XML 28 R17.htm IDEA: XBRL DOCUMENT
v3.25.1

SINGLE-FAMILY RENTAL PROPERTIES | 3 Months Ended
--- | ---
Mar. 31, 2025
Real Estate [Abstract] |
SINGLE-FAMILY RENTAL PROPERTIES | SINGLE-FAMILY RENTAL PROPERTIES Rithm Capital invests in its SFR portfolio by acquiring and maintaining a geographically diversified portfolio of high-quality single-family homes and leasing them to high-quality residents. 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:
| March 31, 2025 |  | December 31, 2024
Land | $ | 189,549 |  |  | $ | 191,992 |
Building | 758,198 |  |  | 767,966 |
Capital improvements | 152,761 |  |  | 150,811 |
Total gross investment in SFR properties | 1,100,508 |  |  | 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 HFI |  | SFR Properties HFS |  | Total
Balance at December 31, 2024 |  | $ | 989,002 |  |  | $ | 39,293 |  |  | $ | 1,028,295 |
Acquisitions and capital improvements |  | 3,237 |  |  | — |  |  | 3,237 |
Transfers to (from) HFS/HFI |  | 10,864 |  |  | (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. 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, |  |
| 2025 |  | 2024 |  |  |  |  |  |
Rental revenue | $ | 19,402 |  |  | $ | 18,949 |  |  |  |  |  |  |
Other variable revenue | 2,330 |  |  | 593 |  |  |  |  |  |  |
Total Revenue | $ | 21,732 |  |  | $ | 19,542 |  |  |  |  |  |  |
The following table summarizes the future minimum rental revenues under existing leases on SFR properties:
2026 |  | $ | 37,664 |
2027 and thereafter |  | 12,385 |
Total |  | $ | 50,049 |
The following table summarizes the activity for the period of the SFR portfolio by properties:
|  | SFR Properties HFI |  | SFR Properties HFS |  | Total
Balance at December 31, 2024 |  | 3,891 |  |  | 158 |  |  | 4,049 |
Acquisition of SFR properties |  | — |  |  | — |  |  | — |
Transfer to (from) HFS/HFI |  | 45 |  |  | (45) |  |  | — |
Disposition of SFR properties |  | — |  |  | (42) |  |  | (42) |
Balance at March 31, 2025 |  | 3,936 |  |  | 71 |  |  | 4,007 |
See Note 18 regarding the financing of SFR properties.

X
- References No definition available. + Details
Name: | us-gaap_RealEstateAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 974 -SubTopic 720 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477728/974-720-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 976 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/976/tableOfContent Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 978 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/978/tableOfContent Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 970 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/970/tableOfContent Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 972 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/972/tableOfContent Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 974 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/974/tableOfContent + Details
Name: | us-gaap_RealEstateDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration