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LEASES
 9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
LEASES LEASES
Rithm Capital, through its wholly-owned subsidiaries, has leases on office space expiring through 2033. Rent expense, net of sublease income for the three months ended September 30, 2024 and 2023 totaled $8.7 million and $11.0 million, respectively, and for the nine months ended September 30, 2024 and 2023 totaled $27.1 million and $34.1 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 September 30, 2024, the Company has pledged collateral related to its lease obligations of $7.1 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 LeasesTotal
October 1 through December 31, 2024$12,981 $— $12,981 
202543,647 228 43,875 
202636,515 228 36,743 
202737,617 228 37,845 
202827,979 — 27,979 
2029 and thereafter41,290 — 41,290 
Total remaining undiscounted lease payments200,029 684 200,713 
Less: imputed interest29,940 64 30,004 
Total Remaining Discounted Lease Payments$170,089 $620 $170,709 

The future commitments under the non-cancelable leases have not been reduced by the sublease rentals of $16.3 million due in the future periods.

Other information related to leases is summarized below:
September 30, 2024December 31, 2023
Weighted Average Remaining Lease Term (Years):
Operating leases5.25.8
Finance leases2.83.5
Weighted Average Discount Rate:
Operating leases6.5 %6.2 %
Finance leases7.9 %7.9 %

Nine Months Ended September 30,
Supplemental Information20242023
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating cash flows - operating leases$38,226 $24,118 
Operating cash flows - finance leases4 — 
Finance cash flows - finance leases224 — 
Supplemental Non-cash Information on Lease Liabilities Arising from Obtaining ROU Assets:
ROU assets obtained in exchange for new operating lease liabilities$20,465 $1,178 
See Note 9 for further information on leases of SFR properties.
LEASES LEASES
Rithm Capital, through its wholly-owned subsidiaries, has leases on office space expiring through 2033. Rent expense, net of sublease income for the three months ended September 30, 2024 and 2023 totaled $8.7 million and $11.0 million, respectively, and for the nine months ended September 30, 2024 and 2023 totaled $27.1 million and $34.1 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 September 30, 2024, the Company has pledged collateral related to its lease obligations of $7.1 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 LeasesTotal
October 1 through December 31, 2024$12,981 $— $12,981 
202543,647 228 43,875 
202636,515 228 36,743 
202737,617 228 37,845 
202827,979 — 27,979 
2029 and thereafter41,290 — 41,290 
Total remaining undiscounted lease payments200,029 684 200,713 
Less: imputed interest29,940 64 30,004 
Total Remaining Discounted Lease Payments$170,089 $620 $170,709 

The future commitments under the non-cancelable leases have not been reduced by the sublease rentals of $16.3 million due in the future periods.

Other information related to leases is summarized below:
September 30, 2024December 31, 2023
Weighted Average Remaining Lease Term (Years):
Operating leases5.25.8
Finance leases2.83.5
Weighted Average Discount Rate:
Operating leases6.5 %6.2 %
Finance leases7.9 %7.9 %

Nine Months Ended September 30,
Supplemental Information20242023
Cash Paid for Amounts Included in the Measurement of Lease Liabilities:
Operating cash flows - operating leases$38,226 $24,118 
Operating cash flows - finance leases4 — 
Finance cash flows - finance leases224 — 
Supplemental Non-cash Information on Lease Liabilities Arising from Obtaining ROU Assets:
ROU assets obtained in exchange for new operating lease liabilities$20,465 $1,178 
See Note 9 for further information on leases of SFR properties.