DEBT OBLIGATIONS (Tables)

12 Months Ended

Dec. 31, 2023

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	769,988
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(M)	524,062		518,998		Jul 26 to Dec-26	5.7	%	2.8		578,314		578,314		578,314		1.0	512,919
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	10,770,230		10,679,186			7.1	%	1.9	0								10,098,943
Liabilities of Consolidated Funds(N)
Consolidated funds(O)	222,250		218,157		May-37	5.0	%	4.8		205,723		N/A		203,794		N/A	—
Total / Weighted Average	$	23,562,807	$	23,458,626		6.6	%	1.2									$	21,356,679

(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)All SOFR-based floating interest rates.

(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)Includes $238.1 million which bear interest at an average fixed rate of 4.6% with the remaining having SOFR-based floating interest rates.

(N)Included within accrued expenses and other liabilities in the Consolidated Balance Sheets (Note 14).

(O)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 21). Weighted average life is based off expected maturity.

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	$	2,949,526	$	4,234,771	$	—	$	9,043,412	$	10,940,823	$	458,580	$	357,922	$	1,252,660	$	—	$	29,237,694
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	—		—		—		—		1,128		—		—		—		—		1,128
Secured Notes and Bonds Payable

Borrowings	2,804,677		2,027,637		—		—		—		—		879,947		524,062		—		6,236,323
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)		—		(11,144)		—		(45,791)
Capitalized deferred financing costs, net of amortization	2,593		2,172		—		—		—		—		(2,998)		—		—		1,767
Balance at December 31, 2022	$	2,907,300	$	4,791,543	$	—	$	7,431,070	$	3,371,315	$	299,498	$	822,372	$	1,733,581	$	—	$	21,356,679
Secured Financing Agreements
Acquired borrowings, net of discount (Note 3)	—		—		—		—		—		—		—		—		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)		—		1,764		—		—		—		—		(4,592)
Secured Notes and Bonds Payable
Acquired borrowings, net of discount (Note 3)	—		—						—		—		—		—		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		—		6,078		—		11,638
Capitalized deferred financing costs, net of amortization	3,274		1,415				—		—		(5,236)		7,169		—		750		7,372
Liabilities of Consolidated Funds(B)
Acquired borrowings, net of discount	—		—		—		—		—		—		—		—		218,746		218,746
Unrealized (gain) loss on notes, fair value	—		—		—		—		—		—		—		—		(589)		(589)
Balance at December 31, 2023	$	2,713,933	$	4,800,728	$	317,096	$	8,762,658	$	2,590,038	$	1,106,974	$	809,708	$	1,856,008	$	501,483	$	23,458,626

(A)Rithm Capital net settles daily borrowings and repayments of the secured notes and bonds payable on its servicer advances.

(B)Included within accrued expenses and other liabilities in the Consolidated Balance Sheets (Note 14).

Schedule of Contractual Maturities of Debt Obligations

Contractual maturities of debt obligations as of December 31, 2023 are as follows:


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	—		1,595,894		1,595,894
2027	734,737		420,000		1,154,737
2028 and thereafter	1,573,752		—		1,573,752
	$	6,322,370	$	17,790,437	$	24,112,807

(A)Includes secured financing agreements, secured notes and bonds payable, and unsecured notes net of issuance costs of $0.9 billion, $5.2 billion, and $0.2 billion, respectively.

(B)Includes secured financing agreements, secured notes and bonds payable, and unsecured notes net of issuance costs of $11.7 billion, $5.6 billion, and $0.5 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
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.

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