Company: RITM-PC
Filing Date: 2025-02-18
Form Type: 10-K
Source: 0001556593-25-000007
Chunk: 294

Company: Rithm Capital Corp.
Filing Date: 2025-02-18
Form: 10-K
Item: Item 8
Chunk 294
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,140)(12,893)(14,033)Depreciation expense(29,955)— (29,955)Balance at December 31, 2024$989,002 $39,293 $1,028,295 Rithm Capital generally rents its SFR properties under non-cancelable lease agreements with a term of one to two years. 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:Year Ended December 31,202420232022Rental revenue$76,561 $73,216 $54,567 Other variable revenue4,524 2,299 464 Total Revenue$81,085 $75,515 $55,031 The following table summarizes the future minimum rental revenues under existing leases on SFR properties:2025$39,067 2026 and thereafter3,419 Total$42,486 

155

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

The following table summarizes the activity for the period of the SFR portfolio by properties:SFR Properties HFISFR Properties HFSTotalBalance at December 31, 20223,731 — 3,731 Acquisition of SFR properties182 — 182 Transfer to HFS(30)30 — Disposition of SFR properties(1)(24)(25)Balance at December 31, 20233,882 6 3,888 Acquisition of SFR properties219 — 219 Transfer to HFS(206)206 — Disposition of SFR properties(4)(54)(58)Balance at December 31, 20243,891 158 4,049 See Note 18 regarding the financing of SFR properties.

10. RESIDENTIAL TRANSITION LOANS

Genesis specializes in originating and managing a portfolio of primarily short-term mortgage loans to fund the construction and development of, or investment in, residential properties.On August 24, 2023 Rithm Capital acquired a portfolio of loans from Morgan Stanley Bank, N.A. with a face value of $148.4 million. The portfolio consists of fixed rate bridge and renovation loans and is master serviced by Genesis.The following table summarizes residential transition