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RESIDENTIAL MORTGAGE LOANS (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,
20232022
Outstanding Face AmountCarrying
Value		Loan
Count		Weighted Average Yield
Weighted Average Life (Years)(A)
Carrying Value
Total 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 %5.972,425 
Acquired non-performing loans(C)
26,381 21,839 326 8.5 %5.628,602 
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 %16.4890,131 
Acquired non-performing loans(C)(D)
220,962 204,950 1,135 4.6 %25.2340,342 
Originated loans1,816,318 1,856,312 5,850 7.1 %29.42,066,798 
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 $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.
The following table summarizes mortgage loans receivable outstanding by loan purpose as of December 31, 2023:
Carrying
Value(A)
% of PortfolioLoan
Count		% of PortfolioWeighted Average YieldWeighted Average Original Life (Months)
Weighted Average Committed Loan Balance to Value(B)
December 31, 2023
Construction$934,131 41.8 %371 27.0 %10.5 %16.2
74.0% / 63.0%
Bridge1,009,667 45.3 %652 47.6 %9.6 %26.568.8%
Renovation289,115 12.9 %349 25.4 %10.0 %13.5
80.5% / 68.6%
$2,232,913 100.0 %1,372 100.0 %10.1 %20.4N/A
December 31, 2022
Construction$965,495 46.8 %622 37.1 %8.3 %15.0
76.8% / 65.6%
Bridge838,539 40.6 %701 41.8 %8.1 %20.1
75.3%
Renovation259,994 12.6 %354 21.1 %8.3 %13.0
78.0% / 66.1%
$2,064,028 100.0 %1,677 100.0 %8.2 %16.5N/A
(A)Mortgage loans receivable are carried at fair value. See Note 20 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 mortgage loans receivable:
Balance at December 31, 2021$1,515,762 
Initial loan advances1,438,117 
Construction holdbacks and draws559,294 
Paydowns and payoffs(1,405,278)
Purchased loans discount (premium) amortization(43,867)
Balance at December 31, 2022
$2,064,028 
Purchases146,631 
Initial loan advances1,380,187 
Construction holdbacks and draws667,656 
Paydowns and payoffs(2,025,890)
Purchased loans discount (premium) amortization668 
Fair value adjustments due to:
Changes in instrument-specific credit risk— 
Other factors(367)
Balance at December 31, 2023
$2,232,913 
The following table summarizes the activity for notes and loans receivable:
Notes ReceivableLoans ReceivableTotal
Balance at December 31, 2021
$60,549 $229,631 $290,180 
Fundings9,000 — 9,000 
Payment in Kind3,741 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 the underlying residential mortgage loans:
Percentage of Total Outstanding Unpaid Principal Amount
December 31,
State Concentration20232022
Texas9.5 %8.9 %
Florida9.3 %10.9 %
California8.3 %10.2 %
New York8.0 %6.8 %
Georgia4.9 %4.2 %
New Jersey3.9 %3.8 %
Virginia3.6 %2.7 %
Illinois3.5 %3.6 %
Maryland3.3 %3.1 %
North Carolina3.2 %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 loans:
December 31,
20232022
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying 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 mortgage loans receivable:
December 31,
20232022
Days Past DueUPBCarrying ValueCarrying Value Over (Under) UPBUPBCarrying ValueCarrying Value Over (Under) UPB
Current$2,184,470 $2,183,047 $(1,423)$2,064,028 $2,064,028 $— 
90+49,929 49,866 (63)— — — 
$2,234,399 $2,232,913 $(1,486)$2,064,028 $2,064,028 $— 
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,
20232022
Days Past DueUPB
Carrying Value(A)
Carrying Value Over (Under) UPBUPB
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 20 regarding fair value measurements.
Schedule of Loans Held For Sale, Fair Value
The following table summarizes the activity for residential mortgage loans:
Loans Held-for-Investment, at Fair ValueLoans Held-for-Sale, at Lower of Cost or Fair ValueLoans Held-for-Sale, at Fair ValueTotal
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)(81,648,703)(81,653,129)
Purchases/additional fundings7,182 — 6,880,225 6,887,407 
Proceeds from repayments(80,661)(17,777)(394,613)(493,051)
Transfer of loans to other assets(A)
— — (25,375)(25,375)
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
$452,519 $101,027 $3,297,271 $3,850,817 
Originations — — 37,123,264 37,123,264 
Sales— (6,946)(38,207,803)(38,214,749)
Purchases/additional fundings1,269 — 375,435 376,704 
Proceeds from repayments(51,195)(10,773)(181,166)(243,134)
Transfer of loans to other assets(A)
— 286 11,376 11,662 
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 risk7,540 — 4,639 12,179 
Other factors6,615 — 9,752 16,367 
Balance at December 31, 2023
$379,044 $78,877 $2,461,865 $2,919,786 
(A)Represents loans for which foreclosure has been completed and for which Rithm Capital has made, or intends to make, a claim with the governmental agency that has guaranteed the loans that are grouped and presented as part of claims receivable in other assets (Note 14).
Schedule of Net Interest Income
The following table summarizes the net interest income for residential mortgage loans:
December 31,
202320222021
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 value5,804 6,898 23,280 
Loans held-for-sale, at fair value159,233 211,238 260,062 
Total interest income199,695 263,423 327,711 
Interest expense:
Loans held-for-investment, at fair value18,893 17,583 16,919 
Loans held-for-sale, at lower of cost or fair value3,615 3,402 21,333 
Loans held-for-sale, at fair value(A)
161,901 181,071 159,413 
Total interest expense184,409 202,056 197,665 
Net interest income$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.
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,
202320222021
Gain (loss) on residential mortgage loans originated and sold, net(A)
$(417,180)$(1,106,458)$460,062 
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$457,573 $1,435,054 $2,139,547 
Change in fair value of residential mortgage loans99,877 (271,530)(137,503)
Change in fair value of interest rate lock commitments (Note 18)15,018 (102,992)(293,699)
Change in fair value of derivative instruments (Note 18)(64,034)25,700 118,564 
Gain on originated residential mortgage loans, held-for-sale, net$508,434 $1,086,232 $1,826,909 
(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.