OPERATING LEASES

9 Months Ended

Sep. 30, 2023

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, 2023 and 2022 totaled $11.0 million and $11.5 million, respectively, and for the nine months ended September 30, 2023 and 2022 totaled $34.1 million and $35.3 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, 2023	$	7,325
2024	25,967
2025	21,099
2026	13,715
2027	11,257
2028 and thereafter	37,630
Total remaining undiscounted lease payments	116,993
Less: imputed interest	15,515
Total remaining discounted lease payments	$	101,478

The future commitments under the non-cancelable leases have not been reduced by the sublease rentals of $7.2 million due in the future periods.

Other information related to operating leases is summarized below:


	September 30, 2023		December 31, 2022
Weighted-average remaining lease term (years)	6.4		5.7
Weighted-average discount rate	4.5	%	4.0	%