Company: RITM-PC
Filing Date: 2025-10-31
Form Type: 10-Q
Source: 0001556593-25-000033
Chunk: 2

Company: Rithm Capital Corp.
Filing Date: 2025-10-31
Form: 10-Q
Item: Item 2
Chunk 2
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 1,207,254 1,207,254 1,257,254 1,257,254 Less: Noncontrolling interests of consolidated subsidiaries114,168 110,826 108,716 91,336 94,867 Total equity attributable to common stock$7,107,727 $6,741,129 $6,568,870 $6,537,720 $6,399,288 Common stock outstanding554,196,670530,292,171530,122,477520,656,256519,732,422Book Value per Common Share$12.83 $12.71 $12.39 $12.56 $12.31 

(A)The change in book value per common share from December 31, 2024 to March 31, 2025 was attributable to the net impact of (i) net income attributable to common stockholders of $36.5 million and (ii) a dividend of $132.5 million for the three months ended March 31, 2025. Net income attributable to common stockholders for the three months ended March 31, 2025 was adversely impacted by a non-cash decrease in the fair value of MSRs, net of hedge and tax.

Refer to Item 3. “Quantitative and Qualitative Disclosures About Market Risk” for a discussion of interest rate risk and its impact on fair value.

MARKET CONSIDERATIONS

Summary

The economy has shown resilience year-to-date despite elevated policy uncertainty. The evaluation of economic trends has been clouded since the September data cycle began by the shutdown in nonessential government spending. Although core personal consumption expenditure inflation was 2.9% in August 2025, the Federal Open Market Committee cut interest rates in September 2025, lowering the federal funds target by a quarter percentage point to support the employment side of their dual mandate. The median projections of committee participants point to two more rate cuts in 2025. Longer-term Treasury yields declined slightly during the third quarter of 2025, as an increase in the implied inflation breakeven was more than offset by a decline in real yields as measured by Treasury Inflation Protected Securities (“TIPS”). The unemployment rate increased modestly by 0.2% points from June to August 2025, reflecting low layoffs but also very slow hiring. The growth outlook for the economy is cautiously optimistic, but risks remain due to uncertainty around trade