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MORTGAGE LOANS RECEIVABLE (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.
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 Geographic Distribution of Mortgage Loans Receivable
The following table summarizes the geographic distribution of the underlying mortgage loans receivable as of December 31, 2023:
Percentage of Total Loan Commitment
State ConcentrationDecember 31, 2023December 31, 2022
California48.2 %52.7 %
Washington7.9 %10.2 %
Florida7.3 %6.3 %
New York6.5 %5.9 %
Colorado5.0 %6.7 %
Arizona4.7 %6.6 %
Virginia3.5 %0.7 %
Texas2.5 %1.9 %
Georgia2.4 %0.8 %
Illinois2.3 %0.5 %
Other U.S.9.7 %7.7 %
100.0 %100.0 %