Company: RITM-PC
Filing Date: 2025-05-02
Form Type: 10-Q
Source: 0001556593-25-000016
Chunk: 27

Company: Rithm Capital Corp.
Filing Date: 2025-05-02
Form: 10-Q
Item: Item 8
Chunk 27
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 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:March 31, 2025December 31, 2024Land$189,549 $191,992 Building758,198 767,966 Capital improvements152,761 150,811 Total gross investment in SFR properties1,100,508 1,110,769 Accumulated depreciation(88,522)(82,474)Investment in SFR Properties, Net$1,011,986 $1,028,295 Depreciation expense for the three months ended March 31, 2025 and 2024 totaled $7.4 million and $7.7 million, respectively. Depreciation expense is included in general and administrative in the consolidated statements of operations.As of March 31, 2025 and December 31, 2024, the carrying amount of the SFR properties includes capitalized acquisition costs of $7.1 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 improvements3,237 — 3,237 Transfers to (from) HFS/HFI10,864 (10,864)— Dispositions— (12,136)(12,136)Depreciation expense(7,410)— (7,410)Balance at March 31, 2025$995,693 $16,293 $1,011,986 Rithm Capital generally rents its SFR properties under non-cancelable lease agreements with a term of one to two years. 

25

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 rental revenue and other variable revenue included in other revenues and other income (loss), net, respectively, on the consolidated statements of operations based on the specific lease terms for the period:Three Months Ended March 31,20252024Rental revenue$19,