OPERATING LEASES

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

OPERATING LEASES

OPERATING LEASES

New Residential, through its wholly-owned subsidiaries, has leases on office space expiring through 2033. Rent expense, net of sublease income for the three months ended March 31, 2022 and 2021 totaled $12.4 million and $4.1 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. Operating lease ROU assets and lease liabilities are grouped and presented as part of Other Assets and Accrued Expenses and Other Liabilities, respectively, on the Consolidated Balance Sheet. See Note 13.

As of March 31, 2022, future commitments under the non-cancelable leases are as follows:

Year Ending	Amount
April 1 through December 31, 2022	$	31,619
2023	30,691
2024	23,093
2025	17,505
2026	10,933
2027 and thereafter	34,414
Total remaining undiscounted lease payments	148,255
Less: imputed interest	16,809
Total remaining discounted lease payments	$	131,446

The future commitments under the non-cancelable leases have not been reduced by the sublease rentals of $1.2 million due in the future periods.

Other information related to operating leases is summarized below:

	March 31, 2022		December 31, 2021
Weighted-average remaining lease term (years)	5.5		5.5
Weighted-average discount rate	4.0	%	4.1	%