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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, 2022December 31, 2021
Collateral
Debt Obligations/CollateralOutstanding Face Amount
Carrying Value(A)
Final Stated Maturity(B)
Weighted Average Funding CostWeighted Average Life (Years)Outstanding FaceAmortized Cost BasisCarrying ValueWeighted Average Life (Years)
Carrying Value(A)
Secured Financing Agreements(C)
Repurchase Agreements:
Warehouse Credit Facilities-Residential Mortgage Loans(F)
$4,910,944 $4,908,659 Jul-22 to Sep-253.05 %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-233.93 %1.51,358,294 1,358,294 1,358,294 0.71,252,660 
Agency RMBS(D)
7,040,807 7,040,807 Jul-22 to Sep-221.18 %0.17,994,763 8,216,954 7,061,674 9.68,386,538 
Non-Agency RMBS(E)
621,058 621,058 Jul-22 to Oct-233.73 %0.113,777,282 886,905 884,604 3.7656,874 
SFR properties(E)
235,487 235,487 Dec-223.15 %0.5N/A330,159 330,159 N/A158,515 
Total Secured Financing Agreements13,969,519 13,967,234 2.21 %0.420,592,884 
Secured Notes and Bonds Payable
Excess MSRs(G)
228,497 228,497  Aug-253.74 %3.173,121,546 265,354 329,535 6.8237,835 
MSRs(H)
4,666,798 4,657,497 Dec-22 to Dec-264.60 %2.7527,279,143 6,414,614 8,279,291 7.54,234,771 
Servicer Advance Investments(I)
322,735 321,891 Aug-22 to Mar-241.22 %0.5341,328 365,677 379,901 7.5355,722 
Servicer Advances(I)
2,174,064 2,169,295 Aug-22 to Nov-243.08 %1.22,590,339 2,560,696 2,560,696 0.72,355,969 
Residential Mortgage Loans(J)
772,887 772,998 Mar-24 to Jul-432.17 %2.4791,041 796,987 796,987 26.8802,526 
Consumer Loans(K)
384,596 357,663 Sep-372.07 %8.0380,549 393,138 423,704 3.3458,580 
SFR Properties497,303 496,771 Mar-23 to Jun-273.59 %3.6N/A542,385 542,385 N/A199,407 
Mortgage Loans Receivable(L)
324,062 317,414 Dec-264.43 %4.5352,867 352,867 352,867 0.7— 
Total Secured Notes and Bonds Payable9,370,942 9,322,026 3.75 %2.68,644,810 
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 MSRsMSRs
Servicer Advances(A)
Real Estate SecuritiesResidential Mortgage Loans and REOConsumer LoansSFR PropertiesMortgage Loans ReceivableTotal
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 
20231,299,437 5,529,828 6,829,265 
20241,239,059 1,533,468 2,772,527 
2025— 1,879,018 1,879,018 
2026324,062 1,514,224 1,838,286 
2027 and thereafter765,314 — 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 / CollateralBorrowing CapacityBalance Outstanding
Available Financing(A)
Secured Financing Agreements
Residential mortgage loans and REO$6,844,837 $3,044,826 $3,800,011 
Loan originations16,836,159 4,012,828 12,823,331 
Secured Notes and Bonds Payable
Excess MSRs286,380 228,497 57,883 
MSRs5,870,641 4,666,798 1,203,843 
Servicer advances3,911,341 2,496,799 1,414,542 
Residential mortgage loans290,714 230,189 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):
YearPrice
2022103.125%
2023101.563%
2024 and thereafter100.000%