Company: RITM-PC
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001556593-25-000016
Chunk: 34

Company: Rithm Capital Corp.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 34
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393,786 $31,580 $425,366 Fundings(A)37,913 — 37,913 Payment in kind981 1,137 2,118 Proceeds from repayments— (15,000)(15,000)Fair Value Adjustments Due To:Other factors(B)1,444 — 1,444 Balance at March 31, 2025$434,124 $17,717 $451,841 (A)Rithm Capital acquired one additional note receivable during 2025 collateralized by commercial real estate.(B)There were no fair value adjustments due to changes in instrument-specific credit risk in the current period. The following table summarizes the past due status and difference between the aggregate UPB and the aggregate carrying value of notes and loans receivable:March 31, 2025December 31, 2024Days Past DueUPBCarrying Value(A)Carrying Value Over (Under) UPBUPBCarrying Value(A)Carrying Value Over (Under) UPBCurrent$543,887 $451,841 $(92,046)$518,856 $425,366 $(93,490)90+— — — — — — Total$543,887 $451,841 $(92,046)$518,856 $425,366 $(93,490)(A)Notes and loans receivable are carried at fair value. See Note 19 regarding fair value measurements.

13. EXCESS MORTGAGE SERVICING RIGHTS

Excess MSR assets include Rithm Capital’s ownership of Excess MSRs, and associated recapture agreements, acquired from and serviced by Mr. Cooper Group Inc. (“Mr. Cooper”). Prior to June 20, 2024, Rithm Capital owned certain pools of Excess MSR directly and certain pools through a joint venture with the Former Manager (the “Fortress Excess MSR JV”). On June 20, 2024, Rithm Capital, together with certain Sculptor nonconsolidated funds, acquired an excess MSR portfolio from the Former Manager (including the Former Manager’s ownership in the Fortress Excess MSR JV) for approximately $124.0 million. A new joint venture with such Sculptor nonconsolidated funds was formed for the acquisition. Rithm Capital owns an 80.0% interest in and manages the joint venture, and as a