Rithm Capital Corp. PP&E Disclosure
Depreciable Life / Estimated Useful Life (Years)(A) | December 31, 2025 | ||||||||||
| Commercial Real Estate Tangible Assets: | |||||||||||
| Land | N/A | $ | 1,721,869 | ||||||||
| Buildings and improvements | 5 to 40 | 2,300,895 | |||||||||
| Total commercial real estate tangible assets, at cost | 4,022,764 | ||||||||||
| Accumulated depreciation | (4,007) | ||||||||||
| Total commercial real estate tangible assets, net | 4,018,757 | ||||||||||
| Commercial Real Estate Intangible Assets: | |||||||||||
| In-place leases | 7.8 | 1,044,592 | |||||||||
| Above-market leases | 7.8 | 99,831 | |||||||||
| Total commercial real estate intangible assets, gross | 1,144,423 | ||||||||||
| In-place leases accumulated amortization | (6,347) | ||||||||||
| Above-market leases | (585) | ||||||||||
| Accumulated amortization | (6,932) | ||||||||||
| Total commercial real estate intangible assets, net | 1,137,491 | ||||||||||
| Commercial Real Estate, Net | $ | 5,156,248 | |||||||||
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Land | $ | 192,335 | $ | 191,992 | |||||||
| Building | 759,716 | 767,966 | |||||||||
| Capital improvements | 163,496 | 150,811 | |||||||||
| Total gross investment in SFR properties | 1,115,547 | 1,110,769 | |||||||||
| Accumulated depreciation | (110,630) | (82,474) | |||||||||
| Investment in SFR Properties, Net | $ | 1,004,917 | $ | 1,028,295 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 19, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 17, 2023 | |
About PP&E Disclosures
The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.
Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.