Company: RITM-PC
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001556593-25-000007
Chunk: 293

Company: Rithm Capital Corp.
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 293
---
 and impairment and are presented within single-family rental properties on the consolidated balance sheets. SFR properties HFS are managed for near term sale and disposition. They are measured at the lower of cost less accumulated depreciation and impairment or fair value less estimated cost to sell and presented within single-family rental properties on the consolidated balance sheets. For the year ended December 31, 2024, Rithm Capital transferred 206 SFR properties HFI to HFS.

154

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

The following table summarizes the net carrying value of investments in SFR properties:December 31,20242023Land$191,992 $183,359 Building767,966 733,437 Capital improvements150,811 138,869 Total gross investment in SFR properties1,110,769 1,055,665 Accumulated depreciation(82,474)(53,737)Investment in SFR Properties, Net$1,028,295 $1,001,928 Depreciation expense for the years ended December 31, 2024, 2023 and 2022 totaled $30.0 million, $28.2 million and $18.9 million, respectively. Depreciation expense is included in general and administrative in the consolidated statements of operations.As of December 31, 2024 and 2023, the carrying amount of the SFR properties includes capitalized acquisition costs of $7.0 million and $7.5 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, 2022$971,313 $— $971,313 Acquisitions and capital improvements67,013 — 67,013 Transfers to HFS(9,561)9,561 — Dispositions(250)(7,990)(8,240)Depreciation expense(28,158)— (28,158)Balance at December 31, 20231,000,357 1,571 1,001,928 Acquisitions and capital improvements70,355 — 70,355 Transfers to HFS(50,615)50,615 — Dispositions(1