NYSE: RPT
Rithm Property Trust Inc.CIK 0001614806 · SIC 6798 · Real Estate Investment Trusts
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RPT: net income $2.0M. RPT acquires RTL portfolio, abandons two equity raises on unfavorable pricing
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Rithm Property Trust terminates proposed stock offering, citing unfavorable market conditions
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Rithm Property Trust offers $300M of common stock at $14.19/share to fund Genesis loan purchase
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Rithm Property Trust launches equity offering to fund $951M multifamily loan buy from manager affiliate
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Rithm Property Trust shareholders reject executive pay, approve new equity plan
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Rithm Property Trust buys multifamily loans from parent affiliate, establishes flow agreement
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net income -$2.0M. Rithm Property Trust sells CMBS amid Iran conflict, rising rates; net interest income falls
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Rithm Property Trust reports Q1 2026 earnings via press release
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Latest financial statements
From 10-Q filed Oct 29, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(dollars in thousands, except share and per share data)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Net Interest Income | ||||
| Interest income | 15,061 | 13,424 | 39,933 | 40,260 |
| Interest expense | (9,006) | (9,436) | (26,193) | (28,245) |
| Net interest income | 6,055 | 3,988 | 13,740 | 12,015 |
| Expenses | ||||
| Related party loan servicing fee | 793 | 485 | 1,816 | 1,488 |
| Related party management fee | 1,621 | 1,603 | 4,839 | 4,650 |
| Professional fees | 1,451 | 887 | 4,351 | 2,636 |
| General and administrative | 708 | 993 | 2,878 | 2,970 |
| Total expense | 4,573 | 3,968 | 13,884 | 11,744 |
| Other Income (Loss) | ||||
| Realized and unrealized gains (losses), net | 1,000 | (911) | 3,836 | (4,791) |
| Other income (loss), net | 305 | 639 | (911) | 2,604 |
| Total other income (loss) | 1,305 | (272) | 2,925 | (2,187) |
| Income (Loss) Before Income Taxes | 2,787 | (252) | 2,781 | (1,916) |
| Income tax expense (benefit) | (323) | 21 | (346) | (151) |
| Net Income (Loss) | 3,110 | (273) | 3,127 | (1,765) |
| Net income (loss) attributable to the noncontrolling interests | (2) | — | (1) | 4 |
| Net Income (Loss) Attributable to Rithm Property Trust Inc. | 3,112 | (273) | 3,128 | (1,769) |
| Dividends on preferred stock | 1,290 | 1,286 | 3,870 | 2,923 |
| Net Income (Loss) Attributable to Common Stockholders | 1,822 | (1,559) | (742) | (4,692) |
| Net Income (Loss) per Share of Common Stock | ||||
| Basic | 0.23 | (0.21) | (0.10) | (0.62) |
| Diluted | 0.23 | (0.21) | (0.10) | (0.62) |
| Weighted Average Number of Shares of Common Stock Outstanding(1) | ||||
| Basic | 7,859,175 | 7,570,421 | 7,743,347 | 7,569,800 |
| Diluted | 7,859,175 | 7,570,421 | 7,743,347 | 7,569,800 |
Consolidated Balance Sheets
(dollars in thousands, except share and per share data)
| Description | September 30, 2026 (Unaudited) | December 31, 2025 |
|---|---|---|
| Assets | ||
| Cash and cash equivalents | 45,254 | 79,321 |
| Restricted cash | 272 | 811 |
| Residential mortgage loans held-for-investment, net(1) | 341,144 | 362,829 |
| Residential mortgage loans held-for-sale, net | 15,748 | 29,419 |
| Residential transition loans, at fair value(5) | 235,405 | — |
| Commercial mortgage-backed securities, at fair value(2) | 59,052 | 273,783 |
| Residential mortgage-backed securities(3) | 153,247 | 189,947 |
| Commercial real estate equity method investments(4) | 75,246 | 79,168 |
| Other assets | 37,772 | 26,249 |
| Total Assets | 963,140 | 1,041,527 |
| Liabilities and Equity | ||
| Liabilities | ||
| Secured bonds payable, net(1) | 205,579 | 226,243 |
| Repurchase financing agreements(6) | 353,062 | 407,072 |
| Unsecured notes, net | 109,153 | 108,507 |
| Accrued expenses and other liabilities | 9,182 | 8,608 |
| Total Liabilities | 676,976 | 750,430 |
| Commitments and Contingencies – see Note 9 | ||
| Stockholders’ Equity | ||
| Preferred stock, $0.01 par value, 25,000,000 shares authorized, 2,084,232 shares issued and outstanding, $52,106 aggregate liquidation preference | 50,785 | 50,785 |
| Common stock $0.01 par value, 125,000,000 shares authorized, 8,187,340 and 7,848,703 shares issued and 7,909,947 and 7,571,699 shares outstanding, respectively | 79 | 76 |
| Additional paid-in capital | 430,297 | 425,703 |
| Treasury stock | (11,596) | (11,596) |
| Accumulated deficit | (180,832) | (171,768) |
| Accumulated other comprehensive loss | (2,112) | (1,647) |
| Stockholders’ Equity in Rithm Property Trust Inc. | 286,621 | 291,553 |
| Noncontrolling interests | (457) | (456) |
| Total Stockholders’ Equity | 286,164 | 291,097 |
| Total Liabilities and Equity | 963,140 | 1,041,527 |
Consolidated Statements of Cash Flows (Unaudited)
(dollars in thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Cash Flows from Operating Activities | ||
| Net income (loss) | 3,127 | (1,765) |
| Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
| Stock-based compensation expense | — | 13 |
| Mark-to-market on residential mortgage loans held-for-sale, net | 599 | (3,683) |
| Mark-to-market adjustment on securities carried at fair value | 213 | 5,374 |
| Mark-to-market adjustment on RTLs, at fair value | (552) | — |
| Mark-to-market adjustment on CRE equity method investments, at fair value | (4,333) | — |
| Discount accretion on mortgage loans | (438) | (490) |
| Interest and discount accretion on investment in debt securities | (710) | (824) |
| Discount accretion on investments in beneficial interests | (7,345) | (4,728) |
| Gain on sale of residential mortgage loans | (211) | (101) |
| Loss (gain) on sale of real estate owned properties | 2 | (413) |
| Loss on sale of securities | 127 | 3,037 |
| Impairment of real estate owned | 187 | 731 |
| Amortization of debt discount and prepaid financing costs | 987 | 1,150 |
| Undistributed loss (gain) from investment in affiliates | 911 | (1,102) |
| Net change in operating assets and liabilities: | ||
| Other assets | (458) | 905 |
| Accrued expenses and other liabilities | (4,070) | (5,569) |
| Net cash used in operating activities | (11,964) | (7,465) |
| Cash Flows from Investing Activities | ||
| Principal paydowns on mortgage loans | 23,101 | 25,774 |
| Proceeds from sale of mortgage loans | 11,994 | 1,758 |
| Origination of commercial loan | — | (15,989) |
| Purchase of CMBS, at fair value | — | (49,075) |
| Purchase of RTLs, at fair value | (199,729) | — |
| Principal and interest collection on mortgage-backed securities | 99,188 | 30,644 |
| Proceeds from sales of RMBS AFS | — | 14,341 |
| Proceeds from sales of CMBS | 159,612 | — |
| Draws on RTLs | (44,427) | — |
| Principal payments on RTLs | 387 | — |
| Paydown on other investments | — | 7,998 |
| Proceeds from sale of real estate owned, held-for-sale | 540 | 1,881 |
| Investment in equity investments | — | (17,500) |
| Distribution from affiliates | 11,323 | 1,552 |
| Net cash provided by investing activities | 61,989 | 1,384 |
| Cash Flows from Financing Activities | ||
| Proceeds from issuance of preferred stock | — | 50,785 |
| Net change in repurchase financing agreements | (54,009) | 4,555 |
| Repayments on secured bonds payable | (21,004) | (22,928) |
| Repurchase of common stock | (224) | — |
| Dividends paid on common stock and preferred stock | (9,394) | (8,213) |
| Net cash provided by (used in) financing activities | (84,631) | 24,199 |
| Net Change in Cash and Cash Equivalents and Restricted Cash | (34,606) | 18,118 |
| Cash and Cash Equivalents and Restricted Cash, Beginning of Period | 80,132 | 64,252 |
| Cash and Cash Equivalents and Restricted Cash, End of Period | 45,526 | 82,370 |
| Supplemental Disclosure of Cash Flow Information: | ||
| Cash paid for interest | 21,120 | 29,911 |
| Cash paid for income taxes | — | 310 |
| Supplemental Disclosure of Noncash Investing and Financing Activities: | ||
| Common stock settled for management fee and compensation expense | 4,821 | — |
| Net transfer of loans to real estate owned | 830 | 288 |
| Reclassification of unrealized loss to earnings on debt securities AFS transferred to held-to-maturity | 424 | 716 |
| Unrealized gain (loss) on AFS securities | (889) | 6,101 |
| Reconciliation of cash and cash equivalents and restricted cash: | ||
| Cash and cash equivalents | 45,254 | 81,446 |
| Restricted cash | 272 | 924 |
| Total Cash and Cash Equivalents and Restricted Cash | 45,526 | 82,370 |
Amounts as printed on the EDGAR/iXBRL face — (dollars in thousands, except share and per share data); (dollars in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗