381 $ 8,804,688 $ 8,987,558 $ 14 $ 8,987,572 (A) Rithm Capital generally obtained pricing service quotations or broker quotations from two sources, one of which was generally the seller (the party that sold Rithm Capital the security) for Non-Agency RMBS. 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 RMBS, 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 more 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 actually purchase the security at the quoted price. Rithm Capital’s investments in Agency RMBS are classified within Level 2 of the fair value hierarchy because the market for these securities is very 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 RMBS. 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 valuation group, which is separate from its investment acquisition and management group, to reflect market developments and actual performance. For 55.5% of Non-Agency RMBS, 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 RMBS were not readily available. Fair Value Discount Rate Prepayment Rate (a) CDR (b) Loss Severity (c) Non-Agency RMBS $ 525,004 5.0% – 15.0% (6.8%) 0.0% – 100.0% (6.6%) 0.0% – 20.0% (0.2%) 0.0% – 74.0% (7.9%) (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. (B) Rithm Capital was unable to obtain quotations from more than one source on these securities. (C) Includes Rithm Capital’s investments in interest-only notes for which the fair value option for financial instruments was elected. The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing residential mortgage loans held-for-sale, at fair value classified as Level 3: Performing Loans Fair Value Discount Rate Prepayment Rate CDR Loss Severity Acquired loans $ 54,252 7.4% – 10.1% (8.4%) 3.6% – 8.0% (5.9%) 2.8% – 3.7% (3.3%) 19.7% – 31.2% (25.5%) Originated loans 168,041 N/A N/A N/A N/A Residential mortgage loans held-for-sale, at fair value $ 222,293 Non-Performing Loans Fair Value Discount Rate Annual change in home prices Liquidation Timeline Current Value of Underlying Properties Acquired $ 19,247 10.7% – 10.7% (10.7%) 18.1%– 25.7% 20.5%) 2.4 – 4.0 (2.9) 201.1%% – 241.3% (214.1%) Originated 13,880 N/A N/A N/A N/A Residential mortgage loans held-for-sale, at fair value $ 33,127 The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing residential mortgage loans held-for-investment, at fair value classified as Level 3: Fair Value Discount Rate Prepayment Rate CDR Loss Severity Residential mortgage loans held-for-investment, at fair value $ 426,259 8.8% – 10.7% (9.1%) 2.9% – 8.0% (6.5%) 3.5% – 12.7% (5.9%) 19.7% – 52.2% (36.7%) The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing consumer loans held-for-investment, at fair value, classified as Level 3: Fair Value Discount Rate Prepayment Rate CDR Loss Severity Consumer loans, held-for-investment, at fair value $ 340,525 8.3% – 9.3% (8.6%) 7.4% – 32.8% (27.8%) 0.0% – 7.2% (4.2%) 59.4% – 59.4% (59.4%) The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing IRLCs: Fair Value Loan Funding Probability Fair Value of Initial Servicing Rights (Bps) IRLCs, net $ 35,026 0.0% – 100.0% (80.3%) 0.5 – 336.8 (205.6) The following table summarizes certain information regards the ranges and weighted averages of inputs used in valuing Asset-Backed Securities Issued: Fair Value Discount Rate Prepayment Rate CDR Loss Severity Asset-backed securities issued $ 286,653 5.2% – 5.2% (5.2%) 20.7% – 20.7% (20.7%) 4.4% – 4.4% (4.4%) 94.7% – 94.7% (94.7%)
Summary 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 inputs used in valuing the servicer advance investments, including the basic fee component of the related MSRs: Significant Inputs Outstanding Servicer Advances to UPB of Underlying Residential Mortgage Loans Prepayment Rate (A) Delinquency Mortgage Servicing Amount (B) Discount Rate Collateral Weighted Average Maturity (Years) (C) March 31, 2023 1.3% – 2.2% (2.2%) 3.4% – 4.6% (4.6%) 3.4% – 19.7% (19.3%) 18.0 – 19.8 (19.8) bps 5.7% – 6.2% (5.7%) 21.8 – 21.9 (21.9) (A) Projected annual weighted average lifetime voluntary and involuntary prepayment rate using a prepayment vector. (B) Mortgage servicing amount is net of 6.2 bps which represents the amount Rithm Capital paid its servicers as a monthly servicing fee. (C) Weighted average maturity of the underlying residential mortgage loans in the pool.
Schedule of Inputs Used in Valuing Residential Mortgage Loans	The following table summarizes the inputs used in valuing these residential mortgage loans as of March 31, 2023: Fair Value and Carrying Value Discount Rate Weighted Average Life (Years) (A) Prepayment Rate CDR (B) Loss Severity (C) Performing loans $ 70,897 5.3% – 10.1% (8.5%) 4.5 – 8.0 (5.0) 3.6% – 8.0% (7.4%) 2.8% – 4.1% (3.5%) 19.7% – 31.2% (21.3%) Non-performing loans 17,967 10.7% – 10.7% (10.7%) 2.4 – 4.0 (3.1) 2.8% – 2.9% (2.8%) 12.7% – 26.4% (20.5%) 33.8% – 46.7% (41.1%) Total/weighted average $ 88,864 9.0% 4.6 6.5% 6.9% 25.3% (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.

VARIABLE INTEREST ENTITIES (Tab

VARIABLE INTEREST ENTITIES (Tables)	3 Months Ended
	Mar. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The table below presents the carrying value and classification of the assets and liabilities of consolidated VIEs on the Consolidated Balance Sheets: Advance Purchaser Shelter Joint Ventures Residential Mortgage Loans Consumer Loan SPVs Mortgage Loans Receivable Total March 31, 2023 Assets Servicer advance investments, at fair value $ 379,103 $ — $ — $ — $ — $ 379,103 Residential mortgage loans, held-for-sale, at fair value — — 588,963 — — 588,963 Consumer loans — — — 340,525 — 340,525 Mortgage loans receivable — — — — 349,498 349,498 Cash and cash equivalents 18,325 27,364 12,560 — — 58,249 Restricted cash 8,059 — 84,321 6,554 11,154 110,088 Other assets — 559 — 4,806 — 5,365 Total Assets 405,487 27,923 685,844 351,885 360,652 1,831,791 Liabilities Secured financing agreements (A) — — 649,164 — — 649,164 Secured notes and bonds payable (A) 297,126 — 4,007 286,653 311,413 899,199 Accrued expenses and other liabilities 2,560 3,710 907 1,265 1,792 10,234 Total Liabilities $ 299,686 $ 3,710 $ 654,078 $ 287,918 $ 313,205 $ 1,558,597 December 31, 2022 Assets Servicer advance investments, at fair value $ 387,675 $ — $ — $ — $ — $ 387,675 Residential mortgage loans, held-for-investment, at fair value — — 22,699 — — 22,699 Residential mortgage loans, held-for-sale, at fair value — — 844,000 — — 844,000 Mortgage loans receivable — — — — 349,975 349,975 Consumer loans — — — 363,756 — 363,756 Cash and cash equivalents 34,084 28,404 23,473 — — 85,961 Restricted cash 7,433 — 7,547 6,652 9,368 31,000 Other assets 9 1,026 165,975 5,253 (238) 172,025 Total Assets 429,201 29,430 1,063,694 375,661 359,105 2,257,091 Liabilities Secured financing agreements (A) — — 51,325 — — 51,325 Secured notes and bonds payable (A) 313,093 — 768,959 299,498 312,918 1,694,468 Accrued expenses and other liabilities 1,928 4,306 25,381 1,144 349 33,108 Total Liabilities $ 315,021 $ 4,306 $ 845,665 $ 300,642 $ 313,267 $ 1,778,901 (A) The creditors of the VIEs do not have recourse to the general credit of Rithm Capital, and the assets of the VIEs are not directly available to satisfy Rithm Capital’s obligations. The following table summarizes the carrying value of the Company’s unconsolidated bonds retained pursuant to required risk retention regulations which reflects the Company’s maximum exposure to loss, as well as the UPB of transferred loans. These bonds are grouped and presented as part of Real Estate and Other Securities on the Consolidated Balance Sheets: As of and for the 2023 2022 Residential mortgage loan UPB and other collateral $ 11,437,660 $ 11,741,509 Weighted average delinquency (A) 4.7 % 4.0 % Net credit losses $ 142,647 $ 133,727 Face amount of debt held by third parties (B) $ 10,466,997 $ 10,831,148 Carrying value of bonds retained by Rithm Capital (C)(D) $ 924,926 $ 956,977 Cash flows received by Rithm Capital on these bonds $ 38,006 $ 64,085 (A) Represents the percentage of the UPB that is 60+ days delinquent. (B) Excludes bonds retained by Rithm Capital. (C) Includes bonds retained pursuant to required risk retention regulations. (D) Classified within Level 3 of the fair value hierarchy as the valuation is based on certain unobservable inputs including discount rate, prepayment rates and loss severity. See Note 19 for details on unobservable inputs.
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net	Others’ interests in the equity of consolidated subsidiaries is computed as follows: March 31, 2023 December 31, 2022 Advance Purchaser (A) Shelter Joint Ventures Consumer Loan Companies Advance Purchaser (A) Shelter Joint Ventures Consumer Loan Companies Total consolidated equity $ 105,810 $ 24,213 $ 79,455 $ 114,180 $ 25,124 $ 91,263 Others’ ownership interest 10.7 % 49.5 % 46.5 % 10.7 % 49.5 % 46.5 % Others’ interest in equity of consolidated subsidiary $ 11,304 $ 11,986 $ 37,047 $ 12,193 $ 12,437 $ 42,437 Others’ interests in the net income (loss) is computed as follows: Three Months Ended March 31, 2023 2022 Advance Purchaser (A) Shelter Joint Ventures Consumer Loan Companies Advance Purchaser (A) Shelter Joint Ventures Consumer Loan Companies Net income (loss) $ (1,370) $ (85) $ (2,391) $ 2,135 $ 823 $ 10,698 Others’ ownership interest 10.7 % 49.5 % 46.5 % 10.7 % 49.5 % 46.5 % Others’ interest in net income (loss) of consolidated subsidiary $ (146) $ (42) $ (1,112) $ 228 $ 407 $ 4,974 (A) Rithm Capital owned 89.3% of Advance Purchaser as of March 31, 2023 and 2022.

EQUITY AND EARNINGS PER SHARE (

EQUITY AND EARNINGS PER SHARE (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Schedule of Preferred Shares	The table below summarizes preferred shares: Dividends Declared per Share Number of Shares Three Months Ended Series March 31, 2023 December 31, 2022 Liquidation Preference (A) Issuance Discount Carrying Value (B) 2023 2022 Series A, 7.50% issued July 2019 (C) 6,200 6,200 $ 155,002 3.15 % $ 149,822 $ 0.47 $ 0.47 Series B, 7.125% issued August 2019 (C) 11,261 11,261 281,518 3.15 % 272,654 0.45 0.45 Series C, 6.375% issued February 2020 (C) 15,903 15,903 397,584 3.15 % 385,289 0.40 0.40 Series D, 7.00% issued September 2021 (D) 18,600 18,600 465,000 3.15 % 449,489 0.44 0.44 Total 51,964 51,964 $ 1,299,104 $ 1,257,254 $ 1.76 $ 1.76 (A) Each series has a liquidation preference or par value of $25.00 per share. (B) Carrying value reflects par value less discount and issuance costs. (C) Fixed-to-floating rate cumulative redeemable preferred. (D) Fixed-rate reset cumulative redeemable preferred.
Schedule of Dividends Declared	Common dividends have been declared as follows: Declaration Date Payment Date Per Share Total Amounts Distributed (millions) Quarterly Dividend March 21, 2022 April 2022 $ 0.25 $ 116.7 June 17, 2022 August 2022 0.25 116.7 September 22, 2022 October 2022 0.25 118.4 December 15, 2022 January 2023 0.25 118.6 March 17, 2023 April 2023 0.25 120.9
Schedule of Warrants	The table below summarizes the 2020 Warrants at March 31, 2023: Number of Warrants (in millions) Adjusted Weighted Average Exercise Price Initial Adjusted (A) December 31, 2022 22.4 25.6 $ 6.1 Granted — — — Exercised (22.4) (25.6) 6.1 Expired — — — March 31, 2023 — — (A) Reflects the incremental number of additional common stock issuable upon exercise of warrants in accordance with the warrant agreement.
Summary of Outstanding Options	As of March 31, 2023, outstanding options were as follows: Held by Former Manager 21,471,990 Issued to the independent directors 5,000 Total 21,476,990 The following table summarizes outstanding options as of March 31, 2023. The last sales price on the New York Stock Exchange for Rithm Capital’s common stock in the quarter ended March 31, 2023 was $8.00 per share. Recipient Date of Grant/ Exercise (A) Number of Unexercised Options Exercisable as of March 31, 2023 Weighted Average Exercise Price (B) Intrinsic Value of Exercisable Options as of March 31, 2023 (millions) Directors Various 5,000 5,000 $ 12.83 $ — Former Manager 2017 1,130,916 1,130,916 12.84 — Former Manager 2018 5,320,000 5,320,000 15.57 — Former Manager 2019 6,351,000 6,351,000 14.95 — Former Manager 2020 1,619,739 1,619,739 16.30 — Former Manager 2021 7,050,335 5,091,095 9.34 — Outstanding 21,476,990 19,517,750 (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. The following table summarizes activity in outstanding options: Number of Options Weighted Average Exercise Price December 31, 2022 21,476,990 $ — Granted — — Exercised — — Expired — — March 31, 2023 21,476,990 See table above
Schedule of Restricted Stock Awards	The table below summarizes the Company’s awards granted, forfeited or vested under the Plan during the three months ended March 31, 2023: Number of Shares Grant Date Price RSAs (B) RSUs PSUs Total RSAs RSUs PSUs Unvested Shares at December 31, 2022 578,034 — — 578,034 $ 8.65 $ — $ — Granted — 1,215,329 1,215,329 2,430,658 — 9.52 9.52 Unvested Shares at March 31, 2023 (A) 578,034 1,215,329 1,215,329 3,008,692 (A) Number of PSUs assumes target levels of performance are achieved for outstanding unvested PSU awards. (B) Does not include cash dividends received in relation to unvested RSAs.
Schedule of Basic and Diluted Earnings Per Share	The following table summarizes the basic and diluted earnings per share calculations: Three Months Ended 2023 2022 Net income $ 89,949 $ 689,931 Noncontrolling interests in income of consolidated subsidiaries (1,300) 5,609 Dividends on preferred stock 22,395 22,461 Net income attributable to common stockholders $ 68,854 $ 661,861 Basic weighted average shares of common stock outstanding 478,167,178 466,785,584 Dilutive effect of stock options, restricted stock, common stock purchase warrants, RSUs and PSUs (A)(B) 4,679,733 17,639,482 Diluted weighted average shares of common stock outstanding 482,846,911 484,425,066 Basic earnings per share attributable to common stockholders $ 0.14 $ 1.42 Diluted earnings per share attributable to common stockholders $ 0.14 $ 1.37 (A) Stock options and common stock purchase warrants that could potentially dilute basic earnings per share in the future were not included in the computation of diluted earnings per share for the periods where a loss has been recorded because they would have been anti-dilutive for the period presented. There were no anti-dilutive stock options or common stock purchase warrants for all periods presented.

INCOME TAXES (Tables)

INCOME TAXES (Tables)	3 Months Ended
	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Income Tax Expense (Benefit)	Income tax expense (benefit) consists of the following: Three Months Ended 2023 2022 Current: Federal $ 17 $ 1,199 State and local 22 267 Total current income tax expense (benefit) 39 1,466 Deferred: Federal (14,168) 169,236 State and local (2,677) 32,087 Total deferred income tax expense (16,845) 201,323 Total income tax expense (benefit) $ (16,806) $ 202,789

BUSINESS AND ORGANIZATION - Nar

BUSINESS AND ORGANIZATION - Narrative (Details) $ in Millions	Jun. 17, 2022 USD ($)
Manager
Related Party Transaction [Line Items]
Payment for management fee	$ 400

BASIS OF PRESENTATION (Details)

BASIS OF PRESENTATION (Details) - USD ($)	1 Months Ended			3 Months Ended
	Feb. 29, 2020	Aug. 31, 2019	Jul. 31, 2019	Mar. 31, 2023
Cash and Cash Equivalents [Line Items]
Asset impairment charges				$ 0
7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Cash and Cash Equivalents [Line Items]
Interest rate			7.50%	7.50%
7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Cash and Cash Equivalents [Line Items]
Interest rate		7.125%		7.125%
6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Cash and Cash Equivalents [Line Items]
Interest rate	6.375%			6.375%

SEGMENT REPORTING - Segment Fin

SEGMENT REPORTING - Segment Financial Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Segment Reporting Information [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables		$ 469,839	$ 456,400
Realization of cash flows		(105,691)
Change in fair value of MSRs and MSR financing receivable		(142,304)	575,393
Servicing revenue, net		327,535	1,031,793
Interest income		346,614	225,413
Gain on originated residential mortgage loans, held-for-sale, net		109,268	471,996
Total revenues		783,417	1,729,202
Interest expense		309,068	138,833
G&A and other		356,035	664,046
Total operating expenses		665,103	802,879
Realized and unrealized gains (losses) on investments, net		(75,649)	(85,935)
Other income (loss), net		30,478	52,332
Total other income (loss)		(45,171)	(33,603)
Income (loss) before income taxes		73,143	892,720
Income tax expense (benefit)		(16,806)	202,789
Net income (loss)		89,949	689,931
Noncontrolling interests in income (loss) of consolidated subsidiaries		(1,300)	5,609
Dividends on preferred stock		22,395	22,461
Net Income Attributable to Common Stockholders - basic		68,854	661,861
Investments		24,397,294
Cash and cash equivalents		1,434,697
Restricted cash		365,649
Other assets		5,535,812
Goodwill		85,199		$ 85,199
Total assets		31,818,651		32,479,336
Debt		22,035,025
Other liabilities		2,829,083
Total liabilities		24,864,108		25,469,268
Total equity		6,954,543	7,184,712	7,010,068	$ 6,669,380
Noncontrolling interests in equity of consolidated subsidiaries	[1]	60,337		67,067
Total Rithm Capital stockholders’ equity		6,894,206		6,943,001
Investments in equity method investees		67,955
MSRs
Segment Reporting Information [Line Items]
Realization of cash flows		(105,691)	(200,325)
Servicing revenue, net		327,535	1,031,793
Origination
Segment Reporting Information [Line Items]
Investments		1,420,850
Cash and cash equivalents		262,712
Restricted cash		96,823
Other assets		163,392
Goodwill		11,836		11,836
Total assets		1,955,613
Debt		1,403,564
Other liabilities		209,659
Total liabilities		1,613,223
Total equity		342,390
Noncontrolling interests in equity of consolidated subsidiaries		11,986
Total Rithm Capital stockholders’ equity		330,404
Investments in equity method investees		0
Servicing
Segment Reporting Information [Line Items]
Realization of cash flows		(72,015)	(133,276)
Servicing revenue, net		311,898	823,713
Investments		7,273,627
Cash and cash equivalents		432,850
Restricted cash		145,268
Other assets		2,297,604
Goodwill		12,540		12,540
Total assets		10,161,889
Debt		4,820,673
Other liabilities		2,077,965
Total liabilities		6,898,638
Total equity		3,263,251
Noncontrolling interests in equity of consolidated subsidiaries		0
Total Rithm Capital stockholders’ equity		3,263,251
Investments in equity method investees		0
MSR Related Investments
Segment Reporting Information [Line Items]
Investments		1,985,193
Cash and cash equivalents		326,860
Restricted cash		72,192
Other assets		2,640,824
Goodwill		5,092		$ 5,092
Total assets		5,030,161
Debt		2,954,585
Other liabilities		40,124
Total liabilities		2,994,709
Total equity		2,035,452
Noncontrolling interests in equity of consolidated subsidiaries		11,304
Total Rithm Capital stockholders’ equity		2,024,148
Investments in equity method investees		67,955
Origination and Servicing
Segment Reporting Information [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables		469,839	456,400
Change in fair value of MSRs and MSR financing receivable		(142,304)	575,393
Servicing revenue, net		327,535	1,031,793
Interest income		134,325	82,426
Gain on originated residential mortgage loans, held-for-sale, net		108,221	471,430
Total revenues		570,081	1,585,649
Interest expense		142,771	89,506
G&A and other		310,587	589,548
Total operating expenses		453,358	679,054
Realized and unrealized gains (losses) on investments, net		(12,421)	(3,955)
Other income (loss), net		22,494	31,919
Total other income (loss)		10,073	27,964
Income (loss) before income taxes		126,796	934,559
Income tax expense (benefit)		(11,043)	199,095
Net income (loss)		137,839	735,464
Noncontrolling interests in income (loss) of consolidated subsidiaries		(188)	635
Dividends on preferred stock		0	0
Net Income Attributable to Common Stockholders - basic		138,027	734,829
Investments		10,679,670
Cash and cash equivalents		1,022,422
Restricted cash		314,283
Other assets		5,101,820
Goodwill		29,468
Total assets		17,147,663
Debt		9,178,822
Other liabilities		2,327,748
Total liabilities		11,506,570
Total equity		5,641,093
Noncontrolling interests in equity of consolidated subsidiaries		23,290
Total Rithm Capital stockholders’ equity		5,617,803
Investments in equity method investees		67,955
Residential Securities, Properties and Loans | Real Estate Securities
Segment Reporting Information [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables		0	0
Change in fair value of MSRs and MSR financing receivable		0	0
Servicing revenue, net		0	0
Interest income		114,247	56,349
Gain on originated residential mortgage loans, held-for-sale, net		0	0
Total revenues		114,247	56,349
Interest expense		98,292	9,029
G&A and other		630	772
Total operating expenses		98,922	9,801
Realized and unrealized gains (losses) on investments, net		(45,999)	(76,529)
Other income (loss), net		165	(2,600)
Total other income (loss)		(45,834)	(79,129)
Income (loss) before income taxes		(30,509)	(32,581)
Income tax expense (benefit)		0	0
Net income (loss)		(30,509)	(32,581)
Noncontrolling interests in income (loss) of consolidated subsidiaries		0	0
Dividends on preferred stock		0	0
Net Income Attributable to Common Stockholders - basic		(30,509)	(32,581)
Investments		8,987,572
Cash and cash equivalents		352,280
Restricted cash		4,427
Other assets		93,298
Goodwill		0
Total assets		9,437,577
Debt		8,343,730
Other liabilities		54,436
Total liabilities		8,398,166
Total equity		1,039,411
Noncontrolling interests in equity of consolidated subsidiaries		0
Total Rithm Capital stockholders’ equity		1,039,411
Investments in equity method investees		0
Residential Securities, Properties and Loans | Properties and Residential Mortgage Loans
Segment Reporting Information [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables		0	0
Change in fair value of MSRs and MSR financing receivable		0	0
Servicing revenue, net		0	0
Interest income		22,766	26,989
Gain on originated residential mortgage loans, held-for-sale, net		1,047	566
Total revenues		23,813	27,555
Interest expense		26,192	20,868
G&A and other		9,383	23,434
Total operating expenses		35,575	44,302
Realized and unrealized gains (losses) on investments, net		(6,427)	12,164
Other income (loss), net		24,181	14,316
Total other income (loss)		17,754	26,480
Income (loss) before income taxes		5,992	9,733
Income tax expense (benefit)		(3,728)	3,657
Net income (loss)		9,720	6,076
Noncontrolling interests in income (loss) of consolidated subsidiaries		0	0
Dividends on preferred stock		0	0
Net Income Attributable to Common Stockholders - basic		9,720	6,076
Investments		2,443,105
Cash and cash equivalents		570
Restricted cash		6,923
Other assets		79,537
Goodwill		0
Total assets		2,530,135
Debt		2,025,068
Other liabilities		262,554
Total liabilities		2,287,622
Total equity		242,513
Noncontrolling interests in equity of consolidated subsidiaries		0
Total Rithm Capital stockholders’ equity		242,513
Investments in equity method investees		0
Consumer Loans
Segment Reporting Information [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables		0	0
Change in fair value of MSRs and MSR financing receivable		0	0
Servicing revenue, net		0	0
Interest income		14,287	18,933
Gain on originated residential mortgage loans, held-for-sale, net		0	0
Total revenues		14,287	18,933
Interest expense		1,680	2,262
G&A and other		1,766	2,254
Total operating expenses		3,446	4,516
Realized and unrealized gains (losses) on investments, net		(5,990)	(13,733)
Other income (loss), net		(8,722)	8,772
Total other income (loss)		(14,712)	(4,961)
Income (loss) before income taxes		(3,871)	9,456
Income tax expense (benefit)		59	37
Net income (loss)		(3,930)	9,419
Noncontrolling interests in income (loss) of consolidated subsidiaries		(1,112)	4,974
Dividends on preferred stock		0	0
Net Income Attributable to Common Stockholders - basic		(2,818)	4,445
Investments		340,525
Cash and cash equivalents		1,219
Restricted cash		16,759
Other assets		25,790
Goodwill		0
Total assets		384,293
Debt		286,653
Other liabilities		1,255
Total liabilities		287,908
Total equity		96,385
Noncontrolling interests in equity of consolidated subsidiaries		37,047
Total Rithm Capital stockholders’ equity		59,338
Investments in equity method investees		0
Mortgage Loans Receivable
Segment Reporting Information [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables		0	0
Change in fair value of MSRs and MSR financing receivable		0	0
Servicing revenue, net		0	0
Interest income		58,337	34,277
Gain on originated residential mortgage loans, held-for-sale, net		0	0
Total revenues		58,337	34,277
Interest expense		30,692	6,969
G&A and other		16,231	16,408
Total operating expenses		46,923	23,377
Realized and unrealized gains (losses) on investments, net		(4,812)	(3,882)
Other income (loss), net		1,713	0
Total other income (loss)		(3,099)	(3,882)
Income (loss) before income taxes		8,315	7,018
Income tax expense (benefit)		(2,094)	0
Net income (loss)		10,409	7,018
Noncontrolling interests in income (loss) of consolidated subsidiaries		0	0
Dividends on preferred stock		0	0
Net Income Attributable to Common Stockholders - basic		10,409	7,018
Investments		1,946,422
Cash and cash equivalents		37,512
Restricted cash		23,257
Other assets		117,598
Goodwill		55,731
Total assets		2,180,520
Debt		1,655,262
Other liabilities		17,748
Total liabilities		1,673,010
Total equity		507,510
Noncontrolling interests in equity of consolidated subsidiaries		0
Total Rithm Capital stockholders’ equity		507,510
Investments in equity method investees		0
Corporate
Segment Reporting Information [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables		0	0
Change in fair value of MSRs and MSR financing receivable		0	0
Servicing revenue, net		0	0
Interest income		2,652	6,439
Gain on originated residential mortgage loans, held-for-sale, net		0	0
Total revenues		2,652	6,439
Interest expense		9,441	10,199
G&A and other		17,438	31,630
Total operating expenses		26,879	41,829
Realized and unrealized gains (losses) on investments, net		0	0
Other income (loss), net		(9,353)	(75)
Total other income (loss)		(9,353)	(75)
Income (loss) before income taxes		(33,580)	(35,465)
Income tax expense (benefit)		0	0
Net income (loss)		(33,580)	(35,465)
Noncontrolling interests in income (loss) of consolidated subsidiaries		0	0
Dividends on preferred stock		22,395	22,461
Net Income Attributable to Common Stockholders - basic		(55,975)	(57,926)
Investments		0
Cash and cash equivalents		20,694
Restricted cash		0
Other assets		117,769
Goodwill		0
Total assets		138,463
Debt		545,490
Other liabilities		165,342
Total liabilities		710,832
Total equity		(572,369)
Noncontrolling interests in equity of consolidated subsidiaries		0
Total Rithm Capital stockholders’ equity		(572,369)
Investments in equity method investees		0
Operating Segments | Origination
Segment Reporting Information [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables		0	0
Change in fair value of MSRs and MSR financing receivable		0	0
Servicing revenue, net		0	0
Interest income		25,533	55,371
Gain on originated residential mortgage loans, held-for-sale, net		112,822	407,269
Total revenues		138,355	462,640
Interest expense		29,995	29,435
G&A and other		140,512	408,758
Total operating expenses		170,507	438,193
Realized and unrealized gains (losses) on investments, net		168	0
Other income (loss), net		(590)	2,095
Total other income (loss)		(422)	2,095
Income (loss) before income taxes		(32,574)	26,542
Income tax expense (benefit)		(8,160)	6,516
Net income (loss)		(24,414)	20,026
Noncontrolling interests in income (loss) of consolidated subsidiaries		(42)	407
Dividends on preferred stock		0	0
Net Income Attributable to Common Stockholders - basic		(24,372)	19,619
Operating Segments | Servicing
Segment Reporting Information [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables		349,424	326,396
Change in fair value of MSRs and MSR financing receivable		(37,526)	497,317
Servicing revenue, net		311,898	823,713
Interest income		84,233	11,353
Gain on originated residential mortgage loans, held-for-sale, net		(4,601)	61,762
Total revenues		391,530	896,828
Interest expense		81,074	33,706
G&A and other		100,834	102,833
Total operating expenses		181,908	136,539
Realized and unrealized gains (losses) on investments, net		(191)	(347)
Other income (loss), net		(12,837)	943
Total other income (loss)		(13,028)	596
Income (loss) before income taxes		196,594	760,885
Income tax expense (benefit)		4,488	161,116
Net income (loss)		192,106	599,769
Noncontrolling interests in income (loss) of consolidated subsidiaries		0	0
Dividends on preferred stock		0	0
Net Income Attributable to Common Stockholders - basic		192,106	599,769
Operating Segments | MSR Related Investments
Segment Reporting Information [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables		120,415	130,004
Change in fair value of MSRs and MSR financing receivable		(104,778)	78,076
Servicing revenue, net		15,637	208,080
Interest income		24,559	15,702
Gain on originated residential mortgage loans, held-for-sale, net		0	0
Total revenues		40,196	223,782
Interest expense		31,702	26,365
G&A and other		69,241	77,957
Total operating expenses		100,943	104,322
Realized and unrealized gains (losses) on investments, net		(12,398)	(3,608)
Other income (loss), net		35,921	28,881
Total other income (loss)		23,523	25,273
Income (loss) before income taxes		(37,224)	144,733
Income tax expense (benefit)		(7,371)	31,463
Net income (loss)		(29,853)	113,270
Noncontrolling interests in income (loss) of consolidated subsidiaries		(146)	228
Dividends on preferred stock		0	0
Net Income Attributable to Common Stockholders - basic		$ (29,707)	113,042
Eliminations | Origination and Servicing
Segment Reporting Information [Line Items]
Gain on originated residential mortgage loans, held-for-sale, net			$ (2,400)
[1]The Company's Consolidated Balance Sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIE for which creditors do not have recourse to the primary beneficiary (Rithm Capital). As of March 31, 2023 and December 31, 2022, total assets of consolidated VIEs were $1.8 billion and $2.3 billion, respectively, and total liabilities of consolidated VIEs were $1.6 billion and $1.8 billion, respectively. See Note 20 for further details.

SEGMENT REPORTING - Servicing S

SEGMENT REPORTING - Servicing Segment Revenues (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Realization of cash flows	$ (105,691)
Servicing revenue, net	327,535	$ 1,031,793
Servicing
Segment Reporting Information [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables	323,738	285,490
Ancillary and other fees	25,686	40,906
Realization of cash flows	(72,015)	(133,276)
Change in valuation inputs and assumptions and other	34,489	630,593
Servicing revenue, net	311,898	823,713
Servicing | MSR-owned assets
Segment Reporting Information [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables	298,959	258,448
Residential mortgage loan UPB and other collateral	401,414	398,730
Servicing | Residential whole loans
Segment Reporting Information [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables	2,416	3,389
Residential mortgage loan UPB and other collateral	8,564	11,982
Servicing | Third party
Segment Reporting Information [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables	22,363	23,653
Residential mortgage loan UPB and other collateral	$ 94,070	$ 86,179

EXCESS MORTGAGE SERVICING RIG_3

EXCESS MORTGAGE SERVICING RIGHTS - Schedule of Excess Mortgage Servicing Rights (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Servicing Assets at Fair Value [Line Items]
Rithm Capital’s investment	$ 8,886,209	$ 8,889,403
Excess mortgage servicing rights, at fair value
Servicing Assets at Fair Value [Line Items]
Rithm Capital’s investment	299,303	321,803
Excess MSRs
Servicing Assets at Fair Value [Line Items]
Rithm Capital’s investment	231,348	249,366
Excess MSR Joint Ventures
Servicing Assets at Fair Value [Line Items]
Rithm Capital’s investment	$ 67,955	$ 72,437

EXCESS MORTGAGE SERVICING RIG_4

EXCESS MORTGAGE SERVICING RIGHTS - Schedule of Activity Related to the Carrying Value of Investments in Excess MSRs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Carrying Value of Investments in Excess MSRs
Beginning balance	$ 8,889,403
Ending balance	8,886,209
Excess MSRs
Carrying Value of Investments in Excess MSRs
Beginning balance	249,366
Interest income	3,431
Other income	68
Proceeds from repayments	(10,996)
Proceeds from sales	(703)
Change in fair value	(9,818)
Ending balance	$ 231,348

EXCESS MORTGAGE SERVICING RIG_5

EXCESS MORTGAGE SERVICING RIGHTS - Summary of Direct Investments in Excess MSRs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Weighted Average Life (Years)	1 year 1 month 6 days
Agency
Schedule of Equity Method Investments [Line Items]
Original and Recaptured Pools	$ (9,818)	$ (2,630)
Servicer advance investments | Servicer Advances
Schedule of Equity Method Investments [Line Items]
Residential mortgage loan UPB and other collateral	16,569,002		$ 17,033,753
Excess MSRs
Schedule of Equity Method Investments [Line Items]
Residential mortgage loan UPB and other collateral	$ 46,813,093
Weighted Average Life (Years)	6 years 2 months 12 days
Amortized Cost Basis	$ 199,270
Carrying Value	$ 231,348		$ 249,366
Excess MSRs | Minimum
Schedule of Equity Method Investments [Line Items]
Interest in Excess MSR	32,500%
Excess MSRs | Maximum
Schedule of Equity Method Investments [Line Items]
Interest in Excess MSR	100%
Excess MSRs | Weighted Average
Schedule of Equity Method Investments [Line Items]
Interest in Excess MSR	56,500%
Excess MSRs | Former Manager-managed funds | Minimum
Schedule of Equity Method Investments [Line Items]
Interest in Excess MSR	0%
Excess MSRs | Former Manager-managed funds | Maximum
Schedule of Equity Method Investments [Line Items]
Interest in Excess MSR	50%
Excess MSRs | Mr. Cooper | Minimum
Schedule of Equity Method Investments [Line Items]
Interest in Excess MSR	0%
Excess MSRs | Mr. Cooper | Maximum
Schedule of Equity Method Investments [Line Items]
Interest in Excess MSR	35%

EXCESS MORTGAGE SERVICING RIG_6

EXCESS MORTGAGE SERVICING RIGHTS - Narrative (Details)	3 Months Ended
	Mar. 31, 2023
Excess MSR Joint Ventures | MSRs
Schedule of Equity Method Investments [Line Items]
Discount rate	8.30%

EXCESS MORTGAGE SERVICING RIG_7

EXCESS MORTGAGE SERVICING RIGHTS - Summary of Financial Results of Excess MSR Joint Ventures (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Schedule of Investments in Mortgage Servicing Rights [Line Items]
Excess MSR	$ 126,045		$ 135,356
Other assets	130,981		132,809
Equity	6,954,543	$ 7,184,712	7,010,068	$ 6,669,380
Rithm Capital’s investment	8,886,209		8,889,403
Interest income	2,404	5,667
Other income (loss)	(5,224)	(2,252)
Expenses	(8)	(8)
Net income (loss)	89,949	689,931
Excess MSR Joint Ventures
Schedule of Investments in Mortgage Servicing Rights [Line Items]
Rithm Capital’s investment	$ 67,955		$ 72,437
Rithm Capital’s percentage ownership	50%		50%
Equity Method Investment, Nonconsolidated Investee or Group of Investees
Schedule of Investments in Mortgage Servicing Rights [Line Items]
Other assets	$ 10,552		$ 10,204
Other liabilities	(687)		(687)
Equity	135,910		$ 144,873
Net income (loss)	$ (2,828)	$ 3,407

EXCESS MORTGAGE SERVICING RIG_8

EXCESS MORTGAGE SERVICING RIGHTS - Summary of Equity Method Investees Changed - Roll Forward (Details) - Recurring Basis $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Increase (Decrease) in Equity Method Investments [Roll Forward]
Beginning balance	$ 72,437
Distributions of capital from equity method investees	(3,068)
Change in fair value of investments in equity method investees	(1,414)
Ending balance	$ 67,955

EXCESS MORTGAGE SERVICING RIG_9

EXCESS MORTGAGE SERVICING RIGHTS - Summary of Excess MSRs Made Through Equity Method Investees (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule of Investments in Mortgage Servicing Rights [Line Items]
Weighted Average Life (Years)	1 year 1 month 6 days
Excess MSR Joint Ventures
Schedule of Investments in Mortgage Servicing Rights [Line Items]
Rithm Capital Interest in Investees	50%	50%
Excess MSR Joint Ventures | Agency
Schedule of Investments in Mortgage Servicing Rights [Line Items]
Rithm Capital Interest in Investees	50%
Excess MSR Joint Ventures | Agency | Agency
Schedule of Investments in Mortgage Servicing Rights [Line Items]
Unpaid Principal Balance	$ 18,693,208
Investee Interest in Excess MSR	66.70%
Rithm Capital Interest in Investees	50%
Amortized Cost Basis	$ 102,668
Carrying Value	$ 126,045
Weighted Average Life (Years)	5 years

MORTGAGE SERVICING RIGHTS AND_3

MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of Carrying Value of Investments in MSRs and MSR Financing Receivables (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Activity related to carrying value of investments in mortgage servicing rights [Roll Forward]
Beginning balance	$ 8,889,403
Purchases, net	0
Originations	140,513
Proceeds from sales	(1,403)
Amortization of servicing rights	(105,691)
Change in valuation inputs and assumptions	(37,302)
(Gain) loss realized	689
Ending balance	$ 8,886,209

MORTGAGE SERVICING RIGHTS AND_4

MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of Servicing Fee Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Servicing Asset at Amortized Cost [Line Items]
Amortization of servicing rights	$ (105,691)
Change in valuation inputs and assumptions	37,302
Change in fair value of derivative instruments	0	$ 7,189
Servicing revenue, net	327,535	1,031,793
MSRs
Servicing Asset at Amortized Cost [Line Items]
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables	439,232	421,555
Ancillary and other fees	30,607	34,845
Servicing fee revenue, net and fees	469,839	456,400
Amortization of servicing rights	(105,691)	(200,325)
Change in valuation inputs and assumptions	(37,302)	845,037
Change in fair value of derivative instruments	0	7,189
(Gain) loss realized	689	306
Gain (loss) on settlement of derivative instruments	0	(76,814)
Servicing revenue, net	$ 327,535	$ 1,031,793

MORTGAGE SERVICING RIGHTS AND_5

MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of Investment in MSRs (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Dec. 31, 2022
Servicing Asset at Amortized Cost [Line Items]
Weighted Average Life (Years)		1 year 1 month 6 days
Carrying Value		$ 8,886,209	$ 8,889,403
Residential mortgage loan repurchase liability	[1]	1,189,907	$ 1,219,890
Mortgage Servicing Rights and Mortgage Servicing Rights Financing Receivable
Servicing Asset at Amortized Cost [Line Items]
UPB of Underlying Residential Mortgage Loans		$ 535,865,895
Weighted Average Life (Years)		7 years 2 months 12 days
Carrying Value		$ 8,886,209
MSRs | Weighted Average
Servicing Asset at Amortized Cost [Line Items]
Discount rate		8.40%
MSRs | Minimum
Servicing Asset at Amortized Cost [Line Items]
Discount rate		7.60%
MSRs | Maximum
Servicing Asset at Amortized Cost [Line Items]
Discount rate		10.80%
Agency | MSRs
Servicing Asset at Amortized Cost [Line Items]
UPB of Underlying Residential Mortgage Loans		$ 360,605,371
Weighted Average Life (Years)		7 years 4 months 24 days
Carrying Value		$ 5,996,278
Non-Agency | MSRs
Servicing Asset at Amortized Cost [Line Items]
UPB of Underlying Residential Mortgage Loans		$ 52,614,283
Weighted Average Life (Years)		6 years 4 months 24 days
Carrying Value		$ 748,723
Ginnie Mae | MSRs
Servicing Asset at Amortized Cost [Line Items]
UPB of Underlying Residential Mortgage Loans		$ 122,646,241
Weighted Average Life (Years)		7 years 1 month 6 days
Carrying Value		$ 2,141,208
[1]See Note 5 for details.

MORTGAGE SERVICING RIGHTS AND_6

MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jan. 31, 2018	Jul. 31, 2017
Schedule of MSRs [Line Items]
Residential mortgage loan repurchase liability	[1]	$ 1,189,907		$ 1,219,890
Residential mortgage loans, held-for-sale		2,841,320		3,398,298
Reserve for non-recovery advances		$ 83,259		$ 65,428
Reserve for non-recovery advances, percent		3.20%		2.30%
Ocwen | Rithm Capital
Schedule of MSRs [Line Items]
Unpaid principal balance of underlying loans, transferred		$ 66,700,000
Unpaid principal balance of underlying loans, not yet transferred		$ 12,100,000
PHH Mortgage Corporation
Schedule of MSRs [Line Items]
Subservicer percent of UPB		9.10%
Mr. Cooper
Schedule of MSRs [Line Items]
Subservicer percent of UPB		7.80%
LoanCare
Schedule of MSRs [Line Items]
Subservicer percent of UPB		5.60%
Valon
Schedule of MSRs [Line Items]
Subservicer percent of UPB		2.30%
Flagstar Bank
Schedule of MSRs [Line Items]
Subservicer percent of UPB		0.30%
Newrez And Caliber
Schedule of MSRs [Line Items]
Subservicer percent of UPB		74.90%
Ginnie Mae Loans
Schedule of MSRs [Line Items]
Residential mortgage loans, held-for-sale		$ 700,000
Ocwen
Schedule of MSRs [Line Items]
Residential mortgage loan UPB and other collateral					$ 86,800,000	$ 110,000,000
Mortgage Loans Serviced
Schedule of MSRs [Line Items]
Residential mortgage loan UPB and other collateral		94,100,000	$ 86,200,000
Subservicing revenue		$ 34,000	$ 32,500
[1]See Note 5 for details.

MORTGAGE SERVICING RIGHTS AND_7

MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Summary of the Geographic Distribution of the Underlying Residential Mortgage Loans (Details) - MSRs - Mortgage Loans	Mar. 31, 2023	Dec. 31, 2022
Schedule of MSRs [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	100%	100%
California
Schedule of MSRs [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	17.40%	17.40%
Florida
Schedule of MSRs [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	8.60%	8.60%
Texas
Schedule of MSRs [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	6.20%	6.20%
New York
Schedule of MSRs [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	6%	6%
Washington
Schedule of MSRs [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	5.90%	5.90%
New Jersey
Schedule of MSRs [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	4.40%	4.40%
Virginia
Schedule of MSRs [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	3.60%	3.60%
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	3.40%	3.40%
Georgia
Schedule of MSRs [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	3%	2.90%
Other U.S.
Schedule of MSRs [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	38.10%	38.20%

MORTGAGE SERVICING RIGHTS AND_8

MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Schedule of Advances Included in Servicing Advances Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total	$ 389,905	$ 398,820
Servicer Advances Receivable
Schedule of Equity Method Investments [Line Items]
Principal and interest advances	626,533	664,495
Escrow advances (taxes and insurance advances)	1,234,863	1,426,409
Foreclosure advances	778,880	754,073
Total	2,640,276	2,844,977
Servicer advances receivable related to agency MSRs	508,800	526,500
Servicer advances receivable related to Ginnie Mae MSRS, recoverable from Ginnie Mae	240,200	261,800
Servicer advances, unamortized discount and accrual	$ 46,000	$ 19,500

MORTGAGE SERVICING RIGHTS AND_9

MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES - Summary of Reserve For Servicer Advances (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Servicer Advances Reserve [Roll Forward]
Beginning balance	$ 65,428
Provision	20,053
Transfers and Other	0
Write-offs	(2,222)
Ending balance	$ 83,259

SERVICER ADVANCE INVESTMENTS -

SERVICER ADVANCE INVESTMENTS - Narrative (Details) - Advance Purchaser - USD ($) $ in Millions	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Capital distributed to third-party co-investors	$ 71.5
Capital distributed to new residential	$ 597.9
Servicer advance investments
Schedule of Equity Method Investments [Line Items]
Rithm Capital’s percentage ownership	89.30%	89.30%	89.30%

SERVICER ADVANCE INVESTMENTS _2

SERVICER ADVANCE INVESTMENTS - Summary of Investments in Servicer Advances (Details) - Servicer advance investments - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Investments in and Advances to Affiliates [Line Items]
Amortized Cost Basis	$ 384,342	$ 392,749
Carrying Value	$ 389,905	$ 398,820
Weighted Average Discount Rate	5.70%	5.70%
Weighted Average Yield	5.60%	5.60%
Weighted Average Life (Years)	8 years 4 months 24 days	8 years 4 months 24 days

SERVICER ADVANCE INVESTMENTS _3

SERVICER ADVANCE INVESTMENTS - Summary of Investments in Servicer Advances - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments in and Advances to Affiliates [Line Items]
Outstanding Servicer Advances	$ 389,905	$ 398,820
Face Amount of Secured Notes and Bonds Payable	21,583,871
Servicer advance investments | Servicer Advances
Investments in and Advances to Affiliates [Line Items]
UPB of Underlying Residential Mortgage Loans	16,569,002	17,033,753
Outstanding Servicer Advances	$ 339,309	$ 341,628
Servicer Advances to UPB of Underlying Residential Mortgage Loans	2%	2%
Face Amount of Secured Notes and Bonds Payable	$ 304,688	$ 319,276
Gross Loan-to-Value	87.70%	90.20%
Net Loan-to-Value	85.60%	88.30%
Gross Cost of Funds	6.90%	6.50%
Net Cost of Funds	6.40%	5.90%

SERVICER ADVANCE INVESTMENTS _4

SERVICER ADVANCE INVESTMENTS - Summary of Investments in Servicer Advances - Components of Funded Advances (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Total	$ 389,905	$ 398,820
Servicer advance investments | Servicer Advances
Schedule of Equity Method Investments [Line Items]
Principal and interest advances	64,567	66,892
Escrow advances (taxes and insurance advances)	153,908	155,438
Foreclosure advances	120,834	119,298
Total	$ 339,309	$ 341,628

SERVICER ADVANCE INVESTMENTS _5

SERVICER ADVANCE INVESTMENTS - Schedule of Interest Income Related to Investments in Servicer Advances (Details) - Servicer Advance Investments - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Schedule of Equity Method Investments [Line Items]
Interest income, gross of amounts attributable to servicer compensation	$ 5,995	$ 13,375
Amounts attributable to base servicer compensation	177	(1,480)
Amounts attributable to incentive servicer compensation	(1,542)	(7,739)
Interest income (expense) from servicer advance investments	$ 4,630	$ 4,156

REAL ESTATE AND OTHER SECURIT_3

REAL ESTATE AND OTHER SECURITIES - Summary of Real Estate Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) security	Dec. 31, 2022 USD ($)
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 25,589,381
Carrying Value	$ 8,987,572	$ 8,289,277
Weighted Average Life (Years)	1 year 1 month 6 days
Investments	$ 24,397,294
Residual Bonds
Debt Securities, Available-for-sale [Line Items]
Investments	18,600
Non-Agency Bonds
Debt Securities, Available-for-sale [Line Items]
Investments	1,200
AFS Agency
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	78,918
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Carrying Value	$ 73,181	73,439
Number of Securities | security	1
Weighted Average Coupon	3.50%
Weighted Average Yield	3.50%
Weighted Average Life (Years)	11 years
AFS Non-Agency
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 2,598,801
Gross Unrealized Gains	71,727
Gross Unrealized Losses	(30,071)
Carrying Value	$ 390,848	397,076
Number of Securities | security	334
Weighted Average Coupon	3.50%
Weighted Average Yield	3.70%
Weighted Average Life (Years)	4 years 9 months 18 days
Weighted Average Principal Subordination	29.40%
FVO Agency
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 7,962,225
Gross Unrealized Gains	165,874
Gross Unrealized Losses	(2,709)
Carrying Value	$ 7,968,337	7,264,978
Number of Securities | security	38
Weighted Average Coupon	5.10%
Weighted Average Yield	5.10%
Weighted Average Life (Years)	8 years
FVO Non-Agency
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 14,949,437
Gross Unrealized Gains	65,182
Gross Unrealized Losses	(87,119)
Carrying Value	$ 555,206	553,784
Number of Securities | security	344
Weighted Average Coupon	2.70%
Weighted Average Yield	8.70%
Weighted Average Life (Years)	6 years 1 month 6 days
Weighted Average Principal Subordination	16.60%
Agency And Non-Agency Residential Mortgage Backed Securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 25,589,381
Gross Unrealized Gains	302,783
Gross Unrealized Losses	(119,899)
Carrying Value	$ 8,987,572	$ 8,289,277
Number of Securities | security	717
Weighted Average Coupon	4.90%
Weighted Average Yield	5.30%
Weighted Average Life (Years)	7 years 9 months 18 days
Agency
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 8,041,143
Agency | Fixed Rate Securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	8,000,000
Non-Agency
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	17,548,238
Non-Agency | Fixed Rate Securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	8,200,000
Residual and interest - only notional amount	7,300,000
Non-Agency | Floating Rate Securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	9,300,000
Residual and interest - only notional amount	9,100,000
Corporate debt
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	514
Gross Unrealized Gains	2
Gross Unrealized Losses	0
Carrying Value	$ 479
Number of Securities | security	2
Weighted Average Coupon	8.20%
Weighted Average Yield	9.50%
Weighted Average Life (Years)	2 years 2 months 12 days
Consumer loans
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 400
Gross Unrealized Gains	553
Gross Unrealized Losses	0
Carrying Value	$ 577
Number of Securities | security	3
Weighted Average Life (Years)	8 months 12 days
Interest-only securities
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 9,417,388
Gross Unrealized Gains	33,121
Gross Unrealized Losses	(30,151)
Carrying Value	$ 157,605
Number of Securities | security	143
Weighted Average Coupon	0.90%
Weighted Average Yield	14.20%
Weighted Average Life (Years)	2 years 8 months 12 days
Servicing strips
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 4,264,723
Gross Unrealized Gains	22,010
Gross Unrealized Losses	(4,262)
Carrying Value	$ 61,056
Number of Securities | security	61
Weighted Average Coupon	0.60%
Weighted Average Yield	27.10%
Weighted Average Life (Years)	3 years 4 months 24 days

REAL ESTATE AND OTHER SECURIT_4

REAL ESTATE AND OTHER SECURITIES - Schedule of Investment in Real Estate Securities (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Agency
Purchases
Face	$ 2,162.4	$ 998.2
Purchase price	2,154.4	1,004.5
Sales
Face	1,462.4	0
Amortized cost	1,442.8	0
Sale price	1,395.9	0
Gain (loss) on sale	(46.9)	0
Non-Agency
Purchases
Face	25.2	2,210
Purchase price	2.4	115.7
Sales
Face	0	0
Amortized cost	0	1.6
Sale price	0	0
Gain (loss) on sale	$ 0	$ (1.6)

REAL ESTATE AND OTHER SECURIT_5

REAL ESTATE AND OTHER SECURITIES - Narrative (Details) - Agency - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 31, 2023
Debt Securities, Available-for-sale [Line Items]
Face amount of securities purchased, unsettled	$ 738,400,000	$ 0
Payments for securities purchased, unsettled	730,000,000
Face amount of securities sold	490,800,000
Proceeds of securities sold, unsettled	$ 471,600,000

REAL ESTATE AND OTHER SECURIT_6

REAL ESTATE AND OTHER SECURITIES - Summary of Real Estate Securities in an Unrealized Loss Position (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) security
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 25,589,381
Weighted Average Life (Years)	1 year 1 month 6 days
Less than 12 Months
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 170,182
Before Credit Impairment - Amortized Cost Basis	156,345
Credit Impairment - Amortized Cost Basis	(5,670)
After Credit Impairment - Amortized Cost Basis	150,675
Gross Unrealized Losses - Less than 12 Months	(7,318)
Carrying Value - Less than 12 Months	$ 143,357
Number of Securities - Less than 12 Months | security	89
Weighted Average Coupon	3.20%
Weighted Average Yield	3.90%
Weighted Average Life (Years)	7 years 3 months 18 days
12 or More Months
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 222,735
Before Credit Impairment - Amortized Cost Basis	219,554
Credit Impairment - Amortized Cost Basis	(3,918)
After Credit Impairment - Amortized Cost Basis	215,636
Gross Unrealized Losses - 12 or More Months	(22,753)
Carrying Value - 12 or More Months	$ 192,883
Number of Securities - 12 or More Months | security	110
Weighted Average Coupon	3.80%
Weighted Average Yield	3.50%
Weighted Average Life (Years)	4 years 7 months 6 days
Total/Weighted Average
Debt Securities, Available-for-sale [Line Items]
Outstanding Face Amount	$ 392,917
Before Credit Impairment - Amortized Cost Basis	375,899
Credit Impairment - Amortized Cost Basis	(9,588)
After Credit Impairment - Amortized Cost Basis	366,311
Gross Unrealized Losses - Total	(30,071)
Carrying Value - Total	$ 336,240
Number of Securities - Total | security	199
Weighted Average Coupon	3.50%
Weighted Average Yield	3.70%
Weighted Average Life (Years)	5 years 9 months 18 days

REAL ESTATE AND OTHER SECURIT_7

REAL ESTATE AND OTHER SECURITIES - Summary of Real Estate Securities in an Unrealized Loss Position - Associated Intent to Sell (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Securities Rithm Capital intends to sell
Debt Securities, Available-for-sale [Line Items]
Fair Value	$ 0	$ 0
Amortized Cost Basis After Credit Impairment	0	0
Gross Unrealized Losses, Credit	0	0
Gross Unrealized Losses, Non-Credit	0	0
Securities Rithm Capital is more likely than not to be required to sell
Debt Securities, Available-for-sale [Line Items]
Fair Value	0	0
Amortized Cost Basis After Credit Impairment	0	0
Gross Unrealized Losses, Credit	0	0
Gross Unrealized Losses, Non-Credit	0	0
Credit impaired securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	77,476	77,843
Amortized Cost Basis After Credit Impairment	77,907	78,101
Gross Unrealized Losses, Credit	(9,588)	(10,816)
Gross Unrealized Losses, Non-Credit	(431)	(258)
Non-credit impaired securities
Debt Securities, Available-for-sale [Line Items]
Fair Value	258,764	271,405
Amortized Cost Basis After Credit Impairment	288,404	304,831
Gross Unrealized Losses, Credit	0	0
Gross Unrealized Losses, Non-Credit	(29,640)	(33,426)
Total debt securities in an unrealized loss position
Debt Securities, Available-for-sale [Line Items]
Fair Value	336,240	349,248
Amortized Cost Basis After Credit Impairment	366,311	382,932
Gross Unrealized Losses, Credit	(9,588)	(10,816)
Gross Unrealized Losses, Non-Credit	$ (30,071)	$ (33,684)

REAL ESTATE AND OTHER SECURIT_8

REAL ESTATE AND OTHER SECURITIES - Summary of Activity Related to Credit Losses on Debt Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses on available-for-sale debt securities at December 31, 2022	$ 10,816
Additions to the allowance for credit losses on securities for which credit losses were not previously recorded	0
Additions to the allowance for credit losses arising from purchases of available-for-sale debt securities accounted for as purchased financial assets with credit deterioration	0
Reductions for securities sold during the period	0
Reductions in the allowance for credit losses because the entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis	0
Additional increases (decreases) to the allowance for credit losses on securities that had credit losses, or an allowance recorded in a previous period	(1,228)
Write-offs charged against the allowance	0
Recoveries of amounts previously written off	0
Allowance for credit losses on available-for-sale debt securities at March 31, 2023	9,588
Purchased Credit Deteriorated
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses on available-for-sale debt securities at December 31, 2022	4,140
Additions to the allowance for credit losses on securities for which credit losses were not previously recorded	0
Additions to the allowance for credit losses arising from purchases of available-for-sale debt securities accounted for as purchased financial assets with credit deterioration	0
Reductions for securities sold during the period	0
Reductions in the allowance for credit losses because the entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis	0
Additional increases (decreases) to the allowance for credit losses on securities that had credit losses, or an allowance recorded in a previous period	(137)
Write-offs charged against the allowance
Recoveries of amounts previously written off
Allowance for credit losses on available-for-sale debt securities at March 31, 2023	4,003
Non-Purchased Credit Deteriorated
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward]
Allowance for credit losses on available-for-sale debt securities at December 31, 2022	6,676
Additions to the allowance for credit losses on securities for which credit losses were not previously recorded	0
Additions to the allowance for credit losses arising from purchases of available-for-sale debt securities accounted for as purchased financial assets with credit deterioration	0
Reductions for securities sold during the period	0
Reductions in the allowance for credit losses because the entity intends to sell the security or more likely than not will be required to sell the security before recovery of its amortized cost basis	0
Additional increases (decreases) to the allowance for credit losses on securities that had credit losses, or an allowance recorded in a previous period	(1,091)
Write-offs charged against the allowance
Recoveries of amounts previously written off
Allowance for credit losses on available-for-sale debt securities at March 31, 2023	$ 5,585

REAL ESTATE AND OTHER SECURIT_9

REAL ESTATE AND OTHER SECURITIES - Schedule of the Outstanding Face Amount and Carrying Value for Securities Uncollectible (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Outstanding Face Amount	$ 441,521	$ 443,680
Carrying Value	$ 65,264	$ 66,775

REAL ESTATE AND OTHER SECURI_10

REAL ESTATE AND OTHER SECURITIES - Summary of Changes in Accretable Yield for Securities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Certain Loans Acquired in Transfer Accounted for as Available-for-sale Debt Securities, Accretable Yield Movement Schedule [Roll Forward]
Balance, beginning	$ 41,200
Additions	0
Accretion	(502)
Reclassifications from (to) non-accretable difference	2,543
Disposals	0
Balance, ending	$ 43,241

RESIDENTIAL MORTGAGE LOANS - Re

RESIDENTIAL MORTGAGE LOANS - Residential Mortgage Loans Outstanding by Loan Type, Excluding REO (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Weighted Average Life (Years)	1 year 1 month 6 days
Residential mortgage loans held-for-investment, at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 498,602
Carrying Value	$ 426,259	$ 452,519
Loan Count | loan	9,278
Weighted Average Yield	9.10%
Weighted Average Life (Years)	4 years 4 months 24 days
Total residential mortgage loans, held-for-sale, at lower of cost or market
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 113,108
Carrying Value	$ 97,511	101,027
Loan Count | loan	2,607
Weighted Average Yield	8.70%
Weighted Average Life (Years)	4 years 6 months
Acquired performing loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 81,396
Carrying Value	$ 70,897	72,425
Loan Count | loan	2,204
Weighted Average Yield	8.50%
Weighted Average Life (Years)	5 years
Acquired performing loans | Ginnie Mae
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	$ 433,200
Acquired non-performing loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	31,712
Carrying Value	$ 26,614	28,602
Loan Count | loan	403
Weighted Average Yield	9.10%
Weighted Average Life (Years)	3 years 2 months 12 days
Acquired non-performing loans | Ginnie Mae
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid Principal Balance	$ 240,300
Total residential mortgage loans, held-for-sale, at fair value
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	2,803,432
Carrying Value	$ 2,743,809	3,297,271
Loan Count | loan	10,944
Weighted Average Yield	5.90%
Weighted Average Life (Years)	24 years
Acquired performing loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 983,700
Carrying Value	$ 945,582	890,131
Loan Count | loan	4,188
Weighted Average Yield	5.80%
Weighted Average Life (Years)	15 years 1 month 6 days
Acquired non-performing loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 263,732
Carrying Value	$ 244,752	340,342
Loan Count | loan	1,403
Weighted Average Yield	4.60%
Weighted Average Life (Years)	26 years 10 months 24 days
Originated loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 1,556,000
Carrying Value	$ 1,553,475	2,066,798
Loan Count | loan	5,353
Weighted Average Yield	6.10%
Weighted Average Life (Years)	29 years 2 months 12 days
Total residential mortgage loans, held-for-sale, at fair value/lower of cost or market
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Outstanding Face Amount	$ 2,916,540
Carrying Value	$ 2,841,320	$ 3,398,298

RESIDENTIAL MORTGAGE LOANS - Ge

RESIDENTIAL MORTGAGE LOANS - Geographic Distribution of the Underlying Residential Mortgage Loans (Details) - Residential Mortgage Loans	Mar. 31, 2023	Dec. 31, 2022
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	100%	100%
Florida
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	11.60%	10.90%
California
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	9.50%	10.20%
Texas
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	9%	8.90%
New York
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	7.80%	6.80%
Georgia
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	4.30%	4.20%
Illinois
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	3.70%	3.60%
New Jersey
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	3.60%	3.80%
Indiana
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	3.10%	3.20%
Washington
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	3%	4.40%
Maryland
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	2.90%	3.10%
Other U.S.
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Percentage of Total Outstanding Unpaid Principal Amount	41.50%	40.90%

RESIDENTIAL MORTGAGE LOANS - Sc

RESIDENTIAL MORTGAGE LOANS - Schedule of Aggregate Unpaid Principal Balance and Aggregate Carrying Value (Details) - 90+ - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts, Notes, Loans and Financing Receivable [Line Items]
UPB	$ 0	$ 0
Fair Value	0	0
Fair Value Over (Under) UPB	0	0
Residential Mortgage
Accounts, Notes, Loans and Financing Receivable [Line Items]
UPB	376,472	468,147
Fair Value	338,474	423,321
Fair Value Over (Under) UPB	$ (37,999)	$ (44,826)

RESIDENTIAL MORTGAGE LOANS - Na

RESIDENTIAL MORTGAGE LOANS - Narrative (Details)	3 Months Ended
	Mar. 31, 2023 USD ($)
Residential Mortgage Loans | Loans Sold
Accounts, Notes, Loans and Financing Receivable [Line Items]
Interest income	$ 0

RESIDENTIAL MORTGAGE LOANS - Ca

RESIDENTIAL MORTGAGE LOANS - Carrying Value of Mortgage Loans (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance, beginning	$ 3,398,298
Transfer of loans from held-for-investment	27,340
Balance, ending	2,841,320
Residential Portfolio Segment
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward]
Balance, beginning	3,850,817
Originations	6,959,922
Sales	(7,635,871)
Purchases/additional fundings	132,713
Proceeds from repayments	(57,512)
Transfer of loans to other assets	31
Transfer of loans to real estate owned	(2,749)
Transfers of loans to held for sale	(27,340)
Valuation (provision) reversal on loans	939
Changes in instrument-specific credit risk	12,231
Other factors	7,058
Balance, ending	3,267,579
Loans Held-for-Investment, 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	452,519
Originations	0
Sales	0
Purchases/additional fundings	1,269
Proceeds from repayments	(12,836)
Transfer of loans to other assets	0
Transfer of loans to real estate owned	(1,449)
Transfers of loans to held for sale	(27,340)
Transfer of loans from held-for-investment	0
Valuation (provision) reversal on loans	0
Changes in instrument-specific credit risk	4,785
Other factors	9,311
Balance, ending	426,259
Residential Mortgage Loans, Held-for-Sale | Loans held-for-sale, 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	101,027
Originations	0
Sales	0
Purchases/additional fundings	0
Proceeds from repayments	(3,585)
Transfer of loans to other assets	0
Transfer of loans to real estate owned	(870)
Transfers of loans to held for sale	0
Transfer of loans from held-for-investment	0
Valuation (provision) reversal on loans	939
Changes in instrument-specific credit risk	0
Other factors	0
Balance, ending	97,511
Residential Mortgage Loans, Held-for-Sale | Loans Held-for-Sale, 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	3,297,271
Originations	6,959,922
Sales	(7,635,871)
Purchases/additional fundings	131,444
Proceeds from repayments	(41,091)
Transfer of loans to other assets	31
Transfer of loans to real estate owned	(430)
Transfers of loans to held for sale	0
Transfer of loans from held-for-investment	27,340
Valuation (provision) reversal on loans	0
Changes in instrument-specific credit risk	7,446
Other factors	(2,253)
Balance, ending	$ 2,743,809

RESIDENTIAL MORTGAGE LOANS - _2

RESIDENTIAL MORTGAGE LOANS - Schedule of Net Interest Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Interest income:
Loans held-for-investment, at fair value	$ 9,509	$ 10,280
Total interest income	48,299	82,360
Interest expense:
Loans held-for-investment, at fair value	4,670	7,346
Total interest expense	48,356	50,303
Net interest income	(57)	32,057
Loans held-for-sale, at lower of cost or fair value
Interest income:
Loans held-for-sale	1,504	1,771
Interest expense:
Loans held-for-sale	907	849
Loans held-for-sale, at fair value
Interest income:
Loans held-for-sale	37,286	70,309
Interest expense:
Loans held-for-sale	$ 42,779	$ 42,108

RESIDENTIAL MORTGAGE LOANS - Ga

RESIDENTIAL MORTGAGE LOANS - Gain On Sale of Originated Mortgage Loans, Net (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Long Lived Assets Held-for-sale [Line Items]
Gain (loss) on residential mortgage loans originated and sold, net	$ (34,314)	$ (370,421)
Gain (loss) on settlement of residential mortgage loan origination derivative instruments	9,904	524,823
MSRs retained on transfer of residential mortgage loans	140,513	461,452
Other	(5,443)	27,701
Realized gain on sale of originated residential mortgage loans, net	110,660	643,555
Change in fair value of derivative instruments	(32,990)	118,438
Gain on originated residential mortgage loans, held-for-sale, net	109,268	471,996
Loan origination fees and direct loan origination costs	68,900	252,500
Change in fair value of interest rate lock commitments
Long Lived Assets Held-for-sale [Line Items]
Change in fair value of derivative instruments	26,240	(127,685)
Change in fair value of derivative instruments
Long Lived Assets Held-for-sale [Line Items]
Change in fair value of derivative instruments	(59,230)	246,123
Change in fair value of residential mortgage loans
Long Lived Assets Held-for-sale [Line Items]
Change in fair value of residential mortgage loans	$ 31,598	$ (289,997)

CONSUMER LOANS - Narrative (Det

CONSUMER LOANS - Narrative (Details)	3 Months Ended
	Mar. 31, 2023
Consumer Loan SPVs
Schedule of Equity Method Investments [Line Items]
Ownership interest	53.50%

CONSUMER LOANS - Consumer Loan

CONSUMER LOANS - Consumer Loan Investments made through Equity Method Investees (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Schedule of Equity Method Investments [Line Items]
Weighted Average Life (Years)	1 year 1 month 6 days
Consumer Portfolio Segment
Schedule of Equity Method Investments [Line Items]
Unpaid Principal Balance	$ 310,877	$ 330,428
Carrying Value	$ 340,525	$ 363,756
Weighted Average Coupon	18%	17.80%
Weighted Average Life (Years)	3 years 3 months 18 days	3 years 4 months 24 days

CONSUMER LOANS - Schedule of Ag

CONSUMER LOANS - Schedule of Aggregate Unpaid Principal Balance and Aggregate Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
90+
Schedule of Equity Method Investments [Line Items]
UPB	$ 0	$ 0
Fair Value	0	0
Fair Value Over (Under) UPB	0	0
Consumer Portfolio Segment | Current | Total Rithm Capital Stockholders’ Equity
Schedule of Equity Method Investments [Line Items]
UPB	305,360	325,192
Fair Value	334,550	358,057
Fair Value Over (Under) UPB	29,190	32,865
Consumer Portfolio Segment | 90+ | Total Rithm Capital Stockholders’ Equity
Schedule of Equity Method Investments [Line Items]
UPB	5,517	5,236
Fair Value	5,975	5,699
Fair Value Over (Under) UPB	458	463
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity
Schedule of Equity Method Investments [Line Items]
UPB	310,877	330,428
Fair Value	340,525	363,756
Fair Value Over (Under) UPB	$ 29,648	$ 33,328

CONSUMER LOANS - Carrying Value

CONSUMER LOANS - Carrying Value of Performing Loans (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Loans Receivable [Roll Forward]
Proceeds from repayments	$ (8,272)	$ (24,121)
Accretion of loan discount and premium amortization, net	18,270	$ 15,095
Consumer Portfolio Segment | Performing loans
Loans Receivable [Roll Forward]
Beginning balance	363,756
Additional fundings	6,831
Proceeds from repayments	(26,617)
Accretion of loan discount and premium amortization, net	2,546
Changes in instrument-specific credit risk	103
Other factors	(6,094)
Ending balance	$ 340,525

SINGLE-FAMILY RENTAL PROPERTI_3

SINGLE-FAMILY RENTAL PROPERTIES - Net Carrying Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real Estate [Line Items]
Investment in SFR properties, net	$ 968,987	$ 971,313
Single Family
Real Estate [Line Items]
Land	175,607	175,607
Building	702,427	702,427
Capital improvements	123,606	118,999
Total gross investment in SFR properties	1,001,640	997,033
Accumulated depreciation	(32,653)	(25,720)
Investment in SFR properties, net	$ 968,987	$ 971,313

SINGLE-FAMILY RENTAL PROPERTI_4

SINGLE-FAMILY RENTAL PROPERTIES - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) property	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)
Real Estate [Line Items]
Capitalized acquisition costs	$ 7,100		$ 7,700
Single Family
Real Estate [Line Items]
Accumulated depreciation	$ 6,933	$ 4,100
Transfer to held-for-sale | property	0
Single Family | Minimum
Real Estate [Line Items]
Lease term	1 year
Single Family | Maximum
Real Estate [Line Items]
Lease term	2 years
SFR Properties Held-for-Sale
Real Estate [Line Items]
Accumulated depreciation	$ 20
Transfer to held-for-sale | property	30

SINGLE-FAMILY RENTAL PROPERTI_5

SINGLE-FAMILY RENTAL PROPERTIES - Activity in Single-Family Rental Properties (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Real Estate Investment Property, Net [Roll Forward]
Beginning balance	$ 971,313
Ending balance	968,987
SFR Properties Held-for-Investment
Real Estate Investment Property, Net [Roll Forward]
Beginning balance	971,313
Acquisitions and capital improvements	4,607
Dispositions	0
Reclassifications to SFR properties	(9,747)
Write-offs	0
Accumulated depreciation	(6,913)
Ending balance	959,260
SFR Properties Held-for-Sale
Real Estate Investment Property, Net [Roll Forward]
Beginning balance	0
Acquisitions and capital improvements	0
Dispositions	0
Reclassifications to SFR properties	9,747
Write-offs	0
Accumulated depreciation	(20)
Ending balance	9,727
Single Family
Real Estate Investment Property, Net [Roll Forward]
Beginning balance	971,313
Acquisitions and capital improvements	4,607
Dispositions	0
Reclassifications to SFR properties	0
Write-offs	0
Accumulated depreciation	(6,933)	$ (4,100)
Ending balance	$ 968,987

SINGLE-FAMILY RENTAL PROPERTI_6

SINGLE-FAMILY RENTAL PROPERTIES - Revenue to be Received (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Real Estate [Line Items]
Total	$ 7,800
Single Family
Real Estate [Line Items]
Remainder of 2023	51,605
2024 and thereafter	10,566
Total	$ 62,171

SINGLE-FAMILY RENTAL PROPERTI_7

SINGLE-FAMILY RENTAL PROPERTIES - Activity in Single-Family Rental Portfolio by Units (Details)	3 Months Ended
	Mar. 31, 2023 property
SFR Properties Held-for-Investment
Real Estate Investment Property, Net [Roll Forward]
Beginning balance	3,731
Acquisition of SFR units	0
Transfer to held-for-sale	(30)
Disposition of SFR units	0
Ending balance	3,701
SFR Properties Held-for-Sale
Real Estate Investment Property, Net [Roll Forward]
Beginning balance	0
Acquisition of SFR units	0
Transfer to held-for-sale	30
Disposition of SFR units	0
Ending balance	30
Single Family
Real Estate Investment Property, Net [Roll Forward]
Beginning balance	3,731
Acquisition of SFR units	0
Transfer to held-for-sale	0
Disposition of SFR units	0
Ending balance	3,731

MORTGAGE LOANS RECEIVABLE - Sum

MORTGAGE LOANS RECEIVABLE - Summary of Mortgage Loans Receivable By Purpose (Details) - Mortgage Loans Receivable $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) loan	Dec. 31, 2022 USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value | $	$ 1,946,422	$ 2,064,028
% of Portfolio	100%
Loan Count | loan	1,295
% of Portfolio	100%
Weighted Average Yield	8.70%
Weighted Average Original Life (Months)	17 years 2 months 12 days
Construction
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value | $	$ 913,495
% of Portfolio	46.90%
Loan Count | loan	515
% of Portfolio	39.70%
Weighted Average Yield	8.70%
Weighted Average Original Life (Months)	15 years 1 month 6 days
Weighted Average Committed Loan Balance to Value, LTC	76.80%
Weighted Average Committed Loan Balance to Value, LTARV	65.50%
Bridge
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value | $	$ 815,663
% of Portfolio	41.90%
Loan Count | loan	546
% of Portfolio	42.20%
Weighted Average Yield	8.60%
Weighted Average Original Life (Months)	20 years 6 months
Weighted Average Committed Loan Balance to Value	73%
Renovation
Accounts, Notes, Loans and Financing Receivable [Line Items]
Carrying Value | $	$ 217,264
% of Portfolio	11.20%
Loan Count | loan	234
% of Portfolio	18.10%
Weighted Average Yield	8.90%
Weighted Average Original Life (Months)	13 years 10 months 24 days
Weighted Average Committed Loan Balance to Value, LTC	77.80%
Weighted Average Committed Loan Balance to Value, LTARV	65.30%

MORTGAGE LOANS RECEIVABLE - Sch

MORTGAGE LOANS RECEIVABLE - Schedule of Mortgage Loans Receivable (Details) - Mortgage Loans Receivable $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Financing Receivable [Roll Forward]
Beginning balance	$ 2,064,028
Initial loan advances	275,907
Construction holdbacks and draws	153,730
Paydowns and payoffs	(547,243)
Ending balance	$ 1,946,422

MORTGAGE LOANS RECEIVABLE - Pas

MORTGAGE LOANS RECEIVABLE - Past Due Mortgage Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
90+
Accounts, Notes, Loans and Financing Receivable [Line Items]
UPB	$ 0	$ 0
Fair Value	0	0
Fair Value Over (Under) UPB	0	0
Mortgage Loans Receivable | Current
Accounts, Notes, Loans and Financing Receivable [Line Items]
UPB	1,946,422	2,064,028
Fair Value	1,946,422	2,064,028
Fair Value Over (Under) UPB	0	0
Mortgage Loans Receivable | 90+
Accounts, Notes, Loans and Financing Receivable [Line Items]
UPB	0	0
Fair Value	0	0
Fair Value Over (Under) UPB	$ 0	$ 0

MORTGAGE LOANS RECEIVABLE - S_2

MORTGAGE LOANS RECEIVABLE - Summary of the Geographic Distribution of Mortgage Loans Receivable (Details) - Mortgage Loans Receivable - Geographic Concentration Risk - Loan Origination Commitments	3 Months Ended
	Mar. 31, 2023
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Loan Commitment	100%
California
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Loan Commitment	54.90%
Washington
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Loan Commitment	9.70%
Colorado
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Loan Commitment	7.20%
New York
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Loan Commitment	5.60%
Arizona
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Loan Commitment	5.50%
Florida
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Loan Commitment	4.20%
North Carolina
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Loan Commitment	2.50%
Texas
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Loan Commitment	2%
New Jersey
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Loan Commitment	1.60%
Washington D.C.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Loan Commitment	1.30%
Other U.S.
Accounts, Notes, Loans and Financing Receivable [Line Items]
Percentage of Total Loan Commitment	5.50%

CASH, CASH EQUIVALENTS AND RE_3

CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Summary of Cash and Restricted Cash (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Cash and Cash Equivalents [Abstract]
Cash and cash equivalents	[1]	$ 1,434,697	$ 1,336,508
Restricted cash	[1]	365,649	281,126
Total cash, cash equivalents and restricted cash		$ 1,800,346	$ 1,617,634	$ 1,966,214	$ 1,528,442
[1]The Company's Consolidated Balance Sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIE for which creditors do not have recourse to the primary beneficiary (Rithm Capital). As of March 31, 2023 and December 31, 2022, total assets of consolidated VIEs were $1.8 billion and $2.3 billion, respectively, and total liabilities of consolidated VIEs were $1.6 billion and $1.8 billion, respectively. See Note 20 for further details.

CASH, CASH EQUIVALENTS AND RE_4

CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Restricted Cash (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash	[1]	$ 365,649	$ 281,126
MSRs and servicer advances
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash		72,192	69,347
Real estate and other securities
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash		4,427	4,604
Consumer loans
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash		16,759	15,930
SFR properties
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash		6,923	4,627
Origination and servicing
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash		242,091	161,249
Mortgage loans receivable
Restricted Cash and Cash Equivalents Items [Line Items]
Total restricted cash		$ 23,257	$ 25,369
[1]The Company's Consolidated Balance Sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIE for which creditors do not have recourse to the primary beneficiary (Rithm Capital). As of March 31, 2023 and December 31, 2022, total assets of consolidated VIEs were $1.8 billion and $2.3 billion, respectively, and total liabilities of consolidated VIEs were $1.6 billion and $1.8 billion, respectively. See Note 20 for further details.

OTHER ASSETS AND LIABILITIES -

OTHER ASSETS AND LIABILITIES - Schedule of Other Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Other Assets
Margin receivable, net		$ 59,898	$ 20,614
Excess MSRs, at fair value (Note 4)		299,303	321,803
Servicer advance investments, at fair value (Note 6)		389,905	398,820
Servicing fee receivables		119,812	128,438
Principal and interest receivable		100,541	106,608
Equity investments		79,665	71,388
Other receivables		144,748	146,131
REO		19,162	19,379
Goodwill		85,199	85,199
Warrants, at fair value		17,854	19,346
Property and equipment		30,501	37,883
Intangible assets (Note 15)		139,013	141,413
Prepaid expenses		59,306	60,817
Operating lease right-of-use assets (Note 16)		84,936	77,329
Derivative assets (Note 17)		43,904	52,229
Loans receivable, at fair value		32,105	94,401
Other assets		130,981	132,809
Other assets	[1]	1,836,833	1,914,607
Accrued Expenses and Other Liabilities
Margin payable		47	4,852
Interest payable		110,334	87,700
Accounts payable		160,766	155,492
Derivative liabilities (Note 17)		46,954	18,064
Accrued compensation and benefits		78,965	112,762
Operating lease liabilities (Note 16)		109,838	101,225
Deferred tax liability		695,033	711,855
Other liabilities		305,298	294,717
Accrued expenses and other liabilities	[1]	$ 1,507,235	$ 1,486,667
[1]The Company's Consolidated Balance Sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIE for which creditors do not have recourse to the primary beneficiary (Rithm Capital). As of March 31, 2023 and December 31, 2022, total assets of consolidated VIEs were $1.8 billion and $2.3 billion, respectively, and total liabilities of consolidated VIEs were $1.6 billion and $1.8 billion, respectively. See Note 20 for further details.

OTHER ASSETS AND LIABILITIES _2

OTHER ASSETS AND LIABILITIES - Real Estate Owned (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Real Estate Owned [Roll Forward]
Beginning balance	$ 19,379
Purchases	0
Property received in satisfaction of loan	6,025
Sales	(6,974)
Valuation (provision) reversal	732
Ending balance	19,162
Residential Mortgage Loans
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	70,200
Mortgage Receivable
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items]
Unpaid principal balance	$ 12,500

OTHER ASSETS AND LIABILITIES _3

OTHER ASSETS AND LIABILITIES - Schedule of Loans Receivable (Details) - Loans Receivable $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Financing Receivable [Roll Forward]
Beginning balance	$ 94,401
Fundings	0
Payment in Kind	2,134
Proceeds from repayments	(64,661)
Transfer to other assets	0
Changes in instrument-specific credit risk	0
Other factors	231
Ending balance	$ 32,105

OTHER ASSETS AND LIABILITIES _4

OTHER ASSETS AND LIABILITIES - Past Due Notes and Loans Receivable (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current
Financing Receivable, Past Due [Line Items]
UPB	$ 98,410	$ 157,745
Fair Value	32,105	94,401
Fair Value Over (Under) UPB	(66,305)	(63,344)
90+
Financing Receivable, Past Due [Line Items]
UPB	0	0
Fair Value	0	0
Fair Value Over (Under) UPB	$ 0	$ 0

EXPENSES, REALIZED AND UNREAL_3

EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND OTHER - Schedule of General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Legal and professional	$ 12,755	$ 28,586
Loan origination	11,757	39,901
Occupancy	18,366	29,777
Subservicing	35,256	46,808
Loan servicing	2,976	5,304
Property and maintenance	24,035	23,603
Other	62,010	72,259
Total general and administrative expenses	$ 167,155	$ 246,238

EXPENSES, REALIZED AND UNREAL_4

EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND OTHER - Schedule of Components of Other Income (Loss) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Income and Expenses [Abstract]
Real estate and other securities	$ 83,851	$ (606,852)
Residential mortgage loans and REO	18,097	(88,523)
Derivative instruments	(151,006)	622,172
Other	(26,591)	(12,732)
Realized and unrealized gains (losses) on investments, net	(75,649)	(85,935)
Unrealized gain (loss) on secured notes and bonds payable	(2,500)	7,194
Rental revenue	18,123	8,129
Property and maintenance revenue	33,637	34,305
(Provision) reversal for credit losses on securities	1,228	(711)
Valuation and credit loss (provision) reversal on loans and real estate owned	1,575	(3,029)
Other income (loss)	(21,585)	6,444
Other income (loss), net	30,478	52,332
Total other income (loss)	$ (45,171)	$ (33,603)

EXPENSES, REALIZED AND UNREAL_5

EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS AND OTHER - Schedule of Accretion and Other Amortization (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Accretion and other amortization:
Accretion of net discount on securities and loans	$ 11,684	$ 5,293
Accretion of servicer advances receivable discount and servicer advance investments	4,630	4,156
Accretion of excess mortgage servicing rights income	3,431	13,017
Amortization of deferred financing costs	(1,055)	(6,921)
Total accretion and other amortization	18,270	15,095
Corporate Debt
Accretion and other amortization:
Amortization of discount on corporate debt	$ (420)	$ (450)

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Carrying Value of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Goodwill [Roll Forward]
Balance at December 31, 2022	$ 85,199
Goodwill acquired	0
Accumulated impairment loss	0
Balance at March 31, 2023	85,199
Origination
Goodwill [Roll Forward]
Balance at December 31, 2022	11,836
Goodwill acquired	0
Accumulated impairment loss	0
Balance at March 31, 2023	11,836
Servicing
Goodwill [Roll Forward]
Balance at December 31, 2022	12,540
Goodwill acquired	0
Accumulated impairment loss	0
Balance at March 31, 2023	12,540
MSR Related Investments
Goodwill [Roll Forward]
Balance at December 31, 2022	5,092
Goodwill acquired	0
Accumulated impairment loss	0
Balance at March 31, 2023	5,092
Mortgage Loans Receivable
Goodwill [Roll Forward]
Balance at December 31, 2022	55,731
Goodwill acquired
Accumulated impairment loss	0
Balance at March 31, 2023	$ 55,731

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	$ 196,146	$ 188,995
Accumulated Amortization	57,133	47,582
Intangible Assets, Net	139,013	141,413
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	57,949	57,949
Accumulated Amortization	14,550	12,960
Intangible Assets, Net	$ 43,399	44,989
Customer relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	3 years
Customer relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	9 years
Purchased technology
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	$ 127,938	120,787
Accumulated Amortization	38,625	30,959
Intangible Assets, Net	89,313	89,828
Indefinite-lived intangible assets	$ 21,400	21,400
Purchased technology | Minimum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	3 years
Purchased technology | Maximum
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Lives (Years)	7 years
Trademarks / Trade names
Finite-Lived Intangible Assets [Line Items]
Gross Intangible Assets	$ 10,259	10,259
Accumulated Amortization	3,958	3,663
Intangible Assets, Net	6,301	6,596
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)	5 years

GOODWILL AND INTANGIBLE ASSET_4

GOODWILL AND INTANGIBLE ASSETS - Schedule of Amortization Expense (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
April 1 through December 31, 2023	$ 23,819
2024	26,348
2025	24,134
2026	17,857
2027	23,614
Intangible assets, net	$ 115,772

OPERATING LEASES - Narrative (D

OPERATING LEASES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Leases [Abstract]
Rent expense, net of sublease income	$ 12.2	$ 12.4
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other assets		Other assets
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Accrued expenses and other liabilities		Accrued expenses and other liabilities
Sublease rentals	$ 7.8

OPERATING LEASES - Schedule of

OPERATING LEASES - Schedule of Future Commitments for Non-Cancelable Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
April 1 through December 31, 2023	$ 22,179
2024	25,393
2025	19,630
2026	12,633
2027	10,837
2028 and thereafter	37,523
Total remaining undiscounted lease payments	128,195
Less: imputed interest	18,357
Total remaining discounted lease payments	$ 109,838	$ 101,225

OPERATING LEASES - Other Inform

OPERATING LEASES - Other Information Related to Operating Leases (Details)	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Weighted-average remaining lease term (years)	6 years 3 months 18 days	5 years 8 months 12 days
Weighted-average discount rate	4.50%	4%

DERIVATIVES - Derivatives Recor

DERIVATIVES - Derivatives Recorded at Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Derivative [Line Items]
Derivative assets	$ 43,904	$ 52,229
Derivative liabilities	46,954	18,064
Interest rate swaps
Derivative [Line Items]
Derivative assets	1,637	449
Derivative asset, variation margin accounts	800,000	1,200,000
Interest rate lock commitments
Derivative [Line Items]
Derivative assets	36,107	16,015
Derivative liabilities	1,081	7,229
TBAs
Derivative [Line Items]
Derivative assets	6,160	35,765
Derivative liabilities	45,873	10,835
Options on treasury futures
Derivative [Line Items]
Derivative assets	$ 0	$ 0

DERIVATIVES - Derivatives Notio

DERIVATIVES - Derivatives Notional Amount (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Interest rate swaps
Derivative [Line Items]
Derivative asset, notional amount	$ 19,840,000	$ 23,085,000
Interest rate swaps | TBAs, short position
Derivative [Line Items]
Notional amount	$ 1,000,000	$ 0
Derivative, cap interest rate	3.70%	0%
Weighted average maturity	42 months	0 months
Interest rate swaps | TBAs, long position
Derivative [Line Items]
Notional amount	$ 18,800,000	$ 23,100,000
Derivative, cap interest rate	2.20%	1.90%
Weighted average maturity	34 months	35 months
Interest rate lock commitments
Derivative [Line Items]
Derivative asset, notional amount	$ 2,881,724	$ 2,647,747
TBAs | TBAs, short position
Derivative [Line Items]
Derivative liability, notional amount	4,306,239	8,473,221
TBAs | TBAs, long position
Derivative [Line Items]
Derivative liability, notional amount	$ 0	$ 31,500

DERIVATIVES - Derivatives Gain

DERIVATIVES - Derivatives Gain (Losses) (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Servicing revenue, net	$ 0	$ 7,189,000
Gain on originated residential mortgage loans, held-for-sale, net	(32,990,000)	118,438,000
Change in fair value of derivative instruments	(375,329,000)	574,697,000
Gain (loss) on settlement of investments, net	224,323,000	47,475,000
Total gain (loss)	(183,996,000)	747,799,000
Gain (loss) on settlement of mortgage loan origination derivative instruments	9,904,000	524,823,000
Servicing Revenue
Derivative [Line Items]
Gain (loss) on settlement of derivative instruments	0	76,800,000
TBAs
Derivative [Line Items]
Servicing revenue, net	0	3,300,000
Gain on originated residential mortgage loans, held-for-sale, net	(57,983,000)	246,123,000
Change in fair value of derivative instruments	(6,048,000)	110,363,000
Gain (loss) on settlement of investments, net	(1,333,000)	73,154,000
Treasury futures
Derivative [Line Items]
Servicing revenue, net	0	(1,746,000)
Options on treasury futures
Derivative [Line Items]
Servicing revenue, net	0	5,635,000
Interest rate lock commitments
Derivative [Line Items]
Gain on originated residential mortgage loans, held-for-sale, net	26,240,000	(127,685,000)
Interest rate swaps
Derivative [Line Items]
Gain on originated residential mortgage loans, held-for-sale, net	(1,247,000)	0
Change in fair value of derivative instruments	(369,281,000)	464,334,000
Gain (loss) on settlement of investments, net	$ 225,656,000	$ (25,679,000)

DEBT OBLIGATIONS - Schedule of

DEBT OBLIGATIONS - Schedule of Debt Obligations (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Outstanding Face Amount	$ 21,583,871,000
Carrying Value	$ 21,489,535,000	$ 21,356,679,000
Weighted Average Funding Cost	5.60%
Weighted Average Life (Years)	1 year 1 month 6 days
MSR purchase price holdback	$ 110,334,000	87,700,000
Secured Financing Agreements
Debt Instrument [Line Items]
Outstanding Face Amount	11,761,793,000
Carrying Value	$ 11,760,930,000	11,257,736,000
Weighted Average Funding Cost	5.60%
Weighted Average Life (Years)	3 months 18 days
MSR purchase price holdback	$ 94,700,000
Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Outstanding Face Amount	9,822,078,000
Carrying Value	$ 9,728,605,000	10,098,943,000
Weighted Average Funding Cost	5.50%
Weighted Average Life (Years)	2 years 1 month 6 days
Warehouse Credit Facilities-Residential Mortgage Loans | Warehouse Credit Facilities
Debt Instrument [Line Items]
Outstanding Face Amount	$ 2,274,109,000
Carrying Value	$ 2,273,246,000	2,606,004,000
Weighted Average Funding Cost	6.30%
Weighted Average Life (Years)	8 months 12 days
Repurchase agreements	$ 267,200,000
Interest rate	5.10%
Warehouse Credit Facilities-Residential Mortgage Loans | Warehouse Credit Facilities | Collateral
Debt Instrument [Line Items]
Weighted Average Life (Years)	18 years 2 months 12 days
Outstanding Face of Collateral	$ 2,838,143,000
Amortized Cost Basis of Collateral	2,788,884,000
Carrying Value of Collateral	2,703,201,000
Warehouse Credit Facilities - Mortgage Loans Receivable | Warehouse Credit Facilities
Debt Instrument [Line Items]
Outstanding Face Amount	1,143,848,000
Carrying Value	$ 1,143,848,000	1,220,662,000
Weighted Average Funding Cost	7.70%
Weighted Average Life (Years)	3 months 18 days
Warehouse Credit Facilities - Mortgage Loans Receivable | Warehouse Credit Facilities | Collateral
Debt Instrument [Line Items]
Weighted Average Life (Years)	9 months 18 days
Outstanding Face of Collateral	$ 1,312,922,000
Amortized Cost Basis of Collateral	1,312,922,000
Carrying Value of Collateral	1,312,922,000
Agency RMBS | Secured Financing Agreements
Debt Instrument [Line Items]
Outstanding Face Amount	7,747,387,000
Carrying Value	$ 7,747,387,000	6,821,788,000
Weighted Average Funding Cost	5%
Weighted Average Life (Years)	1 month 6 days
Agency RMBS | Secured Financing Agreements | Collateral
Debt Instrument [Line Items]
Weighted Average Life (Years)	8 years 1 month 6 days
Outstanding Face of Collateral	$ 8,039,219,000
Amortized Cost Basis of Collateral	7,876,322,000
Carrying Value of Collateral	8,039,499,000
Non-Agency RMBS | Secured Financing Agreements
Debt Instrument [Line Items]
Outstanding Face Amount	596,449,000
Carrying Value	$ 596,449,000	609,282,000
Weighted Average Funding Cost	6.80%
Weighted Average Life (Years)	1 year
Non-Agency RMBS | Secured Financing Agreements | Collateral
Debt Instrument [Line Items]
Weighted Average Life (Years)	5 years 7 months 6 days
Outstanding Face of Collateral	$ 14,498,547,000
Amortized Cost Basis of Collateral	909,331,000
Carrying Value of Collateral	923,708,000
Excess MSRs
Debt Instrument [Line Items]
Carrying Value	218,089,000	227,596,000
Excess MSRs | Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Outstanding Face Amount	218,089,000
Carrying Value	$ 218,089,000	227,596,000
Weighted Average Funding Cost	3.70%
Weighted Average Life (Years)	2 years 4 months 24 days
Excess MSRs | Secured Notes and Bonds Payable | Collateral
Debt Instrument [Line Items]
Weighted Average Life (Years)	5 years 10 months 24 days
Outstanding Face of Collateral	$ 65,506,301,000
Amortized Cost Basis of Collateral	250,605,000
Carrying Value of Collateral	294,477,000
MSRs | Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Outstanding Face Amount	4,768,188,000
Carrying Value	$ 4,760,490,000	4,791,543,000
Weighted Average Funding Cost	6.50%
Weighted Average Life (Years)	2 years 3 months 18 days
MSRs | Secured Notes and Bonds Payable | Collateral
Debt Instrument [Line Items]
Weighted Average Life (Years)	7 years 3 months 18 days
Outstanding Face of Collateral	$ 528,508,705,000
Amortized Cost Basis of Collateral	6,844,455,000
Carrying Value of Collateral	8,830,147,000
Servicer Advance Investments | Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Outstanding Face Amount	304,688,000
Carrying Value	$ 303,864,000	318,445,000
Weighted Average Funding Cost	6.90%
Weighted Average Life (Years)	10 months 24 days
Servicer Advance Investments | Secured Notes and Bonds Payable | Collateral
Debt Instrument [Line Items]
Weighted Average Life (Years)	8 years 4 months 24 days
Outstanding Face of Collateral	$ 339,309,000
Amortized Cost Basis of Collateral	384,342,000
Carrying Value of Collateral	$ 389,905,000
Servicer Advances | Secured Notes and Bonds Payable | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Variable interest rate spread	1.50%
Servicer Advances | Secured Notes and Bonds Payable | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Variable interest rate spread	3.30%
Servicer Advances | Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Outstanding Face Amount	$ 2,218,498,000
Carrying Value	$ 2,215,705,000	2,361,259,000
Weighted Average Funding Cost	4.30%
Weighted Average Life (Years)	9 months 18 days
Face amount of debt at fixed rate	$ 1,200,000,000
Servicer Advances | Secured Notes and Bonds Payable | Collateral
Debt Instrument [Line Items]
Weighted Average Life (Years)	8 months 12 days
Outstanding Face of Collateral	$ 2,664,251,000
Amortized Cost Basis of Collateral	2,594,271,000
Carrying Value of Collateral	2,594,271,000
Residential Mortgage Loans | Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Outstanding Face Amount	650,000,000
Carrying Value	$ 650,000,000	769,988,000
Weighted Average Funding Cost	5.80%
Weighted Average Life (Years)	1 year 1 month 6 days
Residential Mortgage Loans | Secured Notes and Bonds Payable | Collateral
Debt Instrument [Line Items]
Weighted Average Life (Years)	29 years
Outstanding Face of Collateral	$ 575,874,000
Amortized Cost Basis of Collateral	591,010,000
Carrying Value of Collateral	668,774,000
Consumer Loans
Debt Instrument [Line Items]
Carrying Value	286,653,000	299,498,000
Consumer Loans | Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Outstanding Face Amount	310,664,000
Carrying Value	$ 286,653,000	299,498,000
Weighted Average Funding Cost	2.10%
Weighted Average Life (Years)	3 years 3 months 18 days
Consumer Loans | Secured Notes and Bonds Payable | Collateral
Debt Instrument [Line Items]
Weighted Average Life (Years)	3 years 4 months 24 days
Outstanding Face of Collateral	$ 310,845,000
Amortized Cost Basis of Collateral	323,669,000
Carrying Value of Collateral	340,494,000
SFR properties
Debt Instrument [Line Items]
Carrying Value	782,391,000	822,372,000
SFR properties | Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Outstanding Face Amount	827,889,000
Carrying Value	$ 782,391,000	817,695,000
Weighted Average Funding Cost	4.20%
Weighted Average Life (Years)	4 years 2 months 12 days
SFR properties | Secured Notes and Bonds Payable | Collateral
Debt Instrument [Line Items]
Amortized Cost Basis of Collateral	$ 959,232,000
Carrying Value of Collateral	959,232,000
Mortgage Loans Receivable
Debt Instrument [Line Items]
Carrying Value	1,655,261,000	1,733,581,000
Mortgage Loans Receivable | Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Outstanding Face Amount	524,062,000
Carrying Value	$ 511,413,000	$ 512,919,000
Weighted Average Funding Cost	5.50%
Weighted Average Life (Years)	3 years 7 months 6 days
Mortgage Loans Receivable | Secured Notes and Bonds Payable | Collateral
Debt Instrument [Line Items]
Weighted Average Life (Years)	7 months 6 days
Outstanding Face of Collateral	$ 575,479,000
Amortized Cost Basis of Collateral	575,479,000
Carrying Value of Collateral	575,479,000
3.7% Secured Corporate Note | Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Outstanding Face Amount	$ 218,100,000
3.7% Secured Corporate Note | Secured Notes and Bonds Payable | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate spread	3.70%
2.5% To 3.5% Agency MSR Secured Note And Bond Payable | Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Outstanding Face Amount	$ 3,100,000,000
2.5% To 3.5% Agency MSR Secured Note And Bond Payable | Secured Notes and Bonds Payable | London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Variable interest rate spread	2.50%
2.5% To 3.5% Agency MSR Secured Note And Bond Payable | Secured Notes and Bonds Payable | London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Variable interest rate spread	3.30%
3.0% To 5.4% Public Notes | Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Outstanding Face Amount	$ 1,700,000,000
3.0% To 5.4% Public Notes | Secured Notes and Bonds Payable | Minimum
Debt Instrument [Line Items]
Interest rate	3%
3.0% To 5.4% Public Notes | Secured Notes and Bonds Payable | Maximum
Debt Instrument [Line Items]
Interest rate	5.40%
Revolving Warehouse Facility Backed Notes | Secured Notes and Bonds Payable | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Variable interest rate spread	1.10%
Revolving Warehouse Facility Backed Notes | Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Outstanding Face Amount	$ 650,000,000
Consumer Loan, UPB Class A | Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Interest rate	2%
Residential mortgage loan UPB and other collateral	$ 257,600,000
Consumer Loan, UPB Class B | Secured Notes and Bonds Payable
Debt Instrument [Line Items]
Interest rate	2.70%
Residential mortgage loan UPB and other collateral	$ 53,000,000

DEBT OBLIGATIONS - Narrative (D

DEBT OBLIGATIONS - Narrative (Details) $ in Thousands		3 Months Ended
	Sep. 16, 2020 USD ($)	Mar. 31, 2023 USD ($)	Mar. 31, 2022 USD ($)
Debt Instrument [Line Items]
Face amount of debt		$ 21,583,871
Interest expense and warehouse line fees		309,068	$ 138,833
Secured Financing Agreements
Debt Instrument [Line Items]
Face amount of debt		11,761,793
Debt redemption percentage		20,302,447
Senior Notes
Debt Instrument [Line Items]
Issuance fees		4,500
Interest expense and warehouse line fees		$ 8,500
Senior Notes | 2025 Senior Notes
Debt Instrument [Line Items]
Face amount of debt	$ 550,000
Interest rate	6.25%
Debt redemption percentage	$ 544,500
Issuance fees	$ 8,300
Debt instrument, restrictive covenants, minimum total unencumbered assets maintenance requirement		1.20
Debt redemption percentage		101%

DEBT OBLIGATIONS - Carrying Val

DEBT OBLIGATIONS - Carrying Value of Debt Obligations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Debt Instrument [Roll Forward]
Beginning balance	$ 21,356,679
Ending balance	21,489,535
Excess MSRs
Debt Instrument [Roll Forward]
Beginning balance	227,596
Ending balance	218,089
MSRs
Debt Instrument [Roll Forward]
Beginning balance	4,791,543
Ending balance	4,760,490
Servicer advances
Debt Instrument [Roll Forward]
Beginning balance	2,679,704
Ending balance	2,519,569
Real Estate Securities
Debt Instrument [Roll Forward]
Beginning balance	7,431,070
Ending balance	8,343,836
Residential Mortgage Loans and REO
Debt Instrument [Roll Forward]
Beginning balance	3,371,315
Ending balance	2,923,246
Consumer Loans
Debt Instrument [Roll Forward]
Beginning balance	299,498
Ending balance	286,653
SFR properties
Debt Instrument [Roll Forward]
Beginning balance	822,372
Ending balance	782,391
Mortgage Loans Receivable
Debt Instrument [Roll Forward]
Beginning balance	1,733,581
Ending balance	1,655,261
Secured Financing Agreements
Debt Instrument [Roll Forward]
Beginning balance	11,257,736
Borrowings	20,302,447
Repayments	(19,800,410)
Capitalized deferred financing costs, net of amortization	1,158
Ending balance	11,760,930
Secured Financing Agreements | Excess MSRs
Debt Instrument [Roll Forward]
Borrowings	0
Repayments	0
Capitalized deferred financing costs, net of amortization	0
Secured Financing Agreements | MSRs
Debt Instrument [Roll Forward]
Borrowings	0
Repayments	0
Capitalized deferred financing costs, net of amortization	0
Secured Financing Agreements | Servicer advances
Debt Instrument [Roll Forward]
Borrowings	0
Repayments	0
Capitalized deferred financing costs, net of amortization	0
Secured Financing Agreements | Real Estate Securities
Debt Instrument [Roll Forward]
Borrowings	12,240,027
Repayments	(11,327,261)
Capitalized deferred financing costs, net of amortization	0
Secured Financing Agreements | Residential Mortgage Loans and REO
Debt Instrument [Roll Forward]
Borrowings	7,415,913
Repayments	(7,745,152)
Capitalized deferred financing costs, net of amortization	1,158
Secured Financing Agreements | Consumer Loans
Debt Instrument [Roll Forward]
Borrowings	0
Repayments	0
Capitalized deferred financing costs, net of amortization	0
Secured Financing Agreements | SFR properties
Debt Instrument [Roll Forward]
Borrowings	0
Repayments	(4,677)
Capitalized deferred financing costs, net of amortization	0
Secured Financing Agreements | Mortgage Loans Receivable
Debt Instrument [Roll Forward]
Borrowings	646,507
Repayments	(723,320)
Capitalized deferred financing costs, net of amortization	0
Secured Notes and Bonds Payable
Debt Instrument [Roll Forward]
Borrowings	1,303,796
Repayments	(1,677,534)
Discount on borrowings, net of amortization	0
Unrealized gain on notes, fair value	2,498
Capitalized deferred financing costs, net of amortization	901
Secured Notes and Bonds Payable | Excess MSRs
Debt Instrument [Roll Forward]
Borrowings	0
Repayments	(9,507)
Discount on borrowings, net of amortization	0
Unrealized gain on notes, fair value	0
Capitalized deferred financing costs, net of amortization	0
Secured Notes and Bonds Payable | MSRs
Debt Instrument [Roll Forward]
Borrowings	667,185
Repayments	(698,816)
Discount on borrowings, net of amortization	0
Unrealized gain on notes, fair value	0
Capitalized deferred financing costs, net of amortization	578
Secured Notes and Bonds Payable | Servicer advances
Debt Instrument [Roll Forward]
Borrowings	636,611
Repayments	(797,233)
Discount on borrowings, net of amortization	0
Unrealized gain on notes, fair value	0
Capitalized deferred financing costs, net of amortization	487
Secured Notes and Bonds Payable | Real Estate Securities
Debt Instrument [Roll Forward]
Borrowings	0
Repayments	0
Discount on borrowings, net of amortization	0
Unrealized gain on notes, fair value	0
Capitalized deferred financing costs, net of amortization	0
Secured Notes and Bonds Payable | Residential Mortgage Loans and REO
Debt Instrument [Roll Forward]
Borrowings	0
Repayments	(116,730)
Discount on borrowings, net of amortization	0
Unrealized gain on notes, fair value	(3,258)
Capitalized deferred financing costs, net of amortization	0
Secured Notes and Bonds Payable | Consumer Loans
Debt Instrument [Roll Forward]
Borrowings	0
Repayments	(20,108)
Discount on borrowings, net of amortization	0
Unrealized gain on notes, fair value	7,263
Capitalized deferred financing costs, net of amortization	0
Secured Notes and Bonds Payable | SFR properties
Debt Instrument [Roll Forward]
Borrowings	0
Repayments	(35,140)
Discount on borrowings, net of amortization	0
Unrealized gain on notes, fair value	0
Capitalized deferred financing costs, net of amortization	(164)
Secured Notes and Bonds Payable | Mortgage Loans Receivable
Debt Instrument [Roll Forward]
Borrowings	0
Repayments	0
Discount on borrowings, net of amortization	0
Unrealized gain on notes, fair value	(1,507)
Capitalized deferred financing costs, net of amortization	$ 0

DEBT OBLIGATIONS - Contractual

DEBT OBLIGATIONS - Contractual Maturities of Debt Obligations (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Debt maturing in:
April 1 through December 31, 2023	$ 12,205,871
2024	5,026,844
2025	1,947,623
2026	1,633,630
2027	1,009,239
2028 and thereafter	310,664
Total	22,133,871
Face amount of debt	21,583,871
Nonrecourse
Debt maturing in:
April 1 through December 31, 2023	1,315,513
2024	1,938,260
2025	0
2026	0
2027	729,239
2028 and thereafter	310,664
Total	4,293,676
Recourse
Debt maturing in:
April 1 through December 31, 2023	10,890,358
2024	3,088,584
2025	1,947,623
2026	1,633,630
2027	280,000
2028 and thereafter	0
Total	17,840,195
Nonrecourse, Secured Notes And Bonds Payable
Debt maturing in:
Total	4,300,000
Recourse, Secured Financing Agreements
Debt maturing in:
Total	11,800,000
Recourse, Secured Notes And Bonds Payable
Debt maturing in:
Total	6,000,000
Secured Financing Agreements
Debt maturing in:
Face amount of debt	11,761,793
Secured Financing Agreements | Agency RMBS
Debt maturing in:
Face amount of debt	$ 7,747,387

DEBT OBLIGATIONS - Borrowing Ca

DEBT OBLIGATIONS - Borrowing Capacity (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Residential Mortgage Loans and REO
Debt Instrument [Line Items]
Borrowing Capacity	$ 4,810,993
Balance Outstanding	2,019,391
Available Financing	2,791,602
Loan originations
Debt Instrument [Line Items]
Borrowing Capacity	8,350,090
Balance Outstanding	1,398,567
Available Financing	6,951,523
Excess MSRs
Debt Instrument [Line Items]
Borrowing Capacity	286,380
Balance Outstanding	218,089
Available Financing	68,291
MSRs
Debt Instrument [Line Items]
Borrowing Capacity	6,864,109
Balance Outstanding	4,768,188
Available Financing	2,095,921
Servicer advances
Debt Instrument [Line Items]
Borrowing Capacity	3,569,481
Balance Outstanding	2,523,186
Available Financing	1,046,295
Residential mortgage loans
Debt Instrument [Line Items]
Borrowing Capacity	290,714
Balance Outstanding	189,364
Available Financing	101,350
Debt Excess Borrowing Capacity
Debt Instrument [Line Items]
Borrowing Capacity	24,171,767
Balance Outstanding	11,116,785
Available Financing	$ 13,054,982

DEBT OBLIGATIONS - Schedule o_2

DEBT OBLIGATIONS - Schedule of Debt Redemption (Details) - 2025 Senior Notes - Senior Notes		3 Months Ended
	Sep. 16, 2020	Mar. 31, 2023
Debt Instrument [Line Items]
Debt redemption percentage		101%
2023
Debt Instrument [Line Items]
Debt redemption percentage	101.563%
2024 and thereafter
Debt Instrument [Line Items]
Debt redemption percentage	100%

FAIR VALUE MEASUREMENTS - Carry

FAIR VALUE MEASUREMENTS - Carrying Values and Fair Values of Financial Assets Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2023		Dec. 31, 2022		Mar. 31, 2022	Dec. 31, 2021
Assets
MSRs and MSR financing receivables	$ 8,886,209		$ 8,889,403
Real estate and other securities	8,987,572		8,289,277
Residential mortgage loans, held-for-sale	2,841,320		3,398,298
Residential mortgage loans, held-for-sale, at fair value	2,743,809		3,297,271
Residential mortgage loans subject to repurchase	1,189,907	[1]	1,219,890	[1]	$ 1,700,426
Cash, cash equivalents and restricted cash	1,800,346		1,617,634		1,966,214	$ 1,528,442
Derivative assets	43,904		52,229
Liabilities
Residential mortgage loan repurchase liability	1,200,000
Derivative liabilities	46,954		18,064
Recurring Basis
Assets
Excess MSRs, principal balance	65,506,301
MSRs and MSR financing receivables, principal balance	535,865,895
Servicer advance investments, principal balance	339,309
Real estate and other securities, principal balance	25,589,381
Residential mortgage loans, held-for-sale, principal balance	113,108
Residential mortgage loans, held-for-sale, at fair value, principal balance	2,803,432
Residential mortgage loans, held-for-investment, at fair value, principal balance	498,602
Residential mortgage loans, subject to repurchase, principal balance	1,189,907
Consumer loans, principal balance	310,877
Mortgage loans receivable, principal balance	1,946,422
Note receivable, principal balance	66,305
Loans receivable, principal balance	32,105
Cash, cash equivalents and restricted cash	1,800,346
Derivative assets, principal balance	26,844,923
Liabilities
Secured financing agreements, principal balance	11,761,793
Secured notes and bonds payable, principal amount	9,822,078
Unsecured senior notes, net of issuance costs, principal balance	545,490
Residential mortgage loan repurchase liability, principal balance	1,189,907
Derivative liabilities, principal amount	183,040
Recurring Basis | Mortgage Loans Receivable Securitization
Liabilities
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset value	47,400				$ 20,900
Recurring Basis | Asset-Backed Securities Issued
Liabilities
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value	598,100
Recurring Basis | Level 3
Liabilities
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset value	13,207,729		13,455,778
Recurring Basis | Level 3 | Asset-Backed Securities Issued
Liabilities
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value	286,653		$ 319,486
Recurring Basis | Carrying Value
Assets
Excess MSRs	299,303
MSRs and MSR financing receivables	8,886,209
Servicer advance investments	389,905
Real estate and other securities	8,987,572
Residential mortgage loans, held-for-sale	97,511
Residential mortgage loans, held-for-sale, at fair value	2,743,809
Residential mortgage loans, held-for-investment, at fair value	426,259
Residential mortgage loans subject to repurchase	1,189,907
Consumer loans	340,525
Mortgage loans receivable	1,946,422
Notes receivable	0
Loans receivable	32,105
Cash, cash equivalents and restricted cash	1,800,346
Other assets	21,377
Derivative assets	43,904
Assets, fair value	27,205,154
Liabilities
Secured financing agreements	11,760,930
Secured notes and bonds payable	9,728,605
Unsecured senior notes, net of issuance costs	545,490
Residential mortgage loan repurchase liability	1,189,907
Derivative liabilities	46,954
Liabilities, fair value	23,271,886
Recurring Basis | Fair Value
Assets
Excess MSRs	299,303
MSRs and MSR financing receivables	8,886,209
Servicer advance investments	389,905
Real estate and other securities	8,987,572
Residential mortgage loans, held-for-sale	97,611
Residential mortgage loans, held-for-sale, at fair value	2,743,809
Residential mortgage loans, held-for-investment, at fair value	426,259
Residential mortgage loans subject to repurchase	1,189,907
Consumer loans	340,525
Mortgage loans receivable	1,946,422
Notes receivable	0
Loans receivable	32,105
Cash, cash equivalents and restricted cash	1,800,346
Other assets	21,377
Derivative assets	43,904
Assets, fair value	27,205,254
Liabilities
Secured financing agreements	11,760,930
Secured notes and bonds payable	9,656,481
Unsecured senior notes, net of issuance costs	491,662
Residential mortgage loan repurchase liability	1,189,907
Derivative liabilities	46,954
Liabilities, fair value	23,145,934
Recurring Basis | Fair Value | Level 1
Assets
Excess MSRs	0
MSRs and MSR financing receivables	0
Servicer advance investments	0
Real estate and other securities	0
Residential mortgage loans, held-for-sale	0
Residential mortgage loans, held-for-sale, at fair value	0
Residential mortgage loans, held-for-investment, at fair value	0
Residential mortgage loans subject to repurchase	0
Consumer loans	0
Mortgage loans receivable	0
Notes receivable	0
Loans receivable	0
Cash, cash equivalents and restricted cash	1,800,346
Other assets	0
Derivative assets	0
Assets, fair value	1,800,346
Liabilities
Secured financing agreements	0
Secured notes and bonds payable	0
Unsecured senior notes, net of issuance costs	0
Residential mortgage loan repurchase liability	0
Derivative liabilities	0
Liabilities, fair value	0
Recurring Basis | Fair Value | Level 2
Assets
Excess MSRs	0
MSRs and MSR financing receivables	0
Servicer advance investments	0
Real estate and other securities	8,041,518
Residential mortgage loans, held-for-sale	0
Residential mortgage loans, held-for-sale, at fair value	2,488,389
Residential mortgage loans, held-for-investment, at fair value	0
Residential mortgage loans subject to repurchase	1,189,907
Consumer loans	0
Mortgage loans receivable	349,499
Notes receivable	0
Loans receivable	0
Cash, cash equivalents and restricted cash	0
Other assets	0
Derivative assets	7,797
Assets, fair value	12,077,110
Liabilities
Secured financing agreements	11,760,930
Secured notes and bonds payable	0
Unsecured senior notes, net of issuance costs	0
Residential mortgage loan repurchase liability	1,189,907
Derivative liabilities	45,873
Liabilities, fair value	12,996,710
Recurring Basis | Fair Value | Level 3
Assets
Excess MSRs	299,303
MSRs and MSR financing receivables	8,886,209
Servicer advance investments	389,905
Real estate and other securities	946,054
Residential mortgage loans, held-for-sale	97,611
Residential mortgage loans, held-for-sale, at fair value	255,420
Residential mortgage loans, held-for-investment, at fair value	426,259
Residential mortgage loans subject to repurchase	0
Consumer loans	340,525
Mortgage loans receivable	1,596,923
Notes receivable	0
Loans receivable	32,105
Cash, cash equivalents and restricted cash	0
Other assets	21,377
Derivative assets	36,107
Assets, fair value	13,327,798
Liabilities
Secured financing agreements	0
Secured notes and bonds payable	9,656,481
Unsecured senior notes, net of issuance costs	491,662
Residential mortgage loan repurchase liability	0
Derivative liabilities	1,081
Liabilities, fair value	10,149,224
Recurring Basis | Fair Value | Fair Value Measured at Net Asset Value Per Share
Assets
Other assets	$ 23,100
[1]See Note 5 for details.

FAIR VALUE MEASUREMENTS - Finan

FAIR VALUE MEASUREMENTS - Financial Assets Measured at Fair Value on a Recurring Basis using Level 3 Inputs (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Non-Agency
Gain (loss) included in net income
Gain (loss) on settlement of investments, net	$ 0	$ (1,600)
Excess MSRs in Equity Method Investees
Purchases, sales and repayments
Rithm Capital’s percentage ownership	50%		50%
Recurring Basis | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	$ 13,455,778
Transfers
Transfers from Level 3	(170,916)
Transfers to Level 3	19,404
Gain (loss) included in net income
Credit losses on securities	146
Change in fair value of excess MSRs	(9,818)
Change in fair value of excess MSRs, equity method investees	(1,414)
Included in servicing revenue	(142,304)
Servicer advance investments	(735)
Residential mortgage loans	12,534
Consumer loans	(5,991)
Gain (loss) on settlement of investments, net	172
Other income (loss), net	79,323
Gains (losses) included in other comprehensive income	2,988
Interest income	21,879
Purchases, sales and repayments
Purchases, net	251,372
Proceeds from sales	(37,101)
Proceeds from repayments	(866,025)
Originations and other	598,437
Balance, ending	13,207,729
Recurring Basis | Level 3 | Servicer Advance Investments
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	398,820
Transfers
Transfers from Level 3	0
Transfers to Level 3	0
Gain (loss) included in net income
Credit losses on securities	0
Change in fair value of excess MSRs	0
Change in fair value of excess MSRs, equity method investees	0
Included in servicing revenue	0
Servicer advance investments	(735)
Residential mortgage loans	0
Consumer loans	0
Gain (loss) on settlement of investments, net	0
Other income (loss), net	0
Gains (losses) included in other comprehensive income	0
Interest income	4,630
Purchases, sales and repayments
Purchases, net	232,446
Proceeds from sales
Proceeds from repayments	(245,256)
Originations and other	0
Balance, ending	389,905
Recurring Basis | Level 3 | Excess MSRs
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	321,803
Transfers
Transfers from Level 3	0
Transfers to Level 3	0
Gain (loss) included in net income
Credit losses on securities	0
Change in fair value of excess MSRs	(9,818)
Change in fair value of excess MSRs, equity method investees	(1,414)
Included in servicing revenue	0
Servicer advance investments	0
Residential mortgage loans	0
Consumer loans	0
Gain (loss) on settlement of investments, net	172
Other income (loss), net	(104)
Gains (losses) included in other comprehensive income	0
Interest income	3,431
Purchases, sales and repayments
Purchases, net	0
Proceeds from sales	(703)
Proceeds from repayments	(14,064)
Originations and other	0
Balance, ending	299,303
Recurring Basis | Level 3 | MSRs and MSR Financing Receivables
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	8,889,403
Transfers
Transfers from Level 3	0
Transfers to Level 3	0
Gain (loss) included in net income
Credit losses on securities	0
Change in fair value of excess MSRs	0
Change in fair value of excess MSRs, equity method investees	0
Included in servicing revenue	(142,304)
Servicer advance investments	0
Residential mortgage loans	0
Consumer loans	0
Gain (loss) on settlement of investments, net	0
Other income (loss), net	0
Gains (losses) included in other comprehensive income	0
Interest income	0
Purchases, sales and repayments
Purchases, net	0
Proceeds from sales	(1,403)
Proceeds from repayments	0
Originations and other	140,513
Balance, ending	8,886,209
Recurring Basis | Level 3 | Non-Agency
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	950,860
Transfers
Transfers from Level 3	0
Transfers to Level 3	0
Gain (loss) included in net income
Credit losses on securities	146
Change in fair value of excess MSRs	0
Change in fair value of excess MSRs, equity method investees	0
Included in servicing revenue	0
Servicer advance investments	0
Residential mortgage loans	0
Consumer loans	0
Gain (loss) on settlement of investments, net	0
Other income (loss), net	13,218
Gains (losses) included in other comprehensive income	2,988
Interest income	9,138
Purchases, sales and repayments
Purchases, net	2,400
Proceeds from sales	0
Proceeds from repayments	(32,696)
Originations and other	0
Balance, ending	946,054
Recurring Basis | Level 3 | Derivatives
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	8,786
Transfers
Transfers from Level 3	0
Transfers to Level 3	0
Gain (loss) included in net income
Credit losses on securities	0
Change in fair value of excess MSRs	0
Change in fair value of excess MSRs, equity method investees	0
Included in servicing revenue	0
Servicer advance investments	0
Residential mortgage loans	0
Consumer loans	0
Gain (loss) on settlement of investments, net	0
Other income (loss), net	26,240
Gains (losses) included in other comprehensive income	0
Interest income	0
Purchases, sales and repayments
Purchases, net	0
Proceeds from sales	0
Proceeds from repayments	0
Originations and other	0
Balance, ending	35,026
Recurring Basis | Level 3 | Properties and Residential Mortgage Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	713,896
Transfers
Transfers from Level 3	(80,896)
Transfers to Level 3	19,404
Gain (loss) included in net income
Credit losses on securities	0
Change in fair value of excess MSRs	0
Change in fair value of excess MSRs, equity method investees	0
Included in servicing revenue	0
Servicer advance investments	0
Residential mortgage loans	12,534
Consumer loans	0
Gain (loss) on settlement of investments, net	0
Other income (loss), net	39,738
Gains (losses) included in other comprehensive income	0
Interest income	0
Purchases, sales and repayments
Purchases, net	9,695
Proceeds from sales	(34,995)
Proceeds from repayments	(25,984)
Originations and other	28,287
Balance, ending	681,679
Recurring Basis | Level 3 | Consumer Loans
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	363,756
Transfers
Transfers from Level 3	0
Transfers to Level 3	0
Gain (loss) included in net income
Credit losses on securities	0
Change in fair value of excess MSRs	0
Change in fair value of excess MSRs, equity method investees	0
Included in servicing revenue	0
Servicer advance investments	0
Residential mortgage loans
Consumer loans	(5,991)
Gain (loss) on settlement of investments, net	0
Other income (loss), net	0
Gains (losses) included in other comprehensive income	0
Interest income	2,546
Purchases, sales and repayments
Purchases, net	6,831
Proceeds from sales	0
Proceeds from repayments	(26,617)
Originations and other	0
Balance, ending	340,525
Recurring Basis | Level 3 | Notes and Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	94,401
Transfers
Transfers from Level 3	0
Transfers to Level 3	0
Gain (loss) included in net income
Credit losses on securities	0
Change in fair value of excess MSRs	0
Change in fair value of excess MSRs, equity method investees	0
Included in servicing revenue	0
Servicer advance investments	0
Residential mortgage loans	0
Consumer loans	0
Gain (loss) on settlement of investments, net	0
Other income (loss), net	231
Gains (losses) included in other comprehensive income	0
Interest income	2,134
Purchases, sales and repayments
Purchases, net	0
Proceeds from sales	0
Proceeds from repayments	(64,661)
Originations and other	0
Balance, ending	32,105
Recurring Basis | Level 3 | Mortgage Loans Receivable
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	1,714,053
Transfers
Transfers from Level 3	(90,020)
Transfers to Level 3	0
Gain (loss) included in net income
Credit losses on securities	0
Change in fair value of excess MSRs	0
Change in fair value of excess MSRs, equity method investees	0
Included in servicing revenue	0
Servicer advance investments	0
Residential mortgage loans	0
Consumer loans	0
Gain (loss) on settlement of investments, net	0
Other income (loss), net	0
Gains (losses) included in other comprehensive income	0
Interest income	0
Purchases, sales and repayments
Proceeds from sales	0
Proceeds from repayments	(456,747)
Originations and other	429,637
Balance, ending	$ 1,596,923

FAIR VALUE MEASUREMENTS - Fin_2

FAIR VALUE MEASUREMENTS - Financial Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs (Details) - Recurring Basis - Asset-Backed Securities Issued $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Purchases, sales and repayments
Balance, ending	$ 598,100
Level 3
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance, beginning	319,486
Transfers
Gains (losses) included in net income
Other income	4,005
Purchases, sales and repayments
Proceeds from sales	0
Payments	(36,838)
Other	0
Balance, ending	$ 286,653

FAIR VALUE MEASUREMENTS - Infor

FAIR VALUE MEASUREMENTS - Information Regarding Inputs used in Valuing Excess MSRs Owned Directly and through Equity Method Investees (Details)	3 Months Ended
	Mar. 31, 2023 $ / Loan
Prepayment Rate | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	0.002
Prepayment Rate | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	0.991
Prepayment Rate | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	0.090
Prepayment Rate | Agency | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	0.002
Prepayment Rate | Agency | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	0.991
Prepayment Rate | Agency | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	0.078
Prepayment Rate | Non-Agency | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	0.007
Prepayment Rate | Non-Agency | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	0.841
Prepayment Rate | Non-Agency | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	0.151
Prepayment Rate | Ginnie Mae | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	0.004
Prepayment Rate | Ginnie Mae | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	0.825
Prepayment Rate | Ginnie Mae | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	0.103
Prepayment Rate | Directly Held | Excess MSRs | Minimum
Directly Held
Servicing asset, measurement input	0.030
Prepayment Rate | Directly Held | Excess MSRs | Maximum
Directly Held
Servicing asset, measurement input	0.123
Prepayment Rate | Directly Held | Excess MSRs | Weighted Average
Directly Held
Servicing asset, measurement input	0.072
Prepayment Rate | Held through Equity Method Investees | Excess MSRs | Minimum
Directly Held
Servicing asset, measurement input	0.087
Prepayment Rate | Held through Equity Method Investees | Excess MSRs | Maximum
Directly Held
Servicing asset, measurement input	0.113
Prepayment Rate | Held through Equity Method Investees | Excess MSRs | Weighted Average
Directly Held
Servicing asset, measurement input	0.096
Delinquency | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	0.001
Delinquency | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	0.750
Delinquency | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	0.049
Delinquency | Agency | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	0.001
Delinquency | Agency | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	0.667
Delinquency | Agency | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	0.019
Delinquency | Non-Agency | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	0.010
Delinquency | Non-Agency | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	0.750
Delinquency | Non-Agency | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	0.220
Delinquency | Ginnie Mae | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	0.002
Delinquency | Ginnie Mae | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	0.750
Delinquency | Ginnie Mae | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	0.072
Delinquency | Directly Held | Excess MSRs | Minimum
Directly Held
Servicing asset, measurement input	0.002
Delinquency | Directly Held | Excess MSRs | Maximum
Directly Held
Servicing asset, measurement input	0.061
Delinquency | Directly Held | Excess MSRs | Weighted Average
Directly Held
Servicing asset, measurement input	0.032
Delinquency | Held through Equity Method Investees | Excess MSRs | Minimum
Directly Held
Servicing asset, measurement input	0.019
Delinquency | Held through Equity Method Investees | Excess MSRs | Maximum
Directly Held
Servicing asset, measurement input	0.042
Delinquency | Held through Equity Method Investees | Excess MSRs | Weighted Average
Directly Held
Servicing asset, measurement input	0.028
Recapture Rate | Directly Held | Excess MSRs | Minimum
Directly Held
Servicing asset, measurement input	0
Recapture Rate | Directly Held | Excess MSRs | Maximum
Directly Held
Servicing asset, measurement input	0.918
Recapture Rate | Directly Held | Excess MSRs | Weighted Average
Directly Held
Servicing asset, measurement input	0.560
Recapture Rate | Held through Equity Method Investees | Excess MSRs | Minimum
Directly Held
Servicing asset, measurement input	0.453
Recapture Rate | Held through Equity Method Investees | Excess MSRs | Maximum
Directly Held
Servicing asset, measurement input	0.643
Recapture Rate | Held through Equity Method Investees | Excess MSRs | Weighted Average
Directly Held
Servicing asset, measurement input	0.590
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	0.0001
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	0.0216
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	0.0034
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Agency | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	0.0007
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Agency | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	0.0104
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Agency | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	0.0030
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Non-Agency | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	0.0001
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Non-Agency | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	0.0216
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Non-Agency | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	0.0046
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Ginnie Mae | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	0.0018
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Ginnie Mae | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	0.0144
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Ginnie Mae | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	0.0041
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Directly Held | Excess MSRs | Minimum
Directly Held
Servicing asset, measurement input	0.0006
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Directly Held | Excess MSRs | Maximum
Directly Held
Servicing asset, measurement input	0.0031
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Directly Held | Excess MSRs | Weighted Average
Directly Held
Servicing asset, measurement input	0.0019
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Held through Equity Method Investees | Excess MSRs | Minimum
Directly Held
Servicing asset, measurement input	0.0015
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Held through Equity Method Investees | Excess MSRs | Maximum
Directly Held
Servicing asset, measurement input	0.0026
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Held through Equity Method Investees | Excess MSRs | Weighted Average
Directly Held
Servicing asset, measurement input	0.0022
Collateral Weighted Average Maturity (Years) | MSRs and MSR Financing Receivables | Minimum
Directly Held
Collateral Weighted Average Maturity (Years)	0 years
Collateral Weighted Average Maturity (Years) | MSRs and MSR Financing Receivables | Maximum
Directly Held
Collateral Weighted Average Maturity (Years)	57 years
Collateral Weighted Average Maturity (Years) | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Collateral Weighted Average Maturity (Years)	24 years
Collateral Weighted Average Maturity (Years) | Agency | MSRs and MSR Financing Receivables | Minimum
Directly Held
Collateral Weighted Average Maturity (Years)	0 years
Collateral Weighted Average Maturity (Years) | Agency | MSRs and MSR Financing Receivables | Maximum
Directly Held
Collateral Weighted Average Maturity (Years)	40 years
Collateral Weighted Average Maturity (Years) | Agency | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Collateral Weighted Average Maturity (Years)	23 years
Collateral Weighted Average Maturity (Years) | Non-Agency | MSRs and MSR Financing Receivables | Minimum
Directly Held
Collateral Weighted Average Maturity (Years)	0 years
Collateral Weighted Average Maturity (Years) | Non-Agency | MSRs and MSR Financing Receivables | Maximum
Directly Held
Collateral Weighted Average Maturity (Years)	57 years
Collateral Weighted Average Maturity (Years) | Non-Agency | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Collateral Weighted Average Maturity (Years)	24 years
Collateral Weighted Average Maturity (Years) | Ginnie Mae | MSRs and MSR Financing Receivables | Minimum
Directly Held
Collateral Weighted Average Maturity (Years)	0 years
Collateral Weighted Average Maturity (Years) | Ginnie Mae | MSRs and MSR Financing Receivables | Maximum
Directly Held
Collateral Weighted Average Maturity (Years)	35 years
Collateral Weighted Average Maturity (Years) | Ginnie Mae | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Collateral Weighted Average Maturity (Years)	27 years
Collateral Weighted Average Maturity (Years) | Directly Held | Excess MSRs | Minimum
Directly Held
Collateral Weighted Average Maturity (Years)	11 years
Collateral Weighted Average Maturity (Years) | Directly Held | Excess MSRs | Maximum
Directly Held
Collateral Weighted Average Maturity (Years)	29 years
Collateral Weighted Average Maturity (Years) | Directly Held | Excess MSRs | Weighted Average
Directly Held
Collateral Weighted Average Maturity (Years)	21 years
Collateral Weighted Average Maturity (Years) | Held through Equity Method Investees | Excess MSRs | Minimum
Directly Held
Collateral Weighted Average Maturity (Years)	15 years
Collateral Weighted Average Maturity (Years) | Held through Equity Method Investees | Excess MSRs | Maximum
Directly Held
Collateral Weighted Average Maturity (Years)	22 years
Collateral Weighted Average Maturity (Years) | Held through Equity Method Investees | Excess MSRs | Weighted Average
Directly Held
Collateral Weighted Average Maturity (Years)	19 years
Measurement Input, Servicing Cost | Agency | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	6.85
Measurement Input, Servicing Cost | Agency | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	7.06
Measurement Input, Servicing Cost | Agency | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	6.92
Measurement Input, Servicing Cost | Non-Agency | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	7.28
Measurement Input, Servicing Cost | Non-Agency | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	9.53
Measurement Input, Servicing Cost | Non-Agency | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	9.07
Measurement Input, Servicing Cost | Ginnie Mae | MSRs and MSR Financing Receivables | Minimum
Directly Held
Servicing asset, measurement input	8.24
Measurement Input, Servicing Cost | Ginnie Mae | MSRs and MSR Financing Receivables | Maximum
Directly Held
Servicing asset, measurement input	8.58
Measurement Input, Servicing Cost | Ginnie Mae | MSRs and MSR Financing Receivables | Weighted Average
Directly Held
Servicing asset, measurement input	8.24

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Measurements, Nonrecurring
Schedule of Equity Method Investments [Line Items]
Assets, fair value	$ 100.1
Residential Mortgage Loans, Held-for-Sale | Fair Value, Measurements, Nonrecurring
Schedule of Equity Method Investments [Line Items]
Assets, fair value	88.9
Real Estate Acquired in Satisfaction of Debt | Fair Value, Measurements, Nonrecurring
Schedule of Equity Method Investments [Line Items]
Assets, fair value	11.2
Residential Mortgage Loans, Held-For-Sale, At Lower Cost Or Fair Value
Schedule of Equity Method Investments [Line Items]
Asset fair value adjustment	0.9
Real Estate Owned
Schedule of Equity Method Investments [Line Items]
Asset fair value adjustment	$ 0.7
Weighted Average
Schedule of Equity Method Investments [Line Items]
Broker price discount	21%
Minimum
Schedule of Equity Method Investments [Line Items]
Broker price discount	10%
Maximum
Schedule of Equity Method Investments [Line Items]
Broker price discount	25%
Excess MSR Joint Ventures | Weighted Average
Schedule of Equity Method Investments [Line Items]
Discount rate	8.30%
Excess MSR Joint Ventures | Minimum
Schedule of Equity Method Investments [Line Items]
Discount rate	8%
Excess MSR Joint Ventures | Maximum
Schedule of Equity Method Investments [Line Items]
Discount rate	8.50%
MSRs | Weighted Average
Schedule of Equity Method Investments [Line Items]
Discount rate	8.40%
MSRs | Minimum
Schedule of Equity Method Investments [Line Items]
Discount rate	7.60%
MSRs | Maximum
Schedule of Equity Method Investments [Line Items]
Discount rate	10.80%
MSRs | Excess MSR Joint Ventures
Schedule of Equity Method Investments [Line Items]
Discount rate	8.30%
London Interbank Offered Rate (LIBOR) | MSRs and MSR Financing Receivables
Schedule of Equity Method Investments [Line Items]
Variable interest rate spread	2.10%

FAIR VALUE MEASUREMENTS - Inf_2

FAIR VALUE MEASUREMENTS - Information Regarding the Inputs used in Valuing the Servicer Advances (Details)	3 Months Ended
	Mar. 31, 2023
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair value inputs, monthly servicing fee	620%
Servicer Advances | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Outstanding Servicer Advances to UPB of Underlying Residential Mortgage Loans	1.30%
Mortgage Servicing Amount	0.00180
Servicer Advances | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Outstanding Servicer Advances to UPB of Underlying Residential Mortgage Loans	2.20%
Mortgage Servicing Amount	0.00198
Servicer Advances | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Outstanding Servicer Advances to UPB of Underlying Residential Mortgage Loans	2.20%
Mortgage Servicing Amount	0.00198
Prepayment Rate | Servicer Advances | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.034
Prepayment Rate | Servicer Advances | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.046
Prepayment Rate | Servicer Advances | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.046
Delinquency | Servicer Advances | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.034
Delinquency | Servicer Advances | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.197
Delinquency | Servicer Advances | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.193
Discount Rate | Servicer Advances | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.057
Discount Rate | Servicer Advances | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.062
Discount Rate | Servicer Advances | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Servicing asset, measurement input	0.057
Collateral Weighted Average Maturity (Years) | Servicer Advances | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Collateral Weighted Average Maturity (Years)	21 years 9 months 18 days
Collateral Weighted Average Maturity (Years) | Servicer Advances | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Collateral Weighted Average Maturity (Years)	21 years 10 months 24 days
Collateral Weighted Average Maturity (Years) | Servicer Advances | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Collateral Weighted Average Maturity (Years)	21 years 10 months 24 days

FAIR VALUE MEASUREMENTS - Secur

FAIR VALUE MEASUREMENTS - Securities Valuation Methodology and Results (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) source	Dec. 31, 2022 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Outstanding Face Amount	$ 25,589,381
Amortized Cost Basis	8,804,688
Real estate and other securities	$ 8,987,572	$ 8,289,277
Number of broker quotation sources | source	2
Percent of securities	55.50%
Multiple Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate and other securities	$ 8,987,558
Single Quote
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate and other securities	14
Agency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Outstanding Face Amount	8,041,143
Amortized Cost Basis	7,878,353
Agency | Level 2
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate and other securities	8,041,518
Agency | Level 2 | Multiple Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate and other securities	8,041,518
Agency | Level 2 | Single Quote
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate and other securities	0
Non-Agency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Outstanding Face Amount	17,548,238
Amortized Cost Basis	926,335
Fair Value	$ 525,004
Non-Agency | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non agency RMBS, measurement input	0.050
Non-Agency | Minimum | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non agency RMBS, measurement input	0
Non-Agency | Minimum | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non agency RMBS, measurement input	0
Non-Agency | Minimum | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non agency RMBS, measurement input	0
Non-Agency | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non agency RMBS, measurement input	0.150
Non-Agency | Maximum | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non agency RMBS, measurement input	1
Non-Agency | Maximum | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non agency RMBS, measurement input	0.200
Non-Agency | Maximum | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non agency RMBS, measurement input	0.740
Non-Agency | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non agency RMBS, measurement input	0.068
Non-Agency | Weighted Average | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non agency RMBS, measurement input	0.066
Non-Agency | Weighted Average | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non agency RMBS, measurement input	0.002
Non-Agency | Weighted Average | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Non agency RMBS, measurement input	0.079
Non-Agency | Level 3
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate and other securities	$ 946,054
Non-Agency | Level 3 | Multiple Quotes
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate and other securities	946,040
Non-Agency | Level 3 | Single Quote
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Real estate and other securities	$ 14

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Inputs Used In Valuing Residential Mortgage Loans, Consumer Loans, Mortgage Loans Receivable, Derivatives, and Mortgage Backed Securities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Residential Mortgage Loans, Held-for-Investment, at Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans, held-for-investment, fair value	$ 426,259
Residential Mortgage Loans, Held-for-Investment, at Fair Value | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for investment, measurement input	0.088
Residential Mortgage Loans, Held-for-Investment, at Fair Value | Minimum | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for investment, measurement input	0.029
Residential Mortgage Loans, Held-for-Investment, at Fair Value | Minimum | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for investment, measurement input	0.035
Residential Mortgage Loans, Held-for-Investment, at Fair Value | Minimum | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for investment, measurement input	0.197
Residential Mortgage Loans, Held-for-Investment, at Fair Value | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for investment, measurement input	0.107
Residential Mortgage Loans, Held-for-Investment, at Fair Value | Maximum | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for investment, measurement input	0.080
Residential Mortgage Loans, Held-for-Investment, at Fair Value | Maximum | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for investment, measurement input	0.127
Residential Mortgage Loans, Held-for-Investment, at Fair Value | Maximum | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for investment, measurement input	0.522
Residential Mortgage Loans, Held-for-Investment, at Fair Value | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for investment, measurement input	0.091
Residential Mortgage Loans, Held-for-Investment, at Fair Value | Weighted Average | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for investment, measurement input	0.065
Residential Mortgage Loans, Held-for-Investment, at Fair Value | Weighted Average | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for investment, measurement input	0.059
Residential Mortgage Loans, Held-for-Investment, at Fair Value | Weighted Average | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for investment, measurement input	0.367
Consumer Loans Held-for-Investment, At Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Consumer loans	$ 340,525
Consumer Loans Held-for-Investment, At Fair Value | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Consumer loans, held-for-investment, measurement input	0.083
Consumer Loans Held-for-Investment, At Fair Value | Minimum | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Consumer loans, held-for-investment, measurement input	0.074
Consumer Loans Held-for-Investment, At Fair Value | Minimum | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Consumer loans, held-for-investment, measurement input	0
Consumer Loans Held-for-Investment, At Fair Value | Minimum | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Consumer loans, held-for-investment, measurement input	0.594
Consumer Loans Held-for-Investment, At Fair Value | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Consumer loans, held-for-investment, measurement input	0.093
Consumer Loans Held-for-Investment, At Fair Value | Maximum | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Consumer loans, held-for-investment, measurement input	0.328
Consumer Loans Held-for-Investment, At Fair Value | Maximum | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Consumer loans, held-for-investment, measurement input	0.072
Consumer Loans Held-for-Investment, At Fair Value | Maximum | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Consumer loans, held-for-investment, measurement input	0.594
Consumer Loans Held-for-Investment, At Fair Value | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Consumer loans, held-for-investment, measurement input	0.086
Consumer Loans Held-for-Investment, At Fair Value | Weighted Average | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Consumer loans, held-for-investment, measurement input	0.278
Consumer Loans Held-for-Investment, At Fair Value | Weighted Average | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Consumer loans, held-for-investment, measurement input	0.042
Consumer Loans Held-for-Investment, At Fair Value | Weighted Average | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Consumer loans, held-for-investment, measurement input	0.594
Interest rate lock commitments
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, fair value	$ 35,026
Interest rate lock commitments | Minimum | Loan Funding Probability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, measurement input	0
Interest rate lock commitments | Minimum | Fair Value of Initial Servicing Rights (Bps)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, measurement input	0.00005
Interest rate lock commitments | Maximum | Loan Funding Probability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, measurement input	1
Interest rate lock commitments | Maximum | Fair Value of Initial Servicing Rights (Bps)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, measurement input	0.03368
Interest rate lock commitments | Weighted Average | Loan Funding Probability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, measurement input	0.803
Interest rate lock commitments | Weighted Average | Fair Value of Initial Servicing Rights (Bps)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivative, measurement input	0.02056
Mortgage-Backed Securities Issued
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities, fair value	$ 286,653
Mortgage-Backed Securities Issued | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.052
Mortgage-Backed Securities Issued | Minimum | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.207
Mortgage-Backed Securities Issued | Minimum | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.044
Mortgage-Backed Securities Issued | Minimum | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.947
Mortgage-Backed Securities Issued | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.052
Mortgage-Backed Securities Issued | Maximum | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.207
Mortgage-Backed Securities Issued | Maximum | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.044
Mortgage-Backed Securities Issued | Maximum | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.947
Mortgage-Backed Securities Issued | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.052
Mortgage-Backed Securities Issued | Weighted Average | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.207
Mortgage-Backed Securities Issued | Weighted Average | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.044
Mortgage-Backed Securities Issued | Weighted Average | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Securities, measurement input	0.947
Performing loans | Residential Mortgage Loans Held-for-Sale, At Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 222,293
Performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 54,252
Performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.074
Performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Minimum | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.036
Performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Minimum | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.028
Performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Minimum | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.197
Performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.101
Performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Maximum | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.080
Performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Maximum | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.037
Performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Maximum | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.312
Performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.084
Performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Weighted Average | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.059
Performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Weighted Average | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.033
Performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Weighted Average | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.255
Performing loans | Originated loans | Residential Mortgage Loans Held-for-Sale, At Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 168,041
Non-performing loans | Residential Mortgage Loans Held-for-Sale, At Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	33,127
Non-performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 19,247
Non-performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Minimum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.107
Non-performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Minimum | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.181
Non-performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Minimum | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	2.4
Non-performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Minimum | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	2.011
Non-performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Maximum | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.107
Non-performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Maximum | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.257
Non-performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Maximum | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	4
Non-performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Maximum | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	2.413
Non-performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Weighted Average | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.107
Non-performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Weighted Average | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	0.205
Non-performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Weighted Average | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	2.9
Non-performing loans | Acquired loans | Residential Mortgage Loans Held-for-Sale, At Fair Value | Weighted Average | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held for sale, measurement input	2.141
Non-performing loans | Originated loans | Residential Mortgage Loans Held-for-Sale, At Fair Value
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans held-for-sale, fair value	$ 13,880

FAIR VALUE MEASUREMENTS - Sch_2

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
	Mar. 31, 2023 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value and Carrying Value	$ 88,864
Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.090
Weighted Average Life (Years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average Life (Years)	4 years 7 months 6 days
Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.065
Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.069
Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.253
Performing loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value and Carrying Value	$ 70,897
Non-performing loans
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Fair Value and Carrying Value	$ 17,967
Minimum | Performing loans | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.053
Minimum | Performing loans | Weighted Average Life (Years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average Life (Years)	4 years 6 months
Minimum | Performing loans | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.036
Minimum | Performing loans | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.028
Minimum | Performing loans | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.197
Minimum | Non-performing loans | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.107
Minimum | Non-performing loans | Weighted Average Life (Years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average Life (Years)	2 years 4 months 24 days
Minimum | Non-performing loans | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.028
Minimum | Non-performing loans | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.127
Minimum | Non-performing loans | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.338
Maximum | Performing loans | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.101
Maximum | Performing loans | Weighted Average Life (Years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average Life (Years)	8 years
Maximum | Performing loans | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.080
Maximum | Performing loans | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.041
Maximum | Performing loans | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.312
Maximum | Non-performing loans | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.107
Maximum | Non-performing loans | Weighted Average Life (Years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average Life (Years)	4 years
Maximum | Non-performing loans | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.029
Maximum | Non-performing loans | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.264
Maximum | Non-performing loans | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.467
Weighted Average | Performing loans | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.085
Weighted Average | Performing loans | Weighted Average Life (Years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average Life (Years)	5 years
Weighted Average | Performing loans | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.074
Weighted Average | Performing loans | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.035
Weighted Average | Performing loans | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.213
Weighted Average | Non-performing loans | Discount Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.107
Weighted Average | Non-performing loans | Weighted Average Life (Years)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted Average Life (Years)	3 years 1 month 6 days
Weighted Average | Non-performing loans | Prepayment Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.028
Weighted Average | Non-performing loans | Delinquency
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.205
Weighted Average | Non-performing loans | Loss Severity
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Financing receivable, measurement input	0.411

VARIABLE INTEREST ENTITIES - Na

VARIABLE INTEREST ENTITIES - Narrative (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	May 31, 2021	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Sep. 25, 2020
Variable Interest Entity [Line Items]
Face amount of debt		$ 21,583,871
Long-term debt		22,133,871
Recurring Basis | Mortgage Loans Receivable Securitization
Variable Interest Entity [Line Items]
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset value		$ 47,400	$ 20,900
2022-RTL1 Securitization | Mortgage Loans Receivable
Variable Interest Entity [Line Items]
Debt instrument, term			36 months
Consumer Loan SPVs
Variable Interest Entity [Line Items]
Ownership interest		53.50%
Securitization Notes Payable | 2022-RTL1 Securitization
Variable Interest Entity [Line Items]
Face amount of debt		$ 473,700
Long-term debt		$ 349,500
VIE, consolidated | Securitization Notes Payable
Variable Interest Entity [Line Items]
Face amount of debt	$ 750,000
Debt instrument, term	3 years
VIE, consolidated | Securitization Notes Payable | Consumer Loan SPVs
Variable Interest Entity [Line Items]
Face amount of debt					$ 663,000
Advance Purchaser | Corporate Joint Venture
Variable Interest Entity [Line Items]
Rithm Capital’s percentage ownership		89.30%	89.30%	89.30%

VARIABLE INTEREST ENTITIES - Va

VARIABLE INTEREST ENTITIES - Variable Interest Entities, Assets and Liabilities (Details) - USD ($) $ in Thousands		Mar. 31, 2023	Dec. 31, 2022
Assets
Servicer advance investments, at fair value		$ 389,905	$ 398,820
Residential mortgage loans, held-for-investment, at fair value	[1]	766,784	816,275
Residential mortgage loans, held-for-sale, at fair value		2,743,809	3,297,271
Cash and cash equivalents	[1]	1,434,697	1,336,508
Restricted cash		365,649
Other assets	[1]	1,836,833	1,914,607
Total assets		31,818,651	32,479,336
Liabilities
Secured financing agreements	[1]	11,760,930	11,257,736
Accrued expenses and other liabilities	[1]	1,507,235	1,486,667
Total liabilities		24,864,108	25,469,268
VIE, consolidated
Assets
Servicer advance investments, at fair value		379,103	387,675
Residential mortgage loans, held-for-investment, at fair value			22,699
Residential mortgage loans, held-for-sale, at fair value		588,963	844,000
Consumer loans		340,525	363,756
Mortgage loans receivable		349,498	349,975
Cash and cash equivalents		58,249	85,961
Restricted cash		110,088	31,000
Other assets		5,365	172,025
Total assets		1,831,791	2,257,091
Liabilities
Secured financing agreements		649,164	51,325
Secured notes and bonds payable		899,199	1,694,468
Accrued expenses and other liabilities		10,234	33,108
Total liabilities		1,558,597	1,778,901
VIE, consolidated | Advance Purchaser
Assets
Servicer advance investments, at fair value		379,103	387,675
Residential mortgage loans, held-for-investment, at fair value			0
Residential mortgage loans, held-for-sale, at fair value		0	0
Consumer loans		0	0
Mortgage loans receivable		0	0
Cash and cash equivalents		18,325	34,084
Restricted cash		8,059	7,433
Other assets		0	9
Total assets		405,487	429,201
Liabilities
Secured financing agreements		0	0
Secured notes and bonds payable		297,126	313,093
Accrued expenses and other liabilities		2,560	1,928
Total liabilities		299,686	315,021
VIE, consolidated | Shelter Joint Ventures
Assets
Servicer advance investments, at fair value		0	0
Residential mortgage loans, held-for-investment, at fair value			0
Residential mortgage loans, held-for-sale, at fair value		0	0
Consumer loans		0	0
Mortgage loans receivable		0	0
Cash and cash equivalents		27,364	28,404
Restricted cash		0	0
Other assets		559	1,026
Total assets		27,923	29,430
Liabilities
Secured financing agreements		0	0
Secured notes and bonds payable		0	0
Accrued expenses and other liabilities		3,710	4,306
Total liabilities		3,710	4,306
VIE, consolidated | Residential Mortgage Loans
Assets
Servicer advance investments, at fair value		0	0
Residential mortgage loans, held-for-investment, at fair value			22,699
Residential mortgage loans, held-for-sale, at fair value		588,963	844,000
Consumer loans		0	0
Mortgage loans receivable		0	0
Cash and cash equivalents		12,560	23,473
Restricted cash		84,321	7,547
Other assets		0	165,975
Total assets		685,844	1,063,694
Liabilities
Secured financing agreements		649,164	51,325
Secured notes and bonds payable		4,007	768,959
Accrued expenses and other liabilities		907	25,381
Total liabilities		654,078	845,665
VIE, consolidated | Consumer Loan SPVs
Assets
Servicer advance investments, at fair value		0	0
Residential mortgage loans, held-for-investment, at fair value			0
Residential mortgage loans, held-for-sale, at fair value		0	0
Consumer loans		340,525	363,756
Mortgage loans receivable		0	0
Cash and cash equivalents		0	0
Restricted cash		6,554	6,652
Other assets		4,806	5,253
Total assets		351,885	375,661
Liabilities
Secured financing agreements		0	0
Secured notes and bonds payable		286,653	299,498
Accrued expenses and other liabilities		1,265	1,144
Total liabilities		287,918	300,642
VIE, consolidated | Mortgage Loans Receivable
Assets
Servicer advance investments, at fair value		0	0
Residential mortgage loans, held-for-investment, at fair value			0
Residential mortgage loans, held-for-sale, at fair value		0	0
Consumer loans		0	0
Mortgage loans receivable		349,498	349,975
Cash and cash equivalents		0	0
Restricted cash		11,154	9,368
Other assets		0	(238)
Total assets		360,652	359,105
Liabilities
Secured financing agreements		0	0
Secured notes and bonds payable		311,413	312,918
Accrued expenses and other liabilities		1,792	349
Total liabilities		$ 313,205	$ 313,267
[1]The Company's Consolidated Balance Sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIE for which creditors do not have recourse to the primary beneficiary (Rithm Capital). As of March 31, 2023 and December 31, 2022, total assets of consolidated VIEs were $1.8 billion and $2.3 billion, respectively, and total liabilities of consolidated VIEs were $1.6 billion and $1.8 billion, respectively. See Note 20 for further details.

VARIABLE INTEREST ENTITIES - _2

VARIABLE INTEREST ENTITIES - Variable Interest Entities, Characteristics (Details) - SAFT 2013-1 Securitization Entity - VIE, consolidated - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Variable Interest Entity [Line Items]
Residential mortgage loan UPB and other collateral	$ 11,437,660	$ 11,741,509
Weighted average delinquency	4.70%	4%
Net credit losses	$ 142,647	$ 133,727
Face amount of debt held by third parties	10,466,997	10,831,148
Carrying value of bonds retained by Rithm Capital	924,926	956,977
Cash flows received by Rithm Capital on these bonds	$ 38,006	$ 64,085
Number of days delinquent (in days)	60 days

VARIABLE INTEREST ENTITIES - Ot

VARIABLE INTEREST ENTITIES - Others' Interest in Equity of Consumer Loan Companies (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Noncontrolling Interest [Line Items]
Total consolidated equity		$ 6,954,543	$ 7,184,712	$ 7,010,068	$ 6,669,380
Others’ interest in equity of consolidated subsidiary	[1]	60,337		$ 67,067
Net income (loss)		89,949	689,931
Others’ interest in net income (loss) of consolidated subsidiary		$ (1,300)	$ 5,609
Advance Purchaser | Corporate Joint Venture
Noncontrolling Interest [Line Items]
Rithm Capital’s percentage ownership		89.30%	89.30%	89.30%
VIE, consolidated | Advance Purchaser
Noncontrolling Interest [Line Items]
Total consolidated equity		$ 105,810		$ 114,180
Others’ interest in equity of consolidated subsidiary		11,304		12,193
Net income (loss)		(1,370)	$ 2,135
Others’ interest in net income (loss) of consolidated subsidiary		(146)	228
VIE, consolidated | Shelter Joint Ventures
Noncontrolling Interest [Line Items]
Total consolidated equity		24,213		25,124
Others’ interest in equity of consolidated subsidiary		11,986		12,437
Net income (loss)		(85)	823
Others’ interest in net income (loss) of consolidated subsidiary		(42)	407
VIE, consolidated | Consumer Loan SPVs
Noncontrolling Interest [Line Items]
Total consolidated equity		79,455		91,263
Others’ interest in equity of consolidated subsidiary		37,047		$ 42,437
Net income (loss)		(2,391)	10,698
Others’ interest in net income (loss) of consolidated subsidiary		$ (1,112)	$ 4,974
VIE, consolidated | Advance Purchaser
Noncontrolling Interest [Line Items]
Others’ ownership interest		10.70%		10.70%
VIE, consolidated | Advance Purchaser | Weighted Average
Noncontrolling Interest [Line Items]
Others’ ownership interest		10.70%	10.70%
VIE, consolidated | Shelter Joint Ventures
Noncontrolling Interest [Line Items]
Others’ ownership interest		49.50%		49.50%
VIE, consolidated | Shelter Joint Ventures | Weighted Average
Noncontrolling Interest [Line Items]
Others’ ownership interest		49.50%	49.50%
VIE, consolidated | Consumer Loan SPVs
Noncontrolling Interest [Line Items]
Others’ ownership interest		46.50%		46.50%
VIE, consolidated | Consumer Loan SPVs | Weighted Average
Noncontrolling Interest [Line Items]
Others’ ownership interest		46.50%	46.50%
[1]The Company's Consolidated Balance Sheets include assets of consolidated variable interest entities (“VIEs”) that can only be used to settle obligations and liabilities of the VIE for which creditors do not have recourse to the primary beneficiary (Rithm Capital). As of March 31, 2023 and December 31, 2022, total assets of consolidated VIEs were $1.8 billion and $2.3 billion, respectively, and total liabilities of consolidated VIEs were $1.6 billion and $1.8 billion, respectively. See Note 20 for further details.

EQUITY AND EARNINGS PER SHARE -

EQUITY AND EARNINGS PER SHARE - Narrative (Details) - USD ($)				3 Months Ended			12 Months Ended
	Mar. 17, 2023	Feb. 21, 2023	Aug. 05, 2022	Mar. 31, 2023	Mar. 31, 2022	Jun. 30, 2020	Dec. 31, 2022	Feb. 23, 2023
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Common stock, shares authorized (in shares)				2,000,000,000			2,000,000,000
Common stock, par value (in dollars per share)			$ 0.01	$ 0.01			$ 0.01
Preferred stock, shares authorized (in shares)				100,000,000			100,000,000
Preferred stock, par values (in dollars per share)				$ 0.01			$ 0.01
Number of shares issued (in shares)				51,964,000			51,964,000
Shares repurchased (in shares)				0
Dividends declared on preferred stock (in dollars per share)				$ 1.76	$ 1.76
Options granted (in shares)				0
Total stock-based compensation expenses				$ 1,400,000
Aggregate unrecognized compensation cost				$ 26,700,000
Weighted-average period				1 year 4 months 24 days
Warrant
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Exercised (in shares)		25,600,000
Restricted Stock Units (RSUs)
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Grant date fair value				$ 11,600,000
Vesting period				3 years
Phantom Share Units (PSUs)
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Grant date fair value				$ 11,600,000
Vesting period				3 years
Share-based Payment Arrangement, Nonemployee | Warrant
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Options granted (in shares)						43,400,000
Exercised (in shares)				22,400,000
Share-based Payment Arrangement, Nonemployee | Warrant | Exercise Price One
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Shares exercisable (in shares)						24,600,000
Exercise price (in dollars per share)						$ 6.11
Share-based Payment Arrangement, Nonemployee | Warrant | Exercise Price Two
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Shares exercisable (in shares)						18,900,000
Exercise price (in dollars per share)						$ 7.94
7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares issued (in shares)				6,200,000			6,200,000
Dividends declared on preferred stock (in dollars per share)	$ 0.47			$ 0.47	0.47
Preferred dividends	$ 2,900,000
7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares issued (in shares)				11,261,000			11,261,000
Dividends declared on preferred stock (in dollars per share)	$ 0.45			$ 0.45	0.45
Preferred dividends	$ 5,000,000
6.375% Series C Preferred Stock
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares issued (in shares)				15,903,000			15,903,000
Dividends declared on preferred stock (in dollars per share)	$ 0.40			$ 0.40	0.40
Preferred dividends	$ 6,300,000
7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Number of shares issued (in shares)				18,600,000			18,600,000
Dividends declared on preferred stock (in dollars per share)	$ 0.44			$ 0.44	$ 0.44
Preferred dividends	$ 8,100,000
Common Stock
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Authorized repurchase amount							$ 200,000,000
Number of securities called by warrants (in shares)								9,300,000
Preferred Stock
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Authorized repurchase amount							$ 100,000,000
Distribution Agreement | Common Stock
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items]
Net proceeds from liquidation			$ 500,000,000
Number of shares issued (in shares)				0

EQUITY AND EARNINGS PER SHARE_2

EQUITY AND EARNINGS PER SHARE - Schedule of Preferred Shares (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		1 Months Ended				3 Months Ended		12 Months Ended
	Mar. 17, 2023	Sep. 30, 2021	Feb. 29, 2020	Aug. 31, 2019	Jul. 31, 2019	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Class of Stock [Line Items]
Number of shares issued (in shares)						51,964		51,964
Liquidation Preference						$ 1,299,104		$ 1,299,104
Carrying Value						$ 1,257,254
Dividends Declared (in dollars per share)						$ 1.76	$ 1.76
Liquidation preference per share (in dollars per share)						$ 25
7.50% Series A Preferred Stock
Class of Stock [Line Items]
Interest rate					7.50%	7.50%
Number of shares issued (in shares)						6,200		6,200
Liquidation Preference						$ 155,002
Issuance Discount						3.15%
Carrying Value						$ 149,822
Dividends Declared (in dollars per share)	$ 0.47					$ 0.47	0.47
7.125% Series B Preferred Stock
Class of Stock [Line Items]
Interest rate				7.125%		7.125%
Number of shares issued (in shares)						11,261		11,261
Liquidation Preference						$ 281,518
Issuance Discount						3.15%
Carrying Value						$ 272,654
Dividends Declared (in dollars per share)	0.45					$ 0.45	0.45
6.375% Series C Preferred Stock
Class of Stock [Line Items]
Interest rate			6.375%			6.375%
Number of shares issued (in shares)						15,903		15,903
Liquidation Preference						$ 397,584
Issuance Discount						3.15%
Carrying Value						$ 385,289
Dividends Declared (in dollars per share)	0.40					$ 0.40	0.40
7.00% Series D Preferred Stock
Class of Stock [Line Items]
Interest rate		7%
Number of shares issued (in shares)						18,600		18,600
Liquidation Preference						$ 465,000
Issuance Discount						3.15%
Carrying Value						$ 449,489
Dividends Declared (in dollars per share)	$ 0.44					$ 0.44	$ 0.44

EQUITY AND EARNINGS PER SHARE_3

EQUITY AND EARNINGS PER SHARE - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions						3 Months Ended
	Mar. 17, 2023	Dec. 15, 2022	Sep. 22, 2022	Jun. 17, 2022	Mar. 21, 2022	Mar. 31, 2023	Mar. 31, 2022
Dividends Payable [Line Items]
Dividends declared per share of common stock (in dollars per share)						$ 0.25	$ 0.25
Total Amounts Distributed	$ 120.9	$ 118.6	$ 118.4	$ 116.7	$ 116.7
Quarterly Dividend
Dividends Payable [Line Items]
Dividends declared per share of common stock (in dollars per share)	$ 0.25	$ 0.25	$ 0.25	$ 0.25	$ 0.25

EQUITY AND EARNINGS PER SHARE_4

EQUITY AND EARNINGS PER SHARE - Schedule of Warrants (Details) - $ / shares		3 Months Ended
	Feb. 21, 2023	Mar. 31, 2023
Initial
Beginning balance (in shares)		578,034
Granted (in shares)		2,430,658
Ending balance (in shares)		3,008,692
Warrant
Initial
Exercised (in shares)	(25,600,000)
Share-based Payment Arrangement, Nonemployee | Warrant
Initial
Beginning balance (in shares)		22,400,000
Granted (in shares)		0
Exercised (in shares)		(22,400,000)
Expired (in shares)		0
Ending balance (in shares)		0
Adjusted Weighted Average Exercise Price (per share)
Beginning balance (in dollars per share)		$ 6.1
Granted (in dollars per share)		0
Exercised (in dollars per share)		6.1
Expired (in dollars per share)		$ 0
Share-based Payment Arrangement, Nonemployee | Adjusted Warrant
Initial
Beginning balance (in shares)		25,600,000
Granted (in shares)		0
Exercised (in shares)		(25,600,000)
Expired (in shares)		0
Ending balance (in shares)		0

EQUITY AND EARNINGS PER SHARE_5

EQUITY AND EARNINGS PER SHARE - Options Outstanding by Issuance (Details) - shares	Mar. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options (in shares)	21,476,990	21,476,990
Held by Former Manager
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options (in shares)	21,471,990
Issued to the independent directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options (in shares)	5,000

EQUITY AND EARNINGS PER SHARE_6

EQUITY AND EARNINGS PER SHARE - Summary of Outstanding Options - Period End (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share price (in dollars per share)	$ 8
Number of unexercised options (in shares)	21,476,990
Options exercisable (in shares)	19,517,750
Weighted average exercise price (in dollars per share)		$ 0
Issued to the independent directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unexercised options (in shares)	5,000
Options exercisable (in shares)	5,000
Weighted average exercise price (in dollars per share)	$ 12.83
Intrinsic value of exercisable options	$ 0
Former Manager | 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unexercised options (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]
Number of unexercised options (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]
Number of unexercised options (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]
Number of unexercised options (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
Former Manager | 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of unexercised options (in shares)	7,050,335
Options exercisable (in shares)	5,091,095
Weighted average exercise price (in dollars per share)	$ 9.34
Intrinsic value of exercisable options	$ 0

EQUITY AND EARNINGS PER SHARE_7

EQUITY AND EARNINGS PER SHARE - Summary of Outstanding Options (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Initial
Beginning balance (in shares)	21,476,990
Granted (in shares)	0
Exercised (in shares)	0
Expired (in shares)	0
Ending balance (in shares)	21,476,990
Adjusted Weighted Average Exercise Price (per share)
Outstanding (in dollars per share)		$ 0
Granted (in dollars per share)	$ 0
Exercised (in dollars per share)	0
Expired (in dollars per share)	$ 0

EQUITY AND EARNINGS PER SHARE_8

EQUITY AND EARNINGS PER SHARE - Schedule of Granted, Forfeited or Vested (Details)	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Number of Shares
Beginning balance (in shares)	578,034
Granted (in shares)	2,430,658
Ending balance (in shares)	3,008,692
Restricted Stock
Number of Shares
Beginning balance (in shares)	578,034
Granted (in shares)	0
Ending balance (in shares)	578,034
Grant Date Price
Beginning balance (in dollars per share) | $ / shares	$ 8.65
Granted (in dollars per share) | $ / shares	0
Ending balance (in dollars per share) | $ / shares
Restricted Stock Units (RSUs)
Number of Shares
Beginning balance (in shares)	0
Granted (in shares)	1,215,329
Ending balance (in shares)	1,215,329
Grant Date Price
Beginning balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	9.52
Ending balance (in dollars per share) | $ / shares
Phantom Share Units (PSUs)
Number of Shares
Beginning balance (in shares)	0
Granted (in shares)	1,215,329
Ending balance (in shares)	1,215,329
Grant Date Price
Beginning balance (in dollars per share) | $ / shares	$ 0
Granted (in dollars per share) | $ / shares	9.52
Ending balance (in dollars per share) | $ / shares

EQUITY AND EARNINGS PER SHARE_9

EQUITY AND EARNINGS PER SHARE - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net income	$ 89,949	$ 689,931
Noncontrolling interests in income (loss) of consolidated subsidiaries	(1,300)	5,609
Dividends on preferred stock	22,395	22,461
Net income attributable to common stockholders - basic	68,854	661,861
Net income attributable to common stockholders - diluted	$ 68,854	$ 661,861
Basic weighted average shares of common stock outstanding (in shares)	478,167,178	466,785,584
Dilutive effect of stock options, restricted stock, common stock purchase warrants, RSUs and PSUs (in shares)	4,679,733	17,639,482
Diluted weighted average shares of common stock outstanding (in shares)	482,846,911	484,425,066
Basic earnings per share attributable to common stockholders (in dollars per share)	$ 0.14	$ 1.42
Diluted earnings per share attributable to common stockholders (in dollars per share)	$ 0.14	$ 1.37

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Mar. 31, 2023 USD ($)
Loss Contingencies [Line Items]
Estimated liability, representation and warranties	$ 53.9
Residential mortgage loan repurchase liability	1,200
Genesis Acquisition
Loss Contingencies [Line Items]
Committed to fund	682.4
Unfunded Loan Commitment | Consumer Portfolio Segment | Consumer Loan SPVs
Loss Contingencies [Line Items]
Financing receivable	$ 204.9

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Current:
Federal	$ 17	$ 1,199
State and local	22	267
Total current income tax expense (benefit)	39	1,466
Deferred:
Federal	(14,168)	169,236
State and local	(2,677)	32,087
Total deferred income tax expense	(16,845)	201,323
Total income tax expense (benefit)	(16,806)	$ 202,789
Deferred tax liability	$ 695,033		$ 711,855