Company: RITM-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001556593-25-000033
Chunk: 108

Company: Rithm Capital Corp.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 1
Chunk 108
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(12,263)Other factors19,156 Balance at September 30, 2025$598,147 (A)Represents draws on consumer loans with revolving privileges.

29 

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

9. SINGLE-FAMILY RENTAL PROPERTIES

Rithm Capital invests in and manages a geographically diversified portfolio of high-quality SFR properties. Rithm Capital owns SFR properties classified as both HFI and HFS. SFR properties HFI are carried at cost less accumulated depreciation and impairment. SFR properties HFS are managed for near term sale and disposition and are measured at the lower of carrying value or fair value less estimated cost to sell. SFR properties HFI and HFS are presented within single-family rental properties on the consolidated balance sheets.The following table summarizes the net carrying value of investments in SFR properties:September 30, 2025December 31, 2024Land$188,145 $191,992 Building752,601 767,966 Capital improvements159,649 150,811 Total gross investment in SFR properties1,100,395 1,110,769 Accumulated depreciation(102,279)(82,474)Investment in SFR Properties, Net$998,116 $1,028,295 Depreciation expense for the three months ended September 30, 2025 and 2024 totaled $6.9 million and $7.3 million, respectively, and $21.7 million and $22.3 million for the nine months ended September 30, 2025 and 2024, respectively. Depreciation expense is included in general and administrative in the consolidated statements of operations.As of September 30, 2025 and December 31, 2024, the carrying amount of the SFR properties includes capitalized acquisition costs of $6.8 million and $7.0 million, respectively.The following table summarizes the activity for the period related to the net carrying value of investments in SFR properties:SFR Properties HFISFR Properties HFSTotalBalance at December 31, 2024$989,002 $39,293 $1,028,295 Acquisitions and capital improvements13,935 — 13,935 Transfers to (