DEBT OBLIGATIONS (Tables)

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

Schedule of Debt Obligations

The following table summarizes Secured Financing Agreements and Secured Notes and Bonds Payable debt obligations:

	June 30, 2022															December 31, 2021
									Collateral
Debt Obligations/Collateral	Outstanding Face Amount		Carrying Value(A)		Final Stated Maturity(B)	Weighted Average Funding Cost		Weighted Average Life (Years)	Outstanding Face		Amortized Cost Basis		Carrying Value		Weighted Average Life (Years)	Carrying Value(A)
Secured Financing Agreements(C)
Repurchase Agreements:
Warehouse Credit Facilities-Residential Mortgage Loans(F)	$	4,910,944	$	4,908,659	Jul-22 to Sep-25	3.05	%	0.7	$	5,646,909	$	5,588,006	$	5,479,872	20.3	$	10,138,297
Warehouse Credit Facilities-Mortgage Loans Receivable(E)	1,161,223		1,161,223		Dec-23	3.93	%	1.5	1,358,294		1,358,294		1,358,294		0.7	1,252,660
Agency RMBS(D)	7,040,807		7,040,807		Jul-22 to Sep-22	1.18	%	0.1	7,994,763		8,216,954		7,061,674		9.6	8,386,538
Non-Agency RMBS(E)	621,058		621,058		Jul-22 to Oct-23	3.73	%	0.1	13,777,282		886,905		884,604		3.7	656,874
SFR properties(E)	235,487		235,487		Dec-22	3.15	%	0.5	N/A		330,159		330,159		N/A	158,515
Total Secured Financing Agreements	13,969,519		13,967,234			2.21	%	0.4								20,592,884
Secured Notes and Bonds Payable
Excess MSRs(G)	228,497		228,497		Aug-25	3.74	%	3.1	73,121,546		265,354		329,535		6.8	237,835
MSRs(H)	4,666,798		4,657,497		Dec-22 to Dec-26	4.60	%	2.7	527,279,143		6,414,614		8,279,291		7.5	4,234,771
Servicer Advance Investments(I)	322,735		321,891		Aug-22 to Mar-24	1.22	%	0.5	341,328		365,677		379,901		7.5	355,722
Servicer Advances(I)	2,174,064		2,169,295		Aug-22 to Nov-24	3.08	%	1.2	2,590,339		2,560,696		2,560,696		0.7	2,355,969
Residential Mortgage Loans(J)	772,887		772,998		Mar-24 to Jul-43	2.17	%	2.4	791,041		796,987		796,987		26.8	802,526
Consumer Loans(K)	384,596		357,663		Sep-37	2.07	%	8.0	380,549		393,138		423,704		3.3	458,580
SFR Properties	497,303		496,771		Mar-23 to Jun-27	3.59	%	3.6	N/A		542,385		542,385		N/A	199,407
Mortgage Loans Receivable(L)	324,062		317,414		Dec-26	4.43	%	4.5	352,867		352,867		352,867		0.7	—
Total Secured Notes and Bonds Payable	9,370,942		9,322,026			3.75	%	2.6								8,644,810
Total/ Weighted Average	$	23,340,461	$	23,289,260		2.84	%	1.3								$	29,237,694

(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 $23.5 million of associated accrued interest payable as of June 30, 2022.

(D)All fixed interest rates.

(E)All LIBOR-based floating interest rates.

(F)Includes $227.9 million which bear interest at a fixed rate of 4.0% with the remaining having LIBOR-based floating interest rates.

(G)Includes $228.5 million of corporate loans which bear interest at a fixed rate of 3.7%.

(H)Includes $2.6 billion of MSR notes which bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR or SOFR, and (ii) a margin ranging from 2.5% to 3.5%; and $2.0 billion of capital market notes with fixed interest rates ranging 3.0% to 5.4%. The outstanding face amount of the collateral represents the UPB of the residential mortgage loans underlying the MSRs and MSR Financing Receivables securing these notes.

(I)$1.7 billion face amount of the notes have a fixed rate while the remaining notes bear interest equal to the sum of (i) a floating rate index equal to one-month LIBOR or a cost of funds rate, as applicable, and (ii) a margin ranging from 1.1% to 3.5%. Collateral includes Servicer Advance Investments, as well as servicer advances receivable related to the mortgage servicing rights and MSR financing receivables owned by NRM.

(J)Represents (i) $22.9 million of SAFT 2013-1 mortgage-backed securities issued with fixed interest rate of 3.8%, and (ii) $750.0 million securitization backed by a revolving warehouse facility to finance newly originated first-lien, fixed- and adjustable-rate residential mortgage loans which bears interest equal to one-month LIBOR plus 1.1%.

(K)Includes the SpringCastle debt, which is primarily composed of the following classes of asset-backed notes held by third parties: $331.6 million UPB of Class A notes with a coupon of 2.0% and a stated maturity date in September 2037 and $53.0 million UPB of Class B notes with a coupon of 2.7% and a stated maturity date in September 2037 (collectively, “SCFT 2020-A”).

(L)Reflects the 2022-RTL1 Securitization. Refer to Note 20 for details.

The following table summarizes activities related to the carrying value of debt obligations:

	Excess MSRs		MSRs		Servicer Advances(A)		Real Estate Securities		Residential Mortgage Loans and REO		Consumer Loans		SFR Properties		Mortgage Loans Receivable		Total
Balance at December 31, 2021	$	237,835	$	4,234,771	$	2,711,691	$	9,043,412	$	10,940,823	$	458,580	$	357,922	$	1,252,660	$	29,237,694
Secured Financing Agreements
Borrowings	—		—		—		21,936,667		49,939,478		—		188,390		867,224		72,931,759
Repayments	—		—		—		(23,318,214)		(55,170,640)		—		(111,418)		(958,661)		(79,558,933)
Capitalized deferred financing costs, net of amortization	—		—		—		—		1,524		—		—		—		1,524
Secured Notes and Bonds Payable
Borrowings	—		915,000		1,296,071		—		—		—		394,816		324,062		2,929,949
Repayments	(9,338)		(493,604)		(1,517,932)		—		(31,996)		(69,946)		(97,226)		—		(2,220,042)
Unrealized gain on notes, fair value	—		—		—		—		2,468		(30,971)		—		(6,648)		(35,151)
Capitalized deferred financing costs, net of amortization	—		1,330		1,356		—		—		—		(226)		—		2,460
Balance at June 30, 2022	$	228,497	$	4,657,497	$	2,491,186	$	7,661,865	$	5,681,657	$	357,663	$	732,258	$	1,478,637	$	23,289,260

(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 June 30, 2022 are as follows:

Year Ending	Nonrecourse(A)		Recourse(B)		Total
July 1 through December 31, 2022	$	506,597	$	9,299,334	$	9,805,931
2023	1,299,437		5,529,828		6,829,265
2024	1,239,059		1,533,468		2,772,527
2025	—		1,879,018		1,879,018
2026	324,062		1,514,224		1,838,286
2027 and thereafter	765,314		—		765,314
	$	4,134,469	$	19,755,872	$	23,890,341

(A)Includes secured notes and bonds payable of $4.1 billion.

(B)Includes secured financing agreements and secured notes and bonds payable of $14.0 billion and $5.8 billion, respectively.

Schedule of Borrowing Capacity

The following table represents borrowing capacity as of June 30, 2022:

Debt Obligations / Collateral	Borrowing Capacity		Balance Outstanding		Available Financing(A)
Secured Financing Agreements
Residential mortgage loans and REO	$	6,844,837	$	3,044,826	$	3,800,011
Loan originations	16,836,159		4,012,828		12,823,331
Secured Notes and Bonds Payable
Excess MSRs	286,380		228,497		57,883
MSRs	5,870,641		4,666,798		1,203,843
Servicer advances	3,911,341		2,496,799		1,414,542
Residential mortgage loans	290,714		230,189		60,526
	$	34,040,072	$	14,679,937	$	19,360,136

(A)Although available financing is uncommitted, Rithm Capital’s unused borrowing capacity is available if it has additional eligible collateral to pledge and meets other borrowing conditions as set forth in the applicable agreements, including any applicable advance rate.

Schedule of Debt Redemption

The 2025 Senior Notes mature on October 15, 2025 and the Company may redeem some or all of the 2025 Senior Notes at the Company’s option, at any time from time to time, on or after October 15, 2022 at a price equal to the following fixed redemption prices (expressed as a percentage of principal amount of the 2025 Senior Notes to be redeemed):

Year	Price
2022	103.125%
2023	101.563%
2024 and thereafter	100.000%