OPERATING LEASES

6 Months Ended

Jun. 30, 2022

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 June 30, 2022 and 2021 totaled $11.0 million and $3.6 million, respectively, and for the six months ended June 30, 2022 and 2021 totaled $23.7 million and $7.0 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 June 30, 2022, future commitments under the non-cancelable leases are as follows:


Year Ending	Amount
July 1 through December 31, 2022	$	20,196
2023	29,727
2024	22,084
2025	16,423
2026	10,456
2027 and thereafter	34,414
Total remaining undiscounted lease payments	133,300
Less: imputed interest	15,570
Total remaining discounted lease payments	$	117,730

The future commitments under the non-cancelable leases have not been reduced by the sublease rentals of $1.7 million due in the future periods.

Other information related to operating leases is summarized below:


	June 30, 2022		December 31, 2021
Weighted-average remaining lease term (years)	5.6		5.5
Weighted-average discount rate	4.0	%	4.1	%