Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 09, 2024 | Jun. 30, 2023 | |
Entity Information [Line Items] | |||
Document Type | 10-K/A | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2023 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-35777 | ||
Entity Registrant Name | Rithm Capital Corp. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 45-3449660 | ||
Entity Address, Address Line One | 799 Broadway | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10003 | ||
City Area Code | (212) | ||
Local Phone Number | 850-7770 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | true | ||
Document Financial Statement Restatement Recovery Analysis [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 4.5 | ||
Entity Common Stock, Shares Outstanding | 483,226,239 | ||
Documents Incorporated by Reference | The information required by Part III (Items 10, 11, 12, 13 and 14) is hereby incorporated by reference into this Amendment No. 1 on Form 10-K/A from the registrant’s Definitive Proxy Statement for its 2024 Annual Meeting of Stockholders, which was filed with the Securities and Exchange Commission pursuant to Regulation 14A on April 11, 2024. | ||
Entity Central Index Key | 0001556593 | ||
Amendment Flag | true | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Amendment Description | In filing this Amendment, we are restating our previously issued audited consolidated financial statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021, as well as related unaudited consolidated financial statements as of and for each of the quarters within 2023 and 2022 (collectively, the “Affected Periods”) to account for the consolidation of certain private label mortgage securitization trusts and other immaterial adjustments as further described in this Amendment. Those previously issued financial statements for the Affected Periods should no longer be relied upon. In addition, we intend to file an amendment to our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 (such report, together with this Amendment, the “Amended Reports”), originally filed with the SEC on May 3, 2024. All material restatement information will be included in the Amended Reports, and we do not intend to separately amend other filings that we have previously filed with the SEC. | ||
Common Stock, $0.01 par value per share | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common Stock, $0.01 par value per share | ||
Trading Symbol | RITM | ||
Security Exchange Name | NYSE | ||
7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | ||
Trading Symbol | RITM PR A | ||
Security Exchange Name | NYSE | ||
7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | ||
Trading Symbol | RITM PR B | ||
Security Exchange Name | NYSE | ||
6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock | ||
Trading Symbol | RITM PR C | ||
Security Exchange Name | NYSE | ||
7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock | ||
Trading Symbol | RITM PR D | ||
Security Exchange Name | NYSE |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Name | Ernst & Young LLP |
Auditor Location | New York, New York |
Auditor Firm ID | 42 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Assets | |||
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value | [1] | $ 8,405,938 | $ 8,889,403 |
Real estate and other securities (includes $9,337,159 and $7,952,889 at fair value, respectively) | 9,361,712 | 7,952,889 | |
Residential mortgage loans, held-for-investment, at fair value | 379,044 | 452,519 | |
Residential mortgage loans, held-for-sale ($2,461,865 and $3,297,271 at fair value, respectively) | [1] | 2,540,742 | 3,398,298 |
Consumer loans held-for-investment, at fair value | [1] | 1,274,005 | 363,756 |
Single-family rental properties | 1,001,928 | 971,313 | |
Mortgage loans receivable, at fair value | 1,879,319 | 1,714,053 | |
Residential mortgage loans subject to repurchase | 1,782,998 | 1,219,890 | |
Cash and cash equivalents | 1,287,199 | 1,336,508 | |
Restricted cash | 409,896 | 292,820 | |
Servicer advances receivable | 2,760,250 | 2,825,485 | |
Receivable for investments sold | 0 | 473,126 | |
Reverse repurchase agreements | 1,769,601 | 0 | |
Other assets (1,167,563 and $921,373 at fair value, respectively) | [1] | 3,144,823 | 1,914,372 |
Assets of consolidated CFEs | |||
Investments, at fair value and other assets | 3,751,477 | 2,803,138 | |
Total assets | 39,717,084 | 34,586,508 | |
Liabilities | |||
Secured financing agreements | [1] | 12,561,283 | 11,257,736 |
Secured notes and bonds payable (includes $235,770 and $319,486 at fair value, respectively) | [1] | 10,360,188 | 9,786,025 |
Residential mortgage loan repurchase liability | 1,782,998 | 1,219,890 | |
Unsecured notes, net of issuance costs | 719,004 | 545,056 | |
Payable for investments purchased | 0 | 731,216 | |
Treasury securities payable | 1,827,281 | 0 | |
Dividends payable | 135,897 | 129,760 | |
Accrued expenses and other liabilities (includes $51,765 and $18,064 at fair value, respectively) | [1] | 2,065,761 | 1,486,318 |
Liabilities of consolidated CFEs | |||
Notes payable, at fair value and other liabilities | 3,163,634 | 2,420,439 | |
Total liabilities | 32,616,046 | 27,576,440 | |
Commitments and Contingencies (Note 24) | |||
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, 483,226,239 and 473,715,100 issued and outstanding, respectively | 4,833 | 4,739 | |
Additional paid-in capital | 6,074,322 | 6,062,019 | |
Retained earnings (accumulated deficit) | (373,141) | (418,662) | |
Accumulated other comprehensive income | 43,674 | 37,651 | |
Total Rithm Capital stockholders’ equity | 7,006,942 | 6,943,001 | |
Noncontrolling interests in equity of consolidated subsidiaries | 94,096 | 67,067 | |
Total Equity | 7,101,038 | 7,010,068 | |
Liabilities and Equity | 39,717,084 | 34,586,508 | |
Consolidated Entity, Excluding Consolidated VIE | |||
Assets | |||
Cash and cash equivalents | [1] | 1,287,199 | 1,336,508 |
Restricted cash | [1] | $ 378,048 | $ 271,758 |
[1] The Company's Consolidated Balance Sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2023, as restated, and December 31, 2022, as restated, total assets of such consolidated VIEs were $5.6 billion and $4.7 billion, respectively, and total liabilities of such consolidated VIEs were $4.7 billion and $3.9 billion, respectively. See Note 22 for further details. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Aug. 05, 2022 | Jun. 30, 2022 | Mar. 31, 2022 |
Real estate and other securities at fair value | $ 9,337,159,000 | $ 9,201,474,000 | $ 8,722,018,000 | $ 7,952,889,000 | |||||
Residential mortgage loans, held-for-sale, at fair value | 2,461,865,000 | 2,740,599,000 | 3,008,722,000 | $ 2,743,809,000 | 3,297,271,000 | $ 3,933,392,000 | $ 5,293,936,000 | $ 7,076,916,000 | |
Other assets at fair value | 1,167,563,000 | 817,162,000 | 816,546,000 | 786,594,000 | 921,373,000 | 580,341,000 | 441,065,000 | $ 792,279,000 | |
Secured notes and bonds payable, at fair value | 235,770,000 | 245,695,000 | 261,866,000 | 286,653,000 | 319,486,000 | 341,287,000 | 380,662,000 | ||
Accrued expenses and other liabilities at fair value | $ 51,765,000 | $ 9,639,000 | $ 9,372,000 | $ 46,954,000 | $ 18,064,000 | $ 67,314,000 | $ 57,224,000 | ||
Preferred stock, par values (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 10 | |
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |
Preferred stock, shares issued (in shares) | 51,964,122 | 51,964,122 | 51,964,122 | 51,964,122 | 51,964,122 | 52,038,000 | 52,038,000 | 52,038,000 | |
Preferred stock, shares outstanding (in shares) | 51,964,122 | 51,964,122 | 51,964,122 | 51,964,122 | 51,964,122 | 52,038,000 | 52,038,000 | 52,038,000 | |
Preferred stock, liquidation preference | $ 1,299,104,000 | $ 1,299,104,000 | $ 1,299,104,000,000 | $ 1,299,104,000 | $ 1,299,104,000 | $ 1,300,959,000 | $ 1,300,959,000 | $ 1,300,959,000 | |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | |
Common stock, shares issued (in shares) | 483,226,239 | 483,214,061 | 483,320,606 | 483,017,747 | 473,715,100 | 473,715,100 | 466,856,753 | 466,786,526 | |
Common stock, shares outstanding (in shares) | 483,226,239 | 483,214,061 | 483,320,606 | 483,017,747 | 473,715,100 | 473,715,100 | 466,856,753 | 466,786,526 | |
Assets | $ 39,717,084,000 | $ 36,791,065,000 | $ 35,999,288,000 | $ 33,898,625,000 | $ 34,586,508,000 | $ 37,282,191,000 | $ 36,450,189,000 | $ 39,699,432,000 | |
Liabilities | 32,616,046,000 | $ 29,523,102,000 | $ 28,804,604,000 | $ 26,944,082,000 | 27,576,440,000 | $ 30,220,565,000 | $ 29,387,191,000 | $ 32,514,720,000 | |
Variable Interest Entity, Primary Beneficiary | |||||||||
Residential mortgage loans, held-for-sale, at fair value | 1,112,097,000 | 844,000,000 | |||||||
Assets | 5,566,258,000 | 4,701,124,000 | |||||||
Liabilities | $ 4,682,388,000 | $ 3,886,073,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | $ 1,110,339 | $ 824,788 | $ 753,909 | $ 903,604 | $ 1,317,625 | $ 1,716,306 | $ 1,935,127 | $ 3,033,302 | $ 3,070,533 | $ 3,679,506 | $ 4,920,801 | $ 3,728,562 | ||||||
Total revenues | $ 691,654 | $ 1,135,405 | 3,762,187 | 4,920,801 | 3,728,562 | |||||||||||||
Expenses | ||||||||||||||||||
Interest expense and warehouse line fees | 395,349 | 377,528 | 324,235 | 304,215 | 278,769 | 213,543 | 146,690 | 138,791 | 628,450 | 285,481 | 1,005,978 | $ 499,024 | 1,401,327 | 777,793 | 497,308 | |||
General and administrative | 192,380 | 190,691 | 181,918 | 167,479 | 189,646 | 215,075 | 225,758 | 246,664 | 349,397 | 472,422 | 540,088 | 687,497 | 732,469 | 877,143 | 865,801 | |||
Compensation and benefits | 222,457 | 186,149 | 189,606 | 188,880 | 208,185 | 290,984 | 339,658 | 392,619 | 378,486 | 732,277 | 564,635 | 1,023,261 | 787,092 | 1,231,446 | 1,159,810 | |||
Management fee to affiliate | 0 | 20,985 | 25,189 | 46,174 | 46,174 | 0 | 46,174 | 95,926 | ||||||||||
Termination fee to affiliate | 0 | 400,000 | 400,000 | 400,000 | 0 | 400,000 | 0 | |||||||||||
Total operating expenses | 810,186 | 754,368 | 695,759 | 660,574 | 676,600 | 719,602 | 1,133,091 | 803,263 | 1,356,333 | 1,936,354 | 2,110,701 | 2,655,956 | 2,920,888 | 3,332,556 | 2,618,845 | |||
Other income (loss) | ||||||||||||||||||
Realized and unrealized gains (losses), net | 84,065 | (114,149) | 76,533 | (65,905) | 14,127 | (30,970) | (137,901) | (72,655) | 10,628 | (209,927) | (103,522) | (240,898) | (19,456) | (180,059) | (149,150) | |||
Other income (loss), net | (2,834) | 6,888 | (47,898) | (25,166) | (3,650) | 23,242 | 59,388 | 52,332 | (73,064) | 111,720 | (66,176) | 134,962 | (69,010) | (145,385) | 3,241 | |||
Total other income (loss) | 81,231 | (107,261) | 28,635 | (91,071) | 10,477 | (7,728) | (78,513) | (20,323) | (62,436) | (98,207) | (169,698) | (105,936) | (88,466) | (325,444) | (145,909) | |||
Income (loss) before income taxes | (37,301) | 273,776 | 443,215 | 73,143 | 87,786 | 176,274 | 106,021 | 892,720 | 516,358 | 998,741 | 790,134 | 1,175,015 | 752,833 | 1,262,801 | 963,808 | |||
Income tax expense | 29,850 | 52,585 | 56,530 | (16,806) | (18,047) | 22,084 | 72,690 | 202,789 | 39,724 | 275,479 | 92,309 | 297,563 | 122,159 | 279,516 | 158,226 | |||
Net income (loss) | (67,151) | 221,191 | 386,685 | 89,949 | 105,833 | 154,190 | 33,331 | 689,931 | 476,634 | 723,262 | 697,825 | 877,452 | 630,674 | 983,285 | 805,582 | |||
Noncontrolling interests in income of consolidated subsidiaries | (2,020) | 4,848 | 6,889 | (1,300) | 1,668 | 7,307 | 14,182 | 5,609 | 5,589 | 19,791 | 10,437 | 27,098 | 8,417 | 28,766 | 33,356 | |||
Dividends on preferred stock | 22,395 | 22,394 | 22,395 | 22,395 | 22,411 | 22,427 | 22,427 | 22,461 | 44,790 | 44,888 | 67,184 | 67,315 | 89,579 | 89,726 | 66,744 | |||
Net income (loss) attributable to common stockholders - basic | $ (87,526) | $ 193,949 | $ 357,401 | $ 68,854 | $ 81,754 | $ 124,456 | $ (3,278) | $ 661,861 | $ 426,255 | $ 658,583 | $ 620,204 | $ 783,039 | $ 532,678 | $ 864,793 | $ 705,482 | |||
Net income (loss) per share of common stock | ||||||||||||||||||
Basic (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.27 | $ (0.01) | $ 1.42 | $ 0.89 | $ 1.41 | $ 1.29 | $ 1.68 | $ 1.11 | $ 1.84 | $ 1.56 | |||
Diluted (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.26 | $ (0.01) | $ 1.37 | $ 0.88 | $ 1.36 | $ 1.28 | $ 1.62 | $ 1.10 | $ 1.80 | $ 1.51 | |||
Weighted average number of shares of common stock outstanding | ||||||||||||||||||
Basic (in shares) | 483,214,458 | 483,214,061 | 483,091,792 | 478,167,178 | 473,715,100 | 467,974,962 | 466,804,548 | 466,785,584 | 480,642,680 | 466,795,119 | 481,503,762 | 467,192,721 | 481,934,951 | 468,836,718 | 451,276,742 | |||
Diluted (in shares) | 484,270,098 | 484,350,288 | 483,376,961 | 482,846,911 | 480,852,723 | 476,796,757 | 466,804,548 | 484,425,066 | 483,113,400 | 484,494,108 | 483,530,227 | 481,900,129 | 483,716,715 | 481,636,125 | 467,665,006 | |||
Dividends declared per share of common stock (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.50 | $ 0.75 | $ 0.75 | $ 1 | $ 1 | $ 0.90 |
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | $ 481,928 | $ 442,425 | $ 465,347 | $ 469,657 | $ 452,758 | $ 452,990 | $ 469,342 | $ 456,264 | $ 935,004 | $ 925,606 | $ 1,377,429 | $ 1,378,596 | $ 1,859,357 | $ 1,831,354 | $ 1,558,823 | |||
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978), $(631,120) and $(1,192,646), respectively) | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | (466,346) | 20,934 | 22,032 | (142,304) | (162,028) | (19,174) | 334,690 | 575,393 | (120,272) | 909,454 | (99,338) | 890,281 | (565,684) | 727,334 | (577,763) | |||
Servicing revenue, net | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 15,582 | 463,359 | 487,379 | 327,353 | 290,730 | 433,816 | 804,032 | 1,031,657 | 814,732 | 1,835,060 | 1,278,091 | 2,268,877 | 1,293,673 | 2,558,688 | 981,060 | |||
Interest income | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 438,501 | 462,497 | 385,167 | 330,023 | 351,794 | 261,902 | 202,023 | 222,741 | 715,190 | 424,764 | 1,177,688 | 686,666 | 1,616,189 | 1,038,459 | 794,171 | |||
Gain on originated residential mortgage loans, held-for-sale, net | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 96,395 | 149,230 | 178,584 | 109,268 | $ 111,385 | $ 207,886 | $ 311,570 | $ 461,908 | 287,852 | $ 773,478 | 437,082 | 981,364 | 533,477 | 1,092,749 | 1,787,851 | |||
Other revenues | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 58,495 | $ 60,319 | $ 59,209 | $ 58,144 | $ 117,353 | $ 177,672 | $ 3,936,907 | 236,167 | 230,905 | 165,480 | ||||||||
Asset management revenues | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Total revenues | $ 82,681 | $ 82,681 | $ 0 | $ 0 |
CONSOLIDATED STATEMENTS OF OP_2
CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Realization of cash flows | $ (141,616) | $ (180,265) | $ (200,325) | $ (380,590) | $ (522,206) | $ (631,120) | |||||||||
MSRs | |||||||||||||||
Realization of cash flows | $ (134,884) | $ (138,993) | $ (139,410) | $ (105,691) | $ (108,914) | $ (245,101) | $ (384,094) | $ (518,978) | $ (631,120) | $ (1,192,646) |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract] | |||
Net income (loss) | $ 630,674 | $ 983,285 | $ 805,582 |
Other comprehensive income (loss), net of tax: | |||
Unrealized gain (loss) on available-for-sale securities, net | 5,437 | (52,602) | 29,944 |
Reclassification of net realized (gain) loss on available-for-sale securities, net into net income | 0 | 0 | (5,388) |
Cumulative translation adjustment | 586 | 0 | 0 |
Comprehensive income (loss) | 636,697 | 930,683 | 830,138 |
Comprehensive income (loss) attributable to noncontrolling interests | 8,417 | 28,766 | 33,356 |
Dividends on preferred stock | 89,579 | 89,726 | 66,744 |
Comprehensive income (loss) attributable to common stockholders | $ 538,701 | $ 812,191 | $ 730,038 |
CONSOLIDATED STATEMENT OF CHANG
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock | Preferred Stock | Total Rithm Capital Stockholders’ Equity | Total Rithm Capital Stockholders’ Equity Common Stock | Total Rithm Capital Stockholders’ Equity Preferred Stock | Preferred Stock | Preferred Stock Preferred Stock | Common Stock | Common Stock Common Stock | Additional Paid-in Capital | Additional Paid-in Capital Common Stock | 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, 2020 | 33,610,000 | ||||||||||||||
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2020 | 414,744,518 | ||||||||||||||
Equity, beginning balance at Dec. 31, 2020 | $ 5,429,684 | $ 5,321,016 | $ 812,992 | $ 4,148 | $ 5,547,108 | $ (1,108,929) | $ 65,697 | $ 108,668 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Dividends declared on common stock | (409,595) | (409,595) | (409,595) | ||||||||||||
Dividends declared on preferred stock | (66,744) | (66,744) | (66,744) | ||||||||||||
Capital distributions | (55,600) | (55,600) | |||||||||||||
Issuance stock (in shares) | 18,600,000 | 51,903,346 | |||||||||||||
Issuance of stock | $ 513,421 | $ 449,489 | $ 513,421 | $ 449,489 | $ 449,489 | $ 519 | $ 512,902 | ||||||||
Purchase of non-controlling interest | (22,523) | (1,447) | (1,447) | (21,076) | |||||||||||
Director share grants and employee non-cash stock-based compensation (in shares) | 110,402 | ||||||||||||||
Director share grants and employee non-cash stock-based compensation | 1,110 | 1,110 | $ 2 | 1,108 | |||||||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | 805,582 | 772,226 | 772,226 | 33,356 | |||||||||||
Unrealized gain (loss) on available-for-sale securities, net | 29,944 | 29,944 | 29,944 | ||||||||||||
Reclassification of realized (gain) loss on available-for-sale securities, net into net income | (5,388) | (5,388) | (5,388) | ||||||||||||
Cumulative translation adjustment | 0 | ||||||||||||||
Total comprehensive income (loss) | 830,138 | 796,782 | 33,356 | ||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2021 | 52,210,000 | ||||||||||||||
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2021 | 466,758,266 | ||||||||||||||
Equity, ending 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 | |||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ 689,931 | ||||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2022 | 52,038,000 | ||||||||||||||
Common stock, shares outstanding ending balance (in shares) at Mar. 31, 2022 | 466,786,526 | ||||||||||||||
Equity, ending balance at Mar. 31, 2022 | $ 7,184,712 | ||||||||||||||
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2021 | 52,210,000 | ||||||||||||||
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2021 | 466,758,266 | ||||||||||||||
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 | |||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ 723,262 | ||||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2022 | 52,038,000 | ||||||||||||||
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2022 | 466,856,753 | ||||||||||||||
Equity, ending balance at Jun. 30, 2022 | $ 7,062,998 | ||||||||||||||
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2021 | 52,210,000 | ||||||||||||||
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2021 | 466,758,266 | ||||||||||||||
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 | |||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ 877,452 | ||||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2022 | 52,038,000 | ||||||||||||||
Common stock, shares outstanding ending balance (in shares) at Sep. 30, 2022 | 473,715,100 | ||||||||||||||
Equity, ending balance at Sep. 30, 2022 | $ 7,061,626 | ||||||||||||||
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2021 | 52,210,000 | ||||||||||||||
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2021 | 466,758,266 | ||||||||||||||
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 | (470,413) | (470,413) | (470,413) | ||||||||||||
Dividends declared on preferred stock | (89,726) | (89,726) | (89,726) | ||||||||||||
Capital distributions | (27,047) | (27,047) | |||||||||||||
Repurchases of preferred stock (in shares) | (245,878) | ||||||||||||||
Repurchases of preferred stock | (5,227) | (5,227) | $ (5,227) | ||||||||||||
Cashless exercise of 2020 Warrants (in shares) | 6,858,347 | ||||||||||||||
Cashless exercise of 2020 Warrants | 0 | $ 69 | (69) | ||||||||||||
Director share grants and employee non-cash stock-based compensation (in shares) | 98,487 | ||||||||||||||
Director share grants and employee non-cash stock-based compensation | 2,418 | 2,418 | $ 1 | 2,417 | |||||||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | 983,285 | 954,519 | 954,519 | 28,766 | |||||||||||
Unrealized gain (loss) on available-for-sale securities, net | (52,602) | (52,602) | (52,602) | ||||||||||||
Reclassification of realized (gain) loss on available-for-sale securities, net into net income | 0 | ||||||||||||||
Cumulative translation adjustment | 0 | ||||||||||||||
Total comprehensive income (loss) | $ 930,683 | 901,917 | 28,766 | ||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2022 | 51,964,122 | 51,964,122 | |||||||||||||
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2022 | 473,715,100 | 473,715,100 | |||||||||||||
Equity, ending 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 | |||||||
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2022 | 52,038,000 | ||||||||||||||
Common stock, shares outstanding beginning balance (in shares) at Mar. 31, 2022 | 466,786,526 | ||||||||||||||
Equity, beginning balance at Mar. 31, 2022 | $ 7,184,712 | ||||||||||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ 33,331 | ||||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2022 | 52,038,000 | ||||||||||||||
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2022 | 466,856,753 | ||||||||||||||
Equity, ending balance at Jun. 30, 2022 | $ 7,062,998 | ||||||||||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ 154,190 | ||||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2022 | 52,038,000 | ||||||||||||||
Common stock, shares outstanding ending balance (in shares) at Sep. 30, 2022 | 473,715,100 | ||||||||||||||
Equity, ending balance at Sep. 30, 2022 | $ 7,061,626 | ||||||||||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ 105,833 | ||||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2022 | 51,964,122 | 51,964,122 | |||||||||||||
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2022 | 473,715,100 | 473,715,100 | |||||||||||||
Equity, ending 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 | |||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ 89,949 | ||||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Mar. 31, 2023 | 51,964,122 | ||||||||||||||
Common stock, shares outstanding ending balance (in shares) at Mar. 31, 2023 | 483,017,747 | ||||||||||||||
Equity, ending balance at Mar. 31, 2023 | $ 6,954,543 | ||||||||||||||
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022 | 51,964,122 | 51,964,122 | |||||||||||||
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2022 | 473,715,100 | 473,715,100 | |||||||||||||
Equity, beginning balance at Dec. 31, 2022 | $ 7,010,068 | 6,943,001 | $ 1,257,254 | $ 4,739 | 6,062,019 | (418,662) | 37,651 | 67,067 | |||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ 476,634 | ||||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2023 | 51,964,122 | ||||||||||||||
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2023 | 483,320,606 | ||||||||||||||
Equity, ending balance at Jun. 30, 2023 | $ 7,194,684 | ||||||||||||||
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022 | 51,964,122 | 51,964,122 | |||||||||||||
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2022 | 473,715,100 | 473,715,100 | |||||||||||||
Equity, beginning balance at Dec. 31, 2022 | $ 7,010,068 | 6,943,001 | $ 1,257,254 | $ 4,739 | 6,062,019 | (418,662) | 37,651 | 67,067 | |||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ 697,825 | ||||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2023 | 51,964,122 | ||||||||||||||
Common stock, shares outstanding ending balance (in shares) at Sep. 30, 2023 | 483,214,061 | ||||||||||||||
Equity, ending balance at Sep. 30, 2023 | $ 7,267,963 | ||||||||||||||
Preferred stock, shares outstanding, beginning balance (in shares) at Dec. 31, 2022 | 51,964,122 | 51,964,122 | |||||||||||||
Common stock, shares outstanding beginning balance (in shares) at Dec. 31, 2022 | 473,715,100 | 473,715,100 | |||||||||||||
Equity, beginning balance at Dec. 31, 2022 | $ 7,010,068 | 6,943,001 | $ 1,257,254 | $ 4,739 | 6,062,019 | (418,662) | 37,651 | 67,067 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||
Dividends declared on common stock | (483,192) | (483,192) | (483,192) | ||||||||||||
Dividends declared on preferred stock | (89,579) | (89,579) | (89,579) | ||||||||||||
Capital contributions | 4,733 | 4,733 | |||||||||||||
Capital distributions | (21,994) | (21,994) | |||||||||||||
Cashless exercise of 2020 Warrants (in shares) | 9,287,347 | ||||||||||||||
Cashless exercise of 2020 Warrants | 0 | $ 93 | (93) | ||||||||||||
Purchase of non-controlling interest | 35,873 | 0 | 0 | 35,873 | |||||||||||
Director share grants and employee non-cash stock-based compensation (in shares) | 223,792 | ||||||||||||||
Director share grants and employee non-cash stock-based compensation | 8,432 | 8,432 | $ 1 | 12,396 | (3,965) | ||||||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | 630,674 | 622,257 | 622,257 | 8,417 | |||||||||||
Unrealized gain (loss) on available-for-sale securities, net | 5,437 | 5,437 | 5,437 | ||||||||||||
Reclassification of realized (gain) loss on available-for-sale securities, net into net income | 0 | ||||||||||||||
Cumulative translation adjustment | 586 | 586 | 586 | ||||||||||||
Total comprehensive income (loss) | $ 636,697 | 628,280 | 8,417 | ||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2023 | 51,964,122 | 51,964,122 | |||||||||||||
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2023 | 483,226,239 | 483,226,239 | |||||||||||||
Equity, ending balance at Dec. 31, 2023 | $ 7,101,038 | 7,006,942 | $ 1,257,254 | $ 4,833 | 6,074,322 | (373,141) | 43,674 | 94,096 | |||||||
Preferred stock, shares outstanding, beginning balance (in shares) at Mar. 31, 2023 | 51,964,122 | ||||||||||||||
Common stock, shares outstanding beginning balance (in shares) at Mar. 31, 2023 | 483,017,747 | ||||||||||||||
Equity, beginning balance at Mar. 31, 2023 | $ 6,954,543 | ||||||||||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ 386,685 | ||||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Jun. 30, 2023 | 51,964,122 | ||||||||||||||
Common stock, shares outstanding ending balance (in shares) at Jun. 30, 2023 | 483,320,606 | ||||||||||||||
Equity, ending balance at Jun. 30, 2023 | $ 7,194,684 | ||||||||||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ 221,191 | ||||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Sep. 30, 2023 | 51,964,122 | ||||||||||||||
Common stock, shares outstanding ending balance (in shares) at Sep. 30, 2023 | 483,214,061 | ||||||||||||||
Equity, ending balance at Sep. 30, 2023 | $ 7,267,963 | ||||||||||||||
Comprehensive income (loss): | |||||||||||||||
Net income (loss) | $ (67,151) | ||||||||||||||
Preferred stock, shares outstanding, ending balance (in shares) at Dec. 31, 2023 | 51,964,122 | 51,964,122 | |||||||||||||
Common stock, shares outstanding ending balance (in shares) at Dec. 31, 2023 | 483,226,239 | 483,226,239 | |||||||||||||
Equity, ending balance at Dec. 31, 2023 | $ 7,101,038 | $ 7,006,942 | $ 1,257,254 | $ 4,833 | $ 6,074,322 | $ (373,141) | $ 43,674 | $ 94,096 |
CONSOLIDATED STATEMENT OF CHA_2
CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - $ / shares | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||||||||||||||||||
Dividends declared per share of common stock (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.50 | $ 0.75 | $ 0.75 | $ 1 | $ 1 | $ 0.90 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities | |||||||||
Net income (loss) | $ 89,949 | $ 689,931 | $ 476,634 | $ 723,262 | $ 697,825 | $ 877,452 | $ 630,674 | $ 983,285 | $ 805,582 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||
Change in fair value of investments, net | 247,075 | 146,125 | 307,633 | 396,161 | 560,017 | (560,492) | 893,665 | (1,069,927) | (40,576) |
Change in fair value of equity investments | 2,098 | (256) | 27,630 | 9,111 | 27,509 | 8,535 | 28,407 | 13,265 | (5,986) |
Change in fair value of secured notes and bonds payable | 2,500 | (7,194) | (2,049) | (35,151) | (5,890) | (50,279) | 17,155 | (45,792) | (12,991) |
(Gain) loss on settlement of investments, net | (167,609) | (61,184) | (283,306) | (156,120) | (402,449) | 843,837 | (820,238) | 1,354,263 | 205,220 |
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net | (109,268) | (461,908) | (287,852) | (773,478) | (437,082) | (981,364) | (533,477) | (1,092,749) | (1,787,851) |
(Gain) loss on transfer of loans to real estate owned ("REO") | (3,276) | (2,944) | (7,472) | (4,039) | (10,120) | (6,263) | (10,224) | (7,726) | (3,752) |
Accretion and other amortization | (12,766) | (13,351) | (29,892) | (30,287) | (74,730) | (37,634) | (106,421) | (80,957) | (46,241) |
Provision (reversal) for credit losses on securities, loans and REO | (2,803) | 3,740 | 3,009 | 7,528 | 6,455 | 14,272 | (478) | 14,962 | (47,744) |
Non-cash portions of servicing revenue, net | 149,730 | (645,018) | 120,272 | (981,581) | 158,344 | (890,281) | 618,005 | (639,945) | 577,763 |
Deferred tax provision | (16,822) | 201,354 | 39,626 | 275,458 | 86,324 | 297,517 | 90,002 | 271,167 | 151,200 |
Mortgage loans originated and purchased for sale, net of fees | (7,531,856) | (29,446,744) | (18,109,588) | (50,293,942) | (30,003,362) | (65,397,832) | (39,817,843) | (76,344,856) | (130,205,665) |
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale | 8,137,021 | 32,408,766 | 18,174,194 | 54,533,386 | 30,088,541 | 70,570,337 | 39,340,813 | 81,547,076 | 132,114,445 |
Loan originations and draws of consolidated entities | (27,061) | (49,024) | 0 | (75,406) | 0 | ||||
Loan repayment proceeds of consolidated entities | 57,854 | 154,840 | 130,704 | 294,364 | 196,166 | 372,950 | 278,920 | 431,065 | 753,101 |
Mortgage loans receivable repayment proceeds of consolidated CFEs | 90,496 | 166,550 | 79,480 | 255,798 | 124,918 | 353,994 | 170,834 | 0 | |
Interest received from servicer advance investments, loans and other | 13,705 | 41,721 | 27,874 | 31,394 | 42,932 | 46,797 | 54,485 | 62,375 | 153,539 |
Changes in: | |||||||||
Servicer advances receivable, net | 230,596 | 202,938 | 377,567 | 294,452 | 339,610 | 332,902 | 15,022 | (36,695) | 226,173 |
Other assets | 50,472 | (268,772) | 16,191 | 72,498 | 15,312 | (54,485) | (428,763) | 405,469 | 939,953 |
Due to affiliates | (7,887) | (17,819) | (17,819) | 0 | (17,819) | 8,369 | |||
Accrued expenses and other liabilities | 21,346 | 285,517 | 83,799 | 132,325 | 199,341 | 317,256 | 89,897 | (89,003) | (349,733) |
Net cash provided by (used in) operating activities | 1,248,442 | 3,219,674 | 1,231,524 | 4,529,941 | 1,740,541 | 5,761,300 | 693,595 | 5,752,886 | 3,434,806 |
Cash Flows From Investing Activities | |||||||||
Business acquisitions, net of cash acquired | (306,770) | 0 | (1,173,171) | ||||||
Maturity of U.S. Treasury Bills | 1,030,000 | 0 | 0 | ||||||
Purchase of U.S. Treasury Bills | (973,795) | (973,795) | (998,148) | 0 | 0 | ||||
Purchase of servicer advance investments | (232,446) | (257,807) | (445,470) | (500,000) | (644,594) | (744,671) | (852,015) | (988,847) | (1,286,526) |
Purchase of RMBS | (2,883,278) | (1,006,483) | (2,898,237) | (1,052,724) | (4,094,458) | (9,597,580) | (4,094,934) | (15,629,483) | (6,099,550) |
U.S. Treasury Note short sales | 1,765,360 | 0 | 0 | ||||||
Reverse repurchase agreements entered | (1,769,601) | 0 | 0 | ||||||
Purchase of residential mortgage loans | (1,269) | (7,182) | (1,269) | (7,182) | (1,269) | (7,182) | 0 | (7,182) | 0 |
Purchase of SFR properties, MSRs and other assets | (4,607) | (239,347) | (11,975) | (355,002) | (72,503) | (396,981) | (106,351) | (416,610) | (1,390,317) |
Purchase of mortgage loans receivable | (146,631) | (146,631) | 0 | 0 | |||||
Draws on revolving consumer loans | (6,831) | (7,163) | (13,493) | (14,350) | (20,675) | (22,070) | (27,510) | (29,615) | (29,002) |
Net settlement of derivatives and hedges | 225,560 | 65,436 | 291,174 | 279,306 | 390,415 | 282,827 | 867,637 | 311,073 | (182,971) |
Return of investments in Excess MSRs | 7,821 | 2,680 | 16,489 | 7,873 | 23,066 | 12,264 | 31,940 | 17,701 | 54,037 |
Principal repayments from servicer advance investments | 240,331 | 290,128 | 464,921 | 541,868 | 675,261 | 791,653 | 880,861 | 1,033,326 | 1,382,344 |
Principal repayments from RMBS | 143,419 | 336,380 | 305,887 | 649,294 | 477,480 | 863,193 | 639,736 | 1,026,186 | 2,257,698 |
Principal repayments from residential mortgage loans | 8,272 | 24,121 | 21,364 | 49,806 | 35,064 | 69,020 | 47,735 | 85,836 | 119,841 |
Principal repayments from consumer loans | 24,784 | 39,935 | 86,164 | 79,298 | 267,820 | 112,228 | 439,540 | 140,574 | 214,619 |
Proceeds from sale of MSRs and MSR financing receivables | 705,300 | 10,698 | 62,971 | ||||||
Proceeds from sale of RMBS | 1,869,053 | 1,869,053 | 738,887 | 1,868,702 | 7,716,127 | 2,087,419 | 14,565,043 | 8,189,585 | |
Proceeds from sale of residential mortgage loans | 0 | 0 | 9,922 | ||||||
Proceeds from sale of REO | 5,678 | 3,832 | 13,175 | 7,210 | 19,806 | 9,652 | 23,153 | 14,201 | 54,232 |
Net cash provided by (used in) investing activities | (602,156) | (754,968) | (851,978) | 427,002 | (1,491,011) | (907,295) | 216,721 | 132,901 | 2,183,712 |
Cash Flows From Financing Activities | |||||||||
Repayments of secured financing agreements | (11,327,261) | (9,638,525) | (24,321,697) | (23,318,214) | (31,733,802) | (39,920,856) | (48,921,875) | (55,998,234) | (69,206,600) |
Repayments of warehouse credit facilities | (8,473,149) | (33,378,329) | (18,980,639) | (56,240,720) | (31,076,021) | (73,028,747) | (41,096,041) | (83,793,352) | (130,744,991) |
Net settlement of margin deposits under repurchase agreements and derivatives | (387,780) | 137,418 | (411,796) | 812,477 | (676,511) | 1,007,970 | (862,662) | 1,460,458 | 249,367 |
Repayments of secured notes and bonds payable | (1,677,534) | (1,047,972) | (3,538,076) | (2,220,042) | (5,024,509) | (3,174,439) | (7,636,954) | (4,696,136) | (8,078,073) |
Deferred financing fees | (2,103) | (4,472) | (11,740) | (1,398) | (7,084) | (8,992) | (7,364) | (11,062) | (8,385) |
Dividends paid on common and preferred stock | (140,968) | (139,185) | (284,262) | (278,293) | (427,583) | (417,445) | (570,878) | (558,301) | (438,544) |
Borrowings under secured financing agreements | 12,240,027 | 10,081,997 | 26,093,901 | 21,936,667 | 34,530,433 | 39,713,905 | 50,079,186 | 54,385,892 | 64,749,425 |
Borrowings under warehouse credit facilities | 8,062,420 | 29,622,712 | 18,706,720 | 50,995,092 | 30,625,465 | 66,296,292 | 41,065,479 | 76,069,417 | 129,899,057 |
Borrowings under secured notes and bonds payable | 1,303,796 | 1,351,203 | 2,425,593 | 2,605,887 | 3,561,756 | 3,777,252 | 6,669,483 | 5,868,761 | 7,964,077 |
Proceeds from issuance of debt obligations of consolidated CFEs | 1,160,218 | 150,586 | 1,466,538 | 150,586 | 1,700,810 | 725,901 | 1,919,160 | 725,397 | |
Repayments of debt obligations of consolidated CFEs | (51,983) | (150,961) | (127,404) | (297,527) | (190,881) | (374,170) | (269,563) | (430,042) | (1,145,324) |
Issuance of common and preferred stock | 0 | 0 | 962,910 | ||||||
Repurchase of common and preferred stock | (3,814) | (3,814) | (3,814) | 0 | (5,227) | 0 | |||
Noncontrolling interest in equity of consolidated subsidiaries - distributions | (5,430) | (8,879) | (12,405) | (15,968) | (17,597) | (21,391) | (17,261) | (27,047) | (78,123) |
Payment of contingent consideration | (12,276) | 0 | (2,355) | (12,276) | |||||
Net cash provided by (used in) financing activities | (459,965) | (2,030,865) | (311,219) | (4,559,315) | (285,748) | (4,453,625) | (842,549) | (5,818,068) | (5,162,083) |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 186,321 | 433,841 | 68,327 | 397,628 | (36,218) | 400,380 | 67,767 | 67,719 | 456,435 |
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 1,629,328 | 1,561,609 | 1,629,328 | 1,561,609 | 1,629,328 | 1,561,609 | 1,629,328 | 1,561,609 | 1,105,174 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 1,815,649 | 1,995,450 | 1,697,655 | 1,959,237 | 1,593,110 | 1,961,989 | 1,697,095 | 1,629,328 | 1,561,609 |
Supplemental Disclosure of Cash Flow Information | |||||||||
Cash paid during the period for interest | 313,870 | 150,121 | 680,330 | 318,438 | 975,872 | 531,903 | 1,484,094 | 825,224 | 578,681 |
Cash paid during the period for income taxes | 402 | 36 | 1,798 | 1,636 | 1,798 | 1,757 | 6,524 | 4,012 | 23,506 |
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||
Dividends declared but not paid on common and preferred stock | 143,149 | 139,158 | 143,225 | 139,141 | 143,199 | 140,856 | 143,199 | 140,984 | 139,170 |
Transfer from residential mortgage loans to real estate owned and other assets | 21,943 | 14,936 | 30,020 | ||||||
Real estate securities retained from loan securitizations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45,967 | |
Residential mortgage loans subject to repurchase | 1,189,907 | $ 1,700,426 | 1,296,097 | $ 1,758,509 | 1,443,546 | 1,897,142 | 1,782,998 | 1,219,890 | 1,787,314 |
Purchase of Agency RMBS, settled after quarter-end | $ 498,933 | 0 | 731,216 | 0 | |||||
Cashless exercise of 2020 Warrants (par) | $ 93 | 93 | 93 | 93 | 69 | 0 | |||
Genesis Acquisition | |||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||
Seller financing in acquisition | 0 | 0 | 1,256,279 | ||||||
Marcus Acquisition | |||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||
Seller financing in acquisition | $ 1,317,347 | $ 1,317,347 | 1,317,347 | 0 | 0 | ||||
CPX Acquisition | |||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||
Seller financing in acquisition | $ 323,452 | $ 0 | $ 0 |
SUMMARY QUARTERLY CONSOLIDATED
SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
SUMMARY OF QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL DATA (UNAUDITED) On July 22, 2024, the Audit Committee, after consultation with management, concluded that the Affected Financial Statements need to be restated and should no longer be relied on. See Note 3. The impacts of the restatement on the Company’s quarterly unaudited consolidated financial statements for each of the quarters within 2023 and 2022 are included as adjustments within the tables below and relate to one of the following categories: (a) an error in accounting treatment of the Trusts that management concluded should be consolidated subject to ASC 810 - Consolidation, and its various interpretations, regarding the consolidation of certain Trusts, classified as VIEs. The related adjustments are reflected within the “Error Adjustments” column within the tables below. See Note 3 for further details. (b) reclassifications of certain prior period amounts related to consolidated loan securitizations - mortgage loans receivable and consolidated funds to conform to the presentation of consolidated CFEs as described in (a) above. The related adjustments are reflected within the “Reclassifications” column within the tables below. Reclassifications have no impact on the Company’s net income, equity or unrestricted cash position and are only included in order to conform the presentation across the periods presented. Accordingly, the tables below present the effect of these adjustments, including the reclassifications, on the affected line items in the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Cash Flows as of and for the three months ended March 31, 2023 and 2022, as of and for the three and six months ended June 30, 2023 and 2022, as of and for the three and nine months ended September 30, 2023 and 2022 and for the three months ended December 31, 2023 and 2022. Consolidated Balance Sheet: March 31, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value (A) $ 8,305,652 $ — $ 8,305,652 $ — $ 8,305,652 Real estate and other securities 9,900,700 (258,690) 9,642,010 — 9,642,010 Residential loans, held-for-investment, at fair value 1,009,459 — 1,009,459 — 1,009,459 Residential mortgage loans, held-for-sale (includes $7,076,916 at fair value) (A) 7,202,475 — 7,202,475 — 7,202,475 Single-family rental properties 814,871 — 814,871 — 814,871 Mortgage loans receivable, at fair value 1,670,415 — 1,670,415 (295,142) 1,375,273 Residential mortgage loans subject to repurchase 1,700,426 — 1,700,426 — 1,700,426 Cash and cash equivalents (A) 1,671,177 — 1,671,177 — 1,671,177 Restricted cash (A) 295,037 — 295,037 (61,372) 233,665 Servicer advances receivable 2,652,210 — 2,652,210 — 2,652,210 Other assets (includes $792,279 at fair value) (A) 2,646,125 — 2,646,125 (57) 2,646,068 Assets of consolidated CFEs (A) : Investments, at fair value and other assets — 2,089,575 2,089,575 356,571 2,446,146 Total Assets $ 37,868,547 $ 1,830,885 $ 39,699,432 $ — $ 39,699,432 Liabilities and Equity Liabilities Secured financing agreements (A) $ 17,281,873 $ — $ 17,281,873 — $ 17,281,873 Secured notes and bonds payable (includes $438,359 at fair value) (A) 9,279,595 — 9,279,595 (324,062) 8,955,533 Residential mortgage loan repurchase liability 1,700,426 — 1,700,426 — 1,700,426 Unsecured notes, net of issuance costs 543,728 — 543,728 — 543,728 Due to affiliates 9,932 — 9,932 — 9,932 Dividends payable 127,895 — 127,895 — 127,895 Accrued expenses and other liabilities (includes $87,149 at fair value) (A) 1,740,386 — 1,740,386 (42) 1,740,344 Liabilities of consolidated CFEs (A) : Notes payable, at fair value and other liabilities — 1,830,885 1,830,885 324,104 2,154,989 Total Liabilities 30,683,835 1,830,885 32,514,720 $ — 32,514,720 Commitments and Contingencies Equity Preferred stock, $10.00 par value, 100,000,000 shares authorized, 52,038,000 issued and outstanding, $1,300,959 aggregate liquidation preference 1,258,667 — 1,258,667 — 1,258,667 Common stock, $0.01 par value, 2,000,000,000 shares authorized, 466,786,526 issued and outstanding 4,669 — 4,669 — 4,669 Additional paid-in capital 6,059,981 — 6,059,981 — 6,059,981 Retained earnings (accumulated deficit) (267,878) — (267,878) — (267,878) Accumulated other comprehensive income 67,195 — 67,195 — 67,195 Total Rithm Capital stockholders’ equity 7,122,634 — 7,122,634 — 7,122,634 Noncontrolling interests in equity of consolidated subsidiaries 62,078 — 62,078 — 62,078 Total Equity 7,184,712 — 7,184,712 — 7,184,712 Total Liabilities and Equity $ 37,868,547 $ 1,830,885 $ 39,699,432 $ — $ 39,699,432 (A) The Company's Consolidated Balance Sheets include assets and liabilities of consolidated VIEs and certain other consolidated VIEs classified as CFEs that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs.VIE creditors do not have recourse to Rithm Capital Corp. Consolidated Statement of Operations: Three Months Ended March 31, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 456,400 $ (136) $ 456,264 $ — $ 456,264 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(200,325)) 575,393 — 575,393 — 575,393 Servicing revenue, net 1,031,793 (136) 1,031,657 — 1,031,657 Interest income 225,413 (2,615) 222,798 (57) 222,741 Gain on originated residential mortgage loans, held-for-sale, net 471,996 (10,088) 461,908 — 461,908 1,729,202 (12,839) 1,716,363 (57) 1,716,306 Expenses Interest expense and warehouse line fees 138,833 — 138,833 (42) 138,791 General and administrative 246,238 426 246,664 — 246,664 Compensation and benefits 392,619 — 392,619 — 392,619 Management fee to affiliate 25,189 — 25,189 — 25,189 802,879 426 803,305 (42) 803,263 Other Income (Loss) Realized and unrealized gains (losses), net (85,935) 13,265 (72,670) 15 (72,655) Other income (loss), net 52,332 — 52,332 — 52,332 (33,603) 13,265 (20,338) 15 (20,323) Income (loss) before income taxes 892,720 — 892,720 — 892,720 Income tax expense (benefit) 202,789 — 202,789 — 202,789 Net Income (loss) $ 689,931 $ — $ 689,931 $ — $ 689,931 Noncontrolling interests in income (loss) of consolidated subsidiaries 5,609 — 5,609 — 5,609 Dividends on preferred stock 22,461 — 22,461 — 22,461 Net income (loss) attributable to common stockholders $ 661,861 $ — $ 661,861 $ — $ 661,861 Net Income (loss) per share of common stock Basic $ 1.42 $ — $ 1.42 $ — $ 1.42 Diluted $ 1.37 $ — $ 1.37 $ — $ 1.37 Weighted average number of shares of common stock outstanding Basic 466,785,584 — 466,785,584 — 466,785,584 Diluted 484,425,066 — 484,425,066 — 484,425,066 Dividends declared per share of common stock $ 0.25 $ — $ 0.25 $ — $ 0.25 Consolidated Statement of Cash Flows: Three Months Ended March 31, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Cash Flows From Operating Activities Net income (loss) $ 689,931 $ — $ 689,931 $ — $ 689,931 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Change in fair value of investments, net 147,119 (994) 146,125 — 146,125 Change in fair value of equity investments (256) — (256) — (256) Change in fair value of secured notes and bonds payable (7,194) — (7,194) — (7,194) (Gain) loss on settlement of investments, net (61,184) — (61,184) — (61,184) (Gain) loss on sale of originated residential mortgage loans, held-for-sale, net (471,996) 10,088 (461,908) — (461,908) (Gain) loss on transfer of loans to REO (2,944) — (2,944) — (2,944) Accretion and other amortization (15,095) 1,744 (13,351) — (13,351) Provision (reversal) for credit losses on securities, loans and REO 3,740 — 3,740 — 3,740 Non-cash portions of servicing revenue, net (645,018) — (645,018) — (645,018) Deferred tax provision 201,354 — 201,354 — 201,354 Mortgage loans originated and purchased for sale, net of fees (29,446,744) — (29,446,744) — (29,446,744) Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 33,244,922 (836,156) 32,408,766 — 32,408,766 Residential mortgage loan repayment proceeds of consolidated entities — 154,840 154,840 — 154,840 Interest received from servicer advance investments, loans and other 41,721 — 41,721 — 41,721 Changes in: Servicer advances receivable, net 202,938 — 202,938 — 202,938 Other assets (268,772) — (268,772) — (268,772) Due to affiliates (7,887) — (7,887) — (7,887) Accrued expenses and other liabilities 285,517 — 285,517 — 285,517 Net cash provided by (used in) operating activities 3,890,152 (670,478) 3,219,674 — 3,219,674 Cash Flows From Investing Activities Purchase of servicer advance investments (257,807) — (257,807) — (257,807) Purchase of RMBS (1,006,483) — (1,006,483) — (1,006,483) Purchase of residential mortgage loans (7,182) — (7,182) — (7,182) Purchase of SFR properties, MSRs and other assets (239,347) — (239,347) — (239,347) Draws on revolving consumer loans (7,163) — (7,163) — (7,163) Net settlement of derivatives and hedges 65,436 — 65,436 — 65,436 Return of investments in Excess MSRs 2,680 — 2,680 — 2,680 Principal repayments from servicer advance investments 290,128 — 290,128 — 290,128 Principal repayments from RMBS 355,028 (18,648) 336,380 — 336,380 Principal repayments from residential mortgage loans 24,121 — 24,121 — 24,121 Principal repayments from consumer loans 39,935 — 39,935 — 39,935 Proceeds from sale of MSRs and MSR financing receivables 454 — 454 — 454 Proceeds from sale of REO 3,832 — 3,832 — 3,832 Purchase of MSRs, MSR financing receivables and servicer advances receivable (655) — (655) — (655) Principal repayments from MSRs and MSR financing receivables 703 — 703 — 703 Net cash provided by (used in) investing activities (736,320) (18,648) (754,968) — (754,968) Consolidated Statement of Cash Flows: Three Months Ended March 31, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Cash Flows From Financing Activities Repayments of secured financing agreements (9,638,525) — (9,638,525) — (9,638,525) Repayments of warehouse credit facilities (33,378,329) — (33,378,329) — (33,378,329) Net settlement of margin deposits under repurchase agreements and derivatives 137,418 — 137,418 — 137,418 Repayments of secured notes and bonds payable (1,047,972) — (1,047,972) — (1,047,972) Deferred financing fees (4,472) — (4,472) — (4,472) Dividends paid on common and preferred stock (139,185) — (139,185) — (139,185) Borrowings under secured financing agreements 10,081,997 — 10,081,997 — 10,081,997 Borrowings under warehouse credit facilities 29,622,712 — 29,622,712 — 29,622,712 Borrowings under secured notes and bonds payable 1,675,265 — 1,675,265 (324,062) 1,351,203 Repurchase of common and preferred stock (3,814) — (3,814) — (3,814) Noncontrolling interest in equity of consolidated subsidiaries - distributions (8,879) — (8,879) — (8,879) Payment of contingent consideration (12,276) — (12,276) — (12,276) Proceeds from issuance of debt obligations of consolidated CFEs — 836,156 836,156 324,062 1,160,218 Repayments of debt obligations of consolidated CFEs — (150,961) (150,961) — (150,961) Net cash provided by (used in) financing activities (2,716,060) 685,195 (2,030,865) — (2,030,865) Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 437,772 (3,931) 433,841 — 433,841 Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,528,442 33,167 1,561,609 — 1,561,609 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 1,966,214 $ 29,236 $ 1,995,450 $ — $ 1,995,450 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest 132,817 17,304 150,121 — 150,121 Cash paid during the period for income taxes 36 — 36 — 36 Supplemental Schedule of Non-Cash Investing and Financing Activities Dividends declared but not paid on common and preferred stock 139,158 — 139,158 — 139,158 Transfer from residential mortgage loans to REO and other assets (2,034) — (2,034) — (2,034) Real estate securities retained from loan securitizations 113,695 (113,695) — — — Residential mortgage loans subject to repurchase 1,700,426 — 1,700,426 — 1,700,426 Consolidated Balance Sheet: June 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value (A) $ 8,963,459 $ — $ 8,963,459 $ — $ 8,963,459 Real estate and other securities 8,368,703 (260,862) 8,107,841 — 8,107,841 Residential loans, held-for-investment, at fair value 934,479 — 934,479 — 934,479 Residential mortgage loans, held-for-sale (includes $5,293,936 at fair value) (A) 5,410,989 — 5,410,989 — 5,410,989 Single-family rental properties 927,227 — 927,227 — 927,227 Mortgage loans receivable, at fair value 1,756,079 — 1,756,079 (352,867) 1,403,212 Residential mortgage loans subject to repurchase 1,758,509 — 1,758,509 — 1,758,509 Cash and cash equivalents (A) 1,510,848 — 1,510,848 — 1,510,848 Restricted cash (A) 433,960 — 433,960 (4,771) 429,189 Servicer advances receivable 2,560,696 — 2,560,696 — 2,560,696 Other assets (includes $441,065 at fair value) (A) 1,928,898 — 1,928,898 (405) 1,928,493 Assets of consolidated CFEs (A) : Investments, at fair value and other assets — 2,157,204 2,157,204 358,043 2,515,247 Total Assets $ 34,553,847 $ 1,896,342 $ 36,450,189 $ — $ 36,450,189 Liabilities and Equity Liabilities Secured financing agreements (A) $ 13,967,234 $ — $ 13,967,234 $ — $ 13,967,234 Secured notes and bonds payable (includes $380,662 at fair value) (A) 9,322,026 — 9,322,026 (317,414) 9,004,612 Residential mortgage loan repurchase liability 1,758,509 — 1,758,509 — 1,758,509 Unsecured notes, net of issuance costs 544,167 — 544,167 — 544,167 Dividends payable 127,913 — 127,913 — 127,913 Accrued expenses and other liabilities (includes $57,224 at fair value) (A) 1,771,000 — 1,771,000 (309) 1,770,691 Liabilities of consolidated CFEs (A) : — Notes payable, at fair value and other liabilities — 1,896,342 1,896,342 317,723 2,214,065 Total Liabilities 27,490,849 1,896,342 29,387,191 — 29,387,191 Equity Preferred stock, $0.01 par value, 100,000,000 shares authorized, 52,038,000 issued and outstanding, $1,300,959 aggregate liquidation preference 1,258,667 — 1,258,667 — 1,258,667 Common stock, $0.01 par value, 2,000,000,000 shares authorized, 466,856,753 issued and outstanding 4,670 — 4,670 — 4,670 Additional paid-in capital 6,060,740 — 6,060,740 — 6,060,740 Retained earnings (accumulated deficit) (387,870) — (387,870) — (387,870) Accumulated other comprehensive income 57,620 — 57,620 — 57,620 Total Rithm Capital stockholders’ equity 6,993,827 — 6,993,827 — 6,993,827 Noncontrolling interests in equity of consolidated subsidiaries 69,171 — 69,171 — 69,171 Total Equity 7,062,998 — 7,062,998 — 7,062,998 Total Liabilities and Equity $ 34,553,847 $ 1,896,342 $ 36,450,189 $ — $ 36,450,189 (A) The Company's Consolidated Balance Sheets include assets and liabilities of consolidated VIEs and certain other consolidated VIEs classified as CFEs that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. Consolidated Statement of Operations: Three Months Ended June 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 469,478 $ (136) $ 469,342 $ — $ 469,342 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(180,265)) 334,690 — 334,690 — 334,690 Servicing revenue, net 804,168 (136) 804,032 — 804,032 Interest income 211,648 (3,480) 208,168 (6,145) 202,023 Gain on originated residential mortgage loans, held-for-sale, net 304,791 6,779 311,570 — 311,570 1,320,607 3,163 1,323,770 (6,145) 1,317,625 Expenses Interest expense and warehouse line fees 150,829 — 150,829 (4,139) 146,690 General and administrative 225,271 487 225,758 — 225,758 Compensation and benefits 339,658 — 339,658 — 339,658 Management fee to affiliate 20,985 — 20,985 — 20,985 Termination fee to affiliate 400,000 — 400,000 — 400,000 1,136,743 487 1,137,230 (4,139) 1,133,091 Other Income (Loss) Realized and unrealized gains (losses), net (137,231) (2,676) (139,907) 2,006 (137,901) Other income (loss), net 59,388 — 59,388 — 59,388 (77,843) (2,676) (80,519) 2,006 (78,513) Income (loss) before income taxes 106,021 — 106,021 — 106,021 Income tax expense (benefit) 72,690 — 72,690 — 72,690 Net Income (loss) $ 33,331 $ — $ 33,331 $ — $ 33,331 Noncontrolling interests in income (loss) of consolidated subsidiaries 14,182 — 14,182 — 14,182 Dividends on preferred stock 22,427 — 22,427 — 22,427 Net income (loss) attributable to common stockholders $ (3,278) $ — $ (3,278) $ — $ (3,278) Net Income (loss) per share of common stock Basic $ (0.01) $ — $ (0.01) $ — $ (0.01) Diluted $ (0.01) $ — $ (0.01) $ — $ (0.01) Weighted average number of shares of common stock outstanding Basic 466,804,548 — 466,804,548 — 466,804,548 Diluted 466,804,548 — 466,804,548 — 466,804,548 Dividends declared per share of common stock $ 0.25 $ — $ 0.25 $ — $ 0.25 Consolidated Statement of Operations: Six Months Ended June 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 925,878 $ (272) $ 925,606 $ — $ 925,606 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(380,590)) 909,454 — 909,454 — 909,454 Servicing revenue, net 1,835,332 (272) 1,835,060 — 1,835,060 Interest income 437,061 (6,095) 430,966 (6,202) 424,764 Gain on originated residential mortgage loans, held-for-sale, net 776,787 (3,309) 773,478 — 773,478 3,049,180 (9,676) 3,039,504 (6,202) 3,033,302 Expenses Interest expense and warehouse line fees 289,662 — 289,662 (4,181) 285,481 General and administrative 471,509 913 472,422 — 472,422 Compensation and benefits 732,277 — 732,277 — 732,277 Management fee to affiliate 46,174 — 46,174 — 46,174 Termination fee to affiliate 400,000 — 400,000 — 400,000 1,939,622 913 1,940,535 (4,181) 1,936,354 Other Income (Loss) Realized and unrealized gains (losses), net (222,537) 10,589 (211,948) 2,021 (209,927) Other income (loss), net 111,720 — 111,720 — 111,720 (110,817) 10,589 (100,228) 2,021 (98,207) Income (loss) before income taxes 998,741 — 998,741 — 998,741 Income tax expense (benefit) 275,479 — 275,479 — 275,479 Net Income (loss) $ 723,262 $ — $ 723,262 $ — $ 723,262 Noncontrolling interests in income (loss) of consolidated subsidiaries 19,791 — 19,791 — 19,791 Dividends on preferred stock 44,888 — 44,888 — 44,888 Net income (loss) attributable to common stockholders $ 658,583 $ — $ 658,583 $ — $ 658,583 Net Income (loss) per share of common stock Basic $ 1.41 $ — $ 1.41 $ — $ 1.41 Diluted $ 1.36 $ — $ 1.36 $ — $ 1.36 Weighted average number of shares of common stock outstanding Basic 466,795,119 — 466,795,119 — 466,795,119 Diluted 484,494,108 — 484,494,108 — 484,494,108 Dividends declared per share of common stock $ 0.50 $ — $ 0.50 $ — $ 0.50 Consolidated Statement of Cash Flows: Six Months Ended June 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Cash Flows From Operating Activities Net income (loss) $ 723,262 $ — $ 723,262 $ — $ 723,262 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Change in fair value of investments, net 381,159 15,002 396,161 — 396,161 Change in fair value of equity investments 9,111 — 9,111 — 9,111 Change in fair value of secured notes and bonds payable (35,151) — (35,151) — (35,151) (Gain) loss on settlement of investments, net (156,120) — (156,120) — (156,120) (Gain) loss on sale of originated residential mortgage loans, held-for-sale, net (776,787) 3,309 (773,478) — (773,478) (Gain) loss on transfer of loans to real estate owned ("REO") (4,039) — (4,039) — (4,039) Accretion and other amortization (34,731) 4,444 (30,287) — (30,287) Provision (reversal) for credit losses on securities, loans and REO 7,528 — 7,528 — 7,528 Non-cash portions of servicing revenue, net (981,581) — (981,581) — (981,581) Deferred tax provision 275,458 — 275,458 — 275,458 Mortgage loans originated and purchased for sale, net of fees (50,321,003) — (50,321,003) 27,061 (50,293,942) Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 55,755,342 (1,142,476) 54,612,866 (79,480) 54,533,386 Loan originations and draws of consolidated CFEs — — — (27,061) (27,061) Residential mortgage loan repayment proceeds of consolidated CFEs — 294,364 294,364 — 294,364 Mortgage loans receivable repayment proceeds of consolidated CFEs — — — 79,480 79,480 Interest received from servicer advance investments, loans and other 31,394 — 31,394 — 31,394 Changes in: Servicer advances receivable, net 294,452 — 294,452 — 294,452 Other assets 72,498 — 72,498 — 72,498 Due to affiliates (17,819) — (17,819) — (17,819) Accrued expenses and other liabilities 132,325 — 132,325 — 132,325 Net cash provided by (used in) operating activities 5,355,298 (825,357) 4,529,941 — 4,529,941 Consolidated Statement of Cash Flows (continued): Six Months Ended June 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Cash Flows From Investing Activities Purchase of servicer advance investments (500,000) — (500,000) — (500,000) Purchase of RMBS (1,052,724) — (1,052,724) — (1,052,724) Purchase of residential mortgage loans (7,182) — (7,182) — (7,182) Purchase of SFR properties, MSRs and other assets (355,002) — (355,002) — (355,002) Draws on revolving consumer loans (14,350) — (14,350) — (14,350) Net settlement of derivatives and hedges 279,306 — 279,306 — 279,306 Return of investments in Excess MSRs 7,873 — 7,873 — 7,873 Principal repayments from servicer advance investments 541,868 — 541,868 — 541,868 Principal repayments from RMBS 687,624 (38,330) 649,294 — 649,294 Principal repayments from residential mortgage loans 49,806 — 49,806 — 49,806 Principal repayments from consumer loans 79,298 — 79,298 — 79,298 Proceeds from sale of MSRs and MSR financing receivables 2,105 — 2,105 — 2,105 Proceeds from sale of RMBS 738,887 — 738,887 — 738,887 Proceeds from sale of REO 7,210 — 7,210 — 7,210 Principal repayments from MSRs and MSR financing receivables 1,216 — 1,216 — 1,216 Purchase of MSRs, MSR financing receivables and servicer advances receivable (603) — (603) — (603) Net cash provided by (used in) investing activities 465,332 (38,330) 427,002 — 427,002 Cash Flows From Financing Activities Repayments of secured financing agreements (23,318,214) — (23,318,214) — (23,318,214) Repayments of warehouse credit facilities (56,240,720) — (56,240,720) — (56,240,720) Net settlement of margin deposits under repurchase agreements and derivatives 812,477 — 812,477 — 812,477 Repayments of secured notes and bonds payable (2,220,042) — (2,220,042) — (2,220,042) Deferred financing fees (1,398) — (1,398) — (1,398) Dividends paid on common and preferred stock (278,293) — (278,293) — (278,293) Borrowings under secured financing agreements 21,936,667 — 21,936,667 — 21,936,667 Borrowings under warehouse credit facilities 50,995,092 — 50,995,092 — 50,995,092 Borrowings under secured notes and bonds payable 2,929,949 — 2,929,949 (324,062) 2,605,887 Repurchase of common and preferred stock (3,814) — (3,814) — (3,814) Noncontrolling interest in equity of consolidated subsidiaries - distributions (15,968) — (15,968) — (15,968) Proceeds from issuance of debt obligations of consolidated CFEs — 1,142,476 1,142,476 324,062 1,466,538 Repayments of debt obligations of consolidated CFEs — (297,527) (297,527) — (297,527) Net cash provided by (used in) financing activities (5,404,264) 844,949 (4,559,315) — (4,559,315) Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 416,366 (18,738) 397,628 — 397,628 Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,528,442 33,167 1,561,609 — 1,561,609 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 1,944,808 $ 14,429 $ 1,959,237 $ — $ 1,959,237 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest 280,007 38,431 318,438 — 318,438 Cash paid during the period for income taxes 1,636 — 1,636 — 1,636 Supplemental Schedule of Non-Cash Investing and Financing Activities Dividends declared but not paid on common and preferred stock 139,141 — 139,141 — 139,141 Transfer from residential mortgage loans to REO and other assets 4,890 — 4,890 — 4,890 Real estate securities retained from loan securitizations 100,324 (100,324) — — — Residential mortgage loans subject to repurchase 1,758,509 — 1,758,509 — 1,758,509 Consolidated Balance Sheet: September 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value (A) $ 9,217,242 $ — $ 9,217,242 $ — $ 9,217,242 Real estate and other securities 9,808,426 (291,250) 9,517,176 — 9,517,176 Residential loans, held-for-investment, at fair value 864,534 — 864,534 — 864,534 Residential mortgage loans, held-for-sale (includes $3,933,392 at fair value) (A) 4,037,411 — 4,037,411 — 4,037,411 Single-family rental properties 959,448 — 959,448 — 959,448 Mortgage loans receivable, at fair value 1,919,913 — 1,919,913 (349,911) 1,570,002 Residential mortgage loans subject to repurchase 1,897,142 — 1,897,142 — 1,897,142 Cash and cash equivalents (A) 1,420,010 — 1,420,010 — 1,420,010 Restricted cash (A) 529,565 — 529,565 (8,333) 521,232 Servicer advances receivable 2,522,246 — 2,522,246 — 2,522,246 Other assets (includes $580,341 at fair value) (A) 2,158,598 — 2,158,598 (531) 2,158,067 Assets of consolidated CFEs (A) : Investments, at fair value and other assets — 2,238,906 2,238,906 358,775 2,597,681 Total Assets $ 35,334,535 $ 1,947,656 $ 37,282,191 $ — $ 37,282,191 Liabilities and Equity Liabilities Secured financing agreements (A) $ 13,655,247 $ — 13,655,247 $ — $ 13,655,247 Secured notes and bonds payable (includes $341,287 at fair value) (A) 9,653,664 — 9,653,664 (311,917) 9,341,747 Residential mortgage loan repurchase liability 1,897,142 — 1,897,142 — 1,897,142 Unsecured notes, net of issuance costs 544,612 — 544,612 — 544,612 Payable for investments purchased 498,933 — 498,933 — 498,933 Dividends payable 129,632 — 129,632 — 129,632 Accrued expenses and other liabilities (includes $67,314 at fair value) (A) 1,893,679 — 1,893,679 (427) 1,893,252 Liabilities of consolidated CFEs (A) : Notes payable, at fair value and other liabilities — 1,947,656 1,947,656 312,344 2,260,000 Total Liabilities 28,272,909 1,947,656 30,220,565 — 30,220,565 Equity Preferred stock, $0.01 par value, 100,000,000 shares authorized, 52,038,000 issued and outstanding, $1,300,959 aggregate liquidation preference 1,258,667 — 1,258,667 — 1,258,667 Common stock, $0.01 par value, 2,000,000,000 shares authorized, 473,715,100 issued and outstanding 4,739 — 4,739 — 4,739 Additional paid-in capital 6,060,671 — 6,060,671 — 6,060,671 Retained earnings (accumulated deficit) (381,843) — (381,843) — (381,843) Accumulated other comprehensive income 48,337 — 48,337 — 48,337 Total Rithm Capital stockholders’ equity 6,990,571 — 6,990,571 — 6,990,571 Noncontrolling interests in equity of consolidated subsidiaries 71,055 — 71,055 — 71,055 Total Equity 7,061,626 — 7,061,626 — 7,061,626 Total Liabilities and Equity $ 35,334,535 $ 1,947,656 $ 37,282,191 $ — $ 37,282,191 (A) The Company's Consolidated Balance Sheets include assets and liabilities of consolidated VIEs and certain other consolidated VIEs classified as CFEs that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. Consolidated Statement of Operations: Three Months Ended September 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 453,163 $ (173) $ 452,990 $ — $ 452,990 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(141,616)) (19,174) — (19,174) — (19,174) Servicing revenue, net 433,989 (173) 433,816 — 433,816 Interest income 273,379 (4,553) 268,826 (6,924) 261,902 Gain on originated residential mortgage loans, held-for-sale, net 203,479 4,407 207,886 — 207,886 910,847 (319) 910,528 (6,924) 903,604 Expenses Interest expense and warehouse line fees 218,089 — 218,089 (4,546) 213,543 General and administrative 214,624 451 215,075 — 215,075 Compensation and benefits 290,984 — 290,984 — 290,984 Management fee to affiliate — — — — — Termination fee to affiliate — — — — — 723,697 451 724,148 (4,546) 719,602 Other Income (Loss) Realized and unrealized gains (losses), net (34,118) 770 (33,348) 2,378 (30,970) Other income (loss), net 23,242 — 23,242 — 23,242 (10,876) 770 (10,106) 2,378 (7,728) Income (loss) before income taxes 176,274 — 176,274 — 176,274 Income tax expense (benefit) 22,084 — 22,084 — 22,084 Net Income (loss) $ 154,190 $ — $ 154,190 $ — $ 154,190 Noncontrolling interests in income (loss) of consolidated subsidiaries 7,307 — 7,307 — 7,307 Dividends on preferred stock 22,427 — 22,427 — 22,427 Net income (loss) attributable to common stockholders $ 124,456 $ — $ 124,456 $ — $ 124,456 Net Income (loss) per share of common stock Basic $ 0.27 $ — $ 0.27 $ — $ 0.27 Diluted $ 0.26 $ — $ 0.26 $ — $ 0.26 Weighted average number of shares of common stock outstanding Basic 467,974,962 — 467,974,962 — 467,974,962 Diluted 476,796,757 — 476,796,757 — 476,796,757 Dividends declared per share of common stock $ 0.25 $ — $ 0.25 $ — $ 0.25 Consolidated Statement of Operations: Nine Months Ended September 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,379,041 $ (445) $ 1,378,596 $ — $ 1,378,596 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(522,206)) 890,281 — 890,281 — 890,281 Servicing revenue, net 2,269,322 (445) 2,268,877 — 2,268,877 Interest income 710,440 (10,648) 699,792 (13,126) 686,666 Gain on originated residential mortgage loans, held-for-sale, net 980,266 1,098 981,364 — 981,364 3,960,028 (9,995) 3,950,033 (13,126) 3,936,907 Expenses Interest expense and warehouse line fees 507,751 — 507,751 (8,727) 499,024 General and administrative 686,133 1,364 687,497 — 687,497 Compensation and benefits 1,023,261 — 1,023,261 — 1,023,261 Management fee to affiliate 46,174 — 46,174 — 46,174 Termination fee to affiliate 400,000 — 400,000 — 400,000 2,663,319 1,364 2,664,683 (8,727) 2,655,956 Other Income (Loss) Realized and unrealized gains (losses), net (256,656) 11,359 (245,297) 4,399 (240,898) Other income (loss), net 134,962 — 134,962 — 134,962 (121,694) 11,359 (110,335) 4,399 (105,936) Income (loss) before income taxes 1,175,015 — 1,175,015 — 1,175,015 Income tax expense (benefit) 297,563 — 297,563 — 297,563 Net Income (loss) $ 877,452 $ — $ 877,452 $ — $ 877,452 Noncontrolling interests in income (loss) of consolidated subsidiaries 27,098 — 27,098 — 27,098 Dividends on preferred stock 67,315 — 67,315 — 67,315 Net income (loss) attributable to common stockholders $ 783,039 $ — $ 783,039 $ — $ 783,039 Net Income (loss) per share of common stock Basic $ 1.68 $ — $ 1.68 $ — $ 1.68 Diluted $ 1.62 $ — $ 1.62 $ — $ 1.62 Weighted average number of shares of common stock outstanding Basic 467,192,721 — 467,192,721 — 467,192,721 Diluted 481,900,129 — 481,900,129 — 481,900,129 Dividends declared per share of common stock $ 0.75 $ — $ 0.75 $ — $ 0.75 Consolidated Statement of Cash Flows: Nine Months Ended September 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Rest |
BUSINESS AND ORGANIZATION
BUSINESS AND ORGANIZATION | 12 Months Ended |
Dec. 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,” the “Company” or “we,” “our” and “us”) is a global asset manager focused on real estate, credit and financial services. Rithm Capital is a Delaware corporation that was formed as a limited liability company in September 2011 (commenced operations in December 2011) and for the purpose of making real estate and financial related investments. 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. Effective June 17, 2022, Rithm Capital entered into an internalization agreement with the Former Manager, pursuant to which the Management Agreement was terminated and the Company internalized its management functions (such transactions, the “Internalization”). As a result of the Internalization, Rithm Capital operates as an internally managed Real Estate Investment Trust (“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), which payments were completed by December 15, 2022. We seek to generate long-term value for our investors by using our investment expertise to identify, manage and invest in real estate related and other financial assets and more recently, broader asset management capabilities, in each case that provides investors with attractive risk-adjusted returns. Our investments in real estate related assets include our equity interest in operating companies, including leading origination and servicing platforms held through wholly-owned subsidiaries, Newrez LLC (“Newrez”) and Genesis Capital LLC (“Genesis”), as well as investments in single-family rentals (“SFR”), title, appraisal and property preservation and maintenance businesses. Our strategy involves opportunistically pursuing acquisitions and seeking to establish strategic partnerships that we believe enable us to maximize the value of our investments by offering products and services related to the lifecycle of transactions that affect each mortgage loan and underlying residential property or collateral. We operate our asset management business primarily through our wholly-owned subsidiary, Sculptor Capital Management, Inc. (“Sculptor”). Sculptor is a leading global alternative asset manager and provides asset management services and investment products across credit, real estate and multi-strategy platforms through commingled funds, separate accounts and other alternative investment vehicles. We completed the Sculptor Acquisition (as defined below) on November 17, 2023. As of December 31, 2023, Rithm Capital conducted its business through the following segments: (i) Origination and Servicing, (ii) Investment Portfolio, (iii) Mortgage Loans Receivable, (iv) Asset Management and (v) Corporate. Within our portfolio, we target complementary assets that generate stable long-term cash flows and employ conservative capital structures in an effort to generate returns across different interest rate environments. Our investment approach and capital allocation decisions combine a focus on asset selection, relative value and risk management, while taking into consideration available financing and other relevant macroeconomic factors. In our efforts to identify and invest in target assets, we compete with banks, other REITs, non-bank mortgage lenders and servicers, private equity firms, alternative assets managers, hedge funds and other large financial services companies. In the face of this competition, the experience of members of our management team and dedicated investment professionals provide us with a competitive advantage when pursuing attractive investment opportunities. During 2023, our servicing and origination businesses operated through our wholly-owned subsidiaries Newrez and Caliber Home Loans Inc. (“Caliber”, and together with Newrez, the “Mortgage Company”). The integration of Caliber operations was completed in the fourth quarter of 2023 and as such all Mortgage Company operations are within Newrez as of December 31, 2023. Our residential mortgage origination business sources and originates loans through four distinct channels: Direct to Consumer, Retail, Wholesale and Correspondent. Additionally, our servicing platform complement our origination business and offer our subsidiaries and third-party clients performing and special servicing capabilities. We also operate additional real estate related businesses, including Avenue 365 Lender Services, LLC, our title company, and eStreet Appraisal Management LLC, our appraisal management company. Our real estate businesses also include Adoor LLC (“Adoor”), a wholly-owned subsidiary, which is focused on the acquisition and management of our SFR properties and Genesis, a lender for experienced developers and investors of residential real estate, which also supports our Adoor business. We also have investments in Guardian Asset Management (“Guardian”), a national provider of field services and property management services. Rithm Capital, through its wholly-owned subsidiaries New Residential Mortgage LLC (“NRM”) and Newrez, 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 Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Mortgage Corporation (“Freddie Mac”, and together with Fannie Mae, “Government Sponsored Enterprises” or “GSEs”), and in the case of Newrez, Government National Mortgage Association (“Ginnie Mae”). Newrez is also eligible to perform servicing on behalf of other servicers (subservicing) and investors. Newrez sells substantially all of the mortgage loans that it originates into the secondary market. Newrez securitizes loans into residential mortgage-backed securities (“RMBS”) through the GSEs and Ginnie Mae. Loans originated outside of the GSEs, guidelines of the Federal Housing Administration (“FHA”), United States Department of Agriculture or Department of Veterans Affairs (for loans securitized with Ginnie Mae) are sold to private investors and mortgage conduits. Newrez generally retains the right to service the underlying residential mortgage loans sold and securitized by Newrez. NRM and Newrez are required to conduct aspects of their operations in accordance with applicable policies and guidelines. We seek to protect book value and the value of our assets by actively managing and hedging our portfolio. Diversification of our overall portfolio, including our portfolio assets and operating entities, and a variety of hedging strategies help contribute to book value stability. Both our portfolio composition (inclusive of long and short duration instruments and various operating businesses) and specific hedging instruments (including Agency mortgage-backed securities (“MBS”) to-be-announced forward contract positions (“TBAs”), interest rate swaps and others) are employed to mitigate book value volatility. We believe that the actions we have taken over the past number of years to diversify and grow our portfolio have allowed us to operate efficiently and perform dynamically across economic conditions. We also seek to protect our assets and reduce the impact of prepayments on our mortgage servicing rights (“MSRs”) and Excess mortgage servicing right (“Excess MSR”) investments through own recapture efforts and agreements with our subservicers. Under our agreements with subservicers, Rithm Capital is generally entitled to the MSRs or a pro rata interest in the Excess MSRs on any initial or subsequent refinancing of loans relating to MSRs and Excess MSRs subserviced or serviced by PHH Mortgage Corporation (“PHH”), Mr. Cooper Group Inc. (“Mr. Cooper”), Valon Mortgage, Inc. (“Valon”), Specialized Loan Servicing LLC (“SLS”) or Shellpoint Mortgage Servicing. Rithm Capital has elected and intends to qualify to be taxed as a REIT for United States of America (“U.S.”) federal income tax purposes. As such, Rithm Capital will generally not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. See Note 2 and Note 26 for additional information regarding Rithm Capital’s taxable REIT subsidiaries (“TRSs”). Acquisition of Sculptor Capital Management, Inc. Rithm Capital acquired Sculptor on November 17, 2023 pursuant to the Agreement and Plan of Merger (including the schedules and exhibits thereto and as amended by Amendment No. 1 to the Merger Agreement and Amendment No. 2 to the Merger Agreement) (the “Sculptor Acquisition”). The purchase price of the Sculptor Acquisition is approximately $630.3 million (see Note 4). Agreement to Acquire Computershare Mortgage Services Inc. On October 2, 2023, Rithm Capital entered into a definitive agreement with Computershare Limited to acquire Computershare Mortgage Services Inc. (“Computershare”) and certain affiliated companies, including SLS, for a purchase price of approximately $720 million (the “Computershare Acquisition”). |
BASIS OF PRESENTATION AND SUMMA
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Accounting — The accompanying consolidated financial statements are prepared in accordance with US generally accepted accounting principles (“GAAP” or “US GAAP”). In the opinion of management, all adjustments considered necessary for a fair presentation of Rithm Capital’s financial position, results of operations and cash flows have been included and are of a normal and recurring nature. The consolidated financial statements include the accounts of Rithm Capital and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. Rithm Capital consolidates those entities in which it has control over significant operating, financing and investing decisions of the entity, as well as those entities classified as VIEs in which Rithm Capital is determined to be the primary beneficiary. For entities over which Rithm Capital exercises significant influence, but which do not meet the requirements for consolidation, Rithm Capital applies the equity method of accounting whereby it records its share of the underlying income of such entities unless a fair value option is elected. Distributions from such investments are classified in the Consolidated Statements of Cash Flows based on the cumulative earnings approach, where all distributions up to cumulative earnings are classified as distributions of earnings. Restatement of Previously Issued Financial Statements — On July 22, 2024, the Audit Committee of the Company’s Board of Directors (the “Audit Committee”) concluded that certain prior period financial statements and financial information needed to be restated to account for the consolidation of certain private label mortgage securitization trusts and other immaterial adjustments. Such prior period financial statements are presented herein as restated. See Note 3 for information on the restated audited consolidated financial statements as of December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021. See Note 28 for information on the restated unaudited quarterly consolidated financial statements for each of the quarters within 2023 and 2022. Reclassifications — Certain prior period amounts in Rithm Capital’s Consolidated Financial Statements and respective notes have been reclassified to be consistent with the current period presentation. Such reclassifications had no impact on net income, total assets, total liabilities or stockholders’ equity. Risks and Uncertainties — In the normal course of business, Rithm Capital encounters primarily two significant types of economic risk: credit risk and market risk. Credit risk is the risk of default on Rithm Capital’s investments that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments due to changes in prepayment rates, interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying Rithm Capital’s investments. Taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories and other information, Rithm Capital believes that the carrying values of its investments are reasonable. Furthermore, for each of the periods presented, a significant portion of Rithm Capital’s assets are dependent on its servicers’ and subservicers’ 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 operate in a challenging and uncertain economic environment. Financial and real estate companies continue to be affected by, among other things, market volatility, interest rates and inflationary pressures. 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. Foreign Currency — The functional currency of substantially all of the Company’s consolidated subsidiaries is the U.S. dollar, as their operations are considered extensions of the U.S. parent’s operations. Monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at the closing rates of exchange on the balance sheet date. Nonmonetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars using the historical exchange rate. As a result, no transaction gains or losses are recognized for nonmonetary assets and liabilities. The profit or loss arising from foreign currency transactions are remeasured using the rate in effect on the date of any relevant transaction. Gains and losses on transactions denominated in foreign currencies due to changes in exchange rates are recorded within general and administrative on the Consolidated Statements of Operations. Unrealized gains and losses due to changes in exchange rates related to investments denominated in a currency other than an entity’s functional currency are reported as cumulative translation adjustment in the Consolidated Statements of Comprehensive Income. The Company has a subsidiary acquired as part of the Sculptor Acquisition whose functional currency is the Euro, and the financial statements of such entity are translated into U.S. dollars using the exchange rates prevailing at the end of each reporting period, and the statement of operations of the entity is translated using the rate in effect on the date of any relevant transaction. Gains and losses arising from the translation of monetary assets and liabilities are recorded as a currency translation adjustment in the Consolidated Statements of Comprehensive Income and are included in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. Business Combinations and Assets Acquisitions — When the assets acquired and liabilities assumed constitute a business, then the acquisition is a business combination. If substantially all of the fair value of the gross asset acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset is not considered a business. Business combinations are accounted for under ASC 805, Business Combinations , using the acquisition method which requires, among other things, that the assets acquired and liabilities assumed be recognized at fair value as of the acquisition date. In a business combination, the initial allocation of the purchase price is considered preliminary and therefore subject to change until the end of the measurement period (up to one year from the acquisition date). Goodwill is calculated as the excess of the consideration transferred over the net assets acquired that meet the criteria for separate recognition and represents the estimated future economic benefits arising from these and other assets acquired that could not be individually identified or do not qualify for recognition as a separate asset. Likewise, a bargain purchase gain is recognized in current earnings when the aggregate fair value of the consideration transferred and any noncontrolling interests in the acquiree is less than the fair value of the identifiable net assets acquired. Acquisition related costs are expensed as incurred. The results of operations of acquired businesses are included from the date of acquisition. Common control transactions include a transfer of net assets or an exchange of equity interests between entities under the control of the same parent. Common control transactions have characteristics that are similar to a business combination but do not meet the requirements to be accounted for as a business combination. The accounting and reporting for a transaction between entities under common control is addressed in the ASC 805-50, Transactions Between Entities Under Common Control , which requires that the receiving entity recognize the net assets received at their historical carrying amounts. Investment Consolidation and Transfers of Financial Assets — For each investment made, the Company evaluates the underlying entity that issued the securities acquired or to which the Company makes a loan to determine the appropriate accounting. A similar analysis is performed for each entity with which the Company enters into an agreement for management, servicing or related services. In performing the analysis, the Company refers to guidance in ASC 810-10, Consolidation . In situations where the Company is the transferor of financial assets, the Company refers to the guidance in ASC 860-10, Transfers and Servicing . In VIEs, an entity is subject to consolidation under ASC 810-10 if the equity investors either do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, are unable to direct the entity’s activities or are not exposed to the entity’s losses or entitled to its residual returns. VIEs within the scope of ASC 810-10 are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. This determination can sometimes involve complex and subjective analyses. Further, ASC 810-10 also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. In accordance with ASC 810-10, all transferees, including variable interest entities, must be evaluated for consolidation. If the Company determines that consolidation is not required, it will then assess whether the transfer of the underlying assets would qualify as a sale, should be accounted for as secured financings under GAAP, or should be accounted for as an equity method investment, depending on the circumstances. In circumstances where an entity does not have the characteristics of a VIE, it would be considered a voting interest entity (“VOE”). The Company would consolidate a VOE where the Company has a majority equity interest and has control over significant operating, financial and investing decisions of the entity. A Special Purpose Entity (“SPE”) is an entity designed to fulfill a specific limited need of the company that organized it. SPEs are often used to facilitate transactions that involve securitizing financial assets or resecuritizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and, depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company may periodically enter into transactions in which it transfers assets to a third party. Upon a transfer of financial assets, the Company will sometimes retain or acquire subordinated interests in the related assets. Pursuant to ASC 860-10, a determination must be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor’s continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. The financial components approach under ASC 860-10 limits the circumstances in which a financial asset, or portion of a financial asset, should be derecognized when the transferor has not transferred the entire original financial asset to an entity that is not consolidated with the transferor in the financial statements being presented and/or when the transferor has continuing involvement with the transferred financial asset. It defines the term “participating interest” to establish specific conditions for reporting a transfer of a portion of a financial asset as a sale. Under ASC 860-10, after a transfer of financial assets that meets the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transferred control - an entity recognizes the financial and servicing assets it acquired or retained and the liabilities it has incurred, derecognizes financial assets it has sold and derecognizes liabilities when extinguished. The transferor would then determine the gain or loss on sale of financial assets by allocating the carrying value of the underlying mortgage between securities or loans sold and the interests retained based on their fair values. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the securities or loans sold. When a transfer of financial assets does not qualify for sale accounting, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral. From time to time, the Company may securitize mortgage loans it holds if such financing is available. Depending upon the structure of the securitization transaction, these transactions will be recorded in accordance with ASC 860-10 and will be accounted for as either a sale and the loans will be removed from the Consolidated Balance Sheets, or as a financing and the loans will remain on the Consolidated Balance Sheets. ASC 860-10 is a standard that may require the Company to exercise significant judgment in determining whether a transaction should be recorded as a sale or a financing. 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 VIE that holds financial assets and issues beneficial interests in those assets, and these beneficial interests have contractual recourse only to the related assets of the CFE. Accounting guidance 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. Policies of Certain Consolidated Entities — For purposes of these consolidated financial statements, “consolidated entities” refer to special purpose entities, funds or other investment vehicles which the Company is required to consolidate in accordance with ASC 810 Consolidation . Investments held by a consolidated fund that are considered an investment company, are reflected at their estimated fair values pursuant to specialized investment company accounting guidance retained by the Company using net asset value (“NAV”) per share of the underlying funds. Refer to Note 21 for further details. The Company’s policy is that a consolidated entity that is considered an investment company under GAAP will generally consolidate another investment company when it owns substantially all of the interest in the investment company. The Company also consolidates certain securitization vehicles that are collateralized financing entities (“CFEs”). The Company elected fair value option for the financial assets and the financial liabilities upon consolidation of these securitization vehicles. The Company measures the financial assets of these consolidated securitization vehicles based on the fair value of the financial liabilities, as the Company believes the fair value of the financial liabilities is more observable. The financial assets are measured as (i) the sum of the fair value of the financial liability including beneficial interests retained by the Company less (ii) the carrying value of any nonfinancial assets held temporarily. As a result of this measurement alternative, there is no attribution of amounts to non-controlling interests for consolidated CFEs. Assets of consolidated CFEs accounted for using the measurement alternative are presented within Assets of consolidated CFEs under Investments, at fair value and other assets, and liabilities due to third parties are presented within Liabilities of consolidated CFEs under Notes payable, at fair value and other liabilities, in the Consolidated Balance Sheets. Change in the fair value of these consolidated securitization vehicles’ financial assets and liabilities and related interest and other income are presented within Realized and unrealized gains (losses), net, and ongoing expenses of the vehicles are presented as expenses within General and administrative on the Consolidated Statements of Operations. Refer to Note 22 for further details. Excess MSRs — Excess MSRs refer to the excess servicing spread related to MSRs, whose underlying collateral is securitized in a trust. Upon acquisition, Rithm Capital has elected to record each of such investments at fair value. Rithm Capital elected to record its investments at fair value in order to provide users of the financial statements with better information regarding the effects of prepayment risk and other market factors on Excess MSRs. Under this election, Rithm Capital records a valuation adjustment on its Excess MSRs on a quarterly basis to recognize the changes in fair value in net income. Excess MSRs are aggregated into pools as applicable; each pool of Excess MSRs is accounted for in the aggregate. Interest income for Excess MSRs is accreted into earnings on an effective yield or “interest” method, based upon the expected excess mortgage servicing amount through the expected life of the underlying mortgages. Changes to expected cash flows result in a cumulative retrospective adjustment, which will be recorded in the period in which the change in expected cash flows occurs. Under the retrospective method, the interest income recognized for a reporting period is measured as the difference between the amortized cost basis at the end of the period and the amortized cost basis at the beginning of the period, plus any cash received during the period. The amortized cost basis is calculated as the present value of estimated future cash flows using an effective yield, which is the yield that equates all past actual and current estimated future cash flows to the initial investment. In addition, Rithm Capital’s policy is to recognize interest income only on its Excess MSRs in existing eligible underlying mortgages. The difference between the fair value of Excess MSRs and their amortized cost basis is recorded as change in realized and unrealized gains (losses), net on the Consolidated Statements of Operations. Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the Excess MSRs, and therefore may differ from their effective yields. Excess MSRs is grouped and presented as part of other assets on the Consolidated Balance Sheets. MSRs and MSR Financing Receivables — MSRs represent the contractual right to service residential mortgage loans. The Company recognizes MSRs created through the sale of loans it originates. Under the accounting guidance for transfers and servicing, the Company initially measures a mortgage servicing asset that qualifies for separate recognition at fair value on the date of transfer. Rithm Capital elected to record its investments at fair value in order to provide users of the financial statements with better information regarding the effects of prepayment risk and other market factors on MSRs. Under this election, Rithm Capital records a valuation adjustment on its MSRs on a quarterly basis to recognize the changes in fair value in net income. MSRs are aggregated into pools as applicable; each pool of MSRs is accounted for in the aggregate. Income from MSRs is recorded in Servicing Revenue, Net and comprises (i) income from the MSRs, plus or minus (ii) the mark-to-market on the MSRs including change in fair value due to realization of cash flows. Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the MSRs. In certain cases, Rithm Capital has legally purchased MSRs or the right to the economic interest in MSRs; however, Rithm Capital has determined that the purchase agreement would not be treated as a sale under GAAP. Therefore, rather than recording an investment in MSRs, Rithm Capital records an investment in MSR financing receivables. Income from this investment (net of subservicing fees) is recorded as interest income and is grouped and presented as part of servicing revenue, net in the Consolidated Statements of Operations. Additionally, Rithm Capital has elected to measure MSR financing receivables at fair value, with changes in fair value flowing through servicing revenue, net in the Consolidated Statements of Operations. Servicer Advance Investments — Rithm Capital accounts for its servicer advance investments similarly to its Excess MSRs. Interest income for servicer advance investments is accreted into earnings on an effective yield or “interest” method, based upon the expected aggregate cash flows of the servicer advance investments, including the basic fee component of the related MSR (but excluding any Excess MSR component) through the expected life of the underlying mortgages, net of a portion of the basic fee component of the MSR that Rithm Capital remits to the servicer as compensation for the servicer’s servicing activities. Changes to expected cash flows result in a cumulative retrospective adjustment, which is recorded in the period in which the change in expected cash flows occurs. Under the retrospective method, the interest income recognized for a reporting period is measured as the difference between the amortized cost basis at the end of the period and the amortized cost basis at the beginning of the period, plus any cash received during the period. The amortized cost basis is calculated as the present value of estimated future cash flows using an effective yield, which is the yield that equates past actual and current estimated future cash flows to the initial investment. For periods in which cash flows are impacted by an independent factor where there is a change in effective interest rate during the period, the new yield is calculated retrospectively back to the change in effective interest rate during that period. The difference between the fair value of servicer advance investments and their amortized cost basis is recorded as change in realized and unrealized gains (losses), net on the Consolidated Statements of Operations. Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the servicer advance investments, and therefore may differ from their effective yields. Servicer advance investments is grouped and presented as part of other assets on the Consolidated Balance Sheets. Real Estate and Other Securities — Agency RMBS and Non-Agency residential and other securities are classified as either available-for-sale or accounted for under the fair value option. The Company determines the appropriate classification of its securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. If classified as available-for-sale, investments are carried at fair value, with net unrealized gains or losses reported as a component of accumulated other comprehensive income. If classified under the fair value option, changes in fair value are recorded in the Consolidated Statements of Operations as a component of realized and unrealized gains (losses), net. Fair value is determined under the guidance of ASC 820, Fair Value Measurements and Disclosures . Management’s judgment is used to arrive at the fair value of the Company’s real estate and other securities, taking into account prices obtained from third-party pricing providers and other applicable market data. The third-party pricing providers use pricing models that generally incorporate such factors as coupons, primary and secondary mortgage rates, rate reset periods, issuer, prepayment speeds, credit enhancements and expected life of the security. The Company’s application of ASC 820 guidance is discussed in further detail in Note 21. Investment securities transactions are recorded on the trade date. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investment and is included in net income. There are several different accounting models that may be applicable for purposes of the recognition of interest income on securities depending on whether the security is designated as available-for-sale or fair value option. The following accounting models apply to securities classified as available-for-sale: (i) Securities of high credit quality rated ‘AA’ or higher that, at the time of purchase, the Company expects to collect all contractual cash flows and the security cannot be contractually prepaid in such a way that the Company would not recover substantially all of its recorded investment. (ii) Non-Agency securities which are not of high credit quality at the time of purchase or that can be contractually prepaid or otherwise settled in such a way that the Company would not recover substantially all of its recorded investment. For securities of high credit quality accounted for under (i) above, the Company recognizes interest income by applying the permitted “interest method,” whereby purchase premiums and discounts are amortized and accreted, respectively, as an adjustment to contractual interest income accrued at each security’s stated coupon rate. The interest method is applied at the individual security level based upon each security’s effective interest rate. The Company calculates each security’s effective interest rate at the time of purchase by solving for the discount rate that equates the present value of that security's remaining contractual cash flows (assuming no principal prepayments) to its purchase price. Because each security’s effective interest rate does not reflect an estimate of future prepayments, the Company refers to this manner of applying the interest method as the “contractual effective interest method.” When applying the contractual effective interest method to its investments in securities, as principal prepayments occur, a proportional amount of the unamortized premium or discount is recognized in interest income such that the contractual effective interest rate on the remaining security balance is unaffected. For Non-Agency securities accounted for under (ii) above, the Company recognizes interest income by applying the required prospective level-yield methodology. Interest income under this methodology is impacted by management judgments around both the amount and timing of credit losses (defaults) and prepayments. Consequently, interest income on these Non-Agency securities is recognized based on the timing and amount of cash flows expected to be collected, as opposed to being based on contractual cash flows. These securities are generally purchased at a discount to the principal amount. At the original acquisition date, the Company estimates the timing and amount of cash flows expected to be collected and calculates the present value of those amounts to the Company’s purchase price. In each subsequent balance sheet date, the Company revises its estimates of the remaining timing and amount of cash flows expected to be collected. If there is a positive change in the amount and timing of future cash flows expected to be collected from the previous estimate, the effective interest rate in future accounting periods may increase resulting in an increase in the reported amount of interest income in future periods. A positive change in the amount and timing of future cash flows expected to be collected is considered to have occurred when the net present value of future cash flows expected to be collected has increased from the previous estimate. This can occur from a change in either the timing of when cash flows are expected to be collected (i.e., from changes in prepayment speeds or the timing of estimated defaults) or in the amount of cash flows expected to be collected (i.e., from reductions in estimates of future defaults). If there is a negative or adverse change in the amount and timing of future cash flows expected to be collected from the previous estimate and the security's fair value is below its amortized cost, an impairment loss equal to the adverse change in cash flows expected to be collected, discounted using the security's effective rate before impairment, is required to be recorded in current period earnings. Additionally, while the effective interest rate used to accrete interest income after an impairment has been recognized will generally be the same, the amount of interest income recorded in future periods will decline because of the reduced balance of the amortized cost basis of the investment to which such effective interest rate is applied. The following accounting models apply to securities accounted for under the fair value option: (iii) securities of high credit quality rated ‘AA’ or higher that, at the time of purchase, the Company expects to collect all contractual cash flows and the security cannot be contractually prepaid in such a way that the Company would not recover substantially all of its recorded investment. (iv) Non-Agency securities which are not of high credit quality at the time of purchase or that can be contractually prepaid or otherwise settled in such a way that the Company would not recover substantially all of its recorded investment. Interest income on securities accounted for in (iii) above is recognized based on the stated coupon rate and the outstanding principal amount. The original purchase premium or discount is not amortized or accreted as part of interest income but rather reflected as part of the security’s fair value. Interest income on Non-Agency securities accounted for in (iv) above is recognized in accordance with the model described in (ii) above. The Company evaluates its securities classified as available-for-s |
RESTATEMENT OF PREVIOUSLY ISSUE
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS | RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS On July 22, 2024, the Audit Committee of the Company’s Board of Directors (the “Audit Committee”) concluded that the previously issued (i) audited consolidated financial statements and the notes thereto as of December 31, 2023 and 2022, and for the years ended December 31, 2023, 2022 and 2021 and (ii) unaudited consolidated financial statements and the notes thereto as of and for the three months ended March 31, 2023 and 2022, as of and for the three and six months ended June 30, 2023 and 2022, as of and for the three and nine months ended September 30, 2023 and 2022, and for the three months ended December 31, 2023 and 2022, (collectively the “Affected Financial Statements”) need to be restated and should no longer be relied on. Amounts depicted as “As Restated” throughout the accompanying consolidated financial statements and notes thereto include the impact of the restatement. See Note 28 for further information on the unaudited restated consolidated financial statements for the quarterly periods referred to above in (ii). The impacts of the restatement on the Affected Financial Statements are presented within the tables below and relate to one of the following categories: (a) an error in accounting treatment of certain private label mortgage securitization trusts (“Trusts”), classified as VIEs, that management concluded should be consolidated subject to ASC 810 - Consolidation , and its various interpretations. The conclusion is based on the determination that the Company should be treated as the primary beneficiary of these VIEs, a determination that involves complex and subjective analyses. As a result, the Company determined it necessary to consolidate the Trusts. To correct the error, adjustments were made to eliminate the Company’s retained interest in the Trusts from Real estate and other securities and to reflect the assets of the Trusts as Investments, at fair value and other assets of consolidated entities presented within Assets of consolidated CFEs and the liabilities of the Trusts as Notes payable, at fair value and other liabilities of consolidated entities presented within Liabilities of consolidated CFEs within the Consolidated Balance Sheets. The Company eliminated interest income on previously recognized retained interest, servicing fees related to the assets of the Trusts and any gain/loss on sale of the assets to the Trusts. The change in fair value of the consolidated assets and liabilities and the related interest are recognized in Realized and unrealized gains (losses), net on the Consolidated Statements of Operations. The related adjustments are reflected within the “Error Adjustments” column within the tables below. See Note 2 which describes the accounting policies of certain consolidated entities and Note 22 for further details on VIEs. These adjustments did not have any impact on the Company’s net income, equity or unrestricted cash position. In addition, there was no effect on retained earnings or other components of stockholders’ equity as of the beginning of the earliest period presented. (b) an immaterial previously unrecorded adjustment related to incorrect netting of treasury securities payable and related financing. This adjustment requires a gross up of reverse repurchase agreement assets and treasury securities payable in the amount of $1.8 billion, a decrease of Accrued expenses and other liabilities by $46.3 million for the difference in carrying value of reverse repurchase agreements and treasury securities payable and associated accrued interest payable, and an increase of Other assets in the amount of $11.4 million for accrued interest receivable on reverse repurchase agreements as of December 31, 2023 within the Consolidated Balance Sheets. In addition, the Company corrected a second immaterial previously unrecorded adjustment to correct the classification of restricted cash in the amount of $18.0 million which impacted the Consolidated Balance Sheet as of December 31, 2023 and the Consolidated Statement of Cash Flows for the year ended December 31, 2023. The related adjustments are reflected within the “Error Adjustments” column within the tables below. These adjustments did not have any impact on the Company’s net income, equity or unrestricted cash position. (c) reclassifications of certain prior period amounts related to consolidated loan securitizations - mortgage loans receivable and consolidated funds to conform to the presentation of consolidated CFEs as described in (a) above. Reclassifications have no impact on the Company’s net income, equity or unrestricted cash position and are only included in order to conform the presentation across the periods presented. Accordingly, the tables below present the effect of these adjustments, including the reclassifications, on the affected line items in the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Cash Flows as reported in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2023. Consolidated Balance Sheet: December 31, 2023 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 8,405,938 $ — $ 8,405,938 $ — $ 8,405,938 Real estate and other securities (includes $9,337,159 at fair value) 9,782,217 (420,505) (a) 9,361,712 — 9,361,712 Residential mortgage loans, held-for-investment, at fair value 379,044 — 379,044 — 379,044 Residential mortgage loans, held-for-sale (includes $2,461,865 at fair value) (A) 2,540,742 — 2,540,742 — 2,540,742 Consumer loans, held-for-investment, at fair value (A) 1,274,005 — 1,274,005 — 1,274,005 Single-family rental properties 1,001,928 — 1,001,928 — 1,001,928 Mortgage loans receivable, at fair value 2,232,913 — 2,232,913 (353,594) 1,879,319 Residential mortgage loans subject to repurchase 1,782,998 — 1,782,998 — 1,782,998 Cash and cash equivalents (A) 1,287,199 — 1,287,199 — 1,287,199 Restricted cash (A) 385,620 18,013 (b) 403,633 (25,585) 378,048 Servicer advances receivable 2,760,250 — 2,760,250 — 2,760,250 Reverse repurchase agreement — 1,769,601 (b) 1,769,601 — 1,769,601 Other assets (includes $1,167,563 at fair value) (A) 3,478,931 (6,660) (b) 3,472,271 (327,448) 3,144,823 Assets of consolidated CFEs (A) : Investments, at fair value and other asset — 3,044,850 (a) 3,044,850 706,627 3,751,477 Total Assets $ 35,311,785 $ 4,405,299 $ 39,717,084 $ — $ 39,717,084 Liabilities and Equity Liabilities Secured financing agreements (A) $ 12,561,283 — $ 12,561,283 — $ 12,561,283 Secured notes and bonds payable (includes $235,770 at fair value) (A) 10,679,186 — 10,679,186 (318,998) 10,360,188 Residential mortgage loan repurchase liability 1,782,998 — 1,782,998 — 1,782,998 Unsecured notes, net of issuance costs 719,004 — 719,004 — 719,004 Treasury securities payable — 1,827,281 (b) 1,827,281 — 1,827,281 Dividends payable 135,897 — 135,897 135,897 Accrued expenses and other liabilities (includes $51,765 at fair value) (A) 2,332,379 (46,326) (b) 2,286,053 (220,292) 2,065,761 Liabilities of consolidated CFEs (A) : Notes payable, at fair value and other liabilities — 2,624,344 (a) 2,624,344 539,290 3,163,634 Total Liabilities 28,210,747 4,405,299 32,616,046 — 32,616,046 Equity Preferred stock, $0.01 par value, 100,000,000 shares authorized, 51,964,122 issued and outstanding, $1,299,104 aggregate liquidation preference 1,257,254 — 1,257,254 — 1,257,254 Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,226,239 issued and outstanding) 4,833 — 4,833 — 4,833 Additional paid-in capital 6,074,322 — 6,074,322 — 6,074,322 Retained earnings (accumulated deficit) (373,141) — (373,141) — (373,141) Accumulated other comprehensive income 43,674 — 43,674 — 43,674 Total Rithm Capital stockholders’ equity 7,006,942 — 7,006,942 — 7,006,942 Noncontrolling interests in equity of consolidated subsidiaries 94,096 — 94,096 — 94,096 Total Equity 7,101,038 — 7,101,038 — 7,101,038 Total Liabilities and Equity $ 35,311,785 $ 4,405,299 $ 39,717,084 $ — $ 39,717,084 (A) The Company's Consolidated Balance Sheets include assets and liabilities of consolidated VIEs and certain other consolidated VIEs classified as CFEs that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2023, total assets of such consolidated VIEs were $5.6 billion and total liabilities of such consolidated VIEs were $4.7 billion. See Note 22 for further details. * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statements of Operations: Year Ended December 31, 2023 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,860,255 $ (898) (a) $ 1,859,357 $ — $ 1,859,357 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978)) (565,684) — (565,684) — (565,684) Servicing revenue, net 1,294,571 (898) 1,293,673 — 1,293,673 Interest income 1,676,324 (23,982) (a) 1,652,342 (36,153) 1,616,189 Gain on originated residential mortgage loans, held-for-sale, net 508,434 25,043 (a) 533,477 — 533,477 Other revenues 236,167 — 236,167 — 236,167 3,715,496 163 3,715,659 (36,153) 3,679,506 Asset Management Asset management revenues 82,681 — 82,681 — 82,681 3,798,177 163 3,798,340 (36,153) 3,762,187 Expenses Interest expense and warehouse line fees 1,421,254 — 1,421,254 (19,927) 1,401,327 General and administrative 730,752 1,717 (a) 732,469 — 732,469 Compensation and benefits 787,092 — 787,092 — 787,092 2,939,098 1,717 2,940,815 (19,927) 2,920,888 Other Income (Loss) Realized and unrealized gains (losses), net (37,236) 1,554 (a) (35,682) 16,226 (19,456) Other income (loss), net (69,010) — (69,010) — (69,010) (106,246) 1,554 (104,692) 16,226 (88,466) Income (loss) before income taxes 752,833 — 752,833 — 752,833 Income tax expense (benefit) 122,159 — 122,159 — 122,159 Net Income (loss) $ 630,674 $ — $ 630,674 $ — $ 630,674 Noncontrolling interests in income (loss) of consolidated subsidiaries 8,417 — 8,417 — 8,417 Dividends on preferred stock 89,579 — 89,579 — 89,579 Net income (loss) attributable to common stockholders $ 532,678 $ — $ 532,678 $ — $ 532,678 Net Income (loss) per share of common stock Basic $ 1.11 $ — $ 1.11 $ — $ 1.11 Diluted $ 1.10 $ — $ 1.10 $ — $ 1.10 Weighted average number of shares of common stock outstanding Basic 481,934,951 — 481,934,951 — 481,934,951 Diluted 483,716,715 — 483,716,715 — 483,716,715 Dividends declared per share of common stock $ 1.00 $ — $ 1.00 $ — $ 1.00 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Cash Flows: Year Ended December 31, 2023 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Cash Flows From Operating Activities Net income (loss) $ 630,674 $ — $ 630,674 $ — $ 630,674 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Change in fair value of investments, net 843,878 49,787 (a) 893,665 — 893,665 Change in fair value of equity investments 28,407 — 28,407 — 28,407 Change in fair value of secured notes and bonds payable 17,155 — 17,155 — 17,155 (Gain) loss on settlement of investments, net (820,238) — (820,238) — (820,238) (Gain) loss on sale of originated residential mortgage loans, held-for-sale, net (508,434) (25,043) (a) (533,477) — (533,477) (Gain) loss on transfer of loans to real estate owned ("REO") (10,224) — (10,224) — (10,224) Accretion and other amortization (120,699) 14,278 (a) (106,421) — (106,421) Provision (reversal) for credit losses on securities, loans and REO (478) — (478) — (478) Non-cash portions of servicing revenue, net 618,005 — 618,005 — 618,005 Deferred tax provision 90,002 — 90,002 — 90,002 Mortgage loans originated and purchased for sale, net of fees (39,817,843) — (39,817,843) — (39,817,843) Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 40,420,708 (725,901) (a) 39,694,807 (353,994) 39,340,813 Residential mortgage loan repayment proceeds of consolidated CFEs — 278,920 (a) 278,920 — 278,920 Mortgage loans receivable repayment proceeds of consolidated CFEs — — — 353,994 353,994 Interest received from servicer advance investments, loans and other 54,485 — 54,485 — 54,485 Changes in: Servicer advances receivable, net 15,022 — 15,022 — 15,022 Other assets (428,763) — (428,763) — (428,763) Accrued expenses and other liabilities 89,897 — 89,897 — 89,897 Net cash provided by (used in) operating activities 1,101,554 (407,959) 693,595 — 693,595 Cash Flows From Investing Activities Business acquisitions, net of cash acquired (324,783) 18,013 (b) (306,770) — (306,770) Maturity of U.S. Treasury Bills 1,030,000 — 1,030,000 — 1,030,000 Purchase of U.S. Treasury Bills (998,148) — (998,148) — (998,148) Purchase of servicer advance investments (852,015) — (852,015) — (852,015) Purchase of RMBS (4,094,934) — (4,094,934) — (4,094,934) U.S. Treasury Note short sales 1,765,360 — 1,765,360 — 1,765,360 Reverse repurchase agreements entered (1,769,601) — (1,769,601) — (1,769,601) Purchase of residential mortgage loans — — — — — Purchase of SFR properties, MSRs and other assets (106,351) — (106,351) — (106,351) Purchase of mortgage loans receivable (146,631) — (146,631) — (146,631) Draws on revolving consumer loans (27,510) — (27,510) — (27,510) Net settlement of derivatives and hedges 867,637 — 867,637 — 867,637 Return of investments in Excess MSRs 31,940 — 31,940 — 31,940 Principal repayments from servicer advance investments 880,861 — 880,861 — 880,861 Principal repayments from RMBS 693,546 (53,810) (a) 639,736 — 639,736 Principal repayments from residential mortgage loans 47,735 — 47,735 — 47,735 Principal repayments from consumer loans 439,540 — 439,540 — 439,540 Proceeds from sale of MSRs and MSR financing receivables 705,300 — 705,300 — 705,300 Proceeds from sale of RMBS 2,087,419 — 2,087,419 — 2,087,419 Proceeds from sale of REO 23,153 — 23,153 — 23,153 Net cash provided by (used in) investing activities 252,518 (35,797) 216,721 — 216,721 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Cash Flows (continued): Year Ended December 31, 2023 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Cash Flows From Financing Activities Repayments of secured financing agreements (48,921,875) — (48,921,875) — (48,921,875) Repayments of warehouse credit facilities (41,096,041) — (41,096,041) — (41,096,041) Net settlement of margin deposits under repurchase agreements and derivatives (862,662) — (862,662) — (862,662) Repayments of secured notes and bonds payable (7,636,954) — (7,636,954) — (7,636,954) Deferred financing fees (7,364) — (7,364) — (7,364) Dividends paid on common and preferred stock (570,878) — (570,878) — (570,878) Borrowings under secured financing agreements 50,079,186 — 50,079,186 — 50,079,186 Borrowings under warehouse credit facilities 41,065,479 — 41,065,479 — 41,065,479 Borrowings under secured notes and bonds payable 6,669,483 — 6,669,483 — 6,669,483 Proceeds from issuance of debt obligations of consolidated CFEs — 725,901 (a) 725,901 — 725,901 Repayments of debt obligations of consolidated CFEs — (269,563) (a) (269,563) — (269,563) Noncontrolling interest in equity of consolidated subsidiaries - distributions (17,261) — (17,261) — (17,261) Payment of contingent consideration — — — — Net cash provided by (used in) financing activities (1,298,887) 456,338 (842,549) — (842,549) Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 55,185 12,582 (a) (b) 67,767 — 67,767 Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,617,634 11,694 (a) 1,629,328 — 1,629,328 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 1,672,819 $ 24,276 $ 1,697,095 $ — $ 1,697,095 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest 1,361,090 123,004 (a) 1,484,094 — 1,484,094 Cash paid during the period for income taxes 6,524 — 6,524 — 6,524 Supplemental Schedule of Non-Cash Investing and Financing Activities Dividends declared but not paid on common and preferred stock 143,199 — 143,199 — 143,199 Transfer from residential mortgage loans to REO and other assets 21,943 — 21,943 — 21,943 Real estate securities retained from loan securitizations 113,136 (113,136) (a) — — — Residential mortgage loans subject to repurchase 1,782,998 — 1,782,998 — 1,782,998 Cashless exercise of 2020 warrants (par) 93 — 93 — 93 Seller financing in Marcus loan acquisition 1,317,347 — 1,317,347 — 1,317,347 Seller financing in acquisition of notes receivable 323,452 — 323,452 — 323,452 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Balance Sheet: December 31, 2022 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 8,889,403 $ — $ 8,889,403 $ — $ 8,889,403 Real estate and other securities (includes $7,952,889 at fair value) 8,289,277 (336,388) (a) 7,952,889 — 7,952,889 Residential mortgage loans, held-for-investment, at fair value 452,519 — 452,519 — 452,519 Residential mortgage loans, held-for-sale (includes $3,297,271 at fair value) (A) 3,398,298 — 3,398,298 — 3,398,298 Consumer loans, held-for-investment, at fair value (A) 363,756 — 363,756 — 363,756 Single-family rental properties 971,313 — 971,313 — 971,313 Mortgage loans receivable, at fair value 2,064,028 — 2,064,028 (349,975) 1,714,053 Residential mortgage loans subject to repurchase 1,219,890 — 1,219,890 — 1,219,890 Cash and cash equivalents (A) 1,336,508 — 1,336,508 — 1,336,508 Restricted cash (A) 281,126 — 281,126 (9,368) 271,758 Servicer advances receivable 2,825,485 — 2,825,485 — 2,825,485 Receivable for investments sold 473,126 — 473,126 — 473,126 Other assets (includes $921,373 at fair value) (A) 1,914,607 — 1,914,607 (235) 1,914,372 Assets of consolidated CFEs (A) : Investments, at fair value and other assets — 2,443,560 (a) 2,443,560 359,578 2,803,138 Total Assets $ 32,479,336 $ 2,107,172 $ 34,586,508 $ — $ 34,586,508 Liabilities and Equity Liabilities Secured financing agreements (A) $ 11,257,736 $ — $ 11,257,736 $ — $ 11,257,736 Secured notes and bonds payable (includes $319,486 at fair value) (A) 10,098,943 — 10,098,943 (312,918) 9,786,025 Residential mortgage loan repurchase liability 1,219,890 — 1,219,890 — 1,219,890 Unsecured notes, net of issuance costs 545,056 — 545,056 — 545,056 Payable for investments purchased 731,216 — 731,216 — 731,216 Dividends payable 129,760 — 129,760 — 129,760 Accrued expenses and other liabilities (includes $18,064 at fair value) (A) 1,486,667 — 1,486,667 (349) 1,486,318 Liabilities of consolidated CFEs (A) : Notes payable, at fair value and other liabilities — 2,107,172 (a) 2,107,172 313,267 2,420,439 Total Liabilities 25,469,268 2,107,172 27,576,440 — 27,576,440 Commitments and Contingencies (Note 24) Equity Preferred stock, $0.01 par value, 100,000,000 shares authorized, 51,964,122 issued and outstanding, $1,299,104 aggregate liquidation preference 1,257,254 — 1,257,254 — 1,257,254 Common stock, $0.01 par value, 2,000,000,000 shares authorized, 473,715,100 issued and outstanding) 4,739 — 4,739 — 4,739 Additional paid-in capital 6,062,019 — 6,062,019 — 6,062,019 Retained earnings (accumulated deficit) (418,662) — (418,662) — (418,662) Accumulated other comprehensive income 37,651 — 37,651 — 37,651 Total Rithm Capital stockholders’ equity 6,943,001 — 6,943,001 — 6,943,001 Noncontrolling interests in equity of consolidated subsidiaries 67,067 — 67,067 — 67,067 Total Equity 7,010,068 — 7,010,068 7,010,068 Total Liabilities and Equity $ 32,479,336 $ 2,107,172 $ 34,586,508 $ — $ 34,586,508 (A) The Company's Consolidated Balance Sheets include assets and liabilities of consolidated VIEs and certain other consolidated VIEs classified as CFEs that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2022, total assets of such consolidated VIEs were $4.7 billion and total liabilities of such consolidated VIEs were $3.9 billion. See Note 22 for further details. * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Operations: Year Ended December 31, 2022 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,831,964 $ (610) (a) $ 1,831,354 $ — $ 1,831,354 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(631,120)) 727,334 — 727,334 — 727,334 Servicing revenue, net 2,559,298 (610) 2,558,688 — 2,558,688 Interest income 1,075,981 (16,358) (a) 1,059,623 (21,164) 1,038,459 Gain on originated residential mortgage loans, held-for-sale, net 1,086,232 6,517 (a) 1,092,749 — 1,092,749 Other revenues 230,905 — 230,905 — 230,905 4,952,416 (10,451) 4,941,965 (21,164) 4,920,801 Expenses Interest expense and warehouse line fees 791,001 — 791,001 (13,208) 777,793 General and administrative 875,428 1,715 (a) 877,143 — 877,143 Compensation and benefits 1,231,446 — 1,231,446 — 1,231,446 Management fee to affiliate 46,174 — 46,174 — 46,174 Termination fee to affiliate 400,000 — 400,000 — 400,000 3,344,049 1,715 3,345,764 (13,208) 3,332,556 Other Income (Loss) Realized and unrealized gains (losses), net (200,181) 12,166 (a) (188,015) 7,956 (180,059) Other income (loss), net (145,385) — (145,385) — (145,385) (345,566) 12,166 (333,400) 7,956 (325,444) Income (loss) before income taxes 1,262,801 — 1,262,801 — 1,262,801 Income tax expense (benefit) 279,516 — 279,516 — 279,516 Net Income (loss) $ 983,285 $ — $ 983,285 $ — $ 983,285 Noncontrolling interests in income (loss) of consolidated subsidiaries 28,766 — 28,766 — 28,766 Dividends on preferred stock 89,726 — 89,726 — 89,726 Net income (loss) attributable to common stockholders $ 864,793 $ — $ 864,793 $ — $ 864,793 Net Income (loss) per share of common stock Basic $ 1.84 $ — $ 1.84 $ — $ 1.84 Diluted $ 1.80 $ — $ 1.80 $ — $ 1.80 Weighted average number of shares of common stock outstanding Basic 468,836,718 — 468,836,718 — 468,836,718 Diluted 481,636,125 — 481,636,125 — 481,636,125 Dividends declared per share of common stock $ 1.00 $ — $ 1.00 $ — $ 1.00 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Cash Flows: Year Ended December 31, 2022 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Cash Flows From Operating Activities Net income (loss) $ 983,285 $ — $ 983,285 $ — $ 983,285 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Change in fair value of investments, net (1,108,366) 38,439 (a) (1,069,927) — (1,069,927) Change in fair value of equity investments 13,265 — 13,265 — 13,265 Change in fair value of secured notes and bonds payable (45,792) — (45,792) — (45,792) (Gain) loss on settlement of investments, net 1,354,263 — 1,354,263 — 1,354,263 (Gain) loss on sale of originated residential mortgage loans, held-for-sale, net (1,086,232) (6,517) (a) (1,092,749) — (1,092,749) (Gain) loss on transfer of loans to real estate owned ("REO") (7,726) — (7,726) — (7,726) Accretion and other amortization (91,891) 10,934 (a) (80,957) — (80,957) Provision (reversal) for credit losses on securities, loans and REO 14,962 — 14,962 — 14,962 Non-cash portions of servicing revenue, net (639,945) — (639,945) — (639,945) Deferred tax provision 271,167 — 271,167 — 271,167 Mortgage loans originated and purchased for sale, net of fees (76,420,262) — (76,420,262) 75,406 (76,344,856) Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 83,313,008 (1,595,098) (a) 81,717,910 (170,834) 81,547,076 Loan originations and draws of consolidated CFEs — — — (75,406) (75,406) Residential mortgage loan repayment proceeds of consolidated CFEs — 431,065 (a) 431,065 — 431,065 Mortgage loans receivable repayment proceeds of consolidated CFEs — — — 170,834 170,834 Interest received from servicer advance investments, RMBS, loans and other 62,375 — 62,375 — 62,375 Changes in: Servicer advances receivable, net (36,695) — (36,695) — (36,695) Other assets 405,469 — 405,469 — 405,469 Due to affiliates (17,819) — (17,819) — (17,819) Accrued expenses and other liabilities (89,003) — (89,003) — (89,003) Net cash provided by (used in) operating activities 6,874,063 (1,121,177) 5,752,886 — 5,752,886 Cash Flows From Investing Activities Purchase of servicer advance investments (988,847) — (988,847) — (988,847) Purchase of RMBS (15,629,483) — (15,629,483) — (15,629,483) U.S. Treasury Note short sales — — — — — Reverse repurchase agreements entered — — — — — Purchase of residential mortgage loans (7,182) — (7,182) — (7,182) Purchase of SFR properties, MSRs and other assets (416,610) — (416,610) — (416,610) Draws on revolving consumer loans (29,615) — (29,615) — (29,615) Net settlement of derivatives and hedges 311,073 — 311,073 — 311,073 Return of investments in Excess MSRs 17,701 — 17,701 — 17,701 Principal repayments from servicer advance investments 1,033,326 — 1,033,326 — 1,033,326 Principal repayments from RMBS 1,091,538 (65,352) (a) 1,026,186 — 1,026,186 Principal repayments from residential mortgage loans 85,836 — 85,836 — 85,836 Principal repayments from consumer loans 140,574 — 140,574 — 140,574 Principal repayments from mortgage loans receivable — — — — — Proceeds from sale of MSRs and MSR financing receivables 10,698 — 10,698 — 10,698 Proceeds from sale of RMBS 14,565,043 — 14,565,043 — 14,565,043 Proceeds from sale of residential mortgage loans — — — — — Proceeds from sale of REO 14,201 — 14,201 — 14,201 Net cash provided by (used in) investing activities 198,253 (65,352) 132,901 — 132,901 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Cash Flows (continued) Year Ended December 31, 2022 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Cash Flows From Financing Activities Repayments of secured financing agreements (55,998,234) — (55,998,234) — (55,998,234) Repayments of warehouse credit facilities (83,793,352) — (83,793,352) — (83,793,352) Net settlement of margin deposits under repurchase agreements and derivatives 1,460,458 — 1,460,458 — 1,460,458 Repayments of secured notes and bonds payable (4,696,136) — (4,696,136) — (4,696,136) Deferred financing fees (11,062) — (11,062) — (11,062) Dividends paid on common and preferred stock (558,301) — (558,301) — (558,301) Borrowings under secured financing agreements 54,385,892 — 54,385,892 — 54,385,892 Borrowings under warehouse credit facilities 76,069,417 — 76,069,417 — 76,069,417 Borrowings under secured notes and bonds payable 6,192,823 — 6,192,823 (324,062) 5,868,761 Proceeds from issuance of debt obligations of consolidated CFEs — 1,595,098 (a) 1,595,098 324,062 1,919,160 Repayments of debt obligations of consolidated CFEs — (430,042) (a) (430,042) — (430,042) Repurchase of common and preferred stock (5,227) — (5,227) — (5,227) Noncontrolling interest in equity of consolidated subsidiaries - distributions (27,047) — (27,047) — (27,047) Payment of contingent consideration (2,355) — (2,355) — (2,355) Net cash provided by (used in) financing activities (6,983,124) 1,165,056 (5,818,068) — (5,818,068) Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 89,192 (21,473) (a) 67,719 — 67,719 Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,528,442 33,167 (a) 1,561,609 — 1,561,609 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 1,617,634 $ 11,694 $ 1,629,328 $ — $ 1,629,328 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest 734,232 90,992 (a) 825,224 — 825,224 Cash paid during the period for income taxes 4,012 — 4,012 — 4,012 Supplemental Schedule of Non-Cash Investing and Financing Activities Dividends declared but not paid on common and preferred stock 140,984 — 140,984 — 140,984 Transfer from residential mortgage loans to REO and other assets 14,936 — 14,936 — 14,936 Real estate securities retained from loan securitizations 206,082 (206,082) (a) — — — Residential mortgage loans subject to repurchase 1,219,890 — 1,219,890 — 1,219,890 Purchase of Agency RMBS, settled after quarter-end 731,216 — 731,216 — 731,216 Cashless exercise of 2020 warrants (par) 69 — 69 — 69 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Operations: Year Ended December 31, 2021 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,559,554 $ (731) (a) $ 1,558,823 $ — $ 1,558,823 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(1,192,646) (577,763) — (577,763) — (577,763) Servicing revenue, net 981,791 (731) 981,060 — 981,060 Interest income 810,896 (16,725) (a) 794,171 — 794,171 Gain on originated residential mortgage loans, held-for-sale, net 1,826,909 (39,058) (a) 1,787,851 — 1,787,851 Other revenues 165,480 — 165,480 — 165,480 3,785,076 (56,514) 3,728,562 — 3,728,562 Expenses Interest expense and warehouse line fees 497,308 — 497,308 — 497,308 General and administrative 864,028 1,773 (a) 865,801 — 865,801 Compensation and benefits 1,159,810 — 1,159,810 — 1,159,810 Management fee to affiliate 95,926 — 95,926 — 95,926 2,617,072 1,773 2,618,845 — 2,618,845 Other Income (Loss) Realized and unrealized gains (losses), net (207,437) 58,287 (a) (149,150) — (149,150) Other income (loss), net 3,241 — 3,241 — 3,241 (204,196) 58,287 (145,909) — (145,909) Income (loss) before income taxes 963,808 — 963,808 — 963,808 Income tax expense (benefit) 158,226 — 158,226 — 158,226 Net Income (loss) $ 805,582 $ — $ 805,582 $ — $ 805,582 Noncontrolling interests in income (loss) of consolidated subsidiaries 33,356 — 33,356 — 33,356 Dividends on preferred stock 66,744 — 66,744 — 66,744 Net income (loss) attributable to common stockholders $ 705,482 $ — $ 705,482 $ — $ 705,482 Net Income (loss) per share of common stock Basic $ 1.56 $ — $ 1.56 $ — $ 1.56 Diluted $ 1.51 $ — $ 1.51 $ — $ 1.51 Weighted average number of shares of common stock outstanding Basic 451,276,742 — 451,276,742 — 451,276,742 Diluted 467,665,006 — 467,665,006 — 467,665,006 Dividends declared per share of common stock $ 0.90 $ — $ 0.90 $ — $ 0.90 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Cash Flows: Year Ended December 31, 2021 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Cash Flows From Operating Activities Net income (loss) $ 805,582 $ — $ 805,582 — $ 805,582 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Change in fair value of investments, net (11,723) (28,853) (a) (40,576) — (40,576) Change in fair value of equity investments (5,986) — (5,986) — (5,986) Change in fair value of secured notes and bonds payable (12,991) — (12,991) — (12,991) (Gain) loss on settlement of investments, net 232,1 |
BUSINESS ACQUISITIONS
BUSINESS ACQUISITIONS | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
BUSINESS ACQUISITIONS | BUSINESS ACQUISITIONS Acquisition of Sculptor Capital Management, Inc. Rithm Capital completed the Sculptor Acquisition in November 2023 as part of its strategy to expand its asset management capabilities. Rithm Capital accounted for this transaction using the acquisition method which requires, among other things, that the assets acquired and liabilities assumed be recognized at fair value as of the acquisition date. Purchase Price Allocation The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities of companies acquired, as restated: 2023 ($ in millions) Sculptor Total Consideration (A) $ 630.3 Assets Real estate and other securities $ 246.1 Cash and cash equivalents 267.5 Restricted cash 26.4 Other assets (B) 1,102.4 Total Assets Acquired $ 1,642.4 Liabilities Secured financing agreements 177.6 Secured notes and bonds payable 99.2 Accrued expenses and other liabilities 746.1 Total Liabilities Assumed $ 1,022.9 Noncontrolling interest $ 35.9 Net Assets $ 583.6 Goodwill $ 46.7 (A) The fair value of total consideration transferred included cash of $600.6 million and assumption of unvested shares of Sculptor stock of $29.7 million for a total consideration of $630.3 million. (B) Includes $275.0 million of intangible assets in the form of management contracts. These intangibles are being amortized over a finite life of 10 years. On November 17, 2023, Rithm Capital acquired all of the outstanding equity interests of Sculptor for a GAAP purchase price of approximately $630.3 million. Prior to the close of the transaction, on October 12, 2023, Rithm Capital purchased from Delaware Life Insurance Company (“DLIC”) warrants to purchase 4,338,015 shares of Sculptor class A common stock issued by Sculptor to DLIC in November 2020 at an exercise price of $7.95 per share. The warrant purchase price was $37.5 million, including additional amounts paid to DLIC in connection with the successful closing of the Sculptor Acquisition, and is considered a component of the Sculptor Acquisition purchase price. Rithm Capital recognized goodwill of approximately $46.7 million related to the Sculptor Acquisition. The goodwill was primarily driven by the assembled workforce acquired with the Sculptor Acquisition. Purchased goodwill is expected to be deductible for income tax purposes over 15 years. Rithm Capital will assess the goodwill annually during the fourth quarter and in interim periods in case of events or circumstances that make it more likely than not that an impairment may have occurred. The estimate of fair value of assets and liabilities required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that management believes to be reasonable; however, actual results may differ from these estimates. The assessment of fair value is preliminary and is based on information that was available to management at the time the consolidated financial statements were prepared. Those estimates and assumptions are subject to change as management obtains additional information related to those estimates during the applicable measurement period. The most significant open items necessary to complete are related to intangible assets, other assets, deferred tax assets, other liabilities, and goodwill. The final acquisition accounting adjustments, including those resulting from conforming Sculptor’s accounting policies to those of Rithm Capital’s, could differ materially The results of Sculptor’s operations have been included in the Company’s Consolidated Statements of Operations from November 17, 2023 through December 31, 2023 and represent $82.7 million of asset management revenues, $3.8 million of interest income and $1.0 million of net income. Acquisition-related costs are expensed in the period incurred. Rithm Capital recognized $32.9 million of Sculptor Acquisition-related costs that were expensed for the year ended December 31, 2023. These costs are grouped and presented within General and Administrative Expenses in the Consolidated Statements of Operations. Intangible assets acquired consist of management agreements within Sculptor’s various funds categorized as management contracts. Rithm Capital amortizes finite-lived management contracts on a straight-line basis over their respective useful lives. The weighted average life of the total acquired identifiable intangible assets is 10 years. The following table presents the details of identifiable intangible assets acquired: Estimated Useful Life Amount Management contracts 10 $ 275.0 Total identifiable intangible assets $ 275.0 Unvested RSUs As part of the change of control, the value of unvested RSUs held by Sculptor employees at the time of the Sculptor Acquisition was converted into a deferred cash plan payable, resulting in a $29.7 million liability of deferred cash compensation due to employees. Unaudited Supplemental Pro Forma Financial Information The following table presents unaudited pro forma combined revenues and income before income taxes for the years ended December 31, 2023 and 2022 prepared as if the Sculptor Acquisition had been consummated on January 1, 2022: Year Ended December 31, Pro Forma (in millions) 2023 2022 Revenues $ 4,110.0 $ 5,371.4 Income (loss) before income taxes 591.1 1,223.2 The unaudited supplemental pro forma financial information reflects, among other things, financing adjustments, amortization of intangibles and transactions costs. The unaudited supplemental pro forma financial information has not been adjusted to reflect all conforming of accounting policies. The unaudited supplemental pro forma financial information does not include any anticipated synergies or other anticipated benefits of the Sculptor Acquisition and, accordingly, the unaudited supplemental pro forma financial information is not necessarily indicative of either future results of operations or results that might have been achieved had the Sculptor Acquisition occurred on January 1, 2022, the beginning of the earliest period presented. |
SEGMENT REPORTING (AS RESTATED)
SEGMENT REPORTING (AS RESTATED) | 12 Months Ended |
Dec. 31, 2023 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING (AS RESTATED) | SEGMENT REPORTING (AS RESTATED) At December 31, 2023, Rithm Capital’s reportable segments included (i) Origination and Servicing, (ii) Investment Portfolio, (iii) Mortgage Loans Receivable, (iv) Asset Management and (v) Corporate. The Corporate segment primarily consists of general and administrative expenses, corporate cash and related interest income, unsecured senior notes (Note 20) and related interest expense. In 2023, Rithm Capital reevaluated the composition and number of its reportable segments based on the significance of certain business activities to its operations and performance evaluation. Based on this reevaluation, the Company revised its presentation and composition of reportable segments. In conjunction with the Sculptor Acquisition (Note 4), the Company reevaluated portfolio management to reflect strategic growth as an asset manager, while maintaining its core business lines. The Asset Management segment is therefore added in 2023, to reflect operations of Sculptor. The Investment Portfolio consists of previously segregated segments (i) MSR Related Investments, (ii) Real Estate Securities, (iii) Properties and Residential Mortgage Loans, (iv) Consumer loans and (v) certain ancillary investments and equity method investments previously reflected within the Corporate segment. In addition, during the year ended December 31, 2023, Caliber was integrated into Newrez and the majority of the MSR portfolio is serviced by the Mortgage Company as a result of servicing transfers. To reflect the consolidation of assets and operations, the Mortgage Company is presented as one reportable segment within Origination and Servicing. Segment information for prior periods have been restated to reflect these changes. As a result of the restatement, as discussed in Notes 3 and 28, the segment financial information was restated. The following tables summarize segment financial information, which in total reconciles to the same data for Rithm Capital as a whole: Origination and Servicing Investment Portfolio Mortgage Loans Receivable Asset Management Corporate Total Year Ended December 31, 2023 (As Restated) Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,488,911 $ 370,446 $ — $ — $ — $ 1,859,357 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978)) (310,444) (255,240) — — — (565,684) Servicing revenue, net 1,178,467 115,206 — — — 1,293,673 Interest income 533,944 872,678 205,779 3,788 — 1,616,189 Gain on originated residential mortgage loans, held-for-sale, net 494,693 38,784 — — — 533,477 Other investment portfolio revenues — 236,167 — — — 236,167 Asset management revenues — — — 82,681 — 82,681 Total revenues 2,207,104 1,262,835 205,779 86,469 — 3,762,187 Interest expense and warehouse line fees 460,780 795,727 105,909 2,727 36,184 1,401,327 General and administrative 944,112 335,010 62,358 63,870 114,211 1,519,561 Total operating expenses 1,404,892 1,130,737 168,267 66,597 150,395 2,920,888 Realized and unrealized gains (losses), net 273 (29,289) 1,500 8,060 — (19,456) Other income (loss), net (19,950) (29,465) 6,209 557 (26,361) (69,010) Total other income (loss) (19,677) (58,754) 7,709 8,617 (26,361) (88,466) Income (loss) before income taxes 782,535 73,344 45,221 28,489 (176,756) 752,833 Income tax (benefit) expense 107,617 (7,457) (5,122) 27,121 — 122,159 Net income (loss) $ 674,918 $ 80,801 $ 50,343 $ 1,368 $ (176,756) $ 630,674 Noncontrolling interests in income (loss) of consolidated subsidiaries 581 7,471 — 365 — 8,417 Dividends on preferred stock — — — — 89,579 89,579 Net income (loss) attributable to common stockholders $ 674,337 $ 73,330 $ 50,343 $ 1,003 $ (266,335) $ 532,678 Origination and Servicing Investment Portfolio Mortgage Loans Receivable Asset Management Corporate Total December 31, 2023 (As Restated) Investments $ 9,413,923 $ 13,322,960 $ 1,879,319 $ 226,486 $ — $ 24,842,688 Cash and cash equivalents 548,666 442,015 58,628 230,008 7,882 1,287,199 Restricted cash 195,490 144,169 30,233 8,156 — 378,048 Other assets 3,489,171 4,864,921 108,523 842,717 20,483 9,325,815 Goodwill 24,376 5,092 55,731 46,658 — 131,857 Assets of consolidated CFEs — 3,044,850 365,698 340,929 — 3,751,477 Total assets $ 13,671,626 $ 21,824,007 $ 2,498,132 $ 1,694,954 $ 28,365 $ 39,717,084 Debt $ 6,920,310 $ 14,180,827 $ 1,537,008 $ 455,512 $ 546,818 $ 23,640,475 Other liabilities 3,224,989 2,004,220 23,608 345,999 213,121 5,811,937 Liabilities of consolidated CFEs — 2,624,345 319,369 219,920 — 3,163,634 Total liabilities 10,145,299 18,809,392 1,879,985 1,021,431 759,939 32,616,046 Total equity 3,526,327 3,014,615 618,147 673,523 (731,574) 7,101,038 Noncontrolling interests in equity of consolidated subsidiaries 8,220 44,905 — 40,971 — 94,096 Total Rithm Capital stockholders’ equity $ 3,518,107 $ 2,969,710 $ 618,147 $ 632,552 $ (731,574) $ 7,006,942 Investments in equity method investees $ — $ 110,883 $ — $ 91,563 $ — $ 202,446 Origination and Servicing Investment Portfolio Mortgage Loans Receivable Asset Management Corporate Total Year Ended December 31, 2022 (As Restated) Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,348,984 $ 482,370 $ — $ — $ — $ 1,831,354 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(631,120)) 729,844 (2,510) — — — 727,334 Servicing revenue, net 2,078,828 479,860 — — — 2,558,688 Interest income 326,634 566,232 145,315 — 278 1,038,459 Gain on originated residential mortgage loans, held-for-sale, net 1,127,282 (34,533) — — — 1,092,749 Other investment portfolio revenues — 230,905 — — — 230,905 Asset management revenues — — — — — — Total revenues 3,532,744 1,242,464 145,315 — 278 4,920,801 Interest expense and warehouse line fees 325,056 365,211 50,980 — 36,546 777,793 General and administrative 1,638,989 354,122 64,277 — 497,375 2,554,763 Total operating expenses 1,964,045 719,333 115,257 — 533,921 3,332,556 Realized and unrealized gains (losses), net (1,812) (214,704) 36,390 — 67 (180,059) Other income (loss), net 6,270 (144,728) 12,243 — (19,170) (145,385) Total other income (loss) 4,458 (359,432) 48,633 — (19,103) (325,444) Income (loss) before income taxes 1,573,157 163,699 78,691 — (552,746) 1,262,801 Income tax (benefit) expense 327,318 35,378 (7,792) — (75,388) 279,516 Net income (loss) $ 1,245,839 $ 128,321 $ 86,483 $ — $ (477,358) $ 983,285 Noncontrolling interests in income (loss) of consolidated subsidiaries 2,716 26,050 — — — 28,766 Dividends on preferred stock — — — — 89,726 89,726 Net income (loss) attributable to common stockholders $ 1,243,123 $ 102,271 $ 86,483 $ — $ (567,084) $ 864,793 Origination and Servicing Investment Portfolio Mortgage Loans Receivable Asset Management Corporate Total December 31, 2022 (As Restated) Investments $ 9,371,435 $ 12,656,743 $ 1,714,053 $ — $ — $ 23,742,231 Cash and cash equivalents 604,191 666,810 52,441 — 13,066 1,336,508 Restricted cash 161,249 94,508 16,001 — — 271,758 Other assets 2,428,832 3,720,905 169,894 — 28,043 6,347,674 Goodwill 24,376 5,092 55,731 — — 85,199 Assets of consolidated entities — 2,443,561 359,577 — — 2,803,138 Total assets $ 12,590,083 $ 19,587,619 $ 2,367,697 $ — $ 41,109 $ 34,586,508 Debt $ 6,660,484 $ 12,962,616 $ 1,420,661 $ — $ 545,056 $ 21,588,817 Other liabilities 2,295,684 1,086,248 25,469 — 159,783 3,567,184 Liabilities of consolidated entities — 2,107,173 313,266 — — 2,420,439 Total liabilities 8,956,168 16,156,037 1,759,396 — 704,839 27,576,440 Total equity 3,633,915 3,431,582 608,301 — (663,730) 7,010,068 Noncontrolling interests in equity of consolidated subsidiaries 12,437 54,630 — — — 67,067 Total Rithm Capital stockholders’ equity $ 3,621,478 $ 3,376,952 $ 608,301 $ — $ (663,730) $ 6,943,001 Investments in equity method investees $ — $ 96,210 $ — $ — $ — $ 96,210 Origination and Servicing Investment Portfolio Mortgage Loans Receivable Asset Management Corporate Total Year Ended December 31, 2021 (As Restated) Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 950,962 $ 607,861 $ — $ — $ — $ 1,558,823 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(1,192,646)) (306,259) (271,504) — — — (577,763) Servicing revenue, net 644,703 336,357 — — — 981,060 Interest income 208,682 581,270 4,219 — — 794,171 Gain on originated residential mortgage loans, held-for-sale, net 1,806,127 (18,276) — — — 1,787,851 Other investment portfolio revenues — 165,480 — — — 165,480 Asset management revenues — — — — — — Total revenues 2,659,512 1,064,831 4,219 — — 3,728,562 Interest expense and warehouse line fees 219,088 241,068 1,000 — 36,152 497,308 General and administrative 1,534,266 465,974 1,802 — 119,495 2,121,537 Total operating expenses 1,753,354 707,042 2,802 — 155,647 2,618,845 Realized and unrealized gains (losses), net (12,162) (136,817) — — (171) (149,150) Other income (loss), net (10,484) 12,687 — — 1,038 3,241 Total other income (loss) (22,646) (124,130) — — 867 (145,909) Income (loss) before income taxes 883,512 233,659 1,417 — (154,780) 963,808 Income tax (benefit) expense 133,117 25,109 — — — 158,226 Net income (loss) $ 750,395 $ 208,550 $ 1,417 $ — $ (154,780) $ 805,582 Noncontrolling interests in income (loss) of consolidated subsidiaries 11,298 22,058 — — — 33,356 Dividends on preferred stock — — — — 66,744 66,744 Net income (loss) attributable to common stockholders $ 739,097 $ 186,492 $ 1,417 $ — $ (221,524) $ 705,482 |
EXCESS MORTGAGE SERVICING RIGHT
EXCESS MORTGAGE SERVICING RIGHTS | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing [Abstract] | |
EXCESS MORTGAGE SERVICING RIGHTS | EXCESS MORTGAGE SERVICING RIGHTS Excess MSRs 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: Year Ended December 31, 2023 2022 Direct investments in Excess MSRs $ 208,385 $ 249,366 Excess MSR joint ventures 62,765 72,437 Excess mortgage servicing rights assets, at fair value $ 271,150 $ 321,803 Direct Investments in Excess MSRs The following table presents activity related to the carrying value of direct investments in Excess MSRs: Servicer Total (A) Balance as of December 31, 2021 259,198 Interest income 38,035 Other income 42 Proceeds from repayments (43,950) Proceeds from sales (997) Change in fair value (2,962) Balance as of December 31, 2022 249,366 Interest income 18,310 Other income 267 Proceeds from repayments (41,552) Proceeds from sales (2,779) Change in fair value (15,227) Balance as of December 31, 2023 $ 208,385 (A) Underlying loans serviced by Mr. Cooper and SLS. Mr. Cooper or SLS, as applicable, as servicer performs all of the servicing and advancing functions on our Excess MSR assets 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 of a loan in the original portfolio. On October 2, 2023, Rithm Capital entered into a definitive agreement with Computershare Limited to acquire Computershare and certain affiliated companies, including SLS, for a purchase price of approximately $720 million (Note 1). The following summarizes direct investments in Excess MSRs: December 31, 2023 UPB of Underlying Mortgages Interest in Excess MSR Weighted Average Life Years (A) Amortized Cost Basis Carrying Value (B) Rithm Capital (C)(D) Former Manager-managed funds Mr. Cooper $ 42,957,347 32.5% – 100% (56.5%) —% – 50.0% —% – 35.0% 6.3 $ 181,721 $ 208,385 December 31, 2022 UPB of Underlying Mortgages Interest in Excess MSR Weighted Average Life Years (A) Amortized Cost Basis Carrying Value (B) Rithm Capital (C)(D) Former Manager-managed funds Mr. Cooper $ 48,154,644 32.5% – 100.0% (56.5%) —% – 50.0% —% – 35.0% 6.3 $ 207,470 $ 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 December 31, 2023 and 2022 (Note 8) on $15.5 billion and $17.0 billion UPB, respectively, underlying these Excess MSRs. Changes in fair value of investments consist of the following: Year Ended December 31, 2023 2022 2021 Original and Recaptured Pools $ (15,227) $ (2,962) $ (15,078) As of December 31, 2023 and 2022, weighted average discount rates of 8.8% and 8.3%, respectively, were 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: December 31, 2023 2022 Excess MSRs $ 114,552 $ 135,356 Other assets 11,664 10,204 Other liabilities (687) (687) Equity $ 125,529 $ 144,873 Rithm Capital’s investment $ 62,765 $ 72,437 Rithm Capital’s percentage ownership 50.0 % 50.0 % Year Ended December 31, 2023 2022 2021 Interest income $ 13,358 $ 15,157 $ 7,574 Other income (loss) (8,296) (12,073) (3,906) Expenses (32) (32) (32) Net income (loss) $ 5,030 $ 3,052 $ 3,636 The following table summarizes the activity of investments in equity method investees: December 31, 2023 2022 Balance at beginning of period $ 72,437 $ 85,749 Distributions of earnings from equity method investees (2,219) — Distributions of capital from equity method investees (9,968) (14,838) Change in fair value of investments in equity method investees 2,515 1,526 Balance at end of period $ 62,765 $ 72,437 The following is a summary of Excess MSR investments made through equity method investees: December 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 $ 17,092,557 66.7% 50.0% $ 94,443 $ 114,552 5.1 December 31, 2022 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 $ 19,299,726 66.7% 50.0% $ 106,176 $ 135,356 5.1 (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: Total Balance as of December 31, 2021 $ 6,858,803 Purchases, net (A) (967) Originations (B) 1,222,742 Proceeds from sales (8,866) Change in fair value due to: Realization of cash flows (D) (631,120) Change in valuation inputs and assumptions 1,448,811 Balance as of December 31, 2022 $ 8,889,403 Originations (B) 786,655 Proceeds from sales (C) (704,436) Change in fair value due to: Realization of cash flows (D) (518,978) Change in valuation inputs and assumptions (46,706) Balance as of December 31, 2023 $ 8,405,938 (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) Relates primarily to excess servicing cash flows sold on certain agency loans with a total UPB of approximately $91.4 billion during the year ended December 31, 2023. In connection with these sales, the Company recorded a gain of approximately $5.2 million during the period, which is included within change in fair value of MSRs and MSR financing receivables in the Consolidated Statements of Operations. (D) Based on the paydown of the underlying residential mortgage loans. The following table summarizes components of servicing revenue, net: Year Ended December 31, 2023 2022 2021 Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,735,060 $ 1,698,977 $ 1,445,778 Ancillary and other fees 124,297 132,377 113,045 Servicing fee revenue, net and fees 1,859,357 1,831,354 1,558,823 Change in fair value due to: Realization of cash flows (518,978) (631,120) (1,192,646) Change in valuation inputs and assumptions, net of realized gains (losses) (46,706) 1,448,811 680,088 Change in fair value of derivative instruments — (11,316) (30,481) Gain (loss) on settlement of derivative instruments — (79,041) (34,724) Servicing revenue, net $ 1,293,673 $ 2,558,688 $ 981,060 The following is a summary of MSRs and MSR financing receivables by type as of December 31, 2023 and 2022: UPB of Underlying Mortgages Weighted Average Life (Years) (A) Carrying Value (B) 2023 Agency $ 351,642,337 7.7 $ 5,333,013 Non-Agency 48,928,545 6.8 678,913 Ginnie Mae (C) 127,863,627 7.1 2,394,012 Total $ 528,434,509 7.5 $ 8,405,938 2022 Agency $ 364,879,106 7.2 $ 6,022,266 Non-Agency 53,881,903 4.9 794,459 Ginnie Mae (C) 121,136,315 6.7 2,072,678 Total / Weighted Average $ 539,897,324 6.9 $ 8,889,403 (A) Represents the weighted average expected timing of the receipt of expected cash flows for this investment. (B) Represents fair value. As of December 31, 2023 and 2022, weighted average discount rates of 8.5% (range of 7.9% – 10.8%) and 8.3% (range of 7.6% – 9.8%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables, respectively. (C) As of December 31, 2023 and 2022, Rithm Capital holds approximately $1.8 billion and $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 December 31, 2023 and 2022, Rithm Capital holds approximately $1.8 billion and $1.2 billion, respectively, 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 December 31, 2023 and 2022, Rithm Capital holds approximately $0.4 billion and $0.8 billion, respectively, 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 UPB 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 MSRs for loans with an UPB 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. With respect to 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 December 31, 2023 and 2022 , with respect to MSRs representing approximately $11.4 billion and $12.4 billion UPB of underlying loans, respectively, 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 December 31, 2023 December 31, 2022 California 17.1 % 17.4 % Florida 8.6 % 8.6 % Texas 6.2 % 6.2 % New York 6.0 % 6.0 % Washington 5.8 % 5.9 % New Jersey 4.3 % 4.4 % Virginia 3.6 % 3.6 % Maryland 3.4 % 3.4 % Illinois 3.3 % 3.4 % Georgia 3.0 % 2.9 % Other U.S. 38.7 % 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 December 31, 2023 and 2022 was $102.5 billion and $93.0 billion, respectively. Rithm Capital earned servicing revenue of $139.4 million and $132.1 million for the years ended December 31, 2023 and 2022, respectively, related to unaffiliated subserviced loans which is included within Servicing Revenue, Net in the Consolidated Statements of Operations. In relation to certain owned MSRs, Rithm Capital engages unaffiliated licensed mortgage servicers as subservicers to perform the operational servicing duties, including recapture activities, in exchange for a subservicing fee, which is recorded as Subservicing Expense and reflected as part of General and Administrative expenses in Rithm Capital’s Consolidated Statements of Operations. As of December 31, 2023, these subservicers include PHH and Valon, which subservice 8.6% and 4.9%, respectively, of the MSRs owned by Rithm Capital. The remaining 86.5% of the owned MSRs are serviced by the Mortgage Company (Note 1). During the year ended December 31, 2023, Rithm Capital opted not to renew our subservicing agreements with Mr. Cooper, LoanCare, LLC (“LoanCare”) and Flagstar Bank (“Flagstar”) and transferred servicing performed by Mr. Cooper, LoanCare and Flagstar to the Mortgage Company. As of December 31, 2023, no loans in relation to owned MSRs were subserviced by Mr. Cooper, LoanCare and Flagstar. 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 24) 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: December 31, 2023 2022 Principal and interest advances $ 616,801 $ 664,495 Escrow advances (taxes and insurance advances) 1,442,697 1,426,409 Foreclosure advances 767,171 754,073 Total (A)(B)(C) $ 2,826,669 $ 2,844,977 (A) Includes $585.0 million and $526.5 million of servicer advances receivable related to Agency MSRs, respectively, recoverable either from the borrower or the Agencies. (B) Includes $405.6 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 $66.4 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 $93.7 million, or 3.3%, and $65.4 million, or 2.3%, for expected non-recovery of advances as of December 31, 2023 and 2022, respectively. The following table summarizes servicer advances reserve: Balance as of December 31, 2021 $ 32,122 Provision 48,392 Write-offs (15,086) Balance as of December 31, 2022 $ 65,428 Provision 63,016 Write-offs (34,763) Balance as of December 31, 2023 $ 93,681 See Note 20 regarding the financing of MSRs and servicer advances receivable. For a discussion of the restatement, refer to Notes 3 and 28. |
MORTGAGE SERVICING RIGHTS AND M
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES (AS RESTATED) | 12 Months Ended |
Dec. 31, 2023 | |
Transfers and Servicing [Abstract] | |
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES (AS RESTATED) | EXCESS MORTGAGE SERVICING RIGHTS Excess MSRs 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: Year Ended December 31, 2023 2022 Direct investments in Excess MSRs $ 208,385 $ 249,366 Excess MSR joint ventures 62,765 72,437 Excess mortgage servicing rights assets, at fair value $ 271,150 $ 321,803 Direct Investments in Excess MSRs The following table presents activity related to the carrying value of direct investments in Excess MSRs: Servicer Total (A) Balance as of December 31, 2021 259,198 Interest income 38,035 Other income 42 Proceeds from repayments (43,950) Proceeds from sales (997) Change in fair value (2,962) Balance as of December 31, 2022 249,366 Interest income 18,310 Other income 267 Proceeds from repayments (41,552) Proceeds from sales (2,779) Change in fair value (15,227) Balance as of December 31, 2023 $ 208,385 (A) Underlying loans serviced by Mr. Cooper and SLS. Mr. Cooper or SLS, as applicable, as servicer performs all of the servicing and advancing functions on our Excess MSR assets 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 of a loan in the original portfolio. On October 2, 2023, Rithm Capital entered into a definitive agreement with Computershare Limited to acquire Computershare and certain affiliated companies, including SLS, for a purchase price of approximately $720 million (Note 1). The following summarizes direct investments in Excess MSRs: December 31, 2023 UPB of Underlying Mortgages Interest in Excess MSR Weighted Average Life Years (A) Amortized Cost Basis Carrying Value (B) Rithm Capital (C)(D) Former Manager-managed funds Mr. Cooper $ 42,957,347 32.5% – 100% (56.5%) —% – 50.0% —% – 35.0% 6.3 $ 181,721 $ 208,385 December 31, 2022 UPB of Underlying Mortgages Interest in Excess MSR Weighted Average Life Years (A) Amortized Cost Basis Carrying Value (B) Rithm Capital (C)(D) Former Manager-managed funds Mr. Cooper $ 48,154,644 32.5% – 100.0% (56.5%) —% – 50.0% —% – 35.0% 6.3 $ 207,470 $ 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 December 31, 2023 and 2022 (Note 8) on $15.5 billion and $17.0 billion UPB, respectively, underlying these Excess MSRs. Changes in fair value of investments consist of the following: Year Ended December 31, 2023 2022 2021 Original and Recaptured Pools $ (15,227) $ (2,962) $ (15,078) As of December 31, 2023 and 2022, weighted average discount rates of 8.8% and 8.3%, respectively, were 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: December 31, 2023 2022 Excess MSRs $ 114,552 $ 135,356 Other assets 11,664 10,204 Other liabilities (687) (687) Equity $ 125,529 $ 144,873 Rithm Capital’s investment $ 62,765 $ 72,437 Rithm Capital’s percentage ownership 50.0 % 50.0 % Year Ended December 31, 2023 2022 2021 Interest income $ 13,358 $ 15,157 $ 7,574 Other income (loss) (8,296) (12,073) (3,906) Expenses (32) (32) (32) Net income (loss) $ 5,030 $ 3,052 $ 3,636 The following table summarizes the activity of investments in equity method investees: December 31, 2023 2022 Balance at beginning of period $ 72,437 $ 85,749 Distributions of earnings from equity method investees (2,219) — Distributions of capital from equity method investees (9,968) (14,838) Change in fair value of investments in equity method investees 2,515 1,526 Balance at end of period $ 62,765 $ 72,437 The following is a summary of Excess MSR investments made through equity method investees: December 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 $ 17,092,557 66.7% 50.0% $ 94,443 $ 114,552 5.1 December 31, 2022 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 $ 19,299,726 66.7% 50.0% $ 106,176 $ 135,356 5.1 (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: Total Balance as of December 31, 2021 $ 6,858,803 Purchases, net (A) (967) Originations (B) 1,222,742 Proceeds from sales (8,866) Change in fair value due to: Realization of cash flows (D) (631,120) Change in valuation inputs and assumptions 1,448,811 Balance as of December 31, 2022 $ 8,889,403 Originations (B) 786,655 Proceeds from sales (C) (704,436) Change in fair value due to: Realization of cash flows (D) (518,978) Change in valuation inputs and assumptions (46,706) Balance as of December 31, 2023 $ 8,405,938 (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) Relates primarily to excess servicing cash flows sold on certain agency loans with a total UPB of approximately $91.4 billion during the year ended December 31, 2023. In connection with these sales, the Company recorded a gain of approximately $5.2 million during the period, which is included within change in fair value of MSRs and MSR financing receivables in the Consolidated Statements of Operations. (D) Based on the paydown of the underlying residential mortgage loans. The following table summarizes components of servicing revenue, net: Year Ended December 31, 2023 2022 2021 Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,735,060 $ 1,698,977 $ 1,445,778 Ancillary and other fees 124,297 132,377 113,045 Servicing fee revenue, net and fees 1,859,357 1,831,354 1,558,823 Change in fair value due to: Realization of cash flows (518,978) (631,120) (1,192,646) Change in valuation inputs and assumptions, net of realized gains (losses) (46,706) 1,448,811 680,088 Change in fair value of derivative instruments — (11,316) (30,481) Gain (loss) on settlement of derivative instruments — (79,041) (34,724) Servicing revenue, net $ 1,293,673 $ 2,558,688 $ 981,060 The following is a summary of MSRs and MSR financing receivables by type as of December 31, 2023 and 2022: UPB of Underlying Mortgages Weighted Average Life (Years) (A) Carrying Value (B) 2023 Agency $ 351,642,337 7.7 $ 5,333,013 Non-Agency 48,928,545 6.8 678,913 Ginnie Mae (C) 127,863,627 7.1 2,394,012 Total $ 528,434,509 7.5 $ 8,405,938 2022 Agency $ 364,879,106 7.2 $ 6,022,266 Non-Agency 53,881,903 4.9 794,459 Ginnie Mae (C) 121,136,315 6.7 2,072,678 Total / Weighted Average $ 539,897,324 6.9 $ 8,889,403 (A) Represents the weighted average expected timing of the receipt of expected cash flows for this investment. (B) Represents fair value. As of December 31, 2023 and 2022, weighted average discount rates of 8.5% (range of 7.9% – 10.8%) and 8.3% (range of 7.6% – 9.8%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables, respectively. (C) As of December 31, 2023 and 2022, Rithm Capital holds approximately $1.8 billion and $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 December 31, 2023 and 2022, Rithm Capital holds approximately $1.8 billion and $1.2 billion, respectively, 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 December 31, 2023 and 2022, Rithm Capital holds approximately $0.4 billion and $0.8 billion, respectively, 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 UPB 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 MSRs for loans with an UPB 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. With respect to 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 December 31, 2023 and 2022 , with respect to MSRs representing approximately $11.4 billion and $12.4 billion UPB of underlying loans, respectively, 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 December 31, 2023 December 31, 2022 California 17.1 % 17.4 % Florida 8.6 % 8.6 % Texas 6.2 % 6.2 % New York 6.0 % 6.0 % Washington 5.8 % 5.9 % New Jersey 4.3 % 4.4 % Virginia 3.6 % 3.6 % Maryland 3.4 % 3.4 % Illinois 3.3 % 3.4 % Georgia 3.0 % 2.9 % Other U.S. 38.7 % 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 December 31, 2023 and 2022 was $102.5 billion and $93.0 billion, respectively. Rithm Capital earned servicing revenue of $139.4 million and $132.1 million for the years ended December 31, 2023 and 2022, respectively, related to unaffiliated subserviced loans which is included within Servicing Revenue, Net in the Consolidated Statements of Operations. In relation to certain owned MSRs, Rithm Capital engages unaffiliated licensed mortgage servicers as subservicers to perform the operational servicing duties, including recapture activities, in exchange for a subservicing fee, which is recorded as Subservicing Expense and reflected as part of General and Administrative expenses in Rithm Capital’s Consolidated Statements of Operations. As of December 31, 2023, these subservicers include PHH and Valon, which subservice 8.6% and 4.9%, respectively, of the MSRs owned by Rithm Capital. The remaining 86.5% of the owned MSRs are serviced by the Mortgage Company (Note 1). During the year ended December 31, 2023, Rithm Capital opted not to renew our subservicing agreements with Mr. Cooper, LoanCare, LLC (“LoanCare”) and Flagstar Bank (“Flagstar”) and transferred servicing performed by Mr. Cooper, LoanCare and Flagstar to the Mortgage Company. As of December 31, 2023, no loans in relation to owned MSRs were subserviced by Mr. Cooper, LoanCare and Flagstar. 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 24) 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: December 31, 2023 2022 Principal and interest advances $ 616,801 $ 664,495 Escrow advances (taxes and insurance advances) 1,442,697 1,426,409 Foreclosure advances 767,171 754,073 Total (A)(B)(C) $ 2,826,669 $ 2,844,977 (A) Includes $585.0 million and $526.5 million of servicer advances receivable related to Agency MSRs, respectively, recoverable either from the borrower or the Agencies. (B) Includes $405.6 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 $66.4 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 $93.7 million, or 3.3%, and $65.4 million, or 2.3%, for expected non-recovery of advances as of December 31, 2023 and 2022, respectively. The following table summarizes servicer advances reserve: Balance as of December 31, 2021 $ 32,122 Provision 48,392 Write-offs (15,086) Balance as of December 31, 2022 $ 65,428 Provision 63,016 Write-offs (34,763) Balance as of December 31, 2023 $ 93,681 See Note 20 regarding the financing of MSRs and servicer advances receivable. For a discussion of the restatement, refer to Notes 3 and 28. |
SERVICER ADVANCE INVESTMENTS
SERVICER ADVANCE INVESTMENTS | 12 Months Ended |
Dec. 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 December 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 December 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 held at fair value and 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) December 31, 2023 Servicer advance investments $ 362,760 $ 376,881 6.2 % 6.6 % 8.1 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 December 31, 2023 Servicer advance investments (D) $ 15,499,559 $ 320,630 2.1 % $ 278,845 84.1 % 81.9 % 7.5 % 6.9 % 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: December 31, 2023 2022 Principal and interest advances $ 57,909 $ 66,892 Escrow advances (taxes and insurance advances) 149,346 155,438 Foreclosure advances 113,375 119,298 Total $ 320,630 $ 341,628 |
REAL ESTATE AND OTHER SECURITIE
REAL ESTATE AND OTHER SECURITIES (AS RESTATED) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
REAL ESTATE AND OTHER SECURITIES (AS RESTATED) | REAL ESTATE AND OTHER SECURITIES (AS RESTATED) Agency RMBS are RMBS issued by the GSEs or Ginnie Mae. “Non-Agency” RMBS and other securities are issued by either public trusts or private label securitization entities. The following table summarizes real estate and other securities by designation: December 31, 2023 Gross Unrealized Weighted Average Outstanding Face Amount Gains Losses Carrying Value (A) Number of Securities Coupon (B) Yield Life (Years) (C) Securities designated as available for sale (“AFS”): Agency (D) $ 74,639 $ — $ — $ 65,496 1 3.5 % 3.5 % 10.8 Non-Agency (E)(F) 2,446,762 68,624 (24,488) 337,427 308 3.4 % 3.8 % 5.0 Securities measured at fair value through net income (“FVO”): Agency (D) 8,515,621 121,771 (5,666) 8,467,634 43 5.2 % 5.2 % 8.2 Non-Agency (E)(F) 7,525,017 20,681 (39,661) 466,602 314 4.0 % 6.8 % 6.9 Total / Weighted Average $ 18,562,039 $ 211,076 $ (69,815) $ 9,337,159 666 5.0 % 5.2 % 8.0 December 31, 2022 Gross Unrealized Weighted Average Outstanding Face Amount Gains Losses Carrying Value (A) Number of Securities Coupon (B) Yield Life (Years) (C) RMBS designated as AFS: Agency (D) $ 80,261 $ — $ — $ 73,439 1 3.5 % 3.5 % 8.9 Non-Agency (E)(F) 2,598,679 72,354 (33,684) 369,055 310 3.4 % 3.4 % 6.1 RMBS measured at FVO: Agency (D) 7,383,261 91,770 (43,826) 7,264,978 35 5.0 % 5.0 % 8.6 Non-Agency (E)(F) 8,050,582 17,374 (47,441) 245,417 222 1.9 % 3.2 % 4.4 Total / Weighted Average $ 18,112,783 $ 181,498 $ (124,951) $ 7,952,889 568 4.8 % 4.9 % 8.4 (A) Fair value is equal to the carrying value for all securities. See Note 21 regarding the fair value measurements. (B) Excludes residual bonds and certain other Non-Agency bonds, with a carrying value of $30.5 million and $1.0 million, respectively, for which no coupon payment is expected. (C) Based on the timing of expected principal reduction on the assets. (D) The total outstanding face amount was $8.6 billion and $7.5 billion for fixed rate securities as of December 31, 2023 and 2022, respectively. (E) The total outstanding face amount was $7.6 billion (including $6.9 billion of residual and fair value option notional amount) and $8.3 billion (including $7.5 billion of residual and fair value option notional amount) for fixed-rate securities and $2.4 billion (including $2.1 billion of residual and fair value option notional amount) and $2.4 billion (including $2.3 billion of residual and fair value option notional amount) for floating rate securities as of December 31, 2023 and 2022, respectively. (F) Includes other asset-backed securities consisting primarily of (i) interest-only securities, servicing strips and commercial mortgage-backed securities (fair value option securities), (ii) bonds backed by AFS consumer loans and (iii) corporate debt and/or collateralized loan obligations which Rithm Capital elected to carry at fair value and record changes to valuation through earnings. These securities are detailed in the table below: Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Gains Losses Carrying Value Number of Securities Coupon Yield Life (Years) December 31, 2023 (As Restated) Consumer loan bonds $ 239 $ 640 $ — $ 640 1 N/A N/A 1.7 Fair value option securities Interest-only securities 3,833,797 7,275 (24,312) 73,110 113 1.0 % 10.2 % 2.5 Servicing strips 2,469,571 3,876 (645) 20,855 50 — % 14.8 % 7.2 Commercial mortgage-backed securities 3,845 91 — 3,812 2 7.9 % 8.6 % 1.4 CLOs 244,336 2,896 (44) 226,486 88 5.7 % 6.1 % 9.1 December 31, 2022 (As Restated) Corporate Debt $ 514 $ — $ — $ 465 2 8.2 % 9.5 % 2.2 Consumer loan bonds 518 522 — 590 3 N/A N/A 0.7 Fair value option securities Interest-only securities 4,382,002 9,683 (25,795) 94,830 111 1.0 % 1.2 % 2.5 Servicing strips 2,645,546 2,274 (926) 21,206 50 — % 5.3 % 6.2 The following table summarizes real estate and other securities, held to maturity: December 31, 2023 December 31, 2022 Weighted Average Outstanding Face Amount Amortized Cost / Carrying Value Fair Value Unrecognized Gains/(Losses) Number of Securities Yield Life (Years) Carrying Treasury Bills Designated as Held to Maturity (HTM): Treasury $ 25,000 $ 24,553 $ 24,566 $ 13 1 5.4 % 0.3 $ — The following table summarizes purchases and sales of real estate and other securities, as restated: Year Ended December 31, 2023 (As Restated) 2022 (As Restated) (in millions) Treasury Agency Non-Agency Treasury Agency Non-Agency Purchases Face $ 1,055.0 $ 3,373.7 $ 282.3 $ — $ 16,479.3 $ 74.9 Purchase price 1,028.1 3,350.6 234.0 — 16,314.6 50.4 Sales Face $ — $ 1,691.1 $ — $ — $ 16,516.0 $ 15.3 Amortized cost — 1,671.3 — — 16,759.7 13.6 Sale price — 1,614.2 — — 15,026.3 12.0 Gain (loss) on sale — (57.1) — — (1,733.4) (1.6) As of December 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. Prior to 2023, Rithm Capital 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. The following table summarizes certain information for RMBS designated as AFS in an unrealized loss position as of December 31, 2023, as restated: Amortized Cost Basis Weighted Average Securities in an Unrealized Loss Position Outstanding Face Amount Before Credit Impairment Credit Impairment (A) After Credit Impairment Gross Unrealized Losses Carrying Value Number of Securities Coupon Yield Life Less than 12 Months $ 54,140 $ 52,341 $ — $ 52,341 $ (3,272) $ 49,069 53 3.0 % 3.8 % 3.7 12 or More Months 285,222 262,677 (10,152) 252,525 (21,216) 231,309 114 3.6 % 3.7 % 7.0 Total / Weighted Average $ 339,362 $ 315,018 $ (10,152) $ 304,866 $ (24,488) $ 280,378 167 3.5 % 3.7 % 6.4 (A) Represents credit impairment on securities in an unrealized loss position as of December 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: December 31, 2023 (As Restated) December 31, 2022 (As Restated) 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 65,697 66,377 (10,152) (680) 77,835 78,093 (10,816) (258) Non-credit impaired securities 214,681 238,489 — (23,808) 243,686 277,112 — (33,426) Total debt securities in an unrealized loss position $ 280,378 $ 304,866 $ (10,152) $ (24,488) $ 321,521 $ 355,205 $ (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, 2021 $ 3,471 $ — $ 3,471 Additions to the allowance for credit losses on securities for which credit losses were not previously recorded 128 6,676 6,804 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 541 — 541 Write-offs charged against the allowance — — — Recoveries of amounts previously written off — — — 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 (221) — (221) 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 (2,736) 2,293 (443) Write-offs charged against the allowance — — — Recoveries of amounts previously written off — — — Allowance for credit losses on available-for-sale debt securities at December 31, 2023 $ 1,183 $ 8,969 $ 10,152 See Note 20 regarding the financing of Real Estate and other securities. For a discussion of the restatement, refer to Notes 3 and 28. |
RESIDENTIAL MORTGAGE LOANS (AS
RESIDENTIAL MORTGAGE LOANS (AS RESTATED) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
RESIDENTIAL MORTGAGE LOANS (AS RESTATED) | RESIDENTIAL MORTGAGE LOANS (AS RESTATED) Rithm 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 December 31, 2023, Rithm Capital accounts for loans based on the following categories: • Loans held-for-investment (“HFI”), at fair value • Loans held-for-sale (“HFS”), at lower of cost or fair value • Loans HFS, at fair value • Investments of consolidated CFEs represent mortgage loans held by certain private label mortgage securitization trusts where Rithm Capital is determined to be a primary beneficiary and, as a result, consolidates such trusts. The assets are measured based on the fair value of the more observable liabilities of such trusts under the CFE election. The assets can only be used to settle obligations and liabilities of such trusts for which creditors do not have recourse to Rithm Capital. The following table summarizes residential mortgage loans outstanding by loan type: December 31, 2023 (As Restated) December 31, 2022 (As Restated) Outstanding Face Amount Carrying Loan Weighted Average Yield Weighted Average Life (Years) (A) Carrying Value Investments of consolidated CFEs (E) $ 3,252,463 $ 3,038,587 9,012 5.3 % 26.8 $ 2,431,867 Residential mortgage loans, held-for-investment, at fair value 448,060 379,044 8,328 8.1 % 5.5 452,519 Acquired performing loans (B) 67,955 57,038 1,887 8.1 % 5.9 72,425 Acquired non-performing loans (C) 26,381 21,839 326 8.5 % 5.6 28,602 Total residential mortgage loans, held-for-sale, at lower of cost or market $ 94,336 $ 78,877 2,213 8.2 % 5.8 $ 101,027 Acquired performing loans (B)(D) 423,644 400,603 1,972 5.7 % 16.4 890,131 Acquired non-performing loans (C)(D) 220,962 204,950 1,135 4.6 % 25.2 340,342 Originated loans 1,816,318 1,856,312 5,850 7.1 % 29.4 2,066,798 Total residential mortgage loans, held-for-sale, at fair value $ 2,460,924 $ 2,461,865 8,957 6.6 % 26.8 $ 3,297,271 Total residential mortgage loans, held-for-sale, at fair value/lower of cost or market $ 2,555,260 $ 2,540,742 11,170 $ 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) Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due. (C) As of December 31, 2023, Rithm Capital has placed non-performing loans, held-for-sale on non-accrual status, except as described in (D) below. (D) Includes $224.5 million and $198.2 million UPB of Ginnie Mae Early Buyout Options performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA. (E) Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election. The following table summarizes the geographic distribution of Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment at fair value on the Consolidated Balance Sheets: Percentage of Total Outstanding Unpaid Principal Amount December 31, State Concentration 2023 2022 Texas 9.5 % 8.9 % Florida 9.3 % 10.9 % California 8.3 % 10.2 % New York 8.0 % 6.8 % Georgia 4.9 % 4.2 % New Jersey 3.9 % 3.8 % Virginia 3.6 % 2.7 % Illinois 3.5 % 3.6 % Maryland 3.3 % 3.1 % North Carolina 3.2 % 2.5 % Other U.S. 42.5 % 43.3 % 100.0 % 100.0 % See Note 20 regarding the financing of residential mortgage loans. The following table summarizes the difference between the aggregate UPB and the aggregate carrying value of Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment at fair value on the Consolidated Balance Sheets which are 90 days or more past due: December 31, 2023 2022 Days Past Due UPB Carrying Value Carrying Value Over (Under) UPB UPB Carrying Value Carrying Value Over (Under) UPB 90+ $ 313,122 $ 281,556 $ (31,566) $ 468,147 $ 423,321 $ (44,826) The following table, as restated, summarizes the activity of Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment at fair value on the Consolidated Balance Sheets: 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, 2021 $ 569,933 $ 132,921 $ 11,214,924 $ 11,917,778 Originations — — 67,406,228 67,406,228 Sales — (4,426) (80,159,967) (80,164,393) Purchases/additional fundings 7,182 — 6,880,225 6,887,407 Proceeds from repayments (80,661) (17,777) (394,613) (493,051) Transfer of loans to other assets (A) — — (1,514,111) (1,514,111) Transfer of loans to REO (4,956) (1,386) (752) (7,094) Transfers of loans to held-for-sale (1,580) — — (1,580) Transfers of loans to from held-for-investment — — 1,582 1,582 Valuation provision on loans — (8,305) — (8,305) Fair value adjustments due to: Changes in instrument-specific credit risk (33,086) — (36,204) (69,290) Other factors (4,313) — (100,041) (104,354) Balance at December 31, 2022 (As Restated) $ 452,519 $ 101,027 $ 3,297,271 $ 3,850,817 Originations — — 37,123,264 37,123,264 Sales — (6,946) (37,500,199) (37,507,145) Purchases/additional fundings 1,269 — 375,435 376,704 Proceeds from repayments (51,195) (10,773) (181,166) (243,134) Transfer of loans to other assets (A) — 286 (696,228) (695,942) Transfer of loans to REO (7,148) (2,858) (1,459) (11,465) Transfers of loans to held-for-sale (30,556) — — (30,556) Transfers of loans to from held-for-investment — — 30,556 30,556 Valuation (provision) reversal on loans — (1,859) — (1,859) Fair value adjustments due to: Changes in instrument-specific credit risk 7,540 — 4,639 12,179 Other factors 6,615 — 9,752 16,367 Balance at December 31, 2023 (As Restated) $ 379,044 $ 78,877 $ 2,461,865 $ 2,919,786 (A) Includes loans transferred to consolidated CFEs and receivable modifications resulting in transfers between other assets and residential mortgage loans. Net Interest Income The following table summarizes the net interest income of Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment at fair value on the Consolidated Balance Sheets: December 31, 2023 2022 2021 Interest income: Loans held-for-investment, at fair value $ 34,658 $ 45,287 $ 44,369 Loans held-for-sale, at lower of cost or fair value 5,804 6,898 23,280 Loans held-for-sale, at fair value 159,233 211,238 260,062 Total interest income 199,695 263,423 327,711 Interest expense: Loans held-for-investment, at fair value 18,893 17,583 16,919 Loans held-for-sale, at lower of cost or fair value 3,615 3,402 21,333 Loans held-for-sale, at fair value (A) 161,901 181,071 159,413 Total interest expense 184,409 202,056 197,665 Net interest income (B) $ 15,286 $ 61,367 $ 130,046 (A) Includes interest expense attributed to SFR properties in the years ended December 31, 2022 and December 31, 2021. (B) Excludes consolidated CFEs’ interest income and interest expense included in Realized and unrealized gains (losses) on the Consolidated Statements of Operations. 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: Year Ended December 31, 2023 2022 2021 Gain (loss) on residential mortgage loans originated and sold, net (A) $ (392,137) $ (1,099,941) $ 421,004 Gain (loss) on settlement of residential mortgage loan origination derivative instruments (B) 73,476 1,285,219 240,610 MSRs retained on transfer of residential mortgage loans (C) 786,655 1,222,742 1,331,626 Other (D) 14,622 33,551 107,249 Realized gain on sale of originated residential mortgage loans, net $ 482,616 $ 1,441,571 $ 2,100,489 Change in fair value of residential mortgage loans 99,877 (271,530) (137,503) Change in fair value of interest rate lock commitments (Note 19) 15,018 (102,992) (293,699) Change in fair value of derivative instruments (Note 19) (64,034) 25,700 118,564 Gain on originated residential mortgage loans, held-for-sale, net $ 533,477 $ 1,092,749 $ 1,787,851 (A) Includes residential mortgage loan origination fees of $0.4 billion, $0.6 billion and $2.3 billion in the years ended December 31, 2023, 2022 and 2021, respectively. (B) Represents settlement of forward securities delivery commitments utilized as an economic hedge for mortgage loans not included within forward loan sale commitments. (C) Represents the initial fair value of the capitalized MSRs upon loan sales with servicing retained. (D) Includes fees for services associated with the residential mortgage loan origination process. For a discussion of the restatement, refer to Notes 3 and 28. |
CONSUMER LOANS
CONSUMER LOANS | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
CONSUMER LOANS | CONSUMER LOANS On June 20, 2023, Rithm Capital purchased a portfolio of consumer loans from Goldman Sachs Bank USA (the “Marcus loans” or “Marcus”). The portfolio consists of unsecured fixed-rate closed end installment loans. In tandem with this purchase, Rithm Capital entered into a loan servicing agreement with Goldman Sachs Bank USA (“Goldman”) whereby Goldman will master service the Marcus loans for the duration of their life. As of December 2023, the servicing of the loans moved to Systems & Services Technologies, Inc. with Goldman remaining as master servicer of the loans. Rithm Capital, through certain limited liability companies (together, the “Consumer Loan Companies”), has a co-investment in a portfolio of consumer loans purchased from the joint venture SpringCastle. The portfolio includes personal unsecured loans and personal homeowner loans (the “SpringCastle loans” or “SpringCastle”). OneMain Holdings Inc is the servicer of the SpringCastle loans and provides all servicing and advancing functions for the SpringCastle portfolio. As of December 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, inclusive of the SpringCastle loans and Marcus loans: UPB Carrying Value Weighted Average Coupon Weighted Average Expected Life (Years) December 31, 2023 SpringCastle $ 260,102 $ 285,632 18.2 % 3.7 Marcus $ 1,048,672 $ 988,373 10.5 % 1.2 Total consumer loans $ 1,308,774 $ 1,274,005 12.0 % 1.7 December 31, 2022 SpringCastle $ 330,428 $ 363,756 17.8 % 3.4 Marcus $ — $ — — % — Total consumer loans $ 330,428 $ 363,756 17.8 % 3.4 See Note 20 regarding the financing of consumer loans. The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of consumer loans: December 31, 2023 2022 Days Past Due UPB Carrying Value (A) Carrying Value Over (Under) UPB UPB Carrying Value (A) Carrying Value Over (Under) UPB SpringCastle Current $ 255,441 $ 280,577 $ 25,136 $ 325,192 $ 358,057 $ 32,865 90+ 4,661 5,055 394 5,236 5,699 463 Total SpringCastle $ 260,102 $ 285,632 $ 25,530 $ 330,428 $ 363,756 $ 33,328 Marcus Current $ 1,014,404 $ 956,076 $ (58,328) $ — $ — $ — 90+ 34,268 32,297 (1,971) — — — Total Marcus $ 1,048,672 $ 988,373 $ (60,299) $ — $ — $ — $ 1,308,774 $ 1,274,005 $ (34,769) $ 330,428 $ 363,756 $ 33,328 (A) Consumer loans are carried at fair value. See Note 21 regarding fair value measurements. The following table summarizes activities related to the carrying value of consumer loans: Balance at December 31, 2021 $ 507,291 Purchases — Additional fundings (A) 29,615 Proceeds from repayments (150,301) Accretion of loan discount and premium amortization, net 13,891 Fair value adjustments due to: Changes in instrument-specific credit risk 1,540 Other factors (38,280) Balance at December 31, 2022 $ 363,756 Purchases 1,317,347 Additional fundings (A) 27,510 Proceeds from repayments (446,124) Accretion of loan discount and premium amortization, net 37,717 Fair value adjustments due to: Changes in instrument-specific credit risk 957 Other factors (27,158) Balance at December 31, 2023 $ 1,274,005 (A) Represents draws on consumer loans with revolving privileges. |
SINGLE-FAMILY RENTAL PROPERTIES
SINGLE-FAMILY RENTAL PROPERTIES | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
SINGLE-FAMILY RENTAL PROPERTIES | SINGLE-FAMILY RENTAL PROPERTIES Rithm Capital continues to invest in its SFR portfolio and is striving to become a leader in the SFR sector by acquiring and maintaining a geographically diversified portfolio of high-quality single-family homes and leasing them to high quality residents. The following table summarizes the net carrying value of investments in SFR properties: December 31, 2023 2022 Land $ 183,359 $ 175,607 Building 733,437 702,427 Capital improvements 138,869 118,999 Total gross investment in SFR properties 1,055,665 997,033 Accumulated depreciation (53,737) (25,720) Investment in SFR properties, net $ 1,001,928 $ 971,313 Depreciation expense for the years ended December 31, 2023 and 2022 totaled $28.2 million and $18.9 million, respectively, and is included in other income (loss), net in the Consolidated Statements of Operations. As of December 31, 2023 and 2022, the carrying amount of the SFR properties includes capitalized acquisition costs of $7.5 million and $7.7 million, respectively. SFR properties held-for-sale are managed for near term sale and disposition. For the year ended December 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, 2021 $ 579,607 $ — $ 579,607 Acquisitions and capital improvements 415,858 — 415,858 Dispositions (5,242) — (5,242) Accumulated depreciation (18,910) — (18,910) Balance at December 31, 2022 $ 971,313 $ — $ 971,313 Acquisitions and capital improvements 67,013 — 67,013 Transfers to held-for-sale (9,747) 9,747 — Dispositions (250) (7,990) (8,240) Accumulated depreciation (27,972) (186) (28,158) Balance at December 31, 2023 $ 1,000,357 $ 1,571 $ 1,001,928 Rithm Capital generally rents its SFR properties under non-cancelable lease agreements with a term of one 2024 $ 39,942 2025 and thereafter $ 2,399 Total $ 42,341 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, 2021 2,551 — 2,551 Acquisition of SFR units 1,196 — 1,196 Disposition of SFR units (16) — (16) Balance at December 31, 2022 3,731 — 3,731 Acquisition of SFR units 182 — 182 Transfer to held-for-sale (30) 30 — Disposition of SFR units (1) (24) (25) Balance at December 31, 2023 3,882 6 3,888 See Note 20 regarding the financing of SFR Properties. |
MORTGAGE LOANS RECEIVABLE (AS R
MORTGAGE LOANS RECEIVABLE (AS RESTATED) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
MORTGAGE LOANS RECEIVABLE (AS RESTATED) | MORTGAGE LOANS RECEIVABLE (AS RESTATED) 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. On August 24, 2023 Rithm Capital acquired a portfolio of loans from Morgan Stanley Bank, N.A. with a face value of $148.4 million. The portfolio consists of fixed rate bridge and renovation loans and is master serviced by Genesis. The following table summarizes Mortgage loans receivable, at fair value and mortgage loans receivable held by consolidated CFEs by loan type: Mortgage Loans Receivable - Carrying Value (A) Mortgage Loans Receivable of Consolidated CFEs - Carrying Value (A) Total Carrying % of Portfolio Loan % of Portfolio Weighted Average Yield Weighted Average Original Life (Months) Weighted Average Committed Loan Balance to Value (B) December 31, 2023 (As Restated) Construction $ 787,740 $ 146,391 $ 934,131 41.8 % 371 27.0 % 10.5 % 16.2 74.0% / 63.0% Bridge 841,040 168,627 1,009,667 45.3 % 652 47.6 % 9.6 % 26.5 68.9% Renovation 250,539 38,576 289,115 12.9 % 349 25.4 % 10.0 % 13.5 80.5% / 68.6% $ 1,879,319 $ 353,594 $ 2,232,913 100.0 % 1,372 100.0 % 10.1 % 20.4 N/A December 31, 2022 (As Restated) Construction $ 810,082 $ 155,414 $ 965,496 46.8 % 622 37.1 % 8.3 % 15.0 76.8% / 65.6% Bridge 687,408 151,130 838,538 40.6 % 701 41.8 % 8.1 % 20.1 75.3% Renovation 216,563 43,431 259,994 12.6 % 354 21.1 % 8.3 % 13.0 78.0% / 66.1% $ 1,714,053 $ 349,975 $ 2,064,028 100.0 % 1,677 100.0 % 8.2 % 16.5 N/A (A) Mortgage loans receivable are carried at fair value. See Note 21 regarding fair value measurements. (B) Weighted by commitment LTV for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans. The following table summarizes the activity for the period of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets: Balance at December 31, 2021 (As Restated) $ 1,515,762 Initial loan advances 1,438,117 Construction holdbacks and draws 483,889 Paydowns and payoffs (1,234,445) Transfers to assets of consolidated CFEs (445,403) Purchased loans discount (premium) amortization (43,867) Balance at December 31, 2022 (As Restated) $ 1,714,053 Purchases 146,631 Initial loan advances 1,380,187 Construction holdbacks and draws 667,656 Paydowns and payoffs (1,671,895) Purchased loans discount (premium) amortization 668 Transfers to assets of consolidated CFEs (357,614) Fair value adjustments due to: Other factors (367) Balance at December 31, 2023 (As Restated) $ 1,879,319 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 UPB and the aggregate carrying value of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets: December 31, 2023 2022 Days Past Due UPB Carrying Value Carrying Value Over (Under) UPB UPB Carrying Value Carrying Value Over (Under) UPB Current $ 1,838,935 $ 1,837,513 $ (1,422) $ 1,714,054 $ 1,714,054 $ — 90+ 41,869 41,806 (63) — — — $ 1,880,804 $ 1,879,319 $ (1,485) $ 1,714,054 $ 1,714,054 $ — The following table summarizes the geographic distribution of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets as of December 31, 2023: Percentage of Total Loan Commitment State Concentration December 31, 2023 December 31, 2022 California 47.8 % 52.7 % Washington 7.9 % 10.2 % Florida 7.8 % 6.3 % New York 6.7 % 5.9 % Arizona 4.8 % 6.6 % Virginia 4.1 % 0.7 % Colorado 3.1 % 6.7 % Illinois 2.7 % 0.5 % Texas 2.7 % 1.9 % Georgia 2.5 % 0.8 % Other U.S. 9.9 % 7.7 % 100.0 % 100.0 % See Note 20 regarding the financing of mortgage loans receivable. For a discussion of the restatement, refer to Notes 3 and 28. |
CASH, CASH EQUIVALENTS AND REST
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (AS RESTATED) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (AS RESTATED) | CASH, CASH EQUIVALENTS AND RESTRICTED CASH (AS RESTATED) 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 22) 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 such same amounts shown in the Consolidated Statements of Cash Flows: December 31, 2023 2022 Cash and cash equivalents $ 1,287,199 $ 1,336,508 Restricted cash 378,048 271,758 Restricted cash of consolidated CFEs (A) 31,848 21,062 Total cash, cash equivalents and restricted cash $ 1,697,095 $ 1,629,328 (A) Presented within Investments, at fair value and other assets on the Consolidated Balance Sheets. The following table summarizes restricted cash balances by reporting segment: December 31, 2023 2022 Investment Portfolio (A) $ 150,432 $ 106,202 Origination and servicing 195,490 161,249 Mortgage loans receivable (A) 37,805 25,369 Asset management (A) 26,169 — Total restricted cash $ 409,896 $ 292,820 (A) Included restricted cash related to consolidated CFEs presented within Investments, at fair value and other assets on the Consolidated Balance Sheets. For a discussion of the restatement, refer to Notes 3 and 28. |
OTHER ASSETS AND LIABILITIES (A
OTHER ASSETS AND LIABILITIES (AS RESTATED) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income Assets And Liabilities | |
OTHER ASSETS AND LIABILITIES (AS RESTATED) | OTHER ASSETS AND LIABILITIES (AS RESTATED) Other Assets and Accrued Expenses and Other Liabilities consist of the following: Other Assets Accrued Expenses December 31, December 31, 2023 2022 2023 2022 Deferred tax asset $ 279,019 $ — Accounts payable $ 165,144 $ 155,492 Derivative and hedging assets (Note 19) 28,080 52,229 Accrued compensation and benefits 290,464 112,762 Due from related parties 32,319 — Deferred tax liability 801,857 711,855 Equity investments (A) 173,882 71,388 Derivative liabilities (Note 19) 51,765 18,064 Excess MSRs, at fair value (Note 6) 271,150 321,803 Escheat payable 169,914 113,772 Goodwill (Note 17) (B) 131,857 85,199 Interest payable 166,620 87,351 Income and fees receivable 59,134 — Lease liability (Note 18) 159,236 101,225 Intangible assets (Note 17) 387,920 141,413 Unearned income and fees 37,468 — Loan Receivable, at fair value (C) 31,323 94,401 Other liabilities 223,293 185,797 Margin receivable, net (D) 75,947 20,614 $ 2,065,761 $ 1,486,318 Notes Receivable (E) 398,227 — Operating lease right-of-use asset (Note 18) 104,207 77,329 Other receivables 152,046 146,131 Prepaid expenses 62,513 60,817 Principal and interest receivable 168,516 106,373 Property and equipment 40,038 37,883 Real Estate Owned 15,507 19,379 Servicer advances, at fair value (Note 8) 376,881 398,820 Servicing fee receivables 156,777 128,438 Warrants, at fair value 16,599 19,346 Other assets 182,881 132,809 $ 3,144,823 $ 1,914,372 (A) Represents equity investments in (i) commercial redevelopment projects and (ii) operating companies providing services throughout the real estate industry, including investments in Covius Holding Inc., a provider of various technology-enabled services to the mortgage and real estate sectors, preferred stock of Valon, a residential mortgage servicing and technology company, and preferred stock of Covalto Ltd. (formerly known as Credijusto Ltd.), a financial services company and (iii) funds related to Sculptor. (B) Includes goodwill derived from the acquisition of Shellpoint Partners LLC, Guardian, Genesis and Sculptor. (C) 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. (D) 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. (E) Represents notes receivable secured by commercial properties. The notes are accounted for under the fair value option. Real Estate Owned (REO) — REO assets are 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 provision recorded in other income 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, 2021 $ 21,641 Purchases 210 Property received in satisfaction of loan 14,936 Sales (A) (18,349) Valuation (provision) reversal 941 Balance at December 31, 2022 $ 19,379 Purchases — Property received in satisfaction of loan 21,943 Sales (A) (27,512) Valuation (provision) reversal 1,697 Balance at December 31, 2023 $ 15,507 (A) Recognized when control of the property has transferred to the buyer. As of December 31, 2023, Rithm Capital had residential mortgage loans and mortgage loans receivable that were in the process of foreclosure with UPBs of $55.6 million and $38.4 million, respectively. Notes and Loans Receivable — The following table summarizes the activity for notes and loans receivable: Notes Receivable Loans Receivable Total Balance at December 31, 2021 $ 60,549 $ 229,631 $ 290,180 Fundings 9,000 — 9,000 Payment in Kind 3,741 9,195 12,936 Proceeds from repayments (9,000) (143,256) (152,256) Transfer to other assets (1,000) — (1,000) Fair value adjustments due to: Changes in instrument-specific credit risk (63,062) — (63,062) Other factors (228) (1,169) (1,397) Balance at December 31, 2022 $ — $ 94,401 $ 94,401 Fundings (A) 399,977 — 399,977 Payment in Kind — 5,636 5,636 Proceeds from repayments (1,750) (68,945) (70,695) Transfer to other assets — — — Fair value adjustments due to: Changes in instrument-specific credit risk — — — Other factors — 231 231 Balance at December 31, 2023 $ 398,227 $ 31,323 $ 429,550 (A) Rithm Capital acquired two notes receivable during 2023 collateralized by commercial real estate. The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable: December 31, 2023 2022 Days Past Due UPB Carrying Value (A) Carrying Value Over (Under) UPB UPB Carrying Value (A) Carrying Value Over (Under) UPB Current $ 565,786 $ 429,550 $ (136,236) $ 157,745 $ 94,401 $ (63,344) 90+ — — — — — — (A) Notes and loans receivable are carried at fair value. See Note 21 regarding fair value measurements. For a discussion of the restatement, refer to Notes 3 and 28. |
EXPENSES, REALIZED AND UNREALIZ
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER (AS RESTATED) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER (AS RESTATED) | EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER (AS RESTATED) Other Revenues consists of the following: Year Ended December 31, 2023 2022 2021 Property and maintenance $ 133,424 $ 132,432 $ 104,797 Rental 73,216 54,567 13,745 Other 29,527 43,906 46,937 Total other revenues $ 236,167 $ 230,905 $ 165,480 General and Administrative expenses consists of the following: Year Ended December 31, 2023 2022 2021 Legal and professional $ 103,795 $ 78,837 $ 102,114 Loan origination 45,123 108,149 196,989 Occupancy 55,883 116,526 70,616 Subservicing 130,346 162,972 224,138 Loan servicing 17,901 13,474 18,213 Property and maintenance 97,582 93,689 69,083 Other 281,839 303,496 184,648 Total general and administrative expenses $ 732,469 $ 877,143 $ 865,801 Other Income (Loss) The following table summarizes the components of other income (loss): Year Ended December 31, 2023 2022 2021 Real estate and other securities $ 39,362 $ (1,499,418) $ (490,180) Residential mortgage loans and REO 19,861 (160,985) 270,492 Derivative and hedging instruments (54,342) 1,468,931 126,222 Notes and bonds payable (12,843) 45,792 11,506 Consolidated CFEs (A) 17,780 20,122 58,287 Other (B) (29,274) (54,501) (125,477) Realized and unrealized gains (losses), net $ (19,456) $ (180,059) $ (149,150) Other income (loss), net (69,010) (145,385) 3,241 Total other income (loss) $ (88,466) $ (325,444) $ (145,909) (A) Includes change in the fair value of the consolidated CFEs’ financial assets and liabilities and related interest and other income. (B) Includes excess MSRs, servicer advance investments, consumer loans and other. For a discussion of the restatement, refer to Notes 3 and 28. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
GOODWILL AND INTANGIBLE ASSETS | GOODWILL AND INTANGIBLE ASSETS As a result of acquisitions, Rithm Capital identified intangible assets in the form of management contracts, customer relationships, purchased technology and trademarks / trade names. The following table summarizes the carrying value of goodwill by reportable segment: Origination and Servicing Investment Portfolio Mortgage Loans Receivable Asset Management Total Balance at December 31, 2021 $ 24,376 $ 5,092 $ 55,731 $ — $ 85,199 Goodwill acquired — — — — — Accumulated impairment loss — — — — — Balance at December 31, 2022 $ 24,376 $ 5,092 $ 55,731 $ — $ 85,199 Goodwill acquired (A) — — — 46,658 46,658 Accumulated impairment loss — — — — — Balance at December 31, 2023 $ 24,376 $ 5,092 $ 55,731 $ 46,658 $ 131,857 (A) Refer to Note 4 for discussion regarding the Sculptor Acquisition. The following table summarizes the acquired identifiable intangible assets: As of December 31, Estimated Useful Lives (Years) 2023 2022 Gross Intangible Assets Management contracts 10 $ 275,000 $ — Customer relationships 3 to 9 57,949 57,949 Purchased technology 3 to 7 137,922 120,787 Trademarks / Trade names 1 to 5 10,259 10,259 481,130 188,995 Accumulated Amortization Management contracts 3,388 — Customer relationships 17,834 12,960 Purchased technology 67,145 30,959 Trademarks / Trade names 4,843 3,663 93,210 47,582 Intangible Assets, Net Management contracts 271,612 — Customer relationships 40,115 44,989 Purchased technology (A) 70,777 89,828 Trademarks / Trade names (B) 5,416 6,596 $ 387,920 $ 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 December 31, 2023: Year Ending Amortization Expense 2024 $ 55,220 2025 53,103 2026 44,983 2027 36,009 2028 and thereafter 175,364 $ 364,679 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
LEASES | LEASES Rithm Capital, through its wholly-owned subsidiaries, has leases on office space expiring through 2033. Rent expense, net of sublease income for the years ended December 31, 2023, 2022 and 2021 totaled $45.8 million, $45.2 million and $26.1 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 ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. In addition, the Company has finance leases for computer hardware. As of December 31, 2023, the Company has pledged collateral related to its lease obligations of $6.2 million, which is presented as part of restricted cash on the Consolidated Balance Sheets. 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 Operating Leases Finance Leases Total 2024 $ 41,305 $ 228 $ 41,533 2025 33,617 228 33,845 2026 26,982 228 27,210 2027 27,111 228 27,339 2028 23,818 — 23,818 2029 and thereafter 37,271 — 37,271 Total remaining undiscounted lease payments 190,104 912 191,016 Less: imputed interest 31,680 100 31,780 Total remaining discounted lease payments $ 158,424 $ 812 $ 159,236 The future commitments under the non-cancelable leases have not been reduced by the sublease rentals of $18.6 million due in the future periods. Other information related to leases is summarized below: December 31, 2023 2022 Weighted-average remaining lease term (years) Operating leases 5.8 5.7 Finance leases 3.5 - Weighted-average discount rate Operating leases 6.2 % 4.0 % Finance leases 7.9 % — % Year Ended December 31, Supplemental Information 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 34,655 $ 51,005 $ 24,667 Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,449 $ 5,773 $ 3,013 |
DERIVATIVES AND HEDGING (AS RES
DERIVATIVES AND HEDGING (AS RESTATED) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVES AND HEDGING (AS RESTATED) | DERIVATIVES AND HEDGING (AS RESTATED) Rithm Capital enters into economic hedges including interest rate swaps, TBAs, and short sales 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 or other short positions 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 counterparty. As part of executing these trades, Rithm Capital may enter into agreements with its counterparties that govern the transactions for the purchases or sales made, including margin maintenance, payment and transfer, events of default, settlements and various other provisions. Changes in the value of hedges designed to protect against mortgage-backed securities and MSR fair value fluctuations, or hedging gains and losses, are reflected in the tables below. Rithm Capital enters into short sales of U.S. Treasury securities to mitigate interest rate risk by borrowing the securities under reverse repurchase agreements and selling them into the market. The Company accounts for these as securities borrowing transactions and recognizes an obligation to return the borrowed securities at fair value on the Consolidated Balance Sheets based on the value of the underlying U.S. Treasury security as of the reporting date. Refer to Note 3 for further details. Gains and losses associated with U.S. Treasury securities are recognized in Realized and unrealized gains (losses), net in the Consolidated Statements of Operations. As of December 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 and hedges are recorded at fair value on the Consolidated Balance Sheets as follows: December 31, Balance Sheet Location 2023 2022 Derivative and hedging assets Interest rate swaps (A) Other assets $ 106 $ 449 Interest rate lock commitments Other assets 26,482 16,015 TBAs Other assets 1,492 35,765 $ 28,080 $ 52,229 Derivative and hedging liabilities Interest rate lock commitments Accrued expenses and other liabilities $ 2,678 $ 7,229 TBAs Accrued expenses and other liabilities 49,087 10,835 $ 51,765 $ 18,064 (A) Net of $342.0 million and $1.2 billion of related variation margin accounts as of December 31, 2023 and 2022, respectively. The following table summarizes notional amounts related to derivatives and hedging: December 31, 2023 2022 Interest rate swaps (A) $ 7,979,988 $ 23,085,000 Interest rate lock commitments 2,757,060 2,647,747 TBAs, short position (B) 6,013,100 8,473,221 TBAs, long position (B) — 31,500 (A) Includes $8.0 billion notional of receive Secured Overnight Financing Rate (“SOFR”)/pay fixed of 2.5% and $0.0 billion notional of receive fixed of 0.0%/pay SOFR with weighted average maturities of 32 months and 0 months, respectively, as of December 31, 2023. Includes $23.1 billion notional of receive SOFR/pay fixed of 1.9% and $0.0 billion notional of receive fixed of 0.0%/pay SOFR 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 hedging and the related location on the Consolidated Statements of Operations: Year Ended December 31, 2023 2022 2021 Servicing revenue, net (A) TBAs $ — $ (15,205) $ 10,483 Treasury futures — (1,746) (23,961) Options on treasury futures — 5,635 (17,003) — (11,316) (30,481) Gain on originated residential mortgage loans, held-for-sale, net (A) Interest rate lock commitments 15,018 (102,992) (293,699) TBAs (62,924) 25,700 118,564 Interest rate swaps (1,110) — — (49,016) (77,292) (175,135) Realized and unrealized gains (losses), net (B)(C) Interest rate swaps 20,990 1,159,777 162,730 TBAs (7,326) 309,154 (36,508) Treasury securities payable (68,006) — — (54,342) 1,468,931 126,222 Total gain (loss) $ (103,358) $ 1,380,323 $ (79,394) (A) Represents unrealized gain (loss). (B) Excludes $0.0 million loss, $79.0 million loss, and $34.7 million loss for the year ended December 31, 2023, 2022 and 2021, respectively, included within servicing revenue, net (Note 7). (C) Excludes $73.5 million gain, $1.3 billion gain and $240.6 million gain for the year ended December 31, 2023, 2022 and 2021, respectively, included within gain on originated residential mortgage loans, held-for-sale, net (Note 10). |
DEBT OBLIGATIONS (AS RESTATED)
DEBT OBLIGATIONS (AS RESTATED) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
DEBT OBLIGATIONS (AS RESTATED) | DEBT OBLIGATIONS (AS RESTATED) The following table summarizes Secured Financing Agreements, Secured Notes and Bonds Payable, and debt obligations related to consolidated funds: December 31, 2023 December 31, 2022 Collateral Debt Obligations/Collateral (C) Outstanding Face Amount Carrying Value (A) Final Stated Maturity (B) Weighted Average Funding Cost Weighted Average Life (Years) Outstanding Face Amortized Cost Basis Carrying Value Weighted Average Life (Years) Carrying Value (A) Secured Financing Agreements Warehouse Credit Facilities-Residential Mortgage Loans (D) $ 1,940,295 $ 1,940,038 Jan-24 to Nov-25 6.8 % 0.6 $ 2,201,857 $ 2,315,385 $ 2,235,311 21.5 $ 2,601,327 Warehouse Credit Facility- Mortgage Loans Receivable (E) 1,337,010 1,337,010 May-24 to Dec-25 8.2 % 1.7 1,610,728 1,609,242 1,609,242 1.2 1,220,662 Agency RMBS or Treasuries (F) 8,152,469 8,152,469 Jan-24 to Jul-24 5.5 % 0.2 8,588,624 8,415,294 8,566,211 8.2 6,821,788 Non-Agency RMBS (E) 610,189 610,189 Jan-24 to Oct-28 7.6 % 0.8 15,285,491 932,248 958,292 6.1 609,282 SFR Properties (E) 20,534 20,534 Dec-24 8.2 % 1.0 N/A 47,433 47,433 N/A 4,677 CLOs (G) 186,378 183,947 Jan-30 to Jul-35 6.4 % 8.9 186,378 184,112 184,112 8.9 — Commercial Notes Receivable 323,452 317,096 Dec-24 6.5 % 0.9 429,240 364,977 364,977 N/A — Total Secured Financing Agreements 12,570,327 12,561,283 6.1 % 0.6 11,257,736 Secured Notes and Bonds Payable Excess MSRs (E) 181,522 181,522 Oct-25 8.7 % 1.8 60,049,904 235,395 272,308 6.1 227,596 MSRs (H) 4,807,776 4,800,728 Dec-24 to Nov-27 7.5 % 1.9 522,025,042 6,367,520 8,340,171 7.5 4,791,543 Servicer Advance Investments (I) 278,845 278,042 Mar-24 to Aug-24 7.5 % 0.2 314,442 353,113 367,803 8.2 318,445 Servicer Advances (I) 2,254,515 2,254,369 Feb-24 to Sep-25 7.7 % 0.4 2,856,680 2,760,250 2,760,250 0.7 2,361,259 Residential Mortgage Loans (J) 650,000 650,000 May-24 6.5 % 0.4 649,978 651,948 652,059 29.2 769,989 Consumer Loans (K) 1,134,666 1,106,974 Jun-28 to Sep 37 7.0 % 4.2 1,308,774 1,269,872 1,274,005 1.7 299,498 SFR Properties (L) 833,386 789,174 Mar-26 to Sep-27 4.1 % 3.3 N/A 952,923 952,923 N/A 817,695 Mortgage Loans Receivable 200,000 200,000 Jul-26 5.8 % 2.5 224,720 224,720 224,720 0.6 200,000 Secured Facility- Asset Management 75,000 69,121 Nov-25 8.8 % 1.8 N/A N/A N/A N/A — CLOs (G) 30,458 30,258 May-30 to Oct-34 7.1 % 6.7 30,458 30,425 30,425 6.7 — Total Secured Notes and Bonds Payable 10,446,168 10,360,188 7.1 % 1.9 9,786,025 Notes Payable of Consolidated CFEs (M) Consolidated funds (N) 222,250 218,157 May-37 5.0 % 4.8 205,723 N/A 203,794 N/A — Residential Mortgage Loans 2,849,603 2,618,082 Oct-63 4.0 % 26.8 $ 3,252,463 N/A $ 3,038,587 26.8 $ 2,095,478 Mortgage Loans Receivable (O) 324,062 318,998 Dec-26 5.6 % 3.0 $ 353,594 $ 353,594 $ 353,594 0.5 $ 312,919 Total Notes Payable of Consolidated CFEs 3,395,915 3,155,237 4.2 % 22.9 2,408,397 Total / Weighted Average $ 26,412,410 $ 26,076,708 6.3 % 4.0 $ 23,452,158 (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 $142.3 million of associated accrued interest payable as of December 31, 2023. (D) Includes $233.9 million which bear interest at an average fixed rate of 5.0% with the remaining having SOFR-based floating interest rates. (E) SOFR-based floating interest rates. Includes repurchase agreements and related collateral on non-agency securities retained through consolidated securitizations (F) All repurchase agreements have a fixed rate. Collateral carrying value includes margin deposits. (G) All SOFR- or Euro Interbank Offered Rate (EURIBOR)-based floating interest rate. (H) Includes $3.8 billion of MSR notes which bear interest equal to the sum of (i) a floating rate index equal to SOFR and (ii) a margin ranging from 2.5% to 3.7%; and $1.0 billion of MSR 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) Includes debt bearing interest equal to the sum of (i) a floating rate index equal to SOFR and (ii) a margin ranging from 1.5% to 3.7%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and the Mortgage Company. (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 SOFR plus 1.2%. Collateral carrying value includes cash held in the securitization trust required to meet collateral requirements. (K) Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $205.2 million UPB of Class A notes with a coupon of 2.0% and $53.0 million of Class B notes with a coupon of 2.7% and (ii) $871.2 million of debt collateralized by the Marcus loans bearing interest at the sum of SOFR plus a margin of 3.0%. (L) Includes $833.4 million of fixed rate notes which bear interest ranging from 3.5% to 7.1%. (M) See Note 22 for balance sheets of consolidated entities. (N) Includes $120.0 million UPB of Class A notes with a fixed coupon of 4.3%, $70.0 million UPB of Class B notes with a fixed coupon of 5.3%, $15.0 million UPB of Class C notes with a fixed coupon of 6.3%, and $17.3 million UPB of Subordinated notes, held within consolidated funds (Note 22 ). Weighted average life is based off expected maturity. (O) Includes $238.1 million which bear interest at an average fixed rate of 4.6% with the remaining having SOFR-based floating interest rates. 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. The assets of consolidated CFEs can only be used to settle obligations and liabilities of the CFEs for which creditors do not have recourse to Rithm Capital Corp. As of December 31, 2023, Rithm Capital has margin exposure on $12.6 billion of secured financing agreements. To the extent that the value of the collateral underlying these secured financing agreements declines, Rithm Capital may be required to post margin, which could significantly impact its liquidity. The following table summarizes activities related to the carrying value of debt obligations: Servicer Advances and Excess MSRs (A) MSRs Commercial Notes Receivable Real Estate and Other Securities Residential Mortgage Loans and REO Consumer Loans SFR Properties Mortgage Loans Receivable Asset Management Total Balance at December 31, 2021 (As Restated) $ 2,949,526 $ 4,234,771 $ — $ 9,043,412 $ 12,102,713 $ 458,580 $ 357,922 $ 1,252,660 $ — $ 30,399,584 Secured Financing Agreements Borrowings — — — 54,385,892 73,782,327 — 206,595 2,080,495 — 130,455,309 Repayments — — — (55,998,234) (81,320,424) — (360,433) (2,112,492) — (139,791,583) Capitalized deferred financing costs, net of amortization — — — — 1,129 — — — — 1,129 Secured Notes and Bonds Payable Borrowings 2,804,677 2,027,637 — — — — 879,947 200,000 — 5,912,261 Repayments (2,849,496) (1,473,037) — — (33,204) (123,770) (216,631) — — (4,696,138) Discount on borrowings, net of amortization — — — — — — (42,030) — — (42,030) Unrealized (gain) loss on notes, fair value — — — — 665 (35,312) — — — (34,647) Capitalized deferred financing costs, net of amortization 2,593 2,172 — — — — (2,998) — — 1,767 Notes Payable of Consolidated CFEs Borrowings — — — — 1,595,099 — — 324,062 — 1,919,161 Repayments — — — — (408,569) — — — (408,569) Discount on borrowings, net of amortization — — — — — — — — Unrealized gain on notes, fair value — — — — (252,942) — — (11,144) — (264,086) Capitalized deferred financing costs, net of amortization — — — — — — — — — — Balance at December 31, 2022 (As Restated) $ 2,907,300 $ 4,791,543 $ — $ 7,431,070 $ 5,466,794 $ 299,498 $ 822,372 $ 1,733,581 $ — $ 23,452,158 Secured Financing Agreements Acquired borrowings, net of discount (Note 4) — — — — — — — — 177,551 177,551 Borrowings — — 323,452 50,253,463 37,971,788 — 20,534 2,572,154 — 91,141,391 Repayments — — — (48,921,875) (38,634,841) — (4,677) (2,455,805) (718) (90,017,916) FX remeasurement — — — — — — 7,114 7,114 Capitalized deferred financing costs, net of amortization — — (6,356) — 1,763 — — — — (4,593) Secured Notes and Bonds Payable Acquired borrowings, net of discount (Note 4) — — — — — — 99,232 99,232 Borrowings 2,757,587 4,156,358 — — 1,185,612 — — 405 8,099,962 Repayments (2,954,228) (4,148,588) — (116,730) (381,718) (35,690) — — (7,636,954) FX remeasurement — — — — — — — — (1,008) (1,008) Unrealized (gain) loss on notes, fair value — — — (3,258) 8,818 — — — 5,560 Capitalized deferred financing costs, net of amortization 3,274 1,415 — — (5,236) 7,169 — 750 7,372 Notes Payable of Consolidated CFEs Acquired borrowings, net of discount — — — — — — — — — — Borrowings — — — — 725,902 — — — 218,746 944,648 Repayments — — — — (264,134) — — — — (264,134) Discount on borrowings, net of amortization — — — — — — — — — Unrealized (gain) loss on notes, fair value — — — — 60,836 — — 6,078 (589) 66,325 Capitalized deferred financing costs, net of amortization — — — — — — — — — — Balance at December 31, 2023 (As Restated) $ 2,713,933 $ 4,800,728 $ 317,096 $ 8,762,658 $ 5,208,120 $ 1,106,974 $ 809,708 $ 1,856,008 $ 501,483 $ 26,076,708 (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 December 31, 2023 are as follows, as restated: Year Ending Nonrecourse (A) Recourse (B) Total 2024 $ 3,726,128 $ 12,050,512 $ 15,776,640 2025 287,753 3,724,031 4,011,784 2026 324,062 1,271,832 1,595,894 2027 734,737 420,000 1,154,737 2028 and thereafter 4,423,355 — 4,423,355 $ 9,496,035 $ 17,466,375 $ 26,962,410 (A) Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs, and notes payable of consolidated CFEs of $0.9 billion, $5.3 billion, $0.2 billion, and $3.1 billion, respectively. (B) Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs, and notes payable of consolidated CFEs of $11.7 billion, $5.3 billion, $0.5 billion, and $0.0 billion, respectively. Borrowing Capacity The following table represents borrowing capacity as of December 31, 2023: Debt Obligations/ Collateral Borrowing Capacity Balance Outstanding Available Financing (A) Secured Financing Agreements Residential mortgage loans, mortgage loans receivable, SFR, and commercial notes receivable $ 6,433,613 $ 2,200,908 $ 4,232,705 Loan originations 5,246,552 1,420,382 3,826,170 CLOs 320,810 186,378 134,432 Secured Notes and Bonds Payable Excess MSRs 286,380 181,521 104,859 MSRs 5,997,814 4,807,776 1,190,038 Servicer advances 3,805,000 2,533,360 1,271,640 SFR 296,762 195,411 101,351 Liabilities of Consolidated CFEs Consolidated funds 52,500 — 52,500 $ 22,439,431 $ 11,525,736 $ 10,913,695 (A) Although available financing is uncommitted, Rithm Capital’s unused borrowing capacity is available if it has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate. Certain of the debt obligations are subject to customary loan covenants and event of default provisions, including event of default provisions triggered by certain specified declines in Rithm Capital’s equity or a failure to maintain a specified tangible net worth, liquidity or indebtedness to tangible net worth ratio. Rithm Capital was in compliance with all of its debt covenants as of December 31, 2023. 2025 Senior Unsecured Notes On September 16, 2020, the Company, as issuer, 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 accrues at the rate of 6.250% per annum with interest payable semi-annually in arrears on each April 15 and October 15, commencing on April 15, 2021. The 2025 Senior Notes mature on October 15, 2025. The notes became redeemable at any time and from time to time, on or after October 15, 2022. The Company may redeem the notes in 2024 or thereafter at a fixed redemption price of 100%. 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 year ended December 31, 2023 , the Company recog nized interest expense of $34.4 million. As of December 31, 2023, the unamortized debt issuance costs was approximately $3.2 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 Indenture, dated September 16, 2020, pursuant to which the 2025 Senior Notes were issued) 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 December 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. Tax Receivable Agreement At the time of its initial public offering in 2007, Sculptor entered into a tax receivable agreement (“TRA”) with the former holders of units in Sculptor’s operating partnerships (the “TRA Holders”). The TRA provides for the payment by Sculptor to the TRA Holders of a portion of the cash savings in U.S. federal, state and local income tax that Sculptor realizes as a result of the increased depreciation and amortization deductions and reduced gain on sale from (i) the increases in the tax basis of the tangible and intangible assets of the Sculptor operating partnerships that results from taxable acquisitions by Sculptor (and certain affiliates and successors) of such units and (ii) certain other tax benefits attributable to payments under the TRA. The purchase of units in the initial public offering, and subsequent taxable exchanges of units (including in the Sculptor Acquisition), resulted in such an increase in the tax basis of the assets of the Sculptor operating partnerships and their consolidated subsidiaries. The TRA includes certain “change of control” assumptions that became applicable as a result of the Sculptor Acquisition, such as the assumption that the Sculptor (or its successor) has sufficient taxable income to use the relevant tax benefits, that limitations on the use of loss carryforwards do not apply and that non-amortizable assets are deemed disposed of at the earlier of an actual disposition or fifteen years after the change of control. As a result, the Company will calculate payments under the TRA without regard to the Company’s ability to use tax assets (including net operating losses, the use of which may be significantly limited under Section 382 of the Internal Revenue Code) following the Sculptor Acquisition. The payments under the TRA may therefore exceed the actual tax savings to the Company of the associated tax assets. The Company has also agreed, effective as of closing of Sculptor Acquisition, to guaranty each TRA Holder the payment of any amounts that become due and payable by Sculptor to such TRA Holder pursuant to the terms of the TRA. As of December 31, 2023, the estimated undiscounted future payment under the TRA was $267.9 million. The carrying value of the TRA liability measured at amortized cost was $172.2 million as of December 31, 2023 with interest expense recognized under the effective interest method. The TRA liability is recorded in unsecured notes, net of issuance costs on the Consolidated Balance Sheets. The table below presents the Company’s estimate as of December 31, 2023, of the maximum undiscounted amounts that would be payable under the TRA using the assumptions described above. In light of the numerous factors affecting Sculptor’s obligation to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table. The impact of any net operating losses is included in the “Thereafter” amount in the table below. Year Ending Potential Payments Under Tax Receivable Agreement 2024 $ 11,591 2025 29,819 2026 17,374 2027 18,994 2028 and thereafter 190,143 $ 267,921 For a discussion of the restatement, refer to Notes 3 and 28. |
FAIR VALUE MEASUREMENTS (AS RES
FAIR VALUE MEASUREMENTS (AS RESTATED) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS (AS RESTATED) | FAIR VALUE MEASUREMENTS (AS RESTATED) 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 (“CDR”)), and • Market corroborated inputs (derived principally from or corroborated by observable market data). Level 3 – Valuations based significantly on unobservable inputs. Rithm Capital follows this hierarchy for its fair value measurements. The classifications are based on the lowest level of input that is significant to the fair value measurement. The carrying values and fair values of assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments for which fair value is disclosed, as of December 31, 2023 were as follows, as restated: Principal Balance or Notional Amount Carrying Value Fair Value Level 1 Level 2 Level 3 NAV Total Assets: Excess MSRs (A) $ 60,049,904 $ 271,150 $ — $ — $ 271,150 $ — $ 271,150 MSRs and MSR financing receivables (A) 528,434,509 8,405,938 — — 8,405,938 — 8,405,938 Servicer advance investments 320,630 376,881 — — 376,881 — 376,881 Real estate and other securities (B) 18,587,039 9,361,712 24,566 8,533,130 804,029 — 9,361,725 Residential mortgage loans, held-for-sale 94,336 78,877 — — 78,877 — 78,877 Residential mortgage loans, held-for-sale, at fair value 2,460,924 2,461,865 — 2,327,528 134,337 — 2,461,865 Residential mortgage loans, held-for-investment, at fair value 448,060 379,044 — — 379,044 — 379,044 Residential mortgage loans subject to repurchase 1,782,998 1,782,998 — 1,782,998 — — 1,782,998 Consumer loans 1,308,774 1,274,005 — — 1,274,005 — 1,274,005 Derivative assets 11,188,206 28,080 — 1,598 26,482 — 28,080 Mortgage loans receivable 1,880,804 1,879,319 — — 1,879,319 — 1,879,319 Note receivable 534,463 398,227 — — 398,227 — 398,227 Loans receivable 31,323 31,323 — — 31,323 — 31,323 Cash, cash equivalents and restricted cash 1,672,819 1,672,819 1,672,819 — — — 1,672,819 Reverse repurchase agreements 1,769,601 1,769,601 — 1,769,601 — — 1,769,601 Assets of consolidated CFEs - funds (D) 323,973 340,929 19,073 — — 321,856 340,929 Assets of consolidated CFEs - loan securitizations (D) 3,606,057 3,410,548 18,367 3,038,587 353,594 — 3,410,548 Other assets N/A 61,902 — — 61,902 — 61,902 $ 33,985,218 $ 1,734,825 $ 17,453,442 $ 14,475,108 $ 321,856 $ 33,985,231 Liabilities: Secured financing agreements $ 12,570,327 $ 12,561,283 $ — $ 12,377,171 $ 184,112 $ — $ 12,561,283 Secured notes and bonds payable (C) 10,446,168 10,360,188 — — 10,369,649 — 10,369,649 Unsecured senior notes, net of issuance costs 814,739 719,004 — — 708,328 — 708,328 Residential mortgage loan repurchase liability 1,782,998 1,782,998 — 1,782,998 — — 1,782,998 Treasury securities payable 1,800,000 1,827,281 1,827,281 — — — 1,827,281 Derivative liabilities 5,561,942 51,765 — 49,087 2,678 — 51,765 Liabilities of consolidated CFEs - funds (D) 222,250 219,920 1,763 — 218,157 — 219,920 Liabilities of consolidated CFEs - loan securitizations (D) 3,173,665 2,943,714 6,634 2,618,082 318,998 — 2,943,714 $ 30,466,153 $ 1,835,678 $ 16,827,338 $ 11,801,922 $ — $ 30,464,938 (A) The notional amount represents the total UPB 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 U.S. Treasury Bills classified as Level 1 and held at amortized cost basis of $24.6 million (see Note 9). (C) Includes SCFT 2020-A (as defined below) mortgage-backed securities issued for which the fair value option for financial instruments was elected and resulted in a fair value of $235.8 million as of December 31, 2023. (D) Represents assets and notes issued by consolidated VIEs accounted for under the CFE election. The carrying values and fair values of assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments for which fair value is disclosed, as of December 31, 2022 were as follows, as restated: Principal Balance or Notional Amount Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Excess MSRs (A) $ 67,454,370 $ 321,803 $ — $ — $ 321,803 $ 321,803 MSRs and MSR financing receivables (A) 539,897,324 8,889,403 — — 8,889,403 8,889,403 Servicer advance investments 341,628 398,820 — — 398,820 398,820 Real estate and other securities 18,112,783 7,952,889 — 7,338,417 614,472 7,952,889 Residential mortgage loans, held-for-sale 117,847 101,027 — — 101,196 101,196 Residential mortgage loans, held-for-sale, at fair value 3,387,888 3,297,271 — 3,035,894 261,377 3,297,271 Residential mortgage loans, held-for-investment, at fair value 538,710 452,519 — — 452,519 452,519 Residential mortgage loans subject to repurchase 1,219,890 1,219,890 — 1,219,890 — 1,219,890 Consumer loans 330,428 363,756 — — 363,756 363,756 Derivative assets 33,174,574 52,229 — 36,214 16,015 52,229 Mortgage loans receivable (B) 1,714,053 1,714,053 — — 1,714,053 1,714,053 Note receivable 63,114 — — — — — Loans receivable 94,631 94,401 — — 94,401 94,401 Cash and cash equivalents 1,336,508 1,336,508 1,336,508 — — 1,336,508 Restricted cash 281,126 281,126 281,126 — — 281,126 Assets of consolidated CFEs - loan securitizations (E) 3,012,143 2,803,138 21,296 2,431,867 349,975 2,803,138 Other assets (C) 23,370 — — 23,370 23,370 $ 29,302,203 $ 1,638,930 $ 14,062,282 $ 13,601,160 $ 29,302,372 Liabilities: Secured financing agreements $ 11,260,242 $ 11,257,736 $ — $ 11,257,736 $ — $ 11,257,736 Secured notes and bonds payable (D) 10,200,390 9,786,025 — — 9,602,209 9,602,209 Unsecured senior notes, net of issuance costs 545,056 545,056 — — 493,064 493,064 Residential mortgage loan repurchase liability 1,219,890 1,219,890 — 1,219,890 — 1,219,890 Derivative liabilities 1,062,894 18,064 — 10,835 7,229 18,064 Liabilities of consolidated CFEs - loan securitizations (E) 2,691,546 2,420,439 12,043 2,095,478 312,918 2,420,439 $ 25,247,210 $ 12,043 $ 14,583,939 $ 10,415,420 $ 25,011,402 (A) The notional amount represents the total UPB 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 CFE election. As of December 31, 2022, the fair value of Rithm Capital’s interests in the mortgage loans receivable securitization was $45.8 million. (C) Excludes the indirect equity investment in a commercial redevelopment project accounted for at fair value on a recurring basis based on the net asset value (“NAV”) of Rithm Capital’s investment. The investment had a fair value of $23.8 million as of December 31, 2022. (D) Includes SCFT 2020-A (as defined below) MBS issued for which the fair value option for financial instruments was elected and resulted in a fair value of $319.5 million as of December 31, 2022. (E) Represents assets and notes issued by consolidated VIEs accounted for under the CFE election. The following table summarizes assets measured at fair value on a recurring basis using Level 3 inputs: Level 3 Excess MSRs (A)(B) MSRs and MSR Financing Receivables (A) Servicer Advance Investments Non-Agency Securities Derivatives (C) Residential Mortgage Loans Consumer Loans Notes and Loans Receivable Mortgage Loans Receivable (D) Total Balance at December 31, 2021 $ 344,947 $ 6,858,803 $ 421,807 $ 768,879 $ 111,778 $ 2,423,337 $ 507,291 $ 290,180 $ 1,515,762 $ 13,242,784 Transfers Transfers from Level 3 — — — — — (1,279,709) — (1,000) — (1,280,709) Transfers to Level 3 — — — — — 313,559 — — — 313,559 Gain (loss) included in net income Credit losses on securities (E) — — — (710) — — — — — (710) Servicing revenue, net (F) — 817,691 — — — — — — — 817,691 Change in fair value of Excess MSRs (G) (2,962) — — — — — — — — (2,962) Excess MSRs, equity method investees (E) 1,526 — — — — — — — — 1,526 Real estate securities — — — (17,716) — — — — — (17,716) Servicer advance investments — — (9,950) — — — — — — (9,950) Consumer loans — — — — — — (36,740) — — (36,740) Residential mortgage loans — — — — — (124,359) — — — (124,359) Gain (loss) on settlement of investments, net 107 — — (1,560) — — — — (43,867) (45,320) Other income (loss), net (E) (65) — — — (102,992) (35,020) — (64,459) — (202,536) Gains (losses) included in OCI (G) — — — (45,709) — — — — — (45,709) Interest income 38,035 — 42,005 4,180 — — 13,891 12,936 — 111,047 Purchases, sales and repayments Purchases, net (H) — (967) 988,847 50,392 — 2,099,549 29,615 9,000 — 3,176,436 Proceeds from sales (997) (8,866) — (11,958) — (2,405,531) — — — (2,427,352) Proceeds from repayments (58,788) — (1,043,889) (131,326) — (272,224) (150,301) (152,256) (1,405,278) (3,214,062) Originations and other — 1,222,742 — — — (5,706) — — 1,997,411 3,214,447 Balance at December 31, 2022 $ 321,803 $ 8,889,403 $ 398,820 $ 614,472 $ 8,786 $ 713,896 $ 363,756 $ 94,401 $ 2,064,028 $ 13,469,365 Transfers Transfers from Level 3 — — — — — (41,430) — — — (41,430) Transfers to Level 3 — — — — — 22,565 — — — 22,565 Acquisitions (Note 4) — — — 216,229 — — — — — 216,229 Gain (loss) included in net income Credit losses on securities (E) — — — 2,951 — — — — — 2,951 Servicing revenue, net (F) — (565,684) — — — — — — — (565,684) Change in fair value of Excess MSRs (E) (12,712) — — — — — — — — (12,712) Servicer advance investments — — 8,049 — — — — — — 8,049 Consumer loans — — — — — — (26,201) — — (26,201) Residential mortgage loans — — — — — 14,911 — — — 14,911 Gain (loss) on settlement of investments, net 615 — — — — — — — 615 Other income (loss), net (E) (348) — — 10,650 15,018 44,694 — 231 (367) 69,878 Gains (losses) included in OCI (G) — — — 13,118 — — — — — 13,118 Interest income 18,310 — 22,180 12,929 — — 37,717 5,636 — 96,772 Purchases, sales and repayments Purchases, net (H) — — 852,015 17,833 — 38,992 1,317,347 399,977 146,631 2,772,795 Proceeds from sales (4,212) (704,436) — — — (252,183) 27,510 — — (933,321) Proceeds from repayments (52,306) — (904,183) (84,153) — (91,249) (446,124) (70,695) (2,025,890) (3,674,600) Originations and other — 786,655 — — — 63,185 — — 2,048,511 2,898,351 Balance at December 31, 2023 $ 271,150 $ 8,405,938 $ 376,881 $ 804,029 $ 23,804 $ 513,381 $ 1,274,005 $ 429,550 $ 2,232,913 $ 14,331,651 (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) Includes mortgage loans receivable of consolidated CFEs classified as level 3 in the fair hierarchy. (E) Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) relating to Level 3 assets still held at the reporting dates and realized gain (loss) recorded during the period. (F) See Note 7 for further details on the components of servicing revenue, net. (G) Gain (loss) included in unrealized gain (loss) on available-for-sale securities, net in the Consolidated Statements of Comprehensive Income. (H) 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, as restated: Level 3 Asset-Backed Securities Issued Notes Payable of Consolidated Funds Mortgage Loans Receivable Notes Payable of CFE Total Balance at December 31, 2021 $ 511,107 $ — $ — $ 511,107 Gains (losses) included in net income Other income (A) (34,647) — (11,144) (45,791) Purchases, sales and payments Purchases — — 324,062 324,062 Payments (156,974) — — (156,974) Balance at December 31, 2022 $ 319,486 $ — $ 312,918 $ 632,404 Gains (losses) included in net income Other income (A) 5,560 (589) 6,080 11,051 Purchases, sales and payments Sculptor Acquisition (Note 4) — 218,746 — 218,746 Payments (89,276) — — (89,276) Balance at December 31, 2023 $ 235,770 $ 218,157 $ 318,998 $ 772,925 (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 Fair value estimates of Rithm Capital’s MSRs and Excess MSRs were based on internal pricing models. The valuation technique is based on discounted cash flows. Significant inputs used in the valuations included expectations of prepayment rates, delinquency rates, recapture rates for Excess MSRs, the mortgage servicing amount or excess mortgage servicing amount of the underlying residential mortgage loans, as applicable, and discount rates that market participants would use in determining the fair values of mortgage servicing rights on similar pools of residential mortgage loans. In addition, for MSRs, significant inputs included the market-level estimated cost of servicing. Significant increases (decreases) in the discount rates, prepayment or delinquency rates, or costs of servicing, in isolation would result in a significantly lower (higher) fair value measurement, whereas significant increases (decreases) in the recapture rates or mortgage servicing amount or excess mortgage servicing amount, as applicable, in isolation would result in a significantly higher (lower) fair value measurement. Generally, a change in the delinquency rate assumption is accompanied by a directionally similar change in the assumption used for the prepayment rate. The following table summarizes certain information regarding the ranges and weighted averages of inputs used: December 31, 2023 Significant Inputs (A) Prepayment Rate (B) Delinquency (C) Recapture Rate (D) Mortgage Servicing Amount (E) Collateral Weighted Average Maturity (Years) (F) Excess MSRs Directly Held 2.4% – 12.2% (6.5%) 0.2% – 8.8% (4.3%) —% – 91.1% (55.2%) 1 – 55 (20) 11 – 27 (20) Excess MSRs Held through Investees 6.3% – 9.0% (7.8%) 2.2% – 5.6% (3.5%) 45.1% – 64.3% (59.0%) 16 – 25 (21) 14 – 21 (18) MSRs and MSR Financing Receivables (G) Agency 0.6% – 83.7% (7.3%) 0.0% – 100.0% (2.3%) — (H) 6 – 104 (27) 0 – 40 (23) Non-Agency 0.3% – 83.4% (12.2%) 0.9% – 83.3% (23.2%) — (H) 3 – 242 (46) 0 – 40 (21) Ginnie Mae 5.0% – 81.9% (10.5%) 0.3% – 80.0% (9.7%) — (H) 19 – 82 (43) 1 – 39 (27) Total / Weighted Average—MSRs and MSR Financing Receivables 0.3% – 83.7% (8.6%) 0.0% – 100.0% (6.1%) — (H) 3 – 242 (33) 0 – 40 (24) December 31, 2022 Significant Inputs (A) Prepayment Rate (B) Delinquency (C) Recapture Rate (D) Mortgage Servicing Amount (E) Collateral Weighted Average Maturity (Years) (F) Excess MSRs Directly Held 2.8% – 13.5% (7.3%) 0.2% – 10.1% (3.6%) —% – 91.4% (55.4%) 6 – 31 (19) 11 – 29 (21) Excess MSRs Held through Investees 8.4% – 11% (9.4%) 2.9% – 5.4% (3.9%) 45.4% – 64% (58.7%) 15 – 26 (21) 15 – 22 (19) MSRs and MSR Financing Receivables (G) Agency 2.6% – 97.8% (8.0%) 0.1% – 66.7% (2.0%) — (H) 7 – 104 (30) 0 – 39 (23) Non-Agency 1.3% – 93.2% (15.0%) 1.0% – 75.0% (21.1%) — (H) 2 – 216 (46) 0 – 36 (24) Ginnie Mae 2.8% – 81.2% (10.3%) 0.2% – 80.0% (8.9%) — (H) 11 – 86 (41) 0 – 39 (27) Total / Weighted Average—MSRs and MSR Financing Receivables 1.3% – 97.8% (9.2%) 0.1% – 80.0% (5.3%) — (H) 2 – 216 (34) 0 – 39 (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 a mortgage payment. (D) Percentage of voluntarily prepaid loans that are expected to be refinanced by the related servicer or subservicer, as applicable. (E) Weighted average total mortgage servicing amount, in excess of the basic fee as applicable, measured in basis points (“bps”). As of December 31, 2023 and 2022, weighted average costs of subservicing of $6.38 – $7.08 ($6.99) and $6.80 – $7.00 ($6.90), respectively, per loan per month was used to value the agency MSRs. Weighted average costs of subservicing of $7.50 – $9.57 ($9.16) and $7.30 – $17.20 ($8.70), respectively, per loan per month was used to value the non-agency MSRs, including MSR Financing Receivables. Weighted average cost of subservicing of $8.37 and $8.30 – $8.40 ($8.30), respectively, per loan per month was used to value the Ginnie Mae MSRs. (F) Weighted average maturity of the underlying residential mortgage loans in the pool. (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 SOFR plus 4.1%. As of December 31, 2023 and 2022, weighted average discount rates of 8.8% (range of 8.5% – 9.0%) and 8.3% (range of 8.0% – 8.5%), respectively, were used to value Rithm Capital’s Excess MSRs (directly and through equity method investees). As of December 31, 2023 and 2022, weighted average discount rates of 8.5% (range of 7.9% – 10.8%) and 8.3% (range of 7.6% – 9.8%) were used to value Rithm Capital’s MSRs and MSR financing receivables, respectively. All of the assumptions listed have some degree of market observability, based on Rithm Capital’s knowledge of the market, relationships with market participants and use of common market data sources. Rithm Capital uses assumptions that generate its best estimate of future cash flows for each investment in MSRs and Excess MSRs. When valuing MSRs and Excess MSRs, Rithm Capital uses the following criteria to determine the significant inputs: • Prepayment Rate : Prepayment rate projections are in the form of a “vector” that varies over the expected life of the pool. The prepayment vector specifies the percentage of the collateral balance that is expected to prepay voluntarily (i.e., pay off) and involuntarily (i.e., default) at each point in the future. The prepayment vector is based on assumptions that reflect macroeconomic conditions like home price appreciation, current level of interest rates as well as loan level factors such as the borrower’s interest rate, FICO score, LTV ratio, debt-to-income ratio and vintage on a loan level basis. Rithm Capital considers historical prepayment experience associated with the collateral when determining this vector and also reviews industry research on the prepayment experience of similar loan pools. This data is obtained from remittance reports, market data services and other market sources. • Delinquency Rates : For existing mortgage pools, delinquency rates are based on the recent pool-specific experience of loans that missed their latest mortgage payments. Delinquency rate projections are in the form of a “vector” that varies over the expected life of the pool. The delinquency vector specifies the percentage of the UPB that is expected to be delinquent each month. The delinquency vector is based on assumptions that reflect macroeconomic conditions, the historical delinquency rates for the pools and the underlying borrower characteristics such as the FICO score and LTV ratio. For the recapture agreements and recaptured loans, delinquency rates are based on the experience of similar loan pools originated by Rithm Capital’s servicers and subservicers (our “Servicing Partners”) and delinquency experience over the past year. Rithm Capital believes this time period provides a reasonable sample for projecting future delinquency rates while taking into account current market conditions. Additional consideration is given to loans that are expected to become 30 or more days delinquent. • Recapture Rates : Recapture rates are based on actual average recapture rates experienced by Rithm Capital’s Servicing Partners on similar residential mortgage loan pools. Generally, Rithm Capital looks to three • Mortgage Servicing Amount or Excess Mortgage Servicing Amount : For existing mortgage pools, mortgage servicing amount and excess mortgage servicing amount projections are based on the actual total mortgage servicing amount, in excess of a basic fee as applicable. For loans expected to be refinanced by the related servicer or subservicer and subject to a recapture agreement, Rithm Capital considers the mortgage servicing amount or excess mortgage servicing amount on loans recently originated by the related servicer over the past three months and other general market considerations. Rithm Capital believes this time period provides a reasonable sample for projecting future mortgage servicing amounts and excess mortgage servicing amounts while taking into account current market conditions. • Discount Rate : The discount rates used by Rithm Capital are derived from market data on pricing of MSRs backed by similar collateral. • Cost of subservicing : The costs of subservicing used by Rithm Capital are based on available market data for various loan types and delinquency statuses. Rithm Capital uses different prepayment and delinquency assumptions in valuing the MSRs and Excess MSRs, relating to the original loan pools, the recapture agreements and the MSRs and Excess MSRs relating to recaptured loans. The prepayment rate and delinquency rate assumptions differ because of differences in the collateral characteristics, refinance potential and expected borrower behavior for original loans and loans which have been refinanced. The assumptions for recapture and discount rates when valuing MSRs and Excess MSRs and recapture agreements are based on historical recapture experience and market pricing. The following table summarizes the estimated change in fair value of our interests in the Agency MSRs, owned as of December 31, 2023 given several parallel shifts in the discount rate, prepayment rate and delinquency rate (dollars in thousands): Fair value at December 31, 2023 $ 5,333,013 Discount rate shift in % -20% -10% 10% 20% Estimated fair value $ 5,757,003 $ 5,537,037 $ 5,143,139 $ 4,966,298 Change in estimated fair value: Amount $ 423,990 $ 204,024 $ (189,874) $ (366,715) Percentage 8.0 % 3.8 % (3.6) % (6.9) % Prepayment rate shift in % -20% -10% 10% 20% Estimated fair value $ 5,563,978 $ 5,443,232 $ 5,232,375 $ 5,138,726 Change in estimated fair value: Amount $ 230,965 $ 110,219 $ (100,638) $ (194,287) Percentage 4.3 % 2.1 % (1.9) % (3.6) % Delinquency rate shift in % -20% -10% 10% 20% Estimated fair value $ 5,421,739 $ 5,380,879 $ 5,278,297 $ 5,217,507 Change in estimated fair value: Amount $ 88,726 $ 47,866 $ (54,716) $ (115,506) Percentage 1.7 % 0.9 % (1.0) % (2.2) % The following table summarizes the estimated change in fair value of our interests in the Non-Agency MSRs, including MSR financing receivables, owned as of December 31, 2023 given several parallel shifts in the discount rate, prepayment rate and delinquency rate (dollars in thousands): Fair value at December 31, 2023 $ 678,913 Discount rate shift in % -20% -10% 10% 20% Estimated fair value $ 748,078 $ 711,922 $ 648,681 $ 620,917 Change in estimated fair value: Amount $ 69,165 $ 33,009 $ (30,232) $ (57,996) Percentage 10.2 % 4.9 % (4.5) % (8.5) % Prepayment rate shift in % -20% -10% 10% 20% Estimated fair value $ 717,516 $ 697,670 $ 661,047 $ 644,005 Change in estimated fair value: Amount $ 38,603 $ 18,757 $ (17,866) $ (34,908) Percentage 5.7 % 2.8 % (2.6) % (5.1) % Delinquency rate shift in % -20% -10% 10% 20% Estimated fair value $ 712,026 $ 696,250 $ 660,167 $ 640,286 Change in estimated fair value: Amount $ 33,113 $ 17,337 $ (18,746) $ (38,627) Percentage 4.9 % 2.6 % (2.8) % (5.7) % The following table summarizes the estimated change in fair value of our interests in the Ginnie Mae MSRs, owned as of December 31, 2023 given several parallel shifts in the discount rate, prepayment rate and delinquency rate (dollars in thousands): Fair value at December 31, 2023 $ 2,394,012 Discount rate shift in % -20% -10% 10% 20% Estimated fair value $ 2,584,318 $ 2,485,472 $ 2,309,232 $ 2,230,420 Change in estimated fair value: Amount $ 190,306 $ 91,460 $ (84,780) $ (163,592) Percentage 7.9 % 3.8 % (3.5) % (6.8) % Prepayment rate shift in % -20% -10% 10% 20% Estimated fair value $ 2,535,281 $ 2,460,736 $ 2,332,802 $ 2,277,856 Change in estimated fair value: Amount $ 141,269 $ 66,724 $ (61,210) $ (116,156) Percentage 5.9 % 2.8 % (2.6) % (4.9) % Delinquency rate shift in % -20% -10% 10% 20% Estimated fair value $ 2,568,437 $ 2,484,912 $ 2,297,211 $ 2,195,842 Change in estimated fair value: Amount $ 174,425 $ 90,900 $ (96,801) $ (198,170) Percentage 7.3 % 3.8 % (4.0) % (8.3) % Each of the preceding sensitivity analyses is hypothetical and is provided for illustrative purposes only. There are certain limitations inherent in the sensitivity analyses presented. In particular, the results are calculated by stressing a particular economic assumption independent of changes in any other assumption; in practice, changes in one factor may result in changes in another, which might counteract or amplify the sensitivities. Also, changes in the fair value based on a 10% variation in an assumption generally may not be extrapolated because the relationship of the change in the assumption to the change in fair value may not be linear. Servicer Advance Investments Valuation Rithm Capital uses internal pricing models to estimate the future cash flows related to the servicer advance investments that incorporate significant unobservable inputs and include assumptions that are inherently subjective and imprecise. Rithm Capital’s estimations of future cash flows include the combined cash flows of all of the components that comprise the servicer advance investments: existing advances, the requirement to purchase future advances, the recovery of advances and the right to the basic fee component of the related MSR. The factors that most significantly impact the fair value include (i) the rate at which the servicer advance balance changes over the term of the investment, (ii) the UPB of the underlying loans with respect to which Rithm Capital has the obligation to make advances and owns the basic fee component of the related MSR which, in turn, is driven by prepayment rates and (iii) the percentage of delinquent loans with respect to which Rithm Capital owns the basic fee component of the related MSR. The valuation technique is based on discounted cash flows. Significant inputs used in the valuations included the assumptions used to establish the aforementioned cash flows and discount rates that market participants would use in determining the fair values of servicer advance investments. Significant increases (decreases) in the advance balance-to-UPB ratio, prepayment rate, delinquency rate, or discount rate, in isolation, would result in a significantly lower (higher) fair value measurement. Generally, a change in the delinquency rate assumption is accompanied by a directionally similar change in the assumption used for the advance balance-to-UPB ratio. The following table summarizes certain information regarding the ranges and weighted averages of significant inputs used in valuing the servicer advance investments, including the basic fee component of the related MSRs: Significant Inputs Outstanding Prepayment Rate (A) Delinquency Mortgage Servicing Amount (B) Discount Collateral Weighted Average Maturity (Years) (C) December 31, 2023 1.1% – 2.1% (2.1%) 2.8% – 4.5% (4.4%) 3.3% – 25.8% (25.3%) 18.2 – 19.9 (19.8) bps 6.2% – 6.7% (6.2%) 21.8 December 31, 2022 1.2% – 2.2% (2.1%) 3.4% – 4.6% (4.6%) 3.4% – 19.6% (19.1%) 18.0 – 19.8 (19.8) bps 5.7% – 6.2% (5.7%) 21.9 (A) Projected annual weighted average lifetime voluntary and involuntary prepayment rate using a prepayment vector. (B) Mortgage servicing amount is net of 10.8 bps and 10.8 bps which represent the amounts Rithm Capital paid its servicers as a monthly servicing fee as of December 31, 2023 and 2022, respectively. (C) Weighted average maturity of the underlying residential mortgage loans in the pool. The valuation of the servicer advance investments also takes into account the performance fee paid to the servicer, which in the case of the Buyer is based on its equity returns and therefore is impacted by relevant financing assumptions such as LTV ratio and interest rate as well as advance-to-UPB ratio. All of the assumptions listed have some degree of market observability, based on Rithm Capital’s knowledge of the market, relationships with market participants, and use of common market data sources. The prepayment rate, the delinquency rate and the advance-to-UPB ratio projections are in the form of “curves” or “vectors” that vary over the expected life of the underlying mortgages and related servicer advances. Rithm Capital uses assumptions that generate its best estimate of future cash flows for each Servicer Advance Investment, including the basic fee component of the related MSR. When valuing servicer advance investments, Rithm Capital uses the following criteria to determine the significant inputs: • Servicer advance balance : Servicer advance balance projections are in the form of a “vector” that varies over the expected life of the residential mortgage loan pool. The servicer advance balance projection is based on assumptions that reflect factors such as the borrower’s expected delinquency status, the rate at which delinquent borrowers re-perform or become current again, servicer modification offer and acceptance rates, liquidation timelines and the servicers’ stop advance and clawback policies. • Prepayment Rate : Prepayment rate projections are in the form of a “vector” that varies over the expected life of the pool. The prepayment vector specifies the percentage of the collateral balance that is expected to prepay voluntarily (i.e. pay off) and involuntarily (i.e. default) at each point in the future. The prepayment vector is based on assumptions that reflect macroeconomic conditions and factors such as the borrower’s FICO score, LTV ratio, debt-to-income ratio and vintage on a loan level basis. Rithm Capital considers collateral-specific prepayment experience when determining this vector. • Delinquency Rates : For existing mortgage pools, delinquency rates are based on the recent pool-specific experience of loans that missed recent mortgage payment(s) as well as loan- and borrower-specific characteristics such as the borrower’s FICO score, the LTV ratio, debt-to-income ratio, occupancy status, loan documentation, payment history and previous loan modifications. Rithm Capital believes the time period utilized provides a reasonable sample for projecting future delinquency rates while taking into account current market conditions. • Mortgage Servicing Amount : Mortgage servicing amounts are contractually determined on a pool-by-pool basis. Rithm Capital projects the weighted average mortgage servicing amount based on its projections for prepayment rates. • SOFR : The performance-based incentive fees on Mr. Cooper-serviced servicer advance investments portfolios are driven by SOFR-based factors. The SOFR curves used are widely used by market participants as reference rates for many financial instruments. • Discount Rate : The discount rates used by Rithm Capital are derived from market data on pricing of MSRs backed by similar collateral and the advances made thereon. Real Estate and Other Securities Valuation Rithm Capital’s real estate and other securities valuation methodology and results are detailed below. Treasury securities are valued using market-based prices published by the U.S. Department of the Treasury and are classified as Level 1. Fair Value Asset Type Outstanding Face Amount Amortized Cost Basis Multiple Quotes (A) Single Quote (B) Total Level December 31, 2023 (As Restated) Agency $ 8,590,260 $ 8,417,025 $ 8,533,130 $ — $ 8,533,130 2 Non-Agency 9,971,779 778,873 577,543 226,486 804,029 3 Total $ |
VARIABLE INTEREST ENTITIES (AS
VARIABLE INTEREST ENTITIES (AS RESTATED) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
VARIABLE INTEREST ENTITIES (AS RESTATED) | VARIABLE INTEREST ENTITIES (AS RESTATED) In the normal course of business, Rithm Capital enters into transactions with SPEs, which primarily consist of trusts established for a limited purpose. The SPEs have been formed for the purpose of transactions in which the Company transfers assets into an SPE in return for various forms of debt obligations supported by those assets. In these transactions, the Company typically receives cash and/or other interests in the SPE as proceeds for the transferred assets. The Company retains the right to service the transferred receivables. The Company first evaluates whether it holds a variable interest in the entity. Where the Company has a variable interest, it is required to determine whether the entity is a VIE or a Voting Interest Entity (“VOE”), the classification of which will determine the consolidation model that the Company is required to follow when determining whether it should consolidate the entity. VIEs are defined as entities in which (i) equity at risk investors do not have the characteristics of a controlling financial interest, (ii) do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support from other parties, or (iii) substantially all of the activities of the entity are performed on behalf of the party with disproportionately few voting rights. Where an entity does not have the characteristics of a VIE, it is a VOE. A VIE is required to be consolidated by the primary beneficiary, which is defined as the party that has the power to direct the activities of a VIE that most significantly impact its economic performance and has the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. To assess whether Rithm Capital has the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, Rithm Capital considers all the facts and circumstances, including its role in establishing the VIE and its ongoing rights and responsibilities. This assessment includes identifying (i) the activities that most significantly impact the VIE’s economic performance and (ii) which party, if any, has power over those activities. To assess whether Rithm Capital has the obligation to absorb losses of the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE, Rithm Capital considers all of its economic interests and applies judgment in determining whether these interests, individually or in the aggregate, are considered potentially significant to the VIE. When an SPE meets the definition of a VIE and the Company determines that it is the primary beneficiary, the Company consolidates the SPE in its consolidated financial statements. For certain consolidated VIEs that meet the definition of a CFE, which is a variable interest entity that holds financial assets, issues beneficial interests in those assets and has no more than nominal equity, Rithm Capital has elected to account for the assets and liabilities of these entities under the CFE measurement alternative. The CFE measurement alternative allows companies to elect to measure both the financial assets and financial liabilities of a CFE using the more observable of the fair value of the financial assets or fair value of the financial liabilities. The net equity in an entity accounted for under the CFE election effectively represents the fair value of the beneficial interests Rithm Capital owns in the entity. The assets of the consolidated CFEs can only be used to settle obligations and liabilities of these consolidated CFEs and are not available for general use by the Company. The liabilities of these consolidated CFEs are liabilities only of these entities and creditors have no recourse to the Company for the consolidated CFEs’ liabilities. Consolidated VIEs Advance Purchaser Rithm Capital, through a taxable wholly-owned subsidiary, is the managing member of Advance Purchaser and owns approximately 89.3% of Advance Purchaser as of December 31, 2023. Rithm Capital is deemed to be the primary beneficiary of Advance Purchaser as a result of its ability to direct activities that most significantly impact the economic performance of the entities and its ownership of a significant equity investment. See Note 8 for details. Newrez Joint Ventures A wholly-owned subsidiary of Newrez, Newrez Ventures LLC (formerly known as Shelter Mortgage Company LLC) (“Newrez Ventures”), is a mortgage originator specializing in retail originations. Newrez Ventures operates its business through a series of joint ventures (“Newrez Joint Ventures”) and is deemed to be the primary beneficiary of such Newrez Joint Ventures as a result of its ability to direct activities that most significantly impact the economic performance of the Newrez Joint Venture entities and its ownership of a significant equity investment. Residential Mortgage Loans The Company securitizes, sells and services residential mortgage loans. Securitization transactions typically involve the use of VIEs and are accounted for either as sales or as secured financings. Certain of these activities may involve SPEs which, by their nature, are deemed to be VIEs. Rithm Capital sells pools of conforming mortgage loans through GSE and Ginnie Mae sponsored programs with the servicing retained by Newrez. The Company has several financing vehicles in the form of mortgage loan participation and sale agreements with financial institutions, or Purchasers, to sell pools of agency residential mortgage loans. Newrez Mortgage Participant LLC, NPF Trust EBO I and Newrez Trust II were formed to acquire, receive, participate, hold, release and dispose of participation interests in certain of Newrez’s residential mortgage loans HFS (“MLHFS PC”). These facilities transfer the MLHFS PC in exchange for cash. Newrez is the primary beneficiary of the VIE and therefore consolidates the SPE. The transferred MLHFS PC is classified on the Consolidated Balance Sheets as residential mortgage loans, HFS and the related warehouse credit facility liabilities as part of Secured Financing Agreements. Newrez retains the risks and benefits associated with the assets transferred to the SPEs. Mortgage-Backed Securitization In May 2021, Newrez issued $750.0 million in notes through a securitization facility (the “2021-1 Securitization Facility”) that bear interest at 30-day SOFR plus a margin. The 2021-1 Securitization Facility is secured by newly originated, first-lien, fixed- and adjustable-rate residential mortgage loans eligible for purchase by the GSEs and Ginnie Mae. Through a master repurchase agreement, Newrez sells its originated residential mortgage loans to the 2021-1 Securitization Facility, which then issues notes to third party qualified investors, with Newrez retaining the trust certificate. The loans serve as collateral with the proceeds from the note issuance ultimately financing the originations. The 2021-1 Securitization Facility will terminate on the earlier of (i) the three-year anniversary of the initial closing date, (ii) the Company exercising its right to optional prepayment in full or (iii) a repurchase triggering event. The Company is the primary beneficiary of the 2021-1 Securitization Facility as it has both (i) the power to direct the activities of a VIE that most significantly impact its economic performance and (ii) the obligation to absorb losses or the right to receive benefits from the VIE that could be potentially significant to the VIE. Consumer Loan Companies Rithm Capital has a co-investment in a portfolio of consumer loans held through certain limited liability entities (the “Consumer Loan Companies”), which hold the SpringCastle loans. As of December 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. Consolidated CFEs: Loan Securitizations - Mortgage Loans Receivable In March 2022, Rithm Capital sponsored a securitization trust, classified as a VIE, that issue securitized debt collateralized by mortgage loans receivable (the “2022-RTL1 Securitization”) for which a wholly-owned subsidiary of Rithm Capital serves as asset manager. Rithm Capital acquired all of the most subordinated trust certificates for $20.9 million. Rithm Capital concluded that the most subordinate tranche trust certificates absorb a majority of the trusts expected losses or receive a majority of the trusts’ expected residual returns. Rithm Capital also concluded that the securitization’s asset manager has the ability to direct activities that could impact the trust’s economic performance. As a result, Rithm Capital consolidates 2022 RTL1 Securitization. The assets of the consolidated the 2022 RTL1 Securitization may only be used to settle obligations of 2022 RTL1 Securitization and are not available to creditors of the Company. The investors in the consolidated 2022 RTL1 Securitization have no recourse against the assets of the Company, and there is no recourse to the Company for the consolidated entities’ liabilities. As of December 31, 2023, 2022-RTL1 Securitization assets consist 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 $353.6 million and an aggregate principal limit of approximately $461.2 million. Refer to Note 21 regarding the fair value measurements of consolidated loan securitizations. Loan Securitizations - Residential Mortgage Loans Rithm Capital sponsors certain mortgage securitization trusts, considered VIEs, to securitize performing Non-QM loans and seasoned mortgage loans. The Company consolidates certain trusts for which it is the primary beneficiary. The Company acts as the primary servicer for such trusts and therefore has the ability to direct activities that could impact these trusts’ economic performance. Generally, the Company retains a vertical tranche of notes issued by these trusts for risk retention purposes in addition to the most subordinated tranches and “interest only” interests. Such retained interests were eliminated in consolidation. Depending on the type of the securitization, the underlying pool of assets may consist of performing, amortizing and interest only, fixed rate and adjustable rate mortgage loans secured by first liens on single family residential properties, planned unit developments and condominiums. The assets of these consolidated loan securitizations may only be used to settle obligations of these entities and are not available to creditors of the Company. The investors in these consolidated loan securitizations have no recourse against the assets of the Company, and there is no recourse to the Company for the consolidated entities’ liabilities. Refer to Note 3 for further details. As of December 31, 2023, the Notes payable, at fair value of Liabilities of consolidated CFEs due to third parties had a fair value of $2.6 billion. Rithm’s retained interest in the consolidated CFEs was $0.4 billion. Refer to Note 21 regarding the fair value measurements of consolidated loan securitizations and to Note 3 for further information. Funds In the ordinary course of business, Sculptor sponsors the formation of consolidated funds that are considered VIEs. The Company consolidates certain VIEs for which it is the primary beneficiary either directly or indirectly through a consolidated entity. The assets of these consolidated funds may only be used to settle obligations of these entities and are not available to creditors of the Company or Sculptor. The investors in these consolidated funds have no recourse against the assets of the Company or Sculptor. There is no recourse to the Company or Sculptor for the consolidated funds’ liabilities. The Company, through Sculptor, consolidates a structured alternative investment solution, which issued notes in the aggregate principal amount of $350.0 million, of which approximately $127.8 million were retained by Sculptor and eliminated in consolidation. The retained notes consists of $20.0 million Class A notes, $20.0 million of Class C notes and $87.8 million of subordinated notes. As of December 31, 2023, the consolidated notes payable due to third parties had a fair value of $218.2 million. Sculptor’s structured alternative investment solution entered into a $52.5 million credit facility maturing March 18, 2025. This credit facility is capped at $20.0 million of total borrowing capacity per quarter, bearing interest of SOFR plus margin of 3.0%. The facility is also subject to an annual 1.15% unused commitment fee. As of December 31, 2023, the consolidated funds have not drawn on the facility. See Note 20 and 21 regarding the financing and fair value measurements of consolidated funds, respectively. The table below presents the restated carrying value and classification of the assets and liabilities of consolidated VIEs on the Consolidated Balance Sheets: Advance Purchaser Newrez Joint Ventures Residential Mortgage Loans Consumer Loan Companies Consolidated CFEs (B) Total December 31, 2023 (As Restated) Loan Securitizations - Mortgage Loans Receivable Loan Securitizations - Residential Mortgage Loans Consolidated Funds Assets Servicer advance investments, at fair value $ 367,803 $ — $ — $ — $ — — $ — $ 367,803 Residential mortgage loans, held-for-sale, at fair value — — 1,112,097 — — — — 1,112,097 Consumer loans — — — 285,632 — — — 285,632 Assets of consolidated CFEs - investments — — — — 353,594 3,038,587 321,856 3,714,037 Cash and cash equivalents 5,381 18,159 — — — — — 23,540 Restricted cash 8,273 — 6,113 6,301 7,572 6,263 18,013 52,535 Other assets 9 688 — 4,325 4,532 — 1,060 10,614 Total Assets $ 381,466 $ 18,847 $ 1,118,210 $ 296,258 $ 365,698 $ 3,044,850 $ 340,929 $ 5,566,258 Liabilities Secured financing agreements (A) — — 996,845 — — — — 996,845 Secured notes and bonds payable (A) 274,404 — — 235,770 — — — 510,174 Notes payable of consolidated CFEs (A) — — — — 318,998 2,618,082 218,157 3,155,237 Accrued expenses and other liabilities 2,606 2,240 5,382 1,507 371 6,263 1,763 20,132 Total Liabilities $ 277,010 $ 2,240 $ 1,002,227 $ 237,277 $ 319,369 $ 2,624,345 $ 219,920 $ 4,682,388 December 31, 2022 (As Restated) 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 Consumer loans — — — 363,756 — — — 363,756 Assets of consolidated CFEs - investments — — — — 349,975 2,431,867 — 2,781,842 Mortgage loans receivable — — — — — — — — Cash and cash equivalents 34,084 28,404 23,473 — — — — 85,961 Restricted cash 7,433 — 7,547 6,652 9,368 11,694 — 42,694 Other assets 9 1,026 165,975 5,253 234 — — 172,497 Total Assets $ 429,201 $ 29,430 $ 1,063,694 $ 375,661 $ 359,577 $ 2,443,561 $ — $ 4,701,124 Liabilities Secured financing agreements (A) — — 51,325 — — — — 51,325 Secured notes and bonds payable (A) 313,093 — 768,959 299,498 — — — 1,381,550 Notes payable of consolidated CFEs (A) — — — — 312,918 2,095,478 — 2,408,396 Accrued expenses and other liabilities 1,928 4,306 25,381 1,144 348 11,695 — 44,802 Total Liabilities $ 315,021 $ 4,306 $ 845,665 $ 300,642 $ 313,266 $ 2,107,173 $ — $ 3,886,073 (A) The creditors of the VIEs do not have recourse to the general credit of Rithm Capital Corp., and the assets of the VIEs are not directly available to satisfy Rithm Capital Corp’s obligations. (B) Reflects Assets of consolidated CFEs - Investments, at fair value and other assets and Liabilities of consolidated CFEs - Notes payable, at fair value and other liabilities on the Consolidated Balance Sheets. Non-Consolidated VIEs The Company retains interest in certain VIEs pursuant to required risk retention regulations. The Company does not consolidate such VIEs as it is not considered the primary beneficiary. The following table summarizes the restated carrying value of the real estate bonds issued by unconsolidated VIEs and retained by the Company, which reflects the Company’s maximum exposure to loss, as well as the UPB of transferred loans. These bonds are 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 $ 8,237,692 $ 9,373,222 Weighted average delinquency (A) 5.30% 5.60% Net credit losses $ 162,061 $ 135,758 Face amount of debt held by third parties (B) $ 7,596,408 $ 8,682,793 Carrying value of bonds retained by Rithm Capital (C)(D) $ 543,447 $ 596,800 Cash flows received by Rithm Capital on these bonds $ 91,401 $ 142,555 (A) Represents the percentage of the UPB that is 60+ days delinquent. (B) Excludes real estate bonds retained by Rithm Capital. (C) Includes real estate 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 21 for details on unobservable inputs. The following table summarizes the Company’s involvement with VIEs related to the asset management business that are not consolidated. The Company’s involvement, through Sculptor, is generally limited to providing asset management services and, in certain cases, investments in the VIEs. The maximum exposure to loss represents the potential loss of current investments or income and fees receivables from these entities, as well as the obligation to repay unearned revenues, primarily incentive income subject to clawback, in the event of any future fund losses, as well as unfunded commitments to certain funds that are VIEs. The Company does not provide, nor is it required to provide, any type of non-contractual financial or other support to its VIEs that are not consolidated beyond its share of capital and other commitments described in Note 24. As of and for the 2023 2022 Net assets of unconsolidated VIEs in which the Company has a variable interest $ 12,782,124 $ — Maximum risk of loss as a result of the Company’s involvement with unconsolidated VIEs: Unearned income and fees 37,468 — Income and fees receivable 43,250 — Investments 533,026 — Unfunded commitments (A) 207,575 — Maximum Exposure to Loss $ 821,319 $ — (A) Includes commitments from certain employees and executive managing directors in the amounts of $97.5 million and $0.0 million as of December 31, 2023 and December 31, 2022, respectively. The following table summarizes the carrying value of the Company’s unconsolidated commercial real estate projects which reflects the Company’s maximum exposure to loss. See Note 24 regarding certain guarantees provided in connection with the investments. These investments are presented as part of Equity investments within other assets on the Consolidated Balance Sheets: December 31, 2023 2022 Carrying value of commercial real estate held within unconsolidated VIEs $ 66,652 $ — Carrying value of Rithm Capital’s investments in unconsolidated commercial real estate VIEs $ 29,210 $ — Noncontrolling Interests Noncontrolling interests represent the ownership interests in certain consolidated subsidiaries held by entities or persons other than Rithm Capital and it is presented as a separate component of Equity on the Company’s Consolidated Balance Sheets. These interests are related to noncontrolling interests in consolidated entities that hold servicer advance investments (Note 8), the Newrez Joint Ventures, (Note 10), consumer loans (Note 11) and Sculptor investments. Others’ interests in the equity of consolidated subsidiaries is computed as follows: December 31, 2023 December 31, 2022 Total Consolidated Equity Others' Ownership Interest Others' Interest in Equity of Consolidated Subsidiary Total Consolidated Equity Others' Ownership Interest Others' Interest in Equity of Consolidated Subsidiary Advance Purchaser (A) $ 104,458 10.7 % $ 11,157 $ 114,180 10.7 % $ 12,193 Newrez Joint Ventures $ 16,607 49.5 % $ 8,220 $ 25,124 49.5 % $ 12,437 Consumer Loan Companies $ 72,361 46.5 % $ 33,748 $ 91,263 46.5 % $ 42,437 Others’ interests in the net income (loss) is computed as follows: Year Ended December 31, 2023 2022 2021 Net income (loss) Others’ ownership interest as a percent of total Others’ interest in net income (loss) of consolidated subsidiaries Net income (loss) Others’ ownership interest as a percent of total Others’ interest in net income (loss) of consolidated subsidiaries Net income (loss) Others’ ownership interest as a percent of total Others’ interest in net income (loss) of consolidated subsidiaries Advance Purchaser (A) $ 7,978 10.7 % $ 852 $ 26,685 10.7 % $ 2,850 $ (13,937) 12.9 % $ (1,800) Newrez Joint Ventures $ 1,174 49.5 % $ 581 $ 5,487 49.5 % $ 2,716 $ 22,839 49.5 % $ 11,298 Consumer Loan Companies $ 14,235 46.5 % $ 6,619 $ 49,892 46.5 % $ 23,200 $ 51,307 46.5 % $ 23,858 (A) Rithm Capital owned 89.3% of Advance Purchaser as of the years ended December 31, 2023, 2022 and 2021. Noncontrolling interests related to Sculptor represents the ownership interests in certain funds held by entities or persons other than the Company. These interests substantially relate to interests held by Sculptor employees in real estate funds managed by the Company adjusted for their capital activity and allocated earnings in such funds. Such employees’ portion of carried interest is expensed and recorded within compensation and benefits on the Consolidated Statements of Operations, and therefore excluded in the calculation of noncontrolling interests. As of December 31, 2023, others’ interest in the net equity of consolidated subsidiaries related to Sculptor was $41.0 million. For a discussion of the restatement, refer to Notes 3 and 28. |
EQUITY AND EARNINGS PER SHARE
EQUITY AND EARNINGS PER SHARE | 12 Months Ended |
Dec. 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 for the year ended December 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. The objective of the stock repurchase program was to seek flexibility to return capital when deemed accretive to shareholders. Repurchases could be made from time to time through open market purchases or privately negotiated transactions, pursuant to one or more plans established pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934 or by means of one or more tender offers, in each case, as permitted by securities laws and other legal requirements. During the year ended December 31, 2023, we did not repurchase any shares of our common stock or our preferred stock. On February 5, 2024, our board of directors renewed the stock repurchase program (see Note 29). Purchases and sales of Rithm Capital’s securities by the Company’s officers and directors are subject to the Rithm Capital Corp. Insider Trading Compliance Policy. The table below summarizes preferred shares: Number of Shares Liquidation Preference (A) Dividends Declared per Share December 31, Year Ended December 31, Series 2023 2022 2023 2022 Issuance Discount Carrying Value (B) 2023 2022 2021 Series A, 7.50% issued July 2019 (C) $ 6,200 $ 6,200 $ 155,002 $ 155,002 3.15 % $ 149,822 $ 1.88 $ 1.88 $ 1.88 Series B, 7.125% issued August 2019 (C) 11,261 11,261 281,518 281,518 3.15 % 272,654 1.78 1.78 1.78 Series C, 6.375% issued February 2020 (C) 15,903 15,903 397,584 397,584 3.15 % 385,289 1.59 1.59 1.59 Series D, 7.00% issued September 2021 (D) 18,600 18,600 465,000 465,000 3.15 % 449,489 1.75 1.75 0.72 Total $ 51,964 $ 51,964 $ 1,299,104 $ 1,299,104 $ 1,257,254 $ 7.00 $ 7.00 $ 5.97 (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 December 12, 2023, Rithm Capital’s board of directors declared fourth quarter 2023 preferred dividends of $0.47 per share of Series A, $0.45 per share of Series B, $0.40 per share of Series C and $0.44 per share of the 7.00% Fixed-Rate Reset Series D Cumulative Redeemable Preferred Stock (the “Series D”), or approximately $2.9 million, $5.0 million, $6.3 million and $8.1 million, respectively. Common dividends have been declared as follows: Per Share Declaration Date Payment Date Quarterly Dividend Total Amounts Distributed (millions) September 22, 2022 October 2022 0.25 118.4 December 15, 2022 January 2023 0.25 118.6 March 17, 2023 April 2023 0.25 120.8 June 23, 2023 July 2023 0.25 120.8 September 14, 2023 October 2023 0.25 120.8 December 12, 2023 January 2024 0.25 120.8 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, 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. As of December 31, 2023, no warrants remained outstanding. The table below summarizes the 2020 Warrants activity in 2023: Number of Warrants Adjusted Weighted Average Exercise Price Initial Adjusted (A) December 31, 2022 22.4 25.6 6.1 Granted — — — Exercised (B) (22.4) (25.6) 6.1 Expired — — — December 31, 2023 — — (A) Reflects the incremental number of additional common stock issuable upon exercise of warrants in accordance with the warrant agreement. (B) 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. Option Plan The following table summarizes outstanding options for the periods presented: December 31, 2023 2022 Held by the Former Manager 21,471,990 21,471,990 Issued to the independent directors 2,000 5,000 Total 21,473,990 21,476,990 The following table summarizes outstanding options as of December 31, 2023. The last sales price on the New York Stock Exchange for Rithm Capital’s common stock for the year ended December 31, 2023 was $10.68 per share. Recipient Date of Grant/ Exercise (A) Number of Unexercised Options Options Exercisable as of December 31, 2023 Weighted Average Exercise Price (B) Intrinsic Value of Exercisable Options as of December 31, 2023 (millions) Directors Various 2,000 2,000 $ 10.70 $ — 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 6,861,363 9.36 9.05 Outstanding 21,473,990 21,285,018 (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, 2021 21,478,990 Granted — $ — Exercised — — Expired (2,000) 13.20 December 31, 2022 21,476,990 Granted — — Exercised — — Expired (3,000) 14.24 December 31, 2023 21,473,990 See table above Share-Based Compensation On May 25, 2023, Rithm Capital’s stockholders adopted the Rithm Capital Corp. 2023 Omnibus Incentive Plan (the “2023 Plan”), which became effective as of May 25, 2023. The 2023 Plan replaced Rithm Capital’s Nonqualified Stock Option and Incentive Award Plan, which became effective on May 15, 2013, was amended and restated as of November 4, 2014 and as of February 16, 2023 and expired by its terms on April 29, 2023 (the “2013 Plan”). Any stock-based awards issued under the 2013 Plan will continue to be subject to the terms and provisions of the 2013 Plan applicable to such awards. 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 2023 Plan include RSU and PSU awards and RSAs 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. RSAs and RSU awards vest over a specified requisite service period. PSU awards vest over a specified service period subject to achieving long-term performance criteria. 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. 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 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 and corresponding recording within Additional paid-in-capital in the Consolidated Balance Sheets and Consolidated Statements of Changes in Stockholders’ Equity. For RSUs and RSAs, compensation expense is recognized using the accelerated attribution model over the vesting period. For PSU awards, the Company estimates the probability that the performance criteria will be achieved and recognizes compensation expense only for those awards expected to vest using the accelerated attribution model. 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. For RSUs and PSUs, the Company provides dividend equivalents for any dividends that are paid out during the period in between grant date and the date the shares are delivered upon vesting. In February 2023 and December 2023, the Company granted RSU awards to employees with a grant date fair value of $11.6 million and $34.7 million, respectively, which vest ratably over a three-year period and two-year period, respectively. In February 2023, 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 year ended December 31, 2023 as of the grant date was $23.1 million, assuming the maximum levels of performance are achieved. The table below summarizes the Company’s awards granted, forfeited or vested under the 2013 Plan and the 2023 Plan during the year ended December 31, 2023: Number of Shares Weighted-Average Grant Date Price RSAs RSUs PSUs Total RSAs RSUs PSUs Unvested Shares at December 31, 2022 578,034 — — 578,034 $ 8.65 $ — $ — Granted — 4,442,741 2,430,658 6,873,399 — 10.41 9.52 Accrued RSU and PSU dividend equivalents (A) — 204,703 262,582 467,285 — 10.41 9.52 Vested (192,678) — — (192,678) 8.65 — — Forfeited — (23,003) (46,006) (69,009) — 9.52 9.52 Unvested Shares at December 31, 2023 (A) 385,356 4,624,441 2,647,234 7,657,031 (A) Number of PSUs assumes maximum levels of performance are achieved for outstanding unvested PSU awards. For the year ended December 31, 2023, total stock-based compensation expenses recorded was $12.9 million. For the year ended December 31, 2023 for the RSU and PSU awards, there were no performance adjustments for actual performance achieved relative to the maximum and no vested shares. The fair value of the RSU and PSU awards forfeited during the year ended December 31, 2023 was $0.6 million. For the year ended December 31, 2023 for the RSAs, the fair value of vested shares after consideration of net settlement of the vested shares for tax withholding purposes was $0.7 million, and there were no forfeited shares. At December 31, 2023, aggregate unrecognized compensation cost for all unvested RSA, RSU and PSU awards was $61.3 million (assuming maximum levels of performance are achieved), which is expected to be recognized over a weighted-average period of 2.4 years. Long-Term Incentive Plan In November 2023, the Company established a Long-Term Incentive Plan (“LTIP”) to provide incentive for the continued service of Sculptor employees. The number of profit units that are authorized for issuance under the LTIP is 1,000,000 (“Profit Units”). The Profit Units have an end date of December 31, 2028 (“End Date”) that vest subject to continued employment over a period of time set forth in the applicable award agreement and the achievement of a specified minimum performance internal rate of return (“IRR”) hurdle. The Profit Units’ service condition is satisfied in three Profit Units are liability classified equity-based awards due to a cash settlement feature. As such, the fair value of these awards is initially determined at the date of grant and is remeasured at each reporting period until settlement. Compensation expense is recognized on an accelerated basis (i.e. each tranche is recognized over its respective service period), over the requisite service period to the extent the performance condition is met or deemed probable. The requisite service period for these awards was estimated to be 5 years at the time of the grant. During the year ended December 31, 2023, the Company awarded Profit Units with a grant date fair value of $21.7 million. For the year ended 2023, the Company recorded equity-based compensation expense on Profit Units of $1.2 million presented within compensation and benefits in the Consolidated Statements of Operations. As of December 31, 2023, the share-based compensation liability related to the Profit Units was $1.2 million presented within accrued expenses and other liabilities in the Consolidated Balance Sheets. As of December 31, 2023, there was $20.5 million of estimated unrecognized compensation expense related to unvested Profit Units where it is probable that the performance condition will be met with a weighted-average amortization period of 2.88 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: Year Ended December 31, 2023 2022 2021 Net income (loss) $ 630,674 $ 983,285 $ 805,582 Noncontrolling interests in income of consolidated subsidiaries 8,417 28,766 33,356 Dividends on preferred stock 89,579 89,726 66,744 Net income (loss) attributable to common stockholders $ 532,678 $ 864,793 $ 705,482 Basic weighted average shares of common stock outstanding 481,934,951 468,836,718 451,276,742 Dilutive effect of stock options, restricted stock, common stock purchase warrants, RSUs and PSUs (A)(B) 1,781,764 12,799,407 16,388,264 Diluted weighted average shares of common stock outstanding 483,716,715 481,636,125 467,665,006 Basic earnings (loss) per share attributable to common stockholders $ 1.11 $ 1.84 $ 1.56 Diluted earnings (loss) per share attributable to common stockholders $ 1.10 $ 1.80 $ 1.51 (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 they were out-of-the money or a loss has been recorded because they would have been anti-dilutive for the period presented. There were no anti-dilutive common stock purchase warrants for all periods presented. (B) |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (AS RESTATED) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES (AS RESTATED) | COMMITMENTS AND CONTINGENCIES (AS RESTATED) 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. In 2023, in connection with the Sculptor Acquisition, litigation was filed against Sculptor alleging, among other things, that Sculptor’s board of directors (the “Sculptor Board”) and the special committee of the Sculptor Board, violated their fiduciary duties and sought, among other things, to enjoin the transaction with Rithm Capital. An agreement was reached in principle by the parties to settle all claims of the litigation. The parties executed and filed the Stipulation and Agreement of Settlement, Compromise and Release in connection with the settlement, pending a final hearing for the settlement. Indemnifications — In the normal course of business, Rithm Capital and its subsidiaries enter into contracts that contain a variety of representations and warranties and that provide general indemnifications. Rithm Capital’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against Rithm Capital that have not yet occurred. However, based on its experience, Rithm Capital expects the risk of material loss to be remote. Capital Commitments — As of December 31, 2023, Rithm Capital had outstanding capital commitments related to investments in the following investment types (also refer to Note 7 for MSR investment commitments and to Note 29 for additional capital commitments entered into subsequent to December 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. See Notes 7 and 8 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 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 December 31, 2023, Rithm Capital’s estimated liability associated with representations and warranties and Ginnie Mae repurchases was $51.7 million and $1.8 billion, respectively. See Note 7 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 10 for information regarding Rithm Capital’s residential mortgage loans. • Consumer Loans — The Consumer Loan Companies have invested in loans with an aggregate of $176.6 million of unfunded and available revolving credit privileges as of December 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. • SFR Properties — Crowne Property Acquisitions, LLC, a wholly-owned subsidiary of Rithm Capital, executed a purchase and sales agreement with Lennar Homes of Texas Land and Construction, LTD., a subsidiary of Lennar Corporation, to purchase 371 SFR properties, which shall be delivered in phased takedowns, at an estimated aggregate purchase price of $95.6 million, which is payable subject to the phased takedown schedule. The purchased homes are currently under construction, and all of the homes are expected to be delivered by the end of the third quarter of 2024. As of December 31, 2023, 152 SFR properties have been delivered to Rithm Capital pursuant to this arrangement. • Mortgage Loans Receivable — Genesis and Rithm Capital had commitments to fund up to $684.9 million and $3.6 million, respectively, of additional advances on existing mortgage loans as of December 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 or Rithm Capital funds the commitments. • Equity Investments — As part of its investment commitment in certain commercial real estate projects, Rithm Capital is required to fund its pro rata share of future capital contributions subject to certain limitations. • Fund Commitments — The Company, through Sculptor, has unfunded capital commitments of $207.6 million to certain funds Sculptor manages, of which $70.2 million relates to commitments of Sculptor’s consolidated structured alternative investment solution. The remaining $137.4 million relates to commitments of Sculptor to unconsolidated funds. Approximately $97.5 million of Sculptor’s commitments will be funded by contributions to Sculptor from certain employees and executive managing directors. Sculptor expects to fund these commitments over approximately the next 5 years. Sculptor has guaranteed these commitments in the event any executive managing director fails to fund any portion when called by the fund. Sculptor has historically not funded any of these commitments and does not expect to in the future, as these commitments are expected to be funded by Sculptor’s executive managing directors individually. Non-Recourse Carve-Out, Construction Completion, Environmental and Carry Guarantees – In connection with investments in two commercial real estate projects, Rithm Capital provided certain limited guarantees to the senior lender on the projects related to non-recourse carve outs, completion, environmental, and carry costs of the projects. The actual amount that could be called under the guarantees is subject to significant uncertainty. Environmental Costs — As an investor in and owner of commercial and residential real estate, Rithm Capital is subject to potential environmental costs. At December 31, 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 20. |
RELATED PARTY TRANSACTIONS (AS
RELATED PARTY TRANSACTIONS (AS RESTATED) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS (AS RESTATED) | RELATED PARTY TRANSACTIONS (AS RESTATED) The Company follows ASC 850, Related Party Disclosure , for the identification of related parties and disclosure of related party transactions. A party is considered to be related to us if the party, directly or indirectly or through one or more intermediaries, controls, is controlled by, or is under common control with us. Related parties also include principal owners, management and directors, as well as members of their immediate families or any other parties with which we may deal if one party to a transaction controls or can significantly influence the management or operating policies of the other to an extent that one of the transacting parties might be prevented from fully pursuing its own separate interests. Loan Agreement In July 2023, Rithm Capital entered into an agreement that holds a limited partnership interest in a commercial real estate development project. Rithm Capital’s limited partnership interest is accounted for under the equity method and is recorded within other assets on the Consolidated Balance Sheets. Concurrently, Genesis entered into a loan agreement in the amount of $86.4 million with a term of 36 months unless otherwise extended with the entity. This loan is included in Mortgage Loans Receivable, at fair value on Rithm Capital’s Consolidated Balance Sheets. Due from Related Parties Amounts due from related parties relate primarily to amounts due from the funds for expenses paid on their behalf. These amounts are reimbursed to the Company on an ongoing basis. Management Fees and Incentive Income Earned from Related Parties and Waived Fees The Company, through Sculptor, earns substantially all of its management fees and incentive income from the funds, which are considered related parties as Sculptor manages the operations of and makes investment decisions for these funds. As of December 31, 2023, approximately $665.1 million of the Company’s AUM represented investments by Sculptor, its current executive managing directors, employees and certain other related parties in Sculptor’s funds. As of December 31, 2023, approximately 49% of these AUM were not charged management fees or incentive income. Investment in Structured Alternative Investment Solution In the first quarter of 2022, Sculptor closed on a $350.0 million structured alternative investment solution, a collateralized financing vehicle consolidated by Sculptor. Sculptor invested approximately $127.8 million in the vehicle. See Note 21 and Note 22 for additional details on the structured alternative investment solution. Investments in Consolidated Loan Securitizations The Company retains beneficial interests in consolidated loan securitization trusts that it sponsors. Refer to Note 22 for additional details. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES Income tax (benefit) expense consists of the following: Year Ended December 31, 2023 2022 2021 Current: Federal $ 5,030 $ 4,253 $ 5,556 State and local 416 4,096 1,470 Foreign 377 — — Total current income tax expense (benefit) $ 5,823 $ 8,349 $ 7,026 Deferred: Federal 76,380 227,825 130,696 State and local 39,430 43,342 20,504 Foreign 526 — — Total deferred income tax expense (benefit) 116,336 271,167 151,200 Total income tax expense (benefit) $ 122,159 $ 279,516 $ 158,226 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 origination and servicing, asset management and our investment portfolio, through TRSs that are subject to regular corporate income taxes, which have been provided for in the provision for income taxes, as applicable. Refer to Note 5 for further details. The decrease in income tax expense for the year ended December 31, 2023 is primarily driven by current and deferred tax expense resulting from changes in the fair value of MSRs, and swaps held within taxable entities, offset by income generated by the origination and servicing and asset management business segments. The increase in income tax expense for the year ended December 31, 2022 is primarily driven by current and deferred tax expense resulting from changes in the fair value of MSRs and swaps held within taxable entities, as well as income generated by the servicing business segment. As part of the Sculptor Acquisition, Rithm Capital acquired a net deferred tax asset of $305.0 million, primarily composed of net operating losses and tax deductible goodwill. As of December 31, 2023, Sculptor recorded a net deferred tax asset of $279.0 million, which is reported within other assets in the Consolidated Balance Sheets. As of December 31, 2023, Rithm Capital recorded a net deferred tax liability of $801.9 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, which is reported within accrued expenses and other liabilities in the Consolidated Balance Sheets. The difference between Rithm Capital’s reported provision for income taxes and the U.S. federal statutory rate of 21.0% is as follows: December 31, 2023 2022 2021 Provision at the statutory rate 21.00 % 21.00 % 21.00 % Non-taxable REIT income (11.14) % (3.36) % (7.38) % State and local taxes 3.71 % 4.05 % 3.86 % Foreign taxes 0.21 % — % — % Change in state tax rate 1.14 % — % — % Return to provision — % — % (1.10) % Change in valuation allowance 0.82 % — % — % Other 0.74 % 0.44 % 0.05 % Total provision 16.48 % 22.13 % 16.43 % The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liability are presented below: December 31, 2023 2022 Deferred tax assets: Net operating losses and tax credit carryforwards (A) $ 169,907 $ 23,627 Basis differences related to assets and investments 90,395 32,447 Goodwill 202,023 26,289 Fixed Asset Depreciation 2,536 — Accrued expenses 47,086 44,572 Other 5,822 1,573 Total deferred tax assets 517,769 128,508 Less: valuation allowance (34,563) — Net deferred tax assets $ 483,206 $ 128,508 Deferred tax liabilities: Mortgage servicing rights $ (923,311) $ (791,691) Basis differences related to assets and investments (81,061) (26,832) Fixed asset depreciation — (19,302) Other (1,672) (2,538) Total deferred tax (liability) $ (1,006,044) $ (840,363) Net deferred tax assets (liability) $ (522,838) $ (711,855) (A) As of December 31, 2023, Rithm Capital’s TRSs had approximately $610.4 million of net operating loss carryforwards for federal and state income tax purposes which may be available to offset future taxable income, if and when it arises. Approximately, $420.9 million of federal and state net operating losses are subject to an annual Internal Revenue Code Section 382 limitation. The federal and state net operating loss carryforwards will begin to expire between 2027 and 2042. The utilization of the net operating loss carryforwards to reduce future income taxes will depend on the TRSs ability to generate sufficient taxable income prior to the expiration of the carryforward period. The following table presents changes in the Company’s deferred tax asset valuation allowance for the periods indicated: December 31, 2023 2022 2021 Sculptor Acquisition (Note 4) $ 32,340 $ — $ — Net change 2,223 — — Ending Balance $ 34,563 $ — $ — In assessing the realizability of deferred tax assets, Rithm Capital considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences become deductible. As of December 31, 2023, the Company has recorded a valuation allowance of $34.6 million related to Sculptor’s foreign income tax credits with limited carryforward period available, as well as, Sculptor’s Federal and New York State and City net operating losses, which are limited pursuant to Internal Revenue Code Section 382 as a result of the Company’s acquisition of Sculptor. The net increase in the valuation allowance relates primarily to New York state rate changes. Rithm Capital and its TRSs file income tax returns with the U.S. federal government and various state and local jurisdictions. Generally, Rithm Capital is no longer subject to tax examinations by tax authorities for tax years ended prior to December 31, 2020. Rithm Capital recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes on the consolidated statements of operations. As of December 31, 2023, Rithm Capital has no material uncertainties to be recognized. Rithm Capital does not believe that it is reasonably possible that the total amount of unrecognized tax benefits will significantly change within 12 months of the reporting date. Common stock distributions were taxable as follows: Year Dividends Ordinary Long-Term Return 2023 (A) $ 1.25 100.00 % — % — % 2022 (B) $ 0.41 41.47 % — % 58.53 % 2021 (C) $ 0.50 58.84 % — % 41.16 % (A) The entire $0.25 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2023. (B) The entire $0.25 per share dividend declared in December 2022 and paid in January 2023 is treated as received by stockholders in 2023. (C) The entire $0.25 per share dividend declared in December 2021 and paid in January 2022 is treated as received by stockholders in 2022. Series A Preferred stock distributions were as follows: Year Dividends Ordinary Long-Term Return 2023 (A) $ 1.88 100 % — % — % 2022 (B) $ 1.88 100 % — % — % 2021 (C) $ 1.88 100 % — % — % (A) The entire $0.47 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024. (B) The entire $0.47 per share dividend declared in December 2022 and paid in January 2023 is treated as received by stockholders in 2023. (C) The entire $0.47 per share dividend declared in December 2021 and paid in January 2022 is treated as received by stockholders in 2022. Series B Preferred stock distributions were as follows: Year Dividends Ordinary Long-Term Return 2023 (A) $ 1.78 100 % — % — % 2022 (B) $ 1.78 100 % — % — % 2021 (C) $ 1.78 100 % — % — % (A) The entire $0.45 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024. (B) The entire $0.45 per share dividend declared in December 2022 and paid in January 2023 is treated as received by stockholders in 2023. (C) The entire $0.45 per share dividend declared in December 2021 and paid in January 2022 is treated as received by stockholders in 2022. Series C Preferred stock distributions were as follows: Year Dividends Ordinary Long-Term Return 2023 (A) $ 1.59 100 % — % — % 2022 (B) $ 1.59 100 % — % — % 2021 (C) $ 1.59 100 % — % — % (A) The entire $0.40 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024. (B) The entire $0.40 per share dividend declared in December 2022 and paid in January 2023 is treated as received by stockholders in 2023. (C) The entire $0.40 per share dividend declared in December 2021 and paid in January 2022 is treated as received by stockholders in 2022. Series D Preferred stock distributions were as follows: Year Dividends Ordinary Long-Term Return 2023 (A) $ 1.75 100 % — % — % 2022 (B) $ 1.75 100 % — % — % 2021 (C) $ 0.28 100 % — % — % (A) The entire $0.44 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024. (B) The entire $0.44 per share dividend declared in December 2022 and paid in January 2023 is treated as received by stockholders in 2023. (C) The entire $0.28 per share dividend declared in December 2021 and paid in January 2022 is treated as received by stockholders in 2022. |
ASSET MANAGEMENT REVENUES
ASSET MANAGEMENT REVENUES | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
ASSET MANAGEMENT REVENUES | ASSET MANAGEMENT REVENUES Rithm Capital acquired Sculptor on November 17, 2023 as part of its strategy to expand its asset management capabilities (Note 4). The following table presents the composition of asset management revenues: Year Ended December 31, 2023 (A) 2022 2021 Management fees $ 29,465 $ — $ — Incentive income 50,804 — — Other asset management revenue 2,412 — — Total asset management revenues $ 82,681 $ — $ — (A) Income recognized as revenues after acquisition of Sculptor for the period of November 17, 2023 to December 31, 2023. The following table presents the composition of the Company’s income and fees receivable through Sculptor: December 31, December 31, 2023 2022 Management fees receivable $ 23,757 $ — Incentive income receivable 35,377 — Total income and fees receivable $ 59,134 $ — The Company recognizes management fees over the period in which the performance obligation is satisfied, and such management fees are generally recognized at the end of each reporting period. The Company records incentive income when it is probable that a significant reversal of income will not occur. The majority of management fees and incentive income receivable at each balance sheet date is generally collected during the following quarter. The following table presents the Company’s unearned income and fees through Sculptor: December 31, December 31, 2023 2022 Unearned management fees $ 1 $ — Unearned incentive income 37,467 — Total unearned income and fees $ 37,468 $ — |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS These financial statements include a discussion of material events that have occurred subsequent to December 31, 2023 (referred to as “subsequent events”) through the issuance of these consolidated financial statements. Events subsequent to that date have not been considered in these financial statements. On February 5, 2024, our board of directors approved a stock repurchase program authorizing the repurchase of up to $200.0 million of our common stock and $100.0 million of our preferred stock for the period from January 1, 2024 through December 31, 2024. |
BASIS OF PRESENTATION AND SUM_2
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Income Taxes | Rithm Capital has elected and intends to qualify to be taxed as a REIT for United States of America (“U.S.”) federal income tax purposes. As such, Rithm Capital will generally not be subject to U.S. federal corporate income tax on that portion of its net income that is distributed to stockholders if it distributes at least 90% of its REIT taxable income to its stockholders by prescribed dates and complies with various other requirements. See Note 2 and Note 26 for additional information regarding Rithm Capital’s taxable REIT subsidiaries (“TRSs”). Income Taxes — Rithm Capital operates so as to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended. Requirements for qualification as a REIT include various restrictions on ownership of Rithm Capital’s stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders (subject to certain adjustments). Distributions may extend until timely filing of Rithm Capital’s tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. Certain activities of Rithm Capital are conducted through TRSs and therefore are subject to federal and state income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases upon the change in tax status. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Rithm Capital recognizes tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in the Consolidated Statements of Operations. |
Basis of Accounting | Basis of Accounting |
Reclassifications | Reclassifications — Certain prior period amounts in Rithm Capital’s Consolidated Financial Statements and respective notes have been reclassified to be consistent with the current period presentation. Such reclassifications had no impact on net income, total assets, total liabilities or stockholders’ equity. |
Risks and Uncertainties | Risks and Uncertainties — In the normal course of business, Rithm Capital encounters primarily two significant types of economic risk: credit risk and market risk. Credit risk is the risk of default on Rithm Capital’s investments that results from a borrower’s or counterparty’s inability or unwillingness to make contractually required payments. Market risk reflects changes in the value of investments due to changes in prepayment rates, interest rates, spreads or other market factors, including risks that impact the value of the collateral underlying Rithm Capital’s investments. Taking into consideration these risks along with estimated prepayments, financings, collateral values, payment histories and other information, Rithm Capital believes that the carrying values of its investments are reasonable. Furthermore, for each of the periods presented, a significant portion of Rithm Capital’s assets are dependent on its servicers’ and subservicers’ 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 operate in a challenging and uncertain economic environment. Financial and real estate companies continue to be affected by, among other things, market volatility, interest rates and inflationary pressures. 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. |
Income Tax Uncertainties | 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 | 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. |
Foreign Currency | Foreign Currency — The functional currency of substantially all of the Company’s consolidated subsidiaries is the U.S. dollar, as their operations are considered extensions of the U.S. parent’s operations. Monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at the closing rates of exchange on the balance sheet date. Nonmonetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars using the historical exchange rate. As a result, no transaction gains or losses are recognized for nonmonetary assets and liabilities. The profit or loss arising from foreign currency transactions are remeasured using the rate in effect on the date of any relevant transaction. Gains and losses on transactions denominated in foreign currencies due to changes in exchange rates are recorded within general and administrative on the Consolidated Statements of Operations. Unrealized gains and losses due to changes in exchange rates related to investments denominated in a currency other than an entity’s functional currency are reported as cumulative translation adjustment in the Consolidated Statements of Comprehensive Income. The Company has a subsidiary acquired as part of the Sculptor Acquisition whose functional currency is the Euro, and the financial statements of such entity are translated into U.S. dollars using the exchange rates prevailing at the end of each reporting period, and the statement of operations of the entity is translated using the rate in effect on the date of any relevant transaction. Gains and losses arising from the translation of monetary assets and liabilities are recorded as a currency translation adjustment in the Consolidated Statements of Comprehensive Income and are included in accumulated other comprehensive income (loss) in the Consolidated Balance Sheets. |
Business Combinations and Assets Acquisitions | Business Combinations and Assets Acquisitions — When the assets acquired and liabilities assumed constitute a business, then the acquisition is a business combination. If substantially all of the fair value of the gross asset acquired is concentrated in a single identifiable asset or group of similar identifiable assets, the asset is not considered a business. Business combinations are accounted for under ASC 805, Business Combinations , using the acquisition method which requires, among other things, that the assets acquired and liabilities assumed be recognized at fair value as of the acquisition date. In a business combination, the initial allocation of the purchase price is considered preliminary and therefore subject to change until the end of the measurement period (up to one year from the acquisition date). Goodwill is calculated as the excess of the consideration transferred over the net assets acquired that meet the criteria for separate recognition and represents the estimated future economic benefits arising from these and other assets acquired that could not be individually identified or do not qualify for recognition as a separate asset. Likewise, a bargain purchase gain is recognized in current earnings when the aggregate fair value of the consideration transferred and any noncontrolling interests in the acquiree is less than the fair value of the identifiable net assets acquired. Acquisition related costs are expensed as incurred. The results of operations of acquired businesses are included from the date of acquisition. Common control transactions include a transfer of net assets or an exchange of equity interests between entities under the control of the same parent. Common control transactions have characteristics that are similar to a business combination but do not meet the requirements to be accounted for as a business combination. The accounting and reporting for a transaction between entities under common control is addressed in the ASC 805-50, Transactions Between Entities Under Common Control , which requires that the receiving entity recognize the net assets received at their historical carrying amounts. |
Investment Consolidation and Transfers of Financial Assets | Investment Consolidation and Transfers of Financial Assets — For each investment made, the Company evaluates the underlying entity that issued the securities acquired or to which the Company makes a loan to determine the appropriate accounting. A similar analysis is performed for each entity with which the Company enters into an agreement for management, servicing or related services. In performing the analysis, the Company refers to guidance in ASC 810-10, Consolidation . In situations where the Company is the transferor of financial assets, the Company refers to the guidance in ASC 860-10, Transfers and Servicing . In VIEs, an entity is subject to consolidation under ASC 810-10 if the equity investors either do not have sufficient equity at risk for the entity to finance its activities without additional subordinated financial support, are unable to direct the entity’s activities or are not exposed to the entity’s losses or entitled to its residual returns. VIEs within the scope of ASC 810-10 are required to be consolidated by their primary beneficiary. The primary beneficiary of a VIE is determined to be the party that has both the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE that could potentially be significant to the VIE. This determination can sometimes involve complex and subjective analyses. Further, ASC 810-10 also requires ongoing assessments of whether an enterprise is the primary beneficiary of a VIE. In accordance with ASC 810-10, all transferees, including variable interest entities, must be evaluated for consolidation. If the Company determines that consolidation is not required, it will then assess whether the transfer of the underlying assets would qualify as a sale, should be accounted for as secured financings under GAAP, or should be accounted for as an equity method investment, depending on the circumstances. In circumstances where an entity does not have the characteristics of a VIE, it would be considered a voting interest entity (“VOE”). The Company would consolidate a VOE where the Company has a majority equity interest and has control over significant operating, financial and investing decisions of the entity. A Special Purpose Entity (“SPE”) is an entity designed to fulfill a specific limited need of the company that organized it. SPEs are often used to facilitate transactions that involve securitizing financial assets or resecuritizing previously securitized financial assets. The objective of such transactions may include obtaining non-recourse financing, obtaining liquidity or refinancing the underlying securitized financial assets on improved terms. Securitization involves transferring assets to an SPE to convert all or a portion of those assets into cash before they would have been realized in the normal course of business through the SPE’s issuance of debt or equity instruments. Investors in an SPE usually have recourse only to the assets in the SPE and, depending on the overall structure of the transaction, may benefit from various forms of credit enhancement, such as over-collateralization in the form of excess assets in the SPE, priority with respect to receipt of cash flows relative to holders of other debt or equity instruments issued by the SPE or a line of credit or other form of liquidity agreement that is designed with the objective of ensuring that investors receive principal and/or interest cash flow on the investment in accordance with the terms of their investment agreement. The Company may periodically enter into transactions in which it transfers assets to a third party. Upon a transfer of financial assets, the Company will sometimes retain or acquire subordinated interests in the related assets. Pursuant to ASC 860-10, a determination must be made as to whether a transferor has surrendered control over transferred financial assets. That determination must consider the transferor’s continuing involvement in the transferred financial asset, including all arrangements or agreements made contemporaneously with, or in contemplation of, the transfer, even if they were not entered into at the time of the transfer. The financial components approach under ASC 860-10 limits the circumstances in which a financial asset, or portion of a financial asset, should be derecognized when the transferor has not transferred the entire original financial asset to an entity that is not consolidated with the transferor in the financial statements being presented and/or when the transferor has continuing involvement with the transferred financial asset. It defines the term “participating interest” to establish specific conditions for reporting a transfer of a portion of a financial asset as a sale. Under ASC 860-10, after a transfer of financial assets that meets the criteria for treatment as a sale-legal isolation, ability of transferee to pledge or exchange the transferred assets without constraint and transferred control - an entity recognizes the financial and servicing assets it acquired or retained and the liabilities it has incurred, derecognizes financial assets it has sold and derecognizes liabilities when extinguished. The transferor would then determine the gain or loss on sale of financial assets by allocating the carrying value of the underlying mortgage between securities or loans sold and the interests retained based on their fair values. The gain or loss on sale is the difference between the cash proceeds from the sale and the amount allocated to the securities or loans sold. When a transfer of financial assets does not qualify for sale accounting, ASC 860-10 requires the transfer to be accounted for as a secured borrowing with a pledge of collateral. From time to time, the Company may securitize mortgage loans it holds if such financing is available. Depending upon the structure of the securitization transaction, these transactions will be recorded in accordance with ASC 860-10 and will be accounted for as either a sale and the loans will be removed from the Consolidated Balance Sheets, or as a financing and the loans will remain on the Consolidated Balance Sheets. ASC 860-10 is a standard that may require the Company to exercise significant judgment in determining whether a transaction should be recorded as a sale or a financing. 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 VIE that holds financial assets and issues beneficial interests in those assets, and these beneficial interests have contractual recourse only to the related assets of the CFE. Accounting guidance 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. |
Policies of Certain Consolidated Entities | Rithm Capital consolidates those entities in which it has control over significant operating, financing and investing decisions of the entity, as well as those entities classified as VIEs in which Rithm Capital is determined to be the primary beneficiary. For entities over which Rithm Capital exercises significant influence, but which do not meet the requirements for consolidation, Rithm Capital applies the equity method of accounting whereby it records its share of the underlying income of such entities unless a fair value option is elected. Distributions from such investments are classified in the Consolidated Statements of Cash Flows based on the cumulative earnings approach, where all distributions up to cumulative earnings are classified as distributions of earnings. Policies of Certain Consolidated Entities — For purposes of these consolidated financial statements, “consolidated entities” refer to special purpose entities, funds or other investment vehicles which the Company is required to consolidate in accordance with ASC 810 Consolidation . Investments held by a consolidated fund that are considered an investment company, are reflected at their estimated fair values pursuant to specialized investment company accounting guidance retained by the Company using net asset value (“NAV”) per share of the underlying funds. Refer to Note 21 for further details. The Company’s policy is that a consolidated entity that is considered an investment company under GAAP will generally consolidate another investment company when it owns substantially all of the interest in the investment company. The Company also consolidates certain securitization vehicles that are collateralized financing entities (“CFEs”). The Company elected fair value option for the financial assets and the financial liabilities upon consolidation of these securitization vehicles. The Company measures the financial assets of these consolidated securitization vehicles based on the fair value of the financial liabilities, as the Company believes the fair value of the financial liabilities is more observable. The financial assets are measured as (i) the sum of the fair value of the financial liability including beneficial interests retained by the Company less (ii) the carrying value of any nonfinancial assets held temporarily. As a result of this measurement alternative, there is no attribution of amounts to non-controlling interests for consolidated CFEs. Assets of consolidated CFEs accounted for using the measurement alternative are presented within Assets of consolidated CFEs under Investments, at fair value and other assets, and liabilities due to third parties are presented within Liabilities of consolidated CFEs under Notes payable, at fair value and other liabilities, in the Consolidated Balance Sheets. Change in the fair value of these consolidated securitization vehicles’ financial assets and liabilities and related interest and other income are presented within Realized and unrealized gains (losses), net, and ongoing expenses of the vehicles are presented as expenses within General and administrative on the Consolidated Statements of Operations. Refer to Note 22 for further details. |
Excess MSRs | Excess MSRs |
MSRs | MSRs and MSR Financing Receivables — MSRs represent the contractual right to service residential mortgage loans. The Company recognizes MSRs created through the sale of loans it originates. Under the accounting guidance for transfers and servicing, the Company initially measures a mortgage servicing asset that qualifies for separate recognition at fair value on the date of transfer. Rithm Capital elected to record its investments at fair value in order to provide users of the financial statements with better information regarding the effects of prepayment risk and other market factors on MSRs. Under this election, Rithm Capital records a valuation adjustment on its MSRs on a quarterly basis to recognize the changes in fair value in net income. MSRs are aggregated into pools as applicable; each pool of MSRs is accounted for in the aggregate. Income from MSRs is recorded in Servicing Revenue, Net and comprises (i) income from the MSRs, plus or minus (ii) the mark-to-market on the MSRs including change in fair value due to realization of cash flows. Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the MSRs. |
MSR Financing Receivables | In certain cases, Rithm Capital has legally purchased MSRs or the right to the economic interest in MSRs; however, Rithm Capital has determined that the purchase agreement would not be treated as a sale under GAAP. Therefore, rather than recording an investment in MSRs, Rithm Capital records an investment in MSR financing receivables. Income from this investment (net of subservicing fees) is recorded as interest income and is grouped and presented as part of servicing revenue, net in the Consolidated Statements of Operations. Additionally, Rithm Capital has elected to measure MSR financing receivables at fair value, with changes in fair value flowing through servicing revenue, net in the Consolidated Statements of Operations. |
Servicer Advance Investments | Servicer Advance Investments — Rithm Capital accounts for its servicer advance investments similarly to its Excess MSRs. Interest income for servicer advance investments is accreted into earnings on an effective yield or “interest” method, based upon the expected aggregate cash flows of the servicer advance investments, including the basic fee component of the related MSR (but excluding any Excess MSR component) through the expected life of the underlying mortgages, net of a portion of the basic fee component of the MSR that Rithm Capital remits to the servicer as compensation for the servicer’s servicing activities. Changes to expected cash flows result in a cumulative retrospective adjustment, which is recorded in the period in which the change in expected cash flows occurs. Under the retrospective method, the interest income recognized for a reporting period is measured as the difference between the amortized cost basis at the end of the period and the amortized cost basis at the beginning of the period, plus any cash received during the period. The amortized cost basis is calculated as the present value of estimated future cash flows using an effective yield, which is the yield that equates past actual and current estimated future cash flows to the initial investment. For periods in which cash flows are impacted by an independent factor where there is a change in effective interest rate during the period, the new yield is calculated retrospectively back to the change in effective interest rate during that period. The difference between the fair value of servicer advance investments and their amortized cost basis is recorded as change in realized and unrealized gains (losses), net on the Consolidated Statements of Operations. Fair value is generally determined by discounting the expected future cash flows using discount rates that incorporate the market risks and liquidity premium specific to the servicer advance investments, and therefore may differ from their effective yields. Servicer advance investments is grouped and presented as part of other assets on the Consolidated Balance Sheets. |
Real Estate and Other Securities | Real Estate and Other Securities — Agency RMBS and Non-Agency residential and other securities are classified as either available-for-sale or accounted for under the fair value option. The Company determines the appropriate classification of its securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. If classified as available-for-sale, investments are carried at fair value, with net unrealized gains or losses reported as a component of accumulated other comprehensive income. If classified under the fair value option, changes in fair value are recorded in the Consolidated Statements of Operations as a component of realized and unrealized gains (losses), net. Fair value is determined under the guidance of ASC 820, Fair Value Measurements and Disclosures . Management’s judgment is used to arrive at the fair value of the Company’s real estate and other securities, taking into account prices obtained from third-party pricing providers and other applicable market data. The third-party pricing providers use pricing models that generally incorporate such factors as coupons, primary and secondary mortgage rates, rate reset periods, issuer, prepayment speeds, credit enhancements and expected life of the security. The Company’s application of ASC 820 guidance is discussed in further detail in Note 21. Investment securities transactions are recorded on the trade date. At disposition, the net realized gain or loss is determined on the basis of the cost of the specific investment and is included in net income. There are several different accounting models that may be applicable for purposes of the recognition of interest income on securities depending on whether the security is designated as available-for-sale or fair value option. The following accounting models apply to securities classified as available-for-sale: (i) Securities of high credit quality rated ‘AA’ or higher that, at the time of purchase, the Company expects to collect all contractual cash flows and the security cannot be contractually prepaid in such a way that the Company would not recover substantially all of its recorded investment. (ii) Non-Agency securities which are not of high credit quality at the time of purchase or that can be contractually prepaid or otherwise settled in such a way that the Company would not recover substantially all of its recorded investment. For securities of high credit quality accounted for under (i) above, the Company recognizes interest income by applying the permitted “interest method,” whereby purchase premiums and discounts are amortized and accreted, respectively, as an adjustment to contractual interest income accrued at each security’s stated coupon rate. The interest method is applied at the individual security level based upon each security’s effective interest rate. The Company calculates each security’s effective interest rate at the time of purchase by solving for the discount rate that equates the present value of that security's remaining contractual cash flows (assuming no principal prepayments) to its purchase price. Because each security’s effective interest rate does not reflect an estimate of future prepayments, the Company refers to this manner of applying the interest method as the “contractual effective interest method.” When applying the contractual effective interest method to its investments in securities, as principal prepayments occur, a proportional amount of the unamortized premium or discount is recognized in interest income such that the contractual effective interest rate on the remaining security balance is unaffected. For Non-Agency securities accounted for under (ii) above, the Company recognizes interest income by applying the required prospective level-yield methodology. Interest income under this methodology is impacted by management judgments around both the amount and timing of credit losses (defaults) and prepayments. Consequently, interest income on these Non-Agency securities is recognized based on the timing and amount of cash flows expected to be collected, as opposed to being based on contractual cash flows. These securities are generally purchased at a discount to the principal amount. At the original acquisition date, the Company estimates the timing and amount of cash flows expected to be collected and calculates the present value of those amounts to the Company’s purchase price. In each subsequent balance sheet date, the Company revises its estimates of the remaining timing and amount of cash flows expected to be collected. If there is a positive change in the amount and timing of future cash flows expected to be collected from the previous estimate, the effective interest rate in future accounting periods may increase resulting in an increase in the reported amount of interest income in future periods. A positive change in the amount and timing of future cash flows expected to be collected is considered to have occurred when the net present value of future cash flows expected to be collected has increased from the previous estimate. This can occur from a change in either the timing of when cash flows are expected to be collected (i.e., from changes in prepayment speeds or the timing of estimated defaults) or in the amount of cash flows expected to be collected (i.e., from reductions in estimates of future defaults). If there is a negative or adverse change in the amount and timing of future cash flows expected to be collected from the previous estimate and the security's fair value is below its amortized cost, an impairment loss equal to the adverse change in cash flows expected to be collected, discounted using the security's effective rate before impairment, is required to be recorded in current period earnings. Additionally, while the effective interest rate used to accrete interest income after an impairment has been recognized will generally be the same, the amount of interest income recorded in future periods will decline because of the reduced balance of the amortized cost basis of the investment to which such effective interest rate is applied. The following accounting models apply to securities accounted for under the fair value option: (iii) securities of high credit quality rated ‘AA’ or higher that, at the time of purchase, the Company expects to collect all contractual cash flows and the security cannot be contractually prepaid in such a way that the Company would not recover substantially all of its recorded investment. (iv) Non-Agency securities which are not of high credit quality at the time of purchase or that can be contractually prepaid or otherwise settled in such a way that the Company would not recover substantially all of its recorded investment. Interest income on securities accounted for in (iii) above is recognized based on the stated coupon rate and the outstanding principal amount. The original purchase premium or discount is not amortized or accreted as part of interest income but rather reflected as part of the security’s fair value. Interest income on Non-Agency securities accounted for in (iv) above is recognized in accordance with the model described in (ii) above. |
Residential Mortgage Loans and Consumers Loans | Residential Mortgage Loans and Consumer Loans — The Company's loan portfolio primarily consists of residential mortgage loans and consumer loans. The Company’s loans are classified as (i) held-for-investment at fair value, (ii) held-for-sale at fair value or (iii) held-for-sale at lower of cost or fair value. Loans are also eligible to be accounted for under the fair value option which are recorded on the Consolidated Balance Sheets at fair value and the periodic changes in fair value are recorded as a component of gain on originated residential mortgage loans, held-for-sale, net and realized and unrealized gains (losses), net in the Consolidated Statements of Operations. When the Company has the intent and ability to hold loans for the foreseeable future or to maturity/payoff, such loans are classified as held-for-investment. When the Company has the intent to sell loans, such loans are classified as held-for-sale. For originated residential mortgage loans measured at fair value, Rithm Capital reports the change in the fair value within gain on originated residential mortgage loans, held-for-sale, net in the Consolidated Statements of Operations. Fair value is generally determined using a market approach by utilizing either (i) the fair value of securities backed by similar residential mortgage loans, adjusted for certain factors to approximate the fair value of a whole residential mortgage loan, (ii) current commitments to purchase loans or (iii) recent observable market trades for similar loans, adjusted for credit risk and other individual loan characteristics. For acquired residential mortgage loans measured at fair value, Rithm Capital reports the change in fair value within realized and unrealized gains (losses), net in the Consolidated Statements of Operations. Fair value is generally determined by discounting the expected future cash flows using inputs such as default rates, prepayment speeds and discount rates. For loans measured at the lower of cost or fair value, the Company accounts for any excess of cost over fair value as a valuation allowance and includes changes in the valuation allowance in other income (loss) in the Consolidated Statements of Operations in the period in which the change occurs. Purchase price discounts or premiums are deferred in a contra loan account until the related loan is sold. The deferred discounts or premiums are an adjustment to the basis of the loan and are included in the quarterly determination of the lower of cost or fair value adjustments and/or the gain or loss recognized at the time of sale. Interest income on mortgage loans is accrued based on the unpaid principal balance (“UPB”) and the contractual interest rate. Interest earned on mortgage loans are reported in interest income in the Consolidated Statements of Operations. If it’s probable that the Company will be unable to collect the scheduled payments of principal or interest when due according to the original contractual terms of the loan agreement, or if the loan becomes 90 days delinquent, the Company will reverse all prior accrued and unpaid interest on such mortgage loan. The Company will return loans to accrual status only when we reinstate the loan and there is no significant uncertainty as to collectability. Rithm Capital elected to apply the fair value option for all consumer loans. The fair value option provides an election which allows a company to irrevocably elect fair value for certain financial assets and liabilities on an instrument-by-instrument basis. The Company elected the fair value option for these loans to better align reported results with the underlying economic changes in value of the loans on the Company’s Consolidated Balance Sheets. Gains (losses) from the change in fair value of consumer loans are recognized in realized and unrealized gains (losses), net in the Consolidated Statements of Operations. Interest income is recognized over the life of the loan using the effective interest method and is recorded on the accrual basis. The Company’s residential mortgage loans and consumer loans are carried at fair value or the lower of cost or fair value. As a result, these loans are not subject to an allowance for credit losses under the current expected credit loss (“CECL”) impairment model. |
Single-Family Rental (“SFR”) Properties, Net | Single-Family Rental (SFR) Properties, Net — Purchases of SFR properties are accounted for as asset acquisitions and recorded at their purchase price, which is allocated between land, building and improvements and in-place lease intangibles (when a resident is in place at the acquisition date) based upon their relative fair values at the date of acquisition. The purchase price for purposes of this allocation is inclusive of acquisition costs which typically include legal fees, title fees, payments made to cure tax, utility and homeowners’ association (“HOA”) fees, as well as other closing costs. SFR properties are classified as held-for-investment and are carried at cost less accumulated depreciation expense and impairment. From time to time, the Company may identify SFR properties to be sold. If the Company identifies a property to be sold, depreciation on the property is ceased, the property is measured at the lower of its carrying amount or its fair value less estimated costs to sell and is presented separately from SFR properties classified as held-for-investment. Costs to acquire, renovate and prepare SFR properties to be leased are capitalized as a component of each residential real estate property using specific identification and relative allocation methodologies, including renovation costs and other costs associated with activities that are directly related to preparing the properties for use as rental real estate. Other costs include interest costs, property taxes, property insurance, utilities and HOA fees. The capitalization period associated with renovation activities begins at the time that such activities commence and conclude at the time that an SFR property is available to be leased. Once a property is ready for its intended use, expenditures for ordinary maintenance and repairs thereafter are expensed to operations as incurred, while expenditures that improve or extend the life of a property, such as certain furniture and fixtures additions, are capitalized. The determination of which costs to capitalize requires judgment and can involve many factors with no one factor necessarily determinative. Expenditures for repairs and maintenance recognized immediately are included in general and administrative expenses in the Company’s Consolidated Statements of Operations. Except for land, costs capitalized in connection with SFR property acquisitions are depreciated over their estimated useful lives on a straight-line basis generally over 40 years. The depreciation period commences once renovations are complete and the property is ready for its intended use. For those costs capitalized in connection with renovation activities and those capitalized on an ongoing basis, the average useful life is approximately 15 years. SFR properties are continuously monitored to assess whether there have been any events or changes in circumstances indicating that the carrying amount may be impaired and not recoverable. Significant indicators of impairment may include, but are not limited to, declines in home values, rental rates and occupancy percentages, as well as significant changes in the economy. To the extent an event or change in circumstance is identified, an SFR property is considered to be impaired only if its carrying value cannot be recovered through estimated future undiscounted cash flows from the use and eventual disposition of the property. To the extent an impairment has occurred, the carrying amount is adjusted to its estimated fair value. Impairment charges are included in other income (loss) in the Company’s Consolidated Statements of Operations. Under ASC 842, Leases , an allowance for doubtful accounts for estimated losses is not permitted. Rather, when collectability is not deemed probable, the Company writes-off the tenant’s receivables and limits lease income to cash received. Revenues associated with SFR properties consist of rents collected under lease agreements, net of any concessions and bad debt (including write-offs, credit reserves and uncollectible amounts) and other income, including tenant reimbursements for utilities and other charge-backs such as late fees and non-refundable deposits. Leases typically have a term of one to two years. Rental revenues are included in other revenues in the Company’s Consolidated Statements of operations. |
Property and Maintenance Revenue and Asset Management Revenue Recognition | Property and Maintenance Revenue — Rithm Capital, through its wholly-owned subsidiary, Guardian, collects revenue from property management, inspections and repair services. These revenues are included in other revenues in the Company’s Consolidated Statements of operations. Revenues recognized are from fixed-price work orders created for services defined within contracts with the customer. In accordance with ASC 606, the Company recognizes revenue upon completion of the services as detailed in each work order. Asset Management Revenue Recognition — Management fees are generally calculated and paid to Sculptor on a quarterly basis in advance, based on the amount of assets under management (“AUM”) at the beginning of the quarter. Management fees are prorated for capital inflows and redemptions during the quarter. Management fees are recognized over the period during which the related services are performed. Certain of Sculptor’s management fees are paid on a quarterly basis in arrears. Sculptor considers management fees to be a form of variable consideration, as the amount earned each quarter may depend on various contingencies, such as the value of AUM, capital inflows and outflows during the period, or changes in committed or invested capital. Management fees, however, are generally recognized at the end of each reporting period and are not subject to clawback and, therefore, the value of the management fees Sculptor is entitled to receive at the end of each quarter is generally no longer subject to the constraint. A portion of the management fees Sculptor earns from its collateralized loan obligations (“CLOs”) is subordinated to other obligations of the CLOs, including principal and interest on the notes issued by the CLOs. When certain overcollateralization tests are triggered, cash flows received on the underlying collateral in the CLOs that would have otherwise been distributed as subordinated management fees to Sculptor are redirected to pay principal and interest on the more senior obligations of the CLOs. In the event a CLO fails to satisfy one or more overcollateralization tests, Sculptor will stop recognizing management fees for the CLO until if and when the collateral tests are remedied and all fees are paid. The Company, through Sculptor, earns incentive income based on the cumulative performance of the funds over a commitment period. Sculptor recognizes incentive income when it is probable that such income will not significantly reverse. Incentive income is considered variable consideration, the recognition of which is subject to the constraints. Incentive income is no longer constrained when it is probable that a significant reversal will not occur. Determining the amount of incentive income to record is subject to qualitative and quantitative factors including, where a fund is in its life-cycle, whether Sculptor has received or is entitled to receive incentive income distributions and potential sales of fund investments. Sculptor continuously evaluates whether there are additional considerations that could potentially impact the recognition of incentive income. To the extent that distributions have been received, but for which the recognition of incentive income is not appropriate, Sculptor will recognize a liability for unearned incentive income. The commitment period for certain of Sculptor’s AUM is for a period of one year on a calendar-year basis with incentive income recognized annually on December 31. Sculptor may also recognize incentive income related to fund investor redemptions at other times during the year, and on AUM subject to commitment periods that are longer than one year where the commitment period expires during the year. Sculptor may also recognize incentive income for tax distributions that Sculptor is entitled to that cover estimated tax obligations of Sculptor related to the management of certain funds, as such distributions are not subject to clawback once distributed to Sculptor. Incentive income is generally based on the investment performance of its funds. Incentive income is generally equal to 20% of the profits, net of management fees, attributable to each fund investor. Incentive income may be subject to hurdle rates, where Sculptor is not entitled to incentive income until the investment performance exceed an agreed upon benchmark with a preferential “catch-up” allocation once the rate has been exceed, or a perpetual “high-water mark”, where any losses generated in a fund must be recouped before taking incentive income. |
Mortgage Loans Receivable | Mortgage Loans Receivable — Rithm Capital, through its wholly-owned subsidiary Genesis, originates and manages a portfolio of primarily short-term mortgage loans to fund the construction and development of, or investment in, residential properties. Rithm Capital elected to apply the fair value option for all mortgage loans receivable. The fair value option provides an election which allows a company to irrevocably elect fair value for certain financial asset and liabilities on an instrument-by-instrument basis. The Company elected the fair value option for these loans to better align reported results with the underlying economic changes in value of the loans on the Company’s Consolidated Balance Sheets. Furthermore, as a result of the election to apply the fair value option, these loans are not subject to an allowance for credit losses under the CECL impairment model. Rithm Capital reports the change in the fair value within realized and unrealized gains (losses), net in the Consolidated Statements of Operations. Fair value approximates carrying value due to the short duration of the mortgage loans receivable. Mortgage loans receivable are presented net of construction holdbacks and interest reserves on the Consolidated Balance Sheets. The construction holdback represents amounts withheld from the funding of construction loans and released as the project progresses. The interest reserve represents amounts withheld from the funding of certain mortgage loans in order to satisfy monthly interest payments for all or part of the term of the related loan. Accrued interest is paid out of the interest reserve and recognized as interest income on a monthly basis. Mortgage loans receivable can be placed in contractual default status for (i) an interest payment is more than 30 days past due or sooner, if collection is considered doubtful, (ii) a loan matures and the borrower fails to make payment of all amounts owed or extend the loan or (iii) the collateral becomes impaired in such a way that the ultimate collection of the loan receivable is doubtful. The accrual of interest income is suspended when a loan is in contractual default unless the interest is paid in cash or collectability of all amounts due is reasonably assured. In addition, in certain instances, where the interest reserve on a current loan has been fully depleted and the interest payment is not expected to be collected from the borrower, the Company may place a current loan on non-accrual status and recognize interest income on a cash basis. Interest previously accrued may be reversed at that time, and such reversal is offset against interest income. The accrual of interest income resumes only when the suspended loan becomes contractually current or a credit analysis supports the ability to collect in accordance with the terms of the loan. In addition to interest income, the Company generates loan fee income, including loan origination fees, loan renewal fees and inspection fees. The majority of fee income is composed of loan origination fees, or “points,” with interest rates based on the total commitment at origination. In addition to origination fees, the Company earns loan extension fees when maturing loans are renewed or extended and amendment fees when loan terms are modified, such as increases in interest reserves and construction holdbacks. Loans are generally only renewed or extended if the loan is not in default and satisfies the Company’s underwriting criteria. Loan fee income is recognized as interest income at origination or amendment given the Company’s election of the fair value option. Both interest and loan fee income earned on mortgage loans is reported in interest income in the Consolidated Statements of Operations. |
Residential Mortgage Loan Repurchases | Residential Mortgage Loan Repurchases — The Mortgage Company, as approved issuer of Ginnie Mae MBS, originate and securitize government-insured residential mortgage loans. As issuer of Ginnie Mae-guaranteed securitizations, the Mortgage Company 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, the Mortgage Company 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 Mortgage Company intends to repurchase the loans. Upon recognizing loans eligible for repurchase, the Company does not change the accounting for MSRs related to previously sold loans. Upon reacquisition of a loan the MSR is written off. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash |
Servicer Advances Receivable | Servicer Advances Receivable — Represents servicer advances due to Rithm Capital’s servicer subsidiaries, NRM and Newrez (Note 7). The servicer advances receivable purchased in conjunction with MSRs are recorded with purchase discounts. Subsequent advances are recorded at cost, subject to impairment. Any related purchase discounts are accreted into Servicing Revenue, Net on a straight-line basis over the estimated weighted average life of the advances. |
Goodwill and Intangible Assets | Goodwill and Intangible Assets — Rithm Capital qualitatively assesses its goodwill assigned to each of its reporting units during the fourth quarter of each year. This qualitative assessment evaluates various events and circumstances, such as macro-economic conditions, industry and market conditions, cost factors, relevant events and financial trends, that may impact a reporting unit's fair value. Using this qualitative assessment, the Company determines whether it is more likely than not the reporting unit's fair value exceeds its carrying value. If it is determined that it is not more likely than not the reporting unit's fair value exceeds the carrying value, or upon consideration of other factors, including recent acquisition, restructuring or divestiture activity, the Company performs a quantitative, “step one,” goodwill impairment analysis. In addition, the Company may test goodwill in between annual test dates if an event occurs or circumstances change that could more likely than not reduce the fair value of a reporting unit below its carrying value. Rithm Capital did not recognize any impairment for the year ended December 31, 2023. |
Leases | Leases — Rithm Capital determines if an arrangement is a lease at inception. Operating lease right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. Operating lease ROU assets and lease liabilities are recognized at commencement date based on the net present value of lease payments over the lease term. The majority of Rithm Capital’s lease agreements do not provide an implicit rate. As a result, Rithm Capital used an incremental borrowing rate based on the information available as of the lease commencement dates, or as of the acquisition date, if applicable, in determining the present value of lease payments. The operating lease ROU asset reflects any upfront lease payments made as well as lease incentives received. The lease terms may include options to extend or terminate the lease and these are factored into the determination of the ROU asset and lease liability at lease inception when and if it is reasonably certain that Rithm Capital will exercise that option. Lease expense for fixed lease payments is recognized on a straight-line basis over the lease term. Subrental income is recognized on a straight-line basis over the lease term and is included within other revenues in the consolidated statements of operations. Where the Company has entered into a sublease arrangement, the Company will evaluate the lease arrangement for impairment. To the extent an impairment of the right-of-use lease asset is recognized, the Company will recognize lease impairment and subsequently amortize the remaining lease asset on a straight-line basis over the remaining lease term within general and administrative expenses in the Consolidated Statements of Operations. Rithm Capital has certain lease agreements with non-lease components such as maintenance and executory costs, which are accounted for separately and not included in ROU assets. ROU assets are tested for impairment whenever changes in facts or circumstances indicate that the carrying amount of an asset may not be recoverable. Modification of a lease term would result in re-measurement of the lease liability and a corresponding adjustment to the ROU asset. |
Secured Financing Agreements and Secured Notes and Bonds Payable | Secured Financing Agreements and Secured Notes and Bonds Payable — The Company finances the acquisition of certain assets within its investment portfolio using secured financing agreements, including repurchase agreements and warehouse credit facilities. Repurchase agreements and warehouse credit facilities are treated as collateralized financing transactions and carried at their contractual amounts, including accrued interest, as specified in the respective agreements. The carrying amount of the Company’s secured financing agreements and warehouse credit facilities approximates fair value. The Company pledges certain securities, loans or other assets as collateral under secured financing agreements and warehouse credit facilities with financial institutions, the terms and conditions of which are negotiated on a transaction-by-transaction basis. The amounts available to be borrowed under repurchase agreements and warehouse credit facilities are dependent upon the fair value of the securities, or loans pledged as collateral, which can fluctuate with changes in interest rates, type of security and liquidity conditions within the banking, mortgage finance and real estate industries. The Company also finances the acquisition of certain assets within its investment portfolio using secured term notes and securitizations. |
Derivative Financial Instruments | Derivative Financial Instruments — The Company enters into derivative contracts, including interest rate swaps, swaptions, futures, interest rate caps and TBA securities to manage its interest rate risk and, from time to time, enhance investment returns. The Company’s derivatives are recorded as either assets or liabilities in the Consolidated Balance Sheets and measured at fair value. The Company’s derivative financial instrument contracts are not designated as hedges for U.S. GAAP; accordingly, all changes in fair value are recognized in earnings. The Company estimates the fair value of its derivative instruments as described in Note 21 of these consolidated financial statements. The Company may also utilize forward contracts for the purchase or sale of TBA Agency MBS. The Company accounts for TBA Agency MBS as derivative instruments if it is reasonably possible that it will not take or make physical delivery of the Agency MBS upon settlement of the contract. The Company accounts for TBA dollar roll transactions as a series of derivative transactions. The Company may also purchase and sell TBA Agency MBS as a means of investing in and financing Agency MBS (thereby increasing “at risk” leverage) or as a means of disposing of or reducing its exposure to Agency MBS (thereby reducing “at risk” leverage). The Company agrees to purchase or sell, for future delivery, Agency MBS with certain principal and interest terms and certain types of collateral, but the particular Agency Securities to be delivered are not identified until shortly before the TBA settlement date. The Company may also choose, prior to settlement, to move the settlement of these securities out to a later date by entering into an offsetting short or long position (referred to as a “pair off”), net settling the paired off positions for cash, and simultaneously purchasing or selling a similar TBA Agency MBS for a later settlement date. This transaction is commonly referred to as a “dollar roll.” When it is reasonably possible that the Company will pair off a TBA Agency MBS, it accounts for that contract as a derivative. |
Reverse Repurchase Agreements and Obligation to Return Securities Borrowed under Reverse Repurchase Agreements | Reverse Repurchase Agreements and Obligation to Return Securities Borrowed under Reverse Repurchase Agreements |
Equity-Based Compensation | Equity-Based Compensation — The Company grants equity-based compensation awards to certain employees and all directors in the form of restricted shares of common stock. The Company accounts for equity-based awards under ASC 718, Compensation — Stock Compensation , which requires the Company to expense the cost of services received in exchange for equity-based awards based on the grant-date fair value of the awards. This expense is recognized as provided in the applicable award agreement (see Note 23). The fair value of the Company’s restricted stock awards (“RSA”) and time-based and performance-based restricted stock unit awards (“RSU” and “PSU” awards, respectively) are typically equivalent to the closing stock price on the grant date. The unrecognized compensation cost relating to such awards is recognized as an expense over the awards’ remaining vesting periods. The fair value of the Company’s LTIP Profit Units (as defined below) is initially determined at the date of grant and is remeasured at each reporting period until settlement. Equity-based compensation expense is included in compensation and benefits expense on the Company’s Consolidated Statements of Operations. The Company has elected to account for forfeitures when they occur. |
Residential Mortgage Origination Reserves | Residential Mortgage Origination Reserves — The Mortgage Company originates conventional, government-insured and nonconforming residential mortgage loans for sale and securitization. In connection with the transfer of loans to the GSEs or mortgage investors, the Mortgage Company provides representations and warranties regarding certain attributes of the loans and, subsequent to the sale, if it is determined that a sold loan is in breach of these representations and warranties, 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 to repurchase the loan. Rithm Capital records a reserve for sales recourse at the time of sale to cover all potential recourse obligations based on the outstanding balance of residential mortgage loans subject to recourse as well as historical and estimated future loss rates. Rithm Capital evaluates the ongoing adequacy of the reserve based on actual experience and changing circumstances, making adjustments to the reserve as deemed necessary. |
Offering Costs | Offering Costs — The Company has incurred offering costs in connection with common stock offerings, registration statements, preferred stock offerings and exchanges. Where applicable, the offering costs were paid out of the proceeds of the respective offerings. Offering costs in connection with common stock offerings and costs in connection with registration statements have been accounted for as a reduction of additional paid-in capital. Offering costs in connection with preferred stock offerings have been accounted for as a reduction of their respective gross proceeds. Exchange costs in connection with the Company's preferred stock exchanges have been accounted for as a reduction to the Company's retained earnings. |
Earnings (Loss) Per Share | Earnings (Loss) Per Share — In accordance with the provisions of ASC 260, Earnings Per Share |
Comprehensive Income | Comprehensive Income — Comprehensive income is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances, excluding those resulting from investments by and distributions to owners. For Rithm Capital’s purposes, comprehensive income represents net income, as presented in the Consolidated Statements of Operations, adjusted for unrealized gains or losses on certain securities classified as available for sale and a cumulative translation adjustment. |
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. As of June 30, 2023, the Company has transitioned from LIBOR to an alternative benchmark. The Company's financing arrangements have provisions in place that provide for an alternative to LIBOR. In addition, the Company has amended terms of certain financing arrangements, where necessary, to transition or direct the transition to an alternative benchmark. The Company does not currently intend to amend the 7.50% Series A Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series A”), the 7.125% Series B Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series B”) or the 6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Series C”) 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. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures . This standard requires public companies to disclose information about their reportable segments’ significant expenses on an interim and annual basis to provide more transparency about the expenses they incur from revenue generating business units. The new standard is effective for annual periods 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. |
RESTATEMENT OF PREVIOUSLY ISS_2
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Changes and Error Corrections [Abstract] | |
Schedule of Adjustments | Accordingly, the tables below present the effect of these adjustments, including the reclassifications, on the affected line items in the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Cash Flows as reported in the Company’s Annual Report on Form 10-K as of and for the year ended December 31, 2023. Consolidated Balance Sheet: December 31, 2023 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 8,405,938 $ — $ 8,405,938 $ — $ 8,405,938 Real estate and other securities (includes $9,337,159 at fair value) 9,782,217 (420,505) (a) 9,361,712 — 9,361,712 Residential mortgage loans, held-for-investment, at fair value 379,044 — 379,044 — 379,044 Residential mortgage loans, held-for-sale (includes $2,461,865 at fair value) (A) 2,540,742 — 2,540,742 — 2,540,742 Consumer loans, held-for-investment, at fair value (A) 1,274,005 — 1,274,005 — 1,274,005 Single-family rental properties 1,001,928 — 1,001,928 — 1,001,928 Mortgage loans receivable, at fair value 2,232,913 — 2,232,913 (353,594) 1,879,319 Residential mortgage loans subject to repurchase 1,782,998 — 1,782,998 — 1,782,998 Cash and cash equivalents (A) 1,287,199 — 1,287,199 — 1,287,199 Restricted cash (A) 385,620 18,013 (b) 403,633 (25,585) 378,048 Servicer advances receivable 2,760,250 — 2,760,250 — 2,760,250 Reverse repurchase agreement — 1,769,601 (b) 1,769,601 — 1,769,601 Other assets (includes $1,167,563 at fair value) (A) 3,478,931 (6,660) (b) 3,472,271 (327,448) 3,144,823 Assets of consolidated CFEs (A) : Investments, at fair value and other asset — 3,044,850 (a) 3,044,850 706,627 3,751,477 Total Assets $ 35,311,785 $ 4,405,299 $ 39,717,084 $ — $ 39,717,084 Liabilities and Equity Liabilities Secured financing agreements (A) $ 12,561,283 — $ 12,561,283 — $ 12,561,283 Secured notes and bonds payable (includes $235,770 at fair value) (A) 10,679,186 — 10,679,186 (318,998) 10,360,188 Residential mortgage loan repurchase liability 1,782,998 — 1,782,998 — 1,782,998 Unsecured notes, net of issuance costs 719,004 — 719,004 — 719,004 Treasury securities payable — 1,827,281 (b) 1,827,281 — 1,827,281 Dividends payable 135,897 — 135,897 135,897 Accrued expenses and other liabilities (includes $51,765 at fair value) (A) 2,332,379 (46,326) (b) 2,286,053 (220,292) 2,065,761 Liabilities of consolidated CFEs (A) : Notes payable, at fair value and other liabilities — 2,624,344 (a) 2,624,344 539,290 3,163,634 Total Liabilities 28,210,747 4,405,299 32,616,046 — 32,616,046 Equity Preferred stock, $0.01 par value, 100,000,000 shares authorized, 51,964,122 issued and outstanding, $1,299,104 aggregate liquidation preference 1,257,254 — 1,257,254 — 1,257,254 Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,226,239 issued and outstanding) 4,833 — 4,833 — 4,833 Additional paid-in capital 6,074,322 — 6,074,322 — 6,074,322 Retained earnings (accumulated deficit) (373,141) — (373,141) — (373,141) Accumulated other comprehensive income 43,674 — 43,674 — 43,674 Total Rithm Capital stockholders’ equity 7,006,942 — 7,006,942 — 7,006,942 Noncontrolling interests in equity of consolidated subsidiaries 94,096 — 94,096 — 94,096 Total Equity 7,101,038 — 7,101,038 — 7,101,038 Total Liabilities and Equity $ 35,311,785 $ 4,405,299 $ 39,717,084 $ — $ 39,717,084 (A) The Company's Consolidated Balance Sheets include assets and liabilities of consolidated VIEs and certain other consolidated VIEs classified as CFEs that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2023, total assets of such consolidated VIEs were $5.6 billion and total liabilities of such consolidated VIEs were $4.7 billion. See Note 22 for further details. * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statements of Operations: Year Ended December 31, 2023 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,860,255 $ (898) (a) $ 1,859,357 $ — $ 1,859,357 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978)) (565,684) — (565,684) — (565,684) Servicing revenue, net 1,294,571 (898) 1,293,673 — 1,293,673 Interest income 1,676,324 (23,982) (a) 1,652,342 (36,153) 1,616,189 Gain on originated residential mortgage loans, held-for-sale, net 508,434 25,043 (a) 533,477 — 533,477 Other revenues 236,167 — 236,167 — 236,167 3,715,496 163 3,715,659 (36,153) 3,679,506 Asset Management Asset management revenues 82,681 — 82,681 — 82,681 3,798,177 163 3,798,340 (36,153) 3,762,187 Expenses Interest expense and warehouse line fees 1,421,254 — 1,421,254 (19,927) 1,401,327 General and administrative 730,752 1,717 (a) 732,469 — 732,469 Compensation and benefits 787,092 — 787,092 — 787,092 2,939,098 1,717 2,940,815 (19,927) 2,920,888 Other Income (Loss) Realized and unrealized gains (losses), net (37,236) 1,554 (a) (35,682) 16,226 (19,456) Other income (loss), net (69,010) — (69,010) — (69,010) (106,246) 1,554 (104,692) 16,226 (88,466) Income (loss) before income taxes 752,833 — 752,833 — 752,833 Income tax expense (benefit) 122,159 — 122,159 — 122,159 Net Income (loss) $ 630,674 $ — $ 630,674 $ — $ 630,674 Noncontrolling interests in income (loss) of consolidated subsidiaries 8,417 — 8,417 — 8,417 Dividends on preferred stock 89,579 — 89,579 — 89,579 Net income (loss) attributable to common stockholders $ 532,678 $ — $ 532,678 $ — $ 532,678 Net Income (loss) per share of common stock Basic $ 1.11 $ — $ 1.11 $ — $ 1.11 Diluted $ 1.10 $ — $ 1.10 $ — $ 1.10 Weighted average number of shares of common stock outstanding Basic 481,934,951 — 481,934,951 — 481,934,951 Diluted 483,716,715 — 483,716,715 — 483,716,715 Dividends declared per share of common stock $ 1.00 $ — $ 1.00 $ — $ 1.00 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Cash Flows: Year Ended December 31, 2023 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Cash Flows From Operating Activities Net income (loss) $ 630,674 $ — $ 630,674 $ — $ 630,674 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Change in fair value of investments, net 843,878 49,787 (a) 893,665 — 893,665 Change in fair value of equity investments 28,407 — 28,407 — 28,407 Change in fair value of secured notes and bonds payable 17,155 — 17,155 — 17,155 (Gain) loss on settlement of investments, net (820,238) — (820,238) — (820,238) (Gain) loss on sale of originated residential mortgage loans, held-for-sale, net (508,434) (25,043) (a) (533,477) — (533,477) (Gain) loss on transfer of loans to real estate owned ("REO") (10,224) — (10,224) — (10,224) Accretion and other amortization (120,699) 14,278 (a) (106,421) — (106,421) Provision (reversal) for credit losses on securities, loans and REO (478) — (478) — (478) Non-cash portions of servicing revenue, net 618,005 — 618,005 — 618,005 Deferred tax provision 90,002 — 90,002 — 90,002 Mortgage loans originated and purchased for sale, net of fees (39,817,843) — (39,817,843) — (39,817,843) Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 40,420,708 (725,901) (a) 39,694,807 (353,994) 39,340,813 Residential mortgage loan repayment proceeds of consolidated CFEs — 278,920 (a) 278,920 — 278,920 Mortgage loans receivable repayment proceeds of consolidated CFEs — — — 353,994 353,994 Interest received from servicer advance investments, loans and other 54,485 — 54,485 — 54,485 Changes in: Servicer advances receivable, net 15,022 — 15,022 — 15,022 Other assets (428,763) — (428,763) — (428,763) Accrued expenses and other liabilities 89,897 — 89,897 — 89,897 Net cash provided by (used in) operating activities 1,101,554 (407,959) 693,595 — 693,595 Cash Flows From Investing Activities Business acquisitions, net of cash acquired (324,783) 18,013 (b) (306,770) — (306,770) Maturity of U.S. Treasury Bills 1,030,000 — 1,030,000 — 1,030,000 Purchase of U.S. Treasury Bills (998,148) — (998,148) — (998,148) Purchase of servicer advance investments (852,015) — (852,015) — (852,015) Purchase of RMBS (4,094,934) — (4,094,934) — (4,094,934) U.S. Treasury Note short sales 1,765,360 — 1,765,360 — 1,765,360 Reverse repurchase agreements entered (1,769,601) — (1,769,601) — (1,769,601) Purchase of residential mortgage loans — — — — — Purchase of SFR properties, MSRs and other assets (106,351) — (106,351) — (106,351) Purchase of mortgage loans receivable (146,631) — (146,631) — (146,631) Draws on revolving consumer loans (27,510) — (27,510) — (27,510) Net settlement of derivatives and hedges 867,637 — 867,637 — 867,637 Return of investments in Excess MSRs 31,940 — 31,940 — 31,940 Principal repayments from servicer advance investments 880,861 — 880,861 — 880,861 Principal repayments from RMBS 693,546 (53,810) (a) 639,736 — 639,736 Principal repayments from residential mortgage loans 47,735 — 47,735 — 47,735 Principal repayments from consumer loans 439,540 — 439,540 — 439,540 Proceeds from sale of MSRs and MSR financing receivables 705,300 — 705,300 — 705,300 Proceeds from sale of RMBS 2,087,419 — 2,087,419 — 2,087,419 Proceeds from sale of REO 23,153 — 23,153 — 23,153 Net cash provided by (used in) investing activities 252,518 (35,797) 216,721 — 216,721 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Cash Flows (continued): Year Ended December 31, 2023 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Cash Flows From Financing Activities Repayments of secured financing agreements (48,921,875) — (48,921,875) — (48,921,875) Repayments of warehouse credit facilities (41,096,041) — (41,096,041) — (41,096,041) Net settlement of margin deposits under repurchase agreements and derivatives (862,662) — (862,662) — (862,662) Repayments of secured notes and bonds payable (7,636,954) — (7,636,954) — (7,636,954) Deferred financing fees (7,364) — (7,364) — (7,364) Dividends paid on common and preferred stock (570,878) — (570,878) — (570,878) Borrowings under secured financing agreements 50,079,186 — 50,079,186 — 50,079,186 Borrowings under warehouse credit facilities 41,065,479 — 41,065,479 — 41,065,479 Borrowings under secured notes and bonds payable 6,669,483 — 6,669,483 — 6,669,483 Proceeds from issuance of debt obligations of consolidated CFEs — 725,901 (a) 725,901 — 725,901 Repayments of debt obligations of consolidated CFEs — (269,563) (a) (269,563) — (269,563) Noncontrolling interest in equity of consolidated subsidiaries - distributions (17,261) — (17,261) — (17,261) Payment of contingent consideration — — — — Net cash provided by (used in) financing activities (1,298,887) 456,338 (842,549) — (842,549) Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 55,185 12,582 (a) (b) 67,767 — 67,767 Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,617,634 11,694 (a) 1,629,328 — 1,629,328 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 1,672,819 $ 24,276 $ 1,697,095 $ — $ 1,697,095 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest 1,361,090 123,004 (a) 1,484,094 — 1,484,094 Cash paid during the period for income taxes 6,524 — 6,524 — 6,524 Supplemental Schedule of Non-Cash Investing and Financing Activities Dividends declared but not paid on common and preferred stock 143,199 — 143,199 — 143,199 Transfer from residential mortgage loans to REO and other assets 21,943 — 21,943 — 21,943 Real estate securities retained from loan securitizations 113,136 (113,136) (a) — — — Residential mortgage loans subject to repurchase 1,782,998 — 1,782,998 — 1,782,998 Cashless exercise of 2020 warrants (par) 93 — 93 — 93 Seller financing in Marcus loan acquisition 1,317,347 — 1,317,347 — 1,317,347 Seller financing in acquisition of notes receivable 323,452 — 323,452 — 323,452 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Balance Sheet: December 31, 2022 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value $ 8,889,403 $ — $ 8,889,403 $ — $ 8,889,403 Real estate and other securities (includes $7,952,889 at fair value) 8,289,277 (336,388) (a) 7,952,889 — 7,952,889 Residential mortgage loans, held-for-investment, at fair value 452,519 — 452,519 — 452,519 Residential mortgage loans, held-for-sale (includes $3,297,271 at fair value) (A) 3,398,298 — 3,398,298 — 3,398,298 Consumer loans, held-for-investment, at fair value (A) 363,756 — 363,756 — 363,756 Single-family rental properties 971,313 — 971,313 — 971,313 Mortgage loans receivable, at fair value 2,064,028 — 2,064,028 (349,975) 1,714,053 Residential mortgage loans subject to repurchase 1,219,890 — 1,219,890 — 1,219,890 Cash and cash equivalents (A) 1,336,508 — 1,336,508 — 1,336,508 Restricted cash (A) 281,126 — 281,126 (9,368) 271,758 Servicer advances receivable 2,825,485 — 2,825,485 — 2,825,485 Receivable for investments sold 473,126 — 473,126 — 473,126 Other assets (includes $921,373 at fair value) (A) 1,914,607 — 1,914,607 (235) 1,914,372 Assets of consolidated CFEs (A) : Investments, at fair value and other assets — 2,443,560 (a) 2,443,560 359,578 2,803,138 Total Assets $ 32,479,336 $ 2,107,172 $ 34,586,508 $ — $ 34,586,508 Liabilities and Equity Liabilities Secured financing agreements (A) $ 11,257,736 $ — $ 11,257,736 $ — $ 11,257,736 Secured notes and bonds payable (includes $319,486 at fair value) (A) 10,098,943 — 10,098,943 (312,918) 9,786,025 Residential mortgage loan repurchase liability 1,219,890 — 1,219,890 — 1,219,890 Unsecured notes, net of issuance costs 545,056 — 545,056 — 545,056 Payable for investments purchased 731,216 — 731,216 — 731,216 Dividends payable 129,760 — 129,760 — 129,760 Accrued expenses and other liabilities (includes $18,064 at fair value) (A) 1,486,667 — 1,486,667 (349) 1,486,318 Liabilities of consolidated CFEs (A) : Notes payable, at fair value and other liabilities — 2,107,172 (a) 2,107,172 313,267 2,420,439 Total Liabilities 25,469,268 2,107,172 27,576,440 — 27,576,440 Commitments and Contingencies (Note 24) Equity Preferred stock, $0.01 par value, 100,000,000 shares authorized, 51,964,122 issued and outstanding, $1,299,104 aggregate liquidation preference 1,257,254 — 1,257,254 — 1,257,254 Common stock, $0.01 par value, 2,000,000,000 shares authorized, 473,715,100 issued and outstanding) 4,739 — 4,739 — 4,739 Additional paid-in capital 6,062,019 — 6,062,019 — 6,062,019 Retained earnings (accumulated deficit) (418,662) — (418,662) — (418,662) Accumulated other comprehensive income 37,651 — 37,651 — 37,651 Total Rithm Capital stockholders’ equity 6,943,001 — 6,943,001 — 6,943,001 Noncontrolling interests in equity of consolidated subsidiaries 67,067 — 67,067 — 67,067 Total Equity 7,010,068 — 7,010,068 7,010,068 Total Liabilities and Equity $ 32,479,336 $ 2,107,172 $ 34,586,508 $ — $ 34,586,508 (A) The Company's Consolidated Balance Sheets include assets and liabilities of consolidated VIEs and certain other consolidated VIEs classified as CFEs that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2022, total assets of such consolidated VIEs were $4.7 billion and total liabilities of such consolidated VIEs were $3.9 billion. See Note 22 for further details. * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Operations: Year Ended December 31, 2022 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,831,964 $ (610) (a) $ 1,831,354 $ — $ 1,831,354 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(631,120)) 727,334 — 727,334 — 727,334 Servicing revenue, net 2,559,298 (610) 2,558,688 — 2,558,688 Interest income 1,075,981 (16,358) (a) 1,059,623 (21,164) 1,038,459 Gain on originated residential mortgage loans, held-for-sale, net 1,086,232 6,517 (a) 1,092,749 — 1,092,749 Other revenues 230,905 — 230,905 — 230,905 4,952,416 (10,451) 4,941,965 (21,164) 4,920,801 Expenses Interest expense and warehouse line fees 791,001 — 791,001 (13,208) 777,793 General and administrative 875,428 1,715 (a) 877,143 — 877,143 Compensation and benefits 1,231,446 — 1,231,446 — 1,231,446 Management fee to affiliate 46,174 — 46,174 — 46,174 Termination fee to affiliate 400,000 — 400,000 — 400,000 3,344,049 1,715 3,345,764 (13,208) 3,332,556 Other Income (Loss) Realized and unrealized gains (losses), net (200,181) 12,166 (a) (188,015) 7,956 (180,059) Other income (loss), net (145,385) — (145,385) — (145,385) (345,566) 12,166 (333,400) 7,956 (325,444) Income (loss) before income taxes 1,262,801 — 1,262,801 — 1,262,801 Income tax expense (benefit) 279,516 — 279,516 — 279,516 Net Income (loss) $ 983,285 $ — $ 983,285 $ — $ 983,285 Noncontrolling interests in income (loss) of consolidated subsidiaries 28,766 — 28,766 — 28,766 Dividends on preferred stock 89,726 — 89,726 — 89,726 Net income (loss) attributable to common stockholders $ 864,793 $ — $ 864,793 $ — $ 864,793 Net Income (loss) per share of common stock Basic $ 1.84 $ — $ 1.84 $ — $ 1.84 Diluted $ 1.80 $ — $ 1.80 $ — $ 1.80 Weighted average number of shares of common stock outstanding Basic 468,836,718 — 468,836,718 — 468,836,718 Diluted 481,636,125 — 481,636,125 — 481,636,125 Dividends declared per share of common stock $ 1.00 $ — $ 1.00 $ — $ 1.00 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Cash Flows: Year Ended December 31, 2022 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Cash Flows From Operating Activities Net income (loss) $ 983,285 $ — $ 983,285 $ — $ 983,285 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Change in fair value of investments, net (1,108,366) 38,439 (a) (1,069,927) — (1,069,927) Change in fair value of equity investments 13,265 — 13,265 — 13,265 Change in fair value of secured notes and bonds payable (45,792) — (45,792) — (45,792) (Gain) loss on settlement of investments, net 1,354,263 — 1,354,263 — 1,354,263 (Gain) loss on sale of originated residential mortgage loans, held-for-sale, net (1,086,232) (6,517) (a) (1,092,749) — (1,092,749) (Gain) loss on transfer of loans to real estate owned ("REO") (7,726) — (7,726) — (7,726) Accretion and other amortization (91,891) 10,934 (a) (80,957) — (80,957) Provision (reversal) for credit losses on securities, loans and REO 14,962 — 14,962 — 14,962 Non-cash portions of servicing revenue, net (639,945) — (639,945) — (639,945) Deferred tax provision 271,167 — 271,167 — 271,167 Mortgage loans originated and purchased for sale, net of fees (76,420,262) — (76,420,262) 75,406 (76,344,856) Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 83,313,008 (1,595,098) (a) 81,717,910 (170,834) 81,547,076 Loan originations and draws of consolidated CFEs — — — (75,406) (75,406) Residential mortgage loan repayment proceeds of consolidated CFEs — 431,065 (a) 431,065 — 431,065 Mortgage loans receivable repayment proceeds of consolidated CFEs — — — 170,834 170,834 Interest received from servicer advance investments, RMBS, loans and other 62,375 — 62,375 — 62,375 Changes in: Servicer advances receivable, net (36,695) — (36,695) — (36,695) Other assets 405,469 — 405,469 — 405,469 Due to affiliates (17,819) — (17,819) — (17,819) Accrued expenses and other liabilities (89,003) — (89,003) — (89,003) Net cash provided by (used in) operating activities 6,874,063 (1,121,177) 5,752,886 — 5,752,886 Cash Flows From Investing Activities Purchase of servicer advance investments (988,847) — (988,847) — (988,847) Purchase of RMBS (15,629,483) — (15,629,483) — (15,629,483) U.S. Treasury Note short sales — — — — — Reverse repurchase agreements entered — — — — — Purchase of residential mortgage loans (7,182) — (7,182) — (7,182) Purchase of SFR properties, MSRs and other assets (416,610) — (416,610) — (416,610) Draws on revolving consumer loans (29,615) — (29,615) — (29,615) Net settlement of derivatives and hedges 311,073 — 311,073 — 311,073 Return of investments in Excess MSRs 17,701 — 17,701 — 17,701 Principal repayments from servicer advance investments 1,033,326 — 1,033,326 — 1,033,326 Principal repayments from RMBS 1,091,538 (65,352) (a) 1,026,186 — 1,026,186 Principal repayments from residential mortgage loans 85,836 — 85,836 — 85,836 Principal repayments from consumer loans 140,574 — 140,574 — 140,574 Principal repayments from mortgage loans receivable — — — — — Proceeds from sale of MSRs and MSR financing receivables 10,698 — 10,698 — 10,698 Proceeds from sale of RMBS 14,565,043 — 14,565,043 — 14,565,043 Proceeds from sale of residential mortgage loans — — — — — Proceeds from sale of REO 14,201 — 14,201 — 14,201 Net cash provided by (used in) investing activities 198,253 (65,352) 132,901 — 132,901 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Cash Flows (continued) Year Ended December 31, 2022 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Cash Flows From Financing Activities Repayments of secured financing agreements (55,998,234) — (55,998,234) — (55,998,234) Repayments of warehouse credit facilities (83,793,352) — (83,793,352) — (83,793,352) Net settlement of margin deposits under repurchase agreements and derivatives 1,460,458 — 1,460,458 — 1,460,458 Repayments of secured notes and bonds payable (4,696,136) — (4,696,136) — (4,696,136) Deferred financing fees (11,062) — (11,062) — (11,062) Dividends paid on common and preferred stock (558,301) — (558,301) — (558,301) Borrowings under secured financing agreements 54,385,892 — 54,385,892 — 54,385,892 Borrowings under warehouse credit facilities 76,069,417 — 76,069,417 — 76,069,417 Borrowings under secured notes and bonds payable 6,192,823 — 6,192,823 (324,062) 5,868,761 Proceeds from issuance of debt obligations of consolidated CFEs — 1,595,098 (a) 1,595,098 324,062 1,919,160 Repayments of debt obligations of consolidated CFEs — (430,042) (a) (430,042) — (430,042) Repurchase of common and preferred stock (5,227) — (5,227) — (5,227) Noncontrolling interest in equity of consolidated subsidiaries - distributions (27,047) — (27,047) — (27,047) Payment of contingent consideration (2,355) — (2,355) — (2,355) Net cash provided by (used in) financing activities (6,983,124) 1,165,056 (5,818,068) — (5,818,068) Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 89,192 (21,473) (a) 67,719 — 67,719 Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,528,442 33,167 (a) 1,561,609 — 1,561,609 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 1,617,634 $ 11,694 $ 1,629,328 $ — $ 1,629,328 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest 734,232 90,992 (a) 825,224 — 825,224 Cash paid during the period for income taxes 4,012 — 4,012 — 4,012 Supplemental Schedule of Non-Cash Investing and Financing Activities Dividends declared but not paid on common and preferred stock 140,984 — 140,984 — 140,984 Transfer from residential mortgage loans to REO and other assets 14,936 — 14,936 — 14,936 Real estate securities retained from loan securitizations 206,082 (206,082) (a) — — — Residential mortgage loans subject to repurchase 1,219,890 — 1,219,890 — 1,219,890 Purchase of Agency RMBS, settled after quarter-end 731,216 — 731,216 — 731,216 Cashless exercise of 2020 warrants (par) 69 — 69 — 69 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Operations: Year Ended December 31, 2021 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,559,554 $ (731) (a) $ 1,558,823 $ — $ 1,558,823 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(1,192,646) (577,763) — (577,763) — (577,763) Servicing revenue, net 981,791 (731) 981,060 — 981,060 Interest income 810,896 (16,725) (a) 794,171 — 794,171 Gain on originated residential mortgage loans, held-for-sale, net 1,826,909 (39,058) (a) 1,787,851 — 1,787,851 Other revenues 165,480 — 165,480 — 165,480 3,785,076 (56,514) 3,728,562 — 3,728,562 Expenses Interest expense and warehouse line fees 497,308 — 497,308 — 497,308 General and administrative 864,028 1,773 (a) 865,801 — 865,801 Compensation and benefits 1,159,810 — 1,159,810 — 1,159,810 Management fee to affiliate 95,926 — 95,926 — 95,926 2,617,072 1,773 2,618,845 — 2,618,845 Other Income (Loss) Realized and unrealized gains (losses), net (207,437) 58,287 (a) (149,150) — (149,150) Other income (loss), net 3,241 — 3,241 — 3,241 (204,196) 58,287 (145,909) — (145,909) Income (loss) before income taxes 963,808 — 963,808 — 963,808 Income tax expense (benefit) 158,226 — 158,226 — 158,226 Net Income (loss) $ 805,582 $ — $ 805,582 $ — $ 805,582 Noncontrolling interests in income (loss) of consolidated subsidiaries 33,356 — 33,356 — 33,356 Dividends on preferred stock 66,744 — 66,744 — 66,744 Net income (loss) attributable to common stockholders $ 705,482 $ — $ 705,482 $ — $ 705,482 Net Income (loss) per share of common stock Basic $ 1.56 $ — $ 1.56 $ — $ 1.56 Diluted $ 1.51 $ — $ 1.51 $ — $ 1.51 Weighted average number of shares of common stock outstanding Basic 451,276,742 — 451,276,742 — 451,276,742 Diluted 467,665,006 — 467,665,006 — 467,665,006 Dividends declared per share of common stock $ 0.90 $ — $ 0.90 $ — $ 0.90 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Cash Flows: Year Ended December 31, 2021 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Cash Flows From Operating Activities Net income (loss) $ 805,582 $ — $ 805,582 — $ 805,582 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Change in fair value of investments, net (11,723) (28,853) (a) (40,576) — (40,576) Change in fair value of equity investments (5,986) — (5,986) — (5,986) Change in fair value of secured notes and bonds payable (12,991) — (12,991) — (12,991) (Gain) loss on settlement of investments, net 232,151 (26,931) (a) 205,220 — 205,220 (Gain) loss on sale of originated residential mortgage loans, held-for-sale, net (1,826,909) 39,058 (a) (1,787,851) — (1,787,851) (Gain) loss on transfer of loans to real estate owned ("REO") (3,752) — (3,752) — (3,752) Accretion and other amortization (49,382) 3,141 (a) (46,241) — (46,241) Provision (reversal) for credit losses on securities, loans and REO (47,744) — (47,744) — (47,744) Non-cash portions of servicing revenue, net 577,763 — 577,763 — 577,763 Deferred tax provision 151,200 — 151,200 — 151,200 Mortgage loans originated and purchased for sale, net of fees (130,737,605) 531,940 (a) (130,205,665) — (130,205,665) Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 132,834,967 (720,522) (a) 132,114,445 — 132,114,445 Residential mortgage loans repayment proceeds of consolidated CFEs — 753,101 (a) 753,101 — 753,101 Interest received from servicer advance investments, RMBS, loans and other 153,539 — 153,539 — 153,539 Changes in: Servicer advances receivable, net 226,173 — 226,173 — 226,173 Other assets 939,953 — 939,953 — 939,953 Due to affiliates 8,369 — 8,369 — 8,369 Accrued expenses and other liabilities (349,733) — (349,733) — (349,733) Net cash provided by (used in) operating activities 2,883,872 550,934 3,434,806 — 3,434,806 Cash Flows From Investing Activities Business acquisitions, net of cash acquired (1,173,171) — (1,173,171) — (1,173,171) Purchase of servicer advance investments (1,286,526) — (1,286,526) — (1,286,526) Purchase of RMBS (6,099,550) — (6,099,550) — (6,099,550) Purchase of SFR properties, MSRs and other assets (1,390,317) — (1,390,317) — (1,390,317) Draws on revolving consumer loans (29,002) — (29,002) — (29,002) Net settlement of derivatives and hedges (182,971) — (182,971) — (182,971) Return of investments in Excess MSRs 54,037 — 54,037 — 54,037 Principal repayments from servicer advance investments 1,382,344 — 1,382,344 — 1,382,344 Principal repayments from RMBS 2,330,850 (73,152) (a) 2,257,698 — 2,257,698 Principal repayments from residential mortgage loans 119,841 — 119,841 — 119,841 Principal repayments from consumer loans 214,619 — 214,619 — 214,619 Proceeds from sale of MSRs and MSR financing receivables 62,971 — 62,971 — 62,971 Proceeds from sale of RMBS 8,238,974 (49,389) (a) 8,189,585 — 8,189,585 Proceeds from sale of residential mortgage loans 9,922 — 9,922 — 9,922 Proceeds from sale of REO 54,232 — 54,232 — 54,232 Net cash provided by (used in) investing activities 2,306,253 (122,541) 2,183,712 — 2,183,712 * See the beginning of this Note 3 for the explanation of the adjustments and reclassifications by type referenced in the above table as (a), (b), or (c). Consolidated Statement of Cash Flows (continued): Year Ended December 31, 2021 As Reported Error Adjustments * Subtotal Reclassifications (c)* As Restated Cash Flows From Financing Activities Repayments of secured financing agreements (69,206,600) — (69,206,600) — (69,206,600) Repayments of warehouse credit facilities (130,744,991) — (130,744,991) — (130,744,991) Net settlement of margin deposits under repurchase agreements and derivatives 249,367 — 249,367 — 249,367 Repayments of secured notes and bonds payable (8,078,073) — (8,078,073) — (8,078,073) Deferred financing fees (8,385) — (8,385) — (8,385) Dividends paid on common and preferred stock (438,544) — (438,544) — (438,544) Borrowings under secured financing agreements 64,749,425 — 64,749,425 — 64,749,425 Borrowings under warehouse credit facilities 129,899,057 — 129,899,057 — 129,899,057 Borrowings under secured notes and bonds payable 7,964,077 — 7,964,077 — 7,964,077 Proceeds from issuance of debt obligations of consolidated CFEs — 725,397 (a) 725,397 — 725,397 Repayments of debt obligations of consolidated CFEs — (1,145,324) (a) (1,145,324) — (1,145,324) Issuance of common and preferred stock 962,910 — 962,910 — 962,910 Noncontrolling interest in equity of consolidated subsidiaries - distributions (78,123) — (78,123) — (78,123) Payment of contingent consideration (12,276) — (12,276) — (12,276) Net cash provided by (used in) financing activities (4,742,156) (419,927) (5,162,083) — (5,162,083) Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 447,969 8,466 (a) 456,435 — 456,435 Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,080,473 24,701 (a) 1,105,174 — 1,105,174 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 1,528,442 $ 33,167 $ 1,561,609 $ — $ 1,561,609 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest 505,978 72,703 (a) 578,681 — 578,681 Cash paid during the period for income taxes 23,506 — 23,506 — 23,506 Supplemental Schedule of Non-Cash Investi |
BUSINESS ACQUISITIONS (Tables)
BUSINESS ACQUISITIONS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Purchase Price Allocation | The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities of companies acquired, as restated: 2023 ($ in millions) Sculptor Total Consideration (A) $ 630.3 Assets Real estate and other securities $ 246.1 Cash and cash equivalents 267.5 Restricted cash 26.4 Other assets (B) 1,102.4 Total Assets Acquired $ 1,642.4 Liabilities Secured financing agreements 177.6 Secured notes and bonds payable 99.2 Accrued expenses and other liabilities 746.1 Total Liabilities Assumed $ 1,022.9 Noncontrolling interest $ 35.9 Net Assets $ 583.6 Goodwill $ 46.7 (A) The fair value of total consideration transferred included cash of $600.6 million and assumption of unvested shares of Sculptor stock of $29.7 million for a total consideration of $630.3 million. (B) Includes $275.0 million of intangible assets in the form of management contracts. These intangibles are being amortized over a finite life of 10 years. The following table summarizes the allocation of the total consideration paid to acquire the assets and assume the liabilities of companies acquired: 2021 ($ in millions) Caliber Genesis Total Total Consideration $ 1,318.5 $ 1,634.6 $ 2,953.1 Assets Mortgage servicing rights, at fair value $ 1,507.5 $ — $ 1,507.5 Residential mortgage loans, held-for-sale, at fair value 7,685.7 — 7,685.7 Mortgage loans receivable, at fair value — 1,505.6 1,505.6 Residential mortgage loans subject to repurchase 666.8 — 666.8 Cash and cash equivalents 472.7 16.4 489.1 Restricted cash 30.6 — 30.6 Servicer advance receivable 108.3 — 108.3 Intangible assets (A)(B) 41.0 56.8 97.8 Other assets 609.7 14.5 624.2 Total Assets Acquired $ 11,122.3 $ 1,593.3 $ 12,715.6 Liabilities Secured financing agreements $ 7,090.6 $ — $ 7,090.6 Secured notes and bonds payable 1,121.8 — 1,121.8 Residential mortgage loans repurchase liability 666.8 — 666.8 Accrued expenses and other liabilities 918.6 14.4 933.0 Total Liabilities Assumed $ 9,797.8 $ 14.4 $ 9,812.2 Net Assets $ 1,324.5 $ 1,578.9 $ 2,903.4 Goodwill (bargain purchase gain) $ (6.0) $ 55.7 $ 49.7 (A) Includes intangible assets acquired as part of the Caliber acquisition in the form of purchased technology and trade name/trademarks. These intangibles are being amortized over a finite life of up to seven years. (B) Includes intangible assets acquired as part of the Genesis acquisition in the form of customer relationships, trade name and a license. Customer relationships and the trade name are being amortized over a finite life of nine years and five years, respectively. Rithm Capital has determined that the license has an indefinite useful life. ($ in millions) Acquisition Date Amounts Recognized as of September 30, 2021 Subsequent Adjustments to Fair Value Acquisition Date Amounts Recognized as of December 31, 2021 Total Consideration $ 1,318.5 $ — $ 1,318.5 Assets Mortgage servicing rights, at fair value $ 1,507.5 $ — $ 1,507.5 Residential mortgage loans, held-for-sale, at fair value 7,685.7 — 7,685.7 Residential mortgage loans subject to repurchase 666.8 — 666.8 Cash and cash equivalents 472.7 — 472.7 Restricted cash 30.6 — 30.6 Servicer advance receivable 108.3 — 108.3 Intangible assets 41.0 — 41.0 Other assets (A) 605.4 4.3 609.7 Total Assets Acquired $ 11,118.0 $ 4.3 $ 11,122.3 Liabilities Secured financing agreements $ 7,090.6 $ — $ 7,090.6 Secured notes and bonds payable 1,121.8 — 1,121.8 Residential mortgage loans repurchase liability 666.8 — 666.8 Accrued expenses and other liabilities (A) 917.0 1.6 918.6 Total Liabilities Assumed $ 9,796.2 $ 1.6 $ 9,797.8 Net Assets $ 1,321.8 $ 2.7 $ 1,324.5 Goodwill (bargain purchase gain) $ (3.3) $ (2.7) $ (6.0) (A) The adjustments to Other assets and Accrued expenses and other liabilities primarily reflect the impact on deferred tax assets and related liabilities attributable to certain return to provision adjustments. |
Schedule of Acquired Intangible Assets | The following table presents the details of identifiable intangible assets acquired: Estimated Useful Life Amount Management contracts 10 $ 275.0 Total identifiable intangible assets $ 275.0 Estimated Useful Life Amount Purchased technology 7 $ 38,545 Trademarks/trade names 1 2,483 Total identifiable intangible assets $ 41,028 Estimated Useful Life Amount Customer relationships 9 $ 44,700 Trade name 5 5,900 License Indefinite 5,500 Total identifiable intangible assets $ 56,100 The following table summarizes the acquired identifiable intangible assets: As of December 31, Estimated Useful Lives (Years) 2023 2022 Gross Intangible Assets Management contracts 10 $ 275,000 $ — Customer relationships 3 to 9 57,949 57,949 Purchased technology 3 to 7 137,922 120,787 Trademarks / Trade names 1 to 5 10,259 10,259 481,130 188,995 Accumulated Amortization Management contracts 3,388 — Customer relationships 17,834 12,960 Purchased technology 67,145 30,959 Trademarks / Trade names 4,843 3,663 93,210 47,582 Intangible Assets, Net Management contracts 271,612 — Customer relationships 40,115 44,989 Purchased technology (A) 70,777 89,828 Trademarks / Trade names (B) 5,416 6,596 $ 387,920 $ 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 Unaudited Supplemental Pro Forma Financial Information | The following table presents unaudited pro forma combined revenues and income before income taxes for the years ended December 31, 2023 and 2022 prepared as if the Sculptor Acquisition had been consummated on January 1, 2022: Year Ended December 31, Pro Forma (in millions) 2023 2022 Revenues $ 4,110.0 $ 5,371.4 Income (loss) before income taxes 591.1 1,223.2 Year Ended December 31, Pro Forma (in millions) 2021 2020 Revenues $ 5,422.7 $ 4,453.4 Income (loss) before income taxes 1,258.6 (529.9) Year Ended December 31, Pro Forma (in millions) 2021 2020 Revenues $ 3,643.4 $ 1,693.0 Income (loss) before income taxes 981.8 (1,316.1) |
SEGMENT REPORTING (AS RESTATE_2
SEGMENT REPORTING (AS RESTATED) (Tables) | 12 Months Ended |
Dec. 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 Investment Portfolio Mortgage Loans Receivable Asset Management Corporate Total Year Ended December 31, 2023 (As Restated) Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,488,911 $ 370,446 $ — $ — $ — $ 1,859,357 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978)) (310,444) (255,240) — — — (565,684) Servicing revenue, net 1,178,467 115,206 — — — 1,293,673 Interest income 533,944 872,678 205,779 3,788 — 1,616,189 Gain on originated residential mortgage loans, held-for-sale, net 494,693 38,784 — — — 533,477 Other investment portfolio revenues — 236,167 — — — 236,167 Asset management revenues — — — 82,681 — 82,681 Total revenues 2,207,104 1,262,835 205,779 86,469 — 3,762,187 Interest expense and warehouse line fees 460,780 795,727 105,909 2,727 36,184 1,401,327 General and administrative 944,112 335,010 62,358 63,870 114,211 1,519,561 Total operating expenses 1,404,892 1,130,737 168,267 66,597 150,395 2,920,888 Realized and unrealized gains (losses), net 273 (29,289) 1,500 8,060 — (19,456) Other income (loss), net (19,950) (29,465) 6,209 557 (26,361) (69,010) Total other income (loss) (19,677) (58,754) 7,709 8,617 (26,361) (88,466) Income (loss) before income taxes 782,535 73,344 45,221 28,489 (176,756) 752,833 Income tax (benefit) expense 107,617 (7,457) (5,122) 27,121 — 122,159 Net income (loss) $ 674,918 $ 80,801 $ 50,343 $ 1,368 $ (176,756) $ 630,674 Noncontrolling interests in income (loss) of consolidated subsidiaries 581 7,471 — 365 — 8,417 Dividends on preferred stock — — — — 89,579 89,579 Net income (loss) attributable to common stockholders $ 674,337 $ 73,330 $ 50,343 $ 1,003 $ (266,335) $ 532,678 Origination and Servicing Investment Portfolio Mortgage Loans Receivable Asset Management Corporate Total December 31, 2023 (As Restated) Investments $ 9,413,923 $ 13,322,960 $ 1,879,319 $ 226,486 $ — $ 24,842,688 Cash and cash equivalents 548,666 442,015 58,628 230,008 7,882 1,287,199 Restricted cash 195,490 144,169 30,233 8,156 — 378,048 Other assets 3,489,171 4,864,921 108,523 842,717 20,483 9,325,815 Goodwill 24,376 5,092 55,731 46,658 — 131,857 Assets of consolidated CFEs — 3,044,850 365,698 340,929 — 3,751,477 Total assets $ 13,671,626 $ 21,824,007 $ 2,498,132 $ 1,694,954 $ 28,365 $ 39,717,084 Debt $ 6,920,310 $ 14,180,827 $ 1,537,008 $ 455,512 $ 546,818 $ 23,640,475 Other liabilities 3,224,989 2,004,220 23,608 345,999 213,121 5,811,937 Liabilities of consolidated CFEs — 2,624,345 319,369 219,920 — 3,163,634 Total liabilities 10,145,299 18,809,392 1,879,985 1,021,431 759,939 32,616,046 Total equity 3,526,327 3,014,615 618,147 673,523 (731,574) 7,101,038 Noncontrolling interests in equity of consolidated subsidiaries 8,220 44,905 — 40,971 — 94,096 Total Rithm Capital stockholders’ equity $ 3,518,107 $ 2,969,710 $ 618,147 $ 632,552 $ (731,574) $ 7,006,942 Investments in equity method investees $ — $ 110,883 $ — $ 91,563 $ — $ 202,446 Origination and Servicing Investment Portfolio Mortgage Loans Receivable Asset Management Corporate Total Year Ended December 31, 2022 (As Restated) Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,348,984 $ 482,370 $ — $ — $ — $ 1,831,354 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(631,120)) 729,844 (2,510) — — — 727,334 Servicing revenue, net 2,078,828 479,860 — — — 2,558,688 Interest income 326,634 566,232 145,315 — 278 1,038,459 Gain on originated residential mortgage loans, held-for-sale, net 1,127,282 (34,533) — — — 1,092,749 Other investment portfolio revenues — 230,905 — — — 230,905 Asset management revenues — — — — — — Total revenues 3,532,744 1,242,464 145,315 — 278 4,920,801 Interest expense and warehouse line fees 325,056 365,211 50,980 — 36,546 777,793 General and administrative 1,638,989 354,122 64,277 — 497,375 2,554,763 Total operating expenses 1,964,045 719,333 115,257 — 533,921 3,332,556 Realized and unrealized gains (losses), net (1,812) (214,704) 36,390 — 67 (180,059) Other income (loss), net 6,270 (144,728) 12,243 — (19,170) (145,385) Total other income (loss) 4,458 (359,432) 48,633 — (19,103) (325,444) Income (loss) before income taxes 1,573,157 163,699 78,691 — (552,746) 1,262,801 Income tax (benefit) expense 327,318 35,378 (7,792) — (75,388) 279,516 Net income (loss) $ 1,245,839 $ 128,321 $ 86,483 $ — $ (477,358) $ 983,285 Noncontrolling interests in income (loss) of consolidated subsidiaries 2,716 26,050 — — — 28,766 Dividends on preferred stock — — — — 89,726 89,726 Net income (loss) attributable to common stockholders $ 1,243,123 $ 102,271 $ 86,483 $ — $ (567,084) $ 864,793 Origination and Servicing Investment Portfolio Mortgage Loans Receivable Asset Management Corporate Total December 31, 2022 (As Restated) Investments $ 9,371,435 $ 12,656,743 $ 1,714,053 $ — $ — $ 23,742,231 Cash and cash equivalents 604,191 666,810 52,441 — 13,066 1,336,508 Restricted cash 161,249 94,508 16,001 — — 271,758 Other assets 2,428,832 3,720,905 169,894 — 28,043 6,347,674 Goodwill 24,376 5,092 55,731 — — 85,199 Assets of consolidated entities — 2,443,561 359,577 — — 2,803,138 Total assets $ 12,590,083 $ 19,587,619 $ 2,367,697 $ — $ 41,109 $ 34,586,508 Debt $ 6,660,484 $ 12,962,616 $ 1,420,661 $ — $ 545,056 $ 21,588,817 Other liabilities 2,295,684 1,086,248 25,469 — 159,783 3,567,184 Liabilities of consolidated entities — 2,107,173 313,266 — — 2,420,439 Total liabilities 8,956,168 16,156,037 1,759,396 — 704,839 27,576,440 Total equity 3,633,915 3,431,582 608,301 — (663,730) 7,010,068 Noncontrolling interests in equity of consolidated subsidiaries 12,437 54,630 — — — 67,067 Total Rithm Capital stockholders’ equity $ 3,621,478 $ 3,376,952 $ 608,301 $ — $ (663,730) $ 6,943,001 Investments in equity method investees $ — $ 96,210 $ — $ — $ — $ 96,210 Origination and Servicing Investment Portfolio Mortgage Loans Receivable Asset Management Corporate Total Year Ended December 31, 2021 (As Restated) Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 950,962 $ 607,861 $ — $ — $ — $ 1,558,823 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(1,192,646)) (306,259) (271,504) — — — (577,763) Servicing revenue, net 644,703 336,357 — — — 981,060 Interest income 208,682 581,270 4,219 — — 794,171 Gain on originated residential mortgage loans, held-for-sale, net 1,806,127 (18,276) — — — 1,787,851 Other investment portfolio revenues — 165,480 — — — 165,480 Asset management revenues — — — — — — Total revenues 2,659,512 1,064,831 4,219 — — 3,728,562 Interest expense and warehouse line fees 219,088 241,068 1,000 — 36,152 497,308 General and administrative 1,534,266 465,974 1,802 — 119,495 2,121,537 Total operating expenses 1,753,354 707,042 2,802 — 155,647 2,618,845 Realized and unrealized gains (losses), net (12,162) (136,817) — — (171) (149,150) Other income (loss), net (10,484) 12,687 — — 1,038 3,241 Total other income (loss) (22,646) (124,130) — — 867 (145,909) Income (loss) before income taxes 883,512 233,659 1,417 — (154,780) 963,808 Income tax (benefit) expense 133,117 25,109 — — — 158,226 Net income (loss) $ 750,395 $ 208,550 $ 1,417 $ — $ (154,780) $ 805,582 Noncontrolling interests in income (loss) of consolidated subsidiaries 11,298 22,058 — — — 33,356 Dividends on preferred stock — — — — 66,744 66,744 Net income (loss) attributable to common stockholders $ 739,097 $ 186,492 $ 1,417 $ — $ (221,524) $ 705,482 |
EXCESS MORTGAGE SERVICING RIG_2
EXCESS MORTGAGE SERVICING RIGHTS (Tables) | 12 Months Ended |
Dec. 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: Year Ended December 31, 2023 2022 Direct investments in Excess MSRs $ 208,385 $ 249,366 Excess MSR joint ventures 62,765 72,437 Excess mortgage servicing rights assets, at fair value $ 271,150 $ 321,803 The following table presents activity related to the carrying value of direct investments in Excess MSRs: Servicer Total (A) Balance as of December 31, 2021 259,198 Interest income 38,035 Other income 42 Proceeds from repayments (43,950) Proceeds from sales (997) Change in fair value (2,962) Balance as of December 31, 2022 249,366 Interest income 18,310 Other income 267 Proceeds from repayments (41,552) Proceeds from sales (2,779) Change in fair value (15,227) Balance as of December 31, 2023 $ 208,385 (A) Underlying loans serviced by Mr. Cooper and SLS. The following table summarizes activity related to MSRs and MSR financing receivables: Total Balance as of December 31, 2021 $ 6,858,803 Purchases, net (A) (967) Originations (B) 1,222,742 Proceeds from sales (8,866) Change in fair value due to: Realization of cash flows (D) (631,120) Change in valuation inputs and assumptions 1,448,811 Balance as of December 31, 2022 $ 8,889,403 Originations (B) 786,655 Proceeds from sales (C) (704,436) Change in fair value due to: Realization of cash flows (D) (518,978) Change in valuation inputs and assumptions (46,706) Balance as of December 31, 2023 $ 8,405,938 (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) Relates primarily to excess servicing cash flows sold on certain agency loans with a total UPB of approximately $91.4 billion during the year ended December 31, 2023. In connection with these sales, the Company recorded a gain of approximately $5.2 million during the period, which is included within change in fair value of MSRs and MSR financing receivables in the Consolidated Statements of Operations. (D) Based on the paydown of the underlying residential mortgage loans. The following is a summary of MSRs and MSR financing receivables by type as of December 31, 2023 and 2022: UPB of Underlying Mortgages Weighted Average Life (Years) (A) Carrying Value (B) 2023 Agency $ 351,642,337 7.7 $ 5,333,013 Non-Agency 48,928,545 6.8 678,913 Ginnie Mae (C) 127,863,627 7.1 2,394,012 Total $ 528,434,509 7.5 $ 8,405,938 2022 Agency $ 364,879,106 7.2 $ 6,022,266 Non-Agency 53,881,903 4.9 794,459 Ginnie Mae (C) 121,136,315 6.7 2,072,678 Total / Weighted Average $ 539,897,324 6.9 $ 8,889,403 (A) Represents the weighted average expected timing of the receipt of expected cash flows for this investment. (B) Represents fair value. As of December 31, 2023 and 2022, weighted average discount rates of 8.5% (range of 7.9% – 10.8%) and 8.3% (range of 7.6% – 9.8%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables, respectively. (C) |
Summary of Direct Investments in Excess MSRs | The following summarizes direct investments in Excess MSRs: December 31, 2023 UPB of Underlying Mortgages Interest in Excess MSR Weighted Average Life Years (A) Amortized Cost Basis Carrying Value (B) Rithm Capital (C)(D) Former Manager-managed funds Mr. Cooper $ 42,957,347 32.5% – 100% (56.5%) —% – 50.0% —% – 35.0% 6.3 $ 181,721 $ 208,385 December 31, 2022 UPB of Underlying Mortgages Interest in Excess MSR Weighted Average Life Years (A) Amortized Cost Basis Carrying Value (B) Rithm Capital (C)(D) Former Manager-managed funds Mr. Cooper $ 48,154,644 32.5% – 100.0% (56.5%) —% – 50.0% —% – 35.0% 6.3 $ 207,470 $ 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 December 31, 2023 and 2022 (Note 8) on $15.5 billion and $17.0 billion UPB, respectively, underlying these Excess MSRs. Changes in fair value of investments consist of the following: Year Ended December 31, 2023 2022 2021 Original and Recaptured Pools $ (15,227) $ (2,962) $ (15,078) |
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: December 31, 2023 2022 Excess MSRs $ 114,552 $ 135,356 Other assets 11,664 10,204 Other liabilities (687) (687) Equity $ 125,529 $ 144,873 Rithm Capital’s investment $ 62,765 $ 72,437 Rithm Capital’s percentage ownership 50.0 % 50.0 % Year Ended December 31, 2023 2022 2021 Interest income $ 13,358 $ 15,157 $ 7,574 Other income (loss) (8,296) (12,073) (3,906) Expenses (32) (32) (32) Net income (loss) $ 5,030 $ 3,052 $ 3,636 The following table summarizes the activity of investments in equity method investees: December 31, 2023 2022 Balance at beginning of period $ 72,437 $ 85,749 Distributions of earnings from equity method investees (2,219) — Distributions of capital from equity method investees (9,968) (14,838) Change in fair value of investments in equity method investees 2,515 1,526 Balance at end of period $ 62,765 $ 72,437 |
Summary of Excess MSR Investments made through Equity Method Investees | The following is a summary of Excess MSR investments made through equity method investees: December 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 $ 17,092,557 66.7% 50.0% $ 94,443 $ 114,552 5.1 December 31, 2022 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 $ 19,299,726 66.7% 50.0% $ 106,176 $ 135,356 5.1 (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 (AS RESTATED) (Tables) | 12 Months Ended |
Dec. 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: Year Ended December 31, 2023 2022 Direct investments in Excess MSRs $ 208,385 $ 249,366 Excess MSR joint ventures 62,765 72,437 Excess mortgage servicing rights assets, at fair value $ 271,150 $ 321,803 The following table presents activity related to the carrying value of direct investments in Excess MSRs: Servicer Total (A) Balance as of December 31, 2021 259,198 Interest income 38,035 Other income 42 Proceeds from repayments (43,950) Proceeds from sales (997) Change in fair value (2,962) Balance as of December 31, 2022 249,366 Interest income 18,310 Other income 267 Proceeds from repayments (41,552) Proceeds from sales (2,779) Change in fair value (15,227) Balance as of December 31, 2023 $ 208,385 (A) Underlying loans serviced by Mr. Cooper and SLS. The following table summarizes activity related to MSRs and MSR financing receivables: Total Balance as of December 31, 2021 $ 6,858,803 Purchases, net (A) (967) Originations (B) 1,222,742 Proceeds from sales (8,866) Change in fair value due to: Realization of cash flows (D) (631,120) Change in valuation inputs and assumptions 1,448,811 Balance as of December 31, 2022 $ 8,889,403 Originations (B) 786,655 Proceeds from sales (C) (704,436) Change in fair value due to: Realization of cash flows (D) (518,978) Change in valuation inputs and assumptions (46,706) Balance as of December 31, 2023 $ 8,405,938 (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) Relates primarily to excess servicing cash flows sold on certain agency loans with a total UPB of approximately $91.4 billion during the year ended December 31, 2023. In connection with these sales, the Company recorded a gain of approximately $5.2 million during the period, which is included within change in fair value of MSRs and MSR financing receivables in the Consolidated Statements of Operations. (D) Based on the paydown of the underlying residential mortgage loans. The following is a summary of MSRs and MSR financing receivables by type as of December 31, 2023 and 2022: UPB of Underlying Mortgages Weighted Average Life (Years) (A) Carrying Value (B) 2023 Agency $ 351,642,337 7.7 $ 5,333,013 Non-Agency 48,928,545 6.8 678,913 Ginnie Mae (C) 127,863,627 7.1 2,394,012 Total $ 528,434,509 7.5 $ 8,405,938 2022 Agency $ 364,879,106 7.2 $ 6,022,266 Non-Agency 53,881,903 4.9 794,459 Ginnie Mae (C) 121,136,315 6.7 2,072,678 Total / Weighted Average $ 539,897,324 6.9 $ 8,889,403 (A) Represents the weighted average expected timing of the receipt of expected cash flows for this investment. (B) Represents fair value. As of December 31, 2023 and 2022, weighted average discount rates of 8.5% (range of 7.9% – 10.8%) and 8.3% (range of 7.6% – 9.8%), respectively, were used to value Rithm Capital’s MSRs and MSR financing receivables, respectively. (C) |
Fees Earned in Exchange for Servicing Financial Assets | The following table summarizes components of servicing revenue, net: Year Ended December 31, 2023 2022 2021 Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,735,060 $ 1,698,977 $ 1,445,778 Ancillary and other fees 124,297 132,377 113,045 Servicing fee revenue, net and fees 1,859,357 1,831,354 1,558,823 Change in fair value due to: Realization of cash flows (518,978) (631,120) (1,192,646) Change in valuation inputs and assumptions, net of realized gains (losses) (46,706) 1,448,811 680,088 Change in fair value of derivative instruments — (11,316) (30,481) Gain (loss) on settlement of derivative instruments — (79,041) (34,724) Servicing revenue, net $ 1,293,673 $ 2,558,688 $ 981,060 |
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 December 31, 2023 December 31, 2022 California 17.1 % 17.4 % Florida 8.6 % 8.6 % Texas 6.2 % 6.2 % New York 6.0 % 6.0 % Washington 5.8 % 5.9 % New Jersey 4.3 % 4.4 % Virginia 3.6 % 3.6 % Maryland 3.4 % 3.4 % Illinois 3.3 % 3.4 % Georgia 3.0 % 2.9 % Other U.S. 38.7 % 38.2 % 100.0 % 100.0 % |
Schedule of Investment in Servicer Advances | The table below summarizes the type of advances included in the servicer advances receivable: December 31, 2023 2022 Principal and interest advances $ 616,801 $ 664,495 Escrow advances (taxes and insurance advances) 1,442,697 1,426,409 Foreclosure advances 767,171 754,073 Total (A)(B)(C) $ 2,826,669 $ 2,844,977 (A) Includes $585.0 million and $526.5 million of servicer advances receivable related to Agency MSRs, respectively, recoverable either from the borrower or the Agencies. (B) Includes $405.6 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 $66.4 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) December 31, 2023 Servicer advance investments $ 362,760 $ 376,881 6.2 % 6.6 % 8.1 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 December 31, 2023 Servicer advance investments (D) $ 15,499,559 $ 320,630 2.1 % $ 278,845 84.1 % 81.9 % 7.5 % 6.9 % 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: December 31, 2023 2022 Principal and interest advances $ 57,909 $ 66,892 Escrow advances (taxes and insurance advances) 149,346 155,438 Foreclosure advances 113,375 119,298 Total $ 320,630 $ 341,628 |
Schedule of Servicer Advances Reserve | The following table summarizes servicer advances reserve: Balance as of December 31, 2021 $ 32,122 Provision 48,392 Write-offs (15,086) Balance as of December 31, 2022 $ 65,428 Provision 63,016 Write-offs (34,763) Balance as of December 31, 2023 $ 93,681 |
SERVICER ADVANCE INVESTMENTS (T
SERVICER ADVANCE INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Schedule of Investment in Servicer Advances | The table below summarizes the type of advances included in the servicer advances receivable: December 31, 2023 2022 Principal and interest advances $ 616,801 $ 664,495 Escrow advances (taxes and insurance advances) 1,442,697 1,426,409 Foreclosure advances 767,171 754,073 Total (A)(B)(C) $ 2,826,669 $ 2,844,977 (A) Includes $585.0 million and $526.5 million of servicer advances receivable related to Agency MSRs, respectively, recoverable either from the borrower or the Agencies. (B) Includes $405.6 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 $66.4 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) December 31, 2023 Servicer advance investments $ 362,760 $ 376,881 6.2 % 6.6 % 8.1 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 December 31, 2023 Servicer advance investments (D) $ 15,499,559 $ 320,630 2.1 % $ 278,845 84.1 % 81.9 % 7.5 % 6.9 % 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: December 31, 2023 2022 Principal and interest advances $ 57,909 $ 66,892 Escrow advances (taxes and insurance advances) 149,346 155,438 Foreclosure advances 113,375 119,298 Total $ 320,630 $ 341,628 |
REAL ESTATE AND OTHER SECURIT_2
REAL ESTATE AND OTHER SECURITIES (Tables) | 12 Months Ended |
Dec. 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: December 31, 2023 Gross Unrealized Weighted Average Outstanding Face Amount Gains Losses Carrying Value (A) Number of Securities Coupon (B) Yield Life (Years) (C) Securities designated as available for sale (“AFS”): Agency (D) $ 74,639 $ — $ — $ 65,496 1 3.5 % 3.5 % 10.8 Non-Agency (E)(F) 2,446,762 68,624 (24,488) 337,427 308 3.4 % 3.8 % 5.0 Securities measured at fair value through net income (“FVO”): Agency (D) 8,515,621 121,771 (5,666) 8,467,634 43 5.2 % 5.2 % 8.2 Non-Agency (E)(F) 7,525,017 20,681 (39,661) 466,602 314 4.0 % 6.8 % 6.9 Total / Weighted Average $ 18,562,039 $ 211,076 $ (69,815) $ 9,337,159 666 5.0 % 5.2 % 8.0 December 31, 2022 Gross Unrealized Weighted Average Outstanding Face Amount Gains Losses Carrying Value (A) Number of Securities Coupon (B) Yield Life (Years) (C) RMBS designated as AFS: Agency (D) $ 80,261 $ — $ — $ 73,439 1 3.5 % 3.5 % 8.9 Non-Agency (E)(F) 2,598,679 72,354 (33,684) 369,055 310 3.4 % 3.4 % 6.1 RMBS measured at FVO: Agency (D) 7,383,261 91,770 (43,826) 7,264,978 35 5.0 % 5.0 % 8.6 Non-Agency (E)(F) 8,050,582 17,374 (47,441) 245,417 222 1.9 % 3.2 % 4.4 Total / Weighted Average $ 18,112,783 $ 181,498 $ (124,951) $ 7,952,889 568 4.8 % 4.9 % 8.4 (A) Fair value is equal to the carrying value for all securities. See Note 21 regarding the fair value measurements. (B) Excludes residual bonds and certain other Non-Agency bonds, with a carrying value of $30.5 million and $1.0 million, respectively, for which no coupon payment is expected. (C) Based on the timing of expected principal reduction on the assets. (D) The total outstanding face amount was $8.6 billion and $7.5 billion for fixed rate securities as of December 31, 2023 and 2022, respectively. (E) The total outstanding face amount was $7.6 billion (including $6.9 billion of residual and fair value option notional amount) and $8.3 billion (including $7.5 billion of residual and fair value option notional amount) for fixed-rate securities and $2.4 billion (including $2.1 billion of residual and fair value option notional amount) and $2.4 billion (including $2.3 billion of residual and fair value option notional amount) for floating rate securities as of December 31, 2023 and 2022, respectively. (F) Includes other asset-backed securities consisting primarily of (i) interest-only securities, servicing strips and commercial mortgage-backed securities (fair value option securities), (ii) bonds backed by AFS consumer loans and (iii) corporate debt and/or collateralized loan obligations which Rithm Capital elected to carry at fair value and record changes to valuation through earnings. These securities are detailed in the table below: Gross Unrealized Weighted Average Asset Type Outstanding Face Amount Gains Losses Carrying Value Number of Securities Coupon Yield Life (Years) December 31, 2023 (As Restated) Consumer loan bonds $ 239 $ 640 $ — $ 640 1 N/A N/A 1.7 Fair value option securities Interest-only securities 3,833,797 7,275 (24,312) 73,110 113 1.0 % 10.2 % 2.5 Servicing strips 2,469,571 3,876 (645) 20,855 50 — % 14.8 % 7.2 Commercial mortgage-backed securities 3,845 91 — 3,812 2 7.9 % 8.6 % 1.4 CLOs 244,336 2,896 (44) 226,486 88 5.7 % 6.1 % 9.1 December 31, 2022 (As Restated) Corporate Debt $ 514 $ — $ — $ 465 2 8.2 % 9.5 % 2.2 Consumer loan bonds 518 522 — 590 3 N/A N/A 0.7 Fair value option securities Interest-only securities 4,382,002 9,683 (25,795) 94,830 111 1.0 % 1.2 % 2.5 Servicing strips 2,645,546 2,274 (926) 21,206 50 — % 5.3 % 6.2 The following table summarizes purchases and sales of real estate and other securities, as restated: Year Ended December 31, 2023 (As Restated) 2022 (As Restated) (in millions) Treasury Agency Non-Agency Treasury Agency Non-Agency Purchases Face $ 1,055.0 $ 3,373.7 $ 282.3 $ — $ 16,479.3 $ 74.9 Purchase price 1,028.1 3,350.6 234.0 — 16,314.6 50.4 Sales Face $ — $ 1,691.1 $ — $ — $ 16,516.0 $ 15.3 Amortized cost — 1,671.3 — — 16,759.7 13.6 Sale price — 1,614.2 — — 15,026.3 12.0 Gain (loss) on sale — (57.1) — — (1,733.4) (1.6) |
Summary of Debt Securities, Held-to-Maturity | The following table summarizes real estate and other securities, held to maturity: December 31, 2023 December 31, 2022 Weighted Average Outstanding Face Amount Amortized Cost / Carrying Value Fair Value Unrecognized Gains/(Losses) Number of Securities Yield Life (Years) Carrying Treasury Bills Designated as Held to Maturity (HTM): Treasury $ 25,000 $ 24,553 $ 24,566 $ 13 1 5.4 % 0.3 $ — |
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 December 31, 2023, as restated: Amortized Cost Basis Weighted Average Securities in an Unrealized Loss Position Outstanding Face Amount Before Credit Impairment Credit Impairment (A) After Credit Impairment Gross Unrealized Losses Carrying Value Number of Securities Coupon Yield Life Less than 12 Months $ 54,140 $ 52,341 $ — $ 52,341 $ (3,272) $ 49,069 53 3.0 % 3.8 % 3.7 12 or More Months 285,222 262,677 (10,152) 252,525 (21,216) 231,309 114 3.6 % 3.7 % 7.0 Total / Weighted Average $ 339,362 $ 315,018 $ (10,152) $ 304,866 $ (24,488) $ 280,378 167 3.5 % 3.7 % 6.4 (A) Represents credit impairment on securities in an unrealized loss position as of December 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: December 31, 2023 (As Restated) December 31, 2022 (As Restated) 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 65,697 66,377 (10,152) (680) 77,835 78,093 (10,816) (258) Non-credit impaired securities 214,681 238,489 — (23,808) 243,686 277,112 — (33,426) Total debt securities in an unrealized loss position $ 280,378 $ 304,866 $ (10,152) $ (24,488) $ 321,521 $ 355,205 $ (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, 2021 $ 3,471 $ — $ 3,471 Additions to the allowance for credit losses on securities for which credit losses were not previously recorded 128 6,676 6,804 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 541 — 541 Write-offs charged against the allowance — — — Recoveries of amounts previously written off — — — 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 (221) — (221) 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 (2,736) 2,293 (443) Write-offs charged against the allowance — — — Recoveries of amounts previously written off — — — Allowance for credit losses on available-for-sale debt securities at December 31, 2023 $ 1,183 $ 8,969 $ 10,152 |
RESIDENTIAL MORTGAGE LOANS (A_2
RESIDENTIAL MORTGAGE LOANS (AS RESTATED) (Tables) | 12 Months Ended |
Dec. 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: December 31, 2023 (As Restated) December 31, 2022 (As Restated) Outstanding Face Amount Carrying Loan Weighted Average Yield Weighted Average Life (Years) (A) Carrying Value Investments of consolidated CFEs (E) $ 3,252,463 $ 3,038,587 9,012 5.3 % 26.8 $ 2,431,867 Residential mortgage loans, held-for-investment, at fair value 448,060 379,044 8,328 8.1 % 5.5 452,519 Acquired performing loans (B) 67,955 57,038 1,887 8.1 % 5.9 72,425 Acquired non-performing loans (C) 26,381 21,839 326 8.5 % 5.6 28,602 Total residential mortgage loans, held-for-sale, at lower of cost or market $ 94,336 $ 78,877 2,213 8.2 % 5.8 $ 101,027 Acquired performing loans (B)(D) 423,644 400,603 1,972 5.7 % 16.4 890,131 Acquired non-performing loans (C)(D) 220,962 204,950 1,135 4.6 % 25.2 340,342 Originated loans 1,816,318 1,856,312 5,850 7.1 % 29.4 2,066,798 Total residential mortgage loans, held-for-sale, at fair value $ 2,460,924 $ 2,461,865 8,957 6.6 % 26.8 $ 3,297,271 Total residential mortgage loans, held-for-sale, at fair value/lower of cost or market $ 2,555,260 $ 2,540,742 11,170 $ 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) Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due. (C) As of December 31, 2023, Rithm Capital has placed non-performing loans, held-for-sale on non-accrual status, except as described in (D) below. (D) Includes $224.5 million and $198.2 million UPB of Ginnie Mae Early Buyout Options performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA. (E) Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election. Mortgage Loans Receivable - Carrying Value (A) Mortgage Loans Receivable of Consolidated CFEs - Carrying Value (A) Total Carrying % of Portfolio Loan % of Portfolio Weighted Average Yield Weighted Average Original Life (Months) Weighted Average Committed Loan Balance to Value (B) December 31, 2023 (As Restated) Construction $ 787,740 $ 146,391 $ 934,131 41.8 % 371 27.0 % 10.5 % 16.2 74.0% / 63.0% Bridge 841,040 168,627 1,009,667 45.3 % 652 47.6 % 9.6 % 26.5 68.9% Renovation 250,539 38,576 289,115 12.9 % 349 25.4 % 10.0 % 13.5 80.5% / 68.6% $ 1,879,319 $ 353,594 $ 2,232,913 100.0 % 1,372 100.0 % 10.1 % 20.4 N/A December 31, 2022 (As Restated) Construction $ 810,082 $ 155,414 $ 965,496 46.8 % 622 37.1 % 8.3 % 15.0 76.8% / 65.6% Bridge 687,408 151,130 838,538 40.6 % 701 41.8 % 8.1 % 20.1 75.3% Renovation 216,563 43,431 259,994 12.6 % 354 21.1 % 8.3 % 13.0 78.0% / 66.1% $ 1,714,053 $ 349,975 $ 2,064,028 100.0 % 1,677 100.0 % 8.2 % 16.5 N/A (A) Mortgage loans receivable are carried at fair value. See Note 21 regarding fair value measurements. (B) Weighted by commitment LTV for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans. Balance at December 31, 2021 (As Restated) $ 1,515,762 Initial loan advances 1,438,117 Construction holdbacks and draws 483,889 Paydowns and payoffs (1,234,445) Transfers to assets of consolidated CFEs (445,403) Purchased loans discount (premium) amortization (43,867) Balance at December 31, 2022 (As Restated) $ 1,714,053 Purchases 146,631 Initial loan advances 1,380,187 Construction holdbacks and draws 667,656 Paydowns and payoffs (1,671,895) Purchased loans discount (premium) amortization 668 Transfers to assets of consolidated CFEs (357,614) Fair value adjustments due to: Other factors (367) Balance at December 31, 2023 (As Restated) $ 1,879,319 The following table summarizes the activity for notes and loans receivable: Notes Receivable Loans Receivable Total Balance at December 31, 2021 $ 60,549 $ 229,631 $ 290,180 Fundings 9,000 — 9,000 Payment in Kind 3,741 9,195 12,936 Proceeds from repayments (9,000) (143,256) (152,256) Transfer to other assets (1,000) — (1,000) Fair value adjustments due to: Changes in instrument-specific credit risk (63,062) — (63,062) Other factors (228) (1,169) (1,397) Balance at December 31, 2022 $ — $ 94,401 $ 94,401 Fundings (A) 399,977 — 399,977 Payment in Kind — 5,636 5,636 Proceeds from repayments (1,750) (68,945) (70,695) Transfer to other assets — — — Fair value adjustments due to: Changes in instrument-specific credit risk — — — Other factors — 231 231 Balance at December 31, 2023 $ 398,227 $ 31,323 $ 429,550 (A) Rithm Capital acquired two notes receivable during 2023 collateralized by commercial real estate. |
Summary of the Geographic Distribution of the Underlying Residential Mortgage Loans | The following table summarizes the geographic distribution of Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment at fair value on the Consolidated Balance Sheets: Percentage of Total Outstanding Unpaid Principal Amount December 31, State Concentration 2023 2022 Texas 9.5 % 8.9 % Florida 9.3 % 10.9 % California 8.3 % 10.2 % New York 8.0 % 6.8 % Georgia 4.9 % 4.2 % New Jersey 3.9 % 3.8 % Virginia 3.6 % 2.7 % Illinois 3.5 % 3.6 % Maryland 3.3 % 3.1 % North Carolina 3.2 % 2.5 % Other U.S. 42.5 % 43.3 % 100.0 % 100.0 % |
Schedule of Performing Loans Past Due | The following table summarizes the difference between the aggregate UPB and the aggregate carrying value of Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment at fair value on the Consolidated Balance Sheets which are 90 days or more past due: December 31, 2023 2022 Days Past Due UPB Carrying Value Carrying Value Over (Under) UPB UPB Carrying Value Carrying Value Over (Under) UPB 90+ $ 313,122 $ 281,556 $ (31,566) $ 468,147 $ 423,321 $ (44,826) The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets: December 31, 2023 2022 Days Past Due UPB Carrying Value Carrying Value Over (Under) UPB UPB Carrying Value Carrying Value Over (Under) UPB Current $ 1,838,935 $ 1,837,513 $ (1,422) $ 1,714,054 $ 1,714,054 $ — 90+ 41,869 41,806 (63) — — — $ 1,880,804 $ 1,879,319 $ (1,485) $ 1,714,054 $ 1,714,054 $ — The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable: December 31, 2023 2022 Days Past Due UPB Carrying Value (A) Carrying Value Over (Under) UPB UPB Carrying Value (A) Carrying Value Over (Under) UPB Current $ 565,786 $ 429,550 $ (136,236) $ 157,745 $ 94,401 $ (63,344) 90+ — — — — — — (A) Notes and loans receivable are carried at fair value. See Note 21 regarding fair value measurements. |
Schedule of Loans Held For Sale, Fair Value | The following table, as restated, summarizes the activity of Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment at fair value on the Consolidated Balance Sheets: 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, 2021 $ 569,933 $ 132,921 $ 11,214,924 $ 11,917,778 Originations — — 67,406,228 67,406,228 Sales — (4,426) (80,159,967) (80,164,393) Purchases/additional fundings 7,182 — 6,880,225 6,887,407 Proceeds from repayments (80,661) (17,777) (394,613) (493,051) Transfer of loans to other assets (A) — — (1,514,111) (1,514,111) Transfer of loans to REO (4,956) (1,386) (752) (7,094) Transfers of loans to held-for-sale (1,580) — — (1,580) Transfers of loans to from held-for-investment — — 1,582 1,582 Valuation provision on loans — (8,305) — (8,305) Fair value adjustments due to: Changes in instrument-specific credit risk (33,086) — (36,204) (69,290) Other factors (4,313) — (100,041) (104,354) Balance at December 31, 2022 (As Restated) $ 452,519 $ 101,027 $ 3,297,271 $ 3,850,817 Originations — — 37,123,264 37,123,264 Sales — (6,946) (37,500,199) (37,507,145) Purchases/additional fundings 1,269 — 375,435 376,704 Proceeds from repayments (51,195) (10,773) (181,166) (243,134) Transfer of loans to other assets (A) — 286 (696,228) (695,942) Transfer of loans to REO (7,148) (2,858) (1,459) (11,465) Transfers of loans to held-for-sale (30,556) — — (30,556) Transfers of loans to from held-for-investment — — 30,556 30,556 Valuation (provision) reversal on loans — (1,859) — (1,859) Fair value adjustments due to: Changes in instrument-specific credit risk 7,540 — 4,639 12,179 Other factors 6,615 — 9,752 16,367 Balance at December 31, 2023 (As Restated) $ 379,044 $ 78,877 $ 2,461,865 $ 2,919,786 (A) Includes loans transferred to consolidated CFEs and receivable modifications resulting in transfers between other assets and residential mortgage loans. |
Schedule of Net Interest Income | The following table summarizes the net interest income of Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment at fair value on the Consolidated Balance Sheets: December 31, 2023 2022 2021 Interest income: Loans held-for-investment, at fair value $ 34,658 $ 45,287 $ 44,369 Loans held-for-sale, at lower of cost or fair value 5,804 6,898 23,280 Loans held-for-sale, at fair value 159,233 211,238 260,062 Total interest income 199,695 263,423 327,711 Interest expense: Loans held-for-investment, at fair value 18,893 17,583 16,919 Loans held-for-sale, at lower of cost or fair value 3,615 3,402 21,333 Loans held-for-sale, at fair value (A) 161,901 181,071 159,413 Total interest expense 184,409 202,056 197,665 Net interest income (B) $ 15,286 $ 61,367 $ 130,046 (A) Includes interest expense attributed to SFR properties in the years ended December 31, 2022 and December 31, 2021. (B) Excludes consolidated CFEs’ interest income and interest expense included in Realized and unrealized gains (losses) on the Consolidated Statements of Operations. |
Schedule of Originated Mortgage Loans | The following table summarizes the components of gain on originated residential mortgage loans, held-for-sale, net: Year Ended December 31, 2023 2022 2021 Gain (loss) on residential mortgage loans originated and sold, net (A) $ (392,137) $ (1,099,941) $ 421,004 Gain (loss) on settlement of residential mortgage loan origination derivative instruments (B) 73,476 1,285,219 240,610 MSRs retained on transfer of residential mortgage loans (C) 786,655 1,222,742 1,331,626 Other (D) 14,622 33,551 107,249 Realized gain on sale of originated residential mortgage loans, net $ 482,616 $ 1,441,571 $ 2,100,489 Change in fair value of residential mortgage loans 99,877 (271,530) (137,503) Change in fair value of interest rate lock commitments (Note 19) 15,018 (102,992) (293,699) Change in fair value of derivative instruments (Note 19) (64,034) 25,700 118,564 Gain on originated residential mortgage loans, held-for-sale, net $ 533,477 $ 1,092,749 $ 1,787,851 (A) Includes residential mortgage loan origination fees of $0.4 billion, $0.6 billion and $2.3 billion in the years ended December 31, 2023, 2022 and 2021, respectively. (B) Represents settlement of forward securities delivery commitments utilized as an economic hedge for mortgage loans not included within forward loan sale commitments. (C) Represents the initial fair value of the capitalized MSRs upon loan sales with servicing retained. (D) Includes fees for services associated with the residential mortgage loan origination process. |
CONSUMER LOANS (Tables)
CONSUMER LOANS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of the Investment in Consumer Loan Companies | The following table summarizes characteristics of the consumer loan portfolio, inclusive of the SpringCastle loans and Marcus loans: UPB Carrying Value Weighted Average Coupon Weighted Average Expected Life (Years) December 31, 2023 SpringCastle $ 260,102 $ 285,632 18.2 % 3.7 Marcus $ 1,048,672 $ 988,373 10.5 % 1.2 Total consumer loans $ 1,308,774 $ 1,274,005 12.0 % 1.7 December 31, 2022 SpringCastle $ 330,428 $ 363,756 17.8 % 3.4 Marcus $ — $ — — % — 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 UPB and the aggregate carrying value of consumer loans: December 31, 2023 2022 Days Past Due UPB Carrying Value (A) Carrying Value Over (Under) UPB UPB Carrying Value (A) Carrying Value Over (Under) UPB SpringCastle Current $ 255,441 $ 280,577 $ 25,136 $ 325,192 $ 358,057 $ 32,865 90+ 4,661 5,055 394 5,236 5,699 463 Total SpringCastle $ 260,102 $ 285,632 $ 25,530 $ 330,428 $ 363,756 $ 33,328 Marcus Current $ 1,014,404 $ 956,076 $ (58,328) $ — $ — $ — 90+ 34,268 32,297 (1,971) — — — Total Marcus $ 1,048,672 $ 988,373 $ (60,299) $ — $ — $ — $ 1,308,774 $ 1,274,005 $ (34,769) $ 330,428 $ 363,756 $ 33,328 (A) Consumer loans are carried at fair value. See Note 21 regarding fair value measurements. |
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, 2021 $ 507,291 Purchases — Additional fundings (A) 29,615 Proceeds from repayments (150,301) Accretion of loan discount and premium amortization, net 13,891 Fair value adjustments due to: Changes in instrument-specific credit risk 1,540 Other factors (38,280) Balance at December 31, 2022 $ 363,756 Purchases 1,317,347 Additional fundings (A) 27,510 Proceeds from repayments (446,124) Accretion of loan discount and premium amortization, net 37,717 Fair value adjustments due to: Changes in instrument-specific credit risk 957 Other factors (27,158) Balance at December 31, 2023 $ 1,274,005 (A) Represents draws on consumer loans with revolving privileges. |
SINGLE-FAMILY RENTAL PROPERTI_2
SINGLE-FAMILY RENTAL PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Schedule of Single-Family Rental Properties | The following table summarizes the net carrying value of investments in SFR properties: December 31, 2023 2022 Land $ 183,359 $ 175,607 Building 733,437 702,427 Capital improvements 138,869 118,999 Total gross investment in SFR properties 1,055,665 997,033 Accumulated depreciation (53,737) (25,720) Investment in SFR properties, net $ 1,001,928 $ 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, 2021 $ 579,607 $ — $ 579,607 Acquisitions and capital improvements 415,858 — 415,858 Dispositions (5,242) — (5,242) Accumulated depreciation (18,910) — (18,910) Balance at December 31, 2022 $ 971,313 $ — $ 971,313 Acquisitions and capital improvements 67,013 — 67,013 Transfers to held-for-sale (9,747) 9,747 — Dispositions (250) (7,990) (8,240) Accumulated depreciation (27,972) (186) (28,158) Balance at December 31, 2023 $ 1,000,357 $ 1,571 $ 1,001,928 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, 2021 2,551 — 2,551 Acquisition of SFR units 1,196 — 1,196 Disposition of SFR units (16) — (16) Balance at December 31, 2022 3,731 — 3,731 Acquisition of SFR units 182 — 182 Transfer to held-for-sale (30) 30 — Disposition of SFR units (1) (24) (25) Balance at December 31, 2023 3,882 6 3,888 |
Schedule of Future Minimum Rental Revenues | The following table summarizes our future minimum rental revenues under existing leases on SFR properties: 2024 $ 39,942 2025 and thereafter $ 2,399 Total $ 42,341 |
MORTGAGE LOANS RECEIVABLE (AS_2
MORTGAGE LOANS RECEIVABLE (AS RESTATED) (Tables) | 12 Months Ended |
Dec. 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: December 31, 2023 (As Restated) December 31, 2022 (As Restated) Outstanding Face Amount Carrying Loan Weighted Average Yield Weighted Average Life (Years) (A) Carrying Value Investments of consolidated CFEs (E) $ 3,252,463 $ 3,038,587 9,012 5.3 % 26.8 $ 2,431,867 Residential mortgage loans, held-for-investment, at fair value 448,060 379,044 8,328 8.1 % 5.5 452,519 Acquired performing loans (B) 67,955 57,038 1,887 8.1 % 5.9 72,425 Acquired non-performing loans (C) 26,381 21,839 326 8.5 % 5.6 28,602 Total residential mortgage loans, held-for-sale, at lower of cost or market $ 94,336 $ 78,877 2,213 8.2 % 5.8 $ 101,027 Acquired performing loans (B)(D) 423,644 400,603 1,972 5.7 % 16.4 890,131 Acquired non-performing loans (C)(D) 220,962 204,950 1,135 4.6 % 25.2 340,342 Originated loans 1,816,318 1,856,312 5,850 7.1 % 29.4 2,066,798 Total residential mortgage loans, held-for-sale, at fair value $ 2,460,924 $ 2,461,865 8,957 6.6 % 26.8 $ 3,297,271 Total residential mortgage loans, held-for-sale, at fair value/lower of cost or market $ 2,555,260 $ 2,540,742 11,170 $ 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) Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due. (C) As of December 31, 2023, Rithm Capital has placed non-performing loans, held-for-sale on non-accrual status, except as described in (D) below. (D) Includes $224.5 million and $198.2 million UPB of Ginnie Mae Early Buyout Options performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA. (E) Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election. Mortgage Loans Receivable - Carrying Value (A) Mortgage Loans Receivable of Consolidated CFEs - Carrying Value (A) Total Carrying % of Portfolio Loan % of Portfolio Weighted Average Yield Weighted Average Original Life (Months) Weighted Average Committed Loan Balance to Value (B) December 31, 2023 (As Restated) Construction $ 787,740 $ 146,391 $ 934,131 41.8 % 371 27.0 % 10.5 % 16.2 74.0% / 63.0% Bridge 841,040 168,627 1,009,667 45.3 % 652 47.6 % 9.6 % 26.5 68.9% Renovation 250,539 38,576 289,115 12.9 % 349 25.4 % 10.0 % 13.5 80.5% / 68.6% $ 1,879,319 $ 353,594 $ 2,232,913 100.0 % 1,372 100.0 % 10.1 % 20.4 N/A December 31, 2022 (As Restated) Construction $ 810,082 $ 155,414 $ 965,496 46.8 % 622 37.1 % 8.3 % 15.0 76.8% / 65.6% Bridge 687,408 151,130 838,538 40.6 % 701 41.8 % 8.1 % 20.1 75.3% Renovation 216,563 43,431 259,994 12.6 % 354 21.1 % 8.3 % 13.0 78.0% / 66.1% $ 1,714,053 $ 349,975 $ 2,064,028 100.0 % 1,677 100.0 % 8.2 % 16.5 N/A (A) Mortgage loans receivable are carried at fair value. See Note 21 regarding fair value measurements. (B) Weighted by commitment LTV for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans. Balance at December 31, 2021 (As Restated) $ 1,515,762 Initial loan advances 1,438,117 Construction holdbacks and draws 483,889 Paydowns and payoffs (1,234,445) Transfers to assets of consolidated CFEs (445,403) Purchased loans discount (premium) amortization (43,867) Balance at December 31, 2022 (As Restated) $ 1,714,053 Purchases 146,631 Initial loan advances 1,380,187 Construction holdbacks and draws 667,656 Paydowns and payoffs (1,671,895) Purchased loans discount (premium) amortization 668 Transfers to assets of consolidated CFEs (357,614) Fair value adjustments due to: Other factors (367) Balance at December 31, 2023 (As Restated) $ 1,879,319 The following table summarizes the activity for notes and loans receivable: Notes Receivable Loans Receivable Total Balance at December 31, 2021 $ 60,549 $ 229,631 $ 290,180 Fundings 9,000 — 9,000 Payment in Kind 3,741 9,195 12,936 Proceeds from repayments (9,000) (143,256) (152,256) Transfer to other assets (1,000) — (1,000) Fair value adjustments due to: Changes in instrument-specific credit risk (63,062) — (63,062) Other factors (228) (1,169) (1,397) Balance at December 31, 2022 $ — $ 94,401 $ 94,401 Fundings (A) 399,977 — 399,977 Payment in Kind — 5,636 5,636 Proceeds from repayments (1,750) (68,945) (70,695) Transfer to other assets — — — Fair value adjustments due to: Changes in instrument-specific credit risk — — — Other factors — 231 231 Balance at December 31, 2023 $ 398,227 $ 31,323 $ 429,550 (A) Rithm Capital acquired two notes receivable during 2023 collateralized by commercial real estate. |
Schedule of Performing Loans Past Due | The following table summarizes the difference between the aggregate UPB and the aggregate carrying value of Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment at fair value on the Consolidated Balance Sheets which are 90 days or more past due: December 31, 2023 2022 Days Past Due UPB Carrying Value Carrying Value Over (Under) UPB UPB Carrying Value Carrying Value Over (Under) UPB 90+ $ 313,122 $ 281,556 $ (31,566) $ 468,147 $ 423,321 $ (44,826) The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets: December 31, 2023 2022 Days Past Due UPB Carrying Value Carrying Value Over (Under) UPB UPB Carrying Value Carrying Value Over (Under) UPB Current $ 1,838,935 $ 1,837,513 $ (1,422) $ 1,714,054 $ 1,714,054 $ — 90+ 41,869 41,806 (63) — — — $ 1,880,804 $ 1,879,319 $ (1,485) $ 1,714,054 $ 1,714,054 $ — The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable: December 31, 2023 2022 Days Past Due UPB Carrying Value (A) Carrying Value Over (Under) UPB UPB Carrying Value (A) Carrying Value Over (Under) UPB Current $ 565,786 $ 429,550 $ (136,236) $ 157,745 $ 94,401 $ (63,344) 90+ — — — — — — (A) Notes and loans receivable are carried at fair value. See Note 21 regarding fair value measurements. |
Schedule of Geographic Distribution of Mortgage Loans Receivable | The following table summarizes the geographic distribution of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets as of December 31, 2023: Percentage of Total Loan Commitment State Concentration December 31, 2023 December 31, 2022 California 47.8 % 52.7 % Washington 7.9 % 10.2 % Florida 7.8 % 6.3 % New York 6.7 % 5.9 % Arizona 4.8 % 6.6 % Virginia 4.1 % 0.7 % Colorado 3.1 % 6.7 % Illinois 2.7 % 0.5 % Texas 2.7 % 1.9 % Georgia 2.5 % 0.8 % Other U.S. 9.9 % 7.7 % 100.0 % 100.0 % |
CASH, CASH EQUIVALENTS AND RE_2
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (AS RESTATED) (Tables) | 12 Months Ended |
Dec. 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 such same amounts shown in the Consolidated Statements of Cash Flows: December 31, 2023 2022 Cash and cash equivalents $ 1,287,199 $ 1,336,508 Restricted cash 378,048 271,758 Restricted cash of consolidated CFEs (A) 31,848 21,062 Total cash, cash equivalents and restricted cash $ 1,697,095 $ 1,629,328 (A) Presented within Investments, at fair value and other assets on the Consolidated Balance Sheets. |
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 such same amounts shown in the Consolidated Statements of Cash Flows: December 31, 2023 2022 Cash and cash equivalents $ 1,287,199 $ 1,336,508 Restricted cash 378,048 271,758 Restricted cash of consolidated CFEs (A) 31,848 21,062 Total cash, cash equivalents and restricted cash $ 1,697,095 $ 1,629,328 (A) Presented within Investments, at fair value and other assets on the Consolidated Balance Sheets. The following table summarizes restricted cash balances by reporting segment: December 31, 2023 2022 Investment Portfolio (A) $ 150,432 $ 106,202 Origination and servicing 195,490 161,249 Mortgage loans receivable (A) 37,805 25,369 Asset management (A) 26,169 — Total restricted cash $ 409,896 $ 292,820 (A) Included restricted cash related to consolidated CFEs presented within Investments, at fair value and other assets on the Consolidated Balance Sheets. |
OTHER ASSETS AND LIABILITIES _2
OTHER ASSETS AND LIABILITIES (AS RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income Assets And Liabilities | |
Schedule of Other Assets and Liabilities | Other Assets and Accrued Expenses and Other Liabilities consist of the following: Other Assets Accrued Expenses December 31, December 31, 2023 2022 2023 2022 Deferred tax asset $ 279,019 $ — Accounts payable $ 165,144 $ 155,492 Derivative and hedging assets (Note 19) 28,080 52,229 Accrued compensation and benefits 290,464 112,762 Due from related parties 32,319 — Deferred tax liability 801,857 711,855 Equity investments (A) 173,882 71,388 Derivative liabilities (Note 19) 51,765 18,064 Excess MSRs, at fair value (Note 6) 271,150 321,803 Escheat payable 169,914 113,772 Goodwill (Note 17) (B) 131,857 85,199 Interest payable 166,620 87,351 Income and fees receivable 59,134 — Lease liability (Note 18) 159,236 101,225 Intangible assets (Note 17) 387,920 141,413 Unearned income and fees 37,468 — Loan Receivable, at fair value (C) 31,323 94,401 Other liabilities 223,293 185,797 Margin receivable, net (D) 75,947 20,614 $ 2,065,761 $ 1,486,318 Notes Receivable (E) 398,227 — Operating lease right-of-use asset (Note 18) 104,207 77,329 Other receivables 152,046 146,131 Prepaid expenses 62,513 60,817 Principal and interest receivable 168,516 106,373 Property and equipment 40,038 37,883 Real Estate Owned 15,507 19,379 Servicer advances, at fair value (Note 8) 376,881 398,820 Servicing fee receivables 156,777 128,438 Warrants, at fair value 16,599 19,346 Other assets 182,881 132,809 $ 3,144,823 $ 1,914,372 (A) Represents equity investments in (i) commercial redevelopment projects and (ii) operating companies providing services throughout the real estate industry, including investments in Covius Holding Inc., a provider of various technology-enabled services to the mortgage and real estate sectors, preferred stock of Valon, a residential mortgage servicing and technology company, and preferred stock of Covalto Ltd. (formerly known as Credijusto Ltd.), a financial services company and (iii) funds related to Sculptor. (B) Includes goodwill derived from the acquisition of Shellpoint Partners LLC, Guardian, Genesis and Sculptor. (C) 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. (D) 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. (E) |
Schedule of Real Estate Owned | The following table presents activity related to the carrying value of investments in REO: Balance at December 31, 2021 $ 21,641 Purchases 210 Property received in satisfaction of loan 14,936 Sales (A) (18,349) Valuation (provision) reversal 941 Balance at December 31, 2022 $ 19,379 Purchases — Property received in satisfaction of loan 21,943 Sales (A) (27,512) Valuation (provision) reversal 1,697 Balance at December 31, 2023 $ 15,507 (A) Recognized when control of the property has transferred to the buyer. |
Schedule of Accounts, Notes and Loans Receivable | The following table summarizes residential mortgage loans outstanding by loan type: December 31, 2023 (As Restated) December 31, 2022 (As Restated) Outstanding Face Amount Carrying Loan Weighted Average Yield Weighted Average Life (Years) (A) Carrying Value Investments of consolidated CFEs (E) $ 3,252,463 $ 3,038,587 9,012 5.3 % 26.8 $ 2,431,867 Residential mortgage loans, held-for-investment, at fair value 448,060 379,044 8,328 8.1 % 5.5 452,519 Acquired performing loans (B) 67,955 57,038 1,887 8.1 % 5.9 72,425 Acquired non-performing loans (C) 26,381 21,839 326 8.5 % 5.6 28,602 Total residential mortgage loans, held-for-sale, at lower of cost or market $ 94,336 $ 78,877 2,213 8.2 % 5.8 $ 101,027 Acquired performing loans (B)(D) 423,644 400,603 1,972 5.7 % 16.4 890,131 Acquired non-performing loans (C)(D) 220,962 204,950 1,135 4.6 % 25.2 340,342 Originated loans 1,816,318 1,856,312 5,850 7.1 % 29.4 2,066,798 Total residential mortgage loans, held-for-sale, at fair value $ 2,460,924 $ 2,461,865 8,957 6.6 % 26.8 $ 3,297,271 Total residential mortgage loans, held-for-sale, at fair value/lower of cost or market $ 2,555,260 $ 2,540,742 11,170 $ 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) Performing loans are generally placed on non-accrual status when principal or interest is 90 days or more past due. (C) As of December 31, 2023, Rithm Capital has placed non-performing loans, held-for-sale on non-accrual status, except as described in (D) below. (D) Includes $224.5 million and $198.2 million UPB of Ginnie Mae Early Buyout Options performing and non-performing loans, respectively, on accrual status as contractual cash flows are guaranteed by the FHA. (E) Residential mortgage loans of consolidated CFEs are classified as Level 2 in the fair value hierarchy and valued based on the fair value of the more observable financial liabilities under the CFE election. Mortgage Loans Receivable - Carrying Value (A) Mortgage Loans Receivable of Consolidated CFEs - Carrying Value (A) Total Carrying % of Portfolio Loan % of Portfolio Weighted Average Yield Weighted Average Original Life (Months) Weighted Average Committed Loan Balance to Value (B) December 31, 2023 (As Restated) Construction $ 787,740 $ 146,391 $ 934,131 41.8 % 371 27.0 % 10.5 % 16.2 74.0% / 63.0% Bridge 841,040 168,627 1,009,667 45.3 % 652 47.6 % 9.6 % 26.5 68.9% Renovation 250,539 38,576 289,115 12.9 % 349 25.4 % 10.0 % 13.5 80.5% / 68.6% $ 1,879,319 $ 353,594 $ 2,232,913 100.0 % 1,372 100.0 % 10.1 % 20.4 N/A December 31, 2022 (As Restated) Construction $ 810,082 $ 155,414 $ 965,496 46.8 % 622 37.1 % 8.3 % 15.0 76.8% / 65.6% Bridge 687,408 151,130 838,538 40.6 % 701 41.8 % 8.1 % 20.1 75.3% Renovation 216,563 43,431 259,994 12.6 % 354 21.1 % 8.3 % 13.0 78.0% / 66.1% $ 1,714,053 $ 349,975 $ 2,064,028 100.0 % 1,677 100.0 % 8.2 % 16.5 N/A (A) Mortgage loans receivable are carried at fair value. See Note 21 regarding fair value measurements. (B) Weighted by commitment LTV for bridge loans, loan-to-cost and loan-to-after-repair-value for construction and renovation loans. Balance at December 31, 2021 (As Restated) $ 1,515,762 Initial loan advances 1,438,117 Construction holdbacks and draws 483,889 Paydowns and payoffs (1,234,445) Transfers to assets of consolidated CFEs (445,403) Purchased loans discount (premium) amortization (43,867) Balance at December 31, 2022 (As Restated) $ 1,714,053 Purchases 146,631 Initial loan advances 1,380,187 Construction holdbacks and draws 667,656 Paydowns and payoffs (1,671,895) Purchased loans discount (premium) amortization 668 Transfers to assets of consolidated CFEs (357,614) Fair value adjustments due to: Other factors (367) Balance at December 31, 2023 (As Restated) $ 1,879,319 The following table summarizes the activity for notes and loans receivable: Notes Receivable Loans Receivable Total Balance at December 31, 2021 $ 60,549 $ 229,631 $ 290,180 Fundings 9,000 — 9,000 Payment in Kind 3,741 9,195 12,936 Proceeds from repayments (9,000) (143,256) (152,256) Transfer to other assets (1,000) — (1,000) Fair value adjustments due to: Changes in instrument-specific credit risk (63,062) — (63,062) Other factors (228) (1,169) (1,397) Balance at December 31, 2022 $ — $ 94,401 $ 94,401 Fundings (A) 399,977 — 399,977 Payment in Kind — 5,636 5,636 Proceeds from repayments (1,750) (68,945) (70,695) Transfer to other assets — — — Fair value adjustments due to: Changes in instrument-specific credit risk — — — Other factors — 231 231 Balance at December 31, 2023 $ 398,227 $ 31,323 $ 429,550 (A) Rithm Capital acquired two notes receivable during 2023 collateralized by commercial real estate. |
Schedule of Performing Loans Past Due | The following table summarizes the difference between the aggregate UPB and the aggregate carrying value of Residential mortgage loans, held-for-sale and Residential mortgage loans, held-for-investment at fair value on the Consolidated Balance Sheets which are 90 days or more past due: December 31, 2023 2022 Days Past Due UPB Carrying Value Carrying Value Over (Under) UPB UPB Carrying Value Carrying Value Over (Under) UPB 90+ $ 313,122 $ 281,556 $ (31,566) $ 468,147 $ 423,321 $ (44,826) The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of loans included in Mortgage loans receivable, at fair value on the Consolidated Balance Sheets: December 31, 2023 2022 Days Past Due UPB Carrying Value Carrying Value Over (Under) UPB UPB Carrying Value Carrying Value Over (Under) UPB Current $ 1,838,935 $ 1,837,513 $ (1,422) $ 1,714,054 $ 1,714,054 $ — 90+ 41,869 41,806 (63) — — — $ 1,880,804 $ 1,879,319 $ (1,485) $ 1,714,054 $ 1,714,054 $ — The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable: December 31, 2023 2022 Days Past Due UPB Carrying Value (A) Carrying Value Over (Under) UPB UPB Carrying Value (A) Carrying Value Over (Under) UPB Current $ 565,786 $ 429,550 $ (136,236) $ 157,745 $ 94,401 $ (63,344) 90+ — — — — — — (A) Notes and loans receivable are carried at fair value. See Note 21 regarding fair value measurements. |
EXPENSES, REALIZED AND UNREAL_2
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER (AS RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Revenues | Other Revenues consists of the following: Year Ended December 31, 2023 2022 2021 Property and maintenance $ 133,424 $ 132,432 $ 104,797 Rental 73,216 54,567 13,745 Other 29,527 43,906 46,937 Total other revenues $ 236,167 $ 230,905 $ 165,480 |
Schedule of General and Administrative Expenses | General and Administrative expenses consists of the following: Year Ended December 31, 2023 2022 2021 Legal and professional $ 103,795 $ 78,837 $ 102,114 Loan origination 45,123 108,149 196,989 Occupancy 55,883 116,526 70,616 Subservicing 130,346 162,972 224,138 Loan servicing 17,901 13,474 18,213 Property and maintenance 97,582 93,689 69,083 Other 281,839 303,496 184,648 Total general and administrative expenses $ 732,469 $ 877,143 $ 865,801 |
Schedule of Components of Other Income (Loss) | The following table summarizes the components of other income (loss): Year Ended December 31, 2023 2022 2021 Real estate and other securities $ 39,362 $ (1,499,418) $ (490,180) Residential mortgage loans and REO 19,861 (160,985) 270,492 Derivative and hedging instruments (54,342) 1,468,931 126,222 Notes and bonds payable (12,843) 45,792 11,506 Consolidated CFEs (A) 17,780 20,122 58,287 Other (B) (29,274) (54,501) (125,477) Realized and unrealized gains (losses), net $ (19,456) $ (180,059) $ (149,150) Other income (loss), net (69,010) (145,385) 3,241 Total other income (loss) $ (88,466) $ (325,444) $ (145,909) (A) Includes change in the fair value of the consolidated CFEs’ financial assets and liabilities and related interest and other income. (B) Includes excess MSRs, servicer advance investments, consumer loans and other. |
GOODWILL AND INTANGIBLE ASSETS
GOODWILL AND INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The following table summarizes the carrying value of goodwill by reportable segment: Origination and Servicing Investment Portfolio Mortgage Loans Receivable Asset Management Total Balance at December 31, 2021 $ 24,376 $ 5,092 $ 55,731 $ — $ 85,199 Goodwill acquired — — — — — Accumulated impairment loss — — — — — Balance at December 31, 2022 $ 24,376 $ 5,092 $ 55,731 $ — $ 85,199 Goodwill acquired (A) — — — 46,658 46,658 Accumulated impairment loss — — — — — Balance at December 31, 2023 $ 24,376 $ 5,092 $ 55,731 $ 46,658 $ 131,857 (A) Refer to Note 4 for discussion regarding the Sculptor Acquisition. |
Schedule of Acquired Intangible Assets | The following table presents the details of identifiable intangible assets acquired: Estimated Useful Life Amount Management contracts 10 $ 275.0 Total identifiable intangible assets $ 275.0 Estimated Useful Life Amount Purchased technology 7 $ 38,545 Trademarks/trade names 1 2,483 Total identifiable intangible assets $ 41,028 Estimated Useful Life Amount Customer relationships 9 $ 44,700 Trade name 5 5,900 License Indefinite 5,500 Total identifiable intangible assets $ 56,100 The following table summarizes the acquired identifiable intangible assets: As of December 31, Estimated Useful Lives (Years) 2023 2022 Gross Intangible Assets Management contracts 10 $ 275,000 $ — Customer relationships 3 to 9 57,949 57,949 Purchased technology 3 to 7 137,922 120,787 Trademarks / Trade names 1 to 5 10,259 10,259 481,130 188,995 Accumulated Amortization Management contracts 3,388 — Customer relationships 17,834 12,960 Purchased technology 67,145 30,959 Trademarks / Trade names 4,843 3,663 93,210 47,582 Intangible Assets, Net Management contracts 271,612 — Customer relationships 40,115 44,989 Purchased technology (A) 70,777 89,828 Trademarks / Trade names (B) 5,416 6,596 $ 387,920 $ 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 Intangible Assets, Future Amortization Expense | The following table summarizes the expected future amortization expense for acquired intangible assets as of December 31, 2023: Year Ending Amortization Expense 2024 $ 55,220 2025 53,103 2026 44,983 2027 36,009 2028 and thereafter 175,364 $ 364,679 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 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 Operating Leases Finance Leases Total 2024 $ 41,305 $ 228 $ 41,533 2025 33,617 228 33,845 2026 26,982 228 27,210 2027 27,111 228 27,339 2028 23,818 — 23,818 2029 and thereafter 37,271 — 37,271 Total remaining undiscounted lease payments 190,104 912 191,016 Less: imputed interest 31,680 100 31,780 Total remaining discounted lease payments $ 158,424 $ 812 $ 159,236 |
Schedule of Future Commitments for Non-Cancelable Leases | The table below summarizes the future commitments under the non-cancelable leases: Year Ending Operating Leases Finance Leases Total 2024 $ 41,305 $ 228 $ 41,533 2025 33,617 228 33,845 2026 26,982 228 27,210 2027 27,111 228 27,339 2028 23,818 — 23,818 2029 and thereafter 37,271 — 37,271 Total remaining undiscounted lease payments 190,104 912 191,016 Less: imputed interest 31,680 100 31,780 Total remaining discounted lease payments $ 158,424 $ 812 $ 159,236 |
Other Information Related to Operating Leases | Other information related to leases is summarized below: December 31, 2023 2022 Weighted-average remaining lease term (years) Operating leases 5.8 5.7 Finance leases 3.5 - Weighted-average discount rate Operating leases 6.2 % 4.0 % Finance leases 7.9 % — % Year Ended December 31, Supplemental Information 2023 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows - operating leases $ 34,655 $ 51,005 $ 24,667 Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: Right-of-use assets obtained in exchange for new operating lease liabilities $ 1,449 $ 5,773 $ 3,013 |
DERIVATIVES AND HEDGING (AS R_2
DERIVATIVES AND HEDGING (AS RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Derivatives | Derivatives and hedges are recorded at fair value on the Consolidated Balance Sheets as follows: December 31, Balance Sheet Location 2023 2022 Derivative and hedging assets Interest rate swaps (A) Other assets $ 106 $ 449 Interest rate lock commitments Other assets 26,482 16,015 TBAs Other assets 1,492 35,765 $ 28,080 $ 52,229 Derivative and hedging liabilities Interest rate lock commitments Accrued expenses and other liabilities $ 2,678 $ 7,229 TBAs Accrued expenses and other liabilities 49,087 10,835 $ 51,765 $ 18,064 (A) Net of $342.0 million and $1.2 billion of related variation margin accounts as of December 31, 2023 and 2022, respectively. The following table summarizes notional amounts related to derivatives and hedging: December 31, 2023 2022 Interest rate swaps (A) $ 7,979,988 $ 23,085,000 Interest rate lock commitments 2,757,060 2,647,747 TBAs, short position (B) 6,013,100 8,473,221 TBAs, long position (B) — 31,500 (A) Includes $8.0 billion notional of receive Secured Overnight Financing Rate (“SOFR”)/pay fixed of 2.5% and $0.0 billion notional of receive fixed of 0.0%/pay SOFR with weighted average maturities of 32 months and 0 months, respectively, as of December 31, 2023. Includes $23.1 billion notional of receive SOFR/pay fixed of 1.9% and $0.0 billion notional of receive fixed of 0.0%/pay SOFR 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 hedging and the related location on the Consolidated Statements of Operations: Year Ended December 31, 2023 2022 2021 Servicing revenue, net (A) TBAs $ — $ (15,205) $ 10,483 Treasury futures — (1,746) (23,961) Options on treasury futures — 5,635 (17,003) — (11,316) (30,481) Gain on originated residential mortgage loans, held-for-sale, net (A) Interest rate lock commitments 15,018 (102,992) (293,699) TBAs (62,924) 25,700 118,564 Interest rate swaps (1,110) — — (49,016) (77,292) (175,135) Realized and unrealized gains (losses), net (B)(C) Interest rate swaps 20,990 1,159,777 162,730 TBAs (7,326) 309,154 (36,508) Treasury securities payable (68,006) — — (54,342) 1,468,931 126,222 Total gain (loss) $ (103,358) $ 1,380,323 $ (79,394) (A) Represents unrealized gain (loss). (B) Excludes $0.0 million loss, $79.0 million loss, and $34.7 million loss for the year ended December 31, 2023, 2022 and 2021, respectively, included within servicing revenue, net (Note 7). (C) Excludes $73.5 million gain, $1.3 billion gain and $240.6 million gain for the year ended December 31, 2023, 2022 and 2021, respectively, included within gain on originated residential mortgage loans, held-for-sale, net (Note 10). |
DEBT OBLIGATIONS (AS RESTATED)
DEBT OBLIGATIONS (AS RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Debt Obligations | The following table summarizes Secured Financing Agreements, Secured Notes and Bonds Payable, and debt obligations related to consolidated funds: December 31, 2023 December 31, 2022 Collateral Debt Obligations/Collateral (C) Outstanding Face Amount Carrying Value (A) Final Stated Maturity (B) Weighted Average Funding Cost Weighted Average Life (Years) Outstanding Face Amortized Cost Basis Carrying Value Weighted Average Life (Years) Carrying Value (A) Secured Financing Agreements Warehouse Credit Facilities-Residential Mortgage Loans (D) $ 1,940,295 $ 1,940,038 Jan-24 to Nov-25 6.8 % 0.6 $ 2,201,857 $ 2,315,385 $ 2,235,311 21.5 $ 2,601,327 Warehouse Credit Facility- Mortgage Loans Receivable (E) 1,337,010 1,337,010 May-24 to Dec-25 8.2 % 1.7 1,610,728 1,609,242 1,609,242 1.2 1,220,662 Agency RMBS or Treasuries (F) 8,152,469 8,152,469 Jan-24 to Jul-24 5.5 % 0.2 8,588,624 8,415,294 8,566,211 8.2 6,821,788 Non-Agency RMBS (E) 610,189 610,189 Jan-24 to Oct-28 7.6 % 0.8 15,285,491 932,248 958,292 6.1 609,282 SFR Properties (E) 20,534 20,534 Dec-24 8.2 % 1.0 N/A 47,433 47,433 N/A 4,677 CLOs (G) 186,378 183,947 Jan-30 to Jul-35 6.4 % 8.9 186,378 184,112 184,112 8.9 — Commercial Notes Receivable 323,452 317,096 Dec-24 6.5 % 0.9 429,240 364,977 364,977 N/A — Total Secured Financing Agreements 12,570,327 12,561,283 6.1 % 0.6 11,257,736 Secured Notes and Bonds Payable Excess MSRs (E) 181,522 181,522 Oct-25 8.7 % 1.8 60,049,904 235,395 272,308 6.1 227,596 MSRs (H) 4,807,776 4,800,728 Dec-24 to Nov-27 7.5 % 1.9 522,025,042 6,367,520 8,340,171 7.5 4,791,543 Servicer Advance Investments (I) 278,845 278,042 Mar-24 to Aug-24 7.5 % 0.2 314,442 353,113 367,803 8.2 318,445 Servicer Advances (I) 2,254,515 2,254,369 Feb-24 to Sep-25 7.7 % 0.4 2,856,680 2,760,250 2,760,250 0.7 2,361,259 Residential Mortgage Loans (J) 650,000 650,000 May-24 6.5 % 0.4 649,978 651,948 652,059 29.2 769,989 Consumer Loans (K) 1,134,666 1,106,974 Jun-28 to Sep 37 7.0 % 4.2 1,308,774 1,269,872 1,274,005 1.7 299,498 SFR Properties (L) 833,386 789,174 Mar-26 to Sep-27 4.1 % 3.3 N/A 952,923 952,923 N/A 817,695 Mortgage Loans Receivable 200,000 200,000 Jul-26 5.8 % 2.5 224,720 224,720 224,720 0.6 200,000 Secured Facility- Asset Management 75,000 69,121 Nov-25 8.8 % 1.8 N/A N/A N/A N/A — CLOs (G) 30,458 30,258 May-30 to Oct-34 7.1 % 6.7 30,458 30,425 30,425 6.7 — Total Secured Notes and Bonds Payable 10,446,168 10,360,188 7.1 % 1.9 9,786,025 Notes Payable of Consolidated CFEs (M) Consolidated funds (N) 222,250 218,157 May-37 5.0 % 4.8 205,723 N/A 203,794 N/A — Residential Mortgage Loans 2,849,603 2,618,082 Oct-63 4.0 % 26.8 $ 3,252,463 N/A $ 3,038,587 26.8 $ 2,095,478 Mortgage Loans Receivable (O) 324,062 318,998 Dec-26 5.6 % 3.0 $ 353,594 $ 353,594 $ 353,594 0.5 $ 312,919 Total Notes Payable of Consolidated CFEs 3,395,915 3,155,237 4.2 % 22.9 2,408,397 Total / Weighted Average $ 26,412,410 $ 26,076,708 6.3 % 4.0 $ 23,452,158 (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 $142.3 million of associated accrued interest payable as of December 31, 2023. (D) Includes $233.9 million which bear interest at an average fixed rate of 5.0% with the remaining having SOFR-based floating interest rates. (E) SOFR-based floating interest rates. Includes repurchase agreements and related collateral on non-agency securities retained through consolidated securitizations (F) All repurchase agreements have a fixed rate. Collateral carrying value includes margin deposits. (G) All SOFR- or Euro Interbank Offered Rate (EURIBOR)-based floating interest rate. (H) Includes $3.8 billion of MSR notes which bear interest equal to the sum of (i) a floating rate index equal to SOFR and (ii) a margin ranging from 2.5% to 3.7%; and $1.0 billion of MSR 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) Includes debt bearing interest equal to the sum of (i) a floating rate index equal to SOFR and (ii) a margin ranging from 1.5% to 3.7%. Collateral includes servicer advance investments, as well as servicer advances receivable related to the MSRs and MSR financing receivables owned by NRM and the Mortgage Company. (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 SOFR plus 1.2%. Collateral carrying value includes cash held in the securitization trust required to meet collateral requirements. (K) Includes (i) SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $205.2 million UPB of Class A notes with a coupon of 2.0% and $53.0 million of Class B notes with a coupon of 2.7% and (ii) $871.2 million of debt collateralized by the Marcus loans bearing interest at the sum of SOFR plus a margin of 3.0%. (L) Includes $833.4 million of fixed rate notes which bear interest ranging from 3.5% to 7.1%. (M) See Note 22 for balance sheets of consolidated entities. (N) Includes $120.0 million UPB of Class A notes with a fixed coupon of 4.3%, $70.0 million UPB of Class B notes with a fixed coupon of 5.3%, $15.0 million UPB of Class C notes with a fixed coupon of 6.3%, and $17.3 million UPB of Subordinated notes, held within consolidated funds (Note 22 ). Weighted average life is based off expected maturity. (O) Includes $238.1 million which bear interest at an average fixed rate of 4.6% with the remaining having SOFR-based floating interest rates. The following table summarizes activities related to the carrying value of debt obligations: Servicer Advances and Excess MSRs (A) MSRs Commercial Notes Receivable Real Estate and Other Securities Residential Mortgage Loans and REO Consumer Loans SFR Properties Mortgage Loans Receivable Asset Management Total Balance at December 31, 2021 (As Restated) $ 2,949,526 $ 4,234,771 $ — $ 9,043,412 $ 12,102,713 $ 458,580 $ 357,922 $ 1,252,660 $ — $ 30,399,584 Secured Financing Agreements Borrowings — — — 54,385,892 73,782,327 — 206,595 2,080,495 — 130,455,309 Repayments — — — (55,998,234) (81,320,424) — (360,433) (2,112,492) — (139,791,583) Capitalized deferred financing costs, net of amortization — — — — 1,129 — — — — 1,129 Secured Notes and Bonds Payable Borrowings 2,804,677 2,027,637 — — — — 879,947 200,000 — 5,912,261 Repayments (2,849,496) (1,473,037) — — (33,204) (123,770) (216,631) — — (4,696,138) Discount on borrowings, net of amortization — — — — — — (42,030) — — (42,030) Unrealized (gain) loss on notes, fair value — — — — 665 (35,312) — — — (34,647) Capitalized deferred financing costs, net of amortization 2,593 2,172 — — — — (2,998) — — 1,767 Notes Payable of Consolidated CFEs Borrowings — — — — 1,595,099 — — 324,062 — 1,919,161 Repayments — — — — (408,569) — — — (408,569) Discount on borrowings, net of amortization — — — — — — — — Unrealized gain on notes, fair value — — — — (252,942) — — (11,144) — (264,086) Capitalized deferred financing costs, net of amortization — — — — — — — — — — Balance at December 31, 2022 (As Restated) $ 2,907,300 $ 4,791,543 $ — $ 7,431,070 $ 5,466,794 $ 299,498 $ 822,372 $ 1,733,581 $ — $ 23,452,158 Secured Financing Agreements Acquired borrowings, net of discount (Note 4) — — — — — — — — 177,551 177,551 Borrowings — — 323,452 50,253,463 37,971,788 — 20,534 2,572,154 — 91,141,391 Repayments — — — (48,921,875) (38,634,841) — (4,677) (2,455,805) (718) (90,017,916) FX remeasurement — — — — — — 7,114 7,114 Capitalized deferred financing costs, net of amortization — — (6,356) — 1,763 — — — — (4,593) Secured Notes and Bonds Payable Acquired borrowings, net of discount (Note 4) — — — — — — 99,232 99,232 Borrowings 2,757,587 4,156,358 — — 1,185,612 — — 405 8,099,962 Repayments (2,954,228) (4,148,588) — (116,730) (381,718) (35,690) — — (7,636,954) FX remeasurement — — — — — — — — (1,008) (1,008) Unrealized (gain) loss on notes, fair value — — — (3,258) 8,818 — — — 5,560 Capitalized deferred financing costs, net of amortization 3,274 1,415 — — (5,236) 7,169 — 750 7,372 Notes Payable of Consolidated CFEs Acquired borrowings, net of discount — — — — — — — — — — Borrowings — — — — 725,902 — — — 218,746 944,648 Repayments — — — — (264,134) — — — — (264,134) Discount on borrowings, net of amortization — — — — — — — — — Unrealized (gain) loss on notes, fair value — — — — 60,836 — — 6,078 (589) 66,325 Capitalized deferred financing costs, net of amortization — — — — — — — — — — Balance at December 31, 2023 (As Restated) $ 2,713,933 $ 4,800,728 $ 317,096 $ 8,762,658 $ 5,208,120 $ 1,106,974 $ 809,708 $ 1,856,008 $ 501,483 $ 26,076,708 (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 December 31, 2023 are as follows, as restated: Year Ending Nonrecourse (A) Recourse (B) Total 2024 $ 3,726,128 $ 12,050,512 $ 15,776,640 2025 287,753 3,724,031 4,011,784 2026 324,062 1,271,832 1,595,894 2027 734,737 420,000 1,154,737 2028 and thereafter 4,423,355 — 4,423,355 $ 9,496,035 $ 17,466,375 $ 26,962,410 (A) Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs, and notes payable of consolidated CFEs of $0.9 billion, $5.3 billion, $0.2 billion, and $3.1 billion, respectively. (B) Includes secured financing agreements, secured notes and bonds payable, unsecured notes net of issuance costs, and notes payable of consolidated CFEs of $11.7 billion, $5.3 billion, $0.5 billion, and $0.0 billion, respectively. |
Schedule of Borrowing Capacity | The following table represents borrowing capacity as of December 31, 2023: Debt Obligations/ Collateral Borrowing Capacity Balance Outstanding Available Financing (A) Secured Financing Agreements Residential mortgage loans, mortgage loans receivable, SFR, and commercial notes receivable $ 6,433,613 $ 2,200,908 $ 4,232,705 Loan originations 5,246,552 1,420,382 3,826,170 CLOs 320,810 186,378 134,432 Secured Notes and Bonds Payable Excess MSRs 286,380 181,521 104,859 MSRs 5,997,814 4,807,776 1,190,038 Servicer advances 3,805,000 2,533,360 1,271,640 SFR 296,762 195,411 101,351 Liabilities of Consolidated CFEs Consolidated funds 52,500 — 52,500 $ 22,439,431 $ 11,525,736 $ 10,913,695 (A) |
Schedule of Debt Redemption | |
Schedule of Tax Receivable Agreement Estimated Undiscounted Future Payments | The table below presents the Company’s estimate as of December 31, 2023, of the maximum undiscounted amounts that would be payable under the TRA using the assumptions described above. In light of the numerous factors affecting Sculptor’s obligation to make such payments, the timing and amounts of any such actual payments may differ materially from those presented in the table. The impact of any net operating losses is included in the “Thereafter” amount in the table below. Year Ending Potential Payments Under Tax Receivable Agreement 2024 $ 11,591 2025 29,819 2026 17,374 2027 18,994 2028 and thereafter 190,143 $ 267,921 |
FAIR VALUE MEASURMENTS (AS REST
FAIR VALUE MEASURMENTS (AS RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Fair Value Disclosures [Abstract] | |
Schedule of Carrying Values and Fair Values of Financial Assets and Liabilities Recorded at Fair Value on a Recurring Basis | The carrying values and fair values of assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments for which fair value is disclosed, as of December 31, 2023 were as follows, as restated: Principal Balance or Notional Amount Carrying Value Fair Value Level 1 Level 2 Level 3 NAV Total Assets: Excess MSRs (A) $ 60,049,904 $ 271,150 $ — $ — $ 271,150 $ — $ 271,150 MSRs and MSR financing receivables (A) 528,434,509 8,405,938 — — 8,405,938 — 8,405,938 Servicer advance investments 320,630 376,881 — — 376,881 — 376,881 Real estate and other securities (B) 18,587,039 9,361,712 24,566 8,533,130 804,029 — 9,361,725 Residential mortgage loans, held-for-sale 94,336 78,877 — — 78,877 — 78,877 Residential mortgage loans, held-for-sale, at fair value 2,460,924 2,461,865 — 2,327,528 134,337 — 2,461,865 Residential mortgage loans, held-for-investment, at fair value 448,060 379,044 — — 379,044 — 379,044 Residential mortgage loans subject to repurchase 1,782,998 1,782,998 — 1,782,998 — — 1,782,998 Consumer loans 1,308,774 1,274,005 — — 1,274,005 — 1,274,005 Derivative assets 11,188,206 28,080 — 1,598 26,482 — 28,080 Mortgage loans receivable 1,880,804 1,879,319 — — 1,879,319 — 1,879,319 Note receivable 534,463 398,227 — — 398,227 — 398,227 Loans receivable 31,323 31,323 — — 31,323 — 31,323 Cash, cash equivalents and restricted cash 1,672,819 1,672,819 1,672,819 — — — 1,672,819 Reverse repurchase agreements 1,769,601 1,769,601 — 1,769,601 — — 1,769,601 Assets of consolidated CFEs - funds (D) 323,973 340,929 19,073 — — 321,856 340,929 Assets of consolidated CFEs - loan securitizations (D) 3,606,057 3,410,548 18,367 3,038,587 353,594 — 3,410,548 Other assets N/A 61,902 — — 61,902 — 61,902 $ 33,985,218 $ 1,734,825 $ 17,453,442 $ 14,475,108 $ 321,856 $ 33,985,231 Liabilities: Secured financing agreements $ 12,570,327 $ 12,561,283 $ — $ 12,377,171 $ 184,112 $ — $ 12,561,283 Secured notes and bonds payable (C) 10,446,168 10,360,188 — — 10,369,649 — 10,369,649 Unsecured senior notes, net of issuance costs 814,739 719,004 — — 708,328 — 708,328 Residential mortgage loan repurchase liability 1,782,998 1,782,998 — 1,782,998 — — 1,782,998 Treasury securities payable 1,800,000 1,827,281 1,827,281 — — — 1,827,281 Derivative liabilities 5,561,942 51,765 — 49,087 2,678 — 51,765 Liabilities of consolidated CFEs - funds (D) 222,250 219,920 1,763 — 218,157 — 219,920 Liabilities of consolidated CFEs - loan securitizations (D) 3,173,665 2,943,714 6,634 2,618,082 318,998 — 2,943,714 $ 30,466,153 $ 1,835,678 $ 16,827,338 $ 11,801,922 $ — $ 30,464,938 (A) The notional amount represents the total UPB 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 U.S. Treasury Bills classified as Level 1 and held at amortized cost basis of $24.6 million (see Note 9). (C) Includes SCFT 2020-A (as defined below) mortgage-backed securities issued for which the fair value option for financial instruments was elected and resulted in a fair value of $235.8 million as of December 31, 2023. (D) Represents assets and notes issued by consolidated VIEs accounted for under the CFE election. The carrying values and fair values of assets and liabilities recorded at fair value on a recurring basis, as well as other financial instruments for which fair value is disclosed, as of December 31, 2022 were as follows, as restated: Principal Balance or Notional Amount Carrying Value Fair Value Level 1 Level 2 Level 3 Total Assets: Excess MSRs (A) $ 67,454,370 $ 321,803 $ — $ — $ 321,803 $ 321,803 MSRs and MSR financing receivables (A) 539,897,324 8,889,403 — — 8,889,403 8,889,403 Servicer advance investments 341,628 398,820 — — 398,820 398,820 Real estate and other securities 18,112,783 7,952,889 — 7,338,417 614,472 7,952,889 Residential mortgage loans, held-for-sale 117,847 101,027 — — 101,196 101,196 Residential mortgage loans, held-for-sale, at fair value 3,387,888 3,297,271 — 3,035,894 261,377 3,297,271 Residential mortgage loans, held-for-investment, at fair value 538,710 452,519 — — 452,519 452,519 Residential mortgage loans subject to repurchase 1,219,890 1,219,890 — 1,219,890 — 1,219,890 Consumer loans 330,428 363,756 — — 363,756 363,756 Derivative assets 33,174,574 52,229 — 36,214 16,015 52,229 Mortgage loans receivable (B) 1,714,053 1,714,053 — — 1,714,053 1,714,053 Note receivable 63,114 — — — — — Loans receivable 94,631 94,401 — — 94,401 94,401 Cash and cash equivalents 1,336,508 1,336,508 1,336,508 — — 1,336,508 Restricted cash 281,126 281,126 281,126 — — 281,126 Assets of consolidated CFEs - loan securitizations (E) 3,012,143 2,803,138 21,296 2,431,867 349,975 2,803,138 Other assets (C) 23,370 — — 23,370 23,370 $ 29,302,203 $ 1,638,930 $ 14,062,282 $ 13,601,160 $ 29,302,372 Liabilities: Secured financing agreements $ 11,260,242 $ 11,257,736 $ — $ 11,257,736 $ — $ 11,257,736 Secured notes and bonds payable (D) 10,200,390 9,786,025 — — 9,602,209 9,602,209 Unsecured senior notes, net of issuance costs 545,056 545,056 — — 493,064 493,064 Residential mortgage loan repurchase liability 1,219,890 1,219,890 — 1,219,890 — 1,219,890 Derivative liabilities 1,062,894 18,064 — 10,835 7,229 18,064 Liabilities of consolidated CFEs - loan securitizations (E) 2,691,546 2,420,439 12,043 2,095,478 312,918 2,420,439 $ 25,247,210 $ 12,043 $ 14,583,939 $ 10,415,420 $ 25,011,402 (A) The notional amount represents the total UPB 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 CFE election. As of December 31, 2022, the fair value of Rithm Capital’s interests in the mortgage loans receivable securitization was $45.8 million. (C) Excludes the indirect equity investment in a commercial redevelopment project accounted for at fair value on a recurring basis based on the net asset value (“NAV”) of Rithm Capital’s investment. The investment had a fair value of $23.8 million as of December 31, 2022. (D) Includes SCFT 2020-A (as defined below) MBS issued for which the fair value option for financial instruments was elected and resulted in a fair value of $319.5 million as of December 31, 2022. (E) Represents assets and notes issued by consolidated VIEs accounted for under the CFE election. |
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 Excess MSRs (A)(B) MSRs and MSR Financing Receivables (A) Servicer Advance Investments Non-Agency Securities Derivatives (C) Residential Mortgage Loans Consumer Loans Notes and Loans Receivable Mortgage Loans Receivable (D) Total Balance at December 31, 2021 $ 344,947 $ 6,858,803 $ 421,807 $ 768,879 $ 111,778 $ 2,423,337 $ 507,291 $ 290,180 $ 1,515,762 $ 13,242,784 Transfers Transfers from Level 3 — — — — — (1,279,709) — (1,000) — (1,280,709) Transfers to Level 3 — — — — — 313,559 — — — 313,559 Gain (loss) included in net income Credit losses on securities (E) — — — (710) — — — — — (710) Servicing revenue, net (F) — 817,691 — — — — — — — 817,691 Change in fair value of Excess MSRs (G) (2,962) — — — — — — — — (2,962) Excess MSRs, equity method investees (E) 1,526 — — — — — — — — 1,526 Real estate securities — — — (17,716) — — — — — (17,716) Servicer advance investments — — (9,950) — — — — — — (9,950) Consumer loans — — — — — — (36,740) — — (36,740) Residential mortgage loans — — — — — (124,359) — — — (124,359) Gain (loss) on settlement of investments, net 107 — — (1,560) — — — — (43,867) (45,320) Other income (loss), net (E) (65) — — — (102,992) (35,020) — (64,459) — (202,536) Gains (losses) included in OCI (G) — — — (45,709) — — — — — (45,709) Interest income 38,035 — 42,005 4,180 — — 13,891 12,936 — 111,047 Purchases, sales and repayments Purchases, net (H) — (967) 988,847 50,392 — 2,099,549 29,615 9,000 — 3,176,436 Proceeds from sales (997) (8,866) — (11,958) — (2,405,531) — — — (2,427,352) Proceeds from repayments (58,788) — (1,043,889) (131,326) — (272,224) (150,301) (152,256) (1,405,278) (3,214,062) Originations and other — 1,222,742 — — — (5,706) — — 1,997,411 3,214,447 Balance at December 31, 2022 $ 321,803 $ 8,889,403 $ 398,820 $ 614,472 $ 8,786 $ 713,896 $ 363,756 $ 94,401 $ 2,064,028 $ 13,469,365 Transfers Transfers from Level 3 — — — — — (41,430) — — — (41,430) Transfers to Level 3 — — — — — 22,565 — — — 22,565 Acquisitions (Note 4) — — — 216,229 — — — — — 216,229 Gain (loss) included in net income Credit losses on securities (E) — — — 2,951 — — — — — 2,951 Servicing revenue, net (F) — (565,684) — — — — — — — (565,684) Change in fair value of Excess MSRs (E) (12,712) — — — — — — — — (12,712) Servicer advance investments — — 8,049 — — — — — — 8,049 Consumer loans — — — — — — (26,201) — — (26,201) Residential mortgage loans — — — — — 14,911 — — — 14,911 Gain (loss) on settlement of investments, net 615 — — — — — — — 615 Other income (loss), net (E) (348) — — 10,650 15,018 44,694 — 231 (367) 69,878 Gains (losses) included in OCI (G) — — — 13,118 — — — — — 13,118 Interest income 18,310 — 22,180 12,929 — — 37,717 5,636 — 96,772 Purchases, sales and repayments Purchases, net (H) — — 852,015 17,833 — 38,992 1,317,347 399,977 146,631 2,772,795 Proceeds from sales (4,212) (704,436) — — — (252,183) 27,510 — — (933,321) Proceeds from repayments (52,306) — (904,183) (84,153) — (91,249) (446,124) (70,695) (2,025,890) (3,674,600) Originations and other — 786,655 — — — 63,185 — — 2,048,511 2,898,351 Balance at December 31, 2023 $ 271,150 $ 8,405,938 $ 376,881 $ 804,029 $ 23,804 $ 513,381 $ 1,274,005 $ 429,550 $ 2,232,913 $ 14,331,651 (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) Includes mortgage loans receivable of consolidated CFEs classified as level 3 in the fair hierarchy. (E) Gain (loss) recorded in earnings during the period is attributable to the change in unrealized gain (loss) relating to Level 3 assets still held at the reporting dates and realized gain (loss) recorded during the period. (F) See Note 7 for further details on the components of servicing revenue, net. (G) Gain (loss) included in unrealized gain (loss) on available-for-sale securities, net in the Consolidated Statements of Comprehensive Income. (H) 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, as restated: Level 3 Asset-Backed Securities Issued Notes Payable of Consolidated Funds Mortgage Loans Receivable Notes Payable of CFE Total Balance at December 31, 2021 $ 511,107 $ — $ — $ 511,107 Gains (losses) included in net income Other income (A) (34,647) — (11,144) (45,791) Purchases, sales and payments Purchases — — 324,062 324,062 Payments (156,974) — — (156,974) Balance at December 31, 2022 $ 319,486 $ — $ 312,918 $ 632,404 Gains (losses) included in net income Other income (A) 5,560 (589) 6,080 11,051 Purchases, sales and payments Sculptor Acquisition (Note 4) — 218,746 — 218,746 Payments (89,276) — — (89,276) Balance at December 31, 2023 $ 235,770 $ 218,157 $ 318,998 $ 772,925 (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. |
Schedule of Measurement Inputs and Valuation Techniques | The following table summarizes certain information regarding the ranges and weighted averages of inputs used: December 31, 2023 Significant Inputs (A) Prepayment Rate (B) Delinquency (C) Recapture Rate (D) Mortgage Servicing Amount (E) Collateral Weighted Average Maturity (Years) (F) Excess MSRs Directly Held 2.4% – 12.2% (6.5%) 0.2% – 8.8% (4.3%) —% – 91.1% (55.2%) 1 – 55 (20) 11 – 27 (20) Excess MSRs Held through Investees 6.3% – 9.0% (7.8%) 2.2% – 5.6% (3.5%) 45.1% – 64.3% (59.0%) 16 – 25 (21) 14 – 21 (18) MSRs and MSR Financing Receivables (G) Agency 0.6% – 83.7% (7.3%) 0.0% – 100.0% (2.3%) — (H) 6 – 104 (27) 0 – 40 (23) Non-Agency 0.3% – 83.4% (12.2%) 0.9% – 83.3% (23.2%) — (H) 3 – 242 (46) 0 – 40 (21) Ginnie Mae 5.0% – 81.9% (10.5%) 0.3% – 80.0% (9.7%) — (H) 19 – 82 (43) 1 – 39 (27) Total / Weighted Average—MSRs and MSR Financing Receivables 0.3% – 83.7% (8.6%) 0.0% – 100.0% (6.1%) — (H) 3 – 242 (33) 0 – 40 (24) December 31, 2022 Significant Inputs (A) Prepayment Rate (B) Delinquency (C) Recapture Rate (D) Mortgage Servicing Amount (E) Collateral Weighted Average Maturity (Years) (F) Excess MSRs Directly Held 2.8% – 13.5% (7.3%) 0.2% – 10.1% (3.6%) —% – 91.4% (55.4%) 6 – 31 (19) 11 – 29 (21) Excess MSRs Held through Investees 8.4% – 11% (9.4%) 2.9% – 5.4% (3.9%) 45.4% – 64% (58.7%) 15 – 26 (21) 15 – 22 (19) MSRs and MSR Financing Receivables (G) Agency 2.6% – 97.8% (8.0%) 0.1% – 66.7% (2.0%) — (H) 7 – 104 (30) 0 – 39 (23) Non-Agency 1.3% – 93.2% (15.0%) 1.0% – 75.0% (21.1%) — (H) 2 – 216 (46) 0 – 36 (24) Ginnie Mae 2.8% – 81.2% (10.3%) 0.2% – 80.0% (8.9%) — (H) 11 – 86 (41) 0 – 39 (27) Total / Weighted Average—MSRs and MSR Financing Receivables 1.3% – 97.8% (9.2%) 0.1% – 80.0% (5.3%) — (H) 2 – 216 (34) 0 – 39 (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 a mortgage payment. (D) Percentage of voluntarily prepaid loans that are expected to be refinanced by the related servicer or subservicer, as applicable. (E) Weighted average total mortgage servicing amount, in excess of the basic fee as applicable, measured in basis points (“bps”). As of December 31, 2023 and 2022, weighted average costs of subservicing of $6.38 – $7.08 ($6.99) and $6.80 – $7.00 ($6.90), respectively, per loan per month was used to value the agency MSRs. Weighted average costs of subservicing of $7.50 – $9.57 ($9.16) and $7.30 – $17.20 ($8.70), respectively, per loan per month was used to value the non-agency MSRs, including MSR Financing Receivables. Weighted average cost of subservicing of $8.37 and $8.30 – $8.40 ($8.30), respectively, per loan per month was used to value the Ginnie Mae MSRs. (F) Weighted average maturity of the underlying residential mortgage loans in the pool. (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. The following table summarizes the estimated change in fair value of our interests in the Agency MSRs, owned as of December 31, 2023 given several parallel shifts in the discount rate, prepayment rate and delinquency rate (dollars in thousands): Fair value at December 31, 2023 $ 5,333,013 Discount rate shift in % -20% -10% 10% 20% Estimated fair value $ 5,757,003 $ 5,537,037 $ 5,143,139 $ 4,966,298 Change in estimated fair value: Amount $ 423,990 $ 204,024 $ (189,874) $ (366,715) Percentage 8.0 % 3.8 % (3.6) % (6.9) % Prepayment rate shift in % -20% -10% 10% 20% Estimated fair value $ 5,563,978 $ 5,443,232 $ 5,232,375 $ 5,138,726 Change in estimated fair value: Amount $ 230,965 $ 110,219 $ (100,638) $ (194,287) Percentage 4.3 % 2.1 % (1.9) % (3.6) % Delinquency rate shift in % -20% -10% 10% 20% Estimated fair value $ 5,421,739 $ 5,380,879 $ 5,278,297 $ 5,217,507 Change in estimated fair value: Amount $ 88,726 $ 47,866 $ (54,716) $ (115,506) Percentage 1.7 % 0.9 % (1.0) % (2.2) % The following table summarizes the estimated change in fair value of our interests in the Non-Agency MSRs, including MSR financing receivables, owned as of December 31, 2023 given several parallel shifts in the discount rate, prepayment rate and delinquency rate (dollars in thousands): Fair value at December 31, 2023 $ 678,913 Discount rate shift in % -20% -10% 10% 20% Estimated fair value $ 748,078 $ 711,922 $ 648,681 $ 620,917 Change in estimated fair value: Amount $ 69,165 $ 33,009 $ (30,232) $ (57,996) Percentage 10.2 % 4.9 % (4.5) % (8.5) % Prepayment rate shift in % -20% -10% 10% 20% Estimated fair value $ 717,516 $ 697,670 $ 661,047 $ 644,005 Change in estimated fair value: Amount $ 38,603 $ 18,757 $ (17,866) $ (34,908) Percentage 5.7 % 2.8 % (2.6) % (5.1) % Delinquency rate shift in % -20% -10% 10% 20% Estimated fair value $ 712,026 $ 696,250 $ 660,167 $ 640,286 Change in estimated fair value: Amount $ 33,113 $ 17,337 $ (18,746) $ (38,627) Percentage 4.9 % 2.6 % (2.8) % (5.7) % The following table summarizes the estimated change in fair value of our interests in the Ginnie Mae MSRs, owned as of December 31, 2023 given several parallel shifts in the discount rate, prepayment rate and delinquency rate (dollars in thousands): Fair value at December 31, 2023 $ 2,394,012 Discount rate shift in % -20% -10% 10% 20% Estimated fair value $ 2,584,318 $ 2,485,472 $ 2,309,232 $ 2,230,420 Change in estimated fair value: Amount $ 190,306 $ 91,460 $ (84,780) $ (163,592) Percentage 7.9 % 3.8 % (3.5) % (6.8) % Prepayment rate shift in % -20% -10% 10% 20% Estimated fair value $ 2,535,281 $ 2,460,736 $ 2,332,802 $ 2,277,856 Change in estimated fair value: Amount $ 141,269 $ 66,724 $ (61,210) $ (116,156) Percentage 5.9 % 2.8 % (2.6) % (4.9) % Delinquency rate shift in % -20% -10% 10% 20% Estimated fair value $ 2,568,437 $ 2,484,912 $ 2,297,211 $ 2,195,842 Change in estimated fair value: Amount $ 174,425 $ 90,900 $ (96,801) $ (198,170) Percentage 7.3 % 3.8 % (4.0) % (8.3) % Rithm Capital’s real estate and other securities valuation methodology and results are detailed below. Treasury securities are valued using market-based prices published by the U.S. Department of the Treasury and are classified as Level 1. Fair Value Asset Type Outstanding Face Amount Amortized Cost Basis Multiple Quotes (A) Single Quote (B) Total Level December 31, 2023 (As Restated) Agency $ 8,590,260 $ 8,417,025 $ 8,533,130 $ — $ 8,533,130 2 Non-Agency 9,971,779 778,873 577,543 226,486 804,029 3 Total $ 18,562,039 $ 9,195,898 $ 9,110,673 $ 226,486 $ 9,337,159 December 31, 2022 (As Restated) Agency $ 7,463,522 $ 7,290,473 $ 7,338,417 $ — $ 7,338,417 2 Non-Agency 10,649,261 605,869 614,458 14 614,472 3 Total $ 18,112,783 $ 7,896,342 $ 7,952,875 $ 14 $ 7,952,889 (A) Rithm Capital generally obtains pricing service quotations or broker quotations from two sources, one of which is generally the seller (the party that sold Rithm Capital the security) for Non-Agency securities. Rithm Capital evaluates quotes received, determines one as being most representative of fair value and does not use an average of the quotes. Even if Rithm Capital receives two or more quotes on a particular security that come from non-selling brokers or pricing services, it does not use an average because it believes using an actual quote more closely represents a transactable price for the security than an average level. Furthermore, in some cases, for Non-Agency securities, there is a wide disparity between the quotes Rithm Capital receives. Rithm Capital believes using an average of the quotes in these cases would not represent the fair value of the asset. Based on Rithm Capital’s own fair value analysis, it selects one of the quotes which is believed to 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 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 securities. Valuation providers using the market approach generally look at prices and other relevant information generated by market transactions involving identical or comparable assets. Valuation providers using the income approach create pricing models that generally incorporate such assumptions as discount rates, expected prepayment rates, expected default rates and expected loss severities. Rithm Capital has reviewed the methodologies utilized by its valuation providers and has found them to be consistent with GAAP requirements. In addition to obtaining multiple quotations, when available, and reviewing the valuation methodologies of its valuation providers, Rithm Capital creates its own internal pricing models for Level 3 securities and uses the outputs of these models as part of its process of evaluating the fair value estimates it receives from its valuation providers. These models incorporate the same types of assumptions as the models used by the valuation providers, but the assumptions are developed independently. These assumptions are regularly refined and updated at least quarterly by Rithm Capital and reviewed by its valuation group, which is separate from its investment acquisition and management group, to reflect market developments and actual performance. For 60.7% and 49.8% of Non-Agency securities as of December 31, 2023 and December 31, 2022, respectively, the ranges and weighted averages of assumptions used by Rithm Capital’s valuation providers are summarized in the table below. The assumptions used by Rithm Capital’s valuation providers with respect to the remainder of Non-Agency securities were not readily available. Fair Value Discount Rate Prepayment Rate (a) CDR (b) Loss Severity (c) December 31, 2023 (As Restated) $ 488,314 4.1% – 33.5% (6.3%) 0.0% – 20.0% (11.6%) 0.4% – 8.0% (1.7%) 17.5% – 45.0% (32.7%) December 31, 2022 (As Restated) $ 305,847 3.5% – 15.0% (7.5%) —% – 100.0% (6.4%) —% – 12.0% (0.2%) —% – 88.0% (7.2%) (a) Represents the annualized rate of the prepayments as a percentage of the total principal balance of the pool. (b) Represents the annualized rate of the involuntary prepayments (defaults) as a percentage of the total principal balance of the pool. (c) Represents the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of loss relative to the outstanding balance of the loans in default. (B) Rithm Capital was unable to obtain quotations from more than one source on these securities. 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 as of December 31, 2023: Performing Loans Fair Value Discount Rate Prepayment Rate CDR Loss Severity Acquired loans $ 45,545 7.9% – 8.3% (8.2%) 2.0% – 9.8% (5.9%) 1.3% – 5.9% (2.3%) 12.6% – 57.4% (29.0%) Originated loans (A) 33,249 7.3% 8.9% 3.6% 20.7% Residential mortgage loans held-for-sale, at fair value $ 78,794 Non-Performing Loans Fair Value Discount Rate Annual change in home prices Liquidation Timeline Current Value of Underlying Properties Acquired loans $ 18,944 7.7% – 8.2% (8.1%) 3.5% – 7.2% (5.9%) 5.5 – 11.0 (6.5) 235.7% – 896.0% (297.0%) Originated loans (A) 7,049 7.3% N/A 7.6 N/A Residential mortgage loans held-for-sale, at fair value $ 25,993 (A) Includes inputs for 55.5% and 70.6% of originated performing and non-performing loans, respectively, classified as Level 3. The remainder of performing and non-performing loans were priced using dealer price quotes and historical sale transactions for similar loans with a range of 50.7% - 100.0% (85.7%). 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 as of December 31, 2022: Performing Loans Fair Value Discount Rate Prepayment Rate CDR Loss Severity Acquired $ 52,467 8.5% – 8.7% (8.5%) 9.3% – 11.4% (9.7%) 4.3% – 8.3% (5.0%) 20.0% – 37.1% (24.1%) Originated 183,985 N/A N/A N/A N/A Residential mortgage loans held-for-sale, at fair value $ 236,452 Non-Performing Loans Fair Value Discount Rate Annual change in home prices Liquidation Timeline Current Value of Underlying Properties Acquired $ 20,759 8.7% – 55.9% (9.0%) 33.2% – 55.9% (40.7%) 2.2 – 3.8 (2.8) 191.6% – 260.6% (214.5%) Originated 4,166 N/A N/A N/A N/A Residential mortgage loans held-for-sale, at fair value $ 24,925 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 December 31, 2023 $ 379,044 7.9% – 8.3% (8.1%) 2.9% – 3.5% (3.2%) 1.4% – 5.9% (4.3%) 24.4% – 57.4% (46.1%) December 31, 2022 $ 452,519 3.8% – 8.7% (8.5%) 9.3% – 16.3% (12.3%) 0.1% – 13.7% (6.7%) 23.2% – 55.0% (40.3%) Fair Value Discount Rate Prepayment Rate CDR Loss Severity (A) SpringCastle $ 285,632 8.4% – 9.4% (8.6%) 9.7% – 37.3% (17.0%) 1.7% – 7.1% (4.8%) 82.5% - 100.0% (93.3%) Marcus 988,373 9.5% 22.5% 6.2% 93.0% Consumer loans held-for-investment, at fair value $ 1,274,005 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 as of December 31, 2022: Fair Value Discount Rate Prepayment Rate CDR Loss Severity (A) SpringCastle $ 363,756 8.3% – 9.3% (8.6%) 6.8% – 33.2% (28.7%) 0.0% – 7.1% (4.3%) 89.4% – 100.0% (94.7%) (A) Loss severity is the expected amount of future realized losses resulting from the ultimate liquidation of a particular loan, expressed as the net amount of realized loss relative to the outstanding loan balance in default. Fair Value Discount Rate Prepayment Rate CDR Loss Severity December 31, 2023 $ 114,366 11.0% —% 1.8% – 2.5% (2.2%) 25.0% 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) December 31, 2023 $ 23,804 0.0% – 100.0% (80.8%) 7.0 – 331.3 (210.5) December 31, 2022 $ 8,786 0.0% – 100.0% (82.5%) (150.2) – 324.6 (185.6) The following table summarizes certain information regarding the ranges and weighted averages of inputs used in valuing asset-backed securities issued: Fair Value Discount Rate Prepayment Rate CDR Loss Severity December 31, 2023 $ 235,770 6.0% 17.0% 4.8% 93.3% December 31, 2022 $ 319,486 3.3% – 6.3% (6.1%) 13.7% – 21.8% (21.3%) 0.1% – 4.2% (3.9%) 44.0% – 94.7% (91.6%) The following table summarizes certain information regarding the carrying value and significant inputs used in valuing Rithm Capital’s notes and loans receivable: Fair Value Discount Rate December 31, 2023 Notes Receivable (A) $ 398,227 N/A Loans Receivable 31,323 12.6 % Total / weighted average $ 429,550 December 31, 2022 Notes Receivable $ — N/A Loans Receivable 94,401 16.1 % Total / weighted average $ 94,401 (A) |
Schedule of Certain Information Regarding the Inputs used in Valuing the Servicer Advances | The following table summarizes certain information regarding the ranges and weighted averages of significant inputs used in valuing the servicer advance investments, including the basic fee component of the related MSRs: Significant Inputs Outstanding Prepayment Rate (A) Delinquency Mortgage Servicing Amount (B) Discount Collateral Weighted Average Maturity (Years) (C) December 31, 2023 1.1% – 2.1% (2.1%) 2.8% – 4.5% (4.4%) 3.3% – 25.8% (25.3%) 18.2 – 19.9 (19.8) bps 6.2% – 6.7% (6.2%) 21.8 December 31, 2022 1.2% – 2.2% (2.1%) 3.4% – 4.6% (4.6%) 3.4% – 19.6% (19.1%) 18.0 – 19.8 (19.8) bps 5.7% – 6.2% (5.7%) 21.9 (A) Projected annual weighted average lifetime voluntary and involuntary prepayment rate using a prepayment vector. (B) Mortgage servicing amount is net of 10.8 bps and 10.8 bps which represent the amounts Rithm Capital paid its servicers as a monthly servicing fee as of December 31, 2023 and 2022, respectively. (C) Weighted average maturity of the underlying residential mortgage loans in the pool. |
Summary of Fair Value of Investments Of the Structured Alternative Investment Solution | The following table summarizes the fair value of the investments by fund type and ability to redeem such investments as of December 31, 2023: Fund Type (A) Fair Value Redemption Frequency Redemption Notice Period Open-ended $ 228,698 Monthly - Annually (B) 30 days - 90 days (B) Close-ended 93,158 None (C) N/A Total $ 321,856 (A) The structured alternative investment solution invests in both open-ended and close-ended funds. The investments in each fund may represent investments in a particular tranche of such fund subject to different withdrawal rights. (B) $164.1 million of investments are subject to an initial lock-up period of three years during which time withdrawals or redemptions are limited. Once the lock-up period ends, the investments can be redeemed with the frequency noted above. (C) 100% of these investments cannot be redeemed, as distributions will be received as the underlying assets are liquidated, which is expected to be approximately 6 to 9 years from inception. |
Schedule Of Loan Securitizations | Residential mortgage loans securitizations (As restated) Investments fair value Notes payable fair value December 31, 2023 $ 3,038,587 $ 2,618,082 December 31, 2022 $ 2,431,867 $ 2,095,478 Rithm Capital classifies securitized mortgage loans receivable as Level 3 in the fair value hierarchy because the notes payable are valued based significantly on unobservable inputs. The valuation methodology is in line with non-agency securities described above. The following table summarizes the inputs used in valuing the notes payable: Mortgage loans receivable securitizations (As restated) Investments Notes Payable Fair Value Spread Prepayment Rate (A) CDR (B) Loss Severity (C) December 31, 2023 $ 353,594 $ 318,998 2.2% -7.4% (2.7%) 20% 3% 11 % 15% December 31, 2022 $ 349,975 $ 312,918 2.8% - 7.1% (3.6%) 3% 3% 9% 15% |
Schedule of Inputs Used in Valuing Residential Mortgage Loans | The following table summarizes the inputs used in valuing these residential mortgage loans: Fair Value Discount Rate Weighted Average Life (Years) (A) Prepayment Rate CDR (B) Loss Severity (C) December 31, 2023 Performing loans $ 57,038 6.1% – 8.3% (8.1%) 5.0 – 7.9 (5.9) 2.0% – 6.6% (3.7%) 2.6% – 5.9% (3.1%) 30.5% – 57.4% (37.3%) Non-performing loans 21,839 7.7% – 9.1% (8.5%) 4.3 – 11.0 (5.7) 2.5% – 2.9% (2.7%) 1.4% – 13.9% (6.8%) 24.4% – 44.4% (32.9%) Total / weighted average $ 78,877 8.2% 5.8 3.4% 4.2% 36.1% December 31, 2022 Performing loans $ 72,595 5.3% – 8.7% (8.5%) 5.0 – 7.2 (5.2) 9.3% – 11.4% (9.4%) 4.3% – 8.3% (4.5%) 20.0% – 37.1% (23.9%) Non-performing loans 19,219 8.7% – 9.1% (8.9%) 2.2 – 3.8 (2.9) 16.3% – 31.1% (24.6%) 13.7% – 27.5% (21.5%) 39.5% – 39.8% (39.6%) Total / weighted average $ 91,814 8.6% 4.7 12.6% 8.0% 27.2% (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) |
VARIABLE INTEREST ENTITIES (A_2
VARIABLE INTEREST ENTITIES (AS RESTATED) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The table below presents the restated carrying value and classification of the assets and liabilities of consolidated VIEs on the Consolidated Balance Sheets: Advance Purchaser Newrez Joint Ventures Residential Mortgage Loans Consumer Loan Companies Consolidated CFEs (B) Total December 31, 2023 (As Restated) Loan Securitizations - Mortgage Loans Receivable Loan Securitizations - Residential Mortgage Loans Consolidated Funds Assets Servicer advance investments, at fair value $ 367,803 $ — $ — $ — $ — — $ — $ 367,803 Residential mortgage loans, held-for-sale, at fair value — — 1,112,097 — — — — 1,112,097 Consumer loans — — — 285,632 — — — 285,632 Assets of consolidated CFEs - investments — — — — 353,594 3,038,587 321,856 3,714,037 Cash and cash equivalents 5,381 18,159 — — — — — 23,540 Restricted cash 8,273 — 6,113 6,301 7,572 6,263 18,013 52,535 Other assets 9 688 — 4,325 4,532 — 1,060 10,614 Total Assets $ 381,466 $ 18,847 $ 1,118,210 $ 296,258 $ 365,698 $ 3,044,850 $ 340,929 $ 5,566,258 Liabilities Secured financing agreements (A) — — 996,845 — — — — 996,845 Secured notes and bonds payable (A) 274,404 — — 235,770 — — — 510,174 Notes payable of consolidated CFEs (A) — — — — 318,998 2,618,082 218,157 3,155,237 Accrued expenses and other liabilities 2,606 2,240 5,382 1,507 371 6,263 1,763 20,132 Total Liabilities $ 277,010 $ 2,240 $ 1,002,227 $ 237,277 $ 319,369 $ 2,624,345 $ 219,920 $ 4,682,388 December 31, 2022 (As Restated) 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 Consumer loans — — — 363,756 — — — 363,756 Assets of consolidated CFEs - investments — — — — 349,975 2,431,867 — 2,781,842 Mortgage loans receivable — — — — — — — — Cash and cash equivalents 34,084 28,404 23,473 — — — — 85,961 Restricted cash 7,433 — 7,547 6,652 9,368 11,694 — 42,694 Other assets 9 1,026 165,975 5,253 234 — — 172,497 Total Assets $ 429,201 $ 29,430 $ 1,063,694 $ 375,661 $ 359,577 $ 2,443,561 $ — $ 4,701,124 Liabilities Secured financing agreements (A) — — 51,325 — — — — 51,325 Secured notes and bonds payable (A) 313,093 — 768,959 299,498 — — — 1,381,550 Notes payable of consolidated CFEs (A) — — — — 312,918 2,095,478 — 2,408,396 Accrued expenses and other liabilities 1,928 4,306 25,381 1,144 348 11,695 — 44,802 Total Liabilities $ 315,021 $ 4,306 $ 845,665 $ 300,642 $ 313,266 $ 2,107,173 $ — $ 3,886,073 (A) The creditors of the VIEs do not have recourse to the general credit of Rithm Capital Corp., and the assets of the VIEs are not directly available to satisfy Rithm Capital Corp’s obligations. (B) Reflects Assets of consolidated CFEs - Investments, at fair value and other assets and Liabilities of consolidated CFEs - Notes payable, at fair value and other liabilities on the Consolidated Balance Sheets. The Company retains interest in certain VIEs pursuant to required risk retention regulations. The Company does not consolidate such VIEs as it is not considered the primary beneficiary. The following table summarizes the restated carrying value of the real estate bonds issued by unconsolidated VIEs and retained by the Company, which reflects the Company’s maximum exposure to loss, as well as the UPB of transferred loans. These bonds are 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 $ 8,237,692 $ 9,373,222 Weighted average delinquency (A) 5.30% 5.60% Net credit losses $ 162,061 $ 135,758 Face amount of debt held by third parties (B) $ 7,596,408 $ 8,682,793 Carrying value of bonds retained by Rithm Capital (C)(D) $ 543,447 $ 596,800 Cash flows received by Rithm Capital on these bonds $ 91,401 $ 142,555 (A) Represents the percentage of the UPB that is 60+ days delinquent. (B) Excludes real estate bonds retained by Rithm Capital. (C) Includes real estate 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 21 for details on unobservable inputs. The following table summarizes the Company’s involvement with VIEs related to the asset management business that are not consolidated. The Company’s involvement, through Sculptor, is generally limited to providing asset management services and, in certain cases, investments in the VIEs. The maximum exposure to loss represents the potential loss of current investments or income and fees receivables from these entities, as well as the obligation to repay unearned revenues, primarily incentive income subject to clawback, in the event of any future fund losses, as well as unfunded commitments to certain funds that are VIEs. The Company does not provide, nor is it required to provide, any type of non-contractual financial or other support to its VIEs that are not consolidated beyond its share of capital and other commitments described in Note 24. As of and for the 2023 2022 Net assets of unconsolidated VIEs in which the Company has a variable interest $ 12,782,124 $ — Maximum risk of loss as a result of the Company’s involvement with unconsolidated VIEs: Unearned income and fees 37,468 — Income and fees receivable 43,250 — Investments 533,026 — Unfunded commitments (A) 207,575 — Maximum Exposure to Loss $ 821,319 $ — (A) Includes commitments from certain employees and executive managing directors in the amounts of $97.5 million and $0.0 million as of December 31, 2023 and December 31, 2022, respectively. The following table summarizes the carrying value of the Company’s unconsolidated commercial real estate projects which reflects the Company’s maximum exposure to loss. See Note 24 regarding certain guarantees provided in connection with the investments. These investments are presented as part of Equity investments within other assets on the Consolidated Balance Sheets: December 31, 2023 2022 Carrying value of commercial real estate held within unconsolidated VIEs $ 66,652 $ — Carrying value of Rithm Capital’s investments in unconsolidated commercial real estate VIEs $ 29,210 $ — |
Consolidation, Less than Wholly Owned Subsidiary, Parent Ownership Interest, Effects of Changes, Net | Others’ interests in the equity of consolidated subsidiaries is computed as follows: December 31, 2023 December 31, 2022 Total Consolidated Equity Others' Ownership Interest Others' Interest in Equity of Consolidated Subsidiary Total Consolidated Equity Others' Ownership Interest Others' Interest in Equity of Consolidated Subsidiary Advance Purchaser (A) $ 104,458 10.7 % $ 11,157 $ 114,180 10.7 % $ 12,193 Newrez Joint Ventures $ 16,607 49.5 % $ 8,220 $ 25,124 49.5 % $ 12,437 Consumer Loan Companies $ 72,361 46.5 % $ 33,748 $ 91,263 46.5 % $ 42,437 Others’ interests in the net income (loss) is computed as follows: Year Ended December 31, 2023 2022 2021 Net income (loss) Others’ ownership interest as a percent of total Others’ interest in net income (loss) of consolidated subsidiaries Net income (loss) Others’ ownership interest as a percent of total Others’ interest in net income (loss) of consolidated subsidiaries Net income (loss) Others’ ownership interest as a percent of total Others’ interest in net income (loss) of consolidated subsidiaries Advance Purchaser (A) $ 7,978 10.7 % $ 852 $ 26,685 10.7 % $ 2,850 $ (13,937) 12.9 % $ (1,800) Newrez Joint Ventures $ 1,174 49.5 % $ 581 $ 5,487 49.5 % $ 2,716 $ 22,839 49.5 % $ 11,298 Consumer Loan Companies $ 14,235 46.5 % $ 6,619 $ 49,892 46.5 % $ 23,200 $ 51,307 46.5 % $ 23,858 (A) Rithm Capital owned 89.3% of Advance Purchaser as of the years ended December 31, 2023, 2022 and 2021. Noncontrolling interests related to Sculptor represents the ownership interests in certain funds held by entities or persons other than the Company. These interests substantially relate to interests held by Sculptor employees in real estate funds managed by the Company adjusted for their capital activity and allocated earnings in such funds. Such employees’ portion of carried interest is expensed and recorded within compensation and benefits on the Consolidated Statements of Operations, and therefore excluded in the calculation of noncontrolling interests. As of December 31, 2023, others’ interest in the net equity of consolidated subsidiaries related to Sculptor was $41.0 million. For a discussion of the restatement, refer to Notes 3 and 28. |
EQUITY AND EARNINGS PER SHARE (
EQUITY AND EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings Per Share [Abstract] | |
Schedule of Preferred Shares | The table below summarizes preferred shares: Number of Shares Liquidation Preference (A) Dividends Declared per Share December 31, Year Ended December 31, Series 2023 2022 2023 2022 Issuance Discount Carrying Value (B) 2023 2022 2021 Series A, 7.50% issued July 2019 (C) $ 6,200 $ 6,200 $ 155,002 $ 155,002 3.15 % $ 149,822 $ 1.88 $ 1.88 $ 1.88 Series B, 7.125% issued August 2019 (C) 11,261 11,261 281,518 281,518 3.15 % 272,654 1.78 1.78 1.78 Series C, 6.375% issued February 2020 (C) 15,903 15,903 397,584 397,584 3.15 % 385,289 1.59 1.59 1.59 Series D, 7.00% issued September 2021 (D) 18,600 18,600 465,000 465,000 3.15 % 449,489 1.75 1.75 0.72 Total $ 51,964 $ 51,964 $ 1,299,104 $ 1,299,104 $ 1,257,254 $ 7.00 $ 7.00 $ 5.97 (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: Per Share Declaration Date Payment Date Quarterly Dividend Total Amounts Distributed (millions) September 22, 2022 October 2022 0.25 118.4 December 15, 2022 January 2023 0.25 118.6 March 17, 2023 April 2023 0.25 120.8 June 23, 2023 July 2023 0.25 120.8 September 14, 2023 October 2023 0.25 120.8 December 12, 2023 January 2024 0.25 120.8 |
Schedule of Warrants | The table below summarizes the 2020 Warrants activity in 2023: Number of Warrants Adjusted Weighted Average Exercise Price Initial Adjusted (A) December 31, 2022 22.4 25.6 6.1 Granted — — — Exercised (B) (22.4) (25.6) 6.1 Expired — — — December 31, 2023 — — (A) Reflects the incremental number of additional common stock issuable upon exercise of warrants in accordance with the warrant agreement. (B) 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. |
Summary of Outstanding Options | The following table summarizes outstanding options for the periods presented: December 31, 2023 2022 Held by the Former Manager 21,471,990 21,471,990 Issued to the independent directors 2,000 5,000 Total 21,473,990 21,476,990 The following table summarizes outstanding options as of December 31, 2023. The last sales price on the New York Stock Exchange for Rithm Capital’s common stock for the year ended December 31, 2023 was $10.68 per share. Recipient Date of Grant/ Exercise (A) Number of Unexercised Options Options Exercisable as of December 31, 2023 Weighted Average Exercise Price (B) Intrinsic Value of Exercisable Options as of December 31, 2023 (millions) Directors Various 2,000 2,000 $ 10.70 $ — 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 6,861,363 9.36 9.05 Outstanding 21,473,990 21,285,018 (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, 2021 21,478,990 Granted — $ — Exercised — — Expired (2,000) 13.20 December 31, 2022 21,476,990 Granted — — Exercised — — Expired (3,000) 14.24 December 31, 2023 21,473,990 See table above |
Schedule of Restricted Stock Awards | The table below summarizes the Company’s awards granted, forfeited or vested under the 2013 Plan and the 2023 Plan during the year ended December 31, 2023: Number of Shares Weighted-Average Grant Date Price RSAs RSUs PSUs Total RSAs RSUs PSUs Unvested Shares at December 31, 2022 578,034 — — 578,034 $ 8.65 $ — $ — Granted — 4,442,741 2,430,658 6,873,399 — 10.41 9.52 Accrued RSU and PSU dividend equivalents (A) — 204,703 262,582 467,285 — 10.41 9.52 Vested (192,678) — — (192,678) 8.65 — — Forfeited — (23,003) (46,006) (69,009) — 9.52 9.52 Unvested Shares at December 31, 2023 (A) 385,356 4,624,441 2,647,234 7,657,031 (A) Number of PSUs assumes maximum levels of performance are achieved for outstanding unvested PSU awards. |
Schedule of Basic and Diluted Earnings Per Share | The following table summarizes the basic and diluted earnings per share calculations: Year Ended December 31, 2023 2022 2021 Net income (loss) $ 630,674 $ 983,285 $ 805,582 Noncontrolling interests in income of consolidated subsidiaries 8,417 28,766 33,356 Dividends on preferred stock 89,579 89,726 66,744 Net income (loss) attributable to common stockholders $ 532,678 $ 864,793 $ 705,482 Basic weighted average shares of common stock outstanding 481,934,951 468,836,718 451,276,742 Dilutive effect of stock options, restricted stock, common stock purchase warrants, RSUs and PSUs (A)(B) 1,781,764 12,799,407 16,388,264 Diluted weighted average shares of common stock outstanding 483,716,715 481,636,125 467,665,006 Basic earnings (loss) per share attributable to common stockholders $ 1.11 $ 1.84 $ 1.56 Diluted earnings (loss) per share attributable to common stockholders $ 1.10 $ 1.80 $ 1.51 (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 they were out-of-the money or a loss has been recorded because they would have been anti-dilutive for the period presented. There were no anti-dilutive common stock purchase warrants for all periods presented. (B) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Benefit) | Income tax (benefit) expense consists of the following: Year Ended December 31, 2023 2022 2021 Current: Federal $ 5,030 $ 4,253 $ 5,556 State and local 416 4,096 1,470 Foreign 377 — — Total current income tax expense (benefit) $ 5,823 $ 8,349 $ 7,026 Deferred: Federal 76,380 227,825 130,696 State and local 39,430 43,342 20,504 Foreign 526 — — Total deferred income tax expense (benefit) 116,336 271,167 151,200 Total income tax expense (benefit) $ 122,159 $ 279,516 $ 158,226 |
Schedule of Reported Provision for Income Taxes and the U.S. Federal Statutory Rate | The difference between Rithm Capital’s reported provision for income taxes and the U.S. federal statutory rate of 21.0% is as follows: December 31, 2023 2022 2021 Provision at the statutory rate 21.00 % 21.00 % 21.00 % Non-taxable REIT income (11.14) % (3.36) % (7.38) % State and local taxes 3.71 % 4.05 % 3.86 % Foreign taxes 0.21 % — % — % Change in state tax rate 1.14 % — % — % Return to provision — % — % (1.10) % Change in valuation allowance 0.82 % — % — % Other 0.74 % 0.44 % 0.05 % Total provision 16.48 % 22.13 % 16.43 % |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liability are presented below: December 31, 2023 2022 Deferred tax assets: Net operating losses and tax credit carryforwards (A) $ 169,907 $ 23,627 Basis differences related to assets and investments 90,395 32,447 Goodwill 202,023 26,289 Fixed Asset Depreciation 2,536 — Accrued expenses 47,086 44,572 Other 5,822 1,573 Total deferred tax assets 517,769 128,508 Less: valuation allowance (34,563) — Net deferred tax assets $ 483,206 $ 128,508 Deferred tax liabilities: Mortgage servicing rights $ (923,311) $ (791,691) Basis differences related to assets and investments (81,061) (26,832) Fixed asset depreciation — (19,302) Other (1,672) (2,538) Total deferred tax (liability) $ (1,006,044) $ (840,363) Net deferred tax assets (liability) $ (522,838) $ (711,855) (A) As of December 31, 2023, Rithm Capital’s TRSs had approximately $610.4 million of net operating loss carryforwards for federal and state income tax purposes which may be available to offset future taxable income, if and when it arises. Approximately, $420.9 million of federal and state net operating losses are subject to an annual Internal Revenue Code Section 382 limitation. The federal and state net operating loss carryforwards will begin to expire between 2027 and 2042. The utilization of the net operating loss carryforwards to reduce future income taxes will depend on the TRSs ability to generate sufficient taxable income prior to the expiration of the carryforward period. |
Schedule of Changes in Valuation Allowance | The following table presents changes in the Company’s deferred tax asset valuation allowance for the periods indicated: December 31, 2023 2022 2021 Sculptor Acquisition (Note 4) $ 32,340 $ — $ — Net change 2,223 — — Ending Balance $ 34,563 $ — $ — |
Schedule of Taxable Common Stock Distributions | Common stock distributions were taxable as follows: Year Dividends Ordinary Long-Term Return 2023 (A) $ 1.25 100.00 % — % — % 2022 (B) $ 0.41 41.47 % — % 58.53 % 2021 (C) $ 0.50 58.84 % — % 41.16 % (A) The entire $0.25 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2023. (B) The entire $0.25 per share dividend declared in December 2022 and paid in January 2023 is treated as received by stockholders in 2023. (C) The entire $0.25 per share dividend declared in December 2021 and paid in January 2022 is treated as received by stockholders in 2022. Series A Preferred stock distributions were as follows: Year Dividends Ordinary Long-Term Return 2023 (A) $ 1.88 100 % — % — % 2022 (B) $ 1.88 100 % — % — % 2021 (C) $ 1.88 100 % — % — % (A) The entire $0.47 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024. (B) The entire $0.47 per share dividend declared in December 2022 and paid in January 2023 is treated as received by stockholders in 2023. (C) The entire $0.47 per share dividend declared in December 2021 and paid in January 2022 is treated as received by stockholders in 2022. Series B Preferred stock distributions were as follows: Year Dividends Ordinary Long-Term Return 2023 (A) $ 1.78 100 % — % — % 2022 (B) $ 1.78 100 % — % — % 2021 (C) $ 1.78 100 % — % — % (A) The entire $0.45 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024. (B) The entire $0.45 per share dividend declared in December 2022 and paid in January 2023 is treated as received by stockholders in 2023. (C) The entire $0.45 per share dividend declared in December 2021 and paid in January 2022 is treated as received by stockholders in 2022. Series C Preferred stock distributions were as follows: Year Dividends Ordinary Long-Term Return 2023 (A) $ 1.59 100 % — % — % 2022 (B) $ 1.59 100 % — % — % 2021 (C) $ 1.59 100 % — % — % (A) The entire $0.40 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024. (B) The entire $0.40 per share dividend declared in December 2022 and paid in January 2023 is treated as received by stockholders in 2023. (C) The entire $0.40 per share dividend declared in December 2021 and paid in January 2022 is treated as received by stockholders in 2022. Series D Preferred stock distributions were as follows: Year Dividends Ordinary Long-Term Return 2023 (A) $ 1.75 100 % — % — % 2022 (B) $ 1.75 100 % — % — % 2021 (C) $ 0.28 100 % — % — % (A) The entire $0.44 per share dividend declared in December 2023 and paid in January 2024 is treated as received by stockholders in 2024. (B) The entire $0.44 per share dividend declared in December 2022 and paid in January 2023 is treated as received by stockholders in 2023. (C) The entire $0.28 per share dividend declared in December 2021 and paid in January 2022 is treated as received by stockholders in 2022. |
ASSET MANAGEMENT REVENUES (Tabl
ASSET MANAGEMENT REVENUES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Asset Management Revenues | The following table presents the composition of asset management revenues: Year Ended December 31, 2023 (A) 2022 2021 Management fees $ 29,465 $ — $ — Incentive income 50,804 — — Other asset management revenue 2,412 — — Total asset management revenues $ 82,681 $ — $ — (A) Income recognized as revenues after acquisition of Sculptor for the period of November 17, 2023 to December 31, 2023. |
Schedule of Receivables and Unearned Income and Fees | The following table presents the composition of the Company’s income and fees receivable through Sculptor: December 31, December 31, 2023 2022 Management fees receivable $ 23,757 $ — Incentive income receivable 35,377 — Total income and fees receivable $ 59,134 $ — The following table presents the Company’s unearned income and fees through Sculptor: December 31, December 31, 2023 2022 Unearned management fees $ 1 $ — Unearned incentive income 37,467 — Total unearned income and fees $ 37,468 $ — |
SUMMARY QUARTERLY CONSOLIDATE_2
SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Unaudited Summary Information | Accordingly, the tables below present the effect of these adjustments, including the reclassifications, on the affected line items in the Company’s Consolidated Balance Sheets, Consolidated Statements of Operations and Consolidated Statements of Cash Flows as of and for the three months ended March 31, 2023 and 2022, as of and for the three and six months ended June 30, 2023 and 2022, as of and for the three and nine months ended September 30, 2023 and 2022 and for the three months ended December 31, 2023 and 2022. Consolidated Balance Sheet: March 31, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value (A) $ 8,305,652 $ — $ 8,305,652 $ — $ 8,305,652 Real estate and other securities 9,900,700 (258,690) 9,642,010 — 9,642,010 Residential loans, held-for-investment, at fair value 1,009,459 — 1,009,459 — 1,009,459 Residential mortgage loans, held-for-sale (includes $7,076,916 at fair value) (A) 7,202,475 — 7,202,475 — 7,202,475 Single-family rental properties 814,871 — 814,871 — 814,871 Mortgage loans receivable, at fair value 1,670,415 — 1,670,415 (295,142) 1,375,273 Residential mortgage loans subject to repurchase 1,700,426 — 1,700,426 — 1,700,426 Cash and cash equivalents (A) 1,671,177 — 1,671,177 — 1,671,177 Restricted cash (A) 295,037 — 295,037 (61,372) 233,665 Servicer advances receivable 2,652,210 — 2,652,210 — 2,652,210 Other assets (includes $792,279 at fair value) (A) 2,646,125 — 2,646,125 (57) 2,646,068 Assets of consolidated CFEs (A) : Investments, at fair value and other assets — 2,089,575 2,089,575 356,571 2,446,146 Total Assets $ 37,868,547 $ 1,830,885 $ 39,699,432 $ — $ 39,699,432 Liabilities and Equity Liabilities Secured financing agreements (A) $ 17,281,873 $ — $ 17,281,873 — $ 17,281,873 Secured notes and bonds payable (includes $438,359 at fair value) (A) 9,279,595 — 9,279,595 (324,062) 8,955,533 Residential mortgage loan repurchase liability 1,700,426 — 1,700,426 — 1,700,426 Unsecured notes, net of issuance costs 543,728 — 543,728 — 543,728 Due to affiliates 9,932 — 9,932 — 9,932 Dividends payable 127,895 — 127,895 — 127,895 Accrued expenses and other liabilities (includes $87,149 at fair value) (A) 1,740,386 — 1,740,386 (42) 1,740,344 Liabilities of consolidated CFEs (A) : Notes payable, at fair value and other liabilities — 1,830,885 1,830,885 324,104 2,154,989 Total Liabilities 30,683,835 1,830,885 32,514,720 $ — 32,514,720 Commitments and Contingencies Equity Preferred stock, $10.00 par value, 100,000,000 shares authorized, 52,038,000 issued and outstanding, $1,300,959 aggregate liquidation preference 1,258,667 — 1,258,667 — 1,258,667 Common stock, $0.01 par value, 2,000,000,000 shares authorized, 466,786,526 issued and outstanding 4,669 — 4,669 — 4,669 Additional paid-in capital 6,059,981 — 6,059,981 — 6,059,981 Retained earnings (accumulated deficit) (267,878) — (267,878) — (267,878) Accumulated other comprehensive income 67,195 — 67,195 — 67,195 Total Rithm Capital stockholders’ equity 7,122,634 — 7,122,634 — 7,122,634 Noncontrolling interests in equity of consolidated subsidiaries 62,078 — 62,078 — 62,078 Total Equity 7,184,712 — 7,184,712 — 7,184,712 Total Liabilities and Equity $ 37,868,547 $ 1,830,885 $ 39,699,432 $ — $ 39,699,432 (A) The Company's Consolidated Balance Sheets include assets and liabilities of consolidated VIEs and certain other consolidated VIEs classified as CFEs that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs.VIE creditors do not have recourse to Rithm Capital Corp. Consolidated Statement of Operations: Three Months Ended March 31, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 456,400 $ (136) $ 456,264 $ — $ 456,264 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(200,325)) 575,393 — 575,393 — 575,393 Servicing revenue, net 1,031,793 (136) 1,031,657 — 1,031,657 Interest income 225,413 (2,615) 222,798 (57) 222,741 Gain on originated residential mortgage loans, held-for-sale, net 471,996 (10,088) 461,908 — 461,908 1,729,202 (12,839) 1,716,363 (57) 1,716,306 Expenses Interest expense and warehouse line fees 138,833 — 138,833 (42) 138,791 General and administrative 246,238 426 246,664 — 246,664 Compensation and benefits 392,619 — 392,619 — 392,619 Management fee to affiliate 25,189 — 25,189 — 25,189 802,879 426 803,305 (42) 803,263 Other Income (Loss) Realized and unrealized gains (losses), net (85,935) 13,265 (72,670) 15 (72,655) Other income (loss), net 52,332 — 52,332 — 52,332 (33,603) 13,265 (20,338) 15 (20,323) Income (loss) before income taxes 892,720 — 892,720 — 892,720 Income tax expense (benefit) 202,789 — 202,789 — 202,789 Net Income (loss) $ 689,931 $ — $ 689,931 $ — $ 689,931 Noncontrolling interests in income (loss) of consolidated subsidiaries 5,609 — 5,609 — 5,609 Dividends on preferred stock 22,461 — 22,461 — 22,461 Net income (loss) attributable to common stockholders $ 661,861 $ — $ 661,861 $ — $ 661,861 Net Income (loss) per share of common stock Basic $ 1.42 $ — $ 1.42 $ — $ 1.42 Diluted $ 1.37 $ — $ 1.37 $ — $ 1.37 Weighted average number of shares of common stock outstanding Basic 466,785,584 — 466,785,584 — 466,785,584 Diluted 484,425,066 — 484,425,066 — 484,425,066 Dividends declared per share of common stock $ 0.25 $ — $ 0.25 $ — $ 0.25 Consolidated Statement of Cash Flows: Three Months Ended March 31, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Cash Flows From Operating Activities Net income (loss) $ 689,931 $ — $ 689,931 $ — $ 689,931 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Change in fair value of investments, net 147,119 (994) 146,125 — 146,125 Change in fair value of equity investments (256) — (256) — (256) Change in fair value of secured notes and bonds payable (7,194) — (7,194) — (7,194) (Gain) loss on settlement of investments, net (61,184) — (61,184) — (61,184) (Gain) loss on sale of originated residential mortgage loans, held-for-sale, net (471,996) 10,088 (461,908) — (461,908) (Gain) loss on transfer of loans to REO (2,944) — (2,944) — (2,944) Accretion and other amortization (15,095) 1,744 (13,351) — (13,351) Provision (reversal) for credit losses on securities, loans and REO 3,740 — 3,740 — 3,740 Non-cash portions of servicing revenue, net (645,018) — (645,018) — (645,018) Deferred tax provision 201,354 — 201,354 — 201,354 Mortgage loans originated and purchased for sale, net of fees (29,446,744) — (29,446,744) — (29,446,744) Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 33,244,922 (836,156) 32,408,766 — 32,408,766 Residential mortgage loan repayment proceeds of consolidated entities — 154,840 154,840 — 154,840 Interest received from servicer advance investments, loans and other 41,721 — 41,721 — 41,721 Changes in: Servicer advances receivable, net 202,938 — 202,938 — 202,938 Other assets (268,772) — (268,772) — (268,772) Due to affiliates (7,887) — (7,887) — (7,887) Accrued expenses and other liabilities 285,517 — 285,517 — 285,517 Net cash provided by (used in) operating activities 3,890,152 (670,478) 3,219,674 — 3,219,674 Cash Flows From Investing Activities Purchase of servicer advance investments (257,807) — (257,807) — (257,807) Purchase of RMBS (1,006,483) — (1,006,483) — (1,006,483) Purchase of residential mortgage loans (7,182) — (7,182) — (7,182) Purchase of SFR properties, MSRs and other assets (239,347) — (239,347) — (239,347) Draws on revolving consumer loans (7,163) — (7,163) — (7,163) Net settlement of derivatives and hedges 65,436 — 65,436 — 65,436 Return of investments in Excess MSRs 2,680 — 2,680 — 2,680 Principal repayments from servicer advance investments 290,128 — 290,128 — 290,128 Principal repayments from RMBS 355,028 (18,648) 336,380 — 336,380 Principal repayments from residential mortgage loans 24,121 — 24,121 — 24,121 Principal repayments from consumer loans 39,935 — 39,935 — 39,935 Proceeds from sale of MSRs and MSR financing receivables 454 — 454 — 454 Proceeds from sale of REO 3,832 — 3,832 — 3,832 Purchase of MSRs, MSR financing receivables and servicer advances receivable (655) — (655) — (655) Principal repayments from MSRs and MSR financing receivables 703 — 703 — 703 Net cash provided by (used in) investing activities (736,320) (18,648) (754,968) — (754,968) Consolidated Statement of Cash Flows: Three Months Ended March 31, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Cash Flows From Financing Activities Repayments of secured financing agreements (9,638,525) — (9,638,525) — (9,638,525) Repayments of warehouse credit facilities (33,378,329) — (33,378,329) — (33,378,329) Net settlement of margin deposits under repurchase agreements and derivatives 137,418 — 137,418 — 137,418 Repayments of secured notes and bonds payable (1,047,972) — (1,047,972) — (1,047,972) Deferred financing fees (4,472) — (4,472) — (4,472) Dividends paid on common and preferred stock (139,185) — (139,185) — (139,185) Borrowings under secured financing agreements 10,081,997 — 10,081,997 — 10,081,997 Borrowings under warehouse credit facilities 29,622,712 — 29,622,712 — 29,622,712 Borrowings under secured notes and bonds payable 1,675,265 — 1,675,265 (324,062) 1,351,203 Repurchase of common and preferred stock (3,814) — (3,814) — (3,814) Noncontrolling interest in equity of consolidated subsidiaries - distributions (8,879) — (8,879) — (8,879) Payment of contingent consideration (12,276) — (12,276) — (12,276) Proceeds from issuance of debt obligations of consolidated CFEs — 836,156 836,156 324,062 1,160,218 Repayments of debt obligations of consolidated CFEs — (150,961) (150,961) — (150,961) Net cash provided by (used in) financing activities (2,716,060) 685,195 (2,030,865) — (2,030,865) Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 437,772 (3,931) 433,841 — 433,841 Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,528,442 33,167 1,561,609 — 1,561,609 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 1,966,214 $ 29,236 $ 1,995,450 $ — $ 1,995,450 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest 132,817 17,304 150,121 — 150,121 Cash paid during the period for income taxes 36 — 36 — 36 Supplemental Schedule of Non-Cash Investing and Financing Activities Dividends declared but not paid on common and preferred stock 139,158 — 139,158 — 139,158 Transfer from residential mortgage loans to REO and other assets (2,034) — (2,034) — (2,034) Real estate securities retained from loan securitizations 113,695 (113,695) — — — Residential mortgage loans subject to repurchase 1,700,426 — 1,700,426 — 1,700,426 Consolidated Balance Sheet: June 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value (A) $ 8,963,459 $ — $ 8,963,459 $ — $ 8,963,459 Real estate and other securities 8,368,703 (260,862) 8,107,841 — 8,107,841 Residential loans, held-for-investment, at fair value 934,479 — 934,479 — 934,479 Residential mortgage loans, held-for-sale (includes $5,293,936 at fair value) (A) 5,410,989 — 5,410,989 — 5,410,989 Single-family rental properties 927,227 — 927,227 — 927,227 Mortgage loans receivable, at fair value 1,756,079 — 1,756,079 (352,867) 1,403,212 Residential mortgage loans subject to repurchase 1,758,509 — 1,758,509 — 1,758,509 Cash and cash equivalents (A) 1,510,848 — 1,510,848 — 1,510,848 Restricted cash (A) 433,960 — 433,960 (4,771) 429,189 Servicer advances receivable 2,560,696 — 2,560,696 — 2,560,696 Other assets (includes $441,065 at fair value) (A) 1,928,898 — 1,928,898 (405) 1,928,493 Assets of consolidated CFEs (A) : Investments, at fair value and other assets — 2,157,204 2,157,204 358,043 2,515,247 Total Assets $ 34,553,847 $ 1,896,342 $ 36,450,189 $ — $ 36,450,189 Liabilities and Equity Liabilities Secured financing agreements (A) $ 13,967,234 $ — $ 13,967,234 $ — $ 13,967,234 Secured notes and bonds payable (includes $380,662 at fair value) (A) 9,322,026 — 9,322,026 (317,414) 9,004,612 Residential mortgage loan repurchase liability 1,758,509 — 1,758,509 — 1,758,509 Unsecured notes, net of issuance costs 544,167 — 544,167 — 544,167 Dividends payable 127,913 — 127,913 — 127,913 Accrued expenses and other liabilities (includes $57,224 at fair value) (A) 1,771,000 — 1,771,000 (309) 1,770,691 Liabilities of consolidated CFEs (A) : — Notes payable, at fair value and other liabilities — 1,896,342 1,896,342 317,723 2,214,065 Total Liabilities 27,490,849 1,896,342 29,387,191 — 29,387,191 Equity Preferred stock, $0.01 par value, 100,000,000 shares authorized, 52,038,000 issued and outstanding, $1,300,959 aggregate liquidation preference 1,258,667 — 1,258,667 — 1,258,667 Common stock, $0.01 par value, 2,000,000,000 shares authorized, 466,856,753 issued and outstanding 4,670 — 4,670 — 4,670 Additional paid-in capital 6,060,740 — 6,060,740 — 6,060,740 Retained earnings (accumulated deficit) (387,870) — (387,870) — (387,870) Accumulated other comprehensive income 57,620 — 57,620 — 57,620 Total Rithm Capital stockholders’ equity 6,993,827 — 6,993,827 — 6,993,827 Noncontrolling interests in equity of consolidated subsidiaries 69,171 — 69,171 — 69,171 Total Equity 7,062,998 — 7,062,998 — 7,062,998 Total Liabilities and Equity $ 34,553,847 $ 1,896,342 $ 36,450,189 $ — $ 36,450,189 (A) The Company's Consolidated Balance Sheets include assets and liabilities of consolidated VIEs and certain other consolidated VIEs classified as CFEs that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. Consolidated Statement of Operations: Three Months Ended June 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 469,478 $ (136) $ 469,342 $ — $ 469,342 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(180,265)) 334,690 — 334,690 — 334,690 Servicing revenue, net 804,168 (136) 804,032 — 804,032 Interest income 211,648 (3,480) 208,168 (6,145) 202,023 Gain on originated residential mortgage loans, held-for-sale, net 304,791 6,779 311,570 — 311,570 1,320,607 3,163 1,323,770 (6,145) 1,317,625 Expenses Interest expense and warehouse line fees 150,829 — 150,829 (4,139) 146,690 General and administrative 225,271 487 225,758 — 225,758 Compensation and benefits 339,658 — 339,658 — 339,658 Management fee to affiliate 20,985 — 20,985 — 20,985 Termination fee to affiliate 400,000 — 400,000 — 400,000 1,136,743 487 1,137,230 (4,139) 1,133,091 Other Income (Loss) Realized and unrealized gains (losses), net (137,231) (2,676) (139,907) 2,006 (137,901) Other income (loss), net 59,388 — 59,388 — 59,388 (77,843) (2,676) (80,519) 2,006 (78,513) Income (loss) before income taxes 106,021 — 106,021 — 106,021 Income tax expense (benefit) 72,690 — 72,690 — 72,690 Net Income (loss) $ 33,331 $ — $ 33,331 $ — $ 33,331 Noncontrolling interests in income (loss) of consolidated subsidiaries 14,182 — 14,182 — 14,182 Dividends on preferred stock 22,427 — 22,427 — 22,427 Net income (loss) attributable to common stockholders $ (3,278) $ — $ (3,278) $ — $ (3,278) Net Income (loss) per share of common stock Basic $ (0.01) $ — $ (0.01) $ — $ (0.01) Diluted $ (0.01) $ — $ (0.01) $ — $ (0.01) Weighted average number of shares of common stock outstanding Basic 466,804,548 — 466,804,548 — 466,804,548 Diluted 466,804,548 — 466,804,548 — 466,804,548 Dividends declared per share of common stock $ 0.25 $ — $ 0.25 $ — $ 0.25 Consolidated Statement of Operations: Six Months Ended June 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 925,878 $ (272) $ 925,606 $ — $ 925,606 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(380,590)) 909,454 — 909,454 — 909,454 Servicing revenue, net 1,835,332 (272) 1,835,060 — 1,835,060 Interest income 437,061 (6,095) 430,966 (6,202) 424,764 Gain on originated residential mortgage loans, held-for-sale, net 776,787 (3,309) 773,478 — 773,478 3,049,180 (9,676) 3,039,504 (6,202) 3,033,302 Expenses Interest expense and warehouse line fees 289,662 — 289,662 (4,181) 285,481 General and administrative 471,509 913 472,422 — 472,422 Compensation and benefits 732,277 — 732,277 — 732,277 Management fee to affiliate 46,174 — 46,174 — 46,174 Termination fee to affiliate 400,000 — 400,000 — 400,000 1,939,622 913 1,940,535 (4,181) 1,936,354 Other Income (Loss) Realized and unrealized gains (losses), net (222,537) 10,589 (211,948) 2,021 (209,927) Other income (loss), net 111,720 — 111,720 — 111,720 (110,817) 10,589 (100,228) 2,021 (98,207) Income (loss) before income taxes 998,741 — 998,741 — 998,741 Income tax expense (benefit) 275,479 — 275,479 — 275,479 Net Income (loss) $ 723,262 $ — $ 723,262 $ — $ 723,262 Noncontrolling interests in income (loss) of consolidated subsidiaries 19,791 — 19,791 — 19,791 Dividends on preferred stock 44,888 — 44,888 — 44,888 Net income (loss) attributable to common stockholders $ 658,583 $ — $ 658,583 $ — $ 658,583 Net Income (loss) per share of common stock Basic $ 1.41 $ — $ 1.41 $ — $ 1.41 Diluted $ 1.36 $ — $ 1.36 $ — $ 1.36 Weighted average number of shares of common stock outstanding Basic 466,795,119 — 466,795,119 — 466,795,119 Diluted 484,494,108 — 484,494,108 — 484,494,108 Dividends declared per share of common stock $ 0.50 $ — $ 0.50 $ — $ 0.50 Consolidated Statement of Cash Flows: Six Months Ended June 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Cash Flows From Operating Activities Net income (loss) $ 723,262 $ — $ 723,262 $ — $ 723,262 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Change in fair value of investments, net 381,159 15,002 396,161 — 396,161 Change in fair value of equity investments 9,111 — 9,111 — 9,111 Change in fair value of secured notes and bonds payable (35,151) — (35,151) — (35,151) (Gain) loss on settlement of investments, net (156,120) — (156,120) — (156,120) (Gain) loss on sale of originated residential mortgage loans, held-for-sale, net (776,787) 3,309 (773,478) — (773,478) (Gain) loss on transfer of loans to real estate owned ("REO") (4,039) — (4,039) — (4,039) Accretion and other amortization (34,731) 4,444 (30,287) — (30,287) Provision (reversal) for credit losses on securities, loans and REO 7,528 — 7,528 — 7,528 Non-cash portions of servicing revenue, net (981,581) — (981,581) — (981,581) Deferred tax provision 275,458 — 275,458 — 275,458 Mortgage loans originated and purchased for sale, net of fees (50,321,003) — (50,321,003) 27,061 (50,293,942) Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 55,755,342 (1,142,476) 54,612,866 (79,480) 54,533,386 Loan originations and draws of consolidated CFEs — — — (27,061) (27,061) Residential mortgage loan repayment proceeds of consolidated CFEs — 294,364 294,364 — 294,364 Mortgage loans receivable repayment proceeds of consolidated CFEs — — — 79,480 79,480 Interest received from servicer advance investments, loans and other 31,394 — 31,394 — 31,394 Changes in: Servicer advances receivable, net 294,452 — 294,452 — 294,452 Other assets 72,498 — 72,498 — 72,498 Due to affiliates (17,819) — (17,819) — (17,819) Accrued expenses and other liabilities 132,325 — 132,325 — 132,325 Net cash provided by (used in) operating activities 5,355,298 (825,357) 4,529,941 — 4,529,941 Consolidated Statement of Cash Flows (continued): Six Months Ended June 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Cash Flows From Investing Activities Purchase of servicer advance investments (500,000) — (500,000) — (500,000) Purchase of RMBS (1,052,724) — (1,052,724) — (1,052,724) Purchase of residential mortgage loans (7,182) — (7,182) — (7,182) Purchase of SFR properties, MSRs and other assets (355,002) — (355,002) — (355,002) Draws on revolving consumer loans (14,350) — (14,350) — (14,350) Net settlement of derivatives and hedges 279,306 — 279,306 — 279,306 Return of investments in Excess MSRs 7,873 — 7,873 — 7,873 Principal repayments from servicer advance investments 541,868 — 541,868 — 541,868 Principal repayments from RMBS 687,624 (38,330) 649,294 — 649,294 Principal repayments from residential mortgage loans 49,806 — 49,806 — 49,806 Principal repayments from consumer loans 79,298 — 79,298 — 79,298 Proceeds from sale of MSRs and MSR financing receivables 2,105 — 2,105 — 2,105 Proceeds from sale of RMBS 738,887 — 738,887 — 738,887 Proceeds from sale of REO 7,210 — 7,210 — 7,210 Principal repayments from MSRs and MSR financing receivables 1,216 — 1,216 — 1,216 Purchase of MSRs, MSR financing receivables and servicer advances receivable (603) — (603) — (603) Net cash provided by (used in) investing activities 465,332 (38,330) 427,002 — 427,002 Cash Flows From Financing Activities Repayments of secured financing agreements (23,318,214) — (23,318,214) — (23,318,214) Repayments of warehouse credit facilities (56,240,720) — (56,240,720) — (56,240,720) Net settlement of margin deposits under repurchase agreements and derivatives 812,477 — 812,477 — 812,477 Repayments of secured notes and bonds payable (2,220,042) — (2,220,042) — (2,220,042) Deferred financing fees (1,398) — (1,398) — (1,398) Dividends paid on common and preferred stock (278,293) — (278,293) — (278,293) Borrowings under secured financing agreements 21,936,667 — 21,936,667 — 21,936,667 Borrowings under warehouse credit facilities 50,995,092 — 50,995,092 — 50,995,092 Borrowings under secured notes and bonds payable 2,929,949 — 2,929,949 (324,062) 2,605,887 Repurchase of common and preferred stock (3,814) — (3,814) — (3,814) Noncontrolling interest in equity of consolidated subsidiaries - distributions (15,968) — (15,968) — (15,968) Proceeds from issuance of debt obligations of consolidated CFEs — 1,142,476 1,142,476 324,062 1,466,538 Repayments of debt obligations of consolidated CFEs — (297,527) (297,527) — (297,527) Net cash provided by (used in) financing activities (5,404,264) 844,949 (4,559,315) — (4,559,315) Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash 416,366 (18,738) 397,628 — 397,628 Cash, Cash Equivalents, and Restricted Cash, Beginning of Period 1,528,442 33,167 1,561,609 — 1,561,609 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 1,944,808 $ 14,429 $ 1,959,237 $ — $ 1,959,237 Supplemental Disclosure of Cash Flow Information Cash paid during the period for interest 280,007 38,431 318,438 — 318,438 Cash paid during the period for income taxes 1,636 — 1,636 — 1,636 Supplemental Schedule of Non-Cash Investing and Financing Activities Dividends declared but not paid on common and preferred stock 139,141 — 139,141 — 139,141 Transfer from residential mortgage loans to REO and other assets 4,890 — 4,890 — 4,890 Real estate securities retained from loan securitizations 100,324 (100,324) — — — Residential mortgage loans subject to repurchase 1,758,509 — 1,758,509 — 1,758,509 Consolidated Balance Sheet: September 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Assets Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value (A) $ 9,217,242 $ — $ 9,217,242 $ — $ 9,217,242 Real estate and other securities 9,808,426 (291,250) 9,517,176 — 9,517,176 Residential loans, held-for-investment, at fair value 864,534 — 864,534 — 864,534 Residential mortgage loans, held-for-sale (includes $3,933,392 at fair value) (A) 4,037,411 — 4,037,411 — 4,037,411 Single-family rental properties 959,448 — 959,448 — 959,448 Mortgage loans receivable, at fair value 1,919,913 — 1,919,913 (349,911) 1,570,002 Residential mortgage loans subject to repurchase 1,897,142 — 1,897,142 — 1,897,142 Cash and cash equivalents (A) 1,420,010 — 1,420,010 — 1,420,010 Restricted cash (A) 529,565 — 529,565 (8,333) 521,232 Servicer advances receivable 2,522,246 — 2,522,246 — 2,522,246 Other assets (includes $580,341 at fair value) (A) 2,158,598 — 2,158,598 (531) 2,158,067 Assets of consolidated CFEs (A) : Investments, at fair value and other assets — 2,238,906 2,238,906 358,775 2,597,681 Total Assets $ 35,334,535 $ 1,947,656 $ 37,282,191 $ — $ 37,282,191 Liabilities and Equity Liabilities Secured financing agreements (A) $ 13,655,247 $ — 13,655,247 $ — $ 13,655,247 Secured notes and bonds payable (includes $341,287 at fair value) (A) 9,653,664 — 9,653,664 (311,917) 9,341,747 Residential mortgage loan repurchase liability 1,897,142 — 1,897,142 — 1,897,142 Unsecured notes, net of issuance costs 544,612 — 544,612 — 544,612 Payable for investments purchased 498,933 — 498,933 — 498,933 Dividends payable 129,632 — 129,632 — 129,632 Accrued expenses and other liabilities (includes $67,314 at fair value) (A) 1,893,679 — 1,893,679 (427) 1,893,252 Liabilities of consolidated CFEs (A) : Notes payable, at fair value and other liabilities — 1,947,656 1,947,656 312,344 2,260,000 Total Liabilities 28,272,909 1,947,656 30,220,565 — 30,220,565 Equity Preferred stock, $0.01 par value, 100,000,000 shares authorized, 52,038,000 issued and outstanding, $1,300,959 aggregate liquidation preference 1,258,667 — 1,258,667 — 1,258,667 Common stock, $0.01 par value, 2,000,000,000 shares authorized, 473,715,100 issued and outstanding 4,739 — 4,739 — 4,739 Additional paid-in capital 6,060,671 — 6,060,671 — 6,060,671 Retained earnings (accumulated deficit) (381,843) — (381,843) — (381,843) Accumulated other comprehensive income 48,337 — 48,337 — 48,337 Total Rithm Capital stockholders’ equity 6,990,571 — 6,990,571 — 6,990,571 Noncontrolling interests in equity of consolidated subsidiaries 71,055 — 71,055 — 71,055 Total Equity 7,061,626 — 7,061,626 — 7,061,626 Total Liabilities and Equity $ 35,334,535 $ 1,947,656 $ 37,282,191 $ — $ 37,282,191 (A) The Company's Consolidated Balance Sheets include assets and liabilities of consolidated VIEs and certain other consolidated VIEs classified as CFEs that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. Consolidated Statement of Operations: Three Months Ended September 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 453,163 $ (173) $ 452,990 $ — $ 452,990 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(141,616)) (19,174) — (19,174) — (19,174) Servicing revenue, net 433,989 (173) 433,816 — 433,816 Interest income 273,379 (4,553) 268,826 (6,924) 261,902 Gain on originated residential mortgage loans, held-for-sale, net 203,479 4,407 207,886 — 207,886 910,847 (319) 910,528 (6,924) 903,604 Expenses Interest expense and warehouse line fees 218,089 — 218,089 (4,546) 213,543 General and administrative 214,624 451 215,075 — 215,075 Compensation and benefits 290,984 — 290,984 — 290,984 Management fee to affiliate — — — — — Termination fee to affiliate — — — — — 723,697 451 724,148 (4,546) 719,602 Other Income (Loss) Realized and unrealized gains (losses), net (34,118) 770 (33,348) 2,378 (30,970) Other income (loss), net 23,242 — 23,242 — 23,242 (10,876) 770 (10,106) 2,378 (7,728) Income (loss) before income taxes 176,274 — 176,274 — 176,274 Income tax expense (benefit) 22,084 — 22,084 — 22,084 Net Income (loss) $ 154,190 $ — $ 154,190 $ — $ 154,190 Noncontrolling interests in income (loss) of consolidated subsidiaries 7,307 — 7,307 — 7,307 Dividends on preferred stock 22,427 — 22,427 — 22,427 Net income (loss) attributable to common stockholders $ 124,456 $ — $ 124,456 $ — $ 124,456 Net Income (loss) per share of common stock Basic $ 0.27 $ — $ 0.27 $ — $ 0.27 Diluted $ 0.26 $ — $ 0.26 $ — $ 0.26 Weighted average number of shares of common stock outstanding Basic 467,974,962 — 467,974,962 — 467,974,962 Diluted 476,796,757 — 476,796,757 — 476,796,757 Dividends declared per share of common stock $ 0.25 $ — $ 0.25 $ — $ 0.25 Consolidated Statement of Operations: Nine Months Ended September 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Revenues Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate Servicing fee revenue, net and interest income from MSRs and MSR financing receivables $ 1,379,041 $ (445) $ 1,378,596 $ — $ 1,378,596 Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(522,206)) 890,281 — 890,281 — 890,281 Servicing revenue, net 2,269,322 (445) 2,268,877 — 2,268,877 Interest income 710,440 (10,648) 699,792 (13,126) 686,666 Gain on originated residential mortgage loans, held-for-sale, net 980,266 1,098 981,364 — 981,364 3,960,028 (9,995) 3,950,033 (13,126) 3,936,907 Expenses Interest expense and warehouse line fees 507,751 — 507,751 (8,727) 499,024 General and administrative 686,133 1,364 687,497 — 687,497 Compensation and benefits 1,023,261 — 1,023,261 — 1,023,261 Management fee to affiliate 46,174 — 46,174 — 46,174 Termination fee to affiliate 400,000 — 400,000 — 400,000 2,663,319 1,364 2,664,683 (8,727) 2,655,956 Other Income (Loss) Realized and unrealized gains (losses), net (256,656) 11,359 (245,297) 4,399 (240,898) Other income (loss), net 134,962 — 134,962 — 134,962 (121,694) 11,359 (110,335) 4,399 (105,936) Income (loss) before income taxes 1,175,015 — 1,175,015 — 1,175,015 Income tax expense (benefit) 297,563 — 297,563 — 297,563 Net Income (loss) $ 877,452 $ — $ 877,452 $ — $ 877,452 Noncontrolling interests in income (loss) of consolidated subsidiaries 27,098 — 27,098 — 27,098 Dividends on preferred stock 67,315 — 67,315 — 67,315 Net income (loss) attributable to common stockholders $ 783,039 $ — $ 783,039 $ — $ 783,039 Net Income (loss) per share of common stock Basic $ 1.68 $ — $ 1.68 $ — $ 1.68 Diluted $ 1.62 $ — $ 1.62 $ — $ 1.62 Weighted average number of shares of common stock outstanding Basic 467,192,721 — 467,192,721 — 467,192,721 Diluted 481,900,129 — 481,900,129 — 481,900,129 Dividends declared per share of common stock $ 0.75 $ — $ 0.75 $ — $ 0.75 Consolidated Statement of Cash Flows: Nine Months Ended September 30, 2022 As Reported Error Adjustments Subtotal Reclassifications As Restated Cash Flows From Operating Activities Net income (loss) $ 877,452 $ — $ 877,452 $ — $ 877,452 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Change in fair value of investments, net (587,181) 26,689 (560,492) — (560,492) Change in fair value of equity investments 8,535 — 8,535 — 8,535 Change in fair value of secured notes and bonds payable (50,279) — (50,279) — (50,279) (Gain) loss on settlement of investments, net 843,837 — 843,837 — 843,837 (Gain) loss on sale of originated residential mortgage loans, held-for-sale, net (980,266) (1,098) (981,364) — (981,364) (Gain) loss on transfer of loans to REO (6,263) — (6,263) — (6,263) Accretion and other amortization (45,230) 7,596 (37,634) — (37,634) Provision (reversal) for credit losses on securities, loans and REO 14,272 — 14,272 — 14,272 Non-cash portions of servicing revenue, net (890,281) — (890,281) — (890,281) Deferred tax provision 297,517 — 297,517 — 297,517 Mortgage loans originated and purchased for sale, net of fees (65,446,856) — (65,446,856) 49,024 (65,397,832) Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale 72,072,003 (1,376,748) 70,695,255 (124,918) 70,570,337 Mortgage loan receivable originations and draws — — — (49,024) (49,024) Residential mortgage loan repayment proceeds of consolidated |
BUSINESS AND ORGANIZATION (Deta
BUSINESS AND ORGANIZATION (Details) - USD ($) $ in Millions | Nov. 17, 2023 | Oct. 02, 2023 | Jun. 17, 2022 |
Sculptor | |||
Related Party Transaction [Line Items] | |||
Business combination, consideration transferred | $ 630.3 | ||
Computershare Mortgage Services Inc | |||
Related Party Transaction [Line Items] | |||
Business combination, consideration transferred | $ 720 | ||
Manager | |||
Related Party Transaction [Line Items] | |||
Payment for management fee | $ 400 |
BASIS OF PRESENTATION AND SUM_3
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 29, 2020 | Aug. 31, 2019 | Jul. 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | |
Cash and Cash Equivalents [Line Items] | |||||
Goodwill impairment loss | $ 0 | $ 0 | |||
Intangible asset impairment | $ 0 | ||||
Incentive income equal to percentage of profits, net of management fees | 20% | ||||
Single Family | |||||
Cash and Cash Equivalents [Line Items] | |||||
Property acquired, useful life | 40 years | ||||
Land, Buildings and Improvements | |||||
Cash and Cash Equivalents [Line Items] | |||||
Property acquired, useful life | 15 years | ||||
7.50% Series A 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 Preferred Stock | |||||
Cash and Cash Equivalents [Line Items] | |||||
Interest rate | 6.375% | 6.375% |
RESTATEMENT OF PREVIOUSLY ISS_3
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | ||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Reverse repurchase agreements | $ 1,769,601 | $ 0 | ||||||||
Treasury securities payable | 1,827,281 | 0 | ||||||||
Decrease in accrued expenses and other liabilities | (2,065,761) | [1] | $ (1,781,997) | $ (1,614,408) | $ (1,506,876) | (1,486,318) | [1] | $ (1,893,252) | $ (1,770,691) | $ (1,740,344) |
Increase (decrease) in other assets | 3,144,823 | [1] | 2,422,650 | 2,037,680 | 1,838,266 | 1,914,372 | [1] | 2,158,067 | 1,928,493 | 2,646,068 |
Total restricted cash | 409,896 | 355,588 | 306,841 | 354,495 | 292,820 | 521,232 | 429,189 | 233,665 | ||
Error Adjustments | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Reverse repurchase agreements | 1,769,601 | |||||||||
Treasury securities payable | 1,827,281 | |||||||||
Decrease in accrued expenses and other liabilities | 46,326 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||
Increase (decrease) in other assets | (6,660) | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 | ||
Total restricted cash | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||||
Error Adjustments | Carrying Value Differences | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Decrease in accrued expenses and other liabilities | 46,300 | |||||||||
Error Adjustments | Accrued Interest Receivable On Reverse Repurchase Agreements | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Increase (decrease) in other assets | 11,400 | |||||||||
Error Adjustments | Unrecorded Adjustment | ||||||||||
Error Corrections and Prior Period Adjustments Restatement [Line Items] | ||||||||||
Total restricted cash | $ 18,000 | |||||||||
[1] The Company's Consolidated Balance Sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2023, as restated, and December 31, 2022, as restated, total assets of such consolidated VIEs were $5.6 billion and $4.7 billion, respectively, and total liabilities of such consolidated VIEs were $4.7 billion and $3.9 billion, respectively. See Note 22 for further details. |
RESTATEMENT OF PREVIOUSLY ISS_4
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Balance Sheet (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Aug. 05, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Assets | ||||||||||||||
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value | $ 8,405,938,000 | [1] | $ 8,694,868,000 | $ 8,688,556,000 | $ 8,886,209,000 | $ 8,889,403,000 | [1] | $ 9,217,242,000 | $ 8,963,459,000 | $ 8,305,652,000 | ||||
Real estate and other securities (includes $9,337,159 and $7,952,889 at fair value, respectively) | 9,361,712,000 | 9,878,711,000 | 9,354,047,000 | 8,648,081,000 | 7,952,889,000 | 9,517,176,000 | 8,107,841,000 | 9,642,010,000 | ||||||
Residential mortgage loans, held-for-investment, at fair value | 379,044,000 | 370,957,000 | 400,206,000 | 766,784,000 | 452,519,000 | 864,534,000 | 934,479,000 | 1,009,459,000 | ||||||
Residential mortgage loans, held-for-sale | 2,540,742,000 | [1] | 2,819,282,000 | 3,092,667,000 | 2,841,320,000 | 3,398,298,000 | [1] | 4,037,411,000 | 5,410,989,000 | 7,202,475,000 | ||||
Consumer loans held-for-investment, at fair value | 1,274,005,000 | [1] | 1,436,080,000 | 1,602,571,000 | 363,756,000 | [1] | ||||||||
Single-family rental properties | 1,001,928,000 | 991,948,000 | 965,194,000 | 968,987,000 | 971,313,000 | 959,448,000 | 927,227,000 | 814,871,000 | ||||||
Mortgage loans receivable, at fair value | 1,879,319,000 | 1,787,363,000 | 1,592,172,000 | 1,596,924,000 | 1,714,053,000 | 1,570,002,000 | 1,403,212,000 | 1,375,273,000 | ||||||
Residential mortgage loans subject to repurchase | 1,782,998,000 | 1,443,546,000 | 1,296,097,000 | 1,189,907,000 | 1,219,890,000 | 1,897,142,000 | 1,758,509,000 | 1,700,426,000 | $ 1,787,314,000 | |||||
Cash and cash equivalents | 1,287,199,000 | 1,217,283,000 | 1,369,025,000 | 1,434,697,000 | 1,336,508,000 | 1,420,010,000 | 1,510,848,000 | 1,671,177,000 | ||||||
Restricted cash | 409,896,000 | 355,588,000 | 306,841,000 | 354,495,000 | 292,820,000 | 521,232,000 | 429,189,000 | 233,665,000 | ||||||
Servicer advances receivable | 2,760,250,000 | 2,434,266,000 | 2,447,918,000 | 2,594,271,000 | 2,825,485,000 | 2,522,246,000 | 2,560,696,000 | 2,652,210,000 | ||||||
Receivable for investments sold | 0 | 219,963,000 | 473,126,000 | |||||||||||
Reverse repurchase agreements | 1,769,601,000 | 0 | ||||||||||||
Other assets | 3,144,823,000 | [1] | 2,422,650,000 | 2,037,680,000 | 1,838,266,000 | 1,914,372,000 | [1] | 2,158,067,000 | 1,928,493,000 | 2,646,068,000 | ||||
Assets of consolidated CFEs | ||||||||||||||
Investments, at fair value and other assets | 3,751,477,000 | 2,718,560,000 | 2,846,314,000 | 2,778,684,000 | 2,803,138,000 | 2,597,681,000 | 2,515,247,000 | 2,446,146,000 | ||||||
Total assets | 39,717,084,000 | 36,791,065,000 | 35,999,288,000 | 33,898,625,000 | 34,586,508,000 | 37,282,191,000 | 36,450,189,000 | 39,699,432,000 | ||||||
Liabilities | ||||||||||||||
Secured financing agreements | 12,561,283,000 | [1] | 13,605,380,000 | 12,757,428,000 | 11,760,930,000 | 11,257,736,000 | [1] | 13,655,247,000 | 13,967,234,000 | 17,281,873,000 | ||||
Aggregate principal amount | 10,360,188,000 | [1] | 9,657,627,000 | 10,002,751,000 | 9,417,192,000 | 9,786,025,000 | [1] | 9,341,747,000 | 9,004,612,000 | 8,955,533,000 | ||||
Residential mortgage loan repurchase liability | 1,782,998,000 | 1,443,546,000 | 1,296,097,000 | 1,189,907,000 | 1,219,890,000 | 1,897,142,000 | 1,758,509,000 | 1,700,426,000 | ||||||
Unsecured notes, net of issuance costs | 719,004,000 | 546,374,000 | 545,930,000 | 545,490,000 | 545,056,000 | 544,612,000 | 544,167,000 | 543,728,000 | ||||||
Payable for investments purchased | 0 | 0 | 731,216,000 | 498,933,000 | ||||||||||
Treasury securities payable | 1,827,281,000 | 0 | ||||||||||||
Dividends payable | 135,897,000 | 135,095,000 | 134,188,000 | 131,941,000 | 129,760,000 | 129,632,000 | 127,913,000 | 127,895,000 | ||||||
Accrued expenses and other liabilities (includes $51,765 and $18,064 at fair value, respectively) | 2,065,761,000 | [1] | 1,781,997,000 | 1,614,408,000 | 1,506,876,000 | 1,486,318,000 | [1] | 1,893,252,000 | 1,770,691,000 | 1,740,344,000 | ||||
Liabilities of consolidated CFEs | ||||||||||||||
Notes payable, at fair value and other liabilities | 3,163,634,000 | 2,353,083,000 | 2,453,802,000 | 2,391,746,000 | 2,420,439,000 | 2,260,000,000 | 2,214,065,000 | 2,154,989,000 | ||||||
Total liabilities | 32,616,046,000 | 29,523,102,000 | 28,804,604,000 | 26,944,082,000 | 27,576,440,000 | 30,220,565,000 | 29,387,191,000 | 32,514,720,000 | ||||||
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 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,258,667,000 | 1,258,667,000 | 1,258,667,000 | ||||||
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,226,239 and 473,715,100 issued and outstanding, respectively | 4,833,000 | 4,833,000 | 4,834,000 | 4,832,000 | 4,739,000 | 4,739,000 | 4,670,000 | 4,669,000 | ||||||
Additional paid-in capital | 6,074,322,000 | 6,070,970,000 | 6,068,613,000 | 6,062,051,000 | 6,062,019,000 | 6,060,671,000 | 6,060,740,000 | 6,059,981,000 | ||||||
Retained earnings (accumulated deficit) | (373,141,000) | (164,010,000) | (236,222,000) | (470,562,000) | (418,662,000) | (381,843,000) | (387,870,000) | (267,878,000) | ||||||
Accumulated other comprehensive income | 43,674,000 | 39,009,000 | 39,954,000 | 40,631,000 | 37,651,000 | 48,337,000 | 57,620,000 | 67,195,000 | ||||||
Total Rithm Capital stockholders’ equity | 7,006,942,000 | 7,208,056,000 | 7,134,433,000 | 6,894,206,000 | 6,943,001,000 | 6,990,571,000 | 6,993,827,000 | 7,122,634,000 | ||||||
Noncontrolling interests in equity of consolidated subsidiaries | 94,096,000 | 59,907,000 | 60,251,000 | 60,337,000 | 67,067,000 | 71,055,000 | 69,171,000 | 62,078,000 | ||||||
Total Equity | 7,101,038,000 | 7,267,963,000 | 7,194,684,000 | 6,954,543,000 | 7,010,068,000 | 7,061,626,000 | 7,062,998,000 | 7,184,712,000 | 6,669,380,000 | $ 5,429,684,000 | ||||
Liabilities and Equity | 39,717,084,000 | 36,791,065,000 | 35,999,288,000 | 33,898,625,000 | 34,586,508,000 | 37,282,191,000 | 36,450,189,000 | 39,699,432,000 | ||||||
Balance Sheet Parenthetical [Abstract] | ||||||||||||||
Real estate and other securities at fair value | 9,337,159,000 | 9,201,474,000 | 8,722,018,000 | 7,952,889,000 | ||||||||||
Residential mortgage loans, held-for-sale, at fair value | 2,461,865,000 | 2,740,599,000 | 3,008,722,000 | 2,743,809,000 | 3,297,271,000 | 3,933,392,000 | 5,293,936,000 | 7,076,916,000 | ||||||
Other assets at fair value | 1,167,563,000 | 817,162,000 | 816,546,000 | 786,594,000 | 921,373,000 | 580,341,000 | 441,065,000 | $ 792,279,000 | ||||||
Secured notes and bonds payable, at fair value | 235,770,000 | 245,695,000 | 261,866,000 | 286,653,000 | 319,486,000 | 341,287,000 | 380,662,000 | |||||||
Accrued expenses and other liabilities at fair value | $ 51,765,000 | $ 9,639,000 | $ 9,372,000 | $ 46,954,000 | $ 18,064,000 | $ 67,314,000 | $ 57,224,000 | |||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 10 | ||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||||
Preferred stock, shares issued (in shares) | 51,964,122 | 51,964,122 | 51,964,122 | 51,964,122 | 51,964,122 | 52,038,000 | 52,038,000 | 52,038,000 | ||||||
Preferred stock, shares outstanding (in shares) | 51,964,122 | 51,964,122 | 51,964,122 | 51,964,122 | 51,964,122 | 52,038,000 | 52,038,000 | 52,038,000 | ||||||
Liquidation preference | $ 1,299,104,000 | $ 1,299,104,000 | $ 1,299,104,000,000 | $ 1,299,104,000 | $ 1,299,104,000 | $ 1,300,959,000 | $ 1,300,959,000 | $ 1,300,959,000 | ||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||||||
Common stock, shares issued (in shares) | 483,226,239 | 483,214,061 | 483,320,606 | 483,017,747 | 473,715,100 | 473,715,100 | 466,856,753 | 466,786,526 | ||||||
Common stock, shares outstanding (in shares) | 483,226,239 | 483,214,061 | 483,320,606 | 483,017,747 | 473,715,100 | 473,715,100 | 466,856,753 | 466,786,526 | ||||||
As Reported | ||||||||||||||
Assets | ||||||||||||||
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value | $ 8,405,938,000 | $ 8,694,868,000 | $ 8,688,556,000 | $ 8,886,209,000 | $ 8,889,403,000 | $ 9,217,242,000 | $ 8,963,459,000 | $ 8,305,652,000 | ||||||
Real estate and other securities (includes $9,337,159 and $7,952,889 at fair value, respectively) | 9,782,217,000 | 10,193,596,000 | 9,701,000,000 | 8,987,572,000 | 8,289,277,000 | 9,808,426,000 | 8,368,703,000 | 9,900,700,000 | ||||||
Residential mortgage loans, held-for-investment, at fair value | 379,044,000 | 370,957,000 | 400,206,000 | 766,784,000 | 452,519,000 | 864,534,000 | 934,479,000 | 1,009,459,000 | ||||||
Residential mortgage loans, held-for-sale | 2,540,742,000 | 2,819,282,000 | 3,092,667,000 | 2,841,320,000 | 3,398,298,000 | 4,037,411,000 | 5,410,989,000 | 7,202,475,000 | ||||||
Consumer loans held-for-investment, at fair value | 1,274,005,000 | 1,436,080,000 | 1,602,571,000 | 363,756,000 | ||||||||||
Single-family rental properties | 1,001,928,000 | 991,948,000 | 965,194,000 | 968,987,000 | 971,313,000 | 959,448,000 | 927,227,000 | 814,871,000 | ||||||
Mortgage loans receivable, at fair value | 2,232,913,000 | 2,135,424,000 | 1,939,499,000 | 1,946,422,000 | 2,064,028,000 | 1,919,913,000 | 1,756,079,000 | 1,670,415,000 | ||||||
Residential mortgage loans subject to repurchase | 1,782,998,000 | 1,443,546,000 | 1,296,097,000 | 1,189,907,000 | 1,219,890,000 | 1,897,142,000 | 1,758,509,000 | 1,700,426,000 | 1,787,314,000 | |||||
Cash and cash equivalents | 1,287,199,000 | 1,217,283,000 | 1,369,025,000 | 1,434,697,000 | 1,336,508,000 | 1,420,010,000 | 1,510,848,000 | 1,671,177,000 | ||||||
Restricted cash | 368,447,000 | 319,765,000 | 365,649,000 | 529,565,000 | 433,960,000 | 295,037,000 | ||||||||
Servicer advances receivable | 2,760,250,000 | 2,434,266,000 | 2,447,918,000 | 2,594,271,000 | 2,825,485,000 | 2,522,246,000 | 2,560,696,000 | 2,652,210,000 | ||||||
Receivable for investments sold | 219,963,000 | 473,126,000 | ||||||||||||
Reverse repurchase agreements | 0 | |||||||||||||
Other assets | 3,478,931,000 | 2,419,868,000 | 2,035,581,000 | 1,836,833,000 | 1,914,607,000 | 2,158,598,000 | 1,928,898,000 | 2,646,125,000 | ||||||
Assets of consolidated CFEs | ||||||||||||||
Investments, at fair value and other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total assets | 35,311,785,000 | 34,745,528,000 | 33,858,079,000 | 31,818,651,000 | 32,479,336,000 | 35,334,535,000 | 34,553,847,000 | 37,868,547,000 | ||||||
Liabilities | ||||||||||||||
Secured financing agreements | 12,561,283,000 | 13,605,380,000 | 12,757,428,000 | 11,760,930,000 | 11,257,736,000 | 13,655,247,000 | 13,967,234,000 | 17,281,873,000 | ||||||
Aggregate principal amount | 10,679,186,000 | 9,964,855,000 | 10,315,006,000 | 9,728,605,000 | 10,098,943,000 | 9,653,664,000 | 9,322,026,000 | 9,279,595,000 | ||||||
Residential mortgage loan repurchase liability | 1,782,998,000 | 1,443,546,000 | 1,296,097,000 | 1,189,907,000 | 1,219,890,000 | 1,897,142,000 | 1,758,509,000 | 1,700,426,000 | ||||||
Unsecured notes, net of issuance costs | 719,004,000 | 546,374,000 | 545,930,000 | 545,490,000 | 545,056,000 | 544,612,000 | 544,167,000 | 543,728,000 | ||||||
Payable for investments purchased | 0 | 731,216,000 | 498,933,000 | |||||||||||
Treasury securities payable | 0 | |||||||||||||
Dividends payable | 135,897,000 | 135,095,000 | 134,188,000 | 131,941,000 | 129,760,000 | 129,632,000 | 127,913,000 | 127,895,000 | ||||||
Accrued expenses and other liabilities (includes $51,765 and $18,064 at fair value, respectively) | 2,332,379,000 | 1,782,315,000 | 1,614,746,000 | 1,507,235,000 | 1,486,667,000 | 1,893,679,000 | 1,771,000,000 | 1,740,386,000 | ||||||
Liabilities of consolidated CFEs | ||||||||||||||
Notes payable, at fair value and other liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total liabilities | 28,210,747,000 | 27,477,565,000 | 26,663,395,000 | 24,864,108,000 | 25,469,268,000 | 28,272,909,000 | 27,490,849,000 | 30,683,835,000 | ||||||
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 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,258,667,000 | 1,258,667,000 | 1,258,667,000 | ||||||
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,226,239 and 473,715,100 issued and outstanding, respectively | 4,833,000 | 4,833,000 | 4,834,000 | 4,832,000 | 4,739,000 | 4,739,000 | 4,670,000 | 4,669,000 | ||||||
Additional paid-in capital | 6,074,322,000 | 6,070,970,000 | 6,068,613,000 | 6,062,051,000 | 6,062,019,000 | 6,060,671,000 | 6,060,740,000 | 6,059,981,000 | ||||||
Retained earnings (accumulated deficit) | (373,141,000) | (164,010,000) | (236,222,000) | (470,562,000) | (418,662,000) | (381,843,000) | (387,870,000) | (267,878,000) | ||||||
Accumulated other comprehensive income | 43,674,000 | 39,009,000 | 39,954,000 | 40,631,000 | 37,651,000 | 48,337,000 | 57,620,000 | 67,195,000 | ||||||
Total Rithm Capital stockholders’ equity | 7,006,942,000 | 7,208,056,000 | 7,134,433,000 | 6,894,206,000 | 6,943,001,000 | 6,990,571,000 | 6,993,827,000 | 7,122,634,000 | ||||||
Noncontrolling interests in equity of consolidated subsidiaries | 94,096,000 | 59,907,000 | 60,251,000 | 60,337,000 | 67,067,000 | 71,055,000 | 69,171,000 | 62,078,000 | ||||||
Total Equity | 7,101,038,000 | 7,267,963,000 | 7,194,684,000 | 6,954,543,000 | 7,010,068,000 | 7,061,626,000 | 7,062,998,000 | 7,184,712,000 | ||||||
Liabilities and Equity | 35,311,785,000 | 34,745,528,000 | 33,858,079,000 | 31,818,651,000 | 32,479,336,000 | 35,334,535,000 | 34,553,847,000 | 37,868,547,000 | ||||||
Error Adjustments | ||||||||||||||
Assets | ||||||||||||||
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Real estate and other securities (includes $9,337,159 and $7,952,889 at fair value, respectively) | (420,505,000) | (314,885,000) | (346,953,000) | (339,491,000) | (336,388,000) | (291,250,000) | (260,862,000) | (258,690,000) | ||||||
Residential mortgage loans, held-for-investment, at fair value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Residential mortgage loans, held-for-sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Consumer loans held-for-investment, at fair value | 0 | 0 | 0 | 0 | ||||||||||
Single-family rental properties | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Mortgage loans receivable, at fair value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Residential mortgage loans subject to repurchase | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Restricted cash | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Servicer advances receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Receivable for investments sold | 0 | 0 | ||||||||||||
Reverse repurchase agreements | 1,769,601,000 | |||||||||||||
Other assets | (6,660,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Assets of consolidated CFEs | ||||||||||||||
Investments, at fair value and other assets | 3,044,850,000 | 2,360,422,000 | 2,488,162,000 | 2,419,465,000 | 2,443,560,000 | 2,238,906,000 | 2,157,204,000 | 2,089,575,000 | ||||||
Total assets | 4,405,299,000 | 2,045,537,000 | 2,141,209,000 | 2,079,974,000 | 2,107,172,000 | 1,947,656,000 | 1,896,342,000 | 1,830,885,000 | ||||||
Liabilities | ||||||||||||||
Secured financing agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Aggregate principal amount | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Residential mortgage loan repurchase liability | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Unsecured notes, net of issuance costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Payable for investments purchased | 0 | 0 | 0 | |||||||||||
Treasury securities payable | 1,827,281,000 | |||||||||||||
Dividends payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Accrued expenses and other liabilities (includes $51,765 and $18,064 at fair value, respectively) | (46,326,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Liabilities of consolidated CFEs | ||||||||||||||
Notes payable, at fair value and other liabilities | 2,624,344,000 | 2,045,537,000 | 2,141,209,000 | 2,079,974,000 | 2,107,172,000 | 1,947,656,000 | 1,896,342,000 | 1,830,885,000 | ||||||
Total liabilities | 4,405,299,000 | 2,045,537,000 | 2,141,209,000 | 2,079,974,000 | 2,107,172,000 | 1,947,656,000 | 1,896,342,000 | 1,830,885,000 | ||||||
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,226,239 and 473,715,100 issued and outstanding, respectively | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Additional paid-in capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Retained earnings (accumulated deficit) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Accumulated other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total Rithm Capital stockholders’ equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Noncontrolling interests in equity of consolidated subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total Equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Liabilities and Equity | 4,405,299,000 | 2,045,537,000 | 2,141,209,000 | 2,079,974,000 | 2,107,172,000 | 1,947,656,000 | 1,896,342,000 | 1,830,885,000 | ||||||
Subtotal | ||||||||||||||
Assets | ||||||||||||||
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value | 8,405,938,000 | 8,694,868,000 | 8,688,556,000 | 8,886,209,000 | 8,889,403,000 | 9,217,242,000 | 8,963,459,000 | 8,305,652,000 | ||||||
Real estate and other securities (includes $9,337,159 and $7,952,889 at fair value, respectively) | 9,361,712,000 | 9,878,711,000 | 9,354,047,000 | 8,648,081,000 | 7,952,889,000 | 9,517,176,000 | 8,107,841,000 | 9,642,010,000 | ||||||
Residential mortgage loans, held-for-investment, at fair value | 379,044,000 | 370,957,000 | 400,206,000 | 766,784,000 | 452,519,000 | 864,534,000 | 934,479,000 | 1,009,459,000 | ||||||
Residential mortgage loans, held-for-sale | 2,540,742,000 | 2,819,282,000 | 3,092,667,000 | 2,841,320,000 | 3,398,298,000 | 4,037,411,000 | 5,410,989,000 | 7,202,475,000 | ||||||
Consumer loans held-for-investment, at fair value | 1,274,005,000 | 1,436,080,000 | 1,602,571,000 | 363,756,000 | ||||||||||
Single-family rental properties | 1,001,928,000 | 991,948,000 | 965,194,000 | 968,987,000 | 971,313,000 | 959,448,000 | 927,227,000 | 814,871,000 | ||||||
Mortgage loans receivable, at fair value | 2,232,913,000 | 2,135,424,000 | 1,939,499,000 | 1,946,422,000 | 2,064,028,000 | 1,919,913,000 | 1,756,079,000 | 1,670,415,000 | ||||||
Residential mortgage loans subject to repurchase | 1,782,998,000 | 1,443,546,000 | 1,296,097,000 | 1,189,907,000 | 1,219,890,000 | 1,897,142,000 | 1,758,509,000 | 1,700,426,000 | 1,787,314,000 | |||||
Cash and cash equivalents | 1,287,199,000 | 1,217,283,000 | 1,369,025,000 | 1,434,697,000 | 1,336,508,000 | 1,420,010,000 | 1,510,848,000 | 1,671,177,000 | ||||||
Restricted cash | 368,447,000 | 319,765,000 | 365,649,000 | 529,565,000 | 433,960,000 | 295,037,000 | ||||||||
Servicer advances receivable | 2,760,250,000 | 2,434,266,000 | 2,447,918,000 | 2,594,271,000 | 2,825,485,000 | 2,522,246,000 | 2,560,696,000 | 2,652,210,000 | ||||||
Receivable for investments sold | 219,963,000 | 473,126,000 | ||||||||||||
Reverse repurchase agreements | 1,769,601,000 | |||||||||||||
Other assets | 3,472,271,000 | 2,419,868,000 | 2,035,581,000 | 1,836,833,000 | 1,914,607,000 | 2,158,598,000 | 1,928,898,000 | 2,646,125,000 | ||||||
Assets of consolidated CFEs | ||||||||||||||
Investments, at fair value and other assets | 3,044,850,000 | 2,360,422,000 | 2,488,162,000 | 2,419,465,000 | 2,443,560,000 | 2,238,906,000 | 2,157,204,000 | 2,089,575,000 | ||||||
Total assets | 39,717,084,000 | 36,791,065,000 | 35,999,288,000 | 33,898,625,000 | 34,586,508,000 | 37,282,191,000 | 36,450,189,000 | 39,699,432,000 | ||||||
Liabilities | ||||||||||||||
Secured financing agreements | 12,561,283,000 | 13,605,380,000 | 12,757,428,000 | 11,760,930,000 | 11,257,736,000 | 13,655,247,000 | 13,967,234,000 | 17,281,873,000 | ||||||
Aggregate principal amount | 10,679,186,000 | 9,964,855,000 | 10,315,006,000 | 9,728,605,000 | 10,098,943,000 | 9,653,664,000 | 9,322,026,000 | 9,279,595,000 | ||||||
Residential mortgage loan repurchase liability | 1,782,998,000 | 1,443,546,000 | 1,296,097,000 | 1,189,907,000 | 1,219,890,000 | 1,897,142,000 | 1,758,509,000 | 1,700,426,000 | ||||||
Unsecured notes, net of issuance costs | 719,004,000 | 546,374,000 | 545,930,000 | 545,490,000 | 545,056,000 | 544,612,000 | 544,167,000 | 543,728,000 | ||||||
Payable for investments purchased | 0 | 731,216,000 | 498,933,000 | |||||||||||
Treasury securities payable | 1,827,281,000 | |||||||||||||
Dividends payable | 135,897,000 | 135,095,000 | 134,188,000 | 131,941,000 | 129,760,000 | 129,632,000 | 127,913,000 | 127,895,000 | ||||||
Accrued expenses and other liabilities (includes $51,765 and $18,064 at fair value, respectively) | 2,286,053,000 | 1,782,315,000 | 1,614,746,000 | 1,507,235,000 | 1,486,667,000 | 1,893,679,000 | 1,771,000,000 | 1,740,386,000 | ||||||
Liabilities of consolidated CFEs | ||||||||||||||
Notes payable, at fair value and other liabilities | 2,624,344,000 | 2,045,537,000 | 2,141,209,000 | 2,079,974,000 | 2,107,172,000 | 1,947,656,000 | 1,896,342,000 | 1,830,885,000 | ||||||
Total liabilities | 32,616,046,000 | 29,523,102,000 | 28,804,604,000 | 26,944,082,000 | 27,576,440,000 | 30,220,565,000 | 29,387,191,000 | 32,514,720,000 | ||||||
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 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,258,667,000 | 1,258,667,000 | 1,258,667,000 | ||||||
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,226,239 and 473,715,100 issued and outstanding, respectively | 4,833,000 | 4,833,000 | 4,834,000 | 4,832,000 | 4,739,000 | 4,739,000 | 4,670,000 | 4,669,000 | ||||||
Additional paid-in capital | 6,074,322,000 | 6,070,970,000 | 6,068,613,000 | 6,062,051,000 | 6,062,019,000 | 6,060,671,000 | 6,060,740,000 | 6,059,981,000 | ||||||
Retained earnings (accumulated deficit) | (373,141,000) | (164,010,000) | (236,222,000) | (470,562,000) | (418,662,000) | (381,843,000) | (387,870,000) | (267,878,000) | ||||||
Accumulated other comprehensive income | 43,674,000 | 39,009,000 | 39,954,000 | 40,631,000 | 37,651,000 | 48,337,000 | 57,620,000 | 67,195,000 | ||||||
Total Rithm Capital stockholders’ equity | 7,006,942,000 | 7,208,056,000 | 7,134,433,000 | 6,894,206,000 | 6,943,001,000 | 6,990,571,000 | 6,993,827,000 | 7,122,634,000 | ||||||
Noncontrolling interests in equity of consolidated subsidiaries | 94,096,000 | 59,907,000 | 60,251,000 | 60,337,000 | 67,067,000 | 71,055,000 | 69,171,000 | 62,078,000 | ||||||
Total Equity | 7,101,038,000 | 7,267,963,000 | 7,194,684,000 | 6,954,543,000 | 7,010,068,000 | 7,061,626,000 | 7,062,998,000 | 7,184,712,000 | ||||||
Liabilities and Equity | 39,717,084,000 | 36,791,065,000 | 35,999,288,000 | 33,898,625,000 | 34,586,508,000 | 37,282,191,000 | 36,450,189,000 | 39,699,432,000 | ||||||
Reclassifications | ||||||||||||||
Assets | ||||||||||||||
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Real estate and other securities (includes $9,337,159 and $7,952,889 at fair value, respectively) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Residential mortgage loans, held-for-investment, at fair value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Residential mortgage loans, held-for-sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Consumer loans held-for-investment, at fair value | 0 | 0 | 0 | 0 | ||||||||||
Single-family rental properties | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Mortgage loans receivable, at fair value | (353,594,000) | (348,061,000) | (347,327,000) | (349,498,000) | (349,975,000) | (349,911,000) | (352,867,000) | (295,142,000) | ||||||
Residential mortgage loans subject to repurchase | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | |||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Restricted cash | (12,859,000) | (12,924,000) | (11,154,000) | (8,333,000) | (4,771,000) | (61,372,000) | ||||||||
Servicer advances receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Receivable for investments sold | 0 | 0 | ||||||||||||
Reverse repurchase agreements | 0 | |||||||||||||
Other assets | (327,448,000) | 2,782,000 | 2,099,000 | 1,433,000 | (235,000) | (531,000) | (405,000) | (57,000) | ||||||
Assets of consolidated CFEs | ||||||||||||||
Investments, at fair value and other assets | 706,627,000 | 358,138,000 | 358,152,000 | 359,219,000 | 359,578,000 | 358,775,000 | 358,043,000 | 356,571,000 | ||||||
Total assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Liabilities | ||||||||||||||
Secured financing agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Aggregate principal amount | (318,998,000) | (307,228,000) | (312,255,000) | (311,413,000) | (312,918,000) | (311,917,000) | (317,414,000) | (324,062,000) | ||||||
Residential mortgage loan repurchase liability | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Unsecured notes, net of issuance costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Payable for investments purchased | 0 | 0 | 0 | |||||||||||
Treasury securities payable | 0 | |||||||||||||
Dividends payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Accrued expenses and other liabilities (includes $51,765 and $18,064 at fair value, respectively) | (220,292,000) | (318,000) | (338,000) | (359,000) | (349,000) | (427,000) | (309,000) | (42,000) | ||||||
Liabilities of consolidated CFEs | ||||||||||||||
Notes payable, at fair value and other liabilities | 539,290,000 | 307,546,000 | 312,593,000 | 311,772,000 | 313,267,000 | 312,344,000 | 317,723,000 | 324,104,000 | ||||||
Total liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,226,239 and 473,715,100 issued and outstanding, respectively | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Additional paid-in capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Retained earnings (accumulated deficit) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Accumulated other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total Rithm Capital stockholders’ equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Noncontrolling interests in equity of consolidated subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Total Equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Liabilities and Equity | 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | ||||||
Consolidated Entity, Excluding Consolidated VIE | ||||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | [1] | 1,287,199,000 | 1,336,508,000 | |||||||||||
Restricted cash | [1] | 378,048,000 | 271,758,000 | |||||||||||
Consolidated Entity, Excluding Consolidated VIE | As Reported | ||||||||||||||
Assets | ||||||||||||||
Restricted cash | 385,620,000 | 281,126,000 | ||||||||||||
Consolidated Entity, Excluding Consolidated VIE | Error Adjustments | ||||||||||||||
Assets | ||||||||||||||
Restricted cash | 18,013,000 | 0 | ||||||||||||
Consolidated Entity, Excluding Consolidated VIE | Subtotal | ||||||||||||||
Assets | ||||||||||||||
Restricted cash | 403,633,000 | 281,126,000 | ||||||||||||
Consolidated Entity, Excluding Consolidated VIE | Reclassifications | ||||||||||||||
Assets | ||||||||||||||
Restricted cash | (25,585,000) | (9,368,000) | ||||||||||||
Variable Interest Entity, Primary Beneficiary | ||||||||||||||
Assets | ||||||||||||||
Cash and cash equivalents | 23,540,000 | 85,961,000 | ||||||||||||
Restricted cash | 31,848,000 | 21,062,000 | ||||||||||||
Assets of consolidated CFEs | ||||||||||||||
Investments, at fair value and other assets | 3,714,037,000 | 2,781,842,000 | ||||||||||||
Total assets | 5,566,258,000 | 4,701,124,000 | ||||||||||||
Liabilities | ||||||||||||||
Secured financing agreements | 996,845,000 | 51,325,000 | ||||||||||||
Accrued expenses and other liabilities (includes $51,765 and $18,064 at fair value, respectively) | 20,132,000 | 44,802,000 | ||||||||||||
Liabilities of consolidated CFEs | ||||||||||||||
Total liabilities | 4,682,388,000 | 3,886,073,000 | ||||||||||||
Balance Sheet Parenthetical [Abstract] | ||||||||||||||
Residential mortgage loans, held-for-sale, at fair value | $ 1,112,097,000 | $ 844,000,000 | ||||||||||||
[1] The Company's Consolidated Balance Sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2023, as restated, and December 31, 2022, as restated, total assets of such consolidated VIEs were $5.6 billion and $4.7 billion, respectively, and total liabilities of such consolidated VIEs were $4.7 billion and $3.9 billion, respectively. See Note 22 for further details. |
RESTATEMENT OF PREVIOUSLY ISS_5
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Income Statement (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | $ 1,110,339 | $ 824,788 | $ 753,909 | $ 903,604 | $ 1,317,625 | $ 1,716,306 | $ 1,935,127 | $ 3,033,302 | $ 3,070,533 | $ 3,679,506 | $ 4,920,801 | $ 3,728,562 | ||||||
Total revenues | $ 691,654 | $ 1,135,405 | 3,762,187 | 4,920,801 | 3,728,562 | |||||||||||||
Expenses | ||||||||||||||||||
Interest expense and warehouse line fees | 395,349 | 377,528 | 324,235 | 304,215 | 278,769 | 213,543 | 146,690 | 138,791 | 628,450 | 285,481 | 1,005,978 | $ 499,024 | 1,401,327 | 777,793 | 497,308 | |||
General and administrative | 192,380 | 190,691 | 181,918 | 167,479 | 189,646 | 215,075 | 225,758 | 246,664 | 349,397 | 472,422 | 540,088 | 687,497 | 732,469 | 877,143 | 865,801 | |||
Compensation and benefits | 222,457 | 186,149 | 189,606 | 188,880 | 208,185 | 290,984 | 339,658 | 392,619 | 378,486 | 732,277 | 564,635 | 1,023,261 | 787,092 | 1,231,446 | 1,159,810 | |||
Management fee to affiliate | 0 | 20,985 | 25,189 | 46,174 | 46,174 | 0 | 46,174 | 95,926 | ||||||||||
Termination fee to affiliate | 0 | 400,000 | 400,000 | 400,000 | 0 | 400,000 | 0 | |||||||||||
Total operating expenses | 810,186 | 754,368 | 695,759 | 660,574 | 676,600 | 719,602 | 1,133,091 | 803,263 | 1,356,333 | 1,936,354 | 2,110,701 | 2,655,956 | 2,920,888 | 3,332,556 | 2,618,845 | |||
Other income (loss) | ||||||||||||||||||
Realized and unrealized gains (losses), net | 84,065 | (114,149) | 76,533 | (65,905) | 14,127 | (30,970) | (137,901) | (72,655) | 10,628 | (209,927) | (103,522) | (240,898) | (19,456) | (180,059) | (149,150) | |||
Other income (loss) | (2,834) | 6,888 | (47,898) | (25,166) | (3,650) | 23,242 | 59,388 | 52,332 | (73,064) | 111,720 | (66,176) | 134,962 | (69,010) | (145,385) | 3,241 | |||
Total other income (loss) | 81,231 | (107,261) | 28,635 | (91,071) | 10,477 | (7,728) | (78,513) | (20,323) | (62,436) | (98,207) | (169,698) | (105,936) | (88,466) | (325,444) | (145,909) | |||
Income (loss) before income taxes | (37,301) | 273,776 | 443,215 | 73,143 | 87,786 | 176,274 | 106,021 | 892,720 | 516,358 | 998,741 | 790,134 | 1,175,015 | 752,833 | 1,262,801 | 963,808 | |||
Income tax (benefit) expense | 29,850 | 52,585 | 56,530 | (16,806) | (18,047) | 22,084 | 72,690 | 202,789 | 39,724 | 275,479 | 92,309 | 297,563 | 122,159 | 279,516 | 158,226 | |||
Net income (loss) | (67,151) | 221,191 | 386,685 | 89,949 | 105,833 | 154,190 | 33,331 | 689,931 | 476,634 | 723,262 | 697,825 | 877,452 | 630,674 | 983,285 | 805,582 | |||
Noncontrolling interests in income (loss) of consolidated subsidiaries | (2,020) | 4,848 | 6,889 | (1,300) | 1,668 | 7,307 | 14,182 | 5,609 | 5,589 | 19,791 | 10,437 | 27,098 | 8,417 | 28,766 | 33,356 | |||
Dividends on preferred stock | 22,395 | 22,394 | 22,395 | 22,395 | 22,411 | 22,427 | 22,427 | 22,461 | 44,790 | 44,888 | 67,184 | 67,315 | 89,579 | 89,726 | 66,744 | |||
Net income (loss) attributable to common stockholders - basic | $ (87,526) | $ 193,949 | $ 357,401 | $ 68,854 | $ 81,754 | $ 124,456 | $ (3,278) | $ 661,861 | $ 426,255 | $ 658,583 | $ 620,204 | $ 783,039 | $ 532,678 | $ 864,793 | $ 705,482 | |||
Net income (loss) per share of common stock | ||||||||||||||||||
Basic (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.27 | $ (0.01) | $ 1.42 | $ 0.89 | $ 1.41 | $ 1.29 | $ 1.68 | $ 1.11 | $ 1.84 | $ 1.56 | |||
Diluted (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.26 | $ (0.01) | $ 1.37 | $ 0.88 | $ 1.36 | $ 1.28 | $ 1.62 | $ 1.10 | $ 1.80 | $ 1.51 | |||
Weighted average number of shares of common stock outstanding | ||||||||||||||||||
Basic weighted average shares of common stock outstanding (in shares) | 483,214,458 | 483,214,061 | 483,091,792 | 478,167,178 | 473,715,100 | 467,974,962 | 466,804,548 | 466,785,584 | 480,642,680 | 466,795,119 | 481,503,762 | 467,192,721 | 481,934,951 | 468,836,718 | 451,276,742 | |||
Diluted (in shares) | 484,270,098 | 484,350,288 | 483,376,961 | 482,846,911 | 480,852,723 | 476,796,757 | 466,804,548 | 484,425,066 | 483,113,400 | 484,494,108 | 483,530,227 | 481,900,129 | 483,716,715 | 481,636,125 | 467,665,006 | |||
Dividends declared per share of common stock (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.50 | $ 0.75 | $ 0.75 | $ 1 | $ 1 | $ 0.90 |
Realization of cash flows | $ (141,616) | $ (180,265) | $ (200,325) | $ (380,590) | $ (522,206) | $ (631,120) | ||||||||||||
As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | $ 1,097,411 | $ 841,561 | $ 762,402 | 910,847 | 1,320,607 | 1,729,202 | $ 1,938,972 | 3,049,180 | $ 3,088,706 | $ 3,715,496 | 4,952,416 | $ 3,785,076 | ||||||
Total revenues | $ 709,471 | $ 1,149,734 | 3,798,177 | |||||||||||||||
Expenses | ||||||||||||||||||
Interest expense and warehouse line fees | 400,474 | 382,554 | 329,158 | 309,068 | 283,250 | 218,089 | 150,829 | 138,833 | 638,226 | 289,662 | 1,020,780 | 507,751 | 1,421,254 | 791,001 | 497,308 | |||
General and administrative | 191,614 | 190,475 | 181,508 | 167,155 | 189,295 | 214,624 | 225,271 | 246,238 | 348,663 | 471,509 | 539,138 | 686,133 | 730,752 | 875,428 | 864,028 | |||
Compensation and benefits | 222,457 | 186,149 | 189,606 | 188,880 | 208,185 | 290,984 | 339,658 | 392,619 | 378,486 | 732,277 | 564,635 | 1,023,261 | 787,092 | 1,231,446 | 1,159,810 | |||
Management fee to affiliate | 0 | 20,985 | 25,189 | 46,174 | 46,174 | 46,174 | 95,926 | |||||||||||
Termination fee to affiliate | 0 | 400,000 | 400,000 | 400,000 | 400,000 | |||||||||||||
Total operating expenses | 814,545 | 759,178 | 700,272 | 665,103 | 680,730 | 723,697 | 1,136,743 | 802,879 | 1,365,375 | 1,939,622 | 2,124,553 | 2,663,319 | 2,939,098 | 3,344,049 | 2,617,072 | |||
Other income (loss) | ||||||||||||||||||
Realized and unrealized gains (losses), net | 70,607 | (123,668) | 93,974 | (78,149) | 9,764 | (34,118) | (137,231) | (85,935) | 15,825 | (222,537) | (107,843) | (256,656) | (37,236) | (200,181) | (207,437) | |||
Other income (loss) | (2,834) | 6,888 | (47,898) | (25,166) | (3,650) | 23,242 | 59,388 | 52,332 | (73,064) | 111,720 | (66,176) | 134,962 | (69,010) | (145,385) | 3,241 | |||
Total other income (loss) | 67,773 | (116,780) | 46,076 | (103,315) | 6,114 | (10,876) | (77,843) | (33,603) | (57,239) | (110,817) | (174,019) | (121,694) | (106,246) | (345,566) | (204,196) | |||
Income (loss) before income taxes | (37,301) | 273,776 | 443,215 | 73,143 | 87,786 | 176,274 | 106,021 | 892,720 | 516,358 | 998,741 | 790,134 | 1,175,015 | 752,833 | 1,262,801 | 963,808 | |||
Income tax (benefit) expense | 29,850 | 52,585 | 56,530 | (16,806) | (18,047) | 22,084 | 72,690 | 202,789 | 39,724 | 275,479 | 92,309 | 297,563 | 122,159 | 279,516 | 158,226 | |||
Net income (loss) | (67,151) | 221,191 | 386,685 | 89,949 | 105,833 | 154,190 | 33,331 | 689,931 | 476,634 | 723,262 | 697,825 | 877,452 | 630,674 | 983,285 | 805,582 | |||
Noncontrolling interests in income (loss) of consolidated subsidiaries | (2,020) | 4,848 | 6,889 | (1,300) | 1,668 | 7,307 | 14,182 | 5,609 | 5,589 | 19,791 | 10,437 | 27,098 | 8,417 | 28,766 | 33,356 | |||
Dividends on preferred stock | 22,395 | 22,394 | 22,395 | 22,395 | 22,411 | 22,427 | 22,427 | 22,461 | 44,790 | 44,888 | 67,184 | 67,315 | 89,579 | 89,726 | 66,744 | |||
Net income (loss) attributable to common stockholders - basic | $ (87,526) | $ 193,949 | $ 357,401 | $ 68,854 | $ 81,754 | $ 124,456 | $ (3,278) | $ 661,861 | $ 426,255 | $ 658,583 | $ 620,204 | $ 783,039 | $ 532,678 | $ 864,793 | $ 705,482 | |||
Net income (loss) per share of common stock | ||||||||||||||||||
Basic (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.27 | $ (0.01) | $ 1.42 | $ 0.89 | $ 1.41 | $ 1.29 | $ 1.68 | $ 1.11 | $ 1.84 | $ 1.56 | |||
Diluted (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.26 | $ (0.01) | $ 1.37 | $ 0.88 | $ 1.36 | $ 1.28 | $ 1.62 | $ 1.10 | $ 1.80 | $ 1.51 | |||
Weighted average number of shares of common stock outstanding | ||||||||||||||||||
Basic weighted average shares of common stock outstanding (in shares) | 483,214,458 | 483,214,061 | 483,091,792 | 478,167,178 | 473,715,100 | 467,974,962 | 466,804,548 | 466,785,584 | 480,642,680 | 466,795,119 | 481,503,762 | 467,192,721 | 481,934,951 | 468,836,718 | 451,276,742 | |||
Diluted (in shares) | 484,270,098 | 484,350,288 | 483,376,961 | 482,846,911 | 480,852,723 | 476,796,757 | 466,804,548 | 484,425,066 | 483,113,400 | 484,494,108 | 483,530,227 | 481,900,129 | 483,716,715 | 481,636,125 | 467,665,006 | |||
Dividends declared per share of common stock (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.50 | $ 0.75 | $ 0.75 | $ 1 | $ 1 | $ 0.90 | |||
Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | $ 22,149 | $ (8,107) | $ (319) | $ 3,163 | $ (12,839) | $ 14,042 | $ (9,676) | $ 9,039 | $ 163 | $ (10,451) | $ (56,514) | |||||||
Total revenues | $ (8,876) | $ (5,004) | 163 | |||||||||||||||
Expenses | ||||||||||||||||||
Interest expense and warehouse line fees | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 | |||
General and administrative | 766 | 216 | 410 | 324 | 351 | 451 | 487 | 426 | 734 | 913 | 950 | 1,364 | 1,717 | 1,715 | 1,773 | |||
Compensation and benefits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Management fee to affiliate | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Termination fee to affiliate | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Total operating expenses | 766 | 216 | 410 | 324 | 351 | 451 | 487 | 426 | 734 | 913 | 950 | 1,364 | 1,717 | 1,715 | 1,773 | |||
Other income (loss) | ||||||||||||||||||
Realized and unrealized gains (losses), net | 9,642 | 5,220 | (21,739) | 8,431 | 806 | 770 | (2,676) | 13,265 | (13,308) | 10,589 | (8,089) | 11,359 | 1,554 | 12,166 | 58,287 | |||
Other income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total other income (loss) | 9,642 | 5,220 | (21,739) | 8,431 | 806 | 770 | (2,676) | 13,265 | (13,308) | 10,589 | (8,089) | 11,359 | 1,554 | 12,166 | 58,287 | |||
Income (loss) before income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Income tax (benefit) expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Noncontrolling interests in income (loss) of consolidated subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Dividends on preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Net income (loss) attributable to common stockholders - basic | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Net income (loss) per share of common stock | ||||||||||||||||||
Basic (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Weighted average number of shares of common stock outstanding | ||||||||||||||||||
Basic weighted average shares of common stock outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Diluted (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Dividends declared per share of common stock (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | $ 1,119,560 | $ 833,454 | $ 910,528 | $ 1,323,770 | $ 1,716,363 | $ 1,953,014 | $ 3,039,504 | $ 3,097,745 | $ 3,715,659 | $ 4,941,965 | $ 3,728,562 | |||||||
Total revenues | $ 700,595 | $ 1,144,730 | 3,798,340 | |||||||||||||||
Expenses | ||||||||||||||||||
Interest expense and warehouse line fees | 400,474 | 382,554 | 329,158 | 309,068 | $ 283,250 | 218,089 | 150,829 | 138,833 | 638,226 | 289,662 | 1,020,780 | $ 507,751 | 1,421,254 | 791,001 | 497,308 | |||
General and administrative | 192,380 | 190,691 | 181,918 | 167,479 | 189,646 | 215,075 | 225,758 | 246,664 | 349,397 | 472,422 | 540,088 | 687,497 | 732,469 | 877,143 | 865,801 | |||
Compensation and benefits | 222,457 | 186,149 | 189,606 | 188,880 | 208,185 | 290,984 | 339,658 | 392,619 | 378,486 | 732,277 | 564,635 | 1,023,261 | 787,092 | 1,231,446 | 1,159,810 | |||
Management fee to affiliate | 0 | 20,985 | 25,189 | 46,174 | 46,174 | 46,174 | 95,926 | |||||||||||
Termination fee to affiliate | 0 | 400,000 | 400,000 | 400,000 | 400,000 | |||||||||||||
Total operating expenses | 815,311 | 759,394 | 700,682 | 665,427 | 681,081 | 724,148 | 1,137,230 | 803,305 | 1,366,109 | 1,940,535 | 2,125,503 | 2,664,683 | 2,940,815 | 3,345,764 | 2,618,845 | |||
Other income (loss) | ||||||||||||||||||
Realized and unrealized gains (losses), net | 80,249 | (118,448) | 72,235 | (69,718) | 10,570 | (33,348) | (139,907) | (72,670) | 2,517 | (211,948) | (115,932) | (245,297) | (35,682) | (188,015) | (149,150) | |||
Other income (loss) | (2,834) | 6,888 | (47,898) | (25,166) | (3,650) | 23,242 | 59,388 | 52,332 | (73,064) | 111,720 | (66,176) | 134,962 | (69,010) | (145,385) | 3,241 | |||
Total other income (loss) | 77,415 | (111,560) | 24,337 | (94,884) | 6,920 | (10,106) | (80,519) | (20,338) | (70,547) | (100,228) | (182,108) | (110,335) | (104,692) | (333,400) | (145,909) | |||
Income (loss) before income taxes | (37,301) | 273,776 | 443,215 | 73,143 | 87,786 | 176,274 | 106,021 | 892,720 | 516,358 | 998,741 | 790,134 | 1,175,015 | 752,833 | 1,262,801 | 963,808 | |||
Income tax (benefit) expense | 29,850 | 52,585 | 56,530 | (16,806) | (18,047) | 22,084 | 72,690 | 202,789 | 39,724 | 275,479 | 92,309 | 297,563 | 122,159 | 279,516 | 158,226 | |||
Net income (loss) | (67,151) | 221,191 | 386,685 | 89,949 | 105,833 | 154,190 | 33,331 | 689,931 | 476,634 | 723,262 | 697,825 | 877,452 | 630,674 | 983,285 | 805,582 | |||
Noncontrolling interests in income (loss) of consolidated subsidiaries | (2,020) | 4,848 | 6,889 | (1,300) | 1,668 | 7,307 | 14,182 | 5,609 | 5,589 | 19,791 | 10,437 | 27,098 | 8,417 | 28,766 | 33,356 | |||
Dividends on preferred stock | 22,395 | 22,394 | 22,395 | 22,395 | 22,411 | 22,427 | 22,427 | 22,461 | 44,790 | 44,888 | 67,184 | 67,315 | 89,579 | 89,726 | 66,744 | |||
Net income (loss) attributable to common stockholders - basic | $ (87,526) | $ 193,949 | $ 357,401 | $ 68,854 | $ 81,754 | $ 124,456 | $ (3,278) | $ 661,861 | $ 426,255 | $ 658,583 | $ 620,204 | $ 783,039 | $ 532,678 | $ 864,793 | $ 705,482 | |||
Net income (loss) per share of common stock | ||||||||||||||||||
Basic (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.27 | $ (0.01) | $ 1.42 | $ 0.89 | $ 1.41 | $ 1.29 | $ 1.68 | $ 1.11 | $ 1.84 | $ 1.56 | |||
Diluted (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.26 | $ (0.01) | $ 1.37 | $ 0.88 | $ 1.36 | $ 1.28 | $ 1.62 | $ 1.10 | $ 1.80 | $ 1.51 | |||
Weighted average number of shares of common stock outstanding | ||||||||||||||||||
Basic weighted average shares of common stock outstanding (in shares) | 483,214,458 | 483,214,061 | 483,091,792 | 478,167,178 | 473,715,100 | 467,974,962 | 466,804,548 | 466,785,584 | 480,642,680 | 466,795,119 | 481,503,762 | 467,192,721 | 481,934,951 | 468,836,718 | 451,276,742 | |||
Diluted (in shares) | 484,270,098 | 484,350,288 | 483,376,961 | 482,846,911 | 480,852,723 | 476,796,757 | 466,804,548 | 484,425,066 | 483,113,400 | 484,494,108 | 483,530,227 | 481,900,129 | 483,716,715 | 481,636,125 | 467,665,006 | |||
Dividends declared per share of common stock (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.50 | $ 0.75 | $ 0.75 | $ 1 | $ 1 | $ 0.90 | |||
Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | $ (9,221) | $ (8,666) | $ (6,924) | $ (6,145) | $ (57) | $ (17,887) | $ (6,202) | $ (27,212) | $ (36,153) | $ (21,164) | $ 0 | |||||||
Total revenues | $ (8,941) | $ (9,325) | (36,153) | |||||||||||||||
Expenses | ||||||||||||||||||
Interest expense and warehouse line fees | (5,125) | (5,026) | (4,923) | (4,853) | $ (4,481) | (4,546) | (4,139) | (42) | (9,776) | (4,181) | (14,802) | $ (8,727) | (19,927) | (13,208) | 0 | |||
General and administrative | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Compensation and benefits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Management fee to affiliate | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Termination fee to affiliate | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Total operating expenses | (5,125) | (5,026) | (4,923) | (4,853) | (4,481) | (4,546) | (4,139) | (42) | (9,776) | (4,181) | (14,802) | (8,727) | (19,927) | (13,208) | 0 | |||
Other income (loss) | ||||||||||||||||||
Realized and unrealized gains (losses), net | 3,816 | 4,299 | 4,298 | 3,813 | 3,557 | 2,378 | 2,006 | 15 | 8,111 | 2,021 | 12,410 | 4,399 | 16,226 | 7,956 | 0 | |||
Other income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total other income (loss) | 3,816 | 4,299 | 4,298 | 3,813 | 3,557 | 2,378 | 2,006 | 15 | 8,111 | 2,021 | 12,410 | 4,399 | 16,226 | 7,956 | 0 | |||
Income (loss) before income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Income tax (benefit) expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Noncontrolling interests in income (loss) of consolidated subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Dividends on preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Net income (loss) attributable to common stockholders - basic | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Net income (loss) per share of common stock | ||||||||||||||||||
Basic (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Weighted average number of shares of common stock outstanding | ||||||||||||||||||
Basic weighted average shares of common stock outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Diluted (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Dividends declared per share of common stock (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Mortgage Servicing Rights | ||||||||||||||||||
Weighted average number of shares of common stock outstanding | ||||||||||||||||||
Realization of cash flows | $ (134,884) | $ (138,993) | $ (139,410) | $ (105,691) | $ (108,914) | $ (245,101) | $ (384,094) | $ (518,978) | $ (631,120) | $ (1,192,646) | ||||||||
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 481,928 | 442,425 | 465,347 | 469,657 | 452,758 | $ 452,990 | $ 469,342 | $ 456,264 | 935,004 | $ 925,606 | 1,377,429 | $ 1,378,596 | 1,859,357 | 1,831,354 | 1,558,823 | |||
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 482,210 | 442,644 | 465,562 | 469,839 | 452,923 | 453,163 | 469,478 | 456,400 | 935,401 | 925,878 | 1,378,045 | 1,379,041 | 1,860,255 | 1,831,964 | 1,559,554 | |||
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (282) | (219) | (215) | (182) | (165) | (173) | (136) | (136) | (397) | (272) | (616) | (445) | (898) | (610) | (731) | |||
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 481,928 | 442,425 | 465,347 | 469,657 | 452,758 | 452,990 | 469,342 | 456,264 | 935,004 | 925,606 | 1,377,429 | 1,378,596 | 1,859,357 | 1,831,354 | 1,558,823 | |||
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978), $(631,120) and $(1,192,646), respectively) | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (466,346) | 20,934 | 22,032 | (142,304) | (162,028) | (19,174) | 334,690 | 575,393 | (120,272) | 909,454 | (99,338) | 890,281 | (565,684) | 727,334 | (577,763) | |||
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978), $(631,120) and $(1,192,646), respectively) | As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (466,346) | 20,934 | 22,032 | (142,304) | (162,028) | (19,174) | 334,690 | 575,393 | (120,272) | 909,454 | (99,338) | 890,281 | (565,684) | 727,334 | (577,763) | |||
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978), $(631,120) and $(1,192,646), respectively) | Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978), $(631,120) and $(1,192,646), respectively) | Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (466,346) | 20,934 | 22,032 | (142,304) | (162,028) | (19,174) | 334,690 | 575,393 | (120,272) | 909,454 | (99,338) | 890,281 | (565,684) | 727,334 | (577,763) | |||
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978), $(631,120) and $(1,192,646), respectively) | Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Servicing revenue, net | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 15,582 | 463,359 | 487,379 | 327,353 | 290,730 | 433,816 | 804,032 | 1,031,657 | 814,732 | 1,835,060 | 1,278,091 | 2,268,877 | 1,293,673 | 2,558,688 | 981,060 | |||
Servicing revenue, net | As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 15,864 | 463,578 | 487,594 | 327,535 | 290,895 | 433,989 | 804,168 | 1,031,793 | 815,129 | 1,835,332 | 1,278,707 | 2,269,322 | 1,294,571 | 2,559,298 | 981,791 | |||
Servicing revenue, net | Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (282) | (219) | (215) | (182) | (165) | (173) | (136) | (136) | (397) | (272) | (616) | (445) | (898) | (610) | (731) | |||
Servicing revenue, net | Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 15,582 | 463,359 | 487,379 | 327,353 | 290,730 | 433,816 | 804,032 | 1,031,657 | 814,732 | 1,835,060 | 1,278,091 | 2,268,877 | 1,293,673 | 2,558,688 | 981,060 | |||
Servicing revenue, net | Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Interest income | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 438,501 | 462,497 | 385,167 | 330,023 | 351,794 | 261,902 | 202,023 | 222,741 | 715,190 | 424,764 | 1,177,688 | 686,666 | 1,616,189 | 1,038,459 | 794,171 | |||
Interest income | As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 454,317 | 476,607 | 398,786 | 346,614 | 365,541 | 273,379 | 211,648 | 225,413 | 745,400 | 437,061 | 1,222,007 | 710,440 | 1,676,324 | 1,075,981 | 810,896 | |||
Interest income | Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (6,875) | (4,785) | (4,398) | (7,925) | (5,709) | (4,553) | (3,480) | (2,615) | (12,323) | (6,095) | (17,107) | (10,648) | (23,982) | (16,358) | (16,725) | |||
Interest income | Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 447,442 | 471,822 | 394,388 | 338,689 | 359,832 | 268,826 | 208,168 | 222,798 | 733,077 | 430,966 | 1,204,900 | 699,792 | 1,652,342 | 1,059,623 | 794,171 | |||
Interest income | Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (8,941) | (9,325) | (9,221) | (8,666) | (8,038) | (6,924) | (6,145) | (57) | (17,887) | (6,202) | (27,212) | (13,126) | (36,153) | (21,164) | 0 | |||
Gain on originated residential mortgage loans, held-for-sale, net | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 96,395 | 149,230 | 178,584 | 109,268 | 111,385 | 207,886 | 311,570 | 461,908 | 287,852 | 773,478 | 437,082 | 981,364 | 533,477 | 1,092,749 | 1,787,851 | |||
Gain on originated residential mortgage loans, held-for-sale, net | As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 98,114 | 149,230 | 151,822 | 109,268 | 105,966 | 203,479 | 304,791 | 471,996 | 261,090 | 776,787 | 410,320 | 980,266 | 508,434 | 1,086,232 | 1,826,909 | |||
Gain on originated residential mortgage loans, held-for-sale, net | Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (1,719) | 0 | 26,762 | 0 | 5,419 | 4,407 | 6,779 | (10,088) | 26,762 | (3,309) | 26,762 | 1,098 | 25,043 | 6,517 | (39,058) | |||
Gain on originated residential mortgage loans, held-for-sale, net | Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 96,395 | 149,230 | 178,584 | 109,268 | 111,385 | 207,886 | 311,570 | 461,908 | 287,852 | 773,478 | 437,082 | 981,364 | 533,477 | 1,092,749 | 1,787,851 | |||
Gain on originated residential mortgage loans, held-for-sale, net | Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||
Other revenues | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 58,495 | 60,319 | 59,209 | 58,144 | 117,353 | 177,672 | 3,936,907 | 236,167 | 230,905 | 165,480 | ||||||||
Other revenues | As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 58,495 | 60,319 | 59,209 | 58,144 | 117,353 | 177,672 | 3,960,028 | 236,167 | 230,905 | 165,480 | ||||||||
Other revenues | Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 0 | 0 | 0 | 0 | (455) | 0 | 0 | (9,995) | 0 | 0 | 0 | |||||||
Other revenues | Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 58,495 | 60,319 | 59,209 | 58,144 | 761,947 | 117,353 | 177,672 | 3,950,033 | 236,167 | 230,905 | 165,480 | |||||||
Other revenues | Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 0 | $ 0 | $ 0 | $ 0 | $ (8,038) | $ 0 | $ 0 | $ (13,126) | 0 | 0 | 0 | |||||||
Asset management revenues | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Total revenues | 82,681 | 82,681 | $ 0 | $ 0 | ||||||||||||||
Asset management revenues | As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Total revenues | 82,681 | 82,681 | ||||||||||||||||
Asset management revenues | Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Total revenues | 0 | 0 | ||||||||||||||||
Asset management revenues | Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Total revenues | 82,681 | 82,681 | ||||||||||||||||
Asset management revenues | Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Total revenues | $ 0 | $ 0 |
RESTATEMENT OF PREVIOUSLY ISS_6
RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL STATEMENTS - Cash Flow Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities | |||||||||||||||
Net income (loss) | $ (67,151) | $ 221,191 | $ 386,685 | $ 89,949 | $ 105,833 | $ 154,190 | $ 33,331 | $ 689,931 | $ 476,634 | $ 723,262 | $ 697,825 | $ 877,452 | $ 630,674 | $ 983,285 | $ 805,582 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||
Change in fair value of investments, net | 247,075 | 146,125 | 307,633 | 396,161 | 560,017 | (560,492) | 893,665 | (1,069,927) | (40,576) | ||||||
Change in fair value of equity investments | 2,098 | (256) | 27,630 | 9,111 | 27,509 | 8,535 | 28,407 | 13,265 | (5,986) | ||||||
Change in fair value of secured notes and bonds payable | 2,500 | (7,194) | (2,049) | (35,151) | (5,890) | (50,279) | 17,155 | (45,792) | (12,991) | ||||||
(Gain) loss on settlement of investments, net | (167,609) | (61,184) | (283,306) | (156,120) | (402,449) | 843,837 | (820,238) | 1,354,263 | 205,220 | ||||||
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net | (109,268) | (461,908) | (287,852) | (773,478) | (437,082) | (981,364) | (533,477) | (1,092,749) | (1,787,851) | ||||||
(Gain) loss on transfer of loans to real estate owned ("REO") | (3,276) | (2,944) | (7,472) | (4,039) | (10,120) | (6,263) | (10,224) | (7,726) | (3,752) | ||||||
Accretion and other amortization | (12,766) | (13,351) | (29,892) | (30,287) | (74,730) | (37,634) | (106,421) | (80,957) | (46,241) | ||||||
Provision (reversal) for credit losses on securities, loans and REO | (2,803) | 3,740 | 3,009 | 7,528 | 6,455 | 14,272 | (478) | 14,962 | (47,744) | ||||||
Non-cash portions of servicing revenue, net | 149,730 | (645,018) | 120,272 | (981,581) | 158,344 | (890,281) | 618,005 | (639,945) | 577,763 | ||||||
Deferred tax provision | (16,822) | 201,354 | 39,626 | 275,458 | 86,324 | 297,517 | 90,002 | 271,167 | 151,200 | ||||||
Mortgage loans originated and purchased for sale, net of fees | (7,531,856) | (29,446,744) | (18,109,588) | (50,293,942) | (30,003,362) | (65,397,832) | (39,817,843) | (76,344,856) | (130,205,665) | ||||||
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale | 8,137,021 | 32,408,766 | 18,174,194 | 54,533,386 | 30,088,541 | 70,570,337 | 39,340,813 | 81,547,076 | 132,114,445 | ||||||
Loan originations and draws of consolidated entities | (27,061) | (49,024) | 0 | (75,406) | 0 | ||||||||||
Loan repayment proceeds of consolidated entities | 57,854 | 154,840 | 130,704 | 294,364 | 196,166 | 372,950 | 278,920 | 431,065 | 753,101 | ||||||
Mortgage loans receivable repayment proceeds of consolidated CFEs | 90,496 | 166,550 | 79,480 | 255,798 | 124,918 | 353,994 | 170,834 | 0 | |||||||
Interest received from servicer advance investments, loans and other | 13,705 | 41,721 | 27,874 | 31,394 | 42,932 | 46,797 | 54,485 | 62,375 | 153,539 | ||||||
Changes in: | |||||||||||||||
Servicer advances receivable, net | 230,596 | 202,938 | 377,567 | 294,452 | 339,610 | 332,902 | 15,022 | (36,695) | 226,173 | ||||||
Other assets | 50,472 | (268,772) | 16,191 | 72,498 | 15,312 | (54,485) | (428,763) | 405,469 | 939,953 | ||||||
Due to affiliates | (7,887) | (17,819) | (17,819) | 0 | (17,819) | 8,369 | |||||||||
Accrued expenses and other liabilities | 21,346 | 285,517 | 83,799 | 132,325 | 199,341 | 317,256 | 89,897 | (89,003) | (349,733) | ||||||
Net cash provided by (used in) operating activities | 1,248,442 | 3,219,674 | 1,231,524 | 4,529,941 | 1,740,541 | 5,761,300 | 693,595 | 5,752,886 | 3,434,806 | ||||||
Cash Flows From Investing Activities | |||||||||||||||
Business acquisitions, net of cash acquired | (306,770) | 0 | (1,173,171) | ||||||||||||
Maturity of U.S. Treasury Bills | 1,030,000 | 0 | 0 | ||||||||||||
Purchase of US Treasuries | (973,795) | (973,795) | (998,148) | 0 | 0 | ||||||||||
Purchase of servicer advance investments | (232,446) | (257,807) | (445,470) | (500,000) | (644,594) | (744,671) | (852,015) | (988,847) | (1,286,526) | ||||||
Purchase of RMBS | (2,883,278) | (1,006,483) | (2,898,237) | (1,052,724) | (4,094,458) | (9,597,580) | (4,094,934) | (15,629,483) | (6,099,550) | ||||||
U.S. Treasury Note short sales | 1,765,360 | 0 | 0 | ||||||||||||
Reverse repurchase agreements entered | (1,769,601) | 0 | 0 | ||||||||||||
Purchase of residential mortgage loans | (1,269) | (7,182) | (1,269) | (7,182) | (1,269) | (7,182) | 0 | (7,182) | 0 | ||||||
Purchase of SFR properties, MSRs and other assets | (4,607) | (239,347) | (11,975) | (355,002) | (72,503) | (396,981) | (106,351) | (416,610) | (1,390,317) | ||||||
Purchase of mortgage loans receivable | (146,631) | (146,631) | 0 | 0 | |||||||||||
Draws on revolving consumer loans | (6,831) | (7,163) | (13,493) | (14,350) | (20,675) | (22,070) | (27,510) | (29,615) | (29,002) | ||||||
Net settlement of derivatives and hedges | 225,560 | 65,436 | 291,174 | 279,306 | 390,415 | 282,827 | 867,637 | 311,073 | (182,971) | ||||||
Return of investments in Excess MSRs | 7,821 | 2,680 | 16,489 | 7,873 | 23,066 | 12,264 | 31,940 | 17,701 | 54,037 | ||||||
Principal repayments from servicer advance investments | 240,331 | 290,128 | 464,921 | 541,868 | 675,261 | 791,653 | 880,861 | 1,033,326 | 1,382,344 | ||||||
Principal repayments from RMBS | 143,419 | 336,380 | 305,887 | 649,294 | 477,480 | 863,193 | 639,736 | 1,026,186 | 2,257,698 | ||||||
Principal repayments from residential mortgage loans | 8,272 | 24,121 | 21,364 | 49,806 | 35,064 | 69,020 | 47,735 | 85,836 | 119,841 | ||||||
Principal repayments from consumer loans | 24,784 | 39,935 | 86,164 | 79,298 | 267,820 | 112,228 | 439,540 | 140,574 | 214,619 | ||||||
Principal repayments from mortgage loans receivable | 0 | ||||||||||||||
Proceeds from sale of MSRs and MSR financing receivables | 1,357 | 454 | 424,034 | 2,105 | 705,300 | 3,975 | 705,300 | 10,698 | 62,971 | ||||||
Proceeds from sale of RMBS | 1,869,053 | 1,869,053 | 738,887 | 1,868,702 | 7,716,127 | 2,087,419 | 14,565,043 | 8,189,585 | |||||||
Proceeds from sale of residential mortgage loans | 0 | 0 | 9,922 | ||||||||||||
Proceeds from sale of REO | 5,678 | 3,832 | 13,175 | 7,210 | 19,806 | 9,652 | 23,153 | 14,201 | 54,232 | ||||||
Net cash provided by (used in) investing activities | (602,156) | (754,968) | (851,978) | 427,002 | (1,491,011) | (907,295) | 216,721 | 132,901 | 2,183,712 | ||||||
Cash Flows From Financing Activities | |||||||||||||||
Repayments of secured financing agreements | (11,327,261) | (9,638,525) | (24,321,697) | (23,318,214) | (31,733,802) | (39,920,856) | (48,921,875) | (55,998,234) | (69,206,600) | ||||||
Repayments of warehouse credit facilities | (8,473,149) | (33,378,329) | (18,980,639) | (56,240,720) | (31,076,021) | (73,028,747) | (41,096,041) | (83,793,352) | (130,744,991) | ||||||
Net settlement of margin deposits under repurchase agreements and derivatives | (387,780) | 137,418 | (411,796) | 812,477 | (676,511) | 1,007,970 | (862,662) | 1,460,458 | 249,367 | ||||||
Repayments of secured notes and bonds payable | (1,677,534) | (1,047,972) | (3,538,076) | (2,220,042) | (5,024,509) | (3,174,439) | (7,636,954) | (4,696,136) | (8,078,073) | ||||||
Deferred financing fees | (2,103) | (4,472) | (11,740) | (1,398) | (7,084) | (8,992) | (7,364) | (11,062) | (8,385) | ||||||
Dividends paid on common and preferred stock | (140,968) | (139,185) | (284,262) | (278,293) | (427,583) | (417,445) | (570,878) | (558,301) | (438,544) | ||||||
Borrowings under secured financing agreements | 12,240,027 | 10,081,997 | 26,093,901 | 21,936,667 | 34,530,433 | 39,713,905 | 50,079,186 | 54,385,892 | 64,749,425 | ||||||
Borrowings under warehouse credit facilities | 8,062,420 | 29,622,712 | 18,706,720 | 50,995,092 | 30,625,465 | 66,296,292 | 41,065,479 | 76,069,417 | 129,899,057 | ||||||
Borrowings under secured notes and bonds payable | 1,303,796 | 1,351,203 | 2,425,593 | 2,605,887 | 3,561,756 | 3,777,252 | 6,669,483 | 5,868,761 | 7,964,077 | ||||||
Proceeds from issuance of debt obligations of consolidated CFEs | 1,160,218 | 150,586 | 1,466,538 | 150,586 | 1,700,810 | 725,901 | 1,919,160 | 725,397 | |||||||
Repayments of debt obligations of consolidated CFEs | (51,983) | (150,961) | (127,404) | (297,527) | (190,881) | (374,170) | (269,563) | (430,042) | (1,145,324) | ||||||
Issuance of common and preferred stock | 0 | 0 | 962,910 | ||||||||||||
Repurchase of common and preferred stock | (3,814) | (3,814) | (3,814) | 0 | (5,227) | 0 | |||||||||
Noncontrolling interest in equity of consolidated subsidiaries - distributions | (5,430) | (8,879) | (12,405) | (15,968) | (17,597) | (21,391) | (17,261) | (27,047) | (78,123) | ||||||
Payment of contingent consideration | (12,276) | 0 | (2,355) | (12,276) | |||||||||||
Net cash provided by (used in) financing activities | (459,965) | (2,030,865) | (311,219) | (4,559,315) | (285,748) | (4,453,625) | (842,549) | (5,818,068) | (5,162,083) | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 186,321 | 433,841 | 68,327 | 397,628 | (36,218) | 400,380 | 67,767 | 67,719 | 456,435 | ||||||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 1,593,110 | 1,697,655 | 1,815,649 | 1,629,328 | 1,961,989 | 1,959,237 | 1,995,450 | 1,561,609 | 1,629,328 | 1,561,609 | 1,629,328 | 1,561,609 | 1,629,328 | 1,561,609 | 1,105,174 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 1,697,095 | 1,593,110 | 1,697,655 | 1,815,649 | 1,629,328 | 1,961,989 | 1,959,237 | 1,995,450 | 1,697,655 | 1,959,237 | 1,593,110 | 1,961,989 | 1,697,095 | 1,629,328 | 1,561,609 |
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Cash paid during the period for interest | 313,870 | 150,121 | 680,330 | 318,438 | 975,872 | 531,903 | 1,484,094 | 825,224 | 578,681 | ||||||
Cash paid during the period for income taxes | 402 | 36 | 1,798 | 1,636 | 1,798 | 1,757 | 6,524 | 4,012 | 23,506 | ||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Dividends declared but not paid on common and preferred stock | 143,149 | 139,158 | 143,225 | 139,141 | 143,199 | 140,856 | 143,199 | 140,984 | 139,170 | ||||||
Transfer from residential mortgage loans to REO and other assets | 6,025 | (2,034) | 14,662 | 4,890 | 21,135 | 10,762 | 21,943 | 14,936 | 30,020 | ||||||
Real estate securities retained from loan securitizations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45,967 | |||||||
Residential mortgage loans subject to repurchase | 1,782,998 | 1,443,546 | 1,296,097 | 1,189,907 | 1,219,890 | 1,897,142 | 1,758,509 | 1,700,426 | 1,296,097 | 1,758,509 | 1,443,546 | 1,897,142 | 1,782,998 | 1,219,890 | 1,787,314 |
Purchase of Agency RMBS, settled after quarter-end | 498,933 | 0 | 731,216 | 0 | |||||||||||
Cashless exercise of 2020 Warrants (par) | 93 | 93 | 93 | 93 | 69 | 0 | |||||||||
Marcus Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 1,317,347 | 1,317,347 | 1,317,347 | 0 | 0 | ||||||||||
Notes Receivable Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 323,452 | ||||||||||||||
Genesis Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 0 | 0 | 1,256,279 | ||||||||||||
As Reported | |||||||||||||||
Cash Flows From Operating Activities | |||||||||||||||
Net income (loss) | (67,151) | 221,191 | 386,685 | 89,949 | 105,833 | 154,190 | 33,331 | 689,931 | 476,634 | 723,262 | 697,825 | 877,452 | 630,674 | 983,285 | 805,582 |
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 | 269,530 | 381,159 | 516,114 | (587,181) | 843,878 | (1,108,366) | (11,723) | ||||||
Change in fair value of equity investments | 2,098 | (256) | 27,630 | 9,111 | 27,509 | 8,535 | 28,407 | 13,265 | (5,986) | ||||||
Change in fair value of secured notes and bonds payable | 2,500 | (7,194) | (2,049) | (35,151) | (5,890) | (50,279) | 17,155 | (45,792) | (12,991) | ||||||
(Gain) loss on settlement of investments, net | (167,609) | (61,184) | (283,306) | (156,120) | (402,449) | 843,837 | (820,238) | 1,354,263 | 232,151 | ||||||
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net | (109,268) | (471,996) | (261,090) | (776,787) | (410,320) | (980,266) | (508,434) | (1,086,232) | (1,826,909) | ||||||
(Gain) loss on transfer of loans to real estate owned ("REO") | (3,276) | (2,944) | (7,472) | (4,039) | (10,120) | (6,263) | (10,224) | (7,726) | (3,752) | ||||||
Accretion and other amortization | (18,270) | (15,095) | (37,711) | (34,731) | (85,063) | (45,230) | (120,699) | (91,891) | (49,382) | ||||||
Provision (reversal) for credit losses on securities, loans and REO | (2,803) | 3,740 | 3,009 | 7,528 | 6,455 | 14,272 | (478) | 14,962 | (47,744) | ||||||
Non-cash portions of servicing revenue, net | 149,730 | (645,018) | 120,272 | (981,581) | 158,344 | (890,281) | 618,005 | (639,945) | 577,763 | ||||||
Deferred tax provision | (16,822) | 201,354 | 39,626 | 275,458 | 86,324 | 297,517 | 90,002 | 271,167 | 151,200 | ||||||
Mortgage loans originated and purchased for sale, net of fees | (7,531,856) | (29,446,744) | (18,109,588) | (50,321,003) | (30,003,362) | (65,446,856) | (39,817,843) | (76,420,262) | (130,737,605) | ||||||
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale | 8,227,517 | 33,244,922 | 18,491,330 | 55,755,342 | 30,494,925 | 72,072,003 | 40,420,708 | 83,313,008 | 132,834,967 | ||||||
Loan originations and draws of consolidated entities | 0 | 0 | 0 | ||||||||||||
Loan repayment proceeds of consolidated entities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Mortgage loans receivable repayment proceeds of consolidated CFEs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Interest received from servicer advance investments, loans and other | 13,705 | 41,721 | 27,874 | 31,394 | 42,932 | 46,797 | 54,485 | 62,375 | 153,539 | ||||||
Changes in: | |||||||||||||||
Servicer advances receivable, net | 230,596 | 202,938 | 377,567 | 294,452 | 339,610 | 332,902 | 15,022 | (36,695) | 226,173 | ||||||
Other assets | 50,472 | (268,772) | 16,191 | 72,498 | 15,312 | (54,485) | (428,763) | 405,469 | 939,953 | ||||||
Due to affiliates | (7,887) | (17,819) | (17,819) | (17,819) | 8,369 | ||||||||||
Accrued expenses and other liabilities | 21,346 | 285,517 | 83,799 | 132,325 | 199,341 | 317,256 | 89,897 | (89,003) | (349,733) | ||||||
Net cash provided by (used in) operating activities | 1,181,267 | 3,890,152 | 1,232,246 | 5,355,298 | 1,667,487 | 6,731,911 | 1,101,554 | 6,874,063 | 2,883,872 | ||||||
Cash Flows From Investing Activities | |||||||||||||||
Business acquisitions, net of cash acquired | (324,783) | (1,173,171) | |||||||||||||
Maturity of U.S. Treasury Bills | 1,030,000 | ||||||||||||||
Purchase of US Treasuries | (973,795) | (973,795) | (998,148) | ||||||||||||
Purchase of servicer advance investments | (232,446) | (257,807) | (445,470) | (500,000) | (644,594) | (744,671) | (852,015) | (988,847) | (1,286,526) | ||||||
Purchase of RMBS | (2,883,278) | (1,006,483) | (2,898,237) | (1,052,724) | (4,094,458) | (9,597,580) | (4,094,934) | (15,629,483) | (6,099,550) | ||||||
U.S. Treasury Note short sales | 1,765,360 | 0 | |||||||||||||
Reverse repurchase agreements entered | (1,769,601) | 0 | |||||||||||||
Purchase of residential mortgage loans | (1,269) | (7,182) | (1,269) | (7,182) | (1,269) | (7,182) | 0 | (7,182) | |||||||
Purchase of SFR properties, MSRs and other assets | (4,607) | (239,347) | (11,975) | (355,002) | (72,503) | (396,981) | (106,351) | (416,610) | (1,390,317) | ||||||
Purchase of mortgage loans receivable | (146,631) | (146,631) | |||||||||||||
Draws on revolving consumer loans | (6,831) | (7,163) | (13,493) | (14,350) | (20,675) | (22,070) | (27,510) | (29,615) | (29,002) | ||||||
Net settlement of derivatives and hedges | 225,560 | 65,436 | 291,174 | 279,306 | 390,415 | 282,827 | 867,637 | 311,073 | (182,971) | ||||||
Return of investments in Excess MSRs | 7,821 | 2,680 | 16,489 | 7,873 | 23,066 | 12,264 | 31,940 | 17,701 | 54,037 | ||||||
Principal repayments from servicer advance investments | 240,331 | 290,128 | 464,921 | 541,868 | 675,261 | 791,653 | 880,861 | 1,033,326 | 1,382,344 | ||||||
Principal repayments from RMBS | 155,002 | 355,028 | 331,176 | 687,624 | 514,553 | 915,913 | 693,546 | 1,091,538 | 2,330,850 | ||||||
Principal repayments from residential mortgage loans | 8,272 | 24,121 | 21,364 | 49,806 | 35,064 | 69,020 | 47,735 | 85,836 | 119,841 | ||||||
Principal repayments from consumer loans | 24,784 | 39,935 | 86,164 | 79,298 | 267,820 | 112,228 | 439,540 | 140,574 | 214,619 | ||||||
Principal repayments from mortgage loans receivable | 0 | ||||||||||||||
Proceeds from sale of MSRs and MSR financing receivables | 1,357 | 454 | 424,034 | 2,105 | 705,300 | 3,975 | 705,300 | 10,698 | 62,971 | ||||||
Proceeds from sale of RMBS | 1,869,053 | 1,869,053 | 738,887 | 1,868,702 | 7,716,127 | 2,087,419 | 14,565,043 | 8,238,974 | |||||||
Proceeds from sale of residential mortgage loans | 0 | 9,922 | |||||||||||||
Proceeds from sale of REO | 5,678 | 3,832 | 13,175 | 7,210 | 19,806 | 9,652 | 23,153 | 14,201 | 54,232 | ||||||
Net cash provided by (used in) investing activities | (590,573) | (736,320) | (826,689) | 465,332 | (1,453,938) | (854,575) | 252,518 | 198,253 | 2,306,253 | ||||||
Cash Flows From Financing Activities | |||||||||||||||
Repayments of secured financing agreements | (11,327,261) | (9,638,525) | (24,321,697) | (23,318,214) | (31,733,802) | (39,920,856) | (48,921,875) | (55,998,234) | (69,206,600) | ||||||
Repayments of warehouse credit facilities | (8,473,149) | (33,378,329) | (18,980,639) | (56,240,720) | (31,076,021) | (73,028,747) | (41,096,041) | (83,793,352) | (130,744,991) | ||||||
Net settlement of margin deposits under repurchase agreements and derivatives | (387,780) | 137,418 | (411,796) | 812,477 | (676,511) | 1,007,970 | (862,662) | 1,460,458 | 249,367 | ||||||
Repayments of secured notes and bonds payable | (1,677,534) | (1,047,972) | (3,538,076) | (2,220,042) | (5,024,509) | (3,174,439) | (7,636,954) | (4,696,136) | (8,078,073) | ||||||
Deferred financing fees | (2,103) | (4,472) | (11,740) | (1,398) | (7,084) | (8,992) | (7,364) | (11,062) | (8,385) | ||||||
Dividends paid on common and preferred stock | (140,968) | (139,185) | (284,262) | (278,293) | (427,583) | (417,445) | (570,878) | (558,301) | (438,544) | ||||||
Borrowings under secured financing agreements | 12,240,027 | 10,081,997 | 26,093,901 | 21,936,667 | 34,530,433 | 39,713,905 | 50,079,186 | 54,385,892 | 64,749,425 | ||||||
Borrowings under warehouse credit facilities | 8,062,420 | 29,622,712 | 18,706,720 | 50,995,092 | 30,625,465 | 66,296,292 | 41,065,479 | 76,069,417 | 129,899,057 | ||||||
Borrowings under secured notes and bonds payable | 1,303,796 | 1,675,265 | 2,425,593 | 2,929,949 | 3,561,756 | 4,101,314 | 6,669,483 | 6,192,823 | 7,964,077 | ||||||
Proceeds from issuance of debt obligations of consolidated CFEs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Repayments of debt obligations of consolidated CFEs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Issuance of common and preferred stock | 962,910 | ||||||||||||||
Repurchase of common and preferred stock | (3,814) | (3,814) | (3,814) | (5,227) | |||||||||||
Noncontrolling interest in equity of consolidated subsidiaries - distributions | (5,430) | (8,879) | (12,405) | (15,968) | (17,597) | (21,391) | (17,261) | (27,047) | (78,123) | ||||||
Payment of contingent consideration | (12,276) | 0 | (2,355) | (12,276) | |||||||||||
Net cash provided by (used in) financing activities | (407,982) | (2,716,060) | (334,401) | (5,404,264) | (245,453) | (5,456,203) | (1,298,887) | (6,983,124) | (4,742,156) | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 182,712 | 437,772 | 71,156 | 416,366 | (31,904) | 421,133 | 55,185 | 89,192 | 447,969 | ||||||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 1,585,730 | 1,688,790 | 1,800,346 | 1,617,634 | 1,949,575 | 1,944,808 | 1,966,214 | 1,528,442 | 1,617,634 | 1,528,442 | 1,617,634 | 1,528,442 | 1,617,634 | 1,528,442 | 1,080,473 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 1,672,819 | 1,585,730 | 1,688,790 | 1,800,346 | 1,617,634 | 1,949,575 | 1,944,808 | 1,966,214 | 1,688,790 | 1,944,808 | 1,585,730 | 1,949,575 | 1,672,819 | 1,617,634 | 1,528,442 |
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Cash paid during the period for interest | 286,434 | 132,817 | 624,519 | 280,007 | 893,204 | 468,991 | 1,361,090 | 734,232 | 505,978 | ||||||
Cash paid during the period for income taxes | 402 | 36 | 1,798 | 1,636 | 1,798 | 1,757 | 6,524 | 4,012 | 23,506 | ||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Dividends declared but not paid on common and preferred stock | 143,149 | 139,158 | 143,225 | 139,141 | 143,199 | 140,856 | 143,199 | 140,984 | 139,170 | ||||||
Transfer from residential mortgage loans to REO and other assets | 6,025 | (2,034) | 14,662 | 4,890 | 21,135 | 10,762 | 21,943 | 14,936 | 30,020 | ||||||
Real estate securities retained from loan securitizations | 113,695 | 15,241 | 100,324 | 15,241 | 167,246 | 113,136 | 206,082 | 173,631 | |||||||
Residential mortgage loans subject to repurchase | 1,782,998 | 1,443,546 | 1,296,097 | 1,189,907 | 1,219,890 | 1,897,142 | 1,758,509 | 1,700,426 | 1,296,097 | 1,758,509 | 1,443,546 | 1,897,142 | 1,782,998 | 1,219,890 | 1,787,314 |
Purchase of Agency RMBS, settled after quarter-end | 498,933 | 731,216 | |||||||||||||
Cashless exercise of 2020 Warrants (par) | 93 | 93 | 93 | 93 | 69 | ||||||||||
As Reported | Marcus Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 1,317,347 | 1,317,347 | 1,317,347 | ||||||||||||
As Reported | Notes Receivable Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 323,452 | ||||||||||||||
As Reported | Genesis Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 1,256,279 | ||||||||||||||
Error Adjustments | |||||||||||||||
Cash Flows From Operating Activities | |||||||||||||||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||
Change in fair value of investments, net | 3,817 | (994) | 38,103 | 15,002 | 43,903 | 26,689 | 49,787 | 38,439 | (28,853) | ||||||
Change in fair value of equity investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Change in fair value of secured notes and bonds payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
(Gain) loss on settlement of investments, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (26,931) | ||||||
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net | 0 | 10,088 | (26,762) | 3,309 | (26,762) | (1,098) | (25,043) | (6,517) | 39,058 | ||||||
(Gain) loss on transfer of loans to real estate owned ("REO") | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Accretion and other amortization | 5,504 | 1,744 | 7,819 | 4,444 | 10,333 | 7,596 | 14,278 | 10,934 | 3,141 | ||||||
Provision (reversal) for credit losses on securities, loans and REO | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Non-cash portions of servicing revenue, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Deferred tax provision | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Mortgage loans originated and purchased for sale, net of fees | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 531,940 | ||||||
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale | 0 | (836,156) | (150,586) | (1,142,476) | (150,586) | (1,376,748) | (725,901) | (1,595,098) | (720,522) | ||||||
Loan originations and draws of consolidated entities | 0 | 0 | 0 | ||||||||||||
Loan repayment proceeds of consolidated entities | 57,854 | 154,840 | 130,704 | 294,364 | 196,166 | 372,950 | 278,920 | 431,065 | 753,101 | ||||||
Mortgage loans receivable repayment proceeds of consolidated CFEs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Interest received from servicer advance investments, loans and other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Changes in: | |||||||||||||||
Servicer advances receivable, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Due to affiliates | 0 | 0 | 0 | 0 | 0 | ||||||||||
Accrued expenses and other liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net cash provided by (used in) operating activities | 67,175 | (670,478) | (722) | (825,357) | 73,054 | (970,611) | (407,959) | (1,121,177) | 550,934 | ||||||
Cash Flows From Investing Activities | |||||||||||||||
Business acquisitions, net of cash acquired | 18,013 | 0 | |||||||||||||
Maturity of U.S. Treasury Bills | 0 | ||||||||||||||
Purchase of US Treasuries | 0 | 0 | 0 | ||||||||||||
Purchase of servicer advance investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Purchase of RMBS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
U.S. Treasury Note short sales | 0 | 0 | |||||||||||||
Reverse repurchase agreements entered | 0 | 0 | |||||||||||||
Purchase of residential mortgage loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Purchase of SFR properties, MSRs and other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Purchase of mortgage loans receivable | 0 | 0 | |||||||||||||
Draws on revolving consumer loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net settlement of derivatives and hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Return of investments in Excess MSRs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from servicer advance investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from RMBS | (11,583) | (18,648) | (25,289) | (38,330) | (37,073) | (52,720) | (53,810) | (65,352) | (73,152) | ||||||
Principal repayments from residential mortgage loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from consumer loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from mortgage loans receivable | 0 | ||||||||||||||
Proceeds from sale of MSRs and MSR financing receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Proceeds from sale of RMBS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (49,389) | |||||||
Proceeds from sale of residential mortgage loans | 0 | 0 | |||||||||||||
Proceeds from sale of REO | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net cash provided by (used in) investing activities | (11,583) | (18,648) | (25,289) | (38,330) | (37,073) | (52,720) | (35,797) | (65,352) | (122,541) | ||||||
Cash Flows From Financing Activities | |||||||||||||||
Repayments of secured financing agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Repayments of warehouse credit facilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net settlement of margin deposits under repurchase agreements and derivatives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Repayments of secured notes and bonds payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Deferred financing fees | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Dividends paid on common and preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Borrowings under secured financing agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Borrowings under warehouse credit facilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Borrowings under secured notes and bonds payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Proceeds from issuance of debt obligations of consolidated CFEs | 836,156 | 150,586 | 1,142,476 | 150,586 | 1,376,748 | 725,901 | 1,595,098 | 725,397 | |||||||
Repayments of debt obligations of consolidated CFEs | (51,983) | (150,961) | (127,404) | (297,527) | (190,881) | (374,170) | (269,563) | (430,042) | (1,145,324) | ||||||
Issuance of common and preferred stock | 0 | ||||||||||||||
Repurchase of common and preferred stock | 0 | 0 | 0 | 0 | |||||||||||
Noncontrolling interest in equity of consolidated subsidiaries - distributions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Payment of contingent consideration | 0 | 0 | 0 | 0 | |||||||||||
Net cash provided by (used in) financing activities | (51,983) | 685,195 | 23,182 | 844,949 | (40,295) | 1,002,578 | 456,338 | 1,165,056 | (419,927) | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 3,609 | (3,931) | (2,829) | (18,738) | (4,314) | (20,753) | 12,582 | (21,473) | 8,466 | ||||||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 7,380 | 8,865 | 15,303 | 11,694 | 12,414 | 14,429 | 29,236 | 33,167 | 11,694 | 33,167 | 11,694 | 33,167 | 11,694 | 33,167 | 24,701 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 24,276 | 7,380 | 8,865 | 15,303 | 11,694 | 12,414 | 14,429 | 29,236 | 8,865 | 14,429 | 7,380 | 12,414 | 24,276 | 11,694 | 33,167 |
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Cash paid during the period for interest | 27,436 | 17,304 | 55,811 | 38,431 | 82,668 | 62,912 | 123,004 | 90,992 | 72,703 | ||||||
Cash paid during the period for income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Dividends declared but not paid on common and preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Transfer from residential mortgage loans to REO and other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Real estate securities retained from loan securitizations | (113,695) | (15,241) | (100,324) | (15,241) | (167,246) | (113,136) | (206,082) | (127,664) | |||||||
Residential mortgage loans subject to repurchase | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Purchase of Agency RMBS, settled after quarter-end | 0 | 0 | |||||||||||||
Cashless exercise of 2020 Warrants (par) | 0 | 0 | 0 | 0 | 0 | ||||||||||
Error Adjustments | Marcus Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 0 | 0 | 0 | ||||||||||||
Error Adjustments | Notes Receivable Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 0 | ||||||||||||||
Error Adjustments | Genesis Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 0 | ||||||||||||||
Subtotal | |||||||||||||||
Cash Flows From Operating Activities | |||||||||||||||
Net income (loss) | (67,151) | 221,191 | 386,685 | 89,949 | 105,833 | 154,190 | 33,331 | 689,931 | 476,634 | 723,262 | 697,825 | 877,452 | 630,674 | 983,285 | 805,582 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||
Change in fair value of investments, net | 247,075 | 146,125 | 307,633 | 396,161 | 560,017 | (560,492) | 893,665 | (1,069,927) | (40,576) | ||||||
Change in fair value of equity investments | 2,098 | (256) | 27,630 | 9,111 | 27,509 | 8,535 | 28,407 | 13,265 | (5,986) | ||||||
Change in fair value of secured notes and bonds payable | 2,500 | (7,194) | (2,049) | (35,151) | (5,890) | (50,279) | 17,155 | (45,792) | (12,991) | ||||||
(Gain) loss on settlement of investments, net | (167,609) | (61,184) | (283,306) | (156,120) | (402,449) | 843,837 | (820,238) | 1,354,263 | 205,220 | ||||||
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net | (109,268) | (461,908) | (287,852) | (773,478) | (437,082) | (981,364) | (533,477) | (1,092,749) | (1,787,851) | ||||||
(Gain) loss on transfer of loans to real estate owned ("REO") | (3,276) | (2,944) | (7,472) | (4,039) | (10,120) | (6,263) | (10,224) | (7,726) | (3,752) | ||||||
Accretion and other amortization | (12,766) | (13,351) | (29,892) | (30,287) | (74,730) | (37,634) | (106,421) | (80,957) | (46,241) | ||||||
Provision (reversal) for credit losses on securities, loans and REO | (2,803) | 3,740 | 3,009 | 7,528 | 6,455 | 14,272 | (478) | 14,962 | (47,744) | ||||||
Non-cash portions of servicing revenue, net | 149,730 | (645,018) | 120,272 | (981,581) | 158,344 | (890,281) | 618,005 | (639,945) | 577,763 | ||||||
Deferred tax provision | (16,822) | 201,354 | 39,626 | 275,458 | 86,324 | 297,517 | 90,002 | 271,167 | 151,200 | ||||||
Mortgage loans originated and purchased for sale, net of fees | (7,531,856) | (29,446,744) | (18,109,588) | (50,321,003) | (30,003,362) | (65,446,856) | (39,817,843) | (76,420,262) | (130,205,665) | ||||||
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale | 8,227,517 | 32,408,766 | 18,340,744 | 54,612,866 | 30,344,339 | 70,695,255 | 39,694,807 | 81,717,910 | 132,114,445 | ||||||
Loan originations and draws of consolidated entities | 0 | 0 | 0 | ||||||||||||
Loan repayment proceeds of consolidated entities | 57,854 | 154,840 | 130,704 | 294,364 | 196,166 | 372,950 | 278,920 | 431,065 | 753,101 | ||||||
Mortgage loans receivable repayment proceeds of consolidated CFEs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Interest received from servicer advance investments, loans and other | 13,705 | 41,721 | 27,874 | 31,394 | 42,932 | 46,797 | 54,485 | 62,375 | 153,539 | ||||||
Changes in: | |||||||||||||||
Servicer advances receivable, net | 230,596 | 202,938 | 377,567 | 294,452 | 339,610 | 332,902 | 15,022 | (36,695) | 226,173 | ||||||
Other assets | 50,472 | (268,772) | 16,191 | 72,498 | 15,312 | (54,485) | (428,763) | 405,469 | 939,953 | ||||||
Due to affiliates | (7,887) | (17,819) | (17,819) | (17,819) | 8,369 | ||||||||||
Accrued expenses and other liabilities | 21,346 | 285,517 | 83,799 | 132,325 | 199,341 | 317,256 | 89,897 | (89,003) | (349,733) | ||||||
Net cash provided by (used in) operating activities | 1,248,442 | 3,219,674 | 1,231,524 | 4,529,941 | 1,740,541 | 5,761,300 | 693,595 | 5,752,886 | 3,434,806 | ||||||
Cash Flows From Investing Activities | |||||||||||||||
Business acquisitions, net of cash acquired | (306,770) | (1,173,171) | |||||||||||||
Maturity of U.S. Treasury Bills | 1,030,000 | ||||||||||||||
Purchase of US Treasuries | (973,795) | (973,795) | (998,148) | ||||||||||||
Purchase of servicer advance investments | (232,446) | (257,807) | (445,470) | (500,000) | (644,594) | (744,671) | (852,015) | (988,847) | (1,286,526) | ||||||
Purchase of RMBS | (2,883,278) | (1,006,483) | (2,898,237) | (1,052,724) | (4,094,458) | (9,597,580) | (4,094,934) | (15,629,483) | (6,099,550) | ||||||
U.S. Treasury Note short sales | 1,765,360 | 0 | |||||||||||||
Reverse repurchase agreements entered | (1,769,601) | 0 | |||||||||||||
Purchase of residential mortgage loans | (1,269) | (7,182) | (1,269) | (7,182) | (1,269) | (7,182) | 0 | (7,182) | |||||||
Purchase of SFR properties, MSRs and other assets | (4,607) | (239,347) | (11,975) | (355,002) | (72,503) | (396,981) | (106,351) | (416,610) | (1,390,317) | ||||||
Purchase of mortgage loans receivable | (146,631) | (146,631) | |||||||||||||
Draws on revolving consumer loans | (6,831) | (7,163) | (13,493) | (14,350) | (20,675) | (22,070) | (27,510) | (29,615) | (29,002) | ||||||
Net settlement of derivatives and hedges | 225,560 | 65,436 | 291,174 | 279,306 | 390,415 | 282,827 | 867,637 | 311,073 | (182,971) | ||||||
Return of investments in Excess MSRs | 7,821 | 2,680 | 16,489 | 7,873 | 23,066 | 12,264 | 31,940 | 17,701 | 54,037 | ||||||
Principal repayments from servicer advance investments | 240,331 | 290,128 | 464,921 | 541,868 | 675,261 | 791,653 | 880,861 | 1,033,326 | 1,382,344 | ||||||
Principal repayments from RMBS | 143,419 | 336,380 | 305,887 | 649,294 | 477,480 | 863,193 | 639,736 | 1,026,186 | 2,257,698 | ||||||
Principal repayments from residential mortgage loans | 8,272 | 24,121 | 21,364 | 49,806 | 35,064 | 69,020 | 47,735 | 85,836 | 119,841 | ||||||
Principal repayments from consumer loans | 24,784 | 39,935 | 86,164 | 79,298 | 267,820 | 112,228 | 439,540 | 140,574 | 214,619 | ||||||
Principal repayments from mortgage loans receivable | 0 | ||||||||||||||
Proceeds from sale of MSRs and MSR financing receivables | 1,357 | 454 | 424,034 | 2,105 | 705,300 | 3,975 | 705,300 | 10,698 | 62,971 | ||||||
Proceeds from sale of RMBS | 1,869,053 | 1,869,053 | 738,887 | 1,868,702 | 7,716,127 | 2,087,419 | 14,565,043 | 8,189,585 | |||||||
Proceeds from sale of residential mortgage loans | 0 | 9,922 | |||||||||||||
Proceeds from sale of REO | 5,678 | 3,832 | 13,175 | 7,210 | 19,806 | 9,652 | 23,153 | 14,201 | 54,232 | ||||||
Net cash provided by (used in) investing activities | (602,156) | (754,968) | (851,978) | 427,002 | (1,491,011) | (907,295) | 216,721 | 132,901 | 2,183,712 | ||||||
Cash Flows From Financing Activities | |||||||||||||||
Repayments of secured financing agreements | (11,327,261) | (9,638,525) | (24,321,697) | (23,318,214) | (31,733,802) | (39,920,856) | (48,921,875) | (55,998,234) | (69,206,600) | ||||||
Repayments of warehouse credit facilities | (8,473,149) | (33,378,329) | (18,980,639) | (56,240,720) | (31,076,021) | (73,028,747) | (41,096,041) | (83,793,352) | (130,744,991) | ||||||
Net settlement of margin deposits under repurchase agreements and derivatives | (387,780) | 137,418 | (411,796) | 812,477 | (676,511) | 1,007,970 | (862,662) | 1,460,458 | 249,367 | ||||||
Repayments of secured notes and bonds payable | (1,677,534) | (1,047,972) | (3,538,076) | (2,220,042) | (5,024,509) | (3,174,439) | (7,636,954) | (4,696,136) | (8,078,073) | ||||||
Deferred financing fees | (2,103) | (4,472) | (11,740) | (1,398) | (7,084) | (8,992) | (7,364) | (11,062) | (8,385) | ||||||
Dividends paid on common and preferred stock | (140,968) | (139,185) | (284,262) | (278,293) | (427,583) | (417,445) | (570,878) | (558,301) | (438,544) | ||||||
Borrowings under secured financing agreements | 12,240,027 | 10,081,997 | 26,093,901 | 21,936,667 | 34,530,433 | 39,713,905 | 50,079,186 | 54,385,892 | 64,749,425 | ||||||
Borrowings under warehouse credit facilities | 8,062,420 | 29,622,712 | 18,706,720 | 50,995,092 | 30,625,465 | 66,296,292 | 41,065,479 | 76,069,417 | 129,899,057 | ||||||
Borrowings under secured notes and bonds payable | 1,303,796 | 1,675,265 | 2,425,593 | 2,929,949 | 3,561,756 | 4,101,314 | 6,669,483 | 6,192,823 | 7,964,077 | ||||||
Proceeds from issuance of debt obligations of consolidated CFEs | 836,156 | 150,586 | 1,142,476 | 150,586 | 1,376,748 | 725,901 | 1,595,098 | 725,397 | |||||||
Repayments of debt obligations of consolidated CFEs | (51,983) | (150,961) | (127,404) | (297,527) | (190,881) | (374,170) | (269,563) | (430,042) | (1,145,324) | ||||||
Issuance of common and preferred stock | 962,910 | ||||||||||||||
Repurchase of common and preferred stock | (3,814) | (3,814) | (3,814) | (5,227) | |||||||||||
Noncontrolling interest in equity of consolidated subsidiaries - distributions | (5,430) | (8,879) | (12,405) | (15,968) | (17,597) | (21,391) | (17,261) | (27,047) | (78,123) | ||||||
Payment of contingent consideration | (12,276) | (2,355) | (12,276) | ||||||||||||
Net cash provided by (used in) financing activities | (459,965) | (2,030,865) | (311,219) | (4,559,315) | (285,748) | (4,453,625) | (842,549) | (5,818,068) | (5,162,083) | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 186,321 | 433,841 | 68,327 | 397,628 | (36,218) | 400,380 | 67,767 | 67,719 | 456,435 | ||||||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 1,593,110 | 1,697,655 | 1,815,649 | 1,629,328 | 1,961,989 | 1,959,237 | 1,995,450 | 1,561,609 | 1,629,328 | 1,561,609 | 1,629,328 | 1,561,609 | 1,629,328 | 1,561,609 | 1,105,174 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 1,697,095 | 1,593,110 | 1,697,655 | 1,815,649 | 1,629,328 | 1,961,989 | 1,959,237 | 1,995,450 | 1,697,655 | 1,959,237 | 1,593,110 | 1,961,989 | 1,697,095 | 1,629,328 | 1,561,609 |
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Cash paid during the period for interest | 313,870 | 150,121 | 680,330 | 318,438 | 975,872 | 531,903 | 1,484,094 | 825,224 | 578,681 | ||||||
Cash paid during the period for income taxes | 402 | 36 | 1,798 | 1,636 | 1,798 | 1,757 | 6,524 | 4,012 | 23,506 | ||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Dividends declared but not paid on common and preferred stock | 143,149 | 139,158 | 143,225 | 139,141 | 143,199 | 140,856 | 143,199 | 140,984 | 139,170 | ||||||
Transfer from residential mortgage loans to REO and other assets | 6,025 | (2,034) | 14,662 | 4,890 | 21,135 | 10,762 | 21,943 | 14,936 | 30,020 | ||||||
Real estate securities retained from loan securitizations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45,967 | |||||||
Residential mortgage loans subject to repurchase | 1,782,998 | 1,443,546 | 1,296,097 | 1,189,907 | 1,219,890 | 1,897,142 | 1,758,509 | 1,700,426 | 1,296,097 | 1,758,509 | 1,443,546 | 1,897,142 | 1,782,998 | 1,219,890 | 1,787,314 |
Purchase of Agency RMBS, settled after quarter-end | 498,933 | 731,216 | |||||||||||||
Cashless exercise of 2020 Warrants (par) | 93 | 93 | 93 | 93 | 69 | ||||||||||
Subtotal | Marcus Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 1,317,347 | 1,317,347 | 1,317,347 | ||||||||||||
Subtotal | Notes Receivable Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 323,452 | ||||||||||||||
Subtotal | Genesis Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 1,256,279 | ||||||||||||||
Reclassifications | |||||||||||||||
Cash Flows From Operating Activities | |||||||||||||||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||
Change in fair value of investments, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Change in fair value of equity investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Change in fair value of secured notes and bonds payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
(Gain) loss on settlement of investments, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
(Gain) loss on transfer of loans to real estate owned ("REO") | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Accretion and other amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Provision (reversal) for credit losses on securities, loans and REO | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Non-cash portions of servicing revenue, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Deferred tax provision | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Mortgage loans originated and purchased for sale, net of fees | 0 | 0 | 0 | 27,061 | 0 | 49,024 | 0 | 75,406 | 0 | ||||||
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale | (90,496) | 0 | (166,550) | (79,480) | (255,798) | (124,918) | (353,994) | (170,834) | 0 | ||||||
Loan originations and draws of consolidated entities | (27,061) | (49,024) | (75,406) | ||||||||||||
Loan repayment proceeds of consolidated entities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Mortgage loans receivable repayment proceeds of consolidated CFEs | 90,496 | 166,550 | 79,480 | 255,798 | 124,918 | 353,994 | 170,834 | ||||||||
Interest received from servicer advance investments, loans and other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Changes in: | |||||||||||||||
Servicer advances receivable, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Due to affiliates | 0 | 0 | 0 | 0 | 0 | ||||||||||
Accrued expenses and other liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net cash provided by (used in) operating activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash Flows From Investing Activities | |||||||||||||||
Business acquisitions, net of cash acquired | 0 | 0 | |||||||||||||
Maturity of U.S. Treasury Bills | 0 | ||||||||||||||
Purchase of US Treasuries | 0 | 0 | 0 | ||||||||||||
Purchase of servicer advance investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Purchase of RMBS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
U.S. Treasury Note short sales | 0 | 0 | |||||||||||||
Reverse repurchase agreements entered | 0 | 0 | |||||||||||||
Purchase of residential mortgage loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Purchase of SFR properties, MSRs and other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Purchase of mortgage loans receivable | 0 | 0 | |||||||||||||
Draws on revolving consumer loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net settlement of derivatives and hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Return of investments in Excess MSRs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from servicer advance investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from RMBS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from residential mortgage loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from consumer loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from mortgage loans receivable | 0 | ||||||||||||||
Proceeds from sale of MSRs and MSR financing receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Proceeds from sale of RMBS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Proceeds from sale of residential mortgage loans | 0 | 0 | |||||||||||||
Proceeds from sale of REO | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net cash provided by (used in) investing activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash Flows From Financing Activities | |||||||||||||||
Repayments of secured financing agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Repayments of warehouse credit facilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net settlement of margin deposits under repurchase agreements and derivatives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Repayments of secured notes and bonds payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Deferred financing fees | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Dividends paid on common and preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Borrowings under secured financing agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Borrowings under warehouse credit facilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Borrowings under secured notes and bonds payable | 0 | (324,062) | 0 | (324,062) | 0 | (324,062) | 0 | (324,062) | 0 | ||||||
Proceeds from issuance of debt obligations of consolidated CFEs | 324,062 | 0 | 324,062 | 0 | 324,062 | 0 | 324,062 | 0 | |||||||
Repayments of debt obligations of consolidated CFEs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Issuance of common and preferred stock | 0 | ||||||||||||||
Repurchase of common and preferred stock | 0 | 0 | 0 | 0 | |||||||||||
Noncontrolling interest in equity of consolidated subsidiaries - distributions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Payment of contingent consideration | 0 | 0 | 0 | 0 | |||||||||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Cash paid during the period for interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash paid during the period for income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Dividends declared but not paid on common and preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Transfer from residential mortgage loans to REO and other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Real estate securities retained from loan securitizations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Residential mortgage loans subject to repurchase | $ 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 |
Purchase of Agency RMBS, settled after quarter-end | $ 0 | 0 | |||||||||||||
Cashless exercise of 2020 Warrants (par) | $ 0 | 0 | 0 | 0 | $ 0 | ||||||||||
Reclassifications | Marcus Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | $ 0 | $ 0 | 0 | ||||||||||||
Reclassifications | Notes Receivable Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | $ 0 | ||||||||||||||
Reclassifications | Genesis Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | $ 0 |
BUSINESS ACQUISITIONS - Schedul
BUSINESS ACQUISITIONS - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands | 12 Months Ended | |||||||
Nov. 17, 2023 | Dec. 31, 2021 | Dec. 20, 2021 | Sep. 30, 2021 | Aug. 23, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | |
Liabilities | ||||||||
Goodwill (Note 16) | $ 85,199 | $ 85,199 | $ 85,199 | $ 131,857 | ||||
Goodwill (bargain purchase gain) | 49,700 | |||||||
Sculptor | ||||||||
Business Acquisition [Line Items] | ||||||||
Total Consideration | $ 630,300 | |||||||
Assets | ||||||||
Real estate and other securities | 246,100 | |||||||
Cash and cash equivalents | 267,500 | |||||||
Restricted cash | 26,400 | |||||||
Other assets | 1,102,400 | |||||||
Total Assets Acquired | 1,642,400 | |||||||
Liabilities | ||||||||
Secured financing agreements | 177,600 | |||||||
Secured notes and bonds payable | 99,200 | |||||||
Accrued expenses and other liabilities | 746,100 | |||||||
Total Liabilities Assumed | 1,022,900 | |||||||
Noncontrolling interest | 35,900 | |||||||
Net Assets | 583,600 | |||||||
Goodwill (Note 16) | 46,700 | |||||||
Cash consideration | 600,600 | |||||||
Value of stock assumed | 29,700 | |||||||
Intangible assets acquired | $ 275,000 | |||||||
Finite-lived intangible assets, useful life | 10 years | |||||||
Sculptor | Management contracts | ||||||||
Liabilities | ||||||||
Intangible assets acquired | $ 275,000 | |||||||
Finite-lived intangible assets, useful life | 10 years | |||||||
Caliber | ||||||||
Business Acquisition [Line Items] | ||||||||
Total Consideration | 1,318,500 | $ 1,318,500 | 1,318,500 | |||||
Assets | ||||||||
Mortgage servicing rights, at fair value | 1,507,500 | 1,507,500 | 1,507,500 | |||||
Residential mortgage loans, held-for-sale, at fair value | 7,685,700 | 7,685,700 | 7,685,700 | |||||
Mortgage loans receivable, at fair value | 0 | 0 | ||||||
Residential mortgage loans subject to repurchase | 666,800 | 666,800 | 666,800 | |||||
Cash and cash equivalents | 472,700 | 472,700 | 472,700 | |||||
Restricted cash | 30,600 | 30,600 | 30,600 | |||||
Servicer advance receivable | 108,300 | 108,300 | 108,300 | |||||
Intangible assets | 41,000 | 41,000 | 41,000 | |||||
Other assets | 609,700 | 605,400 | 609,700 | |||||
Total Assets Acquired | 11,122,300 | 11,118,000 | 11,122,300 | |||||
Liabilities | ||||||||
Secured financing agreements | 7,090,600 | 7,090,600 | 7,090,600 | |||||
Secured notes and bonds payable | 1,121,800 | 1,121,800 | 1,121,800 | |||||
Residential mortgage loans repurchase liability | 666,800 | 666,800 | 666,800 | |||||
Accrued expenses and other liabilities | 918,600 | 917,000 | 918,600 | |||||
Total Liabilities Assumed | 9,797,800 | 9,796,200 | 9,797,800 | |||||
Net Assets | 1,324,500 | $ 1,321,800 | 1,324,500 | |||||
Goodwill (bargain purchase gain) | (6,000) | |||||||
Cash consideration | $ 1,318,000 | |||||||
Intangible assets acquired | $ 41,028 | |||||||
Finite-lived intangible assets, useful life | 6 years 7 months 6 days | 7 years | ||||||
Caliber | Trademarks/trade names | ||||||||
Liabilities | ||||||||
Intangible assets acquired | $ 2,483 | |||||||
Genesis | ||||||||
Business Acquisition [Line Items] | ||||||||
Total Consideration | 1,634,600 | |||||||
Assets | ||||||||
Mortgage servicing rights, at fair value | 0 | 0 | ||||||
Residential mortgage loans, held-for-sale, at fair value | 0 | 0 | ||||||
Mortgage loans receivable, at fair value | 1,505,600 | 1,505,600 | ||||||
Residential mortgage loans subject to repurchase | 0 | 0 | ||||||
Cash and cash equivalents | 16,400 | 16,400 | ||||||
Restricted cash | 0 | 0 | ||||||
Servicer advance receivable | 0 | 0 | ||||||
Intangible assets | 56,800 | 56,800 | ||||||
Other assets | 14,500 | 14,500 | ||||||
Total Assets Acquired | 1,593,300 | 1,593,300 | ||||||
Liabilities | ||||||||
Secured financing agreements | 0 | 0 | ||||||
Secured notes and bonds payable | 0 | 0 | ||||||
Residential mortgage loans repurchase liability | 0 | 0 | ||||||
Accrued expenses and other liabilities | 14,400 | 14,400 | ||||||
Total Liabilities Assumed | 14,400 | 14,400 | ||||||
Net Assets | 1,578,900 | 1,578,900 | ||||||
Goodwill (Note 16) | $ 55,700 | |||||||
Goodwill (bargain purchase gain) | 55,700 | |||||||
Cash consideration | 1,630,000 | |||||||
Intangible assets acquired | $ 56,100 | |||||||
Finite-lived intangible assets, useful life | 8 years 6 months | |||||||
Genesis | Trademarks/trade names | ||||||||
Liabilities | ||||||||
Intangible assets acquired | $ 5,900 | |||||||
Finite-lived intangible assets, useful life | 5 years | |||||||
Genesis | Customer relationships | ||||||||
Liabilities | ||||||||
Intangible assets acquired | $ 44,700 | |||||||
Finite-lived intangible assets, useful life | 9 years | |||||||
2021 Acquisitions | ||||||||
Business Acquisition [Line Items] | ||||||||
Total Consideration | 2,953,100 | |||||||
Assets | ||||||||
Mortgage servicing rights, at fair value | 1,507,500 | 1,507,500 | ||||||
Residential mortgage loans, held-for-sale, at fair value | 7,685,700 | 7,685,700 | ||||||
Mortgage loans receivable, at fair value | 1,505,600 | 1,505,600 | ||||||
Residential mortgage loans subject to repurchase | 666,800 | 666,800 | ||||||
Cash and cash equivalents | 489,100 | 489,100 | ||||||
Restricted cash | 30,600 | 30,600 | ||||||
Servicer advance receivable | 108,300 | 108,300 | ||||||
Intangible assets | 97,800 | 97,800 | ||||||
Other assets | 624,200 | 624,200 | ||||||
Total Assets Acquired | 12,715,600 | 12,715,600 | ||||||
Liabilities | ||||||||
Secured financing agreements | 7,090,600 | 7,090,600 | ||||||
Secured notes and bonds payable | 1,121,800 | 1,121,800 | ||||||
Residential mortgage loans repurchase liability | 666,800 | 666,800 | ||||||
Accrued expenses and other liabilities | 933,000 | 933,000 | ||||||
Total Liabilities Assumed | 9,812,200 | 9,812,200 | ||||||
Net Assets | $ 2,903,400 | $ 2,903,400 |
BUSINESS ACQUISITIONS - Narrati
BUSINESS ACQUISITIONS - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Nov. 17, 2023 | Dec. 31, 2021 | Dec. 20, 2021 | Sep. 30, 2021 | Aug. 23, 2021 | Dec. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Oct. 12, 2023 | |
Business Acquisition [Line Items] | ||||||||||
Goodwill (Note 16) | $ 85,199 | $ 85,199 | $ 131,857 | $ 85,199 | $ 85,199 | |||||
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other income (loss) | |||||||||
Sculptor | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business combination, consideration transferred | $ 630,300 | |||||||||
Goodwill (Note 16) | $ 46,700 | |||||||||
Net income of acquiree | 1,000 | |||||||||
Acquisition related costs | 32,900 | |||||||||
Finite-lived intangible assets, useful life | 10 years | |||||||||
Cash consideration | $ 600,600 | |||||||||
Sculptor | Asset management revenues | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revenue of acquiree | 82,700 | |||||||||
Sculptor | Interest income | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Revenue of acquiree | 3,800 | |||||||||
Sculptor | Restricted Stock Units (RSUs) | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Cash plan payable | $ 29,700 | |||||||||
Sculptor | Delaware Life Insurance Company | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Shares issued for exercised warrants (in shares) | 4,338,015 | |||||||||
Exercise price (in dollars per share) | $ 7.95 | |||||||||
Warrants acquired | $ 37,500 | |||||||||
Caliber | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business combination, consideration transferred | 1,318,500 | $ 1,318,500 | 1,318,500 | |||||||
Revenue of acquiree | 659,800 | |||||||||
Net income of acquiree | 25,900 | |||||||||
Acquisition related costs | 9,600 | |||||||||
Finite-lived intangible assets, useful life | 6 years 7 months 6 days | 7 years | ||||||||
Cash consideration | $ 1,318,000 | |||||||||
Bargain purchase gain | $ 6,000 | $ 3,300 | $ 3,300 | $ 6,000 | ||||||
Measurement period adjustment, bargain purchase gain | $ 2,700 | |||||||||
Genesis | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business combination, consideration transferred | 1,634,600 | |||||||||
Goodwill (Note 16) | $ 55,700 | |||||||||
Revenue of acquiree | 4,200 | |||||||||
Net income of acquiree | 1,400 | |||||||||
Acquisition related costs | $ 6,700 | |||||||||
Finite-lived intangible assets, useful life | 8 years 6 months | |||||||||
Cash consideration | $ 1,630,000 | |||||||||
Equity interest acquired | 100% |
BUSINESS ACQUISITIONS - Summary
BUSINESS ACQUISITIONS - Summary of Intangible Assets Acquired (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Nov. 17, 2023 | Dec. 20, 2021 | Aug. 23, 2021 |
Management contracts | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Useful Life | 10 years | |||
Sculptor | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amount | $ 275,000 | |||
Sculptor | Management contracts | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Useful Life | 10 years | |||
Amount | $ 275,000 | |||
Caliber | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amount | $ 41,028 | |||
Caliber | Purchased technology | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Useful Life | 7 years | |||
Amount | $ 38,545 | |||
Caliber | Trademarks/trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Useful Life | 1 year | |||
Amount | $ 2,483 | |||
Genesis | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amount | $ 56,100 | |||
Genesis | Trademarks/trade names | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Useful Life | 5 years | |||
Amount | $ 5,900 | |||
Genesis | Customer relationships | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Estimated Useful Life | 9 years | |||
Amount | $ 44,700 | |||
Genesis | License | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amount | $ 5,500 |
BUSINESS ACQUISITIONS - Sched_2
BUSINESS ACQUISITIONS - Schedule of Unaudited Supplemental Pro Forma Financial Information (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Sculptor | ||||
Pro Forma (in millions) | ||||
Revenues | $ 4,110 | $ 5,371.4 | ||
Income (loss) before income taxes | $ 591.1 | $ 1,223.2 | ||
Caliber | ||||
Pro Forma (in millions) | ||||
Revenues | $ 5,422.7 | $ 4,453.4 | ||
Income (loss) before income taxes | 1,258.6 | (529.9) | ||
Genesis | ||||
Pro Forma (in millions) | ||||
Revenues | 3,643.4 | 1,693 | ||
Income (loss) before income taxes | $ 981.8 | $ (1,316.1) |
BUSINESS ACQUISITIONS - Sched_3
BUSINESS ACQUISITIONS - Schedule of Measurement Period Adjustments (Details) - Caliber - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2021 | Sep. 30, 2021 | Aug. 23, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | |||||
Total Consideration | $ 1,318.5 | $ 1,318.5 | $ 1,318.5 | ||
Assets | |||||
Mortgage servicing rights, at fair value | 1,507.5 | 1,507.5 | $ 1,507.5 | 1,507.5 | |
Residential mortgage loans, held-for-sale, at fair value | 7,685.7 | 7,685.7 | 7,685.7 | 7,685.7 | |
Residential mortgage loans subject to repurchase | 666.8 | 666.8 | 666.8 | 666.8 | |
Cash and cash equivalents | 472.7 | 472.7 | 472.7 | 472.7 | |
Restricted cash | 30.6 | 30.6 | 30.6 | 30.6 | |
Servicer advance receivable | 108.3 | 108.3 | 108.3 | 108.3 | |
Intangible assets | 41 | 41 | 41 | 41 | |
Other assets | 609.7 | 605.4 | 609.7 | 609.7 | |
Other assets | 4.3 | ||||
Total Assets Acquired | 11,122.3 | 11,118 | 11,122.3 | 11,122.3 | |
Subsequent Adjustments to Fair Value, Total Assets Acquired | 4.3 | ||||
Liabilities | |||||
Secured financing agreements | 7,090.6 | 7,090.6 | 7,090.6 | 7,090.6 | |
Secured notes and bonds payable | 1,121.8 | 1,121.8 | 1,121.8 | 1,121.8 | |
Residential mortgage loans repurchase liability | 666.8 | 666.8 | 666.8 | 666.8 | |
Accrued expenses and other liabilities | 918.6 | 917 | 918.6 | 918.6 | |
Accrued expenses and other liabilities | 1.6 | ||||
Total Liabilities Assumed | 9,797.8 | 9,796.2 | 9,797.8 | 9,797.8 | |
Subsequent Adjustments to Fair Value, Total Liabilities Assumed | 1.6 | ||||
Net Assets | 1,324.5 | 1,321.8 | 1,324.5 | $ 1,324.5 | |
Subsequent Adjustments to Fair Value, Net Assets | 2.7 | ||||
Bargain purchase gain | $ (6) | $ (3.3) | $ (3.3) | (6) | |
Subsequent Adjustment to Fair Value, Bargain purchase gain | $ (2.7) |
SEGMENT REPORTING (AS RESTATE_3
SEGMENT REPORTING (AS RESTATED) - Segment Financial Information (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2023 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2023 USD ($) segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | $ 1,110,339 | $ 824,788 | $ 753,909 | $ 903,604 | $ 1,317,625 | $ 1,716,306 | $ 1,935,127 | $ 3,033,302 | $ 3,070,533 | $ 3,679,506 | $ 4,920,801 | $ 3,728,562 | ||||
Realization of cash flows | (141,616) | (180,265) | (200,325) | (380,590) | $ (522,206) | (631,120) | ||||||||||
Total revenues | $ 691,654 | $ 1,135,405 | 3,762,187 | 4,920,801 | 3,728,562 | |||||||||||
Interest expense and warehouse line fees | 395,349 | 377,528 | 324,235 | 304,215 | 278,769 | 213,543 | 146,690 | 138,791 | 628,450 | 285,481 | 1,005,978 | 499,024 | 1,401,327 | 777,793 | 497,308 | |
General and administrative | 1,519,561 | 2,554,763 | 2,121,537 | |||||||||||||
Total operating expenses | 810,186 | 754,368 | 695,759 | 660,574 | 676,600 | 719,602 | 1,133,091 | 803,263 | 1,356,333 | 1,936,354 | 2,110,701 | 2,655,956 | 2,920,888 | 3,332,556 | 2,618,845 | |
Realized and unrealized gains (losses), net | 84,065 | (114,149) | 76,533 | (65,905) | 14,127 | (30,970) | (137,901) | (72,655) | 10,628 | (209,927) | (103,522) | (240,898) | (19,456) | (180,059) | (149,150) | |
Other income (loss), net | (69,010) | (145,385) | 3,241 | |||||||||||||
Total other income (loss) | 81,231 | (107,261) | 28,635 | (91,071) | 10,477 | (7,728) | (78,513) | (20,323) | (62,436) | (98,207) | (169,698) | (105,936) | (88,466) | (325,444) | (145,909) | |
Income (loss) before income taxes | (37,301) | 273,776 | 443,215 | 73,143 | 87,786 | 176,274 | 106,021 | 892,720 | 516,358 | 998,741 | 790,134 | 1,175,015 | 752,833 | 1,262,801 | 963,808 | |
Income tax (benefit) expense | 29,850 | 52,585 | 56,530 | (16,806) | (18,047) | 22,084 | 72,690 | 202,789 | 39,724 | 275,479 | 92,309 | 297,563 | 122,159 | 279,516 | 158,226 | |
Net income (loss) | (67,151) | 221,191 | 386,685 | 89,949 | 105,833 | 154,190 | 33,331 | 689,931 | 476,634 | 723,262 | 697,825 | 877,452 | 630,674 | 983,285 | 805,582 | |
Noncontrolling interests in income (loss) of consolidated subsidiaries | (2,020) | 4,848 | 6,889 | (1,300) | 1,668 | 7,307 | 14,182 | 5,609 | 5,589 | 19,791 | 10,437 | 27,098 | 8,417 | 28,766 | 33,356 | |
Dividends on preferred stock | 22,395 | 22,394 | 22,395 | 22,395 | 22,411 | 22,427 | 22,427 | 22,461 | 44,790 | 44,888 | 67,184 | 67,315 | 89,579 | 89,726 | 66,744 | |
Net income (loss) attributable to common stockholders - basic | (87,526) | 193,949 | 357,401 | 68,854 | 81,754 | 124,456 | (3,278) | 661,861 | 426,255 | 658,583 | 620,204 | 783,039 | 532,678 | 864,793 | 705,482 | |
Investments | 24,842,688 | 23,742,231 | 24,842,688 | 23,742,231 | ||||||||||||
Cash and cash equivalents | 1,287,199 | 1,336,508 | 1,287,199 | 1,336,508 | ||||||||||||
Restricted cash | 378,048 | 271,758 | 378,048 | 271,758 | ||||||||||||
Other assets | 9,325,815 | 6,347,674 | 9,325,815 | 6,347,674 | ||||||||||||
Goodwill (Note 16) | 131,857 | 85,199 | 131,857 | 85,199 | 85,199 | |||||||||||
Assets of consolidated CFEs | 3,751,477 | 2,718,560 | 2,846,314 | 2,778,684 | 2,803,138 | 2,597,681 | 2,515,247 | 2,446,146 | 2,846,314 | 2,515,247 | 2,718,560 | 2,597,681 | 3,751,477 | 2,803,138 | ||
Total assets | 39,717,084 | 36,791,065 | 35,999,288 | 33,898,625 | 34,586,508 | 37,282,191 | 36,450,189 | 39,699,432 | 35,999,288 | 36,450,189 | 36,791,065 | 37,282,191 | 39,717,084 | 34,586,508 | ||
Debt | 23,640,475 | 21,588,817 | 23,640,475 | 21,588,817 | ||||||||||||
Other liabilities | 5,811,937 | 3,567,184 | 5,811,937 | 3,567,184 | ||||||||||||
Liabilities of consolidated CFEs | 3,163,634 | 2,353,083 | 2,453,802 | 2,391,746 | 2,420,439 | 2,260,000 | 2,214,065 | 2,154,989 | 2,453,802 | 2,214,065 | 2,353,083 | 2,260,000 | 3,163,634 | 2,420,439 | ||
Total liabilities | 32,616,046 | 29,523,102 | 28,804,604 | 26,944,082 | 27,576,440 | 30,220,565 | 29,387,191 | 32,514,720 | 28,804,604 | 29,387,191 | 29,523,102 | 30,220,565 | 32,616,046 | 27,576,440 | ||
Total Equity | 7,101,038 | 7,267,963 | 7,194,684 | 6,954,543 | 7,010,068 | 7,061,626 | 7,062,998 | 7,184,712 | 7,194,684 | 7,062,998 | 7,267,963 | 7,061,626 | 7,101,038 | 7,010,068 | 6,669,380 | $ 5,429,684 |
Noncontrolling interests in equity of consolidated subsidiaries | 94,096 | 59,907 | 60,251 | 60,337 | 67,067 | 71,055 | 69,171 | 62,078 | 60,251 | 69,171 | 59,907 | 71,055 | 94,096 | 67,067 | ||
Total Rithm Capital stockholders’ equity | 7,006,942 | 7,208,056 | 7,134,433 | 6,894,206 | 6,943,001 | 6,990,571 | 6,993,827 | 7,122,634 | 7,134,433 | 6,993,827 | 7,208,056 | 6,990,571 | 7,006,942 | 6,943,001 | ||
Investments in equity method investees | 202,446 | 96,210 | 202,446 | 96,210 | ||||||||||||
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 481,928 | 442,425 | 465,347 | 469,657 | 452,758 | 452,990 | 469,342 | 456,264 | 935,004 | 925,606 | 1,377,429 | 1,378,596 | 1,859,357 | 1,831,354 | 1,558,823 | |
Change in fair value of MSRs and MSR financing receivables | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | (466,346) | 20,934 | 22,032 | (142,304) | (162,028) | (19,174) | 334,690 | 575,393 | (120,272) | 909,454 | (99,338) | 890,281 | (565,684) | 727,334 | (577,763) | |
Servicing revenue, net | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 15,582 | 463,359 | 487,379 | 327,353 | 290,730 | 433,816 | 804,032 | 1,031,657 | 814,732 | 1,835,060 | 1,278,091 | 2,268,877 | 1,293,673 | 2,558,688 | 981,060 | |
Interest income | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 438,501 | 462,497 | 385,167 | 330,023 | 351,794 | 261,902 | 202,023 | 222,741 | 715,190 | 424,764 | 1,177,688 | 686,666 | 1,616,189 | 1,038,459 | 794,171 | |
Gain on originated residential mortgage loans, held-for-sale, net | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 96,395 | 149,230 | 178,584 | 109,268 | 111,385 | $ 207,886 | $ 311,570 | $ 461,908 | 287,852 | $ 773,478 | 437,082 | 981,364 | 533,477 | 1,092,749 | 1,787,851 | |
Other investment portfolio revenues | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 58,495 | 60,319 | 59,209 | 58,144 | 117,353 | 177,672 | $ 3,936,907 | 236,167 | 230,905 | 165,480 | ||||||
Asset management revenues | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 82,681 | 82,681 | 0 | 0 | ||||||||||||
Mortgage Servicing Rights | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Realization of cash flows | (134,884) | $ (138,993) | $ (139,410) | $ (105,691) | (108,914) | $ (245,101) | $ (384,094) | (518,978) | (631,120) | (1,192,646) | ||||||
Origination and servicing | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Goodwill (Note 16) | 24,376 | 24,376 | 24,376 | 24,376 | 24,376 | |||||||||||
Investment Portfolio | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Goodwill (Note 16) | 5,092 | 5,092 | 5,092 | 5,092 | 5,092 | |||||||||||
Asset Management | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Goodwill (Note 16) | 46,658 | 0 | 46,658 | 0 | 0 | |||||||||||
Operating Segments | Origination and servicing | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 2,207,104 | 3,532,744 | 2,659,512 | |||||||||||||
Interest expense and warehouse line fees | 460,780 | 325,056 | 219,088 | |||||||||||||
General and administrative | 944,112 | 1,638,989 | 1,534,266 | |||||||||||||
Total operating expenses | 1,404,892 | 1,964,045 | 1,753,354 | |||||||||||||
Realized and unrealized gains (losses), net | 273 | (1,812) | (12,162) | |||||||||||||
Other income (loss), net | (19,950) | 6,270 | (10,484) | |||||||||||||
Total other income (loss) | (19,677) | 4,458 | (22,646) | |||||||||||||
Income (loss) before income taxes | 782,535 | 1,573,157 | 883,512 | |||||||||||||
Income tax (benefit) expense | 107,617 | 327,318 | 133,117 | |||||||||||||
Net income (loss) | 674,918 | 1,245,839 | 750,395 | |||||||||||||
Noncontrolling interests in income (loss) of consolidated subsidiaries | 581 | 2,716 | 11,298 | |||||||||||||
Dividends on preferred stock | 0 | 0 | 0 | |||||||||||||
Net income (loss) attributable to common stockholders - basic | 674,337 | 1,243,123 | 739,097 | |||||||||||||
Investments | 9,413,923 | 9,371,435 | 9,413,923 | 9,371,435 | ||||||||||||
Cash and cash equivalents | 548,666 | 604,191 | 548,666 | 604,191 | ||||||||||||
Restricted cash | 195,490 | 161,249 | 195,490 | 161,249 | ||||||||||||
Other assets | 3,489,171 | 2,428,832 | 3,489,171 | 2,428,832 | ||||||||||||
Goodwill (Note 16) | 24,376 | 24,376 | 24,376 | 24,376 | ||||||||||||
Assets of consolidated CFEs | 0 | 0 | 0 | 0 | ||||||||||||
Total assets | 13,671,626 | 12,590,083 | 13,671,626 | 12,590,083 | ||||||||||||
Debt | 6,920,310 | 6,660,484 | 6,920,310 | 6,660,484 | ||||||||||||
Other liabilities | 3,224,989 | 2,295,684 | 3,224,989 | 2,295,684 | ||||||||||||
Liabilities of consolidated CFEs | 0 | 0 | 0 | 0 | ||||||||||||
Total liabilities | 10,145,299 | 8,956,168 | 10,145,299 | 8,956,168 | ||||||||||||
Total Equity | 3,526,327 | 3,633,915 | 3,526,327 | 3,633,915 | ||||||||||||
Noncontrolling interests in equity of consolidated subsidiaries | 8,220 | 12,437 | 8,220 | 12,437 | ||||||||||||
Total Rithm Capital stockholders’ equity | 3,518,107 | 3,621,478 | 3,518,107 | 3,621,478 | ||||||||||||
Investments in equity method investees | 0 | 0 | 0 | 0 | ||||||||||||
Operating Segments | Origination and servicing | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 1,488,911 | 1,348,984 | 950,962 | |||||||||||||
Operating Segments | Origination and servicing | Change in fair value of MSRs and MSR financing receivables | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | (310,444) | 729,844 | (306,259) | |||||||||||||
Operating Segments | Origination and servicing | Servicing revenue, net | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 1,178,467 | 2,078,828 | 644,703 | |||||||||||||
Operating Segments | Origination and servicing | Interest income | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 533,944 | 326,634 | 208,682 | |||||||||||||
Operating Segments | Origination and servicing | Gain on originated residential mortgage loans, held-for-sale, net | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 494,693 | 1,127,282 | 1,806,127 | |||||||||||||
Operating Segments | Origination and servicing | Other investment portfolio revenues | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Origination and servicing | Asset management revenues | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Investment Portfolio | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 1,262,835 | 1,242,464 | 1,064,831 | |||||||||||||
Interest expense and warehouse line fees | 795,727 | 365,211 | 241,068 | |||||||||||||
General and administrative | 335,010 | 354,122 | 465,974 | |||||||||||||
Total operating expenses | 1,130,737 | 719,333 | 707,042 | |||||||||||||
Realized and unrealized gains (losses), net | (29,289) | (214,704) | (136,817) | |||||||||||||
Other income (loss), net | (29,465) | (144,728) | 12,687 | |||||||||||||
Total other income (loss) | (58,754) | (359,432) | (124,130) | |||||||||||||
Income (loss) before income taxes | 73,344 | 163,699 | 233,659 | |||||||||||||
Income tax (benefit) expense | (7,457) | 35,378 | 25,109 | |||||||||||||
Net income (loss) | 80,801 | 128,321 | 208,550 | |||||||||||||
Noncontrolling interests in income (loss) of consolidated subsidiaries | 7,471 | 26,050 | 22,058 | |||||||||||||
Dividends on preferred stock | 0 | 0 | 0 | |||||||||||||
Net income (loss) attributable to common stockholders - basic | 73,330 | 102,271 | 186,492 | |||||||||||||
Investments | 13,322,960 | 12,656,743 | 13,322,960 | 12,656,743 | ||||||||||||
Cash and cash equivalents | 442,015 | 666,810 | 442,015 | 666,810 | ||||||||||||
Restricted cash | 144,169 | 94,508 | 144,169 | 94,508 | ||||||||||||
Other assets | 4,864,921 | 3,720,905 | 4,864,921 | 3,720,905 | ||||||||||||
Goodwill (Note 16) | 5,092 | 5,092 | 5,092 | 5,092 | ||||||||||||
Assets of consolidated CFEs | 3,044,850 | 2,443,561 | 3,044,850 | 2,443,561 | ||||||||||||
Total assets | 21,824,007 | 19,587,619 | 21,824,007 | 19,587,619 | ||||||||||||
Debt | 14,180,827 | 12,962,616 | 14,180,827 | 12,962,616 | ||||||||||||
Other liabilities | 2,004,220 | 1,086,248 | 2,004,220 | 1,086,248 | ||||||||||||
Liabilities of consolidated CFEs | 2,624,345 | 2,107,173 | 2,624,345 | 2,107,173 | ||||||||||||
Total liabilities | 18,809,392 | 16,156,037 | 18,809,392 | 16,156,037 | ||||||||||||
Total Equity | 3,014,615 | 3,431,582 | 3,014,615 | 3,431,582 | ||||||||||||
Noncontrolling interests in equity of consolidated subsidiaries | 44,905 | 54,630 | 44,905 | 54,630 | ||||||||||||
Total Rithm Capital stockholders’ equity | 2,969,710 | 3,376,952 | 2,969,710 | 3,376,952 | ||||||||||||
Investments in equity method investees | 110,883 | 96,210 | 110,883 | 96,210 | ||||||||||||
Operating Segments | Investment Portfolio | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 370,446 | 482,370 | 607,861 | |||||||||||||
Operating Segments | Investment Portfolio | Change in fair value of MSRs and MSR financing receivables | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | (255,240) | (2,510) | (271,504) | |||||||||||||
Operating Segments | Investment Portfolio | Servicing revenue, net | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 115,206 | 479,860 | 336,357 | |||||||||||||
Operating Segments | Investment Portfolio | Interest income | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 872,678 | 566,232 | 581,270 | |||||||||||||
Operating Segments | Investment Portfolio | Gain on originated residential mortgage loans, held-for-sale, net | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 38,784 | (34,533) | (18,276) | |||||||||||||
Operating Segments | Investment Portfolio | Other investment portfolio revenues | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 236,167 | 230,905 | 165,480 | |||||||||||||
Operating Segments | Investment Portfolio | Asset management revenues | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Mortgage Loans Receivable | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 205,779 | 145,315 | 4,219 | |||||||||||||
Interest expense and warehouse line fees | 105,909 | 50,980 | 1,000 | |||||||||||||
General and administrative | 62,358 | 64,277 | 1,802 | |||||||||||||
Total operating expenses | 168,267 | 115,257 | 2,802 | |||||||||||||
Realized and unrealized gains (losses), net | 1,500 | 36,390 | 0 | |||||||||||||
Other income (loss), net | 6,209 | 12,243 | 0 | |||||||||||||
Total other income (loss) | 7,709 | 48,633 | 0 | |||||||||||||
Income (loss) before income taxes | 45,221 | 78,691 | 1,417 | |||||||||||||
Income tax (benefit) expense | (5,122) | (7,792) | 0 | |||||||||||||
Net income (loss) | 50,343 | 86,483 | 1,417 | |||||||||||||
Noncontrolling interests in income (loss) of consolidated subsidiaries | 0 | 0 | 0 | |||||||||||||
Dividends on preferred stock | 0 | 0 | 0 | |||||||||||||
Net income (loss) attributable to common stockholders - basic | 50,343 | 86,483 | 1,417 | |||||||||||||
Investments | 1,879,319 | 1,714,053 | 1,879,319 | 1,714,053 | ||||||||||||
Cash and cash equivalents | 58,628 | 52,441 | 58,628 | 52,441 | ||||||||||||
Restricted cash | 30,233 | 16,001 | 30,233 | 16,001 | ||||||||||||
Other assets | 108,523 | 169,894 | 108,523 | 169,894 | ||||||||||||
Goodwill (Note 16) | 55,731 | 55,731 | 55,731 | 55,731 | ||||||||||||
Assets of consolidated CFEs | 365,698 | 359,577 | 365,698 | 359,577 | ||||||||||||
Total assets | 2,498,132 | 2,367,697 | 2,498,132 | 2,367,697 | ||||||||||||
Debt | 1,537,008 | 1,420,661 | 1,537,008 | 1,420,661 | ||||||||||||
Other liabilities | 23,608 | 25,469 | 23,608 | 25,469 | ||||||||||||
Liabilities of consolidated CFEs | 319,369 | 313,266 | 319,369 | 313,266 | ||||||||||||
Total liabilities | 1,879,985 | 1,759,396 | 1,879,985 | 1,759,396 | ||||||||||||
Total Equity | 618,147 | 608,301 | 618,147 | 608,301 | ||||||||||||
Noncontrolling interests in equity of consolidated subsidiaries | 0 | 0 | 0 | 0 | ||||||||||||
Total Rithm Capital stockholders’ equity | 618,147 | 608,301 | 618,147 | 608,301 | ||||||||||||
Investments in equity method investees | 0 | 0 | 0 | 0 | ||||||||||||
Operating Segments | Mortgage Loans Receivable | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Mortgage Loans Receivable | Change in fair value of MSRs and MSR financing receivables | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Mortgage Loans Receivable | Servicing revenue, net | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Mortgage Loans Receivable | Interest income | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 205,779 | 145,315 | 4,219 | |||||||||||||
Operating Segments | Mortgage Loans Receivable | Gain on originated residential mortgage loans, held-for-sale, net | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Mortgage Loans Receivable | Other investment portfolio revenues | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Mortgage Loans Receivable | Asset management revenues | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Asset Management | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 86,469 | 0 | 0 | |||||||||||||
Interest expense and warehouse line fees | 2,727 | 0 | 0 | |||||||||||||
General and administrative | 63,870 | 0 | 0 | |||||||||||||
Total operating expenses | 66,597 | 0 | 0 | |||||||||||||
Realized and unrealized gains (losses), net | 8,060 | 0 | 0 | |||||||||||||
Other income (loss), net | 557 | 0 | 0 | |||||||||||||
Total other income (loss) | 8,617 | 0 | 0 | |||||||||||||
Income (loss) before income taxes | 28,489 | 0 | 0 | |||||||||||||
Income tax (benefit) expense | 27,121 | 0 | 0 | |||||||||||||
Net income (loss) | 1,368 | 0 | 0 | |||||||||||||
Noncontrolling interests in income (loss) of consolidated subsidiaries | 365 | 0 | 0 | |||||||||||||
Dividends on preferred stock | 0 | 0 | 0 | |||||||||||||
Net income (loss) attributable to common stockholders - basic | 1,003 | 0 | 0 | |||||||||||||
Investments | 226,486 | 0 | 226,486 | 0 | ||||||||||||
Cash and cash equivalents | 230,008 | 0 | 230,008 | 0 | ||||||||||||
Restricted cash | 8,156 | 0 | 8,156 | 0 | ||||||||||||
Other assets | 842,717 | 0 | 842,717 | 0 | ||||||||||||
Goodwill (Note 16) | 46,658 | 0 | 46,658 | 0 | ||||||||||||
Assets of consolidated CFEs | 340,929 | 0 | 340,929 | 0 | ||||||||||||
Total assets | 1,694,954 | 0 | 1,694,954 | 0 | ||||||||||||
Debt | 455,512 | 0 | 455,512 | 0 | ||||||||||||
Other liabilities | 345,999 | 0 | 345,999 | 0 | ||||||||||||
Liabilities of consolidated CFEs | 219,920 | 0 | 219,920 | 0 | ||||||||||||
Total liabilities | 1,021,431 | 0 | 1,021,431 | 0 | ||||||||||||
Total Equity | 673,523 | 0 | 673,523 | 0 | ||||||||||||
Noncontrolling interests in equity of consolidated subsidiaries | 40,971 | 0 | 40,971 | 0 | ||||||||||||
Total Rithm Capital stockholders’ equity | 632,552 | 0 | 632,552 | 0 | ||||||||||||
Investments in equity method investees | 91,563 | 0 | 91,563 | 0 | ||||||||||||
Operating Segments | Asset Management | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Asset Management | Change in fair value of MSRs and MSR financing receivables | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Asset Management | Servicing revenue, net | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Asset Management | Interest income | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 3,788 | 0 | 0 | |||||||||||||
Operating Segments | Asset Management | Gain on originated residential mortgage loans, held-for-sale, net | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Asset Management | Other investment portfolio revenues | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Asset Management | Asset management revenues | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 82,681 | 0 | 0 | |||||||||||||
Operating Segments | Corporate | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | 0 | 278 | 0 | |||||||||||||
Interest expense and warehouse line fees | 36,184 | 36,546 | 36,152 | |||||||||||||
General and administrative | 114,211 | 497,375 | 119,495 | |||||||||||||
Total operating expenses | 150,395 | 533,921 | 155,647 | |||||||||||||
Realized and unrealized gains (losses), net | 0 | 67 | (171) | |||||||||||||
Other income (loss), net | (26,361) | (19,170) | 1,038 | |||||||||||||
Total other income (loss) | (26,361) | (19,103) | 867 | |||||||||||||
Income (loss) before income taxes | (176,756) | (552,746) | (154,780) | |||||||||||||
Income tax (benefit) expense | 0 | (75,388) | 0 | |||||||||||||
Net income (loss) | (176,756) | (477,358) | (154,780) | |||||||||||||
Noncontrolling interests in income (loss) of consolidated subsidiaries | 0 | 0 | 0 | |||||||||||||
Dividends on preferred stock | 89,579 | 89,726 | 66,744 | |||||||||||||
Net income (loss) attributable to common stockholders - basic | (266,335) | (567,084) | (221,524) | |||||||||||||
Investments | 0 | 0 | 0 | 0 | ||||||||||||
Cash and cash equivalents | 7,882 | 13,066 | 7,882 | 13,066 | ||||||||||||
Restricted cash | 0 | 0 | 0 | 0 | ||||||||||||
Other assets | 20,483 | 28,043 | 20,483 | 28,043 | ||||||||||||
Goodwill (Note 16) | 0 | 0 | 0 | 0 | ||||||||||||
Assets of consolidated CFEs | 0 | 0 | 0 | 0 | ||||||||||||
Total assets | 28,365 | 41,109 | 28,365 | 41,109 | ||||||||||||
Debt | 546,818 | 545,056 | 546,818 | 545,056 | ||||||||||||
Other liabilities | 213,121 | 159,783 | 213,121 | 159,783 | ||||||||||||
Liabilities of consolidated CFEs | 0 | 0 | 0 | 0 | ||||||||||||
Total liabilities | 759,939 | 704,839 | 759,939 | 704,839 | ||||||||||||
Total Equity | (731,574) | (663,730) | (731,574) | (663,730) | ||||||||||||
Noncontrolling interests in equity of consolidated subsidiaries | 0 | 0 | 0 | 0 | ||||||||||||
Total Rithm Capital stockholders’ equity | (731,574) | (663,730) | (731,574) | (663,730) | ||||||||||||
Investments in equity method investees | $ 0 | $ 0 | 0 | 0 | ||||||||||||
Operating Segments | Corporate | Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Corporate | Change in fair value of MSRs and MSR financing receivables | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Corporate | Servicing revenue, net | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Corporate | Interest income | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 278 | 0 | |||||||||||||
Operating Segments | Corporate | Gain on originated residential mortgage loans, held-for-sale, net | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Corporate | Other investment portfolio revenues | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate revenues | 0 | 0 | 0 | |||||||||||||
Operating Segments | Corporate | Asset management revenues | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Total revenues | $ 0 | $ 0 | $ 0 | |||||||||||||
Subsidiaries | ||||||||||||||||
Segment Reporting Information [Line Items] | ||||||||||||||||
Number of reportable segments | segment | 1 |
EXCESS MORTGAGE SERVICING RIG_3
EXCESS MORTGAGE SERVICING RIGHTS - Schedule of Excess Mortgage Servicing Rights (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Servicing Assets at Fair Value [Line Items] | |||
Fair value | $ 8,405,938 | $ 8,889,403 | $ 6,858,803 |
Excess mortgage servicing rights assets, at fair value | |||
Servicing Assets at Fair Value [Line Items] | |||
Fair value | 271,150 | 321,803 | |
Direct investments in Excess MSRs | |||
Servicing Assets at Fair Value [Line Items] | |||
Fair value | 208,385 | 249,366 | $ 259,198 |
Excess MSR joint ventures | |||
Servicing Assets at Fair Value [Line Items] | |||
Fair value | $ 62,765 | $ 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) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Carrying Value of Investments in Excess MSRs | ||
Beginning balance | $ 8,889,403 | $ 6,858,803 |
Ending balance | $ 8,405,938 | $ 8,889,403 |
Servicing Asset, Fair Value, Change in Fair Value, Other, Statement of Income or Comprehensive Income [Extensible Enumeration] | Realized and unrealized gains (losses), net | Realized and unrealized gains (losses), net |
Excess MSRs | ||
Carrying Value of Investments in Excess MSRs | ||
Beginning balance | $ 249,366 | $ 259,198 |
Interest income | 18,310 | 38,035 |
Other income | 267 | 42 |
Proceeds from repayments | (41,552) | (43,950) |
Proceeds from sales | (2,779) | (997) |
Change in fair value | (15,227) | (2,962) |
Ending balance | $ 208,385 | $ 249,366 |
EXCESS MORTGAGE SERVICING RIG_5
EXCESS MORTGAGE SERVICING RIGHTS - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 02, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Excess MSRs | Weighted Average | |||
Schedule of Equity Method Investments [Line Items] | |||
Discount rate | 8.80% | 8.30% | |
Computershare Mortgage Services Inc | |||
Schedule of Equity Method Investments [Line Items] | |||
Business combination, consideration transferred | $ 720 |
EXCESS MORTGAGE SERVICING RIG_6
EXCESS MORTGAGE SERVICING RIGHTS - Summary of Investments in Excess MSRs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Equity Method Investments [Line Items] | |||
Weighted Average Life (Years) | 4 years | ||
Original and recaptured pools | |||
Schedule of Equity Method Investments [Line Items] | |||
Original and Recaptured Pools | $ (15,227) | $ (2,962) | $ (15,078) |
Corporate Joint Venture | Servicer advance investments | |||
Schedule of Equity Method Investments [Line Items] | |||
UPB | 15,499,559 | 17,033,753 | |
Excess MSRs | |||
Schedule of Equity Method Investments [Line Items] | |||
UPB | $ 42,957,347 | $ 48,154,644 | |
Weighted Average Life (Years) | 6 years 3 months 18 days | 6 years 3 months 18 days | |
Amortized Cost Basis | $ 181,721 | $ 207,470 | |
Carrying Value | $ 208,385 | $ 249,366 | |
Excess MSRs | Minimum | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in Excess MSR | 32.50% | 32.50% | |
Excess MSRs | Minimum | Former Manager-managed funds | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in Excess MSR | 0% | 0% | |
Excess MSRs | Minimum | Mr. Cooper | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in Excess MSR | 0% | 0% | |
Excess MSRs | Maximum | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in Excess MSR | 100% | 100% | |
Excess MSRs | Maximum | Former Manager-managed funds | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in Excess MSR | 50% | 50% | |
Excess MSRs | Maximum | Mr. Cooper | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in Excess MSR | 35% | 35% | |
Excess MSRs | Weighted Average | |||
Schedule of Equity Method Investments [Line Items] | |||
Interest in Excess MSR | 56.50% | 56.50% |
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 | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Investments in Mortgage Servicing Rights [Line Items] | ||||||||||||||||
Excess MSRs | $ 114,552 | $ 135,356 | $ 114,552 | $ 135,356 | ||||||||||||
Other assets | 182,881 | 132,809 | 182,881 | 132,809 | ||||||||||||
Other liabilities | (5,811,937) | (3,567,184) | (5,811,937) | (3,567,184) | ||||||||||||
Equity | 7,101,038 | $ 7,267,963 | $ 7,194,684 | $ 6,954,543 | 7,010,068 | $ 7,061,626 | $ 7,062,998 | $ 7,184,712 | $ 7,194,684 | $ 7,062,998 | $ 7,267,963 | $ 7,061,626 | 7,101,038 | 7,010,068 | $ 6,669,380 | $ 5,429,684 |
Rithm Capital’s investment | 8,405,938 | 8,889,403 | 8,405,938 | 8,889,403 | 6,858,803 | |||||||||||
Interest income | 13,358 | 15,157 | 7,574 | |||||||||||||
Other income (loss) | (8,296) | (12,073) | (3,906) | |||||||||||||
Expenses | (32) | (32) | (32) | |||||||||||||
Net income (loss) | (67,151) | $ 221,191 | $ 386,685 | $ 89,949 | 105,833 | $ 154,190 | $ 33,331 | $ 689,931 | $ 476,634 | $ 723,262 | $ 697,825 | $ 877,452 | 630,674 | 983,285 | 805,582 | |
Excess MSR joint ventures | ||||||||||||||||
Schedule of Investments in Mortgage Servicing Rights [Line Items] | ||||||||||||||||
Rithm Capital’s investment | $ 62,765 | $ 72,437 | $ 62,765 | $ 72,437 | ||||||||||||
Ownership percentage | 50% | 50% | 50% | 50% | ||||||||||||
Equity Method Investment, Nonconsolidated Investee or Group of Investees | ||||||||||||||||
Schedule of Investments in Mortgage Servicing Rights [Line Items] | ||||||||||||||||
Other assets | $ 11,664 | $ 10,204 | $ 11,664 | $ 10,204 | ||||||||||||
Other liabilities | (687) | (687) | (687) | (687) | ||||||||||||
Equity | $ 125,529 | $ 144,873 | 125,529 | 144,873 | ||||||||||||
Net income (loss) | $ 5,030 | $ 3,052 | $ 3,636 |
EXCESS MORTGAGE SERVICING RIG_8
EXCESS MORTGAGE SERVICING RIGHTS - Summary of Equity Method Investees Changed - Roll Forward (Details) - Recurring Basis - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Increase (Decrease) in Equity Method Investments [Roll Forward] | ||
Balance at beginning of period | $ 72,437 | $ 85,749 |
Distributions of earnings from equity method investees | (2,219) | 0 |
Distributions of capital from equity method investees | (9,968) | (14,838) |
Change in fair value of investments in equity method investees | 2,515 | 1,526 |
Balance at end of period | $ 62,765 | $ 72,437 |
EXCESS MORTGAGE SERVICING RIG_9
EXCESS MORTGAGE SERVICING RIGHTS - Summary of Excess MSRs Made Through Equity Method Investees (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Investments in Mortgage Servicing Rights [Line Items] | ||
Weighted Average Life (Years) | 4 years | |
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 | Original and recaptured pools | ||
Schedule of Investments in Mortgage Servicing Rights [Line Items] | ||
UPB | $ 17,092,557 | $ 19,299,726 |
Investee Interest in Excess MSR | 66.70% | 66.70% |
Rithm Capital Interest in Investees | 50% | 50% |
Amortized Cost Basis | $ 94,443 | $ 106,176 |
Carrying Value | $ 114,552 | $ 135,356 |
Weighted Average Life (Years) | 5 years 1 month 6 days | 5 years 1 month 6 days |
MORTGAGE SERVICING RIGHTS AND_3
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES (AS RESTATED) - Rollforward of Carrying Value of Investments In MSRs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Activity related to carrying value of investments in mortgage servicing rights [Roll Forward] | ||
Beginning balance | $ 8,889,403 | $ 6,858,803 |
Purchases, net | (967) | |
Originations | 786,655 | 1,222,742 |
Proceeds from sales | (704,436) | (8,866) |
Realization of cash flows | (518,978) | (631,120) |
Change in valuation inputs and assumptions | (46,706) | 1,448,811 |
Ending balance | 8,405,938 | $ 8,889,403 |
Servicing asset at fair value, disposals, unpaid principal balance | 91,400,000 | |
Gain on sale of servicing asset, net | $ 5,200 |
MORTGAGE SERVICING RIGHTS AND_4
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES (AS RESTATED) - Schedule of Servicing Fee Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule of Investments in Mortgage Servicing Rights [Line Items] | |||||||||||||||
Contractually Specified Servicing Fee Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue | ||||||||||||||
Ancillary Fee Income, Servicing Financial Asset, Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue | ||||||||||||||
Realization of cash flows | $ (141,616) | $ (180,265) | $ (200,325) | $ (380,590) | $ (522,206) | $ (631,120) | |||||||||
Change in valuation inputs and assumptions, net of realized gains (losses) | $ 46,706 | (1,448,811) | |||||||||||||
MSRs | |||||||||||||||
Schedule of Investments in Mortgage Servicing Rights [Line Items] | |||||||||||||||
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | 1,735,060 | 1,698,977 | $ 1,445,778 | ||||||||||||
Ancillary and other fees | 124,297 | 132,377 | 113,045 | ||||||||||||
Servicing fee revenue, net and fees | 1,859,357 | 1,831,354 | 1,558,823 | ||||||||||||
Realization of cash flows | $ (134,884) | $ (138,993) | $ (139,410) | $ (105,691) | $ (108,914) | $ (245,101) | $ (384,094) | (518,978) | (631,120) | (1,192,646) | |||||
Change in valuation inputs and assumptions, net of realized gains (losses) | (46,706) | 1,448,811 | 680,088 | ||||||||||||
Change in fair value of derivative instruments | 0 | (11,316) | (30,481) | ||||||||||||
Gain (loss) on settlement of derivative instruments | 0 | (79,041) | (34,724) | ||||||||||||
Servicing revenue, net | $ 1,293,673 | $ 2,558,688 | $ 981,060 |
MORTGAGE SERVICING RIGHTS AND_5
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES (AS RESTATED) - Schedule of Investment in MSRs and MSR Financing Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | |
Schedule of Mortgage Servicing Rights [Line Items] | |||||||||
Weighted Average Life (Years) | 4 years | ||||||||
Rithm Capital’s investment | $ 8,405,938 | $ 8,889,403 | $ 6,858,803 | ||||||
Residential mortgage loans subject to repurchase | 1,782,998 | 1,219,890 | $ 1,443,546 | $ 1,296,097 | $ 1,189,907 | $ 1,897,142 | $ 1,758,509 | $ 1,700,426 | $ 1,787,314 |
Mortgage Servicing Rights and Mortgage Servicing Rights Financing Receivable | |||||||||
Schedule of Mortgage Servicing Rights [Line Items] | |||||||||
UPB of Underlying Mortgages | $ 528,434,509 | $ 539,897,324 | |||||||
Weighted Average Life (Years) | 7 years 6 months | 6 years 10 months 24 days | |||||||
Rithm Capital’s investment | $ 8,405,938 | $ 8,889,403 | |||||||
MSRs | Weighted Average | |||||||||
Schedule of Mortgage Servicing Rights [Line Items] | |||||||||
Discount rate | 8.50% | 8.30% | |||||||
MSRs | Minimum | |||||||||
Schedule of Mortgage Servicing Rights [Line Items] | |||||||||
Discount rate | 7.90% | 7.60% | |||||||
MSRs | Maximum | |||||||||
Schedule of Mortgage Servicing Rights [Line Items] | |||||||||
Discount rate | 10.80% | 9.80% | |||||||
Agency | MSRs | |||||||||
Schedule of Mortgage Servicing Rights [Line Items] | |||||||||
UPB of Underlying Mortgages | $ 351,642,337 | $ 364,879,106 | |||||||
Weighted Average Life (Years) | 7 years 8 months 12 days | 7 years 2 months 12 days | |||||||
Rithm Capital’s investment | $ 5,333,013 | $ 6,022,266 | |||||||
Non-Agency | MSRs | |||||||||
Schedule of Mortgage Servicing Rights [Line Items] | |||||||||
UPB of Underlying Mortgages | $ 48,928,545 | $ 53,881,903 | |||||||
Weighted Average Life (Years) | 6 years 9 months 18 days | 4 years 10 months 24 days | |||||||
Rithm Capital’s investment | $ 678,913 | $ 794,459 | |||||||
Ginnie Mae | MSRs | |||||||||
Schedule of Mortgage Servicing Rights [Line Items] | |||||||||
UPB of Underlying Mortgages | $ 127,863,627 | $ 121,136,315 | |||||||
Weighted Average Life (Years) | 7 years 1 month 6 days | 6 years 8 months 12 days | |||||||
Rithm Capital’s investment | $ 2,394,012 | $ 2,072,678 |
MORTGAGE SERVICING RIGHTS AND_6
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES (AS RESTATED) - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2018 | Jul. 31, 2017 | |||
Schedule of MSRs [Line Items] | |||||||||||||
Residential mortgage loan repurchase liability | $ 1,782,998 | $ 1,219,890 | $ 1,443,546 | $ 1,296,097 | $ 1,189,907 | $ 1,897,142 | $ 1,758,509 | $ 1,700,426 | |||||
Residential mortgage loans, held-for-sale | 2,540,742 | [1] | 3,398,298 | [1] | $ 2,819,282 | $ 3,092,667 | $ 2,841,320 | $ 4,037,411 | $ 5,410,989 | $ 7,202,475 | |||
Reserve for non-recovery advances | $ 93,681 | $ 65,428 | $ 32,122 | ||||||||||
Reserve for non-recovery advances, percent | 3.30% | 2.30% | |||||||||||
Ocwen | Rithm Capital | |||||||||||||
Schedule of MSRs [Line Items] | |||||||||||||
Unpaid principal balance of underlying loans, not yet transferred | $ 11,400,000 | $ 12,400,000 | |||||||||||
Ocwen | Mortgage Servicing Rights | New Residential Mortgage LLC | |||||||||||||
Schedule of MSRs [Line Items] | |||||||||||||
Unpaid principal balance of underlying loans, transferred | $ 66,700,000 | ||||||||||||
PHH Mortgage Corporation | |||||||||||||
Schedule of MSRs [Line Items] | |||||||||||||
Subservicer percent of UPB | 8.60% | ||||||||||||
Valon | |||||||||||||
Schedule of MSRs [Line Items] | |||||||||||||
Subservicer percent of UPB | 4.90% | ||||||||||||
Newrez And Caliber | |||||||||||||
Schedule of MSRs [Line Items] | |||||||||||||
Subservicer percent of UPB | 86.50% | ||||||||||||
Ocwen | |||||||||||||
Schedule of MSRs [Line Items] | |||||||||||||
UPB | $ 86,800,000 | $ 110,000,000 | |||||||||||
Ginnie Mae Loans | |||||||||||||
Schedule of MSRs [Line Items] | |||||||||||||
Residential mortgage loans, held-for-sale | $ 400,000 | 800,000 | |||||||||||
Mortgage Loans Subserviced | |||||||||||||
Schedule of MSRs [Line Items] | |||||||||||||
UPB | 102,500,000 | 93,000,000 | |||||||||||
Subservicing revenue | $ 139,400 | $ 132,100 | |||||||||||
[1] The Company's Consolidated Balance Sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2023, as restated, and December 31, 2022, as restated, total assets of such consolidated VIEs were $5.6 billion and $4.7 billion, respectively, and total liabilities of such consolidated VIEs were $4.7 billion and $3.9 billion, respectively. See Note 22 for further details. |
MORTGAGE SERVICING RIGHTS AND_7
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES (AS RESTATED) - Summary of the Geographic Distribution of the Underlying Residential Mortgage Loans of the MSRs (Details) - MSRs - Mortgage Loans | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of MSRs [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 100% | 100% |
California | ||
Schedule of MSRs [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 17.10% | 17.40% |
Florida | ||
Schedule of MSRs [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 8.60% | 8.60% |
Texas | ||
Schedule of MSRs [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 6.20% | 6.20% |
New York | ||
Schedule of MSRs [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 6% | 6% |
Washington | ||
Schedule of MSRs [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 5.80% | 5.90% |
New Jersey | ||
Schedule of MSRs [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 4.30% | 4.40% |
Virginia | ||
Schedule of MSRs [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 3.60% | 3.60% |
Maryland | ||
Schedule of MSRs [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 3.40% | 3.40% |
Illinois | ||
Schedule of MSRs [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 3.30% | 3.40% |
Georgia | ||
Schedule of MSRs [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 3% | 2.90% |
Other U.S. | ||
Schedule of MSRs [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 38.70% | 38.20% |
MORTGAGE SERVICING RIGHTS AND_8
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES (AS RESTATED) - Schedule of Advances Included in Servicing Advances Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Transfers and Servicing [Abstract] | ||
Principal and interest advances | $ 616,801 | $ 664,495 |
Escrow advances (taxes and insurance advances) | 1,442,697 | 1,426,409 |
Foreclosure advances | 767,171 | 754,073 |
Total | 2,826,669 | 2,844,977 |
Servicer advances receivable related to agency MSRs | 585,000 | 526,500 |
Servicer advances receivable related to Ginnie Mae MSRS, recoverable from Ginnie Mae | 405,600 | 261,800 |
Servicer advances, unamortized discount and accrual | $ 66,400 | $ 19,500 |
MORTGAGE SERVICING RIGHTS AND_9
MORTGAGE SERVICING RIGHTS AND MSR FINANCING RECEIVABLES (AS RESTATED) - Summary of Reserve For Servicer Advances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Servicer Advances Reserve [Roll Forward] | ||
Beginning balance | $ 65,428 | $ 32,122 |
Provision | 63,016 | 48,392 |
Write-offs | (34,763) | (15,086) |
Ending balance | $ 93,681 | $ 65,428 |
SERVICER ADVANCE INVESTMENTS -
SERVICER ADVANCE INVESTMENTS - Narrative (Details) - Advance Purchaser - USD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Servicing Assets at Fair Value [Line Items] | |||
Capital distributed to third-party co-investors | $ 71.5 | ||
Capital distributed to new residential | $ 597.9 | ||
Servicer Advance Investments | |||
Servicing Assets at Fair Value [Line Items] | |||
Ownership percentage | 89.30% | 89.30% | 89.30% |
SERVICER ADVANCE INVESTMENTS _2
SERVICER ADVANCE INVESTMENTS - Summary of Investments in Servicer Advances (Details) - Servicer Advance Investments - Servicer advance investments - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Investments in and Advances to Affiliates [Line Items] | ||
Amortized Cost Basis | $ 362,760 | $ 392,749 |
Carrying Value | $ 376,881 | $ 398,820 |
Weighted Average Discount Rate | 6.20% | 5.70% |
Weighted Average Yield | 6.60% | 5.60% |
Weighted Average Life (Years) | 8 years 1 month 6 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 | Dec. 31, 2023 | Dec. 31, 2022 |
Investments in and Advances to Affiliates [Line Items] | ||
Outstanding Servicer Advances | $ 376,881 | $ 398,820 |
Face Amount of Secured Notes and Bonds Payable | 26,412,410 | |
Servicer Advance Investments | Servicer advance investments | ||
Investments in and Advances to Affiliates [Line Items] | ||
Residential mortgage loan UPB and other collateral | 15,499,559 | 17,033,753 |
Outstanding Servicer Advances | $ 320,630 | $ 341,628 |
Servicer Advances to UPB of Underlying Residential Mortgage Loans | 2.10% | 2% |
Face Amount of Secured Notes and Bonds Payable | $ 278,845 | $ 319,276 |
Gross Loan-to-Value | 84.10% | 90.20% |
Net Loan-to-Value | 81.90% | 88.30% |
Gross Cost of Funds | 7.50% | 6.50% |
Net Cost of Funds | 6.90% | 5.90% |
SERVICER ADVANCE INVESTMENTS _4
SERVICER ADVANCE INVESTMENTS - Summary of Investments in Servicer Advances - Components of Funded Advances (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Servicing Assets at Fair Value [Line Items] | ||
Total | $ 376,881 | $ 398,820 |
Servicer Advance Investments | Servicer advance investments | ||
Servicing Assets at Fair Value [Line Items] | ||
Principal and interest advances | 57,909 | 66,892 |
Escrow advances (taxes and insurance advances) | 149,346 | 155,438 |
Foreclosure advances | 113,375 | 119,298 |
Total | $ 320,630 | $ 341,628 |
REAL ESTATE AND OTHER SECURIT_3
REAL ESTATE AND OTHER SECURITIES (AS RESTATED) - Summary of Real Estate Securities (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) security | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | $ 18,562,039 | $ 18,112,783 | ||
Carrying Value | $ 9,337,159 | 7,952,889 | $ 9,201,474 | $ 8,722,018 |
Weighted Average Life (Years) | 4 years | |||
Investments | $ 24,842,688 | 23,742,231 | ||
Residual Bonds | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Investments | 30,500 | |||
Non-Agency Bonds | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Investments | 1,000 | |||
AFS Agency | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | 74,639 | 80,261 | ||
Gross Unrealized Gains | 0 | 0 | ||
Gross Unrealized Losses | 0 | 0 | ||
Carrying Value | $ 65,496 | $ 73,439 | ||
Number of Securities | security | 1 | 1 | ||
Weighted Average Coupon | 3.50% | 3.50% | ||
Weighted Average Yield | 3.50% | 3.50% | ||
Weighted Average Life (Years) | 10 years 9 months 18 days | 8 years 10 months 24 days | ||
AFS Non-Agency | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | $ 2,446,762 | $ 2,598,679 | ||
Gross Unrealized Gains | 68,624 | 72,354 | ||
Gross Unrealized Losses | (24,488) | (33,684) | ||
Carrying Value | $ 337,427 | $ 369,055 | ||
Number of Securities | security | 308 | 310 | ||
Weighted Average Coupon | 3.40% | 3.40% | ||
Weighted Average Yield | 3.80% | 3.40% | ||
Weighted Average Life (Years) | 5 years | 6 years 1 month 6 days | ||
FVO Agency | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | $ 8,515,621 | $ 7,383,261 | ||
Gross Unrealized Gains | 121,771 | 91,770 | ||
Gross Unrealized Losses | (5,666) | (43,826) | ||
Carrying Value | $ 8,467,634 | $ 7,264,978 | ||
Number of Securities | security | 43 | 35 | ||
Weighted Average Coupon | 5.20% | 5% | ||
Weighted Average Yield | 5.20% | 5% | ||
Weighted Average Life (Years) | 8 years 2 months 12 days | 8 years 7 months 6 days | ||
FVO Non-Agency | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | $ 7,525,017 | $ 8,050,582 | ||
Gross Unrealized Gains | 20,681 | 17,374 | ||
Gross Unrealized Losses | (39,661) | (47,441) | ||
Carrying Value | $ 466,602 | $ 245,417 | ||
Number of Securities | security | 314 | 222 | ||
Weighted Average Coupon | 4% | 1.90% | ||
Weighted Average Yield | 6.80% | 3.20% | ||
Weighted Average Life (Years) | 6 years 10 months 24 days | 4 years 4 months 24 days | ||
Agency And Non-Agency Residential Mortgage Backed Securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | $ 18,562,039 | $ 18,112,783 | ||
Gross Unrealized Gains | 211,076 | 181,498 | ||
Gross Unrealized Losses | (69,815) | (124,951) | ||
Carrying Value | $ 9,337,159 | $ 7,952,889 | ||
Number of Securities | security | 666 | 568 | ||
Weighted Average Coupon | 5% | 4.80% | ||
Weighted Average Yield | 5.20% | 4.90% | ||
Weighted Average Life (Years) | 8 years | 8 years 4 months 24 days | ||
Agency RMBS | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | $ 8,590,260 | $ 7,463,522 | ||
Agency RMBS | Fixed Rate Securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | 8,600,000 | 7,500,000 | ||
Non-Agency RMBS | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | 9,971,779 | 10,649,261 | ||
Non-Agency RMBS | Fixed Rate Securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | 7,600,000 | 8,300,000 | ||
Residual and interest - only notional amount | 6,900,000 | 7,500,000 | ||
Non-Agency RMBS | Floating Rate Securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | 2,400,000 | 2,400,000 | ||
Residual and interest - only notional amount | 2,100,000 | 2,300,000 | ||
Corporate debt | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | 514 | |||
Gross Unrealized Gains | 0 | |||
Gross Unrealized Losses | 0 | |||
Carrying Value | $ 465 | |||
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 loan bonds | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | 239 | $ 518 | ||
Gross Unrealized Gains | 640 | 522 | ||
Gross Unrealized Losses | 0 | 0 | ||
Carrying Value | $ 640 | $ 590 | ||
Number of Securities | security | 1 | 3 | ||
Weighted Average Life (Years) | 1 year 8 months 12 days | 8 months 12 days | ||
Interest-only securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | $ 3,833,797 | $ 4,382,002 | ||
Gross Unrealized Gains | 7,275 | 9,683 | ||
Gross Unrealized Losses | (24,312) | (25,795) | ||
Carrying Value | $ 73,110 | $ 94,830 | ||
Number of Securities | security | 113 | 111 | ||
Weighted Average Coupon | 1% | 1% | ||
Weighted Average Yield | 10.20% | 1.20% | ||
Weighted Average Life (Years) | 2 years 6 months | 2 years 6 months | ||
Servicing strips | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | $ 2,469,571 | $ 2,645,546 | ||
Gross Unrealized Gains | 3,876 | 2,274 | ||
Gross Unrealized Losses | (645) | (926) | ||
Carrying Value | $ 20,855 | $ 21,206 | ||
Number of Securities | security | 50 | 50 | ||
Weighted Average Coupon | 0% | 0% | ||
Weighted Average Yield | 14.80% | 5.30% | ||
Weighted Average Life (Years) | 7 years 2 months 12 days | 6 years 2 months 12 days | ||
Commercial mortgage-backed securities | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | $ 3,845 | |||
Gross Unrealized Gains | 91 | |||
Gross Unrealized Losses | 0 | |||
Carrying Value | $ 3,812 | |||
Number of Securities | security | 2 | |||
Weighted Average Coupon | 7.90% | |||
Weighted Average Yield | 8.60% | |||
Weighted Average Life (Years) | 1 year 4 months 24 days | |||
CLOs | ||||
Debt Securities, Available-for-sale [Line Items] | ||||
Outstanding Face Amount | $ 244,336 | |||
Gross Unrealized Gains | 2,896 | |||
Gross Unrealized Losses | (44) | |||
Carrying Value | $ 226,486 | |||
Number of Securities | security | 88 | |||
Weighted Average Coupon | 5.70% | |||
Weighted Average Yield | 6.10% | |||
Weighted Average Life (Years) | 9 years 1 month 6 days |
REAL ESTATE AND OTHER SECURIT_4
REAL ESTATE AND OTHER SECURITIES (AS RESTATED) - Summary of Real Estate and Other Securities for Held to Maturity (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Outstanding Face Amount | $ 18,562,039,000 | $ 18,112,783,000 |
Weighted Average Life (Years) | 4 years | |
Residential Mortgage Backed Securities, Held To Maturity, Treasury | ||
Debt Securities, Available-for-sale, Allowance for Credit Loss [Line Items] | ||
Outstanding Face Amount | $ 25,000,000 | |
Amortized Cost / Carrying Value | 24,553,000 | $ 0 |
Fair Value | 24,566,000 | |
Unrecognized Gains/(Losses) | $ 13,000 | |
Number of Securities | security | 1 | |
Weighted Average Yield | 5.40% | |
Weighted Average Life (Years) | 3 months 18 days |
REAL ESTATE AND OTHER SECURIT_5
REAL ESTATE AND OTHER SECURITIES (AS RESTATED) - Schedule of Investment in Real Estate Securities (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Treasury | ||
Purchases | ||
Face | $ 1,055 | $ 0 |
Purchase price | 1,028.1 | 0 |
Sales | ||
Face | 0 | 0 |
Amortized cost | 0 | 0 |
Sale price | 0 | 0 |
Gain (loss) on sale | 0 | 0 |
Agency | ||
Purchases | ||
Face | 3,373.7 | 16,479.3 |
Purchase price | 3,350.6 | 16,314.6 |
Sales | ||
Face | 1,691.1 | 16,516 |
Amortized cost | 1,671.3 | 16,759.7 |
Sale price | 1,614.2 | 15,026.3 |
Gain (loss) on sale | (57.1) | (1,733.4) |
Non-Agency | ||
Purchases | ||
Face | 282.3 | 74.9 |
Purchase price | 234 | 50.4 |
Sales | ||
Face | 0 | 15.3 |
Amortized cost | 0 | 13.6 |
Sale price | 0 | 12 |
Gain (loss) on sale | $ 0 | $ (1.6) |
REAL ESTATE AND OTHER SECURIT_6
REAL ESTATE AND OTHER SECURITIES (AS RESTATED) - Narrative (Details) - Agency - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2023 | |
Debt Securities, Available-for-sale [Line Items] | ||
Face amount of securities purchased, unsettled | $ 738.4 | $ 0 |
Payments for securities purchased, unsettled | 730 | |
Face amount of securities sold | 490.8 | |
Proceeds of securities sold, unsettled | $ 471.6 |
REAL ESTATE AND OTHER SECURIT_7
REAL ESTATE AND OTHER SECURITIES (AS RESTATED) - Summary of Real Estate Securities in an Unrealized Loss Position (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) security | Dec. 31, 2022 USD ($) | |
Debt Securities, Available-for-sale [Line Items] | ||
Outstanding Face Amount | $ 18,562,039 | $ 18,112,783 |
Weighted Average Life (Years) | 4 years | |
Less than 12 Months | ||
Debt Securities, Available-for-sale [Line Items] | ||
Outstanding Face Amount | $ 54,140 | |
Before Credit Impairment - Amortized Cost Basis | 52,341 | |
Credit Impairment - Amortized Cost Basis | 0 | |
After Credit Impairment - Amortized Cost Basis | 52,341 | |
Gross Unrealized Losses - Less than 12 Months | (3,272) | |
Carrying Value - Less than 12 Months | $ 49,069 | |
Number of Securities - Less than 12 Months | security | 53 | |
Weighted Average Coupon | 3% | |
Weighted Average Yield | 3.80% | |
Weighted Average Life (Years) | 3 years 8 months 12 days | |
12 or More Months | ||
Debt Securities, Available-for-sale [Line Items] | ||
Outstanding Face Amount | $ 285,222 | |
Before Credit Impairment - Amortized Cost Basis | 262,677 | |
Credit Impairment - Amortized Cost Basis | (10,152) | |
After Credit Impairment - Amortized Cost Basis | 252,525 | |
Gross Unrealized Losses - 12 or More Months | (21,216) | |
Carrying Value - 12 or More Months | $ 231,309 | |
Number of Securities - 12 or More Months | security | 114 | |
Weighted Average Coupon | 3.60% | |
Weighted Average Yield | 3.70% | |
Weighted Average Life (Years) | 7 years | |
Total / Weighted Average | ||
Debt Securities, Available-for-sale [Line Items] | ||
Outstanding Face Amount | $ 339,362 | |
Before Credit Impairment - Amortized Cost Basis | 315,018 | |
Credit Impairment - Amortized Cost Basis | (10,152) | |
After Credit Impairment - Amortized Cost Basis | 304,866 | |
Gross Unrealized Losses - Total | (24,488) | |
Carrying Value - Total | $ 280,378 | |
Number of Securities - Total | security | 167 | |
Weighted Average Coupon | 3.50% | |
Weighted Average Yield | 3.70% | |
Weighted Average Life (Years) | 6 years 4 months 24 days |
REAL ESTATE AND OTHER SECURIT_8
REAL ESTATE AND OTHER SECURITIES (AS RESTATED) - Summary of Real Estate Securities in an Unrealized Loss Position - Associated Intent to Sell (Details) - USD ($) $ in Thousands | Dec. 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 | 65,697 | 77,835 |
Amortized Cost Basis After Credit Impairment | 66,377 | 78,093 |
Gross Unrealized Losses, Credit | (10,152) | (10,816) |
Gross Unrealized Losses, Non-Credit | (680) | (258) |
Non-credit impaired securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 214,681 | 243,686 |
Amortized Cost Basis After Credit Impairment | 238,489 | 277,112 |
Gross Unrealized Losses, Credit | 0 | 0 |
Gross Unrealized Losses, Non-Credit | (23,808) | (33,426) |
Total debt securities in an unrealized loss position | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 280,378 | 321,521 |
Amortized Cost Basis After Credit Impairment | 304,866 | 355,205 |
Gross Unrealized Losses, Credit | (10,152) | (10,816) |
Gross Unrealized Losses, Non-Credit | $ (24,488) | $ (33,684) |
REAL ESTATE AND OTHER SECURIT_9
REAL ESTATE AND OTHER SECURITIES (AS RESTATED) - Summary of Activity Related to Credit Losses on Debt Securities Excluding Credit Impairment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Available-for-sale, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses on available-for-sale debt securities at beginning balance | $ 10,816 | $ 3,471 |
Additions to the allowance for credit losses on securities for which credit losses were not previously recorded | 0 | 6,804 |
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 | 0 |
Reductions for securities sold during the period | (221) | 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 | 0 |
Additional increases (decreases) to the allowance for credit losses on securities that had credit losses or an allowance recorded in a previous period | (443) | 541 |
Write-offs charged against the allowance | 0 | 0 |
Recoveries of amounts previously written off | 0 | 0 |
Allowance for credit losses on available-for-sale debt securities at ending balance | 10,152 | 10,816 |
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 beginning balance | 4,140 | 3,471 |
Additions to the allowance for credit losses on securities for which credit losses were not previously recorded | 0 | 128 |
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 | 0 |
Reductions for securities sold during the period | (221) | 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 | 0 |
Additional increases (decreases) to the allowance for credit losses on securities that had credit losses or an allowance recorded in a previous period | (2,736) | 541 |
Write-offs charged against the allowance | 0 | 0 |
Recoveries of amounts previously written off | 0 | 0 |
Allowance for credit losses on available-for-sale debt securities at ending balance | 1,183 | 4,140 |
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 beginning balance | 6,676 | 0 |
Additions to the allowance for credit losses on securities for which credit losses were not previously recorded | 0 | 6,676 |
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 | 0 |
Reductions for securities sold during the period | 0 | 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 | 0 |
Additional increases (decreases) to the allowance for credit losses on securities that had credit losses or an allowance recorded in a previous period | 2,293 | 0 |
Write-offs charged against the allowance | 0 | 0 |
Recoveries of amounts previously written off | 0 | 0 |
Allowance for credit losses on available-for-sale debt securities at ending balance | $ 8,969 | $ 6,676 |
RESIDENTIAL MORTGAGE LOANS (A_3
RESIDENTIAL MORTGAGE LOANS (AS RESTATED) - Residential Mortgage Loans Outstanding by Loan Type, Excluding REO (Details) $ in Thousands | 12 Months Ended | |
Dec. 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) | 4 years | |
Consolidated Investments | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Outstanding Face Amount | $ 3,252,463 | |
Loan Count | loan | 9,012 | |
Weighted Average Yield | 5.30% | |
Weighted Average Life (Years) | 26 years 9 months 18 days | |
Mortgage Loans On Real Estate, Carrying Amount Of Mortgages, Including Interest | $ 3,038,587 | $ 2,431,867 |
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 | 448,060 | |
Carrying Value | $ 379,044 | 452,519 |
Loan Count | loan | 8,328 | |
Weighted Average Yield | 8.10% | |
Weighted Average Life (Years) | 5 years 6 months | |
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 | $ 94,336 | |
Carrying Value | $ 78,877 | 101,027 |
Loan Count | loan | 2,213 | |
Weighted Average Yield | 8.20% | |
Weighted Average Life (Years) | 5 years 9 months 18 days | |
Acquired performing loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Outstanding Face Amount | $ 67,955 | |
Carrying Value | $ 57,038 | 72,425 |
Loan Count | loan | 1,887 | |
Weighted Average Yield | 8.10% | |
Weighted Average Life (Years) | 5 years 10 months 24 days | |
Acquired performing loans | Ginnie Mae | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
UPB | $ 224,500 | |
Acquired non-performing loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Outstanding Face Amount | 26,381 | |
Carrying Value | $ 21,839 | 28,602 |
Loan Count | loan | 326 | |
Weighted Average Yield | 8.50% | |
Weighted Average Life (Years) | 5 years 7 months 6 days | |
Acquired non-performing loans | Ginnie Mae | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
UPB | $ 198,200 | |
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 | 2,460,924 | |
Carrying Value | $ 2,461,865 | 3,297,271 |
Loan Count | loan | 8,957 | |
Weighted Average Yield | 6.60% | |
Weighted Average Life (Years) | 26 years 9 months 18 days | |
Acquired performing loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Outstanding Face Amount | $ 423,644 | |
Carrying Value | $ 400,603 | 890,131 |
Loan Count | loan | 1,972 | |
Weighted Average Yield | 5.70% | |
Weighted Average Life (Years) | 16 years 4 months 24 days | |
Acquired non-performing loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Outstanding Face Amount | $ 220,962 | |
Carrying Value | $ 204,950 | 340,342 |
Loan Count | loan | 1,135 | |
Weighted Average Yield | 4.60% | |
Weighted Average Life (Years) | 25 years 2 months 12 days | |
Originated loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Outstanding Face Amount | $ 1,816,318 | |
Carrying Value | $ 1,856,312 | 2,066,798 |
Loan Count | loan | 5,850 | |
Weighted Average Yield | 7.10% | |
Weighted Average Life (Years) | 29 years 4 months 24 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 | $ 2,555,260 | |
Carrying Value | $ 2,540,742 | $ 3,398,298 |
Residential Mortgage Loans Held-For-Sale | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Loan Count | loan | 11,170 |
RESIDENTIAL MORTGAGE LOANS (A_4
RESIDENTIAL MORTGAGE LOANS (AS RESTATED) - Geographic Distribution of the Underlying Residential Mortgage Loans (Details) - Residential Mortgage Loans | Dec. 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% |
Texas | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 9.50% | 8.90% |
Florida | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 9.30% | 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 | 8.30% | 10.20% |
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 | 8% | 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 | 4.90% | 4.20% |
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 | 3.90% | 3.80% |
Virginia | ||
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% | 2.70% |
Illinois | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 3.50% | 3.60% |
Maryland | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 3.30% | 3.10% |
North Carolina | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Percentage of Total Outstanding Unpaid Principal Amount | 3.20% | 2.50% |
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 | 42.50% | 43.30% |
RESIDENTIAL MORTGAGE LOANS (A_5
RESIDENTIAL MORTGAGE LOANS (AS RESTATED)- Schedule of Aggregate Unpaid Principal Balance and Aggregate Carrying Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Value | $ 398,227 | $ 0 |
90+ | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
UPB | 0 | 0 |
Carrying Value | 0 | 0 |
Carrying Value Over (Under) UPB | 0 | 0 |
Residential Mortgage Loans | 90+ | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
UPB | 313,122 | 468,147 |
Carrying Value | 281,556 | 423,321 |
Carrying Value Over (Under) UPB | $ (31,566) | $ (44,826) |
RESIDENTIAL MORTGAGE LOANS (A_6
RESIDENTIAL MORTGAGE LOANS (AS RESTATED) - Carrying Value of Mortgage Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Movement in Mortgage Loans on Real Estate [Roll Forward] | ||||||||||||
Balance, beginning | [1] | $ 3,398,298 | $ 3,398,298 | $ 3,398,298 | $ 3,398,298 | |||||||
Transfer of loans to REO | (6,025) | $ 2,034 | (14,662) | $ (4,890) | (21,135) | $ (10,762) | (21,943) | $ (14,936) | $ (30,020) | |||
Valuation (provision) reversal on loans | 2,803 | (3,740) | (3,009) | (7,528) | (6,455) | (14,272) | 478 | (14,962) | 47,744 | |||
Balance, ending | 2,841,320 | 7,202,475 | 3,092,667 | 5,410,989 | 2,819,282 | 4,037,411 | 2,540,742 | [1] | 3,398,298 | [1] | ||
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 | 11,917,778 | 3,850,817 | 11,917,778 | 3,850,817 | 11,917,778 | 3,850,817 | 11,917,778 | ||||
Originations | 37,123,264 | 67,406,228 | ||||||||||
Sales | (37,507,145) | (80,164,393) | ||||||||||
Purchases/additional fundings | 376,704 | 6,887,407 | ||||||||||
Proceeds from repayments | (243,134) | (493,051) | ||||||||||
Transfer of loans to other assets | (695,942) | (1,514,111) | ||||||||||
Transfer of loans to REO | (11,465) | (7,094) | ||||||||||
Transfers of loans to held-for-sale | (30,556) | (1,580) | ||||||||||
Transfers of loans to from held-for-investment | 30,556 | 1,582 | ||||||||||
Valuation (provision) reversal on loans | (1,859) | (8,305) | ||||||||||
Changes in instrument-specific credit risk | 12,179 | (69,290) | ||||||||||
Other factors | 16,367 | (104,354) | ||||||||||
Balance, ending | 2,919,786 | 3,850,817 | 11,917,778 | |||||||||
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 | 569,933 | 452,519 | 569,933 | 452,519 | 569,933 | 452,519 | 569,933 | ||||
Originations | 0 | 0 | ||||||||||
Sales | 0 | 0 | ||||||||||
Purchases/additional fundings | 1,269 | 7,182 | ||||||||||
Proceeds from repayments | (51,195) | (80,661) | ||||||||||
Transfer of loans to other assets | 0 | 0 | ||||||||||
Transfer of loans to REO | (7,148) | (4,956) | ||||||||||
Transfers of loans to held-for-sale | (30,556) | (1,580) | ||||||||||
Transfers of loans to from held-for-investment | 0 | 0 | ||||||||||
Valuation (provision) reversal on loans | 0 | 0 | ||||||||||
Changes in instrument-specific credit risk | 7,540 | (33,086) | ||||||||||
Other factors | 6,615 | (4,313) | ||||||||||
Balance, ending | 379,044 | 452,519 | 569,933 | |||||||||
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 | 132,921 | 101,027 | 132,921 | 101,027 | 132,921 | 101,027 | 132,921 | ||||
Originations | 0 | 0 | ||||||||||
Sales | (6,946) | (4,426) | ||||||||||
Purchases/additional fundings | 0 | 0 | ||||||||||
Proceeds from repayments | (10,773) | (17,777) | ||||||||||
Transfer of loans to other assets | 286 | 0 | ||||||||||
Transfer of loans to REO | (2,858) | (1,386) | ||||||||||
Transfers of loans to held-for-sale | 0 | 0 | ||||||||||
Transfers of loans to from held-for-investment | 0 | 0 | ||||||||||
Valuation (provision) reversal on loans | (1,859) | (8,305) | ||||||||||
Changes in instrument-specific credit risk | 0 | 0 | ||||||||||
Other factors | 0 | 0 | ||||||||||
Balance, ending | 78,877 | 101,027 | 132,921 | |||||||||
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 | $ 11,214,924 | $ 3,297,271 | $ 11,214,924 | $ 3,297,271 | $ 11,214,924 | 3,297,271 | 11,214,924 | ||||
Originations | 37,123,264 | 67,406,228 | ||||||||||
Sales | (37,500,199) | (80,159,967) | ||||||||||
Purchases/additional fundings | 375,435 | 6,880,225 | ||||||||||
Proceeds from repayments | (181,166) | (394,613) | ||||||||||
Transfer of loans to other assets | (696,228) | (1,514,111) | ||||||||||
Transfer of loans to REO | (1,459) | (752) | ||||||||||
Transfers of loans to held-for-sale | 0 | 0 | ||||||||||
Transfers of loans to from held-for-investment | 30,556 | 1,582 | ||||||||||
Valuation (provision) reversal on loans | 0 | 0 | ||||||||||
Changes in instrument-specific credit risk | 4,639 | (36,204) | ||||||||||
Other factors | 9,752 | (100,041) | ||||||||||
Balance, ending | $ 2,461,865 | $ 3,297,271 | $ 11,214,924 | |||||||||
[1] The Company's Consolidated Balance Sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2023, as restated, and December 31, 2022, as restated, total assets of such consolidated VIEs were $5.6 billion and $4.7 billion, respectively, and total liabilities of such consolidated VIEs were $4.7 billion and $3.9 billion, respectively. See Note 22 for further details. |
RESIDENTIAL MORTGAGE LOANS (A_7
RESIDENTIAL MORTGAGE LOANS (AS RESTATED) - Schedule of Net Interest Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Interest income: | |||
Loans held-for-investment, at fair value | $ 34,658 | $ 45,287 | $ 44,369 |
Total interest income | 199,695 | 263,423 | 327,711 |
Interest expense: | |||
Loans held-for-investment, at fair value | 18,893 | 17,583 | 16,919 |
Total interest expense | 184,409 | 202,056 | 197,665 |
Net interest income | 15,286 | 61,367 | 130,046 |
Loans held-for-sale, at lower of cost or fair value | |||
Interest income: | |||
Loans held-for-sale | 5,804 | 6,898 | 23,280 |
Interest expense: | |||
Loans held-for-sale | 3,615 | 3,402 | 21,333 |
Loans held-for-sale, at fair value | |||
Interest income: | |||
Loans held-for-sale | 159,233 | 211,238 | 260,062 |
Interest expense: | |||
Loans held-for-sale | $ 161,901 | $ 181,071 | $ 159,413 |
RESIDENTIAL MORTGAGE LOANS (A_8
RESIDENTIAL MORTGAGE LOANS (AS RESTATED) - Schedule of Gain on Sale of Originated Mortgage Loans, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Long Lived Assets Held-for-sale [Line Items] | |||
Gain (loss) on residential mortgage loans originated and sold, net | $ (392,137) | $ (1,099,941) | $ 421,004 |
Gain (loss) on settlement of residential mortgage loan origination derivative instruments | 73,476 | 1,285,219 | 240,610 |
MSRs retained on transfer of residential mortgage loans | 786,655 | 1,222,742 | 1,331,626 |
Other | 14,622 | 33,551 | 107,249 |
Realized gain on sale of originated residential mortgage loans, net | 482,616 | 1,441,571 | 2,100,489 |
Gain on originated residential mortgage loans, held-for-sale, net | 533,477 | 1,092,749 | 1,787,851 |
Loan origination fees and direct loan origination costs | 400,000 | 600,000 | 2,300,000 |
Change in fair value of interest rate lock commitments | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Change in fair value of derivative instruments | 15,018 | (102,992) | (293,699) |
Change in fair value of derivative instruments | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Change in fair value of derivative instruments | (64,034) | 25,700 | 118,564 |
Change in fair value of residential mortgage loans | |||
Long Lived Assets Held-for-sale [Line Items] | |||
Change in fair value of residential mortgage loans | $ 99,877 | $ (271,530) | $ (137,503) |
CONSUMER LOANS - Narrative (Det
CONSUMER LOANS - Narrative (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Consumer Loan Companies | |
Schedule of Consumer Loans [Line Items] | |
Owner interest | 53.50% |
CONSUMER LOANS - Summary of Inv
CONSUMER LOANS - Summary of Investment in Consumer Loans (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Consumer Loans [Line Items] | ||
Weighted Average Expected Life (Years) | 4 years | |
Consumer Portfolio Segment | ||
Schedule of Consumer Loans [Line Items] | ||
UPB | $ 1,308,774 | $ 330,428 |
Carrying Value | $ 1,274,005 | $ 363,756 |
Weighted Average Coupon | 12% | 17.80% |
Weighted Average Expected Life (Years) | 1 year 8 months 12 days | 3 years 4 months 24 days |
Consumer Portfolio Segment | SpringCastle | ||
Schedule of Consumer Loans [Line Items] | ||
UPB | $ 260,102 | $ 330,428 |
Carrying Value | $ 285,632 | $ 363,756 |
Weighted Average Coupon | 18.20% | 17.80% |
Weighted Average Expected Life (Years) | 3 years 8 months 12 days | 3 years 4 months 24 days |
Consumer Portfolio Segment | Marcus | ||
Schedule of Consumer Loans [Line Items] | ||
UPB | $ 1,048,672 | $ 0 |
Carrying Value | $ 988,373 | $ 0 |
Weighted Average Coupon | 10.50% | 0% |
Weighted Average Expected Life (Years) | 1 year 2 months 12 days |
CONSUMER LOANS - Schedule of Ag
CONSUMER LOANS - Schedule of Aggregate Unpaid Principal Balance and Aggregate Carrying Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Schedule of Equity Method Investments [Line Items] | ||
Notes Receivable | $ 398,227 | $ 0 |
90+ | ||
Schedule of Equity Method Investments [Line Items] | ||
UPB | 0 | 0 |
Notes Receivable | 0 | 0 |
Carrying Value Over (Under) UPB | 0 | 0 |
Consumer Portfolio Segment | Current | Total Rithm Capital Stockholders’ Equity | SpringCastle | ||
Schedule of Equity Method Investments [Line Items] | ||
UPB | 255,441 | 325,192 |
Notes Receivable | 280,577 | 358,057 |
Carrying Value Over (Under) UPB | 25,136 | 32,865 |
Consumer Portfolio Segment | Current | Total Rithm Capital Stockholders’ Equity | Marcus | ||
Schedule of Equity Method Investments [Line Items] | ||
UPB | 1,014,404 | 0 |
Notes Receivable | 956,076 | 0 |
Carrying Value Over (Under) UPB | (58,328) | 0 |
Consumer Portfolio Segment | 90+ | Total Rithm Capital Stockholders’ Equity | SpringCastle | ||
Schedule of Equity Method Investments [Line Items] | ||
UPB | 4,661 | 5,236 |
Notes Receivable | 5,055 | 5,699 |
Carrying Value Over (Under) UPB | 394 | 463 |
Consumer Portfolio Segment | 90+ | Total Rithm Capital Stockholders’ Equity | Marcus | ||
Schedule of Equity Method Investments [Line Items] | ||
UPB | 34,268 | 0 |
Notes Receivable | 32,297 | 0 |
Carrying Value Over (Under) UPB | (1,971) | 0 |
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity | ||
Schedule of Equity Method Investments [Line Items] | ||
UPB | 1,308,774 | 330,428 |
Notes Receivable | 1,274,005 | 363,756 |
Carrying Value Over (Under) UPB | (34,769) | 33,328 |
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity | SpringCastle | ||
Schedule of Equity Method Investments [Line Items] | ||
UPB | 260,102 | 330,428 |
Notes Receivable | 285,632 | 363,756 |
Carrying Value Over (Under) UPB | 25,530 | 33,328 |
Consumer Portfolio Segment | Past Due | Total Rithm Capital Stockholders’ Equity | Marcus | ||
Schedule of Equity Method Investments [Line Items] | ||
UPB | 1,048,672 | 0 |
Notes Receivable | 988,373 | 0 |
Carrying Value Over (Under) UPB | $ (60,299) | $ 0 |
CONSUMER LOANS - Carrying Value
CONSUMER LOANS - Carrying Value of Consumer Loans (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||
Mar. 31, 2023 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Loans Receivable [Roll Forward] | |||||||||
Proceeds from repayments | $ (8,272) | $ (24,121) | $ (21,364) | $ (49,806) | $ (35,064) | $ (69,020) | $ (47,735) | $ (85,836) | $ (119,841) |
Accretion of loan discount and premium amortization, net | 12,766 | 13,351 | 29,892 | 30,287 | 74,730 | 37,634 | 106,421 | 80,957 | 46,241 |
Changes in instrument-specific credit risk | 0 | (63,062) | |||||||
Other factors | 231 | (1,397) | |||||||
Consumer Portfolio Segment | Performing | |||||||||
Loans Receivable [Roll Forward] | |||||||||
Beginning balance | $ 363,756 | $ 507,291 | $ 363,756 | $ 507,291 | $ 363,756 | $ 507,291 | 363,756 | 507,291 | |
Purchases | 1,317,347 | 0 | |||||||
Additional fundings | 27,510 | 29,615 | |||||||
Proceeds from repayments | (446,124) | (150,301) | |||||||
Accretion of loan discount and premium amortization, net | 37,717 | 13,891 | |||||||
Changes in instrument-specific credit risk | 957 | 1,540 | |||||||
Other factors | (27,158) | (38,280) | |||||||
Ending balance | $ 1,274,005 | $ 363,756 | $ 507,291 |
SINGLE-FAMILY RENTAL PROPERTI_3
SINGLE-FAMILY RENTAL PROPERTIES - Net Carrying Value (Details) - Single Family - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Real Estate [Line Items] | ||
Land | $ 183,359 | $ 175,607 |
Building | 733,437 | 702,427 |
Capital improvements | 138,869 | 118,999 |
Total gross investment in SFR properties | 1,055,665 | 997,033 |
Accumulated depreciation | (53,737) | (25,720) |
Investment in SFR properties, net | $ 1,001,928 | $ 971,313 |
SINGLE-FAMILY RENTAL PROPERTI_4
SINGLE-FAMILY RENTAL PROPERTIES - Narrative (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) | |
Single Family | ||
Real Estate [Line Items] | ||
Accumulated depreciation | $ 28,158 | $ 18,910 |
Capitalized acquisition costs | $ 7,500 | 7,700 |
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 | $ 186 | $ 0 |
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 | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Real Estate Investment Property, Net [Roll Forward] | ||
Beginning balance | $ 971,313 | |
Ending balance | 1,001,928 | $ 971,313 |
SFR Properties Held- for-Investment | ||
Real Estate Investment Property, Net [Roll Forward] | ||
Beginning balance | 971,313 | 579,607 |
Acquisitions and capital improvements | 67,013 | 415,858 |
Transfers to held-for-sale | (9,747) | |
Dispositions | (250) | (5,242) |
Accumulated depreciation | (27,972) | (18,910) |
Ending balance | 1,000,357 | 971,313 |
SFR Properties Held- for-Sale | ||
Real Estate Investment Property, Net [Roll Forward] | ||
Beginning balance | 0 | 0 |
Acquisitions and capital improvements | 0 | 0 |
Transfers to held-for-sale | 9,747 | |
Dispositions | (7,990) | 0 |
Accumulated depreciation | (186) | 0 |
Ending balance | 1,571 | 0 |
Single Family | ||
Real Estate Investment Property, Net [Roll Forward] | ||
Beginning balance | 971,313 | 579,607 |
Acquisitions and capital improvements | 67,013 | 415,858 |
Transfers to held-for-sale | 0 | |
Dispositions | (8,240) | (5,242) |
Accumulated depreciation | (28,158) | (18,910) |
Ending balance | $ 1,001,928 | $ 971,313 |
SINGLE-FAMILY RENTAL PROPERTI_6
SINGLE-FAMILY RENTAL PROPERTIES - Revenue to be Received (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Real Estate [Line Items] | |
Total | $ 18,600 |
Single Family | |
Real Estate [Line Items] | |
2024 | 39,942 |
2025 and thereafter | 2,399 |
Total | $ 42,341 |
SINGLE-FAMILY RENTAL PROPERTI_7
SINGLE-FAMILY RENTAL PROPERTIES - Activity in Single-Family Rental Portfolio by Units (Details) - property | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
SFR Properties Held- for-Investment | ||
Real Estate Investment Property, Net [Roll Forward] | ||
Beginning balance | 3,731 | 2,551 |
Acquisition of SFR units | 182 | 1,196 |
Transfer to held-for-sale | 30 | |
Disposition of SFR units | (1) | (16) |
Ending balance | 3,882 | 3,731 |
SFR Properties Held- for-Sale | ||
Real Estate Investment Property, Net [Roll Forward] | ||
Beginning balance | 0 | 0 |
Acquisition of SFR units | 0 | 0 |
Transfer to held-for-sale | 30 | |
Disposition of SFR units | (24) | 0 |
Ending balance | 6 | 0 |
Single Family | ||
Real Estate Investment Property, Net [Roll Forward] | ||
Beginning balance | 3,731 | 2,551 |
Acquisition of SFR units | 182 | 1,196 |
Transfer to held-for-sale | 0 | |
Disposition of SFR units | (25) | (16) |
Ending balance | 3,888 | 3,731 |
MORTGAGE LOANS RECEIVABLE (AS_3
MORTGAGE LOANS RECEIVABLE (AS RESTATED) - Narrative (Details) $ in Millions | Aug. 24, 2023 USD ($) |
Bridge | Mortgage Loans Receivable | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Financing receivable, before allowance for credit loss, acquired | $ 148.4 |
MORTGAGE LOANS RECEIVABLE (AS_4
MORTGAGE LOANS RECEIVABLE (AS RESTATED) - Summary of Mortgage Loans Receivable By Purpose (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) loan | Dec. 31, 2022 USD ($) loan | Dec. 31, 2021 USD ($) | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying Value | $ 429,550 | $ 94,401 | $ 290,180 |
Mortgage Loans Receivable | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying Value | $ 2,232,913 | $ 2,064,028 | |
% of Portfolio | 100% | 100% | |
Loan Count | loan | 1,372 | 1,677 | |
% of Portfolio | 100% | 100% | |
Weighted Average Yield | 10.10% | 8.20% | |
Weighted Average Original Life (Months) | 20 years 4 months 24 days | 16 years 6 months | |
Mortgage Loans Receivable | Consolidated Entity, Excluding Consolidated VIE | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying Value | $ 1,879,319 | $ 1,714,053 | $ 1,515,762 |
Mortgage Loans Receivable | Variable Interest Entity, Primary Beneficiary | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying Value | 353,594 | 349,975 | |
Mortgage Loans Receivable | Construction | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying Value | $ 934,131 | $ 965,496 | |
% of Portfolio | 41.80% | 46.80% | |
Loan Count | loan | 371 | 622 | |
% of Portfolio | 27% | 37.10% | |
Weighted Average Yield | 10.50% | 8.30% | |
Weighted Average Original Life (Months) | 16 years 2 months 12 days | 15 years | |
Weighted Average Committed Loan Balance to Value, LTC | 74% | 76.80% | |
Weighted Average Committed Loan Balance to Value, LTARV | 63% | 65.60% | |
Mortgage Loans Receivable | Construction | Consolidated Entity, Excluding Consolidated VIE | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying Value | $ 787,740 | $ 810,082 | |
Mortgage Loans Receivable | Construction | Variable Interest Entity, Primary Beneficiary | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying Value | 146,391 | 155,414 | |
Mortgage Loans Receivable | Bridge | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying Value | $ 1,009,667 | $ 838,538 | |
% of Portfolio | 45.30% | 40.60% | |
Loan Count | loan | 652 | 701 | |
% of Portfolio | 47.60% | 41.80% | |
Weighted Average Yield | 9.60% | 8.10% | |
Weighted Average Original Life (Months) | 26 years 6 months | 20 years 1 month 6 days | |
Weighted Average Committed Loan Balance to Value | 68.90% | 75.30% | |
Mortgage Loans Receivable | Bridge | Consolidated Entity, Excluding Consolidated VIE | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying Value | $ 841,040 | $ 687,408 | |
Mortgage Loans Receivable | Bridge | Variable Interest Entity, Primary Beneficiary | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying Value | 168,627 | 151,130 | |
Mortgage Loans Receivable | Renovation | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying Value | $ 289,115 | $ 259,994 | |
% of Portfolio | 12.90% | 12.60% | |
Loan Count | loan | 349 | 354 | |
% of Portfolio | 25.40% | 21.10% | |
Weighted Average Yield | 10% | 8.30% | |
Weighted Average Original Life (Months) | 13 years 6 months | 13 years | |
Weighted Average Committed Loan Balance to Value, LTC | 80.50% | 78% | |
Weighted Average Committed Loan Balance to Value, LTARV | 68.60% | 66.10% | |
Mortgage Loans Receivable | Renovation | Consolidated Entity, Excluding Consolidated VIE | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying Value | $ 250,539 | $ 216,563 | |
Mortgage Loans Receivable | Renovation | Variable Interest Entity, Primary Beneficiary | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Carrying Value | $ 38,576 | $ 43,431 |
MORTGAGE LOANS RECEIVABLE (AS_5
MORTGAGE LOANS RECEIVABLE (AS RESTATED) - Schedule of Mortgage Loans Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Financing Receivable [Roll Forward] | ||
Beginning balance | $ 94,401 | $ 290,180 |
Paydowns and payoffs | (70,695) | (152,256) |
Changes in instrument-specific credit risk | 0 | 63,062 |
Other factors | 231 | (1,397) |
Ending balance | 429,550 | 94,401 |
Mortgage Loans Receivable | ||
Financing Receivable [Roll Forward] | ||
Beginning balance | 2,064,028 | |
Ending balance | 2,232,913 | 2,064,028 |
Mortgage Loans Receivable | Consolidated Entity, Excluding Consolidated VIE | ||
Financing Receivable [Roll Forward] | ||
Beginning balance | 1,714,053 | 1,515,762 |
Purchases | 146,631 | |
Initial loan advances | 1,380,187 | 1,438,117 |
Construction holdbacks and draws | 667,656 | 483,889 |
Paydowns and payoffs | (1,671,895) | (1,234,445) |
Purchased loans discount (premium) amortization | 668 | (43,867) |
Transfers to assets of consolidated CFEs | 357,614 | (445,403) |
Other factors | 367 | |
Ending balance | $ 1,879,319 | $ 1,714,053 |
MORTGAGE LOANS RECEIVABLE (AS_6
MORTGAGE LOANS RECEIVABLE (AS RESTATED) - Past Due Mortgage Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Carrying Value | $ 398,227 | $ 0 |
90+ | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
UPB | 0 | 0 |
Carrying Value | 0 | 0 |
Carrying Value Over (Under) UPB | 0 | 0 |
Mortgage Loans Receivable | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
UPB | 1,880,804 | 1,714,054 |
Carrying Value | 1,879,319 | 1,714,054 |
Carrying Value Over (Under) UPB | (1,485) | 0 |
Mortgage Loans Receivable | Current | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
UPB | 1,838,935 | 1,714,054 |
Carrying Value | 1,837,513 | 1,714,054 |
Carrying Value Over (Under) UPB | (1,422) | 0 |
Mortgage Loans Receivable | 90+ | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
UPB | 41,869 | 0 |
Carrying Value | 41,806 | 0 |
Carrying Value Over (Under) UPB | $ (63) | $ 0 |
MORTGAGE LOANS RECEIVABLE (AS_7
MORTGAGE LOANS RECEIVABLE (AS RESTATED) - Summary of the Geographic Distribution of Mortgage Loans Receivable (Details) - Mortgage Loans Receivable - Geographic Concentration Risk - Loan Origination Commitments | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of Total Loan Commitment | 100% | 100% |
California | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of Total Loan Commitment | 47.80% | 52.70% |
Washington | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of Total Loan Commitment | 7.90% | 10.20% |
Florida | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of Total Loan Commitment | 7.80% | 6.30% |
New York | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of Total Loan Commitment | 6.70% | 5.90% |
Arizona | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of Total Loan Commitment | 4.80% | 6.60% |
Virginia | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of Total Loan Commitment | 4.10% | 0.70% |
Colorado | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of Total Loan Commitment | 3.10% | 6.70% |
Illinois | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of Total Loan Commitment | 2.70% | 0.50% |
Texas | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of Total Loan Commitment | 2.70% | 1.90% |
Georgia | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of Total Loan Commitment | 2.50% | 0.80% |
Other U.S. | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Percentage of Total Loan Commitment | 9.90% | 7.70% |
CASH, CASH EQUIVALENTS AND RE_3
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (AS RESTATED) - Summary of Cash and Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||||||
Cash and cash equivalents | $ 1,287,199 | $ 1,217,283 | $ 1,369,025 | $ 1,434,697 | $ 1,336,508 | $ 1,420,010 | $ 1,510,848 | $ 1,671,177 | |||
Restricted cash | 409,896 | 355,588 | 306,841 | 354,495 | 292,820 | 521,232 | 429,189 | 233,665 | |||
Cash, cash equivalents and restricted cash | 1,697,095 | $ 1,593,110 | $ 1,697,655 | $ 1,815,649 | 1,629,328 | $ 1,961,989 | $ 1,959,237 | $ 1,995,450 | $ 1,561,609 | $ 1,105,174 | |
Consolidated Entity, Excluding Consolidated VIE | |||||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||||||
Cash and cash equivalents | [1] | 1,287,199 | 1,336,508 | ||||||||
Restricted cash | [1] | 378,048 | 271,758 | ||||||||
Variable Interest Entity, Primary Beneficiary | |||||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||||||||
Cash and cash equivalents | 23,540 | 85,961 | |||||||||
Restricted cash | $ 31,848 | $ 21,062 | |||||||||
[1] The Company's Consolidated Balance Sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2023, as restated, and December 31, 2022, as restated, total assets of such consolidated VIEs were $5.6 billion and $4.7 billion, respectively, and total liabilities of such consolidated VIEs were $4.7 billion and $3.9 billion, respectively. See Note 22 for further details. |
CASH, CASH EQUIVALENTS AND RE_4
CASH, CASH EQUIVALENTS AND RESTRICTED CASH (AS RESTATED) - Restricted Cash (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 |
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Total restricted cash | $ 409,896 | $ 355,588 | $ 306,841 | $ 354,495 | $ 292,820 | $ 521,232 | $ 429,189 | $ 233,665 |
Operating Segments | Investment Portfolio | ||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Total restricted cash | 150,432 | 106,202 | ||||||
Operating Segments | Origination and servicing | ||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Total restricted cash | 195,490 | 161,249 | ||||||
Operating Segments | Mortgage Loans Receivable | ||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Total restricted cash | 37,805 | 25,369 | ||||||
Operating Segments | Asset management(A) | ||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ||||||||
Total restricted cash | $ 26,169 | $ 0 |
OTHER ASSETS AND LIABILITIES _3
OTHER ASSETS AND LIABILITIES (AS RESTATED) - Schedule of Other Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||||||||||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Total other assets | Total other assets | Total other assets | ||||||||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Total accrued expenses and other liabilities | Total accrued expenses and other liabilities | Total accrued expenses and other liabilities | ||||||||
Finance Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Total accrued expenses and other liabilities | ||||||||||
Other Assets | |||||||||||
Deferred tax asset | $ 517,769 | $ 128,508 | |||||||||
Derivative and hedging assets (Note 19) | 28,080 | 52,229 | |||||||||
Equity investments | 173,882 | 71,388 | |||||||||
Excess MSRs, at fair value (Note 6) | 271,150 | 321,803 | |||||||||
Goodwill (Note 16) | 131,857 | 85,199 | $ 85,199 | ||||||||
Income and fees receivable | 59,134 | 0 | |||||||||
Intangible assets (Note 17) | 387,920 | 141,413 | |||||||||
Loan Receivable, at fair value | 31,323 | 94,401 | |||||||||
Margin receivable, net | 75,947 | 20,614 | |||||||||
Notes Receivable | 398,227 | 0 | |||||||||
Operating lease right-of-use asset (Note 18) | 104,207 | 77,329 | |||||||||
Prepaid expenses | 62,513 | 60,817 | |||||||||
Principal and interest receivable | 168,516 | 106,373 | |||||||||
Property and equipment | 40,038 | 37,883 | |||||||||
Real Estate Owned | 15,507 | 19,379 | |||||||||
Servicer advances, at fair value (Note 8) | 376,881 | 398,820 | |||||||||
Servicing fee receivables | 156,777 | 128,438 | |||||||||
Warrants, at fair value | 16,599 | 19,346 | |||||||||
Other assets | 182,881 | 132,809 | |||||||||
Total other assets | 3,144,823 | [1] | $ 2,422,650 | $ 2,037,680 | $ 1,838,266 | 1,914,372 | [1] | $ 2,158,067 | $ 1,928,493 | $ 2,646,068 | |
Accrued Expenses and Other Liabilities | |||||||||||
Accounts payable | 165,144 | 155,492 | |||||||||
Accrued compensation and benefits | 290,464 | 112,762 | |||||||||
Deferred tax liability | 801,857 | 711,855 | |||||||||
Derivative liabilities (Note 19) | 51,765 | 18,064 | |||||||||
Escheat payable | 169,914 | 113,772 | |||||||||
Interest payable | 166,620 | 87,351 | |||||||||
Lease liability (Note 18) | 159,236 | 101,225 | |||||||||
Unearned income and fees | 37,468 | 0 | |||||||||
Other liabilities | 223,293 | 185,797 | |||||||||
Total accrued expenses and other liabilities | 2,065,761 | [1] | $ 1,781,997 | $ 1,614,408 | $ 1,506,876 | 1,486,318 | [1] | $ 1,893,252 | $ 1,770,691 | $ 1,740,344 | |
Related Party | |||||||||||
Other Assets | |||||||||||
Other receivables | 32,319 | 0 | |||||||||
Nonrelated Party | |||||||||||
Other Assets | |||||||||||
Other receivables | 152,046 | 146,131 | |||||||||
Subsidiaries | |||||||||||
Other Assets | |||||||||||
Deferred tax asset | 279,019 | 0 | |||||||||
Accrued Expenses and Other Liabilities | |||||||||||
Unearned income and fees | $ 37,468 | $ 0 | |||||||||
[1] The Company's Consolidated Balance Sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2023, as restated, and December 31, 2022, as restated, total assets of such consolidated VIEs were $5.6 billion and $4.7 billion, respectively, and total liabilities of such consolidated VIEs were $4.7 billion and $3.9 billion, respectively. See Note 22 for further details. |
OTHER ASSETS AND LIABILITIES _4
OTHER ASSETS AND LIABILITIES (AS RESTATED) - Real Estate Owned (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Real Estate Owned [Roll Forward] | ||
Beginning balance | $ 19,379 | $ 21,641 |
Purchases | 0 | 210 |
Property received in satisfaction of loan | 21,943 | 14,936 |
Sales | (27,512) | (18,349) |
Valuation (provision) reversal | 1,697 | 941 |
Ending balance | 15,507 | $ 19,379 |
Residential Mortgage Loans | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Unpaid principal balance | 55,600 | |
Mortgage Receivable | ||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | ||
Unpaid principal balance | $ 38,400 |
OTHER ASSETS AND LIABILITIES _5
OTHER ASSETS AND LIABILITIES (AS RESTATED) - Schedule of Notes and Loans Receivable (Details) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) receivable | Dec. 31, 2022 USD ($) | |
Financing Receivable [Roll Forward] | ||
Beginning balance | $ 94,401 | $ 290,180 |
Fundings | 399,977 | 9,000 |
Payment in Kind | 5,636 | 12,936 |
Proceeds from repayments | (70,695) | (152,256) |
Transfer to other assets | 0 | (1,000) |
Changes in instrument-specific credit risk | 0 | (63,062) |
Other factors | 231 | (1,397) |
Ending balance | 429,550 | 94,401 |
Notes Receivable | ||
Financing Receivable [Roll Forward] | ||
Beginning balance | 0 | 60,549 |
Fundings | 399,977 | 9,000 |
Payment in Kind | 0 | 3,741 |
Proceeds from repayments | (1,750) | (9,000) |
Transfer to other assets | 0 | (1,000) |
Changes in instrument-specific credit risk | 0 | (63,062) |
Other factors | 0 | (228) |
Ending balance | $ 398,227 | 0 |
Number of financing receivables acquired | receivable | 2 | |
Loans Receivable | ||
Financing Receivable [Roll Forward] | ||
Beginning balance | $ 94,401 | 229,631 |
Fundings | 0 | 0 |
Payment in Kind | 5,636 | 9,195 |
Proceeds from repayments | (68,945) | (143,256) |
Transfer to other assets | 0 | 0 |
Changes in instrument-specific credit risk | 0 | 0 |
Other factors | 231 | (1,169) |
Ending balance | $ 31,323 | $ 94,401 |
OTHER ASSETS AND LIABILITIES _6
OTHER ASSETS AND LIABILITIES (AS RESTATED) - Past Due Notes and Loans Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Servicing Assets at Fair Value [Line Items] | ||
Notes Receivable | $ 398,227 | $ 0 |
Current | ||
Servicing Assets at Fair Value [Line Items] | ||
UPB | 565,786 | 157,745 |
Notes Receivable | 429,550 | 94,401 |
Carrying Value Over (Under) UPB | (136,236) | (63,344) |
90+ | ||
Servicing Assets at Fair Value [Line Items] | ||
UPB | 0 | 0 |
Notes Receivable | 0 | 0 |
Carrying Value Over (Under) UPB | $ 0 | $ 0 |
EXPENSES, REALIZED AND UNREAL_3
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER (AS RESTATED) - Schedule of Other Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income [Line Items] | |||||||||||||||
Total other revenues | $ 1,110,339 | $ 824,788 | $ 753,909 | $ 903,604 | $ 1,317,625 | $ 1,716,306 | $ 1,935,127 | $ 3,033,302 | $ 3,070,533 | $ 3,679,506 | $ 4,920,801 | $ 3,728,562 | |||
Other revenues | |||||||||||||||
Other Income [Line Items] | |||||||||||||||
Total other revenues | $ 58,495 | $ 60,319 | $ 59,209 | $ 58,144 | $ 117,353 | $ 177,672 | $ 3,936,907 | 236,167 | 230,905 | 165,480 | |||||
Property and maintenance | |||||||||||||||
Other Income [Line Items] | |||||||||||||||
Total other revenues | 133,424 | 132,432 | 104,797 | ||||||||||||
Rental | |||||||||||||||
Other Income [Line Items] | |||||||||||||||
Total other revenues | 73,216 | 54,567 | 13,745 | ||||||||||||
Other | |||||||||||||||
Other Income [Line Items] | |||||||||||||||
Total other revenues | $ 29,527 | $ 43,906 | $ 46,937 |
EXPENSES, REALIZED AND UNREAL_4
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER (AS RESTATED) - Schedule of General and Administrative Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||||||||||||||
Legal and professional | $ 103,795 | $ 78,837 | $ 102,114 | ||||||||||||
Loan origination | 45,123 | 108,149 | 196,989 | ||||||||||||
Occupancy | 55,883 | 116,526 | 70,616 | ||||||||||||
Subservicing | 130,346 | 162,972 | 224,138 | ||||||||||||
Loan servicing | 17,901 | 13,474 | 18,213 | ||||||||||||
Property and maintenance | 97,582 | 93,689 | 69,083 | ||||||||||||
Other | 281,839 | 303,496 | 184,648 | ||||||||||||
Total general and administrative expenses | $ 192,380 | $ 190,691 | $ 181,918 | $ 167,479 | $ 189,646 | $ 215,075 | $ 225,758 | $ 246,664 | $ 349,397 | $ 472,422 | $ 540,088 | $ 687,497 | $ 732,469 | $ 877,143 | $ 865,801 |
EXPENSES, REALIZED AND UNREAL_5
EXPENSES, REALIZED AND UNREALIZED GAINS (LOSSES), NET AND OTHER (AS RESTATED) - Schedule of Components of Other Income (Loss) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Other Income and Expenses [Abstract] | |||||||||||||||
Real estate and other securities | $ 39,362 | $ (1,499,418) | $ (490,180) | ||||||||||||
Residential mortgage loans and REO | 19,861 | (160,985) | 270,492 | ||||||||||||
Derivative and hedging instruments | (54,342) | 1,468,931 | 126,222 | ||||||||||||
Notes and bonds payable | (12,843) | 45,792 | 11,506 | ||||||||||||
Consolidated CFEs | 17,780 | 20,122 | 58,287 | ||||||||||||
Other | (29,274) | (54,501) | (125,477) | ||||||||||||
Realized and unrealized gains (losses), net | $ 84,065 | $ (114,149) | $ 76,533 | $ (65,905) | $ 14,127 | $ (30,970) | $ (137,901) | $ (72,655) | $ 10,628 | $ (209,927) | $ (103,522) | $ (240,898) | (19,456) | (180,059) | (149,150) |
Other income (loss) | (2,834) | 6,888 | (47,898) | (25,166) | (3,650) | 23,242 | 59,388 | 52,332 | (73,064) | 111,720 | (66,176) | 134,962 | (69,010) | (145,385) | 3,241 |
Total other income (loss) | $ 81,231 | $ (107,261) | $ 28,635 | $ (91,071) | $ 10,477 | $ (7,728) | $ (78,513) | $ (20,323) | $ (62,436) | $ (98,207) | $ (169,698) | $ (105,936) | $ (88,466) | $ (325,444) | $ (145,909) |
GOODWILL AND INTANGIBLE ASSET_2
GOODWILL AND INTANGIBLE ASSETS - Carrying Value of Goodwill (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 85,199,000 | $ 85,199,000 |
Goodwill acquired | 46,658,000 | 0 |
Accumulated impairment loss | 0 | 0 |
Ending balance | 131,857,000 | 85,199,000 |
Origination and servicing | ||
Goodwill [Roll Forward] | ||
Beginning balance | 24,376,000 | 24,376,000 |
Goodwill acquired | 0 | 0 |
Accumulated impairment loss | 0 | 0 |
Ending balance | 24,376,000 | 24,376,000 |
Investment Portfolio | ||
Goodwill [Roll Forward] | ||
Beginning balance | 5,092,000 | 5,092,000 |
Goodwill acquired | 0 | 0 |
Accumulated impairment loss | 0 | 0 |
Ending balance | 5,092,000 | 5,092,000 |
Mortgage Loans Receivable | ||
Goodwill [Roll Forward] | ||
Beginning balance | 55,731,000 | 55,731,000 |
Goodwill acquired | 0 | 0 |
Accumulated impairment loss | 0 | 0 |
Ending balance | 55,731,000 | 55,731,000 |
Asset Management | ||
Goodwill [Roll Forward] | ||
Beginning balance | 0 | 0 |
Goodwill acquired | 46,658,000 | 0 |
Accumulated impairment loss | 0 | 0 |
Ending balance | $ 46,658,000 | $ 0 |
GOODWILL AND INTANGIBLE ASSET_3
GOODWILL AND INTANGIBLE ASSETS - Schedule of Acquired Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | $ 481,130 | $ 188,995 |
Accumulated Amortization | 93,210 | 47,582 |
Intangible Assets, Net | $ 387,920 | 141,413 |
Management contracts | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Lives (Years) | 10 years | |
Gross Intangible Assets | $ 275,000 | 0 |
Accumulated Amortization | 3,388 | 0 |
Intangible Assets, Net | 271,612 | 0 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Intangible Assets | 57,949 | 57,949 |
Accumulated Amortization | 17,834 | 12,960 |
Intangible Assets, Net | $ 40,115 | 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 | $ 137,922 | 120,787 |
Accumulated Amortization | 67,145 | 30,959 |
Intangible Assets, Net | 70,777 | 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 | 4,843 | 3,663 |
Intangible Assets, Net | 5,416 | 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 | Dec. 31, 2023 USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2024 | $ 55,220 |
2025 | 53,103 |
2026 | 44,983 |
2027 | 36,009 |
2028 and thereafter | 175,364 |
Intangible assets, net | $ 364,679 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | |||
Rent expense, net of sublease income | $ 45,800 | $ 45,200 | $ 26,100 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Other assets | Other assets | Other assets |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | Accrued expenses and other liabilities | Accrued expenses and other liabilities | Accrued expenses and other liabilities |
Sublease rentals | $ 18,600 | ||
Total remaining discounted lease payments | 158,424 | ||
Collateral Pledged | |||
Lessee, Lease, Description [Line Items] | |||
Lease obligations | $ 6,200 |
LEASES - Schedule of Future Com
LEASES - Schedule of Future Commitments for Non-Cancelable Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Operating Leases | ||
2024 | $ 41,305 | |
2025 | 33,617 | |
2026 | 26,982 | |
2027 | 27,111 | |
2028 | 23,818 | |
2029 and thereafter | 37,271 | |
Total remaining undiscounted lease payments | 190,104 | |
Less: imputed interest | 31,680 | |
Total remaining discounted lease payments | 158,424 | |
Finance Leases | ||
2024 | 228 | |
2025 | 228 | |
2026 | 228 | |
2027 | 228 | |
2028 | 0 | |
2029 and thereafter | 0 | |
Total remaining undiscounted lease payments | 912 | |
Less: imputed interest | 100 | |
Total remaining discounted lease payments | 812 | |
Total | ||
2024 | 41,533 | |
2025 | 33,845 | |
2026 | 27,210 | |
2027 | 27,339 | |
2028 | 23,818 | |
2029 and thereafter | 37,271 | |
Total remaining undiscounted lease payments | 191,016 | |
Less: imputed interest | 31,780 | |
Total remaining discounted lease payments | $ 159,236 | $ 101,225 |
LEASES - Other Information Rela
LEASES - Other Information Related to Operating Leases (Details) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
Operating leases, weighted-average remaining lease term (years) | 5 years 9 months 18 days | 5 years 8 months 12 days |
Finance leases, weighted-average remaining lease term (years) | 3 years 6 months | |
Operating leases, weighted-average discount rate | 6.20% | 4% |
Finance leases, weighted-average discount rate | 7.90% | 0% |
LEASES - Supplemental Informati
LEASES - Supplemental Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | |||
Operating cash flows - operating leases | $ 34,655 | $ 51,005 | $ 24,667 |
Supplemental non-cash information on lease liabilities arising from obtaining right-of-use assets: | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 1,449 | $ 5,773 | $ 3,013 |
DERIVATIVES AND HEDGING (AS R_3
DERIVATIVES AND HEDGING (AS RESTATED) - Derivatives and Hedges Recorded at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative [Line Items] | ||
Derivative and hedging assets (Note 19) | $ 28,080 | $ 52,229 |
Derivative and hedging liabilities | 51,765 | 18,064 |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative and hedging assets (Note 19) | 106 | 449 |
Derivative asset, variation margin accounts | 342,000 | 1,200,000 |
Interest rate lock commitments | ||
Derivative [Line Items] | ||
Derivative and hedging assets (Note 19) | 26,482 | 16,015 |
Derivative and hedging liabilities | 2,678 | 7,229 |
TBAs | ||
Derivative [Line Items] | ||
Derivative and hedging assets (Note 19) | 1,492 | 35,765 |
Derivative and hedging liabilities | $ 49,087 | $ 10,835 |
DERIVATIVES AND HEDGING (AS R_4
DERIVATIVES AND HEDGING (AS RESTATED) - Derivatives and Hedging Notional Amount (Details) - Not Designated as Hedging Instrument - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest rate swaps | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | $ 7,979,988 | $ 23,085,000 |
Interest rate swaps | TBAs, short position | ||
Derivative [Line Items] | ||
Notional amount | $ 0 | $ 0 |
Derivative, cap interest rate | 0% | 0% |
Weighted average maturity | 0 months | 0 months |
Interest rate swaps | TBAs, long position | ||
Derivative [Line Items] | ||
Notional amount | $ 8,000,000 | $ 23,100,000 |
Derivative, cap interest rate | 2.50% | 1.90% |
Weighted average maturity | 32 months | 35 months |
Interest rate lock commitments | ||
Derivative [Line Items] | ||
Derivative asset, notional amount | $ 2,757,060 | $ 2,647,747 |
TBAs | TBAs, short position | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | 6,013,100 | 8,473,221 |
TBAs | TBAs, long position | ||
Derivative [Line Items] | ||
Derivative liability, notional amount | $ 0 | $ 31,500 |
DERIVATIVES AND HEDGING (AS R_5
DERIVATIVES AND HEDGING (AS RESTATED) - Derivatives and Hedging Gain (Losses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | |||
Total gain (loss) | $ (103,358) | $ 1,380,323 | $ (79,394) |
Gain (loss) on settlement of residential mortgage loan | $ 73,476 | $ 1,285,219 | $ 240,610 |
Servicing Revenue | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue | Revenue | Revenue |
Total gain (loss) | $ 0 | $ (11,316) | $ (30,481) |
Gain (loss) on settlement of derivative instruments | $ 0 | $ (79,000) | $ (34,700) |
Gain on originated residential mortgage loans, held-for-sale, net | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Revenue | Revenue | Revenue |
Total gain (loss) | $ (49,016) | $ (77,292) | $ (175,135) |
Change In Fair Value Of Investments | |||
Derivative [Line Items] | |||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Realized and unrealized gains (losses), net | Realized and unrealized gains (losses), net | Realized and unrealized gains (losses), net |
Total gain (loss) | $ (54,342) | $ 1,468,931 | $ 126,222 |
Interest rate lock commitments | |||
Derivative [Line Items] | |||
Total gain (loss) | 15,018 | (102,992) | (293,699) |
TBAs | Servicing Revenue | |||
Derivative [Line Items] | |||
Total gain (loss) | 0 | (15,205) | 10,483 |
TBAs | Gain on originated residential mortgage loans, held-for-sale, net | |||
Derivative [Line Items] | |||
Total gain (loss) | (62,924) | 25,700 | 118,564 |
TBAs | Change In Fair Value Of Investments | |||
Derivative [Line Items] | |||
Total gain (loss) | (7,326) | 309,154 | (36,508) |
Treasury futures | |||
Derivative [Line Items] | |||
Total gain (loss) | 0 | (1,746) | (23,961) |
Options on treasury futures | |||
Derivative [Line Items] | |||
Total gain (loss) | 0 | 5,635 | (17,003) |
Interest rate swaps | Gain on originated residential mortgage loans, held-for-sale, net | |||
Derivative [Line Items] | |||
Total gain (loss) | (1,110) | 0 | 0 |
Interest rate swaps | Change In Fair Value Of Investments | |||
Derivative [Line Items] | |||
Total gain (loss) | 20,990 | 1,159,777 | 162,730 |
Treasury securities payable | |||
Derivative [Line Items] | |||
Total gain (loss) | $ (68,006) | $ 0 | $ 0 |
DEBT OBLIGATIONS (AS RESTATED_2
DEBT OBLIGATIONS (AS RESTATED) - Schedule of Debt Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | |||
Outstanding Face Amount | $ 26,412,410 | ||
Carrying Value | $ 26,076,708 | $ 23,452,158 | $ 30,399,584 |
Weighted Average Funding Cost | 6.30% | ||
Weighted Average Life (Years) | 4 years | ||
Interest payable | $ 166,620 | 87,351 | |
Secured Financing Agreements | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 12,570,327 | ||
Carrying Value | $ 12,561,283 | 11,257,736 | |
Weighted Average Funding Cost | 6.10% | ||
Weighted Average Life (Years) | 7 months 6 days | ||
Interest payable | $ 142,300 | ||
Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 10,446,168 | ||
Carrying Value | $ 10,360,188 | 9,786,025 | |
Weighted Average Funding Cost | 7.10% | ||
Weighted Average Life (Years) | 1 year 10 months 24 days | ||
Liabilities of Consolidated Funds | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | $ 3,395,915 | ||
Carrying Value | $ 3,155,237 | 2,408,397 | |
Weighted Average Funding Cost | 4.20% | ||
Weighted Average Life (Years) | 22 years 10 months 24 days | ||
Warehouse Credit Facilities-Residential Mortgage Loans | Secured Financing Agreements | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | $ 1,940,295 | ||
Carrying Value | $ 1,940,038 | 2,601,327 | |
Weighted Average Funding Cost | 6.80% | ||
Weighted Average Life (Years) | 7 months 6 days | ||
Face amount of fixed rate debt | $ 233,900 | ||
Interest rate, stated percentage | 5% | ||
Warehouse Credit Facilities-Residential Mortgage Loans | Secured Financing Agreements | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 21 years 6 months | ||
Outstanding Face | $ 2,201,857 | ||
Amortized Cost Basis | 2,315,385 | ||
Carrying Value | 2,235,311 | ||
Warehouse Credit Facility- Mortgage Loans Receivable | Secured Financing Agreements | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 1,337,010 | ||
Carrying Value | $ 1,337,010 | 1,220,662 | |
Weighted Average Funding Cost | 8.20% | ||
Weighted Average Life (Years) | 1 year 8 months 12 days | ||
Warehouse Credit Facility- Mortgage Loans Receivable | Secured Financing Agreements | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 1 year 2 months 12 days | ||
Outstanding Face | $ 1,610,728 | ||
Amortized Cost Basis | 1,609,242 | ||
Carrying Value | 1,609,242 | ||
Agency RMBS or Treasuries | Secured Financing Agreements | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 8,152,469 | ||
Carrying Value | $ 8,152,469 | 6,821,788 | |
Weighted Average Funding Cost | 5.50% | ||
Weighted Average Life (Years) | 2 months 12 days | ||
Agency RMBS or Treasuries | Secured Financing Agreements | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 8 years 2 months 12 days | ||
Outstanding Face | $ 8,588,624 | ||
Amortized Cost Basis | 8,415,294 | ||
Carrying Value | 8,566,211 | ||
Non-Agency RMBS | Secured Financing Agreements | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 610,189 | ||
Carrying Value | $ 610,189 | 609,282 | |
Weighted Average Funding Cost | 7.60% | ||
Weighted Average Life (Years) | 9 months 18 days | ||
Non-Agency RMBS | Secured Financing Agreements | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 6 years 1 month 6 days | ||
Outstanding Face | $ 15,285,491 | ||
Amortized Cost Basis | 932,248 | ||
Carrying Value | 958,292 | ||
SFR Properties | |||
Debt Instrument [Line Items] | |||
Carrying Value | 809,708 | 822,372 | 357,922 |
SFR Properties | Secured Financing Agreements | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 20,534 | ||
Carrying Value | $ 20,534 | 4,677 | |
Weighted Average Funding Cost | 8.20% | ||
Weighted Average Life (Years) | 1 year | ||
SFR Properties | Secured Financing Agreements | Collateral | |||
Debt Instrument [Line Items] | |||
Amortized Cost Basis | $ 47,433 | ||
Carrying Value | 47,433 | ||
SFR Properties | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 833,386 | ||
Carrying Value | $ 789,174 | 817,695 | |
Weighted Average Funding Cost | 4.10% | ||
Weighted Average Life (Years) | 3 years 3 months 18 days | ||
SFR Properties | Secured Notes And Bonds Payable | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3.50% | ||
SFR Properties | Secured Notes And Bonds Payable | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 7.10% | ||
SFR Properties | Secured Notes And Bonds Payable | Collateral | |||
Debt Instrument [Line Items] | |||
Amortized Cost Basis | $ 952,923 | ||
Carrying Value | 952,923 | ||
CLOs | Secured Financing Agreements | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 186,378 | ||
Carrying Value | $ 183,947 | 0 | |
Weighted Average Funding Cost | 6.40% | ||
Weighted Average Life (Years) | 8 years 10 months 24 days | ||
CLOs | Secured Financing Agreements | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 8 years 10 months 24 days | ||
Outstanding Face | $ 186,378 | ||
Amortized Cost Basis | 184,112 | ||
Carrying Value | 184,112 | ||
CLOs | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 30,458 | ||
Carrying Value | $ 30,258 | 0 | |
Weighted Average Funding Cost | 7.10% | ||
Weighted Average Life (Years) | 6 years 8 months 12 days | ||
CLOs | Secured Notes And Bonds Payable | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 6 years 8 months 12 days | ||
Outstanding Face | $ 30,458 | ||
Amortized Cost Basis | 30,425 | ||
Carrying Value | 30,425 | ||
Commercial Notes Receivable | |||
Debt Instrument [Line Items] | |||
Carrying Value | 317,096 | 0 | 0 |
Commercial Notes Receivable | Secured Financing Agreements | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 323,452 | ||
Carrying Value | $ 317,096 | 0 | |
Weighted Average Funding Cost | 6.50% | ||
Weighted Average Life (Years) | 10 months 24 days | ||
Commercial Notes Receivable | Secured Financing Agreements | Collateral | |||
Debt Instrument [Line Items] | |||
Outstanding Face | $ 429,240 | ||
Amortized Cost Basis | 364,977 | ||
Carrying Value | 364,977 | ||
Excess MSRs | |||
Debt Instrument [Line Items] | |||
Carrying Value | 2,713,933 | 2,907,300 | 2,949,526 |
Excess MSRs | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 181,522 | ||
Carrying Value | $ 181,522 | 227,596 | |
Weighted Average Funding Cost | 8.70% | ||
Weighted Average Life (Years) | 1 year 9 months 18 days | ||
Excess MSRs | Secured Notes And Bonds Payable | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 6 years 1 month 6 days | ||
Outstanding Face | $ 60,049,904 | ||
Amortized Cost Basis | 235,395 | ||
Carrying Value | 272,308 | ||
MSRs | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 4,807,776 | ||
Carrying Value | $ 4,800,728 | 4,791,543 | |
Weighted Average Funding Cost | 7.50% | ||
Weighted Average Life (Years) | 1 year 10 months 24 days | ||
MSRs | Secured Notes And Bonds Payable | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 7 years 6 months | ||
Outstanding Face | $ 522,025,042 | ||
Amortized Cost Basis | 6,367,520 | ||
Carrying Value | 8,340,171 | ||
Servicer Advance Investments | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 278,845 | ||
Carrying Value | $ 278,042 | 318,445 | |
Weighted Average Funding Cost | 7.50% | ||
Weighted Average Life (Years) | 2 months 12 days | ||
Servicer Advance Investments | Secured Notes And Bonds Payable | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 8 years 2 months 12 days | ||
Outstanding Face | $ 314,442 | ||
Amortized Cost Basis | 353,113 | ||
Carrying Value | 367,803 | ||
Servicer Advances | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 2,254,515 | ||
Carrying Value | $ 2,254,369 | 2,361,259 | |
Weighted Average Funding Cost | 7.70% | ||
Weighted Average Life (Years) | 4 months 24 days | ||
Servicer Advances | Secured Notes And Bonds Payable | Secured Overnight Financing Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Variable interest rate spread | 1.50% | ||
Servicer Advances | Secured Notes And Bonds Payable | Secured Overnight Financing Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Variable interest rate spread | 3.70% | ||
Servicer Advances | Secured Notes And Bonds Payable | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 8 months 12 days | ||
Outstanding Face | $ 2,856,680 | ||
Amortized Cost Basis | 2,760,250 | ||
Carrying Value | 2,760,250 | ||
Residential Mortgage Loans | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 650,000 | ||
Carrying Value | $ 650,000 | 769,989 | |
Weighted Average Funding Cost | 6.50% | ||
Weighted Average Life (Years) | 4 months 24 days | ||
Residential Mortgage Loans | Secured Notes And Bonds Payable | Secured Overnight Financing Rate | |||
Debt Instrument [Line Items] | |||
Variable interest rate spread | 1.20% | ||
Residential Mortgage Loans | Secured Notes And Bonds Payable | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 29 years 2 months 12 days | ||
Outstanding Face | $ 649,978 | ||
Amortized Cost Basis | 651,948 | ||
Carrying Value | 652,059 | ||
Residential Mortgage Loans | Liabilities of Consolidated Funds | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 2,849,603 | ||
Carrying Value | $ 2,618,082 | 2,095,478 | |
Weighted Average Funding Cost | 4% | ||
Weighted Average Life (Years) | 26 years 9 months 18 days | ||
Residential Mortgage Loans | Liabilities of Consolidated Funds | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 26 years 9 months 18 days | ||
Outstanding Face | $ 3,252,463 | ||
Carrying Value | 3,038,587 | ||
Consumer Loans | |||
Debt Instrument [Line Items] | |||
Carrying Value | 1,106,974 | 299,498 | 458,580 |
Consumer Loans | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 1,134,666 | ||
Carrying Value | $ 1,106,974 | 299,498 | |
Weighted Average Funding Cost | 7% | ||
Weighted Average Life (Years) | 4 years 2 months 12 days | ||
Consumer Loans | Secured Notes And Bonds Payable | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 1 year 8 months 12 days | ||
Outstanding Face | $ 1,308,774 | ||
Amortized Cost Basis | 1,269,872 | ||
Carrying Value | 1,274,005 | ||
Mortgage Loans Receivable | |||
Debt Instrument [Line Items] | |||
Carrying Value | 1,856,008 | 1,733,581 | $ 1,252,660 |
Mortgage Loans Receivable | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 200,000 | ||
Carrying Value | $ 200,000 | 200,000 | |
Weighted Average Funding Cost | 5.80% | ||
Weighted Average Life (Years) | 2 years 6 months | ||
Face amount of fixed rate debt | $ 238,100 | ||
Interest rate, stated percentage | 4.60% | ||
Mortgage Loans Receivable | Secured Notes And Bonds Payable | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 7 months 6 days | ||
Outstanding Face | $ 224,720 | ||
Amortized Cost Basis | 224,720 | ||
Carrying Value | 224,720 | ||
Mortgage Loans Receivable | Liabilities of Consolidated Funds | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 324,062 | ||
Carrying Value | $ 318,998 | 312,919 | |
Weighted Average Funding Cost | 5.60% | ||
Weighted Average Life (Years) | 3 years | ||
Mortgage Loans Receivable | Liabilities of Consolidated Funds | Collateral | |||
Debt Instrument [Line Items] | |||
Weighted Average Life (Years) | 6 months | ||
Outstanding Face | $ 353,594 | ||
Amortized Cost Basis | 353,594 | ||
Carrying Value | 353,594 | ||
Secured Facility- Asset Management | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | 75,000 | ||
Carrying Value | $ 69,121 | 0 | |
Weighted Average Funding Cost | 8.80% | ||
Weighted Average Life (Years) | 1 year 9 months 18 days | ||
Liabilities of Consolidated Funds | Liabilities of Consolidated Funds | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | $ 222,250 | ||
Carrying Value | $ 218,157 | $ 0 | |
Weighted Average Funding Cost | 5% | ||
Weighted Average Life (Years) | 4 years 9 months 18 days | ||
Liabilities of Consolidated Funds | Liabilities of Consolidated Funds | Collateral | |||
Debt Instrument [Line Items] | |||
Outstanding Face | $ 205,723 | ||
Carrying Value | 203,794 | ||
2.5% To 3.7% Agency MSR Secured Note And Bond Payable | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | $ 3,800,000 | ||
2.5% To 3.7% Agency MSR Secured Note And Bond Payable | Secured Notes And Bonds Payable | Secured Overnight Financing Rate | Minimum | |||
Debt Instrument [Line Items] | |||
Variable interest rate spread | 2.50% | ||
2.5% To 3.7% Agency MSR Secured Note And Bond Payable | Secured Notes And Bonds Payable | Secured Overnight Financing Rate | Maximum | |||
Debt Instrument [Line Items] | |||
Variable interest rate spread | 3.70% | ||
3.0% To 5.4% Public Notes | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | $ 1,000,000 | ||
3.0% To 5.4% Public Notes | Secured Notes And Bonds Payable | Minimum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 3% | ||
3.0% To 5.4% Public Notes | Secured Notes And Bonds Payable | Maximum | |||
Debt Instrument [Line Items] | |||
Interest rate, stated percentage | 5.40% | ||
Consumer Loan, UPB Class A | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | $ 205,200 | ||
Interest rate, stated percentage | 2% | ||
Consumer Loan, UPB Class B | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | $ 53,000 | ||
Interest rate, stated percentage | 2.70% | ||
Consumer Loan, Marcus | Secured Notes And Bonds Payable | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | $ 871,200 | ||
Consumer Loan, Marcus | Secured Notes And Bonds Payable | Secured Overnight Financing Rate | |||
Debt Instrument [Line Items] | |||
Variable interest rate spread | 3% | ||
Consolidated Funds, Notes Payable, Class A | Liabilities of Consolidated Funds | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | $ 120,000 | ||
Interest rate, stated percentage | 4.30% | ||
Consolidated Funds, Notes Payable, Class B | Liabilities of Consolidated Funds | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | $ 70,000 | ||
Interest rate, stated percentage | 5.30% | ||
Consolidated Funds, Notes Payable, Class C | Liabilities of Consolidated Funds | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | $ 15,000 | ||
Interest rate, stated percentage | 6.30% | ||
Subordinated Notes | Liabilities of Consolidated Funds | |||
Debt Instrument [Line Items] | |||
Outstanding Face Amount | $ 17,300 |
DEBT OBLIGATIONS (AS RESTATED_3
DEBT OBLIGATIONS (AS RESTATED) - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Sep. 16, 2020 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||
Face amount of debt | $ 26,412,410 | ||
Undiscounted future payment | 267,921 | ||
TRA liability | 172,200 | ||
Secured Financing Agreements | |||
Debt Instrument [Line Items] | |||
Face amount of debt | 12,570,327 | ||
Borrowings | $ 91,141,391 | $ 130,455,309 | |
Senior Notes | 2025 Senior Notes | |||
Debt Instrument [Line Items] | |||
Face amount of debt | $ 550,000 | ||
Interest rate | 6.25% | ||
Debt redemption percentage | 101% | ||
Borrowings | $ 544,500 | ||
Issuance fees | $ 8,300 | $ 3,200 | |
Interest expense and warehouse line fees | $ 34,400 | ||
Debt instrument, restrictive covenants, minimum total unencumbered assets maintenance requirement | 1.20 | ||
Senior Notes | 2025 Senior Notes | Debt Instrument, Redemption, Period One | |||
Debt Instrument [Line Items] | |||
Debt redemption percentage | 100% |
DEBT OBLIGATIONS (AS RESTATED_4
DEBT OBLIGATIONS (AS RESTATED) - Carrying Value (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Instrument [Roll Forward] | ||
Beginning balance | $ 23,452,158 | $ 30,399,584 |
Ending balance | 26,076,708 | 23,452,158 |
Excess MSRs | ||
Debt Instrument [Roll Forward] | ||
Beginning balance | 2,907,300 | 2,949,526 |
Ending balance | 2,713,933 | 2,907,300 |
MSRs | ||
Debt Instrument [Roll Forward] | ||
Beginning balance | 4,791,543 | 4,234,771 |
Ending balance | 4,800,728 | 4,791,543 |
Commercial Notes Receivable | ||
Debt Instrument [Roll Forward] | ||
Beginning balance | 0 | 0 |
Ending balance | 317,096 | 0 |
Real Estate and Other Securities | ||
Debt Instrument [Roll Forward] | ||
Beginning balance | 7,431,070 | 9,043,412 |
Ending balance | 8,762,658 | 7,431,070 |
Residential mortgage loans, mortgage loans receivable, SFR, and commercial notes receivable | ||
Debt Instrument [Roll Forward] | ||
Beginning balance | 5,466,794 | 12,102,713 |
Ending balance | 5,208,120 | 5,466,794 |
Consumer Loans | ||
Debt Instrument [Roll Forward] | ||
Beginning balance | 299,498 | 458,580 |
Ending balance | 1,106,974 | 299,498 |
SFR Properties | ||
Debt Instrument [Roll Forward] | ||
Beginning balance | 822,372 | 357,922 |
Ending balance | 809,708 | 822,372 |
Mortgage Loans Receivable | ||
Debt Instrument [Roll Forward] | ||
Beginning balance | 1,733,581 | 1,252,660 |
Ending balance | 1,856,008 | 1,733,581 |
Asset Management | ||
Debt Instrument [Roll Forward] | ||
Beginning balance | 0 | 0 |
Ending balance | 501,483 | 0 |
Secured Financing Agreements | ||
Debt Instrument [Roll Forward] | ||
Beginning balance | 11,257,736 | |
Acquired borrowings, net of discount | 177,551 | |
Borrowings | 91,141,391 | 130,455,309 |
Repayments | (90,017,916) | (139,791,583) |
FX remeasurement | 7,114 | |
Capitalized deferred financing costs, net of amortization | (4,593) | 1,129 |
Ending balance | 12,561,283 | 11,257,736 |
Secured Financing Agreements | Excess MSRs | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 0 | 0 |
Repayments | 0 | 0 |
FX remeasurement | 0 | |
Capitalized deferred financing costs, net of amortization | 0 | |
Secured Financing Agreements | MSRs | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 0 | 0 |
Repayments | 0 | 0 |
FX remeasurement | 0 | |
Capitalized deferred financing costs, net of amortization | 0 | |
Secured Financing Agreements | Commercial Notes Receivable | ||
Debt Instrument [Roll Forward] | ||
Beginning balance | 0 | |
Acquired borrowings, net of discount | 0 | |
Borrowings | 323,452 | 0 |
Repayments | 0 | 0 |
FX remeasurement | ||
Capitalized deferred financing costs, net of amortization | (6,356) | 0 |
Ending balance | 317,096 | 0 |
Secured Financing Agreements | Real Estate and Other Securities | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 50,253,463 | 54,385,892 |
Repayments | (48,921,875) | (55,998,234) |
FX remeasurement | ||
Capitalized deferred financing costs, net of amortization | 0 | |
Secured Financing Agreements | Residential mortgage loans, mortgage loans receivable, SFR, and commercial notes receivable | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 37,971,788 | 73,782,327 |
Repayments | (38,634,841) | (81,320,424) |
FX remeasurement | 0 | |
Capitalized deferred financing costs, net of amortization | 1,763 | 1,129 |
Secured Financing Agreements | Consumer Loans | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 0 | 0 |
Repayments | 0 | 0 |
FX remeasurement | 0 | |
Capitalized deferred financing costs, net of amortization | 0 | |
Secured Financing Agreements | SFR Properties | ||
Debt Instrument [Roll Forward] | ||
Beginning balance | 4,677 | |
Acquired borrowings, net of discount | 0 | |
Borrowings | 20,534 | 206,595 |
Repayments | (4,677) | (360,433) |
FX remeasurement | 0 | |
Capitalized deferred financing costs, net of amortization | 0 | |
Ending balance | 20,534 | 4,677 |
Secured Financing Agreements | Mortgage Loans Receivable | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 2,572,154 | 2,080,495 |
Repayments | (2,455,805) | (2,112,492) |
FX remeasurement | 0 | |
Capitalized deferred financing costs, net of amortization | 0 | |
Secured Financing Agreements | Asset Management | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 177,551 | |
Borrowings | 0 | 0 |
Repayments | (718) | 0 |
FX remeasurement | 7,114 | |
Capitalized deferred financing costs, net of amortization | 0 | |
Secured Notes and Bonds Payable | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 99,232 | |
Borrowings | 8,099,962 | 5,912,261 |
Repayments | (7,636,954) | (4,696,138) |
FX remeasurement | (1,008) | |
Discount on borrowings, net of amortization | (42,030) | |
Unrealized (gain) loss on notes, fair value | 5,560 | (34,647) |
Capitalized deferred financing costs, net of amortization | 7,372 | 1,767 |
Secured Notes and Bonds Payable | Excess MSRs | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 2,757,587 | 2,804,677 |
Repayments | (2,954,228) | (2,849,496) |
FX remeasurement | 0 | |
Discount on borrowings, net of amortization | 0 | |
Unrealized (gain) loss on notes, fair value | 0 | 0 |
Capitalized deferred financing costs, net of amortization | 3,274 | 2,593 |
Secured Notes and Bonds Payable | MSRs | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 4,156,358 | 2,027,637 |
Repayments | (4,148,588) | (1,473,037) |
FX remeasurement | 0 | |
Discount on borrowings, net of amortization | 0 | |
Unrealized (gain) loss on notes, fair value | 0 | 0 |
Capitalized deferred financing costs, net of amortization | 1,415 | 2,172 |
Secured Notes and Bonds Payable | Commercial Notes Receivable | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | ||
Borrowings | 0 | |
Repayments | 0 | |
FX remeasurement | 0 | |
Discount on borrowings, net of amortization | 0 | |
Unrealized (gain) loss on notes, fair value | 0 | |
Capitalized deferred financing costs, net of amortization | 0 | |
Secured Notes and Bonds Payable | Real Estate and Other Securities | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | ||
Borrowings | 0 | 0 |
Repayments | 0 | 0 |
FX remeasurement | 0 | |
Discount on borrowings, net of amortization | 0 | |
Unrealized (gain) loss on notes, fair value | 0 | 0 |
Capitalized deferred financing costs, net of amortization | 0 | 0 |
Secured Notes and Bonds Payable | Residential mortgage loans, mortgage loans receivable, SFR, and commercial notes receivable | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 0 | 0 |
Repayments | (116,730) | (33,204) |
FX remeasurement | 0 | |
Discount on borrowings, net of amortization | 0 | |
Unrealized (gain) loss on notes, fair value | (3,258) | 665 |
Capitalized deferred financing costs, net of amortization | 0 | 0 |
Secured Notes and Bonds Payable | Consumer Loans | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 1,185,612 | 0 |
Repayments | (381,718) | (123,770) |
FX remeasurement | 0 | |
Discount on borrowings, net of amortization | 0 | |
Unrealized (gain) loss on notes, fair value | 8,818 | (35,312) |
Capitalized deferred financing costs, net of amortization | (5,236) | 0 |
Secured Notes and Bonds Payable | SFR Properties | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 0 | 879,947 |
Repayments | (35,690) | (216,631) |
FX remeasurement | 0 | |
Discount on borrowings, net of amortization | (42,030) | |
Unrealized (gain) loss on notes, fair value | 0 | 0 |
Capitalized deferred financing costs, net of amortization | 7,169 | (2,998) |
Secured Notes and Bonds Payable | Mortgage Loans Receivable | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 0 | 200,000 |
Repayments | 0 | 0 |
FX remeasurement | 0 | |
Discount on borrowings, net of amortization | 0 | |
Unrealized (gain) loss on notes, fair value | 0 | 0 |
Capitalized deferred financing costs, net of amortization | 0 | 0 |
Secured Notes and Bonds Payable | Asset Management | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 99,232 | |
Borrowings | 405 | 0 |
Repayments | 0 | 0 |
FX remeasurement | (1,008) | |
Discount on borrowings, net of amortization | 0 | |
Unrealized (gain) loss on notes, fair value | 0 | 0 |
Capitalized deferred financing costs, net of amortization | 750 | 0 |
Liabilities of Consolidated Funds | ||
Debt Instrument [Roll Forward] | ||
Beginning balance | 2,408,397 | |
Acquired borrowings, net of discount | 0 | |
Borrowings | 944,648 | 1,919,161 |
Repayments | (264,134) | (408,569) |
Discount on borrowings, net of amortization | 0 | 0 |
Unrealized (gain) loss on notes, fair value | 66,325 | (264,086) |
Capitalized deferred financing costs, net of amortization | 0 | 0 |
Ending balance | 3,155,237 | 2,408,397 |
Liabilities of Consolidated Funds | Excess MSRs | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 0 | 0 |
Repayments | 0 | 0 |
Discount on borrowings, net of amortization | 0 | 0 |
Unrealized (gain) loss on notes, fair value | 0 | 0 |
Capitalized deferred financing costs, net of amortization | 0 | 0 |
Liabilities of Consolidated Funds | MSRs | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 0 | 0 |
Repayments | 0 | 0 |
Discount on borrowings, net of amortization | 0 | 0 |
Unrealized (gain) loss on notes, fair value | 0 | 0 |
Capitalized deferred financing costs, net of amortization | 0 | 0 |
Liabilities of Consolidated Funds | Commercial Notes Receivable | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 0 | 0 |
Repayments | 0 | 0 |
Discount on borrowings, net of amortization | 0 | 0 |
Unrealized (gain) loss on notes, fair value | 0 | 0 |
Capitalized deferred financing costs, net of amortization | 0 | 0 |
Liabilities of Consolidated Funds | Real Estate and Other Securities | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 0 | 0 |
Repayments | 0 | 0 |
Discount on borrowings, net of amortization | 0 | 0 |
Unrealized (gain) loss on notes, fair value | 0 | 0 |
Capitalized deferred financing costs, net of amortization | 0 | 0 |
Liabilities of Consolidated Funds | Residential mortgage loans, mortgage loans receivable, SFR, and commercial notes receivable | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 725,902 | 1,595,099 |
Repayments | (264,134) | (408,569) |
Unrealized (gain) loss on notes, fair value | 60,836 | (252,942) |
Capitalized deferred financing costs, net of amortization | 0 | 0 |
Liabilities of Consolidated Funds | Consumer Loans | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 0 | 0 |
Repayments | 0 | 0 |
Discount on borrowings, net of amortization | 0 | 0 |
Unrealized (gain) loss on notes, fair value | 0 | 0 |
Capitalized deferred financing costs, net of amortization | 0 | 0 |
Liabilities of Consolidated Funds | SFR Properties | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 0 | 0 |
Repayments | 0 | 0 |
Discount on borrowings, net of amortization | 0 | 0 |
Unrealized (gain) loss on notes, fair value | 0 | 0 |
Capitalized deferred financing costs, net of amortization | 0 | 0 |
Liabilities of Consolidated Funds | Mortgage Loans Receivable | ||
Debt Instrument [Roll Forward] | ||
Beginning balance | 312,919 | |
Acquired borrowings, net of discount | 0 | |
Borrowings | 0 | 324,062 |
Repayments | 0 | |
Discount on borrowings, net of amortization | 0 | |
Unrealized (gain) loss on notes, fair value | 6,078 | (11,144) |
Capitalized deferred financing costs, net of amortization | 0 | 0 |
Ending balance | 318,998 | 312,919 |
Liabilities of Consolidated Funds | Asset Management | ||
Debt Instrument [Roll Forward] | ||
Acquired borrowings, net of discount | 0 | |
Borrowings | 218,746 | 0 |
Repayments | 0 | 0 |
Discount on borrowings, net of amortization | 0 | 0 |
Unrealized (gain) loss on notes, fair value | (589) | 0 |
Capitalized deferred financing costs, net of amortization | $ 0 | $ 0 |
DEBT OBLIGATIONS (AS RESTATED_5
DEBT OBLIGATIONS (AS RESTATED) - Contractual Maturities of Debt Obligations (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt maturing in: | |
2024 | $ 15,776,640 |
2025 | 4,011,784 |
2026 | 1,595,894 |
2027 | 1,154,737 |
2028 and thereafter | 4,423,355 |
Total | 26,962,410 |
Nonrecourse | |
Debt maturing in: | |
2024 | 3,726,128 |
2025 | 287,753 |
2026 | 324,062 |
2027 | 734,737 |
2028 and thereafter | 4,423,355 |
Total | 9,496,035 |
Recourse | |
Debt maturing in: | |
2024 | 12,050,512 |
2025 | 3,724,031 |
2026 | 1,271,832 |
2027 | 420,000 |
2028 and thereafter | 0 |
Total | 17,466,375 |
Nonrecourse, Secured Financing Agreements | |
Debt maturing in: | |
Total | 900,000 |
Nonrecourse, Secured Notes And Bonds Payable | |
Debt maturing in: | |
Total | 5,300,000 |
Nonrecourse, Unsecured Notes Net Of Issuance Costs | |
Debt maturing in: | |
Total | 200,000 |
Nonrecourse, Consolidated Funds Notes Payable | |
Debt maturing in: | |
Total | 3,100,000 |
Recourse, Secured Financing Agreements | |
Debt maturing in: | |
Total | 11,700,000 |
Recourse, Secured Notes And Bonds Payable | |
Debt maturing in: | |
Total | 5,300,000 |
Recourse, Unsecured Notes Net Of Issuance Costs | |
Debt maturing in: | |
Total | 500,000 |
Recourse, Consolidated Funds Notes Payable | |
Debt maturing in: | |
Total | $ 0 |
DEBT OBLIGATIONS (AS RESTATED_6
DEBT OBLIGATIONS (AS RESTATED) - Schedule of Borrowing Capacity (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Residential mortgage loans, mortgage loans receivable, SFR, and commercial notes receivable | Secured Financing Agreements | |
Debt Instrument [Line Items] | |
Borrowing Capacity | $ 6,433,613 |
Balance Outstanding | 2,200,908 |
Available Financing | 4,232,705 |
Loan originations | Secured Financing Agreements | |
Debt Instrument [Line Items] | |
Borrowing Capacity | 5,246,552 |
Balance Outstanding | 1,420,382 |
Available Financing | 3,826,170 |
CLOs | Secured Financing Agreements | |
Debt Instrument [Line Items] | |
Borrowing Capacity | 320,810 |
Balance Outstanding | 186,378 |
Available Financing | 134,432 |
Excess MSRs | Secured Notes And Bonds Payable | |
Debt Instrument [Line Items] | |
Borrowing Capacity | 286,380 |
Balance Outstanding | 181,521 |
Available Financing | 104,859 |
MSRs | Secured Notes And Bonds Payable | |
Debt Instrument [Line Items] | |
Borrowing Capacity | 5,997,814 |
Balance Outstanding | 4,807,776 |
Available Financing | 1,190,038 |
Servicer advances | Secured Notes And Bonds Payable | |
Debt Instrument [Line Items] | |
Borrowing Capacity | 3,805,000 |
Balance Outstanding | 2,533,360 |
Available Financing | 1,271,640 |
SFR | Secured Notes And Bonds Payable | |
Debt Instrument [Line Items] | |
Borrowing Capacity | 296,762 |
Balance Outstanding | 195,411 |
Available Financing | 101,351 |
Consolidated funds | Liabilities Of Consolidated Funds | |
Debt Instrument [Line Items] | |
Borrowing Capacity | 52,500 |
Balance Outstanding | 0 |
Available Financing | 52,500 |
Debt Excess Borrowing Capacity | |
Debt Instrument [Line Items] | |
Borrowing Capacity | 22,439,431 |
Balance Outstanding | 11,525,736 |
Available Financing | $ 10,913,695 |
DEBT OBLIGATIONS (AS RESTATED_7
DEBT OBLIGATIONS (AS RESTATED) - Schedule of Maximum Undiscounted Amounts (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 11,591 |
2025 | 29,819 |
2026 | 17,374 |
2027 | 18,994 |
Thereafter | 190,143 |
Total Payments | $ 267,921 |
FAIR VALUE MEASUREMENTS (AS R_2
FAIR VALUE MEASUREMENTS (AS RESTATED) - Carrying Values and Fair Values of Financial Assets Recorded at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Assets: | ||||||||||||
MSRs and MSR financing receivables | $ 8,405,938 | $ 8,889,403 | $ 6,858,803 | |||||||||
Real estate and other securities | 9,337,159 | $ 9,201,474 | $ 8,722,018 | 7,952,889 | ||||||||
Residential mortgage loans, held-for-sale | 2,540,742 | [1] | 2,819,282 | 3,092,667 | $ 2,841,320 | 3,398,298 | [1] | $ 4,037,411 | $ 5,410,989 | $ 7,202,475 | ||
Residential mortgage loans, held-for-sale, at fair value | 2,461,865 | 2,740,599 | 3,008,722 | 2,743,809 | 3,297,271 | 3,933,392 | 5,293,936 | 7,076,916 | ||||
Residential mortgage loans subject to repurchase | 1,782,998 | 1,443,546 | 1,296,097 | 1,189,907 | 1,219,890 | 1,897,142 | 1,758,509 | 1,700,426 | 1,787,314 | |||
Derivative assets | 28,080 | 52,229 | ||||||||||
Note receivable | 398,227 | 0 | ||||||||||
Loans receivable | 31,323 | 94,401 | ||||||||||
Restricted cash | 378,048 | 271,758 | ||||||||||
Cash, cash equivalents and restricted cash | 1,697,095 | 1,593,110 | 1,697,655 | 1,815,649 | 1,629,328 | 1,961,989 | 1,959,237 | 1,995,450 | 1,561,609 | $ 1,105,174 | ||
Reverse repurchase agreements | 1,769,601 | 0 | ||||||||||
Other assets | 1,167,563 | $ 817,162 | $ 816,546 | $ 786,594 | 921,373 | $ 580,341 | $ 441,065 | 792,279 | ||||
Liabilities: | ||||||||||||
Treasury securities payable | 1,827,281 | 0 | ||||||||||
Derivative liabilities | 51,765 | 18,064 | ||||||||||
Recurring Basis | ||||||||||||
Assets: | ||||||||||||
Excess MSRs, principal balance | 60,049,904 | 67,454,370 | ||||||||||
MSRs and MSR financing receivables, principal balance | 528,434,509 | 539,897,324 | ||||||||||
Servicer advance investments, principal balance | 320,630 | 341,628 | ||||||||||
Real estate and other securities, principal balance | 18,587,039 | 18,112,783 | ||||||||||
Residential mortgage loans, held-for-sale, principal balance | 94,336 | 117,847 | ||||||||||
Residential mortgage loans, held for sale, at fair value, principal balance | 2,460,924 | 3,387,888 | ||||||||||
Residential mortgage loans, held-for-investment, at fair value, principal balance | 448,060 | 538,710 | ||||||||||
Residential mortgage loans subject to repurchase, principal balance | 1,782,998 | 1,219,890 | ||||||||||
Consumer loans, principal balance | 1,308,774 | 330,428 | ||||||||||
Derivative assets, principal balance | 11,188,206 | 33,174,574 | ||||||||||
Mortgage loans receivable, principal balance | 1,880,804 | 1,714,053 | ||||||||||
Notes receivable, principal balance | 534,463 | 63,114 | ||||||||||
Loans receivable, principal balance | 31,323 | 94,631 | ||||||||||
Cash and cash equivalents | 1,336,508 | |||||||||||
Restricted cash | 281,126 | |||||||||||
Cash, cash equivalents and restricted cash | 1,672,819 | |||||||||||
Reverse repurchase agreements, principal balance | 1,769,601 | |||||||||||
Consolidated funds, principal balance | 323,973 | |||||||||||
Assets of consolidated CFEs - loan securitizations, principal balance | 3,606,057 | 3,012,143 | ||||||||||
Assets of consolidated CFEs - loan securitizations | 3,410,548 | 2,803,138 | ||||||||||
Liabilities: | ||||||||||||
Secured financing agreements, principal balance | 12,570,327 | 11,260,242 | ||||||||||
Secured notes and bonds payable, principal balance | 10,446,168 | 10,200,390 | ||||||||||
Unsecured senior notes, net of issuance costs, principal balance | 814,739 | 545,056 | ||||||||||
Residential mortgage loan repurchase liability, principal balance | 1,782,998 | 1,219,890 | ||||||||||
Treasury securities payable, principal balance | 1,800,000 | |||||||||||
Derivative liabilities, principal balance | 5,561,942 | 1,062,894 | ||||||||||
Liabilities of consolidated CFEs - funds, principal balance | 222,250 | |||||||||||
Liabilities of consolidated CFEs - loan securitizations, principal balance | 3,173,665 | 2,691,546 | ||||||||||
Liabilities of consolidated CFEs - loan securitizations | 2,943,714 | 2,420,439 | ||||||||||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset value | 14,331,651 | 13,469,365 | 13,242,784 | |||||||||
Recurring Basis | Mortgage Loans Receivable Securitization | ||||||||||||
Liabilities: | ||||||||||||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset value | 45,800 | $ 20,900 | ||||||||||
Recurring Basis | Asset-Backed Securities Issued | ||||||||||||
Liabilities: | ||||||||||||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value | 235,800 | 319,500 | ||||||||||
Recurring Basis | Level 3 | ||||||||||||
Liabilities: | ||||||||||||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value | 772,925 | 632,404 | 511,107 | |||||||||
Recurring Basis | Level 3 | Asset-Backed Securities Issued | ||||||||||||
Liabilities: | ||||||||||||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, liability value | 235,770 | 319,486 | $ 511,107 | |||||||||
Recurring Basis | Carrying Value | ||||||||||||
Assets: | ||||||||||||
Excess MSRs | 271,150 | 321,803 | ||||||||||
MSRs and MSR financing receivables | 8,405,938 | 8,889,403 | ||||||||||
Servicer advance investments | 376,881 | 398,820 | ||||||||||
Real estate and other securities | 9,361,712 | 7,952,889 | ||||||||||
Residential mortgage loans, held-for-sale | 78,877 | 101,027 | ||||||||||
Residential mortgage loans, held-for-sale, at fair value | 2,461,865 | 3,297,271 | ||||||||||
Residential mortgage loans, held-for-investment, at fair value | 379,044 | 452,519 | ||||||||||
Residential mortgage loans subject to repurchase | 1,782,998 | 1,219,890 | ||||||||||
Consumer loans | 1,274,005 | 363,756 | ||||||||||
Derivative assets | 28,080 | 52,229 | ||||||||||
Mortgage loans receivable | 1,879,319 | 1,714,053 | ||||||||||
Note receivable | 398,227 | 0 | ||||||||||
Loans receivable | 31,323 | 94,401 | ||||||||||
Cash and cash equivalents | 1,336,508 | |||||||||||
Restricted cash | 281,126 | |||||||||||
Cash, cash equivalents and restricted cash | 1,672,819 | |||||||||||
Investments of consolidated funds | 340,929 | |||||||||||
Assets of consolidated CFEs - loan securitizations | 3,410,548 | 2,803,138 | ||||||||||
Other assets | 61,902 | 23,370 | ||||||||||
Assets, fair value | 33,985,218 | 29,302,203 | ||||||||||
Liabilities: | ||||||||||||
Secured financing agreements | 12,561,283 | 11,257,736 | ||||||||||
Secured notes and bonds payable | 10,360,188 | 9,786,025 | ||||||||||
Unsecured senior notes, net of issuance costs | 719,004 | 545,056 | ||||||||||
Residential mortgage loan repurchase liability | 1,782,998 | 1,219,890 | ||||||||||
Derivative liabilities | 51,765 | 18,064 | ||||||||||
Liabilities of consolidated CFEs - funds | 219,920 | |||||||||||
Liabilities of consolidated CFEs - loan securitizations | 2,943,714 | 2,420,439 | ||||||||||
Liabilities, fair value | 30,466,153 | 25,247,210 | ||||||||||
Recurring Basis | Fair Value | ||||||||||||
Assets: | ||||||||||||
Excess MSRs | 271,150 | 321,803 | ||||||||||
MSRs and MSR financing receivables | 8,405,938 | 8,889,403 | ||||||||||
Servicer advance investments | 376,881 | 398,820 | ||||||||||
Real estate and other securities | 9,361,725 | 7,952,889 | ||||||||||
Residential mortgage loans, held-for-sale | 78,877 | 101,196 | ||||||||||
Residential mortgage loans, held-for-sale, at fair value | 2,461,865 | 3,297,271 | ||||||||||
Residential mortgage loans, held-for-investment, at fair value | 379,044 | 452,519 | ||||||||||
Residential mortgage loans subject to repurchase | 1,782,998 | 1,219,890 | ||||||||||
Consumer loans | 1,274,005 | 363,756 | ||||||||||
Derivative assets | 28,080 | 52,229 | ||||||||||
Mortgage loans receivable | 1,879,319 | 1,714,053 | ||||||||||
Note receivable | 398,227 | 0 | ||||||||||
Loans receivable | 31,323 | 94,401 | ||||||||||
Cash and cash equivalents | 1,336,508 | |||||||||||
Restricted cash | 281,126 | |||||||||||
Cash, cash equivalents and restricted cash | 1,672,819 | |||||||||||
Reverse repurchase agreements | 1,769,601 | |||||||||||
Investments of consolidated funds | 340,929 | |||||||||||
Other assets | 61,902 | 23,370 | ||||||||||
Assets, fair value | 33,985,231 | 29,302,372 | ||||||||||
Liabilities: | ||||||||||||
Secured financing agreements | 12,561,283 | 11,257,736 | ||||||||||
Secured notes and bonds payable | 10,369,649 | 9,602,209 | ||||||||||
Unsecured senior notes, net of issuance costs | 708,328 | 493,064 | ||||||||||
Residential mortgage loan repurchase liability | 1,782,998 | 1,219,890 | ||||||||||
Treasury securities payable | 1,827,281 | |||||||||||
Derivative liabilities | 51,765 | 18,064 | ||||||||||
Liabilities of consolidated CFEs - funds | 219,920 | |||||||||||
Liabilities, fair value | 30,464,938 | 25,011,402 | ||||||||||
Recurring Basis | Fair Value | Level 1 | ||||||||||||
Assets: | ||||||||||||
Excess MSRs | 0 | 0 | ||||||||||
MSRs and MSR financing receivables | 0 | 0 | ||||||||||
Servicer advance investments | 0 | 0 | ||||||||||
Real estate and other securities | 24,566 | 0 | ||||||||||
Residential mortgage loans, held-for-sale | 0 | 0 | ||||||||||
Residential mortgage loans, held-for-sale, at fair value | 0 | 0 | ||||||||||
Residential mortgage loans, held-for-investment, at fair value | 0 | 0 | ||||||||||
Residential mortgage loans subject to repurchase | 0 | 0 | ||||||||||
Consumer loans | 0 | 0 | ||||||||||
Derivative assets | 0 | 0 | ||||||||||
Mortgage loans receivable | 0 | 0 | ||||||||||
Note receivable | 0 | 0 | ||||||||||
Loans receivable | 0 | 0 | ||||||||||
Cash and cash equivalents | 1,336,508 | |||||||||||
Restricted cash | 281,126 | |||||||||||
Cash, cash equivalents and restricted cash | 1,672,819 | |||||||||||
Reverse repurchase agreements | 0 | |||||||||||
Investments of consolidated funds | 19,073 | |||||||||||
Assets of consolidated CFEs - loan securitizations | 18,367 | 21,296 | ||||||||||
Other assets | 0 | 0 | ||||||||||
Assets, fair value | 1,734,825 | 1,638,930 | ||||||||||
Liabilities: | ||||||||||||
Secured financing agreements | 0 | 0 | ||||||||||
Secured notes and bonds payable | 0 | 0 | ||||||||||
Unsecured senior notes, net of issuance costs | 0 | 0 | ||||||||||
Residential mortgage loan repurchase liability | 0 | 0 | ||||||||||
Treasury securities payable | 1,827,281 | |||||||||||
Derivative liabilities | 0 | 0 | ||||||||||
Liabilities of consolidated CFEs - funds | 1,763 | |||||||||||
Liabilities of consolidated CFEs - loan securitizations | 6,634 | 12,043 | ||||||||||
Liabilities, fair value | 1,835,678 | 12,043 | ||||||||||
Recurring Basis | Fair Value | Level 1 | US Treasury Bill Securities | ||||||||||||
Liabilities: | ||||||||||||
Amortized cost | 24,600 | |||||||||||
Recurring Basis | Fair Value | Level 2 | ||||||||||||
Assets: | ||||||||||||
Excess MSRs | 0 | 0 | ||||||||||
MSRs and MSR financing receivables | 0 | 0 | ||||||||||
Servicer advance investments | 0 | 0 | ||||||||||
Real estate and other securities | 8,533,130 | 7,338,417 | ||||||||||
Residential mortgage loans, held-for-sale | 0 | 0 | ||||||||||
Residential mortgage loans, held-for-sale, at fair value | 2,327,528 | 3,035,894 | ||||||||||
Residential mortgage loans, held-for-investment, at fair value | 0 | 0 | ||||||||||
Residential mortgage loans subject to repurchase | 1,782,998 | 1,219,890 | ||||||||||
Consumer loans | 0 | 0 | ||||||||||
Derivative assets | 1,598 | 36,214 | ||||||||||
Mortgage loans receivable | 0 | 0 | ||||||||||
Note receivable | 0 | 0 | ||||||||||
Loans receivable | 0 | 0 | ||||||||||
Cash and cash equivalents | 0 | |||||||||||
Restricted cash | 0 | |||||||||||
Cash, cash equivalents and restricted cash | 0 | |||||||||||
Reverse repurchase agreements | 1,769,601 | |||||||||||
Investments of consolidated funds | 0 | |||||||||||
Assets of consolidated CFEs - loan securitizations | 3,038,587 | 2,431,867 | ||||||||||
Other assets | 0 | 0 | ||||||||||
Assets, fair value | 17,453,442 | 14,062,282 | ||||||||||
Liabilities: | ||||||||||||
Secured financing agreements | 12,377,171 | 11,257,736 | ||||||||||
Secured notes and bonds payable | 0 | 0 | ||||||||||
Unsecured senior notes, net of issuance costs | 0 | 0 | ||||||||||
Residential mortgage loan repurchase liability | 1,782,998 | 1,219,890 | ||||||||||
Treasury securities payable | 0 | |||||||||||
Derivative liabilities | 49,087 | 10,835 | ||||||||||
Liabilities of consolidated CFEs - funds | 0 | |||||||||||
Liabilities of consolidated CFEs - loan securitizations | 2,618,082 | 2,095,478 | ||||||||||
Liabilities, fair value | 16,827,338 | 14,583,939 | ||||||||||
Recurring Basis | Fair Value | Level 3 | ||||||||||||
Assets: | ||||||||||||
Excess MSRs | 271,150 | 321,803 | ||||||||||
MSRs and MSR financing receivables | 8,405,938 | 8,889,403 | ||||||||||
Servicer advance investments | 376,881 | 398,820 | ||||||||||
Real estate and other securities | 804,029 | 614,472 | ||||||||||
Residential mortgage loans, held-for-sale | 78,877 | 101,196 | ||||||||||
Residential mortgage loans, held-for-sale, at fair value | 134,337 | 261,377 | ||||||||||
Residential mortgage loans, held-for-investment, at fair value | 379,044 | 452,519 | ||||||||||
Residential mortgage loans subject to repurchase | 0 | 0 | ||||||||||
Consumer loans | 1,274,005 | 363,756 | ||||||||||
Derivative assets | 26,482 | 16,015 | ||||||||||
Mortgage loans receivable | 1,879,319 | 1,714,053 | ||||||||||
Note receivable | 398,227 | 0 | ||||||||||
Loans receivable | 31,323 | 94,401 | ||||||||||
Cash and cash equivalents | 0 | |||||||||||
Restricted cash | 0 | |||||||||||
Cash, cash equivalents and restricted cash | 0 | |||||||||||
Reverse repurchase agreements | 0 | |||||||||||
Investments of consolidated funds | 0 | |||||||||||
Assets of consolidated CFEs - loan securitizations | 353,594 | 349,975 | ||||||||||
Other assets | 61,902 | 23,370 | ||||||||||
Assets, fair value | 14,475,108 | 13,601,160 | ||||||||||
Liabilities: | ||||||||||||
Secured financing agreements | 184,112 | 0 | ||||||||||
Secured notes and bonds payable | 10,369,649 | 9,602,209 | ||||||||||
Unsecured senior notes, net of issuance costs | 708,328 | 493,064 | ||||||||||
Residential mortgage loan repurchase liability | 0 | 0 | ||||||||||
Treasury securities payable | 0 | |||||||||||
Derivative liabilities | 2,678 | 7,229 | ||||||||||
Liabilities of consolidated CFEs - funds | 218,157 | |||||||||||
Liabilities of consolidated CFEs - loan securitizations | 318,998 | 312,918 | ||||||||||
Liabilities, fair value | 11,801,922 | 10,415,420 | ||||||||||
Recurring Basis | Fair Value | Fair Value Measured at Net Asset Value Per Share | ||||||||||||
Assets: | ||||||||||||
Investments of consolidated funds | 321,856 | |||||||||||
Other assets | $ 23,800 | |||||||||||
Assets, fair value | $ 321,856 | |||||||||||
[1] The Company's Consolidated Balance Sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2023, as restated, and December 31, 2022, as restated, total assets of such consolidated VIEs were $5.6 billion and $4.7 billion, respectively, and total liabilities of such consolidated VIEs were $4.7 billion and $3.9 billion, respectively. See Note 22 for further details. |
FAIR VALUE MEASUREMENTS (AS R_3
FAIR VALUE MEASUREMENTS (AS RESTATED) - Financial Assets Measured at Fair Value on a Recurring Basis using Level 3 Inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Purchases, sales and repayments | ||
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Asset, Gain (Loss), Statement of Other Comprehensive Income or Comprehensive Income [Extensible Enumeration] | Unrealized gain (loss) on available-for-sale securities, net | |
Fair Value, Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Other income (loss) | |
Fair Value, Asset, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Realized and unrealized gains (losses), net | |
Excess MSRs in Equity Method Investees | ||
Purchases, sales and repayments | ||
Ownership percentage | 50% | 50% |
Non-Agency | ||
Gain (loss) included in net income | ||
Gain (loss) on settlement of investments, net | $ 0 | $ (1,600) |
Recurring Basis | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning | 13,469,365 | 13,242,784 |
Transfers | ||
Transfers from Level 3 | (41,430) | (1,280,709) |
Transfers to Level 3 | 22,565 | 313,559 |
Acquisitions | 216,229 | |
Gain (loss) included in net income | ||
Credit losses on securities | 2,951 | (710) |
Servicing revenue, net | (565,684) | 817,691 |
Excess MSRs | (12,712) | (2,962) |
Excess MSRs, equity method investees | 1,526 | |
Real estate securities | (17,716) | |
Servicer advance investments | 8,049 | (9,950) |
Consumer loans | (26,201) | (36,740) |
Residential mortgage loans | 14,911 | (124,359) |
Gain (loss) on settlement of investments, net | 615 | (45,320) |
Other income (loss), net | 69,878 | (202,536) |
Gains (losses) included in OCI | 13,118 | (45,709) |
Interest income | 96,772 | 111,047 |
Purchases, sales and repayments | ||
Purchases, net | 2,772,795 | 3,176,436 |
Proceeds from sales | (933,321) | (2,427,352) |
Proceeds from repayments | (3,674,600) | (3,214,062) |
Originations and other | 2,898,351 | 3,214,447 |
Balance, ending | 14,331,651 | 13,469,365 |
Recurring Basis | Excess MSRs | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning | 321,803 | 344,947 |
Transfers | ||
Transfers from Level 3 | 0 | 0 |
Transfers to Level 3 | 0 | 0 |
Acquisitions | 0 | |
Gain (loss) included in net income | ||
Credit losses on securities | 0 | 0 |
Servicing revenue, net | 0 | 0 |
Excess MSRs | (12,712) | (2,962) |
Excess MSRs, equity method investees | 1,526 | |
Real estate securities | 0 | |
Servicer advance investments | 0 | 0 |
Consumer loans | 0 | 0 |
Residential mortgage loans | 0 | 0 |
Gain (loss) on settlement of investments, net | 615 | 107 |
Other income (loss), net | (348) | (65) |
Gains (losses) included in OCI | 0 | 0 |
Interest income | 18,310 | 38,035 |
Purchases, sales and repayments | ||
Purchases, net | 0 | 0 |
Proceeds from sales | (4,212) | (997) |
Proceeds from repayments | (52,306) | (58,788) |
Originations and other | 0 | 0 |
Balance, ending | 271,150 | 321,803 |
Recurring Basis | MSRs And MSR Financing Receivables | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning | 8,889,403 | 6,858,803 |
Transfers | ||
Transfers from Level 3 | 0 | 0 |
Transfers to Level 3 | 0 | 0 |
Acquisitions | 0 | |
Gain (loss) included in net income | ||
Credit losses on securities | 0 | 0 |
Servicing revenue, net | (565,684) | 817,691 |
Excess MSRs | 0 | 0 |
Excess MSRs, equity method investees | 0 | |
Real estate securities | 0 | |
Servicer advance investments | 0 | 0 |
Consumer loans | 0 | 0 |
Residential mortgage loans | 0 | 0 |
Gain (loss) on settlement of investments, net | 0 | 0 |
Other income (loss), net | 0 | 0 |
Gains (losses) included in OCI | 0 | 0 |
Interest income | 0 | 0 |
Purchases, sales and repayments | ||
Purchases, net | 0 | (967) |
Proceeds from sales | (704,436) | (8,866) |
Proceeds from repayments | 0 | 0 |
Originations and other | 786,655 | 1,222,742 |
Balance, ending | 8,405,938 | 8,889,403 |
Recurring Basis | Servicer Advances | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning | 398,820 | 421,807 |
Transfers | ||
Transfers from Level 3 | 0 | 0 |
Transfers to Level 3 | 0 | 0 |
Acquisitions | 0 | |
Gain (loss) included in net income | ||
Credit losses on securities | 0 | 0 |
Servicing revenue, net | 0 | 0 |
Excess MSRs | 0 | 0 |
Excess MSRs, equity method investees | 0 | |
Real estate securities | 0 | |
Servicer advance investments | 8,049 | (9,950) |
Consumer loans | 0 | 0 |
Residential mortgage loans | 0 | 0 |
Gain (loss) on settlement of investments, net | 0 | 0 |
Other income (loss), net | 0 | 0 |
Gains (losses) included in OCI | 0 | 0 |
Interest income | 22,180 | 42,005 |
Purchases, sales and repayments | ||
Purchases, net | 852,015 | 988,847 |
Proceeds from sales | 0 | 0 |
Proceeds from repayments | (904,183) | (1,043,889) |
Originations and other | 0 | 0 |
Balance, ending | 376,881 | 398,820 |
Recurring Basis | Non-Agency | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning | 614,472 | 768,879 |
Transfers | ||
Transfers from Level 3 | 0 | 0 |
Transfers to Level 3 | 0 | 0 |
Acquisitions | 216,229 | |
Gain (loss) included in net income | ||
Credit losses on securities | 2,951 | (710) |
Servicing revenue, net | 0 | 0 |
Excess MSRs | 0 | 0 |
Excess MSRs, equity method investees | 0 | |
Real estate securities | (17,716) | |
Servicer advance investments | 0 | 0 |
Consumer loans | 0 | 0 |
Residential mortgage loans | 0 | 0 |
Gain (loss) on settlement of investments, net | (1,560) | |
Other income (loss), net | 10,650 | 0 |
Gains (losses) included in OCI | 13,118 | (45,709) |
Interest income | 12,929 | 4,180 |
Purchases, sales and repayments | ||
Purchases, net | 17,833 | 50,392 |
Proceeds from sales | 0 | (11,958) |
Proceeds from repayments | (84,153) | (131,326) |
Originations and other | 0 | 0 |
Balance, ending | 804,029 | 614,472 |
Recurring Basis | Derivatives | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning | 8,786 | 111,778 |
Transfers | ||
Transfers from Level 3 | 0 | 0 |
Transfers to Level 3 | 0 | 0 |
Acquisitions | 0 | |
Gain (loss) included in net income | ||
Credit losses on securities | 0 | 0 |
Servicing revenue, net | 0 | 0 |
Excess MSRs | 0 | 0 |
Excess MSRs, equity method investees | 0 | |
Real estate securities | 0 | |
Servicer advance investments | 0 | 0 |
Consumer loans | 0 | 0 |
Residential mortgage loans | 0 | 0 |
Gain (loss) on settlement of investments, net | 0 | 0 |
Other income (loss), net | 15,018 | (102,992) |
Gains (losses) included in OCI | 0 | 0 |
Interest income | 0 | 0 |
Purchases, sales and repayments | ||
Purchases, net | 0 | 0 |
Proceeds from sales | 0 | 0 |
Proceeds from repayments | 0 | 0 |
Originations and other | 0 | 0 |
Balance, ending | 23,804 | 8,786 |
Recurring Basis | Residential Mortgage Loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning | 713,896 | 2,423,337 |
Transfers | ||
Transfers from Level 3 | (41,430) | (1,279,709) |
Transfers to Level 3 | 22,565 | 313,559 |
Acquisitions | 0 | |
Gain (loss) included in net income | ||
Credit losses on securities | 0 | 0 |
Servicing revenue, net | 0 | 0 |
Excess MSRs | 0 | 0 |
Excess MSRs, equity method investees | 0 | |
Real estate securities | 0 | |
Servicer advance investments | 0 | 0 |
Consumer loans | 0 | 0 |
Residential mortgage loans | 14,911 | (124,359) |
Gain (loss) on settlement of investments, net | 0 | 0 |
Other income (loss), net | 44,694 | (35,020) |
Gains (losses) included in OCI | 0 | 0 |
Interest income | 0 | 0 |
Purchases, sales and repayments | ||
Purchases, net | 38,992 | 2,099,549 |
Proceeds from sales | (252,183) | (2,405,531) |
Proceeds from repayments | (91,249) | (272,224) |
Originations and other | 63,185 | (5,706) |
Balance, ending | 513,381 | 713,896 |
Recurring Basis | Consumer Loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning | 363,756 | 507,291 |
Transfers | ||
Transfers from Level 3 | 0 | 0 |
Transfers to Level 3 | 0 | 0 |
Acquisitions | 0 | |
Gain (loss) included in net income | ||
Credit losses on securities | 0 | 0 |
Servicing revenue, net | 0 | 0 |
Excess MSRs | 0 | 0 |
Excess MSRs, equity method investees | 0 | |
Real estate securities | 0 | |
Servicer advance investments | 0 | 0 |
Consumer loans | (26,201) | (36,740) |
Residential mortgage loans | 0 | 0 |
Gain (loss) on settlement of investments, net | 0 | 0 |
Other income (loss), net | 0 | 0 |
Gains (losses) included in OCI | 0 | 0 |
Interest income | 37,717 | 13,891 |
Purchases, sales and repayments | ||
Purchases, net | 1,317,347 | 29,615 |
Proceeds from sales | 27,510 | 0 |
Proceeds from repayments | (446,124) | (150,301) |
Originations and other | 0 | 0 |
Balance, ending | 1,274,005 | 363,756 |
Recurring Basis | Notes and Loans Receivable | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning | 94,401 | 290,180 |
Transfers | ||
Transfers from Level 3 | 0 | (1,000) |
Transfers to Level 3 | 0 | 0 |
Acquisitions | 0 | |
Gain (loss) included in net income | ||
Credit losses on securities | 0 | 0 |
Servicing revenue, net | 0 | 0 |
Excess MSRs | 0 | 0 |
Excess MSRs, equity method investees | 0 | |
Real estate securities | 0 | |
Servicer advance investments | 0 | 0 |
Consumer loans | 0 | 0 |
Residential mortgage loans | 0 | 0 |
Gain (loss) on settlement of investments, net | 0 | 0 |
Other income (loss), net | 231 | (64,459) |
Gains (losses) included in OCI | 0 | 0 |
Interest income | 5,636 | 12,936 |
Purchases, sales and repayments | ||
Purchases, net | 399,977 | 9,000 |
Proceeds from sales | 0 | 0 |
Proceeds from repayments | (70,695) | (152,256) |
Originations and other | 0 | 0 |
Balance, ending | 429,550 | 94,401 |
Recurring Basis | Mortgage Loans Receivable | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Balance, beginning | 2,064,028 | 1,515,762 |
Transfers | ||
Transfers from Level 3 | 0 | 0 |
Transfers to Level 3 | 0 | 0 |
Acquisitions | 0 | |
Gain (loss) included in net income | ||
Credit losses on securities | 0 | 0 |
Servicing revenue, net | 0 | 0 |
Excess MSRs | 0 | 0 |
Excess MSRs, equity method investees | 0 | |
Real estate securities | 0 | |
Servicer advance investments | 0 | 0 |
Consumer loans | 0 | 0 |
Residential mortgage loans | 0 | 0 |
Gain (loss) on settlement of investments, net | 0 | (43,867) |
Other income (loss), net | (367) | 0 |
Gains (losses) included in OCI | 0 | 0 |
Interest income | 0 | 0 |
Purchases, sales and repayments | ||
Purchases, net | 146,631 | 0 |
Proceeds from sales | 0 | 0 |
Proceeds from repayments | (2,025,890) | (1,405,278) |
Originations and other | 2,048,511 | 1,997,411 |
Balance, ending | $ 2,232,913 | $ 2,064,028 |
FAIR VALUE MEASUREMENTS (AS R_4
FAIR VALUE MEASUREMENTS (AS RESTATED) - Fair Value Liabilities Measured at Fair Value on a Recurring Basis using Level 3 Inputs (Details) - Recurring Basis - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Asset-Backed Securities Issued | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | $ 319,500 | |
Purchases, sales and payments | ||
Ending balance | 235,800 | $ 319,500 |
Level 3 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 632,404 | 511,107 |
Gains (losses) included in net income | ||
Other income | 11,051 | (45,791) |
Purchases, sales and payments | ||
Purchases | 218,746 | 324,062 |
Payments | (89,276) | (156,974) |
Ending balance | 772,925 | 632,404 |
Level 3 | Asset-Backed Securities Issued | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 319,486 | 511,107 |
Gains (losses) included in net income | ||
Other income | 5,560 | (34,647) |
Purchases, sales and payments | ||
Purchases | 0 | 0 |
Payments | (89,276) | (156,974) |
Ending balance | 235,770 | 319,486 |
Level 3 | Notes Payable of Consolidated Funds | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 0 | 0 |
Gains (losses) included in net income | ||
Other income | (589) | 0 |
Purchases, sales and payments | ||
Purchases | 218,746 | |
Payments | 0 | 0 |
Ending balance | 218,157 | 0 |
Level 3 | Mortgage Loans Receivable Notes Payable of CFE | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Beginning balance | 312,918 | 0 |
Gains (losses) included in net income | ||
Other income | 6,080 | (11,144) |
Purchases, sales and payments | ||
Purchases | 0 | 324,062 |
Payments | 0 | 0 |
Ending balance | $ 318,998 | 312,918 |
Level 3 | Notes Payable of Consolidated Funds | ||
Purchases, sales and payments | ||
Purchases | $ 0 |
FAIR VALUE MEASUREMENTS (AS R_5
FAIR VALUE MEASUREMENTS (AS RESTATED) - Information Regarding Inputs used in Valuing Excess MSRs Owned Directly and through Equity Method Investees (Details) | 12 Months Ended | |
Dec. 31, 2023 $ / Loan | Dec. 31, 2022 $ / Loan | |
Prepayment Rate | MSRs And MSR Financing Receivables | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.003 | 0.013 |
Prepayment Rate | MSRs And MSR Financing Receivables | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.837 | 0.978 |
Prepayment Rate | MSRs And MSR Financing Receivables | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.086 | 0.092 |
Prepayment Rate | MSRs And MSR Financing Receivables | Agency | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.006 | 0.026 |
Prepayment Rate | MSRs And MSR Financing Receivables | Agency | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.837 | 0.978 |
Prepayment Rate | MSRs And MSR Financing Receivables | Agency | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.073 | 0.080 |
Prepayment Rate | MSRs And MSR Financing Receivables | Non-Agency | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.003 | 0.013 |
Prepayment Rate | MSRs And MSR Financing Receivables | Non-Agency | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.834 | 0.932 |
Prepayment Rate | MSRs And MSR Financing Receivables | Non-Agency | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.122 | 0.150 |
Prepayment Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.050 | 0.028 |
Prepayment Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.819 | 0.812 |
Prepayment Rate | MSRs And MSR Financing Receivables | Ginnie Mae | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.105 | 0.103 |
Prepayment Rate | Directly Held | Excess MSRs | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.024 | 0.028 |
Prepayment Rate | Directly Held | Excess MSRs | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.122 | 0.135 |
Prepayment Rate | Directly Held | Excess MSRs | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.065 | 0.073 |
Prepayment Rate | Held through Equity Method Investees | Excess MSRs | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.063 | 0.084 |
Prepayment Rate | Held through Equity Method Investees | Excess MSRs | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.090 | 0.11 |
Prepayment Rate | Held through Equity Method Investees | Excess MSRs | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.078 | 0.094 |
Delinquency | MSRs And MSR Financing Receivables | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0 | 0.001 |
Delinquency | MSRs And MSR Financing Receivables | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 1 | 0.800 |
Delinquency | MSRs And MSR Financing Receivables | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.061 | 0.053 |
Delinquency | MSRs And MSR Financing Receivables | Agency | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0 | 0.001 |
Delinquency | MSRs And MSR Financing Receivables | Agency | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 1 | 0.667 |
Delinquency | MSRs And MSR Financing Receivables | Agency | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.023 | 0.020 |
Delinquency | MSRs And MSR Financing Receivables | Non-Agency | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.009 | 0.010 |
Delinquency | MSRs And MSR Financing Receivables | Non-Agency | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.833 | 0.750 |
Delinquency | MSRs And MSR Financing Receivables | Non-Agency | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.232 | 0.211 |
Delinquency | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.003 | 0.002 |
Delinquency | MSRs And MSR Financing Receivables | Ginnie Mae | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.800 | 0.800 |
Delinquency | MSRs And MSR Financing Receivables | Ginnie Mae | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.097 | 0.089 |
Delinquency | Directly Held | Excess MSRs | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.002 | 0.002 |
Delinquency | Directly Held | Excess MSRs | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.088 | 0.101 |
Delinquency | Directly Held | Excess MSRs | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.043 | 0.036 |
Delinquency | Held through Equity Method Investees | Excess MSRs | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.022 | 0.029 |
Delinquency | Held through Equity Method Investees | Excess MSRs | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.056 | 0.054 |
Delinquency | Held through Equity Method Investees | Excess MSRs | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.035 | 0.039 |
Recapture Rate | Directly Held | Excess MSRs | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0 | 0 |
Recapture Rate | Directly Held | Excess MSRs | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.911 | 0.914 |
Recapture Rate | Directly Held | Excess MSRs | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.552 | 0.554 |
Recapture Rate | Held through Equity Method Investees | Excess MSRs | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.451 | 0.454 |
Recapture Rate | Held through Equity Method Investees | Excess MSRs | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.643 | 0.64 |
Recapture Rate | Held through Equity Method Investees | Excess MSRs | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.590 | 0.587 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0003 | 0.0002 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0242 | 0.0216 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0033 | 0.0034 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Agency | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0006 | 0.0007 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Agency | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0104 | 0.0104 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Agency | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0027 | 0.0030 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Non-Agency | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0003 | 0.0002 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Non-Agency | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0242 | 0.0216 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Non-Agency | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0046 | 0.0046 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0019 | 0.0011 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Ginnie Mae | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0082 | 0.0086 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | MSRs And MSR Financing Receivables | Ginnie Mae | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0043 | 0.0041 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Directly Held | Excess MSRs | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0001 | 0.0006 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Directly Held | Excess MSRs | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0055 | 0.0031 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Directly Held | Excess MSRs | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0020 | 0.0019 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Held through Equity Method Investees | Excess MSRs | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0016 | 0.0015 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Held through Equity Method Investees | Excess MSRs | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0025 | 0.0026 |
Mortgage Servicing Amount or Excess Mortgage Servicing Amount (bps) | Held through Equity Method Investees | Excess MSRs | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.0021 | 0.0021 |
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 0 years | 0 years |
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 40 years | 39 years |
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 24 years | 24 years |
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Agency | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 0 years | 0 years |
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Agency | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 40 years | 39 years |
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Agency | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 23 years | 23 years |
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Non-Agency | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 0 years | 0 years |
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Non-Agency | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 40 years | 36 years |
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Non-Agency | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 21 years | 24 years |
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 1 year | 0 years |
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Ginnie Mae | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 39 years | 39 years |
Collateral Weighted Average Maturity (Years) | MSRs And MSR Financing Receivables | Ginnie Mae | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 27 years | 27 years |
Collateral Weighted Average Maturity (Years) | Directly Held | Excess MSRs | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 11 years | 11 years |
Collateral Weighted Average Maturity (Years) | Directly Held | Excess MSRs | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 27 years | 29 years |
Collateral Weighted Average Maturity (Years) | Directly Held | Excess MSRs | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 20 years | 21 years |
Collateral Weighted Average Maturity (Years) | Held through Equity Method Investees | Excess MSRs | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 14 years | 15 years |
Collateral Weighted Average Maturity (Years) | Held through Equity Method Investees | Excess MSRs | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 21 years | 22 years |
Collateral Weighted Average Maturity (Years) | Held through Equity Method Investees | Excess MSRs | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 18 years | 19 years |
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Agency | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 6.38 | 6.80 |
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Agency | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 7.08 | 7 |
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Agency | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 6.99 | 6.90 |
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Non-Agency | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 7.50 | 7.30 |
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Non-Agency | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 9.57 | 17.20 |
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Non-Agency | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 9.16 | 8.70 |
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Ginnie Mae | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 8.37 | 8.30 |
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Ginnie Mae | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 8.40 | |
Measurement Input, Servicing Cost | MSRs And MSR Financing Receivables | Ginnie Mae | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 8.30 |
FAIR VALUE MEASUREMENTS (AS R_6
FAIR VALUE MEASUREMENTS (AS RESTATED) - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Schedule of Equity Method Investments [Line Items] | ||
Alternative investment | $ 70.2 | |
Secured Notes and Bonds Payable | Sculptor | ||
Schedule of Equity Method Investments [Line Items] | ||
Unsecured senior notes, net of issuance costs | 218.2 | |
Real Estate Owned | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets, fair value adjustment | (1.7) | $ (0.7) |
Residential mortgage loans, held-for-sale, at fair value | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets, fair value adjustment | 1.9 | (8.3) |
Fair Value, Measurements, Nonrecurring | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets, fair value | 84.8 | 102.3 |
Fair Value, Measurements, Nonrecurring | Residential Mortgage Loans, Held-for-Sale | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets, fair value | 78.9 | 91.8 |
Fair Value, Measurements, Nonrecurring | Real Estate Owned | ||
Schedule of Equity Method Investments [Line Items] | ||
Assets, fair value | $ 5.9 | $ 10.5 |
Maturity Greater than 30 Days | ||
Schedule of Equity Method Investments [Line Items] | ||
Days delinquent (in days) | 30 days | |
Weighted Average | ||
Schedule of Equity Method Investments [Line Items] | ||
Broker price discount | 22% | |
Minimum | ||
Schedule of Equity Method Investments [Line Items] | ||
Recapture rate, term (in months) | 3 months | |
Broker price discount | 10% | |
Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Recapture rate, term (in months) | 6 months | |
Broker price discount | 25% | |
Excess MSRs | Weighted Average | ||
Schedule of Equity Method Investments [Line Items] | ||
Discount rate | 8.80% | 8.30% |
Excess MSRs | Minimum | ||
Schedule of Equity Method Investments [Line Items] | ||
Discount rate | 8.50% | 8% |
Excess MSRs | Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Discount rate | 9% | 8.50% |
MSRs | Weighted Average | ||
Schedule of Equity Method Investments [Line Items] | ||
Discount rate | 8.50% | 8.30% |
MSRs | Minimum | ||
Schedule of Equity Method Investments [Line Items] | ||
Discount rate | 7.90% | 7.60% |
MSRs | Maximum | ||
Schedule of Equity Method Investments [Line Items] | ||
Discount rate | 10.80% | 9.80% |
Secured Overnight Financing Rate | MSRs And MSR Financing Receivables | ||
Schedule of Equity Method Investments [Line Items] | ||
Variable interest rate spread | 4.10% |
FAIR VALUE MEASUREMENTS (AS R_7
FAIR VALUE MEASUREMENTS (AS RESTATED) - Effect of Percentage Change In Measurement Inputs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value | $ 8,405,938 | $ 8,889,403 | $ 6,858,803 |
MSRs And MSR Financing Receivables | Agency | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value | 5,333,013 | ||
MSRs And MSR Financing Receivables | Agency | Twenty Percent Decrease In Measurement Input | Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | 5,757,003 | ||
Change in estimated fair value: | |||
Amount | $ 423,990 | ||
Percentage | 8% | ||
MSRs And MSR Financing Receivables | Agency | Twenty Percent Decrease In Measurement Input | Prepayment Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 5,563,978 | ||
Change in estimated fair value: | |||
Amount | $ 230,965 | ||
Percentage | 4.30% | ||
MSRs And MSR Financing Receivables | Agency | Twenty Percent Decrease In Measurement Input | Delinquency | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 5,421,739 | ||
Change in estimated fair value: | |||
Amount | $ 88,726 | ||
Percentage | 1.70% | ||
MSRs And MSR Financing Receivables | Agency | Ten Percent Decrease In Measurement Input | Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 5,537,037 | ||
Change in estimated fair value: | |||
Amount | $ 204,024 | ||
Percentage | 3.80% | ||
MSRs And MSR Financing Receivables | Agency | Ten Percent Decrease In Measurement Input | Prepayment Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 5,443,232 | ||
Change in estimated fair value: | |||
Amount | $ 110,219 | ||
Percentage | 2.10% | ||
MSRs And MSR Financing Receivables | Agency | Ten Percent Decrease In Measurement Input | Delinquency | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 5,380,879 | ||
Change in estimated fair value: | |||
Amount | $ 47,866 | ||
Percentage | 0.90% | ||
MSRs And MSR Financing Receivables | Agency | Ten Percent Increase In Measurement Input | Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 5,143,139 | ||
Change in estimated fair value: | |||
Amount | $ (189,874) | ||
Percentage | (3.60%) | ||
MSRs And MSR Financing Receivables | Agency | Ten Percent Increase In Measurement Input | Prepayment Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 5,232,375 | ||
Change in estimated fair value: | |||
Amount | $ (100,638) | ||
Percentage | (1.90%) | ||
MSRs And MSR Financing Receivables | Agency | Ten Percent Increase In Measurement Input | Delinquency | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 5,278,297 | ||
Change in estimated fair value: | |||
Amount | $ (54,716) | ||
Percentage | (1.00%) | ||
MSRs And MSR Financing Receivables | Agency | Twenty Percent Increase In Measurement Input | Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 4,966,298 | ||
Change in estimated fair value: | |||
Amount | $ (366,715) | ||
Percentage | (6.90%) | ||
MSRs And MSR Financing Receivables | Agency | Twenty Percent Increase In Measurement Input | Prepayment Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 5,138,726 | ||
Change in estimated fair value: | |||
Amount | $ (194,287) | ||
Percentage | (3.60%) | ||
MSRs And MSR Financing Receivables | Agency | Twenty Percent Increase In Measurement Input | Delinquency | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 5,217,507 | ||
Change in estimated fair value: | |||
Amount | $ (115,506) | ||
Percentage | (2.20%) | ||
MSRs And MSR Financing Receivables | Non-Agency | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value | $ 678,913 | ||
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Decrease In Measurement Input | Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | 748,078 | ||
Change in estimated fair value: | |||
Amount | $ 69,165 | ||
Percentage | 10.20% | ||
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Decrease In Measurement Input | Prepayment Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 717,516 | ||
Change in estimated fair value: | |||
Amount | $ 38,603 | ||
Percentage | 5.70% | ||
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Decrease In Measurement Input | Delinquency | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 712,026 | ||
Change in estimated fair value: | |||
Amount | $ 33,113 | ||
Percentage | 4.90% | ||
MSRs And MSR Financing Receivables | Non-Agency | Ten Percent Decrease In Measurement Input | Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 711,922 | ||
Change in estimated fair value: | |||
Amount | $ 33,009 | ||
Percentage | 4.90% | ||
MSRs And MSR Financing Receivables | Non-Agency | Ten Percent Decrease In Measurement Input | Prepayment Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 697,670 | ||
Change in estimated fair value: | |||
Amount | $ 18,757 | ||
Percentage | 2.80% | ||
MSRs And MSR Financing Receivables | Non-Agency | Ten Percent Decrease In Measurement Input | Delinquency | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 696,250 | ||
Change in estimated fair value: | |||
Amount | $ 17,337 | ||
Percentage | 2.60% | ||
MSRs And MSR Financing Receivables | Non-Agency | Ten Percent Increase In Measurement Input | Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 648,681 | ||
Change in estimated fair value: | |||
Amount | $ (30,232) | ||
Percentage | (4.50%) | ||
MSRs And MSR Financing Receivables | Non-Agency | Ten Percent Increase In Measurement Input | Prepayment Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 661,047 | ||
Change in estimated fair value: | |||
Amount | $ (17,866) | ||
Percentage | (2.60%) | ||
MSRs And MSR Financing Receivables | Non-Agency | Ten Percent Increase In Measurement Input | Delinquency | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 660,167 | ||
Change in estimated fair value: | |||
Amount | $ (18,746) | ||
Percentage | (2.80%) | ||
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Increase In Measurement Input | Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 620,917 | ||
Change in estimated fair value: | |||
Amount | $ (57,996) | ||
Percentage | (8.50%) | ||
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Increase In Measurement Input | Prepayment Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 644,005 | ||
Change in estimated fair value: | |||
Amount | $ (34,908) | ||
Percentage | (5.10%) | ||
MSRs And MSR Financing Receivables | Non-Agency | Twenty Percent Increase In Measurement Input | Delinquency | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 640,286 | ||
Change in estimated fair value: | |||
Amount | $ (38,627) | ||
Percentage | (5.70%) | ||
MSRs And MSR Financing Receivables | Ginnie Mae | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Fair value | $ 2,394,012 | ||
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Decrease In Measurement Input | Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | 2,584,318 | ||
Change in estimated fair value: | |||
Amount | $ 190,306 | ||
Percentage | 7.90% | ||
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Decrease In Measurement Input | Prepayment Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 2,535,281 | ||
Change in estimated fair value: | |||
Amount | $ 141,269 | ||
Percentage | 5.90% | ||
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Decrease In Measurement Input | Delinquency | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 2,568,437 | ||
Change in estimated fair value: | |||
Amount | $ 174,425 | ||
Percentage | 7.30% | ||
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Decrease In Measurement Input | Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 2,485,472 | ||
Change in estimated fair value: | |||
Amount | $ 91,460 | ||
Percentage | 3.80% | ||
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Decrease In Measurement Input | Prepayment Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 2,460,736 | ||
Change in estimated fair value: | |||
Amount | $ 66,724 | ||
Percentage | 2.80% | ||
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Decrease In Measurement Input | Delinquency | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 2,484,912 | ||
Change in estimated fair value: | |||
Amount | $ 90,900 | ||
Percentage | 3.80% | ||
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Increase In Measurement Input | Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 2,309,232 | ||
Change in estimated fair value: | |||
Amount | $ (84,780) | ||
Percentage | (3.50%) | ||
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Increase In Measurement Input | Prepayment Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 2,332,802 | ||
Change in estimated fair value: | |||
Amount | $ (61,210) | ||
Percentage | (2.60%) | ||
MSRs And MSR Financing Receivables | Ginnie Mae | Ten Percent Increase In Measurement Input | Delinquency | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 2,297,211 | ||
Change in estimated fair value: | |||
Amount | $ (96,801) | ||
Percentage | (4.00%) | ||
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Increase In Measurement Input | Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 2,230,420 | ||
Change in estimated fair value: | |||
Amount | $ (163,592) | ||
Percentage | (6.80%) | ||
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Increase In Measurement Input | Prepayment Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 2,277,856 | ||
Change in estimated fair value: | |||
Amount | $ (116,156) | ||
Percentage | (4.90%) | ||
MSRs And MSR Financing Receivables | Ginnie Mae | Twenty Percent Increase In Measurement Input | Delinquency | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Estimated fair value | $ 2,195,842 | ||
Change in estimated fair value: | |||
Amount | $ (198,170) | ||
Percentage | (8.30%) |
FAIR VALUE MEASUREMENTS (AS R_8
FAIR VALUE MEASUREMENTS (AS RESTATED) - Information Regarding the Inputs used in Valuing the Servicer Advances (Details) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair value inputs, monthly servicing fee | 0.108% | 0.108% |
Servicer Advances | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Outstanding Servicer Advances to UPB of Underlying Residential Mortgage Loans | 1.10% | 1.20% |
Servicer Advances | Minimum | Prepayment Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.028 | 0.034 |
Servicer Advances | Minimum | Delinquency | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.033 | 0.034 |
Servicer Advances | Minimum | Mortgage Servicing Amount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.00182 | 0.00180 |
Servicer Advances | Minimum | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.062 | 0.057 |
Servicer Advances | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Outstanding Servicer Advances to UPB of Underlying Residential Mortgage Loans | 2.10% | 2.20% |
Servicer Advances | Maximum | Prepayment Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.045 | 0.046 |
Servicer Advances | Maximum | Delinquency | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.258 | 0.196 |
Servicer Advances | Maximum | Mortgage Servicing Amount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.00199 | 0.00198 |
Servicer Advances | Maximum | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.067 | 0.062 |
Servicer Advances | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Outstanding Servicer Advances to UPB of Underlying Residential Mortgage Loans | 2.10% | 2.10% |
Servicer Advances | Weighted Average | Prepayment Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.044 | 0.046 |
Servicer Advances | Weighted Average | Delinquency | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.253 | 0.191 |
Servicer Advances | Weighted Average | Mortgage Servicing Amount | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.00198 | 0.00198 |
Servicer Advances | Weighted Average | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Servicing asset, measurement input | 0.062 | 0.057 |
Servicer Advances | Weighted Average | Collateral Weighted Average Maturity (Years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Collateral Weighted Average Maturity (Years) | 21 years 9 months 18 days | 21 years 10 months 24 days |
FAIR VALUE MEASUREMENTS (AS R_9
FAIR VALUE MEASUREMENTS (AS RESTATED) - Real Estate And Other Securities Valuation Methodology and Results (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) source | Dec. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Outstanding Face Amount | $ 18,562,039 | $ 18,112,783 | ||
Amortized Cost Basis | 9,195,898 | 7,896,342 | ||
Real estate and other securities | $ 9,337,159 | 7,952,889 | $ 9,201,474 | $ 8,722,018 |
Number of broker quotation sources | source | 2 | |||
Multiple Quotes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Real estate and other securities | $ 9,110,673 | 7,952,875 | ||
Single Quote | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Real estate and other securities | 226,486 | 14 | ||
Agency | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Outstanding Face Amount | 8,590,260 | 7,463,522 | ||
Amortized Cost Basis | 8,417,025 | 7,290,473 | ||
Agency | Level 2 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Real estate and other securities | 8,533,130 | 7,338,417 | ||
Agency | Level 2 | Multiple Quotes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Real estate and other securities | 8,533,130 | 7,338,417 | ||
Agency | Level 2 | Single Quote | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Real estate and other securities | 0 | 0 | ||
Non-Agency | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Outstanding Face Amount | 9,971,779 | 10,649,261 | ||
Amortized Cost Basis | $ 778,873 | $ 605,869 | ||
Percent of securities | 60.70% | 49.80% | ||
Fair Value | $ 488,314 | $ 305,847 | ||
Non-Agency | Minimum | Discount Rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Discount Rate | 0.041 | 0.035 | ||
Non-Agency | Minimum | Prepayment Rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Discount Rate | 0 | 0 | ||
Non-Agency | Minimum | CDR | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Discount Rate | 0.004 | 0 | ||
Non-Agency | Minimum | Loss Severity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Discount Rate | 0.175 | 0 | ||
Non-Agency | Maximum | Discount Rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Discount Rate | 0.335 | 0.150 | ||
Non-Agency | Maximum | Prepayment Rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Discount Rate | 0.200 | 1 | ||
Non-Agency | Maximum | CDR | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Discount Rate | 0.080 | 0.120 | ||
Non-Agency | Maximum | Loss Severity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Discount Rate | 0.450 | 0.880 | ||
Non-Agency | Weighted Average | Discount Rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Discount Rate | 0.063 | 0.075 | ||
Non-Agency | Weighted Average | Prepayment Rate | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Discount Rate | 0.116 | 0.064 | ||
Non-Agency | Weighted Average | CDR | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Discount Rate | 0.017 | 0.002 | ||
Non-Agency | Weighted Average | Loss Severity | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Discount Rate | 0.327 | 0.072 | ||
Non-Agency | Level 3 | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Real estate and other securities | $ 804,029 | $ 614,472 | ||
Non-Agency | Level 3 | Multiple Quotes | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Real estate and other securities | 577,543 | 614,458 | ||
Non-Agency | Level 3 | Single Quote | ||||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||||
Real estate and other securities | $ 226,486 | $ 14 |
FAIR VALUE MEASUREMENTS (AS _10
FAIR VALUE MEASUREMENTS (AS RESTATED) - Schedule of Inputs Used In Valuing Residential Mortgage Loans, Consumer Loans, Mortgage Loans Receivable, Derivatives, and Mortgage Backed Securities (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Residential mortgage loans, held-for-investment, at fair value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, held-for-investment, fair value | $ 379,044 | $ 452,519 |
Residential mortgage loans, held-for-investment, at fair value | Discount Rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, held-for-investment, measurement input | 0.079 | 0.038 |
Residential mortgage loans, held-for-investment, at fair value | Discount Rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, held-for-investment, measurement input | 0.083 | 0.087 |
Residential mortgage loans, held-for-investment, at fair value | Discount Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, held-for-investment, measurement input | 0.081 | 0.085 |
Residential mortgage loans, held-for-investment, at fair value | Prepayment Rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, held-for-investment, measurement input | 0.029 | 0.093 |
Residential mortgage loans, held-for-investment, at fair value | Prepayment Rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, held-for-investment, measurement input | 0.035 | 0.163 |
Residential mortgage loans, held-for-investment, at fair value | Prepayment Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, held-for-investment, measurement input | 0.032 | 0.123 |
Residential mortgage loans, held-for-investment, at fair value | CDR | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, held-for-investment, measurement input | 0.014 | 0.001 |
Residential mortgage loans, held-for-investment, at fair value | CDR | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, held-for-investment, measurement input | 0.059 | 0.137 |
Residential mortgage loans, held-for-investment, at fair value | CDR | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, held-for-investment, measurement input | 0.043 | 0.067 |
Residential mortgage loans, held-for-investment, at fair value | Loss Severity | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, held-for-investment, measurement input | 0.244 | 0.232 |
Residential mortgage loans, held-for-investment, at fair value | Loss Severity | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, held-for-investment, measurement input | 0.574 | 0.550 |
Residential mortgage loans, held-for-investment, at fair value | Loss Severity | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans, held-for-investment, measurement input | 0.461 | 0.403 |
Consumer loans held-for-investment, at fair value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans | $ 1,274,005 | |
Consumer loans held-for-investment, at fair value | SpringCastle | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans | 285,632 | $ 363,756 |
Consumer loans held-for-investment, at fair value | Marcus | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans | $ 988,373 | |
Consumer loans held-for-investment, at fair value | Discount Rate | Minimum | SpringCastle | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.084 | 0.083 |
Consumer loans held-for-investment, at fair value | Discount Rate | Maximum | SpringCastle | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.094 | 0.093 |
Consumer loans held-for-investment, at fair value | Discount Rate | Weighted Average | SpringCastle | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.086 | 0.086 |
Consumer loans held-for-investment, at fair value | Discount Rate | Weighted Average | Marcus | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.095 | |
Consumer loans held-for-investment, at fair value | Prepayment Rate | Minimum | SpringCastle | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.097 | 0.068 |
Consumer loans held-for-investment, at fair value | Prepayment Rate | Maximum | SpringCastle | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.373 | 0.332 |
Consumer loans held-for-investment, at fair value | Prepayment Rate | Weighted Average | SpringCastle | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.170 | 0.287 |
Consumer loans held-for-investment, at fair value | Prepayment Rate | Weighted Average | Marcus | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.225 | |
Consumer loans held-for-investment, at fair value | CDR | Minimum | SpringCastle | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.017 | 0 |
Consumer loans held-for-investment, at fair value | CDR | Maximum | SpringCastle | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.071 | 0.071 |
Consumer loans held-for-investment, at fair value | CDR | Weighted Average | SpringCastle | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.048 | 0.043 |
Consumer loans held-for-investment, at fair value | CDR | Weighted Average | Marcus | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.062 | |
Consumer loans held-for-investment, at fair value | Loss Severity | Minimum | SpringCastle | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.825 | 0.894 |
Consumer loans held-for-investment, at fair value | Loss Severity | Maximum | SpringCastle | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 1 | 1 |
Consumer loans held-for-investment, at fair value | Loss Severity | Weighted Average | SpringCastle | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.933 | 0.947 |
Consumer loans held-for-investment, at fair value | Loss Severity | Weighted Average | Marcus | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Consumer loans, held-for-investment, measurement input | 0.930 | |
Mortgage Loans Receivable | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable | $ 114,366 | |
Mortgage Loans Receivable | Discount Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.110 | |
Mortgage Loans Receivable | Prepayment Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0 | |
Mortgage Loans Receivable | CDR | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.018 | |
Mortgage Loans Receivable | CDR | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.025 | |
Mortgage Loans Receivable | CDR | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.022 | |
Mortgage Loans Receivable | Loss Severity | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.250 | |
December 31, 2023 | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative, fair value | $ 23,804 | $ 8,786 |
December 31, 2023 | Loan Funding Probability | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative, measurement input | 0 | 0 |
December 31, 2023 | Loan Funding Probability | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative, measurement input | 1 | 1 |
December 31, 2023 | Loan Funding Probability | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative, measurement input | 0.808 | 0.825 |
December 31, 2023 | Fair Value of Initial Servicing Rights (bps) | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative, measurement input | 0.00070 | (0.01502) |
December 31, 2023 | Fair Value of Initial Servicing Rights (bps) | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative, measurement input | 0.03313 | 0.03246 |
December 31, 2023 | Fair Value of Initial Servicing Rights (bps) | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Derivative, measurement input | 0.02105 | 0.01856 |
Asset-Backed Securities Issued | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset-backed securities, fair value | $ 235,770 | $ 319,486 |
Asset-Backed Securities Issued | Discount Rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset-backed securities, measurement input | 0.033 | |
Asset-Backed Securities Issued | Discount Rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset-backed securities, measurement input | 0.063 | |
Asset-Backed Securities Issued | Discount Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset-backed securities, measurement input | 0.060 | 0.061 |
Asset-Backed Securities Issued | Prepayment Rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset-backed securities, measurement input | 0.137 | |
Asset-Backed Securities Issued | Prepayment Rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset-backed securities, measurement input | 0.218 | |
Asset-Backed Securities Issued | Prepayment Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset-backed securities, measurement input | 0.17 | 0.213 |
Asset-Backed Securities Issued | CDR | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset-backed securities, measurement input | 0.001 | |
Asset-Backed Securities Issued | CDR | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset-backed securities, measurement input | 0.042 | |
Asset-Backed Securities Issued | CDR | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset-backed securities, measurement input | 0.048 | 0.039 |
Asset-Backed Securities Issued | Loss Severity | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset-backed securities, measurement input | 0.440 | |
Asset-Backed Securities Issued | Loss Severity | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset-backed securities, measurement input | 0.947 | |
Asset-Backed Securities Issued | Loss Severity | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Asset-backed securities, measurement input | 0.933 | 0.916 |
Originated loans | Residential mortgage loans held-for-sale, at fair value | Dealer price quotes and historical sale transactions | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.507 | |
Originated loans | Residential mortgage loans held-for-sale, at fair value | Dealer price quotes and historical sale transactions | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 1 | |
Originated loans | Residential mortgage loans held-for-sale, at fair value | Dealer price quotes and historical sale transactions | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.857 | |
Performing | Residential mortgage loans held-for-sale, at fair value | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, fair value | $ 78,794 | $ 236,452 |
Performing | 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 | $ 45,545 | $ 52,467 |
Performing | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Discount Rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.079 | 0.085 |
Performing | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Discount Rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.083 | 0.087 |
Performing | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Discount Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.082 | 0.085 |
Performing | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Prepayment Rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.020 | 0.093 |
Performing | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Prepayment Rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.098 | 0.114 |
Performing | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Prepayment Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.059 | 0.097 |
Performing | Acquired loans | Residential mortgage loans held-for-sale, at fair value | CDR | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.013 | 0.043 |
Performing | Acquired loans | Residential mortgage loans held-for-sale, at fair value | CDR | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.059 | 0.083 |
Performing | Acquired loans | Residential mortgage loans held-for-sale, at fair value | CDR | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.023 | 0.050 |
Performing | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Loss Severity | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.126 | 0.200 |
Performing | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Loss Severity | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.574 | 0.371 |
Performing | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Loss Severity | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.290 | 0.241 |
Performing | 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 | $ 33,249 | $ 183,985 |
Loans held-for-sale, measurement input | 0.555 | |
Performing | Originated loans | Residential mortgage loans held-for-sale, at fair value | Discount Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.073 | |
Performing | Originated loans | Residential mortgage loans held-for-sale, at fair value | Prepayment Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.089 | |
Performing | Originated loans | Residential mortgage loans held-for-sale, at fair value | CDR | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.036 | |
Performing | Originated loans | Residential mortgage loans held-for-sale, at fair value | Loss Severity | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.207 | |
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 | $ 25,993 | 24,925 |
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 | $ 18,944 | $ 20,759 |
Non-performing loans | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Discount Rate | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.077 | 0.087 |
Non-performing loans | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Discount Rate | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.082 | 0.559 |
Non-performing loans | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Discount Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.081 | 0.090 |
Non-performing loans | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Annual change in home prices | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.035 | 0.332 |
Non-performing loans | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Annual change in home prices | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.072 | 0.559 |
Non-performing loans | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Annual change in home prices | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.059 | 0.407 |
Non-performing loans | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Liquidation Timeline (in years) | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, term | 5 years 6 months | 2 years 2 months 12 days |
Non-performing loans | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Liquidation Timeline (in years) | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, term | 11 years | 3 years 9 months 18 days |
Non-performing loans | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Liquidation Timeline (in years) | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, term | 6 years 6 months | 2 years 9 months 18 days |
Non-performing loans | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Current Value of Underlying Properties | Minimum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 2.357 | 1.916 |
Non-performing loans | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Current Value of Underlying Properties | Maximum | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 8.960 | 2.606 |
Non-performing loans | Acquired loans | Residential mortgage loans held-for-sale, at fair value | Current Value of Underlying Properties | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 2.970 | 2.145 |
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 | $ 7,049 | $ 4,166 |
Loans held-for-sale, measurement input | 0.706 | |
Non-performing loans | Originated loans | Residential mortgage loans held-for-sale, at fair value | Discount Rate | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, measurement input | 0.073 | |
Non-performing loans | Originated loans | Residential mortgage loans held-for-sale, at fair value | Liquidation Timeline (in years) | Weighted Average | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Loans held-for-sale, term | 7 years 7 months 6 days |
FAIR VALUE MEASUREMENTS (AS _11
FAIR VALUE MEASUREMENTS (AS RESTATED) - Schedule of Notes And Loans Receivable (Details) - USD ($) $ in Thousands | Nov. 16, 2023 | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Notes Receivable | $ 398,227 | $ 0 | |
Loans receivable | 31,323 | 94,401 | |
Total / weighted average | $ 429,550 | $ 94,401 | |
Face value of notes receivable acquired | $ 429,200 | ||
Notes receivable purchased | 365,000 | ||
Fair value of notes receivable acquired | $ 365,000 | ||
Discount Rate | |||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |||
Discount Rate | 12.60% | 16.10% |
FAIR VALUE MEASUREMENTS (AS _12
FAIR VALUE MEASUREMENTS (AS RESTATED) - Summary of Fair Value of Structured Alternative Investment Solution (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) d | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Alternative investment | $ 70,200 |
Investments subject to initial lock-up period | $ 164,100 |
Initial lock-up period | 3 years |
Percentage of investments that cannot be redeemed | 100% |
Minimum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Redemption Notice Period | d | 30 |
Liquidation term | 6 years |
Maximum | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Redemption Notice Period | d | 90 |
Liquidation term | 9 years |
Fair Value | Fair Value Measured at Net Asset Value Per Share | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Alternative investment | $ 321,856 |
Fair Value | Fair Value Measured at Net Asset Value Per Share | Open-ended | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Alternative investment | 228,698 |
Fair Value | Fair Value Measured at Net Asset Value Per Share | Close-ended | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |
Alternative investment | $ 93,158 |
FAIR VALUE MEASUREMENTS (AS _13
FAIR VALUE MEASUREMENTS (AS RESTATED) - Loan Securitizations (Details) $ in Thousands | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) |
Residential Mortgage Loans | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investments Fair Value | $ 3,038,587 | $ 2,431,867 |
Unsecured senior notes, net of issuance costs | 2,618,082 | 2,095,478 |
Mortgage Loans Receivable | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Investments Fair Value | 353,594 | 349,975 |
Unsecured senior notes, net of issuance costs | $ 318,998 | $ 312,918 |
Mortgage Loans Receivable | Discount Rate | Minimum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Measurement input | 0.022 | 0.028 |
Mortgage Loans Receivable | Discount Rate | Maximum | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Measurement input | 0.074 | 0.071 |
Mortgage Loans Receivable | Discount Rate | Weighted Average | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Measurement input | 0.027 | 0.036 |
Mortgage Loans Receivable | Prepayment Rate | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Measurement input | 0.20 | 0.03 |
Mortgage Loans Receivable | CDR | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Measurement input | 0.03 | 0.03 |
Mortgage Loans Receivable | Loss Severity | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Measurement input | 0.15 | 0.15 |
FAIR VALUE MEASUREMENTS (AS _14
FAIR VALUE MEASUREMENTS (AS RESTATED) - Schedule of Inputs Used in Valuing Assets and Liabilities At Fair Value (Details) - Fair Value, Measurements, Nonrecurring - Fair Value $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value and Carrying Value | $ 78,877 | $ 91,814 |
Weighted Average | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.082 | 0.086 |
Weighted Average | Weighted Average Life (Years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average Life (Years) | 5 years 9 months 18 days | 4 years 8 months 12 days |
Weighted Average | Prepayment Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.034 | 0.126 |
Weighted Average | CDR | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.042 | 0.080 |
Weighted Average | Loss Severity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.361 | 0.272 |
Performing | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value and Carrying Value | $ 57,038 | $ 72,595 |
Performing | Minimum | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.061 | 0.053 |
Performing | Minimum | Weighted Average Life (Years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average Life (Years) | 5 years | 5 years |
Performing | Minimum | Prepayment Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.020 | 0.093 |
Performing | Minimum | CDR | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.026 | 0.043 |
Performing | Minimum | Loss Severity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.305 | 0.200 |
Performing | Maximum | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.083 | 0.087 |
Performing | Maximum | Weighted Average Life (Years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average Life (Years) | 7 years 10 months 24 days | 7 years 2 months 12 days |
Performing | Maximum | Prepayment Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.066 | 0.114 |
Performing | Maximum | CDR | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.059 | 0.083 |
Performing | Maximum | Loss Severity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.574 | 0.371 |
Performing | Weighted Average | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.081 | 0.085 |
Performing | Weighted Average | Weighted Average Life (Years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average Life (Years) | 5 years 10 months 24 days | 5 years 2 months 12 days |
Performing | Weighted Average | Prepayment Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.037 | 0.094 |
Performing | Weighted Average | CDR | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.031 | 0.045 |
Performing | Weighted Average | Loss Severity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.373 | 0.239 |
Non-performing loans | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Fair Value and Carrying Value | $ 21,839 | $ 19,219 |
Non-performing loans | Minimum | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.077 | 0.087 |
Non-performing loans | Minimum | Weighted Average Life (Years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average Life (Years) | 4 years 3 months 18 days | 2 years 2 months 12 days |
Non-performing loans | Minimum | Prepayment Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.025 | 0.163 |
Non-performing loans | Minimum | CDR | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.014 | 0.137 |
Non-performing loans | Minimum | Loss Severity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.244 | 0.395 |
Non-performing loans | Maximum | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.091 | 0.091 |
Non-performing loans | Maximum | Weighted Average Life (Years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average Life (Years) | 11 years | 3 years 9 months 18 days |
Non-performing loans | Maximum | Prepayment Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.029 | 0.311 |
Non-performing loans | Maximum | CDR | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.139 | 0.275 |
Non-performing loans | Maximum | Loss Severity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.444 | 0.398 |
Non-performing loans | Weighted Average | Discount Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.085 | 0.089 |
Non-performing loans | Weighted Average | Weighted Average Life (Years) | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Weighted Average Life (Years) | 5 years 8 months 12 days | 2 years 10 months 24 days |
Non-performing loans | Weighted Average | Prepayment Rate | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.027 | 0.246 |
Non-performing loans | Weighted Average | CDR | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.068 | 0.215 |
Non-performing loans | Weighted Average | Loss Severity | ||
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | ||
Financing receivable, measurement input | 0.329 | 0.396 |
VARIABLE INTEREST ENTITIES (A_3
VARIABLE INTEREST ENTITIES (AS RESTATED) - Narrative (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||||||||||
Mar. 31, 2022 | May 31, 2021 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | Sep. 25, 2020 | |||
Variable Interest Entity [Line Items] | |||||||||||||
Face amount of debt | $ 26,412,410,000 | ||||||||||||
Long-term debt | 26,962,410,000 | ||||||||||||
Aggregate principal amount | $ 8,955,533,000 | 10,360,188,000 | [1] | $ 9,657,627,000 | $ 10,002,751,000 | $ 9,417,192,000 | $ 9,786,025,000 | [1] | $ 9,341,747,000 | $ 9,004,612,000 | |||
Recurring Basis | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset value | $ 14,331,651,000 | 13,469,365,000 | $ 13,242,784,000 | ||||||||||
Recurring Basis | Mortgage Loans Receivable Securitization | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Fair value, measurement with unobservable inputs reconciliation, recurring basis, asset value | $ 20,900,000 | $ 45,800,000 | |||||||||||
Consumer Loan Companies | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Owner interest | 53.50% | ||||||||||||
2022-RTL1 Securitization | Mortgage Loans Receivable | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Debt instrument, term | 36 years | ||||||||||||
Securitization Notes Payable | Consumer Loan Companies | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Face amount of debt | $ 663,000,000 | ||||||||||||
Securitization Notes Payable | 2022-RTL1 Securitization | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Face amount of debt | $ 461,200,000 | ||||||||||||
Long-term debt | $ 353,600,000 | ||||||||||||
Secured Notes and Bonds Payable | Sculptor | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Aggregate principal amount | $ 350,000,000 | ||||||||||||
Notes payable retained | 127,800,000 | ||||||||||||
Unsecured senior notes, net of issuance costs | 218,200,000 | ||||||||||||
Secured Notes and Bonds Payable | Class A Notes | Sculptor | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Notes payable retained | 20,000,000 | ||||||||||||
Secured Notes and Bonds Payable | Class C Notes | Sculptor | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Notes payable retained | 20,000,000 | ||||||||||||
Secured Notes and Bonds Payable | Subordinated Notes | Sculptor | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Notes payable retained | 87,800,000 | ||||||||||||
VIE, consolidated | Securitization Notes Payable | Securitization Facility, 2021-1 | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Face amount of debt | $ 750,000,000 | ||||||||||||
Debt instrument, term | 3 years | ||||||||||||
VIE, consolidated | Line of Credit | Revolving Credit Facility | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Line of credit facility, maximum borrowing capacity | 52,500,000 | ||||||||||||
Line of credit facility, maximum borrowing capacity per quarter | $ 20,000,000 | ||||||||||||
Unused commitment fee | 1.15% | ||||||||||||
VIE, consolidated | Line of Credit | Revolving Credit Facility | Secured Overnight Financing Rate | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Variable interest rate spread | 3% | ||||||||||||
Related Party | VIE, consolidated | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Unsecured senior notes, net of issuance costs | $ 2,600,000,000 | ||||||||||||
Related Party | VIE, consolidated | Retained Interest | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Unsecured senior notes, net of issuance costs | $ 400,000,000 | ||||||||||||
Advance Purchaser | Corporate Joint Venture | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Ownership percentage | 89.30% | 89.30% | 89.30% | ||||||||||
Advance Purchaser | Corporate Joint Venture | VIE, consolidated | |||||||||||||
Variable Interest Entity [Line Items] | |||||||||||||
Ownership percentage | 89.30% | ||||||||||||
[1] The Company's Consolidated Balance Sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2023, as restated, and December 31, 2022, as restated, total assets of such consolidated VIEs were $5.6 billion and $4.7 billion, respectively, and total liabilities of such consolidated VIEs were $4.7 billion and $3.9 billion, respectively. See Note 22 for further details. |
VARIABLE INTEREST ENTITIES (A_4
VARIABLE INTEREST ENTITIES (AS RESTATED) - Variable Interest Entities, Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | ||
Assets | ||||||||||
Servicer advance investments, at fair value | $ 376,881 | $ 398,820 | ||||||||
Residential mortgage loans, held-for-sale, at fair value | 2,461,865 | $ 2,740,599 | $ 3,008,722 | $ 2,743,809 | 3,297,271 | $ 3,933,392 | $ 5,293,936 | $ 7,076,916 | ||
Investments, at fair value and other assets | 3,751,477 | 2,718,560 | 2,846,314 | 2,778,684 | 2,803,138 | 2,597,681 | 2,515,247 | 2,446,146 | ||
Cash and cash equivalents | 1,287,199 | 1,217,283 | 1,369,025 | 1,434,697 | 1,336,508 | 1,420,010 | 1,510,848 | 1,671,177 | ||
Restricted cash | 378,048 | 271,758 | ||||||||
Total assets | 39,717,084 | 36,791,065 | 35,999,288 | 33,898,625 | 34,586,508 | 37,282,191 | 36,450,189 | 39,699,432 | ||
Liabilities | ||||||||||
Secured financing agreements | 12,561,283 | [1] | 13,605,380 | 12,757,428 | 11,760,930 | 11,257,736 | [1] | 13,655,247 | 13,967,234 | 17,281,873 |
Accrued expenses and other liabilities | 2,065,761 | [1] | 1,781,997 | 1,614,408 | 1,506,876 | 1,486,318 | [1] | 1,893,252 | 1,770,691 | 1,740,344 |
Total liabilities | 32,616,046 | $ 29,523,102 | $ 28,804,604 | $ 26,944,082 | 27,576,440 | $ 30,220,565 | $ 29,387,191 | $ 32,514,720 | ||
VIE, consolidated | ||||||||||
Assets | ||||||||||
Servicer advance investments, at fair value | 367,803 | 387,675 | ||||||||
Residential mortgage loans, held-for-investment, at fair value | 22,699 | |||||||||
Residential mortgage loans, held-for-sale, at fair value | 1,112,097 | 844,000 | ||||||||
Consumer loans | 285,632 | 363,756 | ||||||||
Investments, at fair value and other assets | 3,714,037 | 2,781,842 | ||||||||
Mortgage loans receivable | 0 | |||||||||
Cash and cash equivalents | 23,540 | 85,961 | ||||||||
Restricted cash | 52,535 | 42,694 | ||||||||
Other assets | 10,614 | 172,497 | ||||||||
Total assets | 5,566,258 | 4,701,124 | ||||||||
Liabilities | ||||||||||
Secured financing agreements | 996,845 | 51,325 | ||||||||
Secured notes and bonds payable | 510,174 | 1,381,550 | ||||||||
Notes payable of consolidated CFEs | 3,155,237 | 2,408,396 | ||||||||
Accrued expenses and other liabilities | 20,132 | 44,802 | ||||||||
Total liabilities | 4,682,388 | 3,886,073 | ||||||||
VIE, consolidated | Advance Purchaser | ||||||||||
Assets | ||||||||||
Servicer advance investments, at fair value | 367,803 | 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 | ||||||||
Investments, at fair value and other assets | 0 | 0 | ||||||||
Mortgage loans receivable | 0 | |||||||||
Cash and cash equivalents | 5,381 | 34,084 | ||||||||
Restricted cash | 8,273 | 7,433 | ||||||||
Other assets | 9 | 9 | ||||||||
Total assets | 381,466 | 429,201 | ||||||||
Liabilities | ||||||||||
Secured financing agreements | 0 | 0 | ||||||||
Secured notes and bonds payable | 274,404 | 313,093 | ||||||||
Notes payable of consolidated CFEs | 0 | 0 | ||||||||
Accrued expenses and other liabilities | 2,606 | 1,928 | ||||||||
Total liabilities | 277,010 | 315,021 | ||||||||
VIE, consolidated | Newrez 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 | ||||||||
Investments, at fair value and other assets | 0 | 0 | ||||||||
Mortgage loans receivable | 0 | |||||||||
Cash and cash equivalents | 18,159 | 28,404 | ||||||||
Restricted cash | 0 | 0 | ||||||||
Other assets | 688 | 1,026 | ||||||||
Total assets | 18,847 | 29,430 | ||||||||
Liabilities | ||||||||||
Secured financing agreements | 0 | 0 | ||||||||
Secured notes and bonds payable | 0 | 0 | ||||||||
Notes payable of consolidated CFEs | 0 | 0 | ||||||||
Accrued expenses and other liabilities | 2,240 | 4,306 | ||||||||
Total liabilities | 2,240 | 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 | 1,112,097 | 844,000 | ||||||||
Consumer loans | 0 | 0 | ||||||||
Investments, at fair value and other assets | 0 | 0 | ||||||||
Mortgage loans receivable | 0 | |||||||||
Cash and cash equivalents | 0 | 23,473 | ||||||||
Restricted cash | 6,113 | 7,547 | ||||||||
Other assets | 0 | 165,975 | ||||||||
Total assets | 1,118,210 | 1,063,694 | ||||||||
Liabilities | ||||||||||
Secured financing agreements | 996,845 | 51,325 | ||||||||
Secured notes and bonds payable | 0 | 768,959 | ||||||||
Notes payable of consolidated CFEs | 0 | 0 | ||||||||
Accrued expenses and other liabilities | 5,382 | 25,381 | ||||||||
Total liabilities | 1,002,227 | 845,665 | ||||||||
VIE, consolidated | Consumer Loan Companies | ||||||||||
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 | 285,632 | 363,756 | ||||||||
Investments, at fair value and other assets | 0 | 0 | ||||||||
Mortgage loans receivable | 0 | |||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Restricted cash | 6,301 | 6,652 | ||||||||
Other assets | 4,325 | 5,253 | ||||||||
Total assets | 296,258 | 375,661 | ||||||||
Liabilities | ||||||||||
Secured financing agreements | 0 | 0 | ||||||||
Secured notes and bonds payable | 235,770 | 299,498 | ||||||||
Notes payable of consolidated CFEs | 0 | 0 | ||||||||
Accrued expenses and other liabilities | 1,507 | 1,144 | ||||||||
Total liabilities | 237,277 | 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 | ||||||||
Investments, at fair value and other assets | 353,594 | 349,975 | ||||||||
Mortgage loans receivable | 0 | |||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Restricted cash | 7,572 | 9,368 | ||||||||
Other assets | 4,532 | 234 | ||||||||
Total assets | 365,698 | 359,577 | ||||||||
Liabilities | ||||||||||
Secured financing agreements | 0 | 0 | ||||||||
Secured notes and bonds payable | 0 | 0 | ||||||||
Notes payable of consolidated CFEs | 318,998 | 312,918 | ||||||||
Accrued expenses and other liabilities | 371 | 348 | ||||||||
Total liabilities | 319,369 | 313,266 | ||||||||
VIE, consolidated | Loan Securitizations - Residential Mortgage Loans | ||||||||||
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 | ||||||||
Investments, at fair value and other assets | 3,038,587 | 2,431,867 | ||||||||
Mortgage loans receivable | 0 | |||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Restricted cash | 6,263 | 11,694 | ||||||||
Other assets | 0 | 0 | ||||||||
Total assets | 3,044,850 | 2,443,561 | ||||||||
Liabilities | ||||||||||
Secured financing agreements | 0 | 0 | ||||||||
Secured notes and bonds payable | 0 | 0 | ||||||||
Notes payable of consolidated CFEs | 2,618,082 | 2,095,478 | ||||||||
Accrued expenses and other liabilities | 6,263 | 11,695 | ||||||||
Total liabilities | 2,624,345 | 2,107,173 | ||||||||
VIE, consolidated | Consolidated Funds | ||||||||||
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 | ||||||||
Investments, at fair value and other assets | 321,856 | 0 | ||||||||
Mortgage loans receivable | 0 | |||||||||
Cash and cash equivalents | 0 | 0 | ||||||||
Restricted cash | 18,013 | 0 | ||||||||
Other assets | 1,060 | 0 | ||||||||
Total assets | 340,929 | 0 | ||||||||
Liabilities | ||||||||||
Secured financing agreements | 0 | 0 | ||||||||
Secured notes and bonds payable | 0 | 0 | ||||||||
Notes payable of consolidated CFEs | 218,157 | 0 | ||||||||
Accrued expenses and other liabilities | 1,763 | 0 | ||||||||
Total liabilities | $ 219,920 | $ 0 | ||||||||
[1] The Company's Consolidated Balance Sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2023, as restated, and December 31, 2022, as restated, total assets of such consolidated VIEs were $5.6 billion and $4.7 billion, respectively, and total liabilities of such consolidated VIEs were $4.7 billion and $3.9 billion, respectively. See Note 22 for further details. |
VARIABLE INTEREST ENTITIES (A_5
VARIABLE INTEREST ENTITIES (AS RESTATED) - Variable Interest Entities, Characteristics (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Variable Interest Entity [Line Items] | ||
Carrying value of commercial real estate held within unconsolidated VIEs | $ 821,319 | $ 0 |
Carrying value of Rithm Capital’s investments in unconsolidated commercial real estate VIEs | 173,882 | 71,388 |
Variable Interest Entity, Not Primary Beneficiary | Real Estate Bonds | ||
Variable Interest Entity [Line Items] | ||
Residential mortgage loan UPB and other collateral | $ 8,237,692 | $ 9,373,222 |
Weighted average delinquency | 5.30% | 5.60% |
Net credit losses | $ 162,061 | $ 135,758 |
Face amount of debt held by third parties | 7,596,408 | 8,682,793 |
Carrying value of bonds retained by Rithm Capital | 543,447 | 596,800 |
Cash flows received by Rithm Capital on these bonds | $ 91,401 | 142,555 |
Number of days delinquent (in days) | 60 days | |
Variable Interest Entity, Not Primary Beneficiary | Commercial Real Estate | ||
Variable Interest Entity [Line Items] | ||
Carrying value of commercial real estate held within unconsolidated VIEs | $ 66,652 | 0 |
Carrying value of Rithm Capital’s investments in unconsolidated commercial real estate VIEs | $ 29,210 | $ 0 |
VARIABLE INTEREST ENTITIES (A_6
VARIABLE INTEREST ENTITIES (AS RESTATED) - Variable Interest Entities, Unconsolidated (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Variable Interest Entity [Line Items] | ||
Net assets of unconsolidated VIEs in which the Company has a variable interest | $ 12,782,124 | $ 0 |
Maximum risk of loss as a result of the Company’s involvement with unconsolidated VIEs: | ||
Unearned income and fees | 37,468 | 0 |
Income and fees receivable | 43,250 | 0 |
Investments | 533,026 | 0 |
Unfunded commitments | 207,575 | 0 |
Maximum Exposure to Loss | 821,319 | 0 |
Employees And Executive Managing Directors | ||
Maximum risk of loss as a result of the Company’s involvement with unconsolidated VIEs: | ||
Unfunded commitments | $ 97,500 | $ 0 |
VARIABLE INTEREST ENTITIES (A_7
VARIABLE INTEREST ENTITIES (AS RESTATED) - Others' Interest in Equity of Consumer Loan Companies (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Noncontrolling Interest [Line Items] | ||||||||||||||||
Total Consolidated Equity | $ 7,101,038 | $ 7,267,963 | $ 7,194,684 | $ 6,954,543 | $ 7,010,068 | $ 7,061,626 | $ 7,062,998 | $ 7,184,712 | $ 7,194,684 | $ 7,062,998 | $ 7,267,963 | $ 7,061,626 | $ 7,101,038 | $ 7,010,068 | $ 6,669,380 | $ 5,429,684 |
Others' Interest in Equity of Consolidated Subsidiary | 94,096 | 59,907 | 60,251 | 60,337 | 67,067 | 71,055 | 69,171 | 62,078 | 60,251 | 69,171 | 59,907 | 71,055 | 94,096 | 67,067 | ||
Net income (loss) | (67,151) | 221,191 | 386,685 | 89,949 | 105,833 | 154,190 | 33,331 | 689,931 | 476,634 | 723,262 | 697,825 | 877,452 | 630,674 | 983,285 | 805,582 | |
Others’ interest in net income (loss) of consolidated subsidiaries | $ (2,020) | $ 4,848 | $ 6,889 | $ (1,300) | $ 1,668 | $ 7,307 | $ 14,182 | $ 5,609 | $ 5,589 | $ 19,791 | $ 10,437 | $ 27,098 | $ 8,417 | $ 28,766 | $ 33,356 | |
Advance Purchaser | Corporate Joint Venture | ||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Ownership percentage | 89.30% | 89.30% | 89.30% | 89.30% | 89.30% | |||||||||||
VIE, consolidated | Advance Purchaser | Corporate Joint Venture | ||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Ownership percentage | 89.30% | 89.30% | ||||||||||||||
VIE, consolidated | Advance Purchaser | ||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Others' Ownership Interest | 10.70% | 10.70% | 10.70% | 10.70% | ||||||||||||
VIE, consolidated | Advance Purchaser | Weighted Average | ||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Others' Ownership Interest | 10.70% | 10.70% | 10.70% | 10.70% | 12.90% | |||||||||||
VIE, consolidated | Newrez Joint Ventures | ||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Others' Ownership Interest | 49.50% | 49.50% | 49.50% | 49.50% | ||||||||||||
VIE, consolidated | Newrez Joint Ventures | Weighted Average | ||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Others' Ownership Interest | 49.50% | 49.50% | 49.50% | 49.50% | 49.50% | |||||||||||
VIE, consolidated | Consumer Loan Companies | ||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Others' Ownership Interest | 46.50% | 46.50% | 46.50% | 46.50% | ||||||||||||
VIE, consolidated | Consumer Loan Companies | Weighted Average | ||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Others' Ownership Interest | 46.50% | 46.50% | 46.50% | 46.50% | 46.50% | |||||||||||
VIE, consolidated | Advance Purchaser | ||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Total Consolidated Equity | $ 104,458 | $ 114,180 | $ 104,458 | $ 114,180 | ||||||||||||
Others' Interest in Equity of Consolidated Subsidiary | 11,157 | 12,193 | 11,157 | 12,193 | ||||||||||||
Net income (loss) | 7,978 | 26,685 | $ (13,937) | |||||||||||||
Others’ interest in net income (loss) of consolidated subsidiaries | 852 | 2,850 | (1,800) | |||||||||||||
VIE, consolidated | Newrez Joint Ventures | ||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Total Consolidated Equity | 16,607 | 25,124 | 16,607 | 25,124 | ||||||||||||
Others' Interest in Equity of Consolidated Subsidiary | 8,220 | 12,437 | 8,220 | 12,437 | ||||||||||||
Net income (loss) | 1,174 | 5,487 | 22,839 | |||||||||||||
Others’ interest in net income (loss) of consolidated subsidiaries | 581 | 2,716 | 11,298 | |||||||||||||
VIE, consolidated | Consumer Loan Companies | ||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Total Consolidated Equity | 72,361 | 91,263 | 72,361 | 91,263 | ||||||||||||
Others' Interest in Equity of Consolidated Subsidiary | $ 33,748 | $ 42,437 | 33,748 | 42,437 | ||||||||||||
Net income (loss) | 14,235 | 49,892 | 51,307 | |||||||||||||
Others’ interest in net income (loss) of consolidated subsidiaries | 6,619 | $ 23,200 | $ 23,858 | |||||||||||||
VIE, consolidated | Sculptor | ||||||||||||||||
Noncontrolling Interest [Line Items] | ||||||||||||||||
Others’ interest in net income (loss) of consolidated subsidiaries | $ 41,000 |
EQUITY AND EARNINGS PER SHARE -
EQUITY AND EARNINGS PER SHARE - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||||
Dec. 12, 2023 | Aug. 05, 2022 | Dec. 31, 2023 | Feb. 28, 2023 | Sep. 30, 2021 | Feb. 29, 2020 | Aug. 31, 2019 | Jul. 31, 2019 | Jun. 30, 2020 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Nov. 30, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||||||||||||||
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | ||||||||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | |||||||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | ||||||||||
Preferred stock, par values (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 10 | ||||||||||
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) | $ 7 | $ 7 | $ 5.97 | ||||||||||||||||
Options granted (in shares) | 0 | 0 | |||||||||||||||||
Warrants outstanding (in shares) | 0 | 0 | |||||||||||||||||
Total stock-based compensation expenses | $ 12.9 | ||||||||||||||||||
Vested (in shares) | 192,678 | ||||||||||||||||||
Forfeited (in shares) | 69,009 | ||||||||||||||||||
Aggregate unrecognized compensation cost | $ 61.3 | $ 61.3 | |||||||||||||||||
Weighted-average period | 2 years 4 months 24 days | ||||||||||||||||||
Warrant | Share-based Payment Arrangement, Nonemployee | |||||||||||||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||||||||||||||
Options granted (in shares) | 43,400,000 | ||||||||||||||||||
Warrant | Share-based Payment Arrangement, Nonemployee | 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 | ||||||||||||||||||
Warrant | Share-based Payment Arrangement, Nonemployee | 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 | ||||||||||||||||||
Restricted Stock Units (RSUs) | |||||||||||||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||||||||||||||
Grant date fair value | 34.7 | $ 11.6 | |||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||
Vested (in shares) | 0 | ||||||||||||||||||
Forfeited (in shares) | 23,003 | ||||||||||||||||||
Phantom Share Units (PSUs) | |||||||||||||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||||||||||||||
Grant date fair value | $ 23.1 | ||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||
Vested (in shares) | 0 | ||||||||||||||||||
Forfeited (in shares) | 46,006 | ||||||||||||||||||
RSU And PSU | |||||||||||||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||||||||||||||
Vested (in shares) | 0 | ||||||||||||||||||
Fair value of the RSU and PSU awards forfeited | $ 0.6 | ||||||||||||||||||
Restricted Stock | |||||||||||||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||||||||||||||
Vested (in shares) | 192,678 | ||||||||||||||||||
Vested, fair value | $ 0.7 | ||||||||||||||||||
Forfeited (in shares) | 0 | ||||||||||||||||||
Profit Units | Long-Term Incentive Plan | |||||||||||||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||||||||||||||
Grant date fair value | $ 21.7 | ||||||||||||||||||
Vesting period | 3 years | ||||||||||||||||||
Total stock-based compensation expenses | $ 1.2 | ||||||||||||||||||
Weighted-average period | 2 years 10 months 17 days | ||||||||||||||||||
Reserved shares of common stock for issuance (in shares) | 1,000,000 | ||||||||||||||||||
Award requisite service period | 5 years | ||||||||||||||||||
Compensation liability | 1.2 | $ 1.2 | |||||||||||||||||
Unrecognized compensation expense | $ 20.5 | $ 20.5 | |||||||||||||||||
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 | $ 1.88 | $ 1.88 | 1.88 | |||||||||||||||
Interest rate | 7.50% | 7.50% | |||||||||||||||||
Preferred dividends | $ 2.9 | ||||||||||||||||||
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 | $ 1.78 | $ 1.78 | 1.78 | |||||||||||||||
Interest rate | 7.125% | 7.125% | |||||||||||||||||
Preferred dividends | $ 5 | ||||||||||||||||||
6.375% Series C Fixed-to-Floating Rate Cumulative Redeemable 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 | $ 1.59 | $ 1.59 | 1.59 | |||||||||||||||
Interest rate | 6.375% | 6.375% | |||||||||||||||||
Preferred dividends | $ 6.3 | ||||||||||||||||||
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 | $ 1.75 | $ 1.75 | $ 0.72 | |||||||||||||||
Interest rate | 7% | 7% | |||||||||||||||||
Preferred dividends | $ 8.1 | ||||||||||||||||||
Common Stock | |||||||||||||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||||||||||||||
Authorized repurchase amount | $ 200 | ||||||||||||||||||
Common Stock | Distribution Agreement | |||||||||||||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||||||||||||||
Net proceeds from liquidation | $ 500 | ||||||||||||||||||
Number of shares issued (in shares) | 0 | ||||||||||||||||||
Preferred Stock | |||||||||||||||||||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |||||||||||||||||||
Authorized repurchase amount | $ 100 |
EQUITY AND EARNINGS PER SHARE_2
EQUITY AND EARNINGS PER SHARE - Schedule of Preferred Shares (Details) - USD ($) $ / shares in Units, shares in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||
Dec. 12, 2023 | Sep. 30, 2021 | Feb. 29, 2020 | Aug. 31, 2019 | Jul. 31, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Class of Stock [Line Items] | ||||||||||||||
Number of shares issued (in shares) | 51,964 | 51,964 | ||||||||||||
Liquidation preference | $ 1,299,104,000 | $ 1,299,104,000 | $ 1,299,104,000 | $ 1,299,104,000,000 | $ 1,299,104,000 | $ 1,300,959,000 | $ 1,300,959,000 | $ 1,300,959,000 | ||||||
Carrying Value | $ 1,257,254,000 | |||||||||||||
Dividends Declared (in dollars per share) | $ 7 | $ 7 | $ 5.97 | |||||||||||
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 | $ 155,002,000 | $ 155,002,000 | ||||||||||||
Issuance Discount | 3.15% | |||||||||||||
Carrying Value | $ 149,822,000 | |||||||||||||
Dividends Declared (in dollars per share) | $ 0.47 | $ 1.88 | $ 1.88 | 1.88 | ||||||||||
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 | $ 281,518,000 | $ 281,518,000 | ||||||||||||
Issuance Discount | 3.15% | |||||||||||||
Carrying Value | $ 272,654,000 | |||||||||||||
Dividends Declared (in dollars per share) | 0.45 | $ 1.78 | $ 1.78 | 1.78 | ||||||||||
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 | $ 397,584,000 | $ 397,584,000 | ||||||||||||
Issuance Discount | 3.15% | |||||||||||||
Carrying Value | $ 385,289,000 | |||||||||||||
Dividends Declared (in dollars per share) | $ 0.40 | $ 1.59 | $ 1.59 | 1.59 | ||||||||||
7.00% Series D Preferred Stock | ||||||||||||||
Class of Stock [Line Items] | ||||||||||||||
Interest rate | 7% | 7% | ||||||||||||
Number of shares issued (in shares) | 18,600 | 18,600 | ||||||||||||
Liquidation preference | $ 465,000,000 | $ 465,000,000 | ||||||||||||
Issuance Discount | 3.15% | |||||||||||||
Carrying Value | $ 449,489,000 | |||||||||||||
Dividends Declared (in dollars per share) | $ 0.44 | $ 1.75 | $ 1.75 | $ 0.72 |
EQUITY AND EARNINGS PER SHARE_3
EQUITY AND EARNINGS PER SHARE - Schedule of Dividends Declared (Details) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||||||||
Dec. 12, 2023 | Sep. 14, 2023 | Jun. 23, 2023 | Mar. 17, 2023 | Dec. 15, 2022 | Sep. 22, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
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 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.50 | $ 0.75 | $ 0.75 | $ 1 | $ 1 | $ 0.90 | ||||||
Total Amounts Distributed | $ 120.8 | $ 120.8 | $ 120.8 | $ 120.8 | $ 118.6 | $ 118.4 | ||||||||||||||||||
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 | $ 0.25 |
EQUITY AND EARNINGS PER SHARE_4
EQUITY AND EARNINGS PER SHARE - Schedule of Warrants (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Feb. 23, 2023 | |
Number of Warrants | ||
Beginning balance (in shares) | 578,034 | |
Granted (in shares) | 6,873,399 | |
Ending balance (in shares) | 7,657,031 | |
Common Stock | ||
Adjusted Weighted Average Exercise Price (per share) | ||
Shares issued for exercised warrants (in shares) | 9,300,000 | |
Share-based Payment Arrangement, Nonemployee | Warrant | ||
Number of Warrants | ||
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 | ||
Number of Warrants | ||
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 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options (in shares) | 21,473,990 | 21,476,990 | 21,478,990 |
Held by the Former Manager | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options (in shares) | 21,471,990 | 21,471,990 | |
Issued to the independent directors | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of options (in shares) | 2,000 | 5,000 |
EQUITY AND EARNINGS PER SHARE_6
EQUITY AND EARNINGS PER SHARE - Summary of Outstanding Options - Period End (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2023 USD ($) $ / shares shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share price (in dollars per share) | $ / shares | $ 10.68 |
Number of unexercised options (in shares) | 21,473,990 |
Options exercisable (in shares) | 21,285,018 |
Directors | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of unexercised options (in shares) | 2,000 |
Options exercisable (in shares) | 2,000 |
Weighted average exercise price (in dollars per share) | $ / shares | $ 10.70 |
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) | $ / shares | $ 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) | $ / shares | $ 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) | $ / shares | $ 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) | $ / shares | $ 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) | 6,861,363 |
Weighted average exercise price (in dollars per share) | $ / shares | $ 9.36 |
Intrinsic value of exercisable options | $ | $ 9,050 |
EQUITY AND EARNINGS PER SHARE_7
EQUITY AND EARNINGS PER SHARE - Summary of Outstanding Options (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Number of Options | ||
Beginning balance (in shares) | 21,476,990 | 21,478,990 |
Granted (in shares) | 0 | 0 |
Exercised (in shares) | 0 | 0 |
Expired (in shares) | (3,000) | (2,000) |
Ending balance (in shares) | 21,473,990 | 21,476,990 |
Weighted Average Exercise Price | ||
Granted (in dollars per share) | $ 0 | $ 0 |
Exercised (in dollars per share) | 0 | 0 |
Expired (in dollars per share) | $ 14.24 | $ 13.20 |
EQUITY AND EARNINGS PER SHARE_8
EQUITY AND EARNINGS PER SHARE - Schedule of Granted, Forfeited or Vested (Details) | 12 Months Ended |
Dec. 31, 2023 $ / shares shares | |
Number of Shares | |
Beginning balance (in shares) | 578,034 |
Granted (in shares) | 6,873,399 |
Accrued RSU and PSU dividend equivalents (in shares) | 467,285 |
Vested (in shares) | (192,678) |
Forfeited (in shares) | (69,009) |
Ending balance (in shares) | 7,657,031 |
RSAs | |
Number of Shares | |
Beginning balance (in shares) | 578,034 |
Granted (in shares) | 0 |
Accrued RSU and PSU dividend equivalents (in shares) | 0 |
Vested (in shares) | (192,678) |
Forfeited (in shares) | 0 |
Ending balance (in shares) | 385,356 |
Weighted-Average Grant Date Price | |
Beginning balance (in dollars per share) | $ / shares | $ 8.65 |
Granted (in dollars per share) | $ / shares | 0 |
Accrued RSU and PSU dividend equivalents (in dollars per share) | $ / shares | 0 |
Vested (in dollars per share) | $ / shares | 8.65 |
Forfeited (in dollars per share) | $ / shares | 0 |
Ending balance (in dollars per share) | $ / shares | |
RSUs | |
Number of Shares | |
Beginning balance (in shares) | 0 |
Granted (in shares) | 4,442,741 |
Accrued RSU and PSU dividend equivalents (in shares) | 204,703 |
Vested (in shares) | 0 |
Forfeited (in shares) | (23,003) |
Ending balance (in shares) | 4,624,441 |
Weighted-Average Grant Date Price | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 10.41 |
Accrued RSU and PSU dividend equivalents (in dollars per share) | $ / shares | 10.41 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (in dollars per share) | $ / shares | 9.52 |
Ending balance (in dollars per share) | $ / shares | |
PSUs | |
Number of Shares | |
Beginning balance (in shares) | 0 |
Granted (in shares) | 2,430,658 |
Accrued RSU and PSU dividend equivalents (in shares) | 262,582 |
Vested (in shares) | 0 |
Forfeited (in shares) | (46,006) |
Ending balance (in shares) | 2,647,234 |
Weighted-Average Grant Date Price | |
Beginning balance (in dollars per share) | $ / shares | $ 0 |
Granted (in dollars per share) | $ / shares | 9.52 |
Accrued RSU and PSU dividend equivalents (in dollars per share) | $ / shares | 9.52 |
Vested (in dollars per share) | $ / shares | 0 |
Forfeited (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 - Summary of Basic and Diluted Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |||||||||||||||
Net income (loss) | $ (67,151) | $ 221,191 | $ 386,685 | $ 89,949 | $ 105,833 | $ 154,190 | $ 33,331 | $ 689,931 | $ 476,634 | $ 723,262 | $ 697,825 | $ 877,452 | $ 630,674 | $ 983,285 | $ 805,582 |
Noncontrolling interests in income of consolidated subsidiaries | (2,020) | 4,848 | 6,889 | (1,300) | 1,668 | 7,307 | 14,182 | 5,609 | 5,589 | 19,791 | 10,437 | 27,098 | 8,417 | 28,766 | 33,356 |
Dividends on preferred stock | 22,395 | 22,394 | 22,395 | 22,395 | 22,411 | 22,427 | 22,427 | 22,461 | 44,790 | 44,888 | 67,184 | 67,315 | 89,579 | 89,726 | 66,744 |
Net income (loss) attributable to common stockholders - basic | $ (87,526) | $ 193,949 | $ 357,401 | $ 68,854 | $ 81,754 | $ 124,456 | $ (3,278) | $ 661,861 | $ 426,255 | $ 658,583 | $ 620,204 | $ 783,039 | 532,678 | 864,793 | 705,482 |
Net income (loss) attributable to common stockholders - diluted | $ 532,678 | $ 864,793 | $ 705,482 | ||||||||||||
Basic weighted average shares of common stock outstanding (in shares) | 483,214,458 | 483,214,061 | 483,091,792 | 478,167,178 | 473,715,100 | 467,974,962 | 466,804,548 | 466,785,584 | 480,642,680 | 466,795,119 | 481,503,762 | 467,192,721 | 481,934,951 | 468,836,718 | 451,276,742 |
Dilutive effect of stock options, restricted stock, common stock purchase warrants, RSUs and PSUs (in shares) | 1,781,764 | 12,799,407 | 16,388,264 | ||||||||||||
Diluted weighted average shares of common stock outstanding (in shares) | 484,270,098 | 484,350,288 | 483,376,961 | 482,846,911 | 480,852,723 | 476,796,757 | 466,804,548 | 484,425,066 | 483,113,400 | 484,494,108 | 483,530,227 | 481,900,129 | 483,716,715 | 481,636,125 | 467,665,006 |
Basic earnings (loss) per share attributable to common stockholders (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.27 | $ (0.01) | $ 1.42 | $ 0.89 | $ 1.41 | $ 1.29 | $ 1.68 | $ 1.11 | $ 1.84 | $ 1.56 |
Diluted earnings (loss) per share attributable to common stockholders (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.26 | $ (0.01) | $ 1.37 | $ 0.88 | $ 1.36 | $ 1.28 | $ 1.62 | $ 1.10 | $ 1.80 | $ 1.51 |
Antidilutive shares (in shares) | 0 | 0 | 0 |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (AS RESTATED) - Narrative (Details) $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2023 USD ($) property | Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | |
Loss Contingencies [Line Items] | ||||||||
Estimated liability, representation and warranties | $ 51,700 | |||||||
Residential mortgage loan repurchase liability | 1,782,998 | $ 1,443,546 | $ 1,296,097 | $ 1,189,907 | $ 1,219,890 | $ 1,897,142 | $ 1,758,509 | $ 1,700,426 |
Committed to fund | 3,600 | |||||||
Unfunded capital commitments of the Company to funds managed | 207,600 | |||||||
Alternative investment | $ 70,200 | |||||||
Unfunded capital commitments, term | 5 years | |||||||
Variable Interest Entity, Not Primary Beneficiary | ||||||||
Loss Contingencies [Line Items] | ||||||||
Unfunded capital commitments of the Company to funds managed | $ 137,400 | |||||||
Directors | ||||||||
Loss Contingencies [Line Items] | ||||||||
Contributions to parent company | $ 97,500 | |||||||
Single Family | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of units completed | property | 152 | |||||||
Crowne Property Acquisitions, LLC | Single Family | ||||||||
Loss Contingencies [Line Items] | ||||||||
Number of properties | property | 371 | |||||||
Aggregate purchase price | $ 95,600 | |||||||
Genesis Acquisition | ||||||||
Loss Contingencies [Line Items] | ||||||||
Committed to fund | 684,900 | |||||||
Unfunded Loan Commitment | Consumer Portfolio Segment | Consumer Loan Companies | ||||||||
Loss Contingencies [Line Items] | ||||||||
Financing receivable | $ 176,600 |
RELATED PARTY TRANSACTIONS (A_2
RELATED PARTY TRANSACTIONS (AS RESTATED) - Narrative (Details) - USD ($) $ in Millions | 1 Months Ended | ||
Jul. 31, 2023 | Dec. 31, 2023 | Mar. 31, 2022 | |
Related Party Transaction [Line Items] | |||
Alternative investment | $ 70.2 | ||
Related Party | Loan Agreement | Genesis | |||
Related Party Transaction [Line Items] | |||
Loan agreement amount | $ 86.4 | ||
Financing receivable term | 36 months | ||
Related Party | Structured Alternative Investment Solution | Sculptor | |||
Related Party Transaction [Line Items] | |||
Alternative investment | $ 350 | ||
Amount invested | $ 127.8 | ||
Executive Managing Directors Employeesand Other Related Parties | Related Party Assets Under Management | |||
Related Party Transaction [Line Items] | |||
Assets under management | $ 665.1 | ||
Percent of assets under management not charged management and incentive fees | 49% |
INCOME TAXES - Schedule of Inco
INCOME TAXES - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||||||||||||||
Federal | $ 5,030 | $ 4,253 | $ 5,556 | ||||||||||||
State and local | 416 | 4,096 | 1,470 | ||||||||||||
Foreign | 377 | 0 | 0 | ||||||||||||
Total current income tax expense (benefit) | 5,823 | 8,349 | 7,026 | ||||||||||||
Deferred: | |||||||||||||||
Federal | 76,380 | 227,825 | 130,696 | ||||||||||||
State and local | 39,430 | 43,342 | 20,504 | ||||||||||||
Foreign | 526 | 0 | 0 | ||||||||||||
Total deferred income tax expense (benefit) | 116,336 | 271,167 | 151,200 | ||||||||||||
Total income tax expense (benefit) | $ 29,850 | $ 52,585 | $ 56,530 | $ (16,806) | $ (18,047) | $ 22,084 | $ 72,690 | $ 202,789 | $ 39,724 | $ 275,479 | $ 92,309 | $ 297,563 | $ 122,159 | $ 279,516 | $ 158,226 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Nov. 17, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax liability | $ 801,857 | $ 711,855 | ||
Valuation allowance | 34,563 | $ 0 | $ 0 | |
Subsidiaries | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax asset | 279,000 | |||
Subsidiaries | Foreign Income Tax Credits And Net Operating Losses | ||||
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ 34,600 | |||
Sculptor | ||||
Operating Loss Carryforwards [Line Items] | ||||
Deferred tax asset acquired | $ 305,000 |
INCOME TAXES - Schedule of Repo
INCOME TAXES - Schedule of Reported Provision for Income Taxes and the U.S. Federal Statutory Rate (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Provision at the statutory rate | 21% | 21% | 21% |
Non-taxable REIT income | (11.14%) | (3.36%) | (7.38%) |
State and local taxes | 3.71% | 4.05% | 3.86% |
Foreign taxes | 0.21% | 0% | 0% |
Change in state tax rate | 1.14% | 0% | 0% |
Return to provision | 0% | 0% | (1.10%) |
Change in valuation allowance | 0.82% | 0% | 0% |
Other | 0.74% | 0.44% | 0.05% |
Total provision | 16.48% | 22.13% | 16.43% |
INCOME TAXES - Schedule of Defe
INCOME TAXES - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | |||
Net operating losses and tax credit carryforwards | $ 169,907 | $ 23,627 | |
Basis differences related to assets and investments | 90,395 | 32,447 | |
Goodwill | 202,023 | 26,289 | |
Fixed Asset Depreciation | 2,536 | 0 | |
Accrued expenses | 47,086 | 44,572 | |
Other | 5,822 | 1,573 | |
Total deferred tax assets | 517,769 | 128,508 | |
Less: valuation allowance | (34,563) | 0 | $ 0 |
Net deferred tax assets | 483,206 | 128,508 | |
Deferred tax liabilities: | |||
Mortgage servicing rights | (923,311) | (791,691) | |
Basis differences related to assets and investments | (81,061) | (26,832) | |
Fixed asset depreciation | 0 | (19,302) | |
Other | (1,672) | (2,538) | |
Total deferred tax (liability) | (1,006,044) | (840,363) | |
Net deferred tax assets (liability) | (522,838) | $ (711,855) | |
Federal and State Tax Authority | |||
Deferred tax liabilities: | |||
Net operating loss carryforwards | 610,400 | ||
Net operating loss carryforward that will expire | $ 420,900 |
INCOME TAXES - Schedule of Chan
INCOME TAXES - Schedule of Changes in Valuation Allowances (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Valuation Allowance [Line Items] | |||
Valuation allowance | $ 34,563 | $ 0 | $ 0 |
Sculptor Acquisition (Note 4) | |||
Valuation Allowance [Line Items] | |||
Increase (decrease) in valuation allowance | 32,340 | 0 | 0 |
Net change | |||
Valuation Allowance [Line Items] | |||
Increase (decrease) in valuation allowance | $ 2,223 | $ 0 | $ 0 |
INCOME TAXES - Schedule of Taxa
INCOME TAXES - Schedule of Taxable Common Stock Distributions (Details) - $ / shares | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Stock [Line Items] | ||||||||||||||||||
Dividends per share (in dollars per share) | $ 1.25 | $ 0.41 | $ 0.50 | |||||||||||||||
Ordinary Income | 100% | 41.47% | 58.84% | |||||||||||||||
Long-Term Capital Gain | 0% | 0% | 0% | |||||||||||||||
Return of Capital | 0% | 58.53% | 41.16% | |||||||||||||||
Dividends declared per share of common stock (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.50 | $ 0.75 | $ 0.75 | $ 1 | $ 1 | $ 0.90 |
Dividends Declared (in dollars per share) | 7 | 7 | 5.97 | |||||||||||||||
Series A Preferred Stock | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Dividends per share (in dollars per share) | $ 1.88 | $ 1.88 | $ 1.88 | |||||||||||||||
Ordinary Income | 100% | 100% | 100% | |||||||||||||||
Long-Term Capital Gain | 0% | 0% | 0% | |||||||||||||||
Return of Capital | 0% | 0% | 0% | |||||||||||||||
Dividends Declared (in dollars per share) | 0.47 | 0.47 | 0.47 | |||||||||||||||
Series B Preferred Stock | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Dividends per share (in dollars per share) | $ 1.78 | $ 1.78 | $ 1.78 | |||||||||||||||
Ordinary Income | 100% | 100% | 100% | |||||||||||||||
Long-Term Capital Gain | 0% | 0% | 0% | |||||||||||||||
Return of Capital | 0% | 0% | 0% | |||||||||||||||
Dividends Declared (in dollars per share) | 0.45 | 0.45 | 0.45 | |||||||||||||||
Series C Preferred Stock | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Dividends per share (in dollars per share) | $ 1.59 | $ 1.59 | $ 1.59 | |||||||||||||||
Ordinary Income | 100% | 100% | 100% | |||||||||||||||
Long-Term Capital Gain | 0% | 0% | 0% | |||||||||||||||
Return of Capital | 0% | 0% | 0% | |||||||||||||||
Dividends Declared (in dollars per share) | 0.40 | 0.40 | 0.40 | |||||||||||||||
Series D Preferred Stock | ||||||||||||||||||
Class of Stock [Line Items] | ||||||||||||||||||
Dividends per share (in dollars per share) | $ 1.75 | $ 1.75 | $ 0.28 | |||||||||||||||
Ordinary Income | 100% | 100% | 100% | |||||||||||||||
Long-Term Capital Gain | 0% | 0% | 0% | |||||||||||||||
Return of Capital | 0% | 0% | 0% | |||||||||||||||
Dividends Declared (in dollars per share) | $ 0.44 | $ 0.44 | $ 0.28 |
ASSET MANAGEMENT REVENUES - Sch
ASSET MANAGEMENT REVENUES - Schedule of Asset Management Revenues (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenue | $ 1,110,339 | $ 824,788 | $ 753,909 | $ 903,604 | $ 1,317,625 | $ 1,716,306 | $ 1,935,127 | $ 3,033,302 | $ 3,070,533 | $ 3,679,506 | $ 4,920,801 | $ 3,728,562 | ||
Other asset management revenue | 2,412 | 0 | 0 | |||||||||||
Total asset management revenues | $ 691,654 | $ 1,135,405 | 3,762,187 | 4,920,801 | 3,728,562 | |||||||||
Management fees | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenue | 29,465 | 0 | 0 | |||||||||||
Incentive income | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Revenue | 50,804 | 0 | 0 | |||||||||||
Asset management revenues | ||||||||||||||
Disaggregation of Revenue [Line Items] | ||||||||||||||
Total asset management revenues | $ 82,681 | $ 82,681 | $ 0 | $ 0 |
ASSET MANAGEMENT REVENUES - S_2
ASSET MANAGEMENT REVENUES - Schedule of Income and Fees Receivables (Details) - Subsidiaries - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||
Total income and fees receivable | $ 59,134 | $ 0 |
Management fees receivable | ||
Disaggregation of Revenue [Line Items] | ||
Total income and fees receivable | 23,757 | 0 |
Incentive income receivable | ||
Disaggregation of Revenue [Line Items] | ||
Total income and fees receivable | $ 35,377 | $ 0 |
ASSET MANAGEMENT REVENUES - S_3
ASSET MANAGEMENT REVENUES - Schedule of Unearned Income and Fees (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disaggregation of Revenue [Line Items] | ||
Unearned income and fees | $ 37,468 | $ 0 |
Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Unearned income and fees | 37,468 | 0 |
Unearned management fees | Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Unearned income and fees | 1 | 0 |
Unearned incentive income | Subsidiaries | ||
Disaggregation of Revenue [Line Items] | ||
Unearned income and fees | $ 37,467 | $ 0 |
SUMMARY QUARTERLY CONSOLIDATE_3
SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) - Balance Sheet (Details) - USD ($) | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Aug. 05, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Assets | |||||||||||||
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value | $ 8,405,938,000 | [1] | $ 8,694,868,000 | $ 8,688,556,000 | $ 8,886,209,000 | $ 8,889,403,000 | [1] | $ 9,217,242,000 | $ 8,963,459,000 | $ 8,305,652,000 | |||
Real estate and other securities (includes $9,337,159 and $7,952,889 at fair value, respectively) | 9,361,712,000 | 9,878,711,000 | 9,354,047,000 | 8,648,081,000 | 7,952,889,000 | 9,517,176,000 | 8,107,841,000 | 9,642,010,000 | |||||
Residential mortgage loans, held-for-investment, at fair value | 379,044,000 | 370,957,000 | 400,206,000 | 766,784,000 | 452,519,000 | 864,534,000 | 934,479,000 | 1,009,459,000 | |||||
Residential mortgage loans, held-for-sale | 2,540,742,000 | [1] | 2,819,282,000 | 3,092,667,000 | 2,841,320,000 | 3,398,298,000 | [1] | 4,037,411,000 | 5,410,989,000 | 7,202,475,000 | |||
Consumer loans held-for-investment, at fair value | 1,274,005,000 | [1] | 1,436,080,000 | 1,602,571,000 | 363,756,000 | [1] | |||||||
Single-family rental properties | 1,001,928,000 | 991,948,000 | 965,194,000 | 968,987,000 | 971,313,000 | 959,448,000 | 927,227,000 | 814,871,000 | |||||
Mortgage loans receivable, at fair value | 1,879,319,000 | 1,787,363,000 | 1,592,172,000 | 1,596,924,000 | 1,714,053,000 | 1,570,002,000 | 1,403,212,000 | 1,375,273,000 | |||||
Residential mortgage loans subject to repurchase | 1,782,998,000 | 1,443,546,000 | 1,296,097,000 | 1,189,907,000 | 1,219,890,000 | 1,897,142,000 | 1,758,509,000 | 1,700,426,000 | $ 1,787,314,000 | ||||
Cash and cash equivalents | 1,287,199,000 | 1,217,283,000 | 1,369,025,000 | 1,434,697,000 | 1,336,508,000 | 1,420,010,000 | 1,510,848,000 | 1,671,177,000 | |||||
Restricted cash | 409,896,000 | 355,588,000 | 306,841,000 | 354,495,000 | 292,820,000 | 521,232,000 | 429,189,000 | 233,665,000 | |||||
Servicer advances receivable | 2,760,250,000 | 2,434,266,000 | 2,447,918,000 | 2,594,271,000 | 2,825,485,000 | 2,522,246,000 | 2,560,696,000 | 2,652,210,000 | |||||
Receivable for investments sold | 0 | 219,963,000 | 473,126,000 | ||||||||||
Reverse repurchase agreements | 1,769,601,000 | 0 | |||||||||||
Other assets | 3,144,823,000 | [1] | 2,422,650,000 | 2,037,680,000 | 1,838,266,000 | 1,914,372,000 | [1] | 2,158,067,000 | 1,928,493,000 | 2,646,068,000 | |||
Assets of consolidated CFEs | |||||||||||||
Investments, at fair value and other assets | 3,751,477,000 | 2,718,560,000 | 2,846,314,000 | 2,778,684,000 | 2,803,138,000 | 2,597,681,000 | 2,515,247,000 | 2,446,146,000 | |||||
Total assets | 39,717,084,000 | 36,791,065,000 | 35,999,288,000 | 33,898,625,000 | 34,586,508,000 | 37,282,191,000 | 36,450,189,000 | 39,699,432,000 | |||||
Liabilities | |||||||||||||
Secured financing agreements | 12,561,283,000 | [1] | 13,605,380,000 | 12,757,428,000 | 11,760,930,000 | 11,257,736,000 | [1] | 13,655,247,000 | 13,967,234,000 | 17,281,873,000 | |||
Aggregate principal amount | 10,360,188,000 | [1] | 9,657,627,000 | 10,002,751,000 | 9,417,192,000 | 9,786,025,000 | [1] | 9,341,747,000 | 9,004,612,000 | 8,955,533,000 | |||
Residential mortgage loan repurchase liability | 1,782,998,000 | 1,443,546,000 | 1,296,097,000 | 1,189,907,000 | 1,219,890,000 | 1,897,142,000 | 1,758,509,000 | 1,700,426,000 | |||||
Unsecured notes, net of issuance costs | 719,004,000 | 546,374,000 | 545,930,000 | 545,490,000 | 545,056,000 | 544,612,000 | 544,167,000 | 543,728,000 | |||||
Due to affiliates | 0 | 9,932,000 | |||||||||||
Payable for investments purchased | 0 | 0 | 731,216,000 | 498,933,000 | |||||||||
Treasury securities payable | 1,827,281,000 | 0 | |||||||||||
Dividends payable | 135,897,000 | 135,095,000 | 134,188,000 | 131,941,000 | 129,760,000 | 129,632,000 | 127,913,000 | 127,895,000 | |||||
Accrued expenses and other liabilities (includes $51,765 and $18,064 at fair value, respectively) | 2,065,761,000 | [1] | 1,781,997,000 | 1,614,408,000 | 1,506,876,000 | 1,486,318,000 | [1] | 1,893,252,000 | 1,770,691,000 | 1,740,344,000 | |||
Liabilities of consolidated CFEs | |||||||||||||
Notes payable, at fair value and other liabilities | 3,163,634,000 | 2,353,083,000 | 2,453,802,000 | 2,391,746,000 | 2,420,439,000 | 2,260,000,000 | 2,214,065,000 | 2,154,989,000 | |||||
Total liabilities | 32,616,046,000 | 29,523,102,000 | 28,804,604,000 | 26,944,082,000 | 27,576,440,000 | 30,220,565,000 | 29,387,191,000 | 32,514,720,000 | |||||
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 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,258,667,000 | 1,258,667,000 | 1,258,667,000 | |||||
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,226,239 and 473,715,100 issued and outstanding, respectively | 4,833,000 | 4,833,000 | 4,834,000 | 4,832,000 | 4,739,000 | 4,739,000 | 4,670,000 | 4,669,000 | |||||
Additional paid-in capital | 6,074,322,000 | 6,070,970,000 | 6,068,613,000 | 6,062,051,000 | 6,062,019,000 | 6,060,671,000 | 6,060,740,000 | 6,059,981,000 | |||||
Retained earnings (accumulated deficit) | (373,141,000) | (164,010,000) | (236,222,000) | (470,562,000) | (418,662,000) | (381,843,000) | (387,870,000) | (267,878,000) | |||||
Accumulated other comprehensive income | 43,674,000 | 39,009,000 | 39,954,000 | 40,631,000 | 37,651,000 | 48,337,000 | 57,620,000 | 67,195,000 | |||||
Total Rithm Capital stockholders’ equity | 7,006,942,000 | 7,208,056,000 | 7,134,433,000 | 6,894,206,000 | 6,943,001,000 | 6,990,571,000 | 6,993,827,000 | 7,122,634,000 | |||||
Noncontrolling interests in equity of consolidated subsidiaries | 94,096,000 | 59,907,000 | 60,251,000 | 60,337,000 | 67,067,000 | 71,055,000 | 69,171,000 | 62,078,000 | |||||
Total Equity | 7,101,038,000 | 7,267,963,000 | 7,194,684,000 | 6,954,543,000 | 7,010,068,000 | 7,061,626,000 | 7,062,998,000 | 7,184,712,000 | 6,669,380,000 | $ 5,429,684,000 | |||
Liabilities and Equity | 39,717,084,000 | 36,791,065,000 | 35,999,288,000 | 33,898,625,000 | 34,586,508,000 | 37,282,191,000 | 36,450,189,000 | 39,699,432,000 | |||||
Balance Sheet Parenthetical [Abstract] | |||||||||||||
Real estate and other securities at fair value | 9,337,159,000 | 9,201,474,000 | 8,722,018,000 | 7,952,889,000 | |||||||||
Residential mortgage loans, held-for-sale, at fair value | 2,461,865,000 | 2,740,599,000 | 3,008,722,000 | 2,743,809,000 | 3,297,271,000 | 3,933,392,000 | 5,293,936,000 | 7,076,916,000 | |||||
Other assets at fair value | 1,167,563,000 | 817,162,000 | 816,546,000 | 786,594,000 | 921,373,000 | 580,341,000 | 441,065,000 | $ 792,279,000 | |||||
Secured notes and bonds payable, at fair value | 235,770,000 | 245,695,000 | 261,866,000 | 286,653,000 | 319,486,000 | 341,287,000 | 380,662,000 | ||||||
Accrued expenses and other liabilities at fair value | $ 51,765,000 | $ 9,639,000 | $ 9,372,000 | $ 46,954,000 | $ 18,064,000 | $ 67,314,000 | $ 57,224,000 | ||||||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 10 | |||||
Preferred stock, shares authorized (in shares) | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | |||||
Preferred stock, shares issued (in shares) | 51,964,122 | 51,964,122 | 51,964,122 | 51,964,122 | 51,964,122 | 52,038,000 | 52,038,000 | 52,038,000 | |||||
Preferred stock, shares outstanding (in shares) | 51,964,122 | 51,964,122 | 51,964,122 | 51,964,122 | 51,964,122 | 52,038,000 | 52,038,000 | 52,038,000 | |||||
Liquidation preference | $ 1,299,104,000 | $ 1,299,104,000 | $ 1,299,104,000,000 | $ 1,299,104,000 | $ 1,299,104,000 | $ 1,300,959,000 | $ 1,300,959,000 | $ 1,300,959,000 | |||||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | 2,000,000,000 | |||||
Common stock, shares issued (in shares) | 483,226,239 | 483,214,061 | 483,320,606 | 483,017,747 | 473,715,100 | 473,715,100 | 466,856,753 | 466,786,526 | |||||
Common stock, shares outstanding (in shares) | 483,226,239 | 483,214,061 | 483,320,606 | 483,017,747 | 473,715,100 | 473,715,100 | 466,856,753 | 466,786,526 | |||||
As Reported | |||||||||||||
Assets | |||||||||||||
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value | $ 8,405,938,000 | $ 8,694,868,000 | $ 8,688,556,000 | $ 8,886,209,000 | $ 8,889,403,000 | $ 9,217,242,000 | $ 8,963,459,000 | $ 8,305,652,000 | |||||
Real estate and other securities (includes $9,337,159 and $7,952,889 at fair value, respectively) | 9,782,217,000 | 10,193,596,000 | 9,701,000,000 | 8,987,572,000 | 8,289,277,000 | 9,808,426,000 | 8,368,703,000 | 9,900,700,000 | |||||
Residential mortgage loans, held-for-investment, at fair value | 379,044,000 | 370,957,000 | 400,206,000 | 766,784,000 | 452,519,000 | 864,534,000 | 934,479,000 | 1,009,459,000 | |||||
Residential mortgage loans, held-for-sale | 2,540,742,000 | 2,819,282,000 | 3,092,667,000 | 2,841,320,000 | 3,398,298,000 | 4,037,411,000 | 5,410,989,000 | 7,202,475,000 | |||||
Consumer loans held-for-investment, at fair value | 1,274,005,000 | 1,436,080,000 | 1,602,571,000 | 363,756,000 | |||||||||
Single-family rental properties | 1,001,928,000 | 991,948,000 | 965,194,000 | 968,987,000 | 971,313,000 | 959,448,000 | 927,227,000 | 814,871,000 | |||||
Mortgage loans receivable, at fair value | 2,232,913,000 | 2,135,424,000 | 1,939,499,000 | 1,946,422,000 | 2,064,028,000 | 1,919,913,000 | 1,756,079,000 | 1,670,415,000 | |||||
Residential mortgage loans subject to repurchase | 1,782,998,000 | 1,443,546,000 | 1,296,097,000 | 1,189,907,000 | 1,219,890,000 | 1,897,142,000 | 1,758,509,000 | 1,700,426,000 | 1,787,314,000 | ||||
Cash and cash equivalents | 1,287,199,000 | 1,217,283,000 | 1,369,025,000 | 1,434,697,000 | 1,336,508,000 | 1,420,010,000 | 1,510,848,000 | 1,671,177,000 | |||||
Restricted cash | 368,447,000 | 319,765,000 | 365,649,000 | 529,565,000 | 433,960,000 | 295,037,000 | |||||||
Servicer advances receivable | 2,760,250,000 | 2,434,266,000 | 2,447,918,000 | 2,594,271,000 | 2,825,485,000 | 2,522,246,000 | 2,560,696,000 | 2,652,210,000 | |||||
Receivable for investments sold | 219,963,000 | 473,126,000 | |||||||||||
Reverse repurchase agreements | 0 | ||||||||||||
Other assets | 3,478,931,000 | 2,419,868,000 | 2,035,581,000 | 1,836,833,000 | 1,914,607,000 | 2,158,598,000 | 1,928,898,000 | 2,646,125,000 | |||||
Assets of consolidated CFEs | |||||||||||||
Investments, at fair value and other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Total assets | 35,311,785,000 | 34,745,528,000 | 33,858,079,000 | 31,818,651,000 | 32,479,336,000 | 35,334,535,000 | 34,553,847,000 | 37,868,547,000 | |||||
Liabilities | |||||||||||||
Secured financing agreements | 12,561,283,000 | 13,605,380,000 | 12,757,428,000 | 11,760,930,000 | 11,257,736,000 | 13,655,247,000 | 13,967,234,000 | 17,281,873,000 | |||||
Aggregate principal amount | 10,679,186,000 | 9,964,855,000 | 10,315,006,000 | 9,728,605,000 | 10,098,943,000 | 9,653,664,000 | 9,322,026,000 | 9,279,595,000 | |||||
Residential mortgage loan repurchase liability | 1,782,998,000 | 1,443,546,000 | 1,296,097,000 | 1,189,907,000 | 1,219,890,000 | 1,897,142,000 | 1,758,509,000 | 1,700,426,000 | |||||
Unsecured notes, net of issuance costs | 719,004,000 | 546,374,000 | 545,930,000 | 545,490,000 | 545,056,000 | 544,612,000 | 544,167,000 | 543,728,000 | |||||
Due to affiliates | 0 | 9,932,000 | |||||||||||
Payable for investments purchased | 0 | 731,216,000 | 498,933,000 | ||||||||||
Treasury securities payable | 0 | ||||||||||||
Dividends payable | 135,897,000 | 135,095,000 | 134,188,000 | 131,941,000 | 129,760,000 | 129,632,000 | 127,913,000 | 127,895,000 | |||||
Accrued expenses and other liabilities (includes $51,765 and $18,064 at fair value, respectively) | 2,332,379,000 | 1,782,315,000 | 1,614,746,000 | 1,507,235,000 | 1,486,667,000 | 1,893,679,000 | 1,771,000,000 | 1,740,386,000 | |||||
Liabilities of consolidated CFEs | |||||||||||||
Notes payable, at fair value and other liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Total liabilities | 28,210,747,000 | 27,477,565,000 | 26,663,395,000 | 24,864,108,000 | 25,469,268,000 | 28,272,909,000 | 27,490,849,000 | 30,683,835,000 | |||||
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 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,258,667,000 | 1,258,667,000 | 1,258,667,000 | |||||
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,226,239 and 473,715,100 issued and outstanding, respectively | 4,833,000 | 4,833,000 | 4,834,000 | 4,832,000 | 4,739,000 | 4,739,000 | 4,670,000 | 4,669,000 | |||||
Additional paid-in capital | 6,074,322,000 | 6,070,970,000 | 6,068,613,000 | 6,062,051,000 | 6,062,019,000 | 6,060,671,000 | 6,060,740,000 | 6,059,981,000 | |||||
Retained earnings (accumulated deficit) | (373,141,000) | (164,010,000) | (236,222,000) | (470,562,000) | (418,662,000) | (381,843,000) | (387,870,000) | (267,878,000) | |||||
Accumulated other comprehensive income | 43,674,000 | 39,009,000 | 39,954,000 | 40,631,000 | 37,651,000 | 48,337,000 | 57,620,000 | 67,195,000 | |||||
Total Rithm Capital stockholders’ equity | 7,006,942,000 | 7,208,056,000 | 7,134,433,000 | 6,894,206,000 | 6,943,001,000 | 6,990,571,000 | 6,993,827,000 | 7,122,634,000 | |||||
Noncontrolling interests in equity of consolidated subsidiaries | 94,096,000 | 59,907,000 | 60,251,000 | 60,337,000 | 67,067,000 | 71,055,000 | 69,171,000 | 62,078,000 | |||||
Total Equity | 7,101,038,000 | 7,267,963,000 | 7,194,684,000 | 6,954,543,000 | 7,010,068,000 | 7,061,626,000 | 7,062,998,000 | 7,184,712,000 | |||||
Liabilities and Equity | 35,311,785,000 | 34,745,528,000 | 33,858,079,000 | 31,818,651,000 | 32,479,336,000 | 35,334,535,000 | 34,553,847,000 | 37,868,547,000 | |||||
Error Adjustments | |||||||||||||
Assets | |||||||||||||
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Real estate and other securities (includes $9,337,159 and $7,952,889 at fair value, respectively) | (420,505,000) | (314,885,000) | (346,953,000) | (339,491,000) | (336,388,000) | (291,250,000) | (260,862,000) | (258,690,000) | |||||
Residential mortgage loans, held-for-investment, at fair value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Residential mortgage loans, held-for-sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Consumer loans held-for-investment, at fair value | 0 | 0 | 0 | 0 | |||||||||
Single-family rental properties | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Mortgage loans receivable, at fair value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Residential mortgage loans subject to repurchase | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Restricted cash | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Servicer advances receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Receivable for investments sold | 0 | 0 | |||||||||||
Reverse repurchase agreements | 1,769,601,000 | ||||||||||||
Other assets | (6,660,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Assets of consolidated CFEs | |||||||||||||
Investments, at fair value and other assets | 3,044,850,000 | 2,360,422,000 | 2,488,162,000 | 2,419,465,000 | 2,443,560,000 | 2,238,906,000 | 2,157,204,000 | 2,089,575,000 | |||||
Total assets | 4,405,299,000 | 2,045,537,000 | 2,141,209,000 | 2,079,974,000 | 2,107,172,000 | 1,947,656,000 | 1,896,342,000 | 1,830,885,000 | |||||
Liabilities | |||||||||||||
Secured financing agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Aggregate principal amount | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Residential mortgage loan repurchase liability | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Unsecured notes, net of issuance costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Due to affiliates | 0 | 0 | |||||||||||
Payable for investments purchased | 0 | 0 | 0 | ||||||||||
Treasury securities payable | 1,827,281,000 | ||||||||||||
Dividends payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Accrued expenses and other liabilities (includes $51,765 and $18,064 at fair value, respectively) | (46,326,000) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Liabilities of consolidated CFEs | |||||||||||||
Notes payable, at fair value and other liabilities | 2,624,344,000 | 2,045,537,000 | 2,141,209,000 | 2,079,974,000 | 2,107,172,000 | 1,947,656,000 | 1,896,342,000 | 1,830,885,000 | |||||
Total liabilities | 4,405,299,000 | 2,045,537,000 | 2,141,209,000 | 2,079,974,000 | 2,107,172,000 | 1,947,656,000 | 1,896,342,000 | 1,830,885,000 | |||||
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,226,239 and 473,715,100 issued and outstanding, respectively | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Additional paid-in capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Retained earnings (accumulated deficit) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Accumulated other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Total Rithm Capital stockholders’ equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Noncontrolling interests in equity of consolidated subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Total Equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Liabilities and Equity | 4,405,299,000 | 2,045,537,000 | 2,141,209,000 | 2,079,974,000 | 2,107,172,000 | 1,947,656,000 | 1,896,342,000 | 1,830,885,000 | |||||
Subtotal | |||||||||||||
Assets | |||||||||||||
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value | 8,405,938,000 | 8,694,868,000 | 8,688,556,000 | 8,886,209,000 | 8,889,403,000 | 9,217,242,000 | 8,963,459,000 | 8,305,652,000 | |||||
Real estate and other securities (includes $9,337,159 and $7,952,889 at fair value, respectively) | 9,361,712,000 | 9,878,711,000 | 9,354,047,000 | 8,648,081,000 | 7,952,889,000 | 9,517,176,000 | 8,107,841,000 | 9,642,010,000 | |||||
Residential mortgage loans, held-for-investment, at fair value | 379,044,000 | 370,957,000 | 400,206,000 | 766,784,000 | 452,519,000 | 864,534,000 | 934,479,000 | 1,009,459,000 | |||||
Residential mortgage loans, held-for-sale | 2,540,742,000 | 2,819,282,000 | 3,092,667,000 | 2,841,320,000 | 3,398,298,000 | 4,037,411,000 | 5,410,989,000 | 7,202,475,000 | |||||
Consumer loans held-for-investment, at fair value | 1,274,005,000 | 1,436,080,000 | 1,602,571,000 | 363,756,000 | |||||||||
Single-family rental properties | 1,001,928,000 | 991,948,000 | 965,194,000 | 968,987,000 | 971,313,000 | 959,448,000 | 927,227,000 | 814,871,000 | |||||
Mortgage loans receivable, at fair value | 2,232,913,000 | 2,135,424,000 | 1,939,499,000 | 1,946,422,000 | 2,064,028,000 | 1,919,913,000 | 1,756,079,000 | 1,670,415,000 | |||||
Residential mortgage loans subject to repurchase | 1,782,998,000 | 1,443,546,000 | 1,296,097,000 | 1,189,907,000 | 1,219,890,000 | 1,897,142,000 | 1,758,509,000 | 1,700,426,000 | 1,787,314,000 | ||||
Cash and cash equivalents | 1,287,199,000 | 1,217,283,000 | 1,369,025,000 | 1,434,697,000 | 1,336,508,000 | 1,420,010,000 | 1,510,848,000 | 1,671,177,000 | |||||
Restricted cash | 368,447,000 | 319,765,000 | 365,649,000 | 529,565,000 | 433,960,000 | 295,037,000 | |||||||
Servicer advances receivable | 2,760,250,000 | 2,434,266,000 | 2,447,918,000 | 2,594,271,000 | 2,825,485,000 | 2,522,246,000 | 2,560,696,000 | 2,652,210,000 | |||||
Receivable for investments sold | 219,963,000 | 473,126,000 | |||||||||||
Reverse repurchase agreements | 1,769,601,000 | ||||||||||||
Other assets | 3,472,271,000 | 2,419,868,000 | 2,035,581,000 | 1,836,833,000 | 1,914,607,000 | 2,158,598,000 | 1,928,898,000 | 2,646,125,000 | |||||
Assets of consolidated CFEs | |||||||||||||
Investments, at fair value and other assets | 3,044,850,000 | 2,360,422,000 | 2,488,162,000 | 2,419,465,000 | 2,443,560,000 | 2,238,906,000 | 2,157,204,000 | 2,089,575,000 | |||||
Total assets | 39,717,084,000 | 36,791,065,000 | 35,999,288,000 | 33,898,625,000 | 34,586,508,000 | 37,282,191,000 | 36,450,189,000 | 39,699,432,000 | |||||
Liabilities | |||||||||||||
Secured financing agreements | 12,561,283,000 | 13,605,380,000 | 12,757,428,000 | 11,760,930,000 | 11,257,736,000 | 13,655,247,000 | 13,967,234,000 | 17,281,873,000 | |||||
Aggregate principal amount | 10,679,186,000 | 9,964,855,000 | 10,315,006,000 | 9,728,605,000 | 10,098,943,000 | 9,653,664,000 | 9,322,026,000 | 9,279,595,000 | |||||
Residential mortgage loan repurchase liability | 1,782,998,000 | 1,443,546,000 | 1,296,097,000 | 1,189,907,000 | 1,219,890,000 | 1,897,142,000 | 1,758,509,000 | 1,700,426,000 | |||||
Unsecured notes, net of issuance costs | 719,004,000 | 546,374,000 | 545,930,000 | 545,490,000 | 545,056,000 | 544,612,000 | 544,167,000 | 543,728,000 | |||||
Due to affiliates | 0 | 9,932,000 | |||||||||||
Payable for investments purchased | 0 | 731,216,000 | 498,933,000 | ||||||||||
Treasury securities payable | 1,827,281,000 | ||||||||||||
Dividends payable | 135,897,000 | 135,095,000 | 134,188,000 | 131,941,000 | 129,760,000 | 129,632,000 | 127,913,000 | 127,895,000 | |||||
Accrued expenses and other liabilities (includes $51,765 and $18,064 at fair value, respectively) | 2,286,053,000 | 1,782,315,000 | 1,614,746,000 | 1,507,235,000 | 1,486,667,000 | 1,893,679,000 | 1,771,000,000 | 1,740,386,000 | |||||
Liabilities of consolidated CFEs | |||||||||||||
Notes payable, at fair value and other liabilities | 2,624,344,000 | 2,045,537,000 | 2,141,209,000 | 2,079,974,000 | 2,107,172,000 | 1,947,656,000 | 1,896,342,000 | 1,830,885,000 | |||||
Total liabilities | 32,616,046,000 | 29,523,102,000 | 28,804,604,000 | 26,944,082,000 | 27,576,440,000 | 30,220,565,000 | 29,387,191,000 | 32,514,720,000 | |||||
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 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,257,254,000 | 1,258,667,000 | 1,258,667,000 | 1,258,667,000 | |||||
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,226,239 and 473,715,100 issued and outstanding, respectively | 4,833,000 | 4,833,000 | 4,834,000 | 4,832,000 | 4,739,000 | 4,739,000 | 4,670,000 | 4,669,000 | |||||
Additional paid-in capital | 6,074,322,000 | 6,070,970,000 | 6,068,613,000 | 6,062,051,000 | 6,062,019,000 | 6,060,671,000 | 6,060,740,000 | 6,059,981,000 | |||||
Retained earnings (accumulated deficit) | (373,141,000) | (164,010,000) | (236,222,000) | (470,562,000) | (418,662,000) | (381,843,000) | (387,870,000) | (267,878,000) | |||||
Accumulated other comprehensive income | 43,674,000 | 39,009,000 | 39,954,000 | 40,631,000 | 37,651,000 | 48,337,000 | 57,620,000 | 67,195,000 | |||||
Total Rithm Capital stockholders’ equity | 7,006,942,000 | 7,208,056,000 | 7,134,433,000 | 6,894,206,000 | 6,943,001,000 | 6,990,571,000 | 6,993,827,000 | 7,122,634,000 | |||||
Noncontrolling interests in equity of consolidated subsidiaries | 94,096,000 | 59,907,000 | 60,251,000 | 60,337,000 | 67,067,000 | 71,055,000 | 69,171,000 | 62,078,000 | |||||
Total Equity | 7,101,038,000 | 7,267,963,000 | 7,194,684,000 | 6,954,543,000 | 7,010,068,000 | 7,061,626,000 | 7,062,998,000 | 7,184,712,000 | |||||
Liabilities and Equity | 39,717,084,000 | 36,791,065,000 | 35,999,288,000 | 33,898,625,000 | 34,586,508,000 | 37,282,191,000 | 36,450,189,000 | 39,699,432,000 | |||||
Reclassifications | |||||||||||||
Assets | |||||||||||||
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Real estate and other securities (includes $9,337,159 and $7,952,889 at fair value, respectively) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Residential mortgage loans, held-for-investment, at fair value | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Residential mortgage loans, held-for-sale | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Consumer loans held-for-investment, at fair value | 0 | 0 | 0 | 0 | |||||||||
Single-family rental properties | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Mortgage loans receivable, at fair value | (353,594,000) | (348,061,000) | (347,327,000) | (349,498,000) | (349,975,000) | (349,911,000) | (352,867,000) | (295,142,000) | |||||
Residential mortgage loans subject to repurchase | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | ||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Restricted cash | (12,859,000) | (12,924,000) | (11,154,000) | (8,333,000) | (4,771,000) | (61,372,000) | |||||||
Servicer advances receivable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Receivable for investments sold | 0 | 0 | |||||||||||
Reverse repurchase agreements | 0 | ||||||||||||
Other assets | (327,448,000) | 2,782,000 | 2,099,000 | 1,433,000 | (235,000) | (531,000) | (405,000) | (57,000) | |||||
Assets of consolidated CFEs | |||||||||||||
Investments, at fair value and other assets | 706,627,000 | 358,138,000 | 358,152,000 | 359,219,000 | 359,578,000 | 358,775,000 | 358,043,000 | 356,571,000 | |||||
Total assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Liabilities | |||||||||||||
Secured financing agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Aggregate principal amount | (318,998,000) | (307,228,000) | (312,255,000) | (311,413,000) | (312,918,000) | (311,917,000) | (317,414,000) | (324,062,000) | |||||
Residential mortgage loan repurchase liability | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Unsecured notes, net of issuance costs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Due to affiliates | 0 | 0 | |||||||||||
Payable for investments purchased | 0 | 0 | 0 | ||||||||||
Treasury securities payable | 0 | ||||||||||||
Dividends payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Accrued expenses and other liabilities (includes $51,765 and $18,064 at fair value, respectively) | (220,292,000) | (318,000) | (338,000) | (359,000) | (349,000) | (427,000) | (309,000) | (42,000) | |||||
Liabilities of consolidated CFEs | |||||||||||||
Notes payable, at fair value and other liabilities | 539,290,000 | 307,546,000 | 312,593,000 | 311,772,000 | 313,267,000 | 312,344,000 | 317,723,000 | 324,104,000 | |||||
Total liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
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 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 483,226,239 and 473,715,100 issued and outstanding, respectively | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Additional paid-in capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Retained earnings (accumulated deficit) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Accumulated other comprehensive income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Total Rithm Capital stockholders’ equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Noncontrolling interests in equity of consolidated subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
Total Equity | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Liabilities and Equity | 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | |||||
Variable Interest Entity, Primary Beneficiary | |||||||||||||
Assets | |||||||||||||
Cash and cash equivalents | 23,540,000 | 85,961,000 | |||||||||||
Restricted cash | 31,848,000 | 21,062,000 | |||||||||||
Assets of consolidated CFEs | |||||||||||||
Investments, at fair value and other assets | 3,714,037,000 | 2,781,842,000 | |||||||||||
Total assets | 5,566,258,000 | 4,701,124,000 | |||||||||||
Liabilities | |||||||||||||
Secured financing agreements | 996,845,000 | 51,325,000 | |||||||||||
Accrued expenses and other liabilities (includes $51,765 and $18,064 at fair value, respectively) | 20,132,000 | 44,802,000 | |||||||||||
Liabilities of consolidated CFEs | |||||||||||||
Total liabilities | 4,682,388,000 | 3,886,073,000 | |||||||||||
Balance Sheet Parenthetical [Abstract] | |||||||||||||
Residential mortgage loans, held-for-sale, at fair value | $ 1,112,097,000 | $ 844,000,000 | |||||||||||
[1] The Company's Consolidated Balance Sheets include assets and liabilities of consolidated variable interest entities (“VIEs”) and certain other consolidated VIEs classified as collateralized financing entities (“CFEs”) that are presented separately and measured under the CFE election. VIE assets can only be used to settle obligations and liabilities of the VIEs. VIE creditors do not have recourse to Rithm Capital Corp. As of December 31, 2023, as restated, and December 31, 2022, as restated, total assets of such consolidated VIEs were $5.6 billion and $4.7 billion, respectively, and total liabilities of such consolidated VIEs were $4.7 billion and $3.9 billion, respectively. See Note 22 for further details. |
SUMMARY QUARTERLY CONSOLIDATE_4
SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) - Income Statement (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | $ 1,110,339 | $ 824,788 | $ 753,909 | $ 903,604 | $ 1,317,625 | $ 1,716,306 | $ 1,935,127 | $ 3,033,302 | $ 3,070,533 | $ 3,679,506 | $ 4,920,801 | $ 3,728,562 | ||||||
Total revenues | $ 691,654 | $ 1,135,405 | 3,762,187 | 4,920,801 | 3,728,562 | |||||||||||||
Expenses | ||||||||||||||||||
Interest expense and warehouse line fees | 395,349 | 377,528 | 324,235 | 304,215 | 278,769 | 213,543 | 146,690 | 138,791 | 628,450 | 285,481 | 1,005,978 | $ 499,024 | 1,401,327 | 777,793 | 497,308 | |||
General and administrative | 192,380 | 190,691 | 181,918 | 167,479 | 189,646 | 215,075 | 225,758 | 246,664 | 349,397 | 472,422 | 540,088 | 687,497 | 732,469 | 877,143 | 865,801 | |||
Compensation and benefits | 222,457 | 186,149 | 189,606 | 188,880 | 208,185 | 290,984 | 339,658 | 392,619 | 378,486 | 732,277 | 564,635 | 1,023,261 | 787,092 | 1,231,446 | 1,159,810 | |||
Management fee to affiliate | 0 | 20,985 | 25,189 | 46,174 | 46,174 | 0 | 46,174 | 95,926 | ||||||||||
Termination fee to affiliate | 0 | 400,000 | 400,000 | 400,000 | 0 | 400,000 | 0 | |||||||||||
Total operating expenses | 810,186 | 754,368 | 695,759 | 660,574 | 676,600 | 719,602 | 1,133,091 | 803,263 | 1,356,333 | 1,936,354 | 2,110,701 | 2,655,956 | 2,920,888 | 3,332,556 | 2,618,845 | |||
Other income (loss) | ||||||||||||||||||
Realized and unrealized gains (losses), net | 84,065 | (114,149) | 76,533 | (65,905) | 14,127 | (30,970) | (137,901) | (72,655) | 10,628 | (209,927) | (103,522) | (240,898) | (19,456) | (180,059) | (149,150) | |||
Other income (loss) | (2,834) | 6,888 | (47,898) | (25,166) | (3,650) | 23,242 | 59,388 | 52,332 | (73,064) | 111,720 | (66,176) | 134,962 | (69,010) | (145,385) | 3,241 | |||
Total other income (loss) | 81,231 | (107,261) | 28,635 | (91,071) | 10,477 | (7,728) | (78,513) | (20,323) | (62,436) | (98,207) | (169,698) | (105,936) | (88,466) | (325,444) | (145,909) | |||
Income (loss) before income taxes | (37,301) | 273,776 | 443,215 | 73,143 | 87,786 | 176,274 | 106,021 | 892,720 | 516,358 | 998,741 | 790,134 | 1,175,015 | 752,833 | 1,262,801 | 963,808 | |||
Income tax (benefit) expense | 29,850 | 52,585 | 56,530 | (16,806) | (18,047) | 22,084 | 72,690 | 202,789 | 39,724 | 275,479 | 92,309 | 297,563 | 122,159 | 279,516 | 158,226 | |||
Net income (loss) | (67,151) | 221,191 | 386,685 | 89,949 | 105,833 | 154,190 | 33,331 | 689,931 | 476,634 | 723,262 | 697,825 | 877,452 | 630,674 | 983,285 | 805,582 | |||
Noncontrolling interests in income (loss) of consolidated subsidiaries | (2,020) | 4,848 | 6,889 | (1,300) | 1,668 | 7,307 | 14,182 | 5,609 | 5,589 | 19,791 | 10,437 | 27,098 | 8,417 | 28,766 | 33,356 | |||
Dividends on preferred stock | 22,395 | 22,394 | 22,395 | 22,395 | 22,411 | 22,427 | 22,427 | 22,461 | 44,790 | 44,888 | 67,184 | 67,315 | 89,579 | 89,726 | 66,744 | |||
Net income (loss) attributable to common stockholders - basic | $ (87,526) | $ 193,949 | $ 357,401 | $ 68,854 | $ 81,754 | $ 124,456 | $ (3,278) | $ 661,861 | $ 426,255 | $ 658,583 | $ 620,204 | $ 783,039 | $ 532,678 | $ 864,793 | $ 705,482 | |||
Net income (loss) per share of common stock | ||||||||||||||||||
Basic (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.27 | $ (0.01) | $ 1.42 | $ 0.89 | $ 1.41 | $ 1.29 | $ 1.68 | $ 1.11 | $ 1.84 | $ 1.56 | |||
Diluted (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.26 | $ (0.01) | $ 1.37 | $ 0.88 | $ 1.36 | $ 1.28 | $ 1.62 | $ 1.10 | $ 1.80 | $ 1.51 | |||
Weighted average number of shares of common stock outstanding | ||||||||||||||||||
Basic weighted average shares of common stock outstanding (in shares) | 483,214,458 | 483,214,061 | 483,091,792 | 478,167,178 | 473,715,100 | 467,974,962 | 466,804,548 | 466,785,584 | 480,642,680 | 466,795,119 | 481,503,762 | 467,192,721 | 481,934,951 | 468,836,718 | 451,276,742 | |||
Diluted (in shares) | 484,270,098 | 484,350,288 | 483,376,961 | 482,846,911 | 480,852,723 | 476,796,757 | 466,804,548 | 484,425,066 | 483,113,400 | 484,494,108 | 483,530,227 | 481,900,129 | 483,716,715 | 481,636,125 | 467,665,006 | |||
Dividends declared per share of common stock (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.50 | $ 0.75 | $ 0.75 | $ 1 | $ 1 | $ 0.90 |
Realization of cash flows | $ 141,616 | $ 180,265 | $ 200,325 | $ 380,590 | $ 522,206 | $ 631,120 | ||||||||||||
As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | $ 1,097,411 | $ 841,561 | $ 762,402 | 910,847 | 1,320,607 | 1,729,202 | $ 1,938,972 | 3,049,180 | $ 3,088,706 | $ 3,715,496 | 4,952,416 | $ 3,785,076 | ||||||
Total revenues | $ 709,471 | $ 1,149,734 | 3,798,177 | |||||||||||||||
Expenses | ||||||||||||||||||
Interest expense and warehouse line fees | 400,474 | 382,554 | 329,158 | 309,068 | 283,250 | 218,089 | 150,829 | 138,833 | 638,226 | 289,662 | 1,020,780 | 507,751 | 1,421,254 | 791,001 | 497,308 | |||
General and administrative | 191,614 | 190,475 | 181,508 | 167,155 | 189,295 | 214,624 | 225,271 | 246,238 | 348,663 | 471,509 | 539,138 | 686,133 | 730,752 | 875,428 | 864,028 | |||
Compensation and benefits | 222,457 | 186,149 | 189,606 | 188,880 | 208,185 | 290,984 | 339,658 | 392,619 | 378,486 | 732,277 | 564,635 | 1,023,261 | 787,092 | 1,231,446 | 1,159,810 | |||
Management fee to affiliate | 0 | 20,985 | 25,189 | 46,174 | 46,174 | 46,174 | 95,926 | |||||||||||
Termination fee to affiliate | 0 | 400,000 | 400,000 | 400,000 | 400,000 | |||||||||||||
Total operating expenses | 814,545 | 759,178 | 700,272 | 665,103 | 680,730 | 723,697 | 1,136,743 | 802,879 | 1,365,375 | 1,939,622 | 2,124,553 | 2,663,319 | 2,939,098 | 3,344,049 | 2,617,072 | |||
Other income (loss) | ||||||||||||||||||
Realized and unrealized gains (losses), net | 70,607 | (123,668) | 93,974 | (78,149) | 9,764 | (34,118) | (137,231) | (85,935) | 15,825 | (222,537) | (107,843) | (256,656) | (37,236) | (200,181) | (207,437) | |||
Other income (loss) | (2,834) | 6,888 | (47,898) | (25,166) | (3,650) | 23,242 | 59,388 | 52,332 | (73,064) | 111,720 | (66,176) | 134,962 | (69,010) | (145,385) | 3,241 | |||
Total other income (loss) | 67,773 | (116,780) | 46,076 | (103,315) | 6,114 | (10,876) | (77,843) | (33,603) | (57,239) | (110,817) | (174,019) | (121,694) | (106,246) | (345,566) | (204,196) | |||
Income (loss) before income taxes | (37,301) | 273,776 | 443,215 | 73,143 | 87,786 | 176,274 | 106,021 | 892,720 | 516,358 | 998,741 | 790,134 | 1,175,015 | 752,833 | 1,262,801 | 963,808 | |||
Income tax (benefit) expense | 29,850 | 52,585 | 56,530 | (16,806) | (18,047) | 22,084 | 72,690 | 202,789 | 39,724 | 275,479 | 92,309 | 297,563 | 122,159 | 279,516 | 158,226 | |||
Net income (loss) | (67,151) | 221,191 | 386,685 | 89,949 | 105,833 | 154,190 | 33,331 | 689,931 | 476,634 | 723,262 | 697,825 | 877,452 | 630,674 | 983,285 | 805,582 | |||
Noncontrolling interests in income (loss) of consolidated subsidiaries | (2,020) | 4,848 | 6,889 | (1,300) | 1,668 | 7,307 | 14,182 | 5,609 | 5,589 | 19,791 | 10,437 | 27,098 | 8,417 | 28,766 | 33,356 | |||
Dividends on preferred stock | 22,395 | 22,394 | 22,395 | 22,395 | 22,411 | 22,427 | 22,427 | 22,461 | 44,790 | 44,888 | 67,184 | 67,315 | 89,579 | 89,726 | 66,744 | |||
Net income (loss) attributable to common stockholders - basic | $ (87,526) | $ 193,949 | $ 357,401 | $ 68,854 | $ 81,754 | $ 124,456 | $ (3,278) | $ 661,861 | $ 426,255 | $ 658,583 | $ 620,204 | $ 783,039 | $ 532,678 | $ 864,793 | $ 705,482 | |||
Net income (loss) per share of common stock | ||||||||||||||||||
Basic (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.27 | $ (0.01) | $ 1.42 | $ 0.89 | $ 1.41 | $ 1.29 | $ 1.68 | $ 1.11 | $ 1.84 | $ 1.56 | |||
Diluted (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.26 | $ (0.01) | $ 1.37 | $ 0.88 | $ 1.36 | $ 1.28 | $ 1.62 | $ 1.10 | $ 1.80 | $ 1.51 | |||
Weighted average number of shares of common stock outstanding | ||||||||||||||||||
Basic weighted average shares of common stock outstanding (in shares) | 483,214,458 | 483,214,061 | 483,091,792 | 478,167,178 | 473,715,100 | 467,974,962 | 466,804,548 | 466,785,584 | 480,642,680 | 466,795,119 | 481,503,762 | 467,192,721 | 481,934,951 | 468,836,718 | 451,276,742 | |||
Diluted (in shares) | 484,270,098 | 484,350,288 | 483,376,961 | 482,846,911 | 480,852,723 | 476,796,757 | 466,804,548 | 484,425,066 | 483,113,400 | 484,494,108 | 483,530,227 | 481,900,129 | 483,716,715 | 481,636,125 | 467,665,006 | |||
Dividends declared per share of common stock (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.50 | $ 0.75 | $ 0.75 | $ 1 | $ 1 | $ 0.90 | |||
Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | $ 22,149 | $ (8,107) | $ (319) | $ 3,163 | $ (12,839) | $ 14,042 | $ (9,676) | $ 9,039 | $ 163 | $ (10,451) | $ (56,514) | |||||||
Total revenues | $ (8,876) | $ (5,004) | 163 | |||||||||||||||
Expenses | ||||||||||||||||||
Interest expense and warehouse line fees | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | 0 | $ 0 | 0 | 0 | 0 | |||
General and administrative | 766 | 216 | 410 | 324 | 351 | 451 | 487 | 426 | 734 | 913 | 950 | 1,364 | 1,717 | 1,715 | 1,773 | |||
Compensation and benefits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Management fee to affiliate | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Termination fee to affiliate | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Total operating expenses | 766 | 216 | 410 | 324 | 351 | 451 | 487 | 426 | 734 | 913 | 950 | 1,364 | 1,717 | 1,715 | 1,773 | |||
Other income (loss) | ||||||||||||||||||
Realized and unrealized gains (losses), net | 9,642 | 5,220 | (21,739) | 8,431 | 806 | 770 | (2,676) | 13,265 | (13,308) | 10,589 | (8,089) | 11,359 | 1,554 | 12,166 | 58,287 | |||
Other income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total other income (loss) | 9,642 | 5,220 | (21,739) | 8,431 | 806 | 770 | (2,676) | 13,265 | (13,308) | 10,589 | (8,089) | 11,359 | 1,554 | 12,166 | 58,287 | |||
Income (loss) before income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Income tax (benefit) expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Noncontrolling interests in income (loss) of consolidated subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Dividends on preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Net income (loss) attributable to common stockholders - basic | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Net income (loss) per share of common stock | ||||||||||||||||||
Basic (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Weighted average number of shares of common stock outstanding | ||||||||||||||||||
Basic weighted average shares of common stock outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Diluted (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Dividends declared per share of common stock (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | $ 1,119,560 | $ 833,454 | $ 910,528 | $ 1,323,770 | $ 1,716,363 | $ 1,953,014 | $ 3,039,504 | $ 3,097,745 | $ 3,715,659 | $ 4,941,965 | $ 3,728,562 | |||||||
Total revenues | $ 700,595 | $ 1,144,730 | 3,798,340 | |||||||||||||||
Expenses | ||||||||||||||||||
Interest expense and warehouse line fees | 400,474 | 382,554 | 329,158 | 309,068 | $ 283,250 | 218,089 | 150,829 | 138,833 | 638,226 | 289,662 | 1,020,780 | $ 507,751 | 1,421,254 | 791,001 | 497,308 | |||
General and administrative | 192,380 | 190,691 | 181,918 | 167,479 | 189,646 | 215,075 | 225,758 | 246,664 | 349,397 | 472,422 | 540,088 | 687,497 | 732,469 | 877,143 | 865,801 | |||
Compensation and benefits | 222,457 | 186,149 | 189,606 | 188,880 | 208,185 | 290,984 | 339,658 | 392,619 | 378,486 | 732,277 | 564,635 | 1,023,261 | 787,092 | 1,231,446 | 1,159,810 | |||
Management fee to affiliate | 0 | 20,985 | 25,189 | 46,174 | 46,174 | 46,174 | 95,926 | |||||||||||
Termination fee to affiliate | 0 | 400,000 | 400,000 | 400,000 | 400,000 | |||||||||||||
Total operating expenses | 815,311 | 759,394 | 700,682 | 665,427 | 681,081 | 724,148 | 1,137,230 | 803,305 | 1,366,109 | 1,940,535 | 2,125,503 | 2,664,683 | 2,940,815 | 3,345,764 | 2,618,845 | |||
Other income (loss) | ||||||||||||||||||
Realized and unrealized gains (losses), net | 80,249 | (118,448) | 72,235 | (69,718) | 10,570 | (33,348) | (139,907) | (72,670) | 2,517 | (211,948) | (115,932) | (245,297) | (35,682) | (188,015) | (149,150) | |||
Other income (loss) | (2,834) | 6,888 | (47,898) | (25,166) | (3,650) | 23,242 | 59,388 | 52,332 | (73,064) | 111,720 | (66,176) | 134,962 | (69,010) | (145,385) | 3,241 | |||
Total other income (loss) | 77,415 | (111,560) | 24,337 | (94,884) | 6,920 | (10,106) | (80,519) | (20,338) | (70,547) | (100,228) | (182,108) | (110,335) | (104,692) | (333,400) | (145,909) | |||
Income (loss) before income taxes | (37,301) | 273,776 | 443,215 | 73,143 | 87,786 | 176,274 | 106,021 | 892,720 | 516,358 | 998,741 | 790,134 | 1,175,015 | 752,833 | 1,262,801 | 963,808 | |||
Income tax (benefit) expense | 29,850 | 52,585 | 56,530 | (16,806) | (18,047) | 22,084 | 72,690 | 202,789 | 39,724 | 275,479 | 92,309 | 297,563 | 122,159 | 279,516 | 158,226 | |||
Net income (loss) | (67,151) | 221,191 | 386,685 | 89,949 | 105,833 | 154,190 | 33,331 | 689,931 | 476,634 | 723,262 | 697,825 | 877,452 | 630,674 | 983,285 | 805,582 | |||
Noncontrolling interests in income (loss) of consolidated subsidiaries | (2,020) | 4,848 | 6,889 | (1,300) | 1,668 | 7,307 | 14,182 | 5,609 | 5,589 | 19,791 | 10,437 | 27,098 | 8,417 | 28,766 | 33,356 | |||
Dividends on preferred stock | 22,395 | 22,394 | 22,395 | 22,395 | 22,411 | 22,427 | 22,427 | 22,461 | 44,790 | 44,888 | 67,184 | 67,315 | 89,579 | 89,726 | 66,744 | |||
Net income (loss) attributable to common stockholders - basic | $ (87,526) | $ 193,949 | $ 357,401 | $ 68,854 | $ 81,754 | $ 124,456 | $ (3,278) | $ 661,861 | $ 426,255 | $ 658,583 | $ 620,204 | $ 783,039 | $ 532,678 | $ 864,793 | $ 705,482 | |||
Net income (loss) per share of common stock | ||||||||||||||||||
Basic (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.27 | $ (0.01) | $ 1.42 | $ 0.89 | $ 1.41 | $ 1.29 | $ 1.68 | $ 1.11 | $ 1.84 | $ 1.56 | |||
Diluted (in dollars per share) | $ (0.18) | $ 0.40 | $ 0.74 | $ 0.14 | $ 0.17 | $ 0.26 | $ (0.01) | $ 1.37 | $ 0.88 | $ 1.36 | $ 1.28 | $ 1.62 | $ 1.10 | $ 1.80 | $ 1.51 | |||
Weighted average number of shares of common stock outstanding | ||||||||||||||||||
Basic weighted average shares of common stock outstanding (in shares) | 483,214,458 | 483,214,061 | 483,091,792 | 478,167,178 | 473,715,100 | 467,974,962 | 466,804,548 | 466,785,584 | 480,642,680 | 466,795,119 | 481,503,762 | 467,192,721 | 481,934,951 | 468,836,718 | 451,276,742 | |||
Diluted (in shares) | 484,270,098 | 484,350,288 | 483,376,961 | 482,846,911 | 480,852,723 | 476,796,757 | 466,804,548 | 484,425,066 | 483,113,400 | 484,494,108 | 483,530,227 | 481,900,129 | 483,716,715 | 481,636,125 | 467,665,006 | |||
Dividends declared per share of common stock (in dollars per share) | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.25 | $ 0.50 | $ 0.50 | $ 0.75 | $ 0.75 | $ 1 | $ 1 | $ 0.90 | |||
Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | $ (9,221) | $ (8,666) | $ (6,924) | $ (6,145) | $ (57) | $ (17,887) | $ (6,202) | $ (27,212) | $ (36,153) | $ (21,164) | $ 0 | |||||||
Total revenues | $ (8,941) | $ (9,325) | (36,153) | |||||||||||||||
Expenses | ||||||||||||||||||
Interest expense and warehouse line fees | (5,125) | (5,026) | (4,923) | (4,853) | $ (4,481) | (4,546) | (4,139) | (42) | (9,776) | (4,181) | (14,802) | $ (8,727) | (19,927) | (13,208) | 0 | |||
General and administrative | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Compensation and benefits | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Management fee to affiliate | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||
Termination fee to affiliate | 0 | 0 | 0 | 0 | 0 | |||||||||||||
Total operating expenses | (5,125) | (5,026) | (4,923) | (4,853) | (4,481) | (4,546) | (4,139) | (42) | (9,776) | (4,181) | (14,802) | (8,727) | (19,927) | (13,208) | 0 | |||
Other income (loss) | ||||||||||||||||||
Realized and unrealized gains (losses), net | 3,816 | 4,299 | 4,298 | 3,813 | 3,557 | 2,378 | 2,006 | 15 | 8,111 | 2,021 | 12,410 | 4,399 | 16,226 | 7,956 | 0 | |||
Other income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Total other income (loss) | 3,816 | 4,299 | 4,298 | 3,813 | 3,557 | 2,378 | 2,006 | 15 | 8,111 | 2,021 | 12,410 | 4,399 | 16,226 | 7,956 | 0 | |||
Income (loss) before income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Income tax (benefit) expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Noncontrolling interests in income (loss) of consolidated subsidiaries | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Dividends on preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Net income (loss) attributable to common stockholders - basic | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Net income (loss) per share of common stock | ||||||||||||||||||
Basic (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Diluted (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Weighted average number of shares of common stock outstanding | ||||||||||||||||||
Basic weighted average shares of common stock outstanding (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Diluted (in shares) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Dividends declared per share of common stock (in dollars per share) | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Mortgage Servicing Rights | ||||||||||||||||||
Weighted average number of shares of common stock outstanding | ||||||||||||||||||
Realization of cash flows | $ 134,884 | $ 138,993 | $ 139,410 | $ 105,691 | $ 108,914 | $ 245,101 | $ 384,094 | $ 518,978 | $ 631,120 | $ 1,192,646 | ||||||||
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 481,928 | 442,425 | 465,347 | 469,657 | 452,758 | $ 452,990 | $ 469,342 | $ 456,264 | 935,004 | $ 925,606 | 1,377,429 | $ 1,378,596 | 1,859,357 | 1,831,354 | 1,558,823 | |||
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 482,210 | 442,644 | 465,562 | 469,839 | 452,923 | 453,163 | 469,478 | 456,400 | 935,401 | 925,878 | 1,378,045 | 1,379,041 | 1,860,255 | 1,831,964 | 1,559,554 | |||
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (282) | (219) | (215) | (182) | (165) | (173) | (136) | (136) | (397) | (272) | (616) | (445) | (898) | (610) | (731) | |||
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 481,928 | 442,425 | 465,347 | 469,657 | 452,758 | 452,990 | 469,342 | 456,264 | 935,004 | 925,606 | 1,377,429 | 1,378,596 | 1,859,357 | 1,831,354 | 1,558,823 | |||
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables | Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978), $(631,120) and $(1,192,646), respectively) | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (466,346) | 20,934 | 22,032 | (142,304) | (162,028) | (19,174) | 334,690 | 575,393 | (120,272) | 909,454 | (99,338) | 890,281 | (565,684) | 727,334 | (577,763) | |||
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978), $(631,120) and $(1,192,646), respectively) | As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (466,346) | 20,934 | 22,032 | (142,304) | (162,028) | (19,174) | 334,690 | 575,393 | (120,272) | 909,454 | (99,338) | 890,281 | (565,684) | 727,334 | (577,763) | |||
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978), $(631,120) and $(1,192,646), respectively) | Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978), $(631,120) and $(1,192,646), respectively) | Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (466,346) | 20,934 | 22,032 | (142,304) | (162,028) | (19,174) | 334,690 | 575,393 | (120,272) | 909,454 | (99,338) | 890,281 | (565,684) | 727,334 | (577,763) | |||
Change in fair value of MSRs and MSR financing receivables (includes realization of cash flows of $(518,978), $(631,120) and $(1,192,646), respectively) | Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Servicing revenue, net | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 15,582 | 463,359 | 487,379 | 327,353 | 290,730 | 433,816 | 804,032 | 1,031,657 | 814,732 | 1,835,060 | 1,278,091 | 2,268,877 | 1,293,673 | 2,558,688 | 981,060 | |||
Servicing revenue, net | As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 15,864 | 463,578 | 487,594 | 327,535 | 290,895 | 433,989 | 804,168 | 1,031,793 | 815,129 | 1,835,332 | 1,278,707 | 2,269,322 | 1,294,571 | 2,559,298 | 981,791 | |||
Servicing revenue, net | Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (282) | (219) | (215) | (182) | (165) | (173) | (136) | (136) | (397) | (272) | (616) | (445) | (898) | (610) | (731) | |||
Servicing revenue, net | Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 15,582 | 463,359 | 487,379 | 327,353 | 290,730 | 433,816 | 804,032 | 1,031,657 | 814,732 | 1,835,060 | 1,278,091 | 2,268,877 | 1,293,673 | 2,558,688 | 981,060 | |||
Servicing revenue, net | Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||
Interest income | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 438,501 | 462,497 | 385,167 | 330,023 | 351,794 | 261,902 | 202,023 | 222,741 | 715,190 | 424,764 | 1,177,688 | 686,666 | 1,616,189 | 1,038,459 | 794,171 | |||
Interest income | As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 454,317 | 476,607 | 398,786 | 346,614 | 365,541 | 273,379 | 211,648 | 225,413 | 745,400 | 437,061 | 1,222,007 | 710,440 | 1,676,324 | 1,075,981 | 810,896 | |||
Interest income | Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (6,875) | (4,785) | (4,398) | (7,925) | (5,709) | (4,553) | (3,480) | (2,615) | (12,323) | (6,095) | (17,107) | (10,648) | (23,982) | (16,358) | (16,725) | |||
Interest income | Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 447,442 | 471,822 | 394,388 | 338,689 | 359,832 | 268,826 | 208,168 | 222,798 | 733,077 | 430,966 | 1,204,900 | 699,792 | 1,652,342 | 1,059,623 | 794,171 | |||
Interest income | Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (8,941) | (9,325) | (9,221) | (8,666) | (8,038) | (6,924) | (6,145) | (57) | (17,887) | (6,202) | (27,212) | (13,126) | (36,153) | (21,164) | 0 | |||
Gain on originated residential mortgage loans, held-for-sale, net | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 96,395 | 149,230 | 178,584 | 109,268 | 111,385 | 207,886 | 311,570 | 461,908 | 287,852 | 773,478 | 437,082 | 981,364 | 533,477 | 1,092,749 | 1,787,851 | |||
Gain on originated residential mortgage loans, held-for-sale, net | As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 98,114 | 149,230 | 151,822 | 109,268 | 105,966 | 203,479 | 304,791 | 471,996 | 261,090 | 776,787 | 410,320 | 980,266 | 508,434 | 1,086,232 | 1,826,909 | |||
Gain on originated residential mortgage loans, held-for-sale, net | Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | (1,719) | 0 | 26,762 | 0 | 5,419 | 4,407 | 6,779 | (10,088) | 26,762 | (3,309) | 26,762 | 1,098 | 25,043 | 6,517 | (39,058) | |||
Gain on originated residential mortgage loans, held-for-sale, net | Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 96,395 | 149,230 | 178,584 | 109,268 | 111,385 | 207,886 | 311,570 | 461,908 | 287,852 | 773,478 | 437,082 | 981,364 | 533,477 | 1,092,749 | 1,787,851 | |||
Gain on originated residential mortgage loans, held-for-sale, net | Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 0 | 0 | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | 0 | |||
Other revenues | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 58,495 | 60,319 | 59,209 | 58,144 | 117,353 | 177,672 | 3,936,907 | 236,167 | 230,905 | 165,480 | ||||||||
Other revenues | As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 58,495 | 60,319 | 59,209 | 58,144 | 117,353 | 177,672 | 3,960,028 | 236,167 | 230,905 | 165,480 | ||||||||
Other revenues | Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 0 | 0 | 0 | 0 | (455) | 0 | 0 | (9,995) | 0 | 0 | 0 | |||||||
Other revenues | Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 58,495 | 60,319 | 59,209 | 58,144 | 761,947 | 117,353 | 177,672 | 3,950,033 | 236,167 | 230,905 | 165,480 | |||||||
Other revenues | Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Revenue | 0 | $ 0 | $ 0 | $ 0 | $ (8,038) | $ 0 | $ 0 | $ (13,126) | 0 | 0 | 0 | |||||||
Asset management revenues | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Total revenues | 82,681 | 82,681 | $ 0 | $ 0 | ||||||||||||||
Asset management revenues | As Reported | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Total revenues | 82,681 | 82,681 | ||||||||||||||||
Asset management revenues | Error Adjustments | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Total revenues | 0 | 0 | ||||||||||||||||
Asset management revenues | Subtotal | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Total revenues | 82,681 | 82,681 | ||||||||||||||||
Asset management revenues | Reclassifications | ||||||||||||||||||
Origination and Servicing, Investment Portfolio, Mortgage Loans Receivable and Corporate | ||||||||||||||||||
Total revenues | $ 0 | $ 0 |
SUMMARY QUARTERLY CONSOLIDATE_5
SUMMARY QUARTERLY CONSOLIDATED FINANCIAL INFORMATION (UNAUDITED) - Cash Flow Statement (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||||
Dec. 31, 2023 | Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows From Operating Activities | |||||||||||||||
Net income (loss) | $ (67,151) | $ 221,191 | $ 386,685 | $ 89,949 | $ 105,833 | $ 154,190 | $ 33,331 | $ 689,931 | $ 476,634 | $ 723,262 | $ 697,825 | $ 877,452 | $ 630,674 | $ 983,285 | $ 805,582 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||
Change in fair value of investments, net | 247,075 | 146,125 | 307,633 | 396,161 | 560,017 | (560,492) | 893,665 | (1,069,927) | (40,576) | ||||||
Change in fair value of equity investments | 2,098 | (256) | 27,630 | 9,111 | 27,509 | 8,535 | 28,407 | 13,265 | (5,986) | ||||||
Change in fair value of secured notes and bonds payable | 2,500 | (7,194) | (2,049) | (35,151) | (5,890) | (50,279) | 17,155 | (45,792) | (12,991) | ||||||
(Gain) loss on settlement of investments, net | (167,609) | (61,184) | (283,306) | (156,120) | (402,449) | 843,837 | (820,238) | 1,354,263 | 205,220 | ||||||
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net | (109,268) | (461,908) | (287,852) | (773,478) | (437,082) | (981,364) | (533,477) | (1,092,749) | (1,787,851) | ||||||
(Gain) loss on transfer of loans to real estate owned ("REO") | (3,276) | (2,944) | (7,472) | (4,039) | (10,120) | (6,263) | (10,224) | (7,726) | (3,752) | ||||||
Accretion and other amortization | (12,766) | (13,351) | (29,892) | (30,287) | (74,730) | (37,634) | (106,421) | (80,957) | (46,241) | ||||||
Provision (reversal) for credit losses on securities, loans and REO | (2,803) | 3,740 | 3,009 | 7,528 | 6,455 | 14,272 | (478) | 14,962 | (47,744) | ||||||
Non-cash portions of servicing revenue, net | 149,730 | (645,018) | 120,272 | (981,581) | 158,344 | (890,281) | 618,005 | (639,945) | 577,763 | ||||||
Deferred tax provision | (16,822) | 201,354 | 39,626 | 275,458 | 86,324 | 297,517 | 90,002 | 271,167 | 151,200 | ||||||
Mortgage loans originated and purchased for sale, net of fees | (7,531,856) | (29,446,744) | (18,109,588) | (50,293,942) | (30,003,362) | (65,397,832) | (39,817,843) | (76,344,856) | (130,205,665) | ||||||
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale | 8,137,021 | 32,408,766 | 18,174,194 | 54,533,386 | 30,088,541 | 70,570,337 | 39,340,813 | 81,547,076 | 132,114,445 | ||||||
Loan originations and draws of consolidated entities | (27,061) | (49,024) | 0 | (75,406) | 0 | ||||||||||
Loan repayment proceeds of consolidated entities | 57,854 | 154,840 | 130,704 | 294,364 | 196,166 | 372,950 | 278,920 | 431,065 | 753,101 | ||||||
Mortgage loans receivable repayment proceeds of consolidated CFEs | 90,496 | 166,550 | 79,480 | 255,798 | 124,918 | 353,994 | 170,834 | 0 | |||||||
Interest received from servicer advance investments, loans and other | 13,705 | 41,721 | 27,874 | 31,394 | 42,932 | 46,797 | 54,485 | 62,375 | 153,539 | ||||||
Changes in: | |||||||||||||||
Servicer advances receivable, net | 230,596 | 202,938 | 377,567 | 294,452 | 339,610 | 332,902 | 15,022 | (36,695) | 226,173 | ||||||
Other assets | 50,472 | (268,772) | 16,191 | 72,498 | 15,312 | (54,485) | (428,763) | 405,469 | 939,953 | ||||||
Due to affiliates | (7,887) | (17,819) | (17,819) | 0 | (17,819) | 8,369 | |||||||||
Accrued expenses and other liabilities | 21,346 | 285,517 | 83,799 | 132,325 | 199,341 | 317,256 | 89,897 | (89,003) | (349,733) | ||||||
Net cash provided by (used in) operating activities | 1,248,442 | 3,219,674 | 1,231,524 | 4,529,941 | 1,740,541 | 5,761,300 | 693,595 | 5,752,886 | 3,434,806 | ||||||
Cash Flows From Investing Activities | |||||||||||||||
Purchase of US Treasuries | (973,795) | (973,795) | (998,148) | 0 | 0 | ||||||||||
Purchase of servicer advance investments | (232,446) | (257,807) | (445,470) | (500,000) | (644,594) | (744,671) | (852,015) | (988,847) | (1,286,526) | ||||||
Purchase of RMBS | (2,883,278) | (1,006,483) | (2,898,237) | (1,052,724) | (4,094,458) | (9,597,580) | (4,094,934) | (15,629,483) | (6,099,550) | ||||||
Purchase of residential mortgage loans | (1,269) | (7,182) | (1,269) | (7,182) | (1,269) | (7,182) | 0 | (7,182) | 0 | ||||||
Purchase of SFR properties, MSRs and other assets | (4,607) | (239,347) | (11,975) | (355,002) | (72,503) | (396,981) | (106,351) | (416,610) | (1,390,317) | ||||||
Purchase of mortgage loans receivable | (146,631) | (146,631) | 0 | 0 | |||||||||||
Draws on revolving consumer loans | (6,831) | (7,163) | (13,493) | (14,350) | (20,675) | (22,070) | (27,510) | (29,615) | (29,002) | ||||||
Net settlement of derivatives and hedges | 225,560 | 65,436 | 291,174 | 279,306 | 390,415 | 282,827 | 867,637 | 311,073 | (182,971) | ||||||
Return of investments in Excess MSRs | 7,821 | 2,680 | 16,489 | 7,873 | 23,066 | 12,264 | 31,940 | 17,701 | 54,037 | ||||||
Principal repayments from servicer advance investments | 240,331 | 290,128 | 464,921 | 541,868 | 675,261 | 791,653 | 880,861 | 1,033,326 | 1,382,344 | ||||||
Principal repayments from RMBS | 143,419 | 336,380 | 305,887 | 649,294 | 477,480 | 863,193 | 639,736 | 1,026,186 | 2,257,698 | ||||||
Principal repayments from residential mortgage loans | 8,272 | 24,121 | 21,364 | 49,806 | 35,064 | 69,020 | 47,735 | 85,836 | 119,841 | ||||||
Principal repayments from consumer loans | 24,784 | 39,935 | 86,164 | 79,298 | 267,820 | 112,228 | 439,540 | 140,574 | 214,619 | ||||||
Proceeds from sale of MSRs and MSR financing receivables | 1,357 | 454 | 424,034 | 2,105 | 705,300 | 3,975 | 705,300 | 10,698 | 62,971 | ||||||
Proceeds from sale of RMBS | 1,869,053 | 1,869,053 | 738,887 | 1,868,702 | 7,716,127 | 2,087,419 | 14,565,043 | 8,189,585 | |||||||
Proceeds from sale of REO | 5,678 | 3,832 | 13,175 | 7,210 | 19,806 | 9,652 | 23,153 | 14,201 | 54,232 | ||||||
Purchase of MSRs, MSR financing receivables and servicer advances receivable | (655) | (603) | (1,259) | ||||||||||||
Principal repayments from MSRs and MSR financing receivables | 703 | 1,216 | 1,509 | ||||||||||||
Net cash provided by (used in) investing activities | (602,156) | (754,968) | (851,978) | 427,002 | (1,491,011) | (907,295) | 216,721 | 132,901 | 2,183,712 | ||||||
Cash Flows From Financing Activities | |||||||||||||||
Repayments of secured financing agreements | (11,327,261) | (9,638,525) | (24,321,697) | (23,318,214) | (31,733,802) | (39,920,856) | (48,921,875) | (55,998,234) | (69,206,600) | ||||||
Repayments of warehouse credit facilities | (8,473,149) | (33,378,329) | (18,980,639) | (56,240,720) | (31,076,021) | (73,028,747) | (41,096,041) | (83,793,352) | (130,744,991) | ||||||
Repayment of unsecured senior notes | 0 | ||||||||||||||
Net settlement of margin deposits under repurchase agreements and derivatives | (387,780) | 137,418 | (411,796) | 812,477 | (676,511) | 1,007,970 | (862,662) | 1,460,458 | 249,367 | ||||||
Repayments of secured notes and bonds payable | (1,677,534) | (1,047,972) | (3,538,076) | (2,220,042) | (5,024,509) | (3,174,439) | (7,636,954) | (4,696,136) | (8,078,073) | ||||||
Deferred financing fees | (2,103) | (4,472) | (11,740) | (1,398) | (7,084) | (8,992) | (7,364) | (11,062) | (8,385) | ||||||
Dividends paid on common and preferred stock | (140,968) | (139,185) | (284,262) | (278,293) | (427,583) | (417,445) | (570,878) | (558,301) | (438,544) | ||||||
Borrowings under secured financing agreements | 12,240,027 | 10,081,997 | 26,093,901 | 21,936,667 | 34,530,433 | 39,713,905 | 50,079,186 | 54,385,892 | 64,749,425 | ||||||
Borrowings under warehouse credit facilities | 8,062,420 | 29,622,712 | 18,706,720 | 50,995,092 | 30,625,465 | 66,296,292 | 41,065,479 | 76,069,417 | 129,899,057 | ||||||
Borrowings under secured notes and bonds payable | 1,303,796 | 1,351,203 | 2,425,593 | 2,605,887 | 3,561,756 | 3,777,252 | 6,669,483 | 5,868,761 | 7,964,077 | ||||||
Proceeds from issuance of debt obligations of consolidated CFEs | 1,160,218 | 150,586 | 1,466,538 | 150,586 | 1,700,810 | 725,901 | 1,919,160 | 725,397 | |||||||
Repayments of debt obligations of consolidated CFEs | (51,983) | (150,961) | (127,404) | (297,527) | (190,881) | (374,170) | (269,563) | (430,042) | (1,145,324) | ||||||
Issuance of common and preferred stock | 0 | 0 | 962,910 | ||||||||||||
Repurchase of common and preferred stock | (3,814) | (3,814) | (3,814) | 0 | (5,227) | 0 | |||||||||
Noncontrolling interest in equity of consolidated subsidiaries - distributions | (5,430) | (8,879) | (12,405) | (15,968) | (17,597) | (21,391) | (17,261) | (27,047) | (78,123) | ||||||
Payment of contingent consideration | (12,276) | 0 | (2,355) | (12,276) | |||||||||||
Net cash provided by (used in) financing activities | (459,965) | (2,030,865) | (311,219) | (4,559,315) | (285,748) | (4,453,625) | (842,549) | (5,818,068) | (5,162,083) | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 186,321 | 433,841 | 68,327 | 397,628 | (36,218) | 400,380 | 67,767 | 67,719 | 456,435 | ||||||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 1,593,110 | 1,697,655 | 1,815,649 | 1,629,328 | 1,961,989 | 1,959,237 | 1,995,450 | 1,561,609 | 1,629,328 | 1,561,609 | 1,629,328 | 1,561,609 | 1,629,328 | 1,561,609 | 1,105,174 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 1,697,095 | 1,593,110 | 1,697,655 | 1,815,649 | 1,629,328 | 1,961,989 | 1,959,237 | 1,995,450 | 1,697,655 | 1,959,237 | 1,593,110 | 1,961,989 | 1,697,095 | 1,629,328 | 1,561,609 |
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Cash paid during the period for interest | 313,870 | 150,121 | 680,330 | 318,438 | 975,872 | 531,903 | 1,484,094 | 825,224 | 578,681 | ||||||
Cash paid during the period for income taxes | 402 | 36 | 1,798 | 1,636 | 1,798 | 1,757 | 6,524 | 4,012 | 23,506 | ||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Dividends declared but not paid on common and preferred stock | 143,149 | 139,158 | 143,225 | 139,141 | 143,199 | 140,856 | 143,199 | 140,984 | 139,170 | ||||||
Transfer from residential mortgage loans to REO and other assets | 6,025 | (2,034) | 14,662 | 4,890 | 21,135 | 10,762 | 21,943 | 14,936 | 30,020 | ||||||
Real estate securities retained from loan securitizations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45,967 | |||||||
Residential mortgage loans subject to repurchase | 1,782,998 | 1,443,546 | 1,296,097 | 1,189,907 | 1,219,890 | 1,897,142 | 1,758,509 | 1,700,426 | 1,296,097 | 1,758,509 | 1,443,546 | 1,897,142 | 1,782,998 | 1,219,890 | 1,787,314 |
Purchase of Agency RMBS, settled after quarter-end | 498,933 | 0 | 731,216 | 0 | |||||||||||
Cashless exercise of 2020 Warrants (par) | 93 | 93 | 93 | 93 | 69 | 0 | |||||||||
Marcus Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 1,317,347 | 1,317,347 | 1,317,347 | 0 | 0 | ||||||||||
As Reported | |||||||||||||||
Cash Flows From Operating Activities | |||||||||||||||
Net income (loss) | (67,151) | 221,191 | 386,685 | 89,949 | 105,833 | 154,190 | 33,331 | 689,931 | 476,634 | 723,262 | 697,825 | 877,452 | 630,674 | 983,285 | 805,582 |
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 | 269,530 | 381,159 | 516,114 | (587,181) | 843,878 | (1,108,366) | (11,723) | ||||||
Change in fair value of equity investments | 2,098 | (256) | 27,630 | 9,111 | 27,509 | 8,535 | 28,407 | 13,265 | (5,986) | ||||||
Change in fair value of secured notes and bonds payable | 2,500 | (7,194) | (2,049) | (35,151) | (5,890) | (50,279) | 17,155 | (45,792) | (12,991) | ||||||
(Gain) loss on settlement of investments, net | (167,609) | (61,184) | (283,306) | (156,120) | (402,449) | 843,837 | (820,238) | 1,354,263 | 232,151 | ||||||
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net | (109,268) | (471,996) | (261,090) | (776,787) | (410,320) | (980,266) | (508,434) | (1,086,232) | (1,826,909) | ||||||
(Gain) loss on transfer of loans to real estate owned ("REO") | (3,276) | (2,944) | (7,472) | (4,039) | (10,120) | (6,263) | (10,224) | (7,726) | (3,752) | ||||||
Accretion and other amortization | (18,270) | (15,095) | (37,711) | (34,731) | (85,063) | (45,230) | (120,699) | (91,891) | (49,382) | ||||||
Provision (reversal) for credit losses on securities, loans and REO | (2,803) | 3,740 | 3,009 | 7,528 | 6,455 | 14,272 | (478) | 14,962 | (47,744) | ||||||
Non-cash portions of servicing revenue, net | 149,730 | (645,018) | 120,272 | (981,581) | 158,344 | (890,281) | 618,005 | (639,945) | 577,763 | ||||||
Deferred tax provision | (16,822) | 201,354 | 39,626 | 275,458 | 86,324 | 297,517 | 90,002 | 271,167 | 151,200 | ||||||
Mortgage loans originated and purchased for sale, net of fees | (7,531,856) | (29,446,744) | (18,109,588) | (50,321,003) | (30,003,362) | (65,446,856) | (39,817,843) | (76,420,262) | (130,737,605) | ||||||
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale | 8,227,517 | 33,244,922 | 18,491,330 | 55,755,342 | 30,494,925 | 72,072,003 | 40,420,708 | 83,313,008 | 132,834,967 | ||||||
Loan originations and draws of consolidated entities | 0 | 0 | 0 | ||||||||||||
Loan repayment proceeds of consolidated entities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Mortgage loans receivable repayment proceeds of consolidated CFEs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Interest received from servicer advance investments, loans and other | 13,705 | 41,721 | 27,874 | 31,394 | 42,932 | 46,797 | 54,485 | 62,375 | 153,539 | ||||||
Changes in: | |||||||||||||||
Servicer advances receivable, net | 230,596 | 202,938 | 377,567 | 294,452 | 339,610 | 332,902 | 15,022 | (36,695) | 226,173 | ||||||
Other assets | 50,472 | (268,772) | 16,191 | 72,498 | 15,312 | (54,485) | (428,763) | 405,469 | 939,953 | ||||||
Due to affiliates | (7,887) | (17,819) | (17,819) | (17,819) | 8,369 | ||||||||||
Accrued expenses and other liabilities | 21,346 | 285,517 | 83,799 | 132,325 | 199,341 | 317,256 | 89,897 | (89,003) | (349,733) | ||||||
Net cash provided by (used in) operating activities | 1,181,267 | 3,890,152 | 1,232,246 | 5,355,298 | 1,667,487 | 6,731,911 | 1,101,554 | 6,874,063 | 2,883,872 | ||||||
Cash Flows From Investing Activities | |||||||||||||||
Purchase of US Treasuries | (973,795) | (973,795) | (998,148) | ||||||||||||
Purchase of servicer advance investments | (232,446) | (257,807) | (445,470) | (500,000) | (644,594) | (744,671) | (852,015) | (988,847) | (1,286,526) | ||||||
Purchase of RMBS | (2,883,278) | (1,006,483) | (2,898,237) | (1,052,724) | (4,094,458) | (9,597,580) | (4,094,934) | (15,629,483) | (6,099,550) | ||||||
Purchase of residential mortgage loans | (1,269) | (7,182) | (1,269) | (7,182) | (1,269) | (7,182) | 0 | (7,182) | |||||||
Purchase of SFR properties, MSRs and other assets | (4,607) | (239,347) | (11,975) | (355,002) | (72,503) | (396,981) | (106,351) | (416,610) | (1,390,317) | ||||||
Purchase of mortgage loans receivable | (146,631) | (146,631) | |||||||||||||
Draws on revolving consumer loans | (6,831) | (7,163) | (13,493) | (14,350) | (20,675) | (22,070) | (27,510) | (29,615) | (29,002) | ||||||
Net settlement of derivatives and hedges | 225,560 | 65,436 | 291,174 | 279,306 | 390,415 | 282,827 | 867,637 | 311,073 | (182,971) | ||||||
Return of investments in Excess MSRs | 7,821 | 2,680 | 16,489 | 7,873 | 23,066 | 12,264 | 31,940 | 17,701 | 54,037 | ||||||
Principal repayments from servicer advance investments | 240,331 | 290,128 | 464,921 | 541,868 | 675,261 | 791,653 | 880,861 | 1,033,326 | 1,382,344 | ||||||
Principal repayments from RMBS | 155,002 | 355,028 | 331,176 | 687,624 | 514,553 | 915,913 | 693,546 | 1,091,538 | 2,330,850 | ||||||
Principal repayments from residential mortgage loans | 8,272 | 24,121 | 21,364 | 49,806 | 35,064 | 69,020 | 47,735 | 85,836 | 119,841 | ||||||
Principal repayments from consumer loans | 24,784 | 39,935 | 86,164 | 79,298 | 267,820 | 112,228 | 439,540 | 140,574 | 214,619 | ||||||
Proceeds from sale of MSRs and MSR financing receivables | 1,357 | 454 | 424,034 | 2,105 | 705,300 | 3,975 | 705,300 | 10,698 | 62,971 | ||||||
Proceeds from sale of RMBS | 1,869,053 | 1,869,053 | 738,887 | 1,868,702 | 7,716,127 | 2,087,419 | 14,565,043 | 8,238,974 | |||||||
Proceeds from sale of REO | 5,678 | 3,832 | 13,175 | 7,210 | 19,806 | 9,652 | 23,153 | 14,201 | 54,232 | ||||||
Purchase of MSRs, MSR financing receivables and servicer advances receivable | (655) | (603) | (1,259) | ||||||||||||
Principal repayments from MSRs and MSR financing receivables | 703 | 1,216 | 1,509 | ||||||||||||
Net cash provided by (used in) investing activities | (590,573) | (736,320) | (826,689) | 465,332 | (1,453,938) | (854,575) | 252,518 | 198,253 | 2,306,253 | ||||||
Cash Flows From Financing Activities | |||||||||||||||
Repayments of secured financing agreements | (11,327,261) | (9,638,525) | (24,321,697) | (23,318,214) | (31,733,802) | (39,920,856) | (48,921,875) | (55,998,234) | (69,206,600) | ||||||
Repayments of warehouse credit facilities | (8,473,149) | (33,378,329) | (18,980,639) | (56,240,720) | (31,076,021) | (73,028,747) | (41,096,041) | (83,793,352) | (130,744,991) | ||||||
Repayment of unsecured senior notes | 0 | ||||||||||||||
Net settlement of margin deposits under repurchase agreements and derivatives | (387,780) | 137,418 | (411,796) | 812,477 | (676,511) | 1,007,970 | (862,662) | 1,460,458 | 249,367 | ||||||
Repayments of secured notes and bonds payable | (1,677,534) | (1,047,972) | (3,538,076) | (2,220,042) | (5,024,509) | (3,174,439) | (7,636,954) | (4,696,136) | (8,078,073) | ||||||
Deferred financing fees | (2,103) | (4,472) | (11,740) | (1,398) | (7,084) | (8,992) | (7,364) | (11,062) | (8,385) | ||||||
Dividends paid on common and preferred stock | (140,968) | (139,185) | (284,262) | (278,293) | (427,583) | (417,445) | (570,878) | (558,301) | (438,544) | ||||||
Borrowings under secured financing agreements | 12,240,027 | 10,081,997 | 26,093,901 | 21,936,667 | 34,530,433 | 39,713,905 | 50,079,186 | 54,385,892 | 64,749,425 | ||||||
Borrowings under warehouse credit facilities | 8,062,420 | 29,622,712 | 18,706,720 | 50,995,092 | 30,625,465 | 66,296,292 | 41,065,479 | 76,069,417 | 129,899,057 | ||||||
Borrowings under secured notes and bonds payable | 1,303,796 | 1,675,265 | 2,425,593 | 2,929,949 | 3,561,756 | 4,101,314 | 6,669,483 | 6,192,823 | 7,964,077 | ||||||
Proceeds from issuance of debt obligations of consolidated CFEs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Repayments of debt obligations of consolidated CFEs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Issuance of common and preferred stock | 962,910 | ||||||||||||||
Repurchase of common and preferred stock | (3,814) | (3,814) | (3,814) | (5,227) | |||||||||||
Noncontrolling interest in equity of consolidated subsidiaries - distributions | (5,430) | (8,879) | (12,405) | (15,968) | (17,597) | (21,391) | (17,261) | (27,047) | (78,123) | ||||||
Payment of contingent consideration | (12,276) | 0 | (2,355) | (12,276) | |||||||||||
Net cash provided by (used in) financing activities | (407,982) | (2,716,060) | (334,401) | (5,404,264) | (245,453) | (5,456,203) | (1,298,887) | (6,983,124) | (4,742,156) | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 182,712 | 437,772 | 71,156 | 416,366 | (31,904) | 421,133 | 55,185 | 89,192 | 447,969 | ||||||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 1,585,730 | 1,688,790 | 1,800,346 | 1,617,634 | 1,949,575 | 1,944,808 | 1,966,214 | 1,528,442 | 1,617,634 | 1,528,442 | 1,617,634 | 1,528,442 | 1,617,634 | 1,528,442 | 1,080,473 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 1,672,819 | 1,585,730 | 1,688,790 | 1,800,346 | 1,617,634 | 1,949,575 | 1,944,808 | 1,966,214 | 1,688,790 | 1,944,808 | 1,585,730 | 1,949,575 | 1,672,819 | 1,617,634 | 1,528,442 |
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Cash paid during the period for interest | 286,434 | 132,817 | 624,519 | 280,007 | 893,204 | 468,991 | 1,361,090 | 734,232 | 505,978 | ||||||
Cash paid during the period for income taxes | 402 | 36 | 1,798 | 1,636 | 1,798 | 1,757 | 6,524 | 4,012 | 23,506 | ||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Dividends declared but not paid on common and preferred stock | 143,149 | 139,158 | 143,225 | 139,141 | 143,199 | 140,856 | 143,199 | 140,984 | 139,170 | ||||||
Transfer from residential mortgage loans to REO and other assets | 6,025 | (2,034) | 14,662 | 4,890 | 21,135 | 10,762 | 21,943 | 14,936 | 30,020 | ||||||
Real estate securities retained from loan securitizations | 113,695 | 15,241 | 100,324 | 15,241 | 167,246 | 113,136 | 206,082 | 173,631 | |||||||
Residential mortgage loans subject to repurchase | 1,782,998 | 1,443,546 | 1,296,097 | 1,189,907 | 1,219,890 | 1,897,142 | 1,758,509 | 1,700,426 | 1,296,097 | 1,758,509 | 1,443,546 | 1,897,142 | 1,782,998 | 1,219,890 | 1,787,314 |
Purchase of Agency RMBS, settled after quarter-end | 498,933 | 731,216 | |||||||||||||
Cashless exercise of 2020 Warrants (par) | 93 | 93 | 93 | 93 | 69 | ||||||||||
As Reported | Marcus Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 1,317,347 | 1,317,347 | 1,317,347 | ||||||||||||
Error Adjustments | |||||||||||||||
Cash Flows From Operating Activities | |||||||||||||||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||
Change in fair value of investments, net | 3,817 | (994) | 38,103 | 15,002 | 43,903 | 26,689 | 49,787 | 38,439 | (28,853) | ||||||
Change in fair value of equity investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Change in fair value of secured notes and bonds payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
(Gain) loss on settlement of investments, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (26,931) | ||||||
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net | 0 | 10,088 | (26,762) | 3,309 | (26,762) | (1,098) | (25,043) | (6,517) | 39,058 | ||||||
(Gain) loss on transfer of loans to real estate owned ("REO") | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Accretion and other amortization | 5,504 | 1,744 | 7,819 | 4,444 | 10,333 | 7,596 | 14,278 | 10,934 | 3,141 | ||||||
Provision (reversal) for credit losses on securities, loans and REO | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Non-cash portions of servicing revenue, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Deferred tax provision | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Mortgage loans originated and purchased for sale, net of fees | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 531,940 | ||||||
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale | 0 | (836,156) | (150,586) | (1,142,476) | (150,586) | (1,376,748) | (725,901) | (1,595,098) | (720,522) | ||||||
Loan originations and draws of consolidated entities | 0 | 0 | 0 | ||||||||||||
Loan repayment proceeds of consolidated entities | 57,854 | 154,840 | 130,704 | 294,364 | 196,166 | 372,950 | 278,920 | 431,065 | 753,101 | ||||||
Mortgage loans receivable repayment proceeds of consolidated CFEs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Interest received from servicer advance investments, loans and other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Changes in: | |||||||||||||||
Servicer advances receivable, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Due to affiliates | 0 | 0 | 0 | 0 | 0 | ||||||||||
Accrued expenses and other liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net cash provided by (used in) operating activities | 67,175 | (670,478) | (722) | (825,357) | 73,054 | (970,611) | (407,959) | (1,121,177) | 550,934 | ||||||
Cash Flows From Investing Activities | |||||||||||||||
Purchase of US Treasuries | 0 | 0 | 0 | ||||||||||||
Purchase of servicer advance investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Purchase of RMBS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Purchase of residential mortgage loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Purchase of SFR properties, MSRs and other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Purchase of mortgage loans receivable | 0 | 0 | |||||||||||||
Draws on revolving consumer loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net settlement of derivatives and hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Return of investments in Excess MSRs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from servicer advance investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from RMBS | (11,583) | (18,648) | (25,289) | (38,330) | (37,073) | (52,720) | (53,810) | (65,352) | (73,152) | ||||||
Principal repayments from residential mortgage loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from consumer loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Proceeds from sale of MSRs and MSR financing receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Proceeds from sale of RMBS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (49,389) | |||||||
Proceeds from sale of REO | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Purchase of MSRs, MSR financing receivables and servicer advances receivable | 0 | 0 | 0 | ||||||||||||
Principal repayments from MSRs and MSR financing receivables | 0 | 0 | 0 | ||||||||||||
Net cash provided by (used in) investing activities | (11,583) | (18,648) | (25,289) | (38,330) | (37,073) | (52,720) | (35,797) | (65,352) | (122,541) | ||||||
Cash Flows From Financing Activities | |||||||||||||||
Repayments of secured financing agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Repayments of warehouse credit facilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Repayment of unsecured senior notes | 0 | ||||||||||||||
Net settlement of margin deposits under repurchase agreements and derivatives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Repayments of secured notes and bonds payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Deferred financing fees | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Dividends paid on common and preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Borrowings under secured financing agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Borrowings under warehouse credit facilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Borrowings under secured notes and bonds payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Proceeds from issuance of debt obligations of consolidated CFEs | 836,156 | 150,586 | 1,142,476 | 150,586 | 1,376,748 | 725,901 | 1,595,098 | 725,397 | |||||||
Repayments of debt obligations of consolidated CFEs | (51,983) | (150,961) | (127,404) | (297,527) | (190,881) | (374,170) | (269,563) | (430,042) | (1,145,324) | ||||||
Issuance of common and preferred stock | 0 | ||||||||||||||
Repurchase of common and preferred stock | 0 | 0 | 0 | 0 | |||||||||||
Noncontrolling interest in equity of consolidated subsidiaries - distributions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Payment of contingent consideration | 0 | 0 | 0 | 0 | |||||||||||
Net cash provided by (used in) financing activities | (51,983) | 685,195 | 23,182 | 844,949 | (40,295) | 1,002,578 | 456,338 | 1,165,056 | (419,927) | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 3,609 | (3,931) | (2,829) | (18,738) | (4,314) | (20,753) | 12,582 | (21,473) | 8,466 | ||||||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 7,380 | 8,865 | 15,303 | 11,694 | 12,414 | 14,429 | 29,236 | 33,167 | 11,694 | 33,167 | 11,694 | 33,167 | 11,694 | 33,167 | 24,701 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 24,276 | 7,380 | 8,865 | 15,303 | 11,694 | 12,414 | 14,429 | 29,236 | 8,865 | 14,429 | 7,380 | 12,414 | 24,276 | 11,694 | 33,167 |
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Cash paid during the period for interest | 27,436 | 17,304 | 55,811 | 38,431 | 82,668 | 62,912 | 123,004 | 90,992 | 72,703 | ||||||
Cash paid during the period for income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Dividends declared but not paid on common and preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Transfer from residential mortgage loans to REO and other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Real estate securities retained from loan securitizations | (113,695) | (15,241) | (100,324) | (15,241) | (167,246) | (113,136) | (206,082) | (127,664) | |||||||
Residential mortgage loans subject to repurchase | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Purchase of Agency RMBS, settled after quarter-end | 0 | 0 | |||||||||||||
Cashless exercise of 2020 Warrants (par) | 0 | 0 | 0 | 0 | 0 | ||||||||||
Error Adjustments | Marcus Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 0 | 0 | 0 | ||||||||||||
Subtotal | |||||||||||||||
Cash Flows From Operating Activities | |||||||||||||||
Net income (loss) | (67,151) | 221,191 | 386,685 | 89,949 | 105,833 | 154,190 | 33,331 | 689,931 | 476,634 | 723,262 | 697,825 | 877,452 | 630,674 | 983,285 | 805,582 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||
Change in fair value of investments, net | 247,075 | 146,125 | 307,633 | 396,161 | 560,017 | (560,492) | 893,665 | (1,069,927) | (40,576) | ||||||
Change in fair value of equity investments | 2,098 | (256) | 27,630 | 9,111 | 27,509 | 8,535 | 28,407 | 13,265 | (5,986) | ||||||
Change in fair value of secured notes and bonds payable | 2,500 | (7,194) | (2,049) | (35,151) | (5,890) | (50,279) | 17,155 | (45,792) | (12,991) | ||||||
(Gain) loss on settlement of investments, net | (167,609) | (61,184) | (283,306) | (156,120) | (402,449) | 843,837 | (820,238) | 1,354,263 | 205,220 | ||||||
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net | (109,268) | (461,908) | (287,852) | (773,478) | (437,082) | (981,364) | (533,477) | (1,092,749) | (1,787,851) | ||||||
(Gain) loss on transfer of loans to real estate owned ("REO") | (3,276) | (2,944) | (7,472) | (4,039) | (10,120) | (6,263) | (10,224) | (7,726) | (3,752) | ||||||
Accretion and other amortization | (12,766) | (13,351) | (29,892) | (30,287) | (74,730) | (37,634) | (106,421) | (80,957) | (46,241) | ||||||
Provision (reversal) for credit losses on securities, loans and REO | (2,803) | 3,740 | 3,009 | 7,528 | 6,455 | 14,272 | (478) | 14,962 | (47,744) | ||||||
Non-cash portions of servicing revenue, net | 149,730 | (645,018) | 120,272 | (981,581) | 158,344 | (890,281) | 618,005 | (639,945) | 577,763 | ||||||
Deferred tax provision | (16,822) | 201,354 | 39,626 | 275,458 | 86,324 | 297,517 | 90,002 | 271,167 | 151,200 | ||||||
Mortgage loans originated and purchased for sale, net of fees | (7,531,856) | (29,446,744) | (18,109,588) | (50,321,003) | (30,003,362) | (65,446,856) | (39,817,843) | (76,420,262) | (130,205,665) | ||||||
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale | 8,227,517 | 32,408,766 | 18,340,744 | 54,612,866 | 30,344,339 | 70,695,255 | 39,694,807 | 81,717,910 | 132,114,445 | ||||||
Loan originations and draws of consolidated entities | 0 | 0 | 0 | ||||||||||||
Loan repayment proceeds of consolidated entities | 57,854 | 154,840 | 130,704 | 294,364 | 196,166 | 372,950 | 278,920 | 431,065 | 753,101 | ||||||
Mortgage loans receivable repayment proceeds of consolidated CFEs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||
Interest received from servicer advance investments, loans and other | 13,705 | 41,721 | 27,874 | 31,394 | 42,932 | 46,797 | 54,485 | 62,375 | 153,539 | ||||||
Changes in: | |||||||||||||||
Servicer advances receivable, net | 230,596 | 202,938 | 377,567 | 294,452 | 339,610 | 332,902 | 15,022 | (36,695) | 226,173 | ||||||
Other assets | 50,472 | (268,772) | 16,191 | 72,498 | 15,312 | (54,485) | (428,763) | 405,469 | 939,953 | ||||||
Due to affiliates | (7,887) | (17,819) | (17,819) | (17,819) | 8,369 | ||||||||||
Accrued expenses and other liabilities | 21,346 | 285,517 | 83,799 | 132,325 | 199,341 | 317,256 | 89,897 | (89,003) | (349,733) | ||||||
Net cash provided by (used in) operating activities | 1,248,442 | 3,219,674 | 1,231,524 | 4,529,941 | 1,740,541 | 5,761,300 | 693,595 | 5,752,886 | 3,434,806 | ||||||
Cash Flows From Investing Activities | |||||||||||||||
Purchase of US Treasuries | (973,795) | (973,795) | (998,148) | ||||||||||||
Purchase of servicer advance investments | (232,446) | (257,807) | (445,470) | (500,000) | (644,594) | (744,671) | (852,015) | (988,847) | (1,286,526) | ||||||
Purchase of RMBS | (2,883,278) | (1,006,483) | (2,898,237) | (1,052,724) | (4,094,458) | (9,597,580) | (4,094,934) | (15,629,483) | (6,099,550) | ||||||
Purchase of residential mortgage loans | (1,269) | (7,182) | (1,269) | (7,182) | (1,269) | (7,182) | 0 | (7,182) | |||||||
Purchase of SFR properties, MSRs and other assets | (4,607) | (239,347) | (11,975) | (355,002) | (72,503) | (396,981) | (106,351) | (416,610) | (1,390,317) | ||||||
Purchase of mortgage loans receivable | (146,631) | (146,631) | |||||||||||||
Draws on revolving consumer loans | (6,831) | (7,163) | (13,493) | (14,350) | (20,675) | (22,070) | (27,510) | (29,615) | (29,002) | ||||||
Net settlement of derivatives and hedges | 225,560 | 65,436 | 291,174 | 279,306 | 390,415 | 282,827 | 867,637 | 311,073 | (182,971) | ||||||
Return of investments in Excess MSRs | 7,821 | 2,680 | 16,489 | 7,873 | 23,066 | 12,264 | 31,940 | 17,701 | 54,037 | ||||||
Principal repayments from servicer advance investments | 240,331 | 290,128 | 464,921 | 541,868 | 675,261 | 791,653 | 880,861 | 1,033,326 | 1,382,344 | ||||||
Principal repayments from RMBS | 143,419 | 336,380 | 305,887 | 649,294 | 477,480 | 863,193 | 639,736 | 1,026,186 | 2,257,698 | ||||||
Principal repayments from residential mortgage loans | 8,272 | 24,121 | 21,364 | 49,806 | 35,064 | 69,020 | 47,735 | 85,836 | 119,841 | ||||||
Principal repayments from consumer loans | 24,784 | 39,935 | 86,164 | 79,298 | 267,820 | 112,228 | 439,540 | 140,574 | 214,619 | ||||||
Proceeds from sale of MSRs and MSR financing receivables | 1,357 | 454 | 424,034 | 2,105 | 705,300 | 3,975 | 705,300 | 10,698 | 62,971 | ||||||
Proceeds from sale of RMBS | 1,869,053 | 1,869,053 | 738,887 | 1,868,702 | 7,716,127 | 2,087,419 | 14,565,043 | 8,189,585 | |||||||
Proceeds from sale of REO | 5,678 | 3,832 | 13,175 | 7,210 | 19,806 | 9,652 | 23,153 | 14,201 | 54,232 | ||||||
Purchase of MSRs, MSR financing receivables and servicer advances receivable | (655) | (603) | (1,259) | ||||||||||||
Principal repayments from MSRs and MSR financing receivables | 703 | 1,216 | 1,509 | ||||||||||||
Net cash provided by (used in) investing activities | (602,156) | (754,968) | (851,978) | 427,002 | (1,491,011) | (907,295) | 216,721 | 132,901 | 2,183,712 | ||||||
Cash Flows From Financing Activities | |||||||||||||||
Repayments of secured financing agreements | (11,327,261) | (9,638,525) | (24,321,697) | (23,318,214) | (31,733,802) | (39,920,856) | (48,921,875) | (55,998,234) | (69,206,600) | ||||||
Repayments of warehouse credit facilities | (8,473,149) | (33,378,329) | (18,980,639) | (56,240,720) | (31,076,021) | (73,028,747) | (41,096,041) | (83,793,352) | (130,744,991) | ||||||
Repayment of unsecured senior notes | 0 | ||||||||||||||
Net settlement of margin deposits under repurchase agreements and derivatives | (387,780) | 137,418 | (411,796) | 812,477 | (676,511) | 1,007,970 | (862,662) | 1,460,458 | 249,367 | ||||||
Repayments of secured notes and bonds payable | (1,677,534) | (1,047,972) | (3,538,076) | (2,220,042) | (5,024,509) | (3,174,439) | (7,636,954) | (4,696,136) | (8,078,073) | ||||||
Deferred financing fees | (2,103) | (4,472) | (11,740) | (1,398) | (7,084) | (8,992) | (7,364) | (11,062) | (8,385) | ||||||
Dividends paid on common and preferred stock | (140,968) | (139,185) | (284,262) | (278,293) | (427,583) | (417,445) | (570,878) | (558,301) | (438,544) | ||||||
Borrowings under secured financing agreements | 12,240,027 | 10,081,997 | 26,093,901 | 21,936,667 | 34,530,433 | 39,713,905 | 50,079,186 | 54,385,892 | 64,749,425 | ||||||
Borrowings under warehouse credit facilities | 8,062,420 | 29,622,712 | 18,706,720 | 50,995,092 | 30,625,465 | 66,296,292 | 41,065,479 | 76,069,417 | 129,899,057 | ||||||
Borrowings under secured notes and bonds payable | 1,303,796 | 1,675,265 | 2,425,593 | 2,929,949 | 3,561,756 | 4,101,314 | 6,669,483 | 6,192,823 | 7,964,077 | ||||||
Proceeds from issuance of debt obligations of consolidated CFEs | 836,156 | 150,586 | 1,142,476 | 150,586 | 1,376,748 | 725,901 | 1,595,098 | 725,397 | |||||||
Repayments of debt obligations of consolidated CFEs | (51,983) | (150,961) | (127,404) | (297,527) | (190,881) | (374,170) | (269,563) | (430,042) | (1,145,324) | ||||||
Issuance of common and preferred stock | 962,910 | ||||||||||||||
Repurchase of common and preferred stock | (3,814) | (3,814) | (3,814) | (5,227) | |||||||||||
Noncontrolling interest in equity of consolidated subsidiaries - distributions | (5,430) | (8,879) | (12,405) | (15,968) | (17,597) | (21,391) | (17,261) | (27,047) | (78,123) | ||||||
Payment of contingent consideration | (12,276) | (2,355) | (12,276) | ||||||||||||
Net cash provided by (used in) financing activities | (459,965) | (2,030,865) | (311,219) | (4,559,315) | (285,748) | (4,453,625) | (842,549) | (5,818,068) | (5,162,083) | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 186,321 | 433,841 | 68,327 | 397,628 | (36,218) | 400,380 | 67,767 | 67,719 | 456,435 | ||||||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 1,593,110 | 1,697,655 | 1,815,649 | 1,629,328 | 1,961,989 | 1,959,237 | 1,995,450 | 1,561,609 | 1,629,328 | 1,561,609 | 1,629,328 | 1,561,609 | 1,629,328 | 1,561,609 | 1,105,174 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 1,697,095 | 1,593,110 | 1,697,655 | 1,815,649 | 1,629,328 | 1,961,989 | 1,959,237 | 1,995,450 | 1,697,655 | 1,959,237 | 1,593,110 | 1,961,989 | 1,697,095 | 1,629,328 | 1,561,609 |
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Cash paid during the period for interest | 313,870 | 150,121 | 680,330 | 318,438 | 975,872 | 531,903 | 1,484,094 | 825,224 | 578,681 | ||||||
Cash paid during the period for income taxes | 402 | 36 | 1,798 | 1,636 | 1,798 | 1,757 | 6,524 | 4,012 | 23,506 | ||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Dividends declared but not paid on common and preferred stock | 143,149 | 139,158 | 143,225 | 139,141 | 143,199 | 140,856 | 143,199 | 140,984 | 139,170 | ||||||
Transfer from residential mortgage loans to REO and other assets | 6,025 | (2,034) | 14,662 | 4,890 | 21,135 | 10,762 | 21,943 | 14,936 | 30,020 | ||||||
Real estate securities retained from loan securitizations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 45,967 | |||||||
Residential mortgage loans subject to repurchase | 1,782,998 | 1,443,546 | 1,296,097 | 1,189,907 | 1,219,890 | 1,897,142 | 1,758,509 | 1,700,426 | 1,296,097 | 1,758,509 | 1,443,546 | 1,897,142 | 1,782,998 | 1,219,890 | 1,787,314 |
Purchase of Agency RMBS, settled after quarter-end | 498,933 | 731,216 | |||||||||||||
Cashless exercise of 2020 Warrants (par) | 93 | 93 | 93 | 93 | 69 | ||||||||||
Subtotal | Marcus Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | 1,317,347 | 1,317,347 | 1,317,347 | ||||||||||||
Reclassifications | |||||||||||||||
Cash Flows From Operating Activities | |||||||||||||||
Net income (loss) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||
Change in fair value of investments, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Change in fair value of equity investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Change in fair value of secured notes and bonds payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
(Gain) loss on settlement of investments, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
(Gain) loss on sale of originated residential mortgage loans, held-for-sale, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
(Gain) loss on transfer of loans to real estate owned ("REO") | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Accretion and other amortization | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Provision (reversal) for credit losses on securities, loans and REO | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Non-cash portions of servicing revenue, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Deferred tax provision | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Mortgage loans originated and purchased for sale, net of fees | 0 | 0 | 0 | 27,061 | 0 | 49,024 | 0 | 75,406 | 0 | ||||||
Sales proceeds and loan repayment proceeds for residential mortgage loans, held-for-sale | (90,496) | 0 | (166,550) | (79,480) | (255,798) | (124,918) | (353,994) | (170,834) | 0 | ||||||
Loan originations and draws of consolidated entities | (27,061) | (49,024) | (75,406) | ||||||||||||
Loan repayment proceeds of consolidated entities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Mortgage loans receivable repayment proceeds of consolidated CFEs | 90,496 | 166,550 | 79,480 | 255,798 | 124,918 | 353,994 | 170,834 | ||||||||
Interest received from servicer advance investments, loans and other | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Changes in: | |||||||||||||||
Servicer advances receivable, net | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Due to affiliates | 0 | 0 | 0 | 0 | 0 | ||||||||||
Accrued expenses and other liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net cash provided by (used in) operating activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash Flows From Investing Activities | |||||||||||||||
Purchase of US Treasuries | 0 | 0 | 0 | ||||||||||||
Purchase of servicer advance investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Purchase of RMBS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Purchase of residential mortgage loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Purchase of SFR properties, MSRs and other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Purchase of mortgage loans receivable | 0 | 0 | |||||||||||||
Draws on revolving consumer loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net settlement of derivatives and hedges | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Return of investments in Excess MSRs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from servicer advance investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from RMBS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from residential mortgage loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Principal repayments from consumer loans | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Proceeds from sale of MSRs and MSR financing receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Proceeds from sale of RMBS | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Proceeds from sale of REO | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Purchase of MSRs, MSR financing receivables and servicer advances receivable | 0 | 0 | 0 | ||||||||||||
Principal repayments from MSRs and MSR financing receivables | 0 | 0 | 0 | ||||||||||||
Net cash provided by (used in) investing activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash Flows From Financing Activities | |||||||||||||||
Repayments of secured financing agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Repayments of warehouse credit facilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Repayment of unsecured senior notes | 0 | ||||||||||||||
Net settlement of margin deposits under repurchase agreements and derivatives | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Repayments of secured notes and bonds payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Deferred financing fees | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Dividends paid on common and preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Borrowings under secured financing agreements | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Borrowings under warehouse credit facilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Borrowings under secured notes and bonds payable | 0 | (324,062) | 0 | (324,062) | 0 | (324,062) | 0 | (324,062) | 0 | ||||||
Proceeds from issuance of debt obligations of consolidated CFEs | 324,062 | 0 | 324,062 | 0 | 324,062 | 0 | 324,062 | 0 | |||||||
Repayments of debt obligations of consolidated CFEs | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Issuance of common and preferred stock | 0 | ||||||||||||||
Repurchase of common and preferred stock | 0 | 0 | 0 | 0 | |||||||||||
Noncontrolling interest in equity of consolidated subsidiaries - distributions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Payment of contingent consideration | 0 | 0 | 0 | 0 | |||||||||||
Net cash provided by (used in) financing activities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash, Cash Equivalents, and Restricted Cash, Beginning of Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cash, Cash Equivalents, and Restricted Cash, End of Period | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Supplemental Disclosure of Cash Flow Information | |||||||||||||||
Cash paid during the period for interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Cash paid during the period for income taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Dividends declared but not paid on common and preferred stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Transfer from residential mortgage loans to REO and other assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||
Real estate securities retained from loan securitizations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||
Residential mortgage loans subject to repurchase | $ 0 | $ 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 | 0 | $ 0 | 0 | 0 | 0 | 0 | $ 0 |
Purchase of Agency RMBS, settled after quarter-end | $ 0 | 0 | |||||||||||||
Cashless exercise of 2020 Warrants (par) | $ 0 | 0 | 0 | 0 | $ 0 | ||||||||||
Reclassifications | Marcus Acquisition | |||||||||||||||
Supplemental Schedule of Non-Cash Investing and Financing Activities | |||||||||||||||
Seller financing in acquisition | $ 0 | $ 0 | $ 0 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event $ in Millions | Feb. 05, 2024 USD ($) |
Common Stock | |
Subsequent Event [Line Items] | |
Stock repurchase program, authorized amount | $ 200 |
Preferred Stock | |
Subsequent Event [Line Items] | |
Stock repurchase program, authorized amount | $ 100 |