Company: RITM-PC
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001556593-25-000016
Chunk: 39

Company: Rithm Capital Corp.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 39
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 not record any impairment loss on its intangible assets for the three months ended March 31, 2025 and 2024.The following table summarizes the amortization expense recorded by the Company related to its intangible assets. Amortization expense related to intangible assets is included in general and administrative in the consolidated statements of operations.Three Months Ended March 31,20252024Amortization expense$13,056 $18,953 

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RITHM CAPITAL CORP. AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)(dollars in tables in thousands, except share and per share data)

The following table summarizes the expected future amortization expense for intangible assets as of March 31, 2025:Year EndingAmortization Expense2026$36,244 202741,073 202836,888 202936,317 203035,898 2031 and thereafter109,232 $295,652 

16. LEASES

Rithm Capital, through its wholly-owned subsidiaries, has leases on office space expiring through 2035. Rent expense, net of sublease income for the three months ended March 31, 2025 and 2024 totaled $7.3 million and $11.9 million, respectively. The Company has leases that include renewal options and escalation clauses. The terms of the leases do not impose any financial restrictions or covenants.Operating lease right-of-use (“ROU”) assets represent the right to use an underlying asset for the lease term and lease liabilities represent obligations to make lease payments arising from the lease. In addition, the Company has finance leases for computer hardware. As of March 31, 2025, the Company has pledged collateral related to its lease obligations of $7.3 million, which is presented as part of restricted cash on the consolidated balance sheets. Operating lease ROU assets and lease liabilities are presented as part of other assets and accrued expenses and other liabilities, respectively, on the consolidated balance sheets (Note 12).The table below summarizes the future commitments under the non-cancelable leases:Year EndingOperating LeasesFinance LeasesTotalApril 1 through December 31, 2025$34,175 $— $34,175 202639,349 228 39,577 202740,471 228 40,699 202829,942 — 29,942 202928,162