OPERATING LEASES

9 Months Ended

Sep. 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 September 30, 2022 and 2021 totaled $11.5 million and $7.0 million, respectively, and for the nine months ended September 30, 2022 and 2021 totaled $35.3 million and $14.0 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.

The table below summarizes the future commitments under the non-cancelable leases:


Year Ending	Amount
October 1 through December 31, 2022	$	9,634
2023	29,854
2024	22,753
2025	16,821
2026	10,456
2027 and thereafter	34,414
Total remaining undiscounted lease payments	123,932
Less: imputed interest	13,863
Total remaining discounted lease payments	$	110,069

The future commitments under the non-cancelable leases have not been reduced by the sublease rentals of $5.5 million due in the future periods.

Other information related to operating leases is summarized below:


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