RPT

This article first appeared on GuruFocus. Dividend Yield: 10%. Book Value: $30.17, compared to $30.33 in the previous quarter. Dividend Paid: $0.36 per share. RTL and MTL Loans Purchased: $117 million with a 9.1% gross WAC. Levered Return on Loans: Approximately 14%. Cost of Funds: About 5.65%. Advance Rate on Assets: 75%. Warning! GuruFocus has detected 1 Warning Sign with RPT. Is RPT fairly valued? Test your thesis with our free DCF calculator. Release Date: July 28, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Rithm Property Trust Inc (NYSE:RPT) has improved liquidity and cleaned up its balance sheet, transitioning from a loss-making entity to breakeven. The company has invested in multifamily transitional loans through its affiliate Genesis Capital, aiming to grow earnings and transform the business. RPT has a clean balance sheet with no legacy commercial real estate exposure, differentiating it from other mortgage REITs. The company offers a 10% dividend yield, which is attractive to investors. RPT is managed by a seasoned team with significant experience and has access to $9 billion of permanent capital and over $100 billion of assets through its affiliate, Rithm. RPT's attempt to raise equity in the public markets was unsuccessful due to stock performance and market conditions. The company needs to raise capital to grow, and if unable to do so, it may have to explore alternative avenues such as M&A or tendering for shares. Earnings were flat for Q2 2026, with book value slightly decreasing from the previous quarter. There is uncertainty about the future state of the company, with discussions about potentially retiring the vehicle if growth cannot be achieved. RPT faces challenges in raising equity, as previous attempts have resulted in stock price declines, making it difficult to secure favorable terms for shareholders. Q: What does the future state of Rithm Property Trust entail, and why not conduct a formal strategic review like Apollo and KKR? A: Michael Nierenberg, CEO, explained that Rithm's situation is different from Apollo and KKR due to a smaller capital base. The goal is to create shareholder value, and any strategic decisions will be made by the Board. They aim to grow the vehicle, but if unable to raise capital, they will explore other options like M&A or tendering for shares. Q: How much more investment capacity does the balance sheet support, and what's the minimum cash balance you're comfortable with? A: Michael Nierenberg stated there's over $50 million in equity remaining. They could issue preferred shares or debt if needed. The current liquidity is sufficient for potential draws over the next couple of years, with $20-22 million available after current commitments. Q: Can you provide details on selling subordinate positions in securitizations and the potential capital it might free up? A: Michael Nierenberg mentioned that most retained interests must be held due to Dodd-Frank regulations. They have sold what they can, with about $170 million in equity remaining on the legacy side. Some assets may be called and liquidated in the fall. Q: Is there any thought to selling ownership in Paramount back to Rithm to deploy higher-yielding products? A: Michael Nierenberg noted that the Paramount investment was made with the expectation of raising capital. However, raising equity has been challenging, and they are sensitive about issuing equity at a low price. The focus remains on finding ways to maximize shareholder value. Q: How would a future capital raise look different, and are there structural enhancements being considered? A: Michael Nierenberg stated they have tried various approaches, including third-party capital and backstops. The equity is fundamentally cheap, but they need significant participation from others. They aim for a reasonable-sized offering to reset the vehicle effectively. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Rithm Property Trust Inc.? Here are five stocks we like better. Rithm Property Trust reported essentially flat second-quarter earnings, with book value per share declining to $30.17 from $30.33 and a $0.36 quarterly dividend, equating to a stated 10% yield. The company acquired $117 million of Genesis Capital-originated transition loans, featuring a 9.1% weighted-average coupon and an estimated 14% levered return. Management highlighted the high-coupon, short-duration senior loans and the absence of legacy commercial real estate exposure. Rithm withdrew a planned equity offering after its share price and short interest made the proposed pricing unattractive to shareholders. If it cannot raise capital on acceptable terms, the board may consider share repurchases, tender offers, mergers and acquisitions, or retiring the vehicle, with a strategic decision expected by the end of 2026. Rithm Property Trust (NYSE:RPT) said it is evaluating ways to grow its capital base and earnings while also considering alternatives including share repurchases, mergers and acquisitions, tender offers or potentially retiring the vehicle if it cannot raise capital on acceptable terms. Chief Executive Officer Michael Nierenberg said the company has substantially repositioned the business since Rithm assumed management of the entity formerly known as Great Ajax. The company changed its name, reduced legacy assets, improved liquidity and cleaned up its balance sheet, he said. → Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit “We’ve gotten the company from where it was not making any money and actually losing money to where today it’s breakeven,” Nierenberg said. He added that the next step is to grow earnings and expand the capital base. Nierenberg said second-quarter earnings were essentially flat. Book value per share was $30.17, compared with $30.33 in the prior quarter, while the company paid a quarterly dividend of $0.36 per share, representing a stated dividend yield of 10%. → This Tiny AI Supplier Could Be More Important Than the Chipmakers During and after the second quarter, Rithm Property Trust invested in multifamily transitional loans originated by affiliate Genesis Capital. The company acquired $117 million of residential transition loan and multifamily transition loan assets during the quarter, according to Nierenberg. Gross weighted-average coupon: 9.1% Estimated levered return: about 14% Advance rate on underlying assets: 75% Cost of funds: about 5.65% Nierenberg described the assets as high-coupon, short-duration senior loans. He said potential future funding commitments would mean the company is not under pressure to replace assets as they amortize. → 2 Stocks Built to Thrive If Inflation Refuses to Fade The CEO also emphasized that Rithm Property Trust has no legacy commercial real estate exposure, which he said differentiates the company from other commercial real estate mortgage REITs. Rithm Property Trust recently attempted to raise public equity but withdrew the offering. Nierenberg said the decision was driven by the stock’s trading performance and short positions established by hedge funds, which would have required the company to issue shares at a price management considered unfavorable to existing shareholders. He said the stock had been trading around $14, but an offering would have needed to price below $10. Rithm had considered backstopping an offering, but Nierenberg said the proposed transaction would not have been an appropriate outcome for Rithm Property Trust shareholders. “We’re extremely sensitive about taking a $14 stock, issuing equity at $9, and then seeing the stock pop a few dollars,” Nierenberg said. “That doesn’t work for shareholders.” While Rithm Property Trust has liquidity to make additional investments, management said meaningful growth will require additional capital. Nierenberg said the company has more than $50 million of equity remaining in the vehicle after current loan deployments and could potentially use preferred equity or additional debt financing. However, he said management does not intend to increase leverage beyond what it views as reasonable. Nierenberg said the company’s board will determine the appropriate path if a capital raise cannot be completed. Options discussed on the call included buying back equity, tendering for shares, pursuing M&A transactions and other steps to “clean up” the company. He said the original goal was to build Rithm Property Trust into a dedicated commercial real estate vehicle, but the inability to raise equity has limited that effort. Management is continuing to explore opportunities in Genesis-originated loans as well as public- and private-company investments and other debt transactions. Rithm Property Trust may deploy some additional capital into loans to increase earnings, but Nierenberg said the company would revisit strategic alternatives with its board if it cannot raise capital in the near term. When asked about timing, Nierenberg characterized a decision as a 2026 event and said management intends to have its plan completed by the end of the year at the latest. “We want to protect our shareholders in this one and not just come out and do a deal that doesn’t make any sense,” Nierenberg said in closing remarks. “To the extent that we can get a deal done, we will. If not, we’ll try to figure out what plan B is.” Rithm Property Trust Inc is a real estate investment trust (REIT) externally managed by an affiliate of Rithm Capital Corp. (Rithm). The company focuses on commercial real estate-focused investment, including originating, acquiring and managing portfolios of CMBS, commercial real property, commercial mortgage loans and other CRE investments. It has two reportable operating segments: Residential and Commercial. The majority of the company's revenue is derived from the Residential segment, which is focused on managing a portfolio that includes residential mortgage assets, including whole mortgage loans, RMBS and beneficial interests. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Rithm Property Trust Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management has successfully transitioned the vehicle from the legacy Great Ajax structure to a dedicated commercial real estate platform, achieving a breakeven earnings profile compared to previous quarterly losses of nearly $10 million. The company has cleaned the balance sheet by selling down legacy assets that were not expected to generate returns, resulting in a portfolio with no legacy commercial real estate exposure. Performance is now driven by investments in residential and multifamily transitional loans (RTL/MTL) originated by affiliate Genesis Capital, which offer high coupons and short durations. Management decided to pull a planned public equity offering to protect existing shareholders after market volatility and short-selling activity drove the potential offering price substantially below the stock's trading value. The current portfolio strategy focuses on senior, short-duration loans with a 9.1% gross WAC and approximately 14% levered returns, utilizing a 75% advance rate. Strategic positioning is currently constrained by the vehicle's small capital base and limited float, necessitating a reset to achieve meaningful scale. Management expects to resolve the vehicle's future state by the end of 2026, with a goal to have a definitive plan in place no later than the end of the current year. If the company cannot successfully raise third-party equity to grow the capital base, the board will explore alternative avenues including share buybacks, M&A, or tendering for outstanding shares. Future growth is dependent on raising capital that does not excessively dilute shareholders; management is sensitive to issuing equity significantly below book value. The investment pipeline remains focused on deploying remaining liquidity into Genesis-originated loans to grow earnings while maintaining a clean balance sheet. Guidance assumes that legacy residential interests will be held until they can be called or liquidated without disadvantageous losses, with some potentially reaching call dates in the fall. The aborted equity offering highlights the difficulty of scaling a small-cap REIT in the current market environment despite strong underlying asset performance. Approximately $100 million in equity remains in legacy residential assets, much of which must be retained for Dodd-Frank compliance purposes. The company maintains a $30.17 book value per share, representing a significant premium to the market trading price, which complicates capital raising efforts. Liquidity remains sufficient to cover approximately $111 million in future funding draws for Genesis loans over the next several years. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management noted that while other firms like Apollo and KKR have conducted formal reviews for their CRE vehicles, Rithm Property Trust has a cleaner balance sheet but a much smaller capital base. The board will ultimately decide whether to clean up the vehicle, tender for shares, or pursue M&A if a capital reset cannot be achieved. There is north of $50 million in equity remaining in the vehicle that could support approximately $200 million in additional Genesis loans at current advance rates. Management is not in a rush to replace assets as they amortize but may deploy more capital to grow earnings in the near term. Management expressed openness to structural enhancements or backstops but emphasized that Rithm's willingness to participate is not enough without broader market participation. The primary hurdle is the lack of float and the market's tendency to hit the stock price as soon as an offering is announced.

NEW YORK, July 28, 2026--(BUSINESS WIRE)--Rithm Property Trust Inc. (NYSE: RPT, "Rithm Property Trust" or the "Company") today announced its financial results for the second quarter ended June 30, 2026. Financial Highlights: GAAP comprehensive income of $645.0 thousand, or $0.08 per diluted common share(1)(2) Book value per common share of $30.17(1) Common dividend of $2.8 million, or $0.36 per common share Earnings available for distribution of $(46.0) thousand, or $(0.01) per diluted common share(1)(3) Additional Information For additional information that management believes is useful for investors, please refer to the latest presentation posted on the Events & Presentations section of the Company’s website, www.rithmpropertytrust.com. Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release. Earnings Conference Call Rithm Property Trust’s management will host a conference call at 5:00 P.M. Eastern Time on Tuesday, July 28, 2026, to review its second quarter 2026 results for the period ended June 30, 2026. A webcast of the conference call will be available to the public on a listen-only basis at the Company’s website, www.rithmpropertytrust.com. Participants are encouraged to pre-register for the webcast at https://events.q4inc.com/attendee/8600001030. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the webcast. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP COMPREHENSIVE INCOME/(LOSS) The Company has three primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio, including any impairment or reserve for expected credit losses; and (iii) the Company’s operating expenses and taxes. "Earnings available for distribution" is a non-GAAP financial measure of the Company’s operating performance, which is used by management to evaluate the Company’s performance excluding: Net income and losses attributable to noncontrolling interests; Certain realized and unrealized gains and losses (including impairment) on certain assets and liabilities; and Other adjustments which primarily consist of amortization expense, non-capitalized transaction-related expenses related to legal, valuation and other professional service fees incurred in connection with certain investment acquisitions and deferred taxes. In computing earnings available for distribution, the Company excludes the items listed above because management does not consider them representative of the Company's core operating performance or of cash available for distribution to stockholders. These adjustments generally fall into three categories: items that are non-cash in nature; items that, while a part of the Company's recurring operations, are subject to significant variability and are therefore generally limited to a potential indicator of future economic performance; and items that relate to the acquisition of investments rather than to ongoing operations. Management believes that the adjustments to compute "earnings available for distribution" specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company’s activity, assist in comparing the core operating results between periods and enable investors to evaluate the Company’s current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company’s investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. As such earnings available for distribution is not intended to reflect all of the Company’s activity and should be considered as only one of the factors used by management in assessing the Company’s performance, along with GAAP comprehensive income/(loss) which is inclusive of all of the Company’s activities. The Company views earnings available for distribution as a consistent financial measure of its portfolio’s ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, comprehensive income/(loss) or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company’s calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company’s board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company’s taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs. Reconciliation of Non-GAAP Measure to the Respective GAAP Measure The table below provides a reconciliation of earnings available for distribution to the most directly comparable GAAP financial measure (dollars in thousands, except share and per share data): CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains certain information which constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "seek," "believes," "intends," "expects," "projects," "anticipates," "plans" and "future" or similar expressions are intended to identify forward-looking statements. These statements are not historical facts. These forward-looking statements represent management’s current expectations regarding future events and are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond our control. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements see the sections entitled "Cautionary Statement Regarding Forward-Looking Statements", "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company’s most recent annual and quarterly reports and other filings, including the Company’s recent proxy statements, filed with the Securities and Exchange Commission. The Company expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. ABOUT RITHM PROPERTY TRUST Rithm Property Trust is an opportunistic commercial real estate investment vehicle externally managed by an affiliate of Rithm Capital Corp. (NYSE: RITM). Rithm Property Trust is a Maryland corporation that is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes. For more information, visit www.rithmpropertytrust.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260728753331/en/ Contacts Investor Relations [email protected]

Rithm entered Q1 with just under $100 million of cash and an “extremely clean” balance sheet after selling levered AAA CMBS to create liquidity, and management says a roughly $2 billion pipeline is focused on large multifamily opportunities and assets tied to its Genesis business. Q1 results showed a GAAP loss of $3.2 million (−$0.42/share) and earnings available for distribution of −$0.3 million (−$0.04/share), yet the company paid a dividend of $0.36/share (about a 10.8% yield) and plans to continue paying it while seeking transformative opportunities. Management is actively pursuing a potential “game changer” via M&A or large portfolio deals, advancing the Paramount and Genesis initiatives (including securitizations and JV capital raises) to target returns north of 15–20%, and would only pursue equity raises around accretive transactions. Interested in Rithm Property Trust Inc.? Here are five stocks we like better. Rithm Property Trust (NYSE:RPT) reported a relatively quiet first quarter of 2026 as management emphasized patience in deploying capital amid shifting market conditions and said it is evaluating opportunities that could meaningfully change the company’s earnings profile. Chief Executive Officer Michael Nierenberg said the quarter was “pretty uneventful” while the company continues to search for what he described as a potential “game changer” for the vehicle. He noted that asset manager valuations have been under pressure and that public equity markets have also faced downward pressure, but credit spreads have remained in a “relatively tight range.” → Pipelines and Automation: 2 Energy Plays Built for Any Oil Price Nierenberg said Rithm Property Trust has “just a little under $100 million of cash and liquidity” and described the balance sheet as “extremely clean,” adding that there are “no problem loans.” He said the company’s commercial real estate portfolio consists of “post-2024 vintage” investments totaling $236 million, while equity totaled about $287 million. Management reiterated that it has been repositioning the company since taking over the vehicle in 2024. Nierenberg said the firm “made a decision to clean up the balance sheet, liquidate a lot of the residential stuff, and reposition the company in the commercial space.” He also cited steps including cutting general and administrative expenses, renegotiating repo agreements, and improving liquidity. → Homebuilder Earnings: D.R. Horton Sticks Out as Pulte & NVR Sales Tank As part of its activity during the quarter, Nierenberg said the company sold “a few CRE floaters” to create liquidity and pursue higher-return opportunities. The company’s pipeline was described as “give or take about $2 billion,” with a focus on large opportunities in multifamily and areas that could connect with the company’s Genesis business. For the first quarter, Nierenberg reported GAAP income of negative $3.2 million, or negative $0.42 per diluted share, and earnings available for distribution of negative $300,000, or negative $0.04 per diluted share. He also referenced a reverse split completed in the fourth quarter. → Meta Platforms Earnings Preview: What to Watch in Q1 2026 Report The company paid a dividend of $0.36 per diluted share, which Nierenberg said equated to an approximate 10.8% dividend yield based on the stock’s trading level at the time of the call. Book value was cited as $236.2 million, or $30.83 per share. Nierenberg said that while management continues to wait for an opportunity to transform the company, it plans to “continue to pay the dividend.” He added that the company may eventually need to grow and could consider “different opportunities in the M&A world” and potentially “buying back a little bit of stock.” During the question-and-answer session, Craig Kucera of Lucid Capital Markets asked whether the company’s reduction in CMBS holdings and deleveraging would persist. Nierenberg said the sales were driven by a desire to create capital for opportunistic investing rather than a broader shift to lower leverage. He said the company sold down “levered AAA CMBS” that were yielding “give or take about 10%” after markets fell, with the idea that capital could be redeployed into higher-yielding assets. “Quite frankly, at this point, we’ll continue to sit on the cash and look for those opportunities,” Nierenberg said, adding that the company is evaluating a “large portfolio” of multifamily assets expected to come to market in May. Nierenberg also said the company is seeing opportunities on the debt side that could offer higher yields than its AAA CMBS. He framed the broader environment as one where headlines and geopolitics have been negative, but market performance and liquidity across RMBS and CMBS have been “actually okay.” Kucera also asked about a jump in professional fees. Chief Financial Officer Nick Santoro said the increase was “a one-time event in the quarter” related to reviewing “various capital options.” On the company’s investment alongside Rithm in the Paramount transaction, Santoro said Paramount’s impact “for the quarter was essentially flat,” but added it “will ramp up as the investment continues to accrete and as we make progress on Paramount.” Nierenberg provided additional details on Paramount, saying the transaction closed on Dec. 20 and the team has since reduced G&A “from $65 million down to about $30 million.” He also said lease-up activity was at “the highest levels we’ve seen in 20+ years,” and noted the portfolio includes properties in New York and San Francisco, along with refinancing work and potential joint venture equity investments. Nierenberg said the intent is to raise capital from third parties or bring in JV partners and target returns of “2x and 20%+,” with some returns expected to be back-ended. Jason Stewart of Compass Point asked about potential opportunities tied to Genesis and the company’s unsecured debt. Nierenberg said the unsecured debt carried a “9, 7, 8 kind of coupon,” and that improving the company’s rating could lower that cost. He also described Genesis as a successful acquisition, saying it had grown from $1.7 billion of production and “$40 odd million” of EBITDA at the time of purchase to an expected $6 billion to $7 billion of production this year and $150 million to $200 million of EBITDA. Nierenberg said the company has launched a non-traded REIT with a large money-center bank to raise capital alongside Genesis production and has executed a separately managed account tied to Genesis flow with an overseas sovereign investor. He added that management is exploring whether some assets could be securitized at returns “north of 20% or 15%-20%” and whether Rithm Property Trust could use assets not placed into flow programs to “actually grow earnings” at RPT. Several analysts focused on the challenges of scaling a small vehicle in the current commercial mortgage REIT environment. Henry Coffey of Wedbush Securities asked what is holding up capital deployment and whether the company could lever up now if it chose to. Nierenberg responded that the vehicle is “extremely small” and needs a “large pool of capital” to materially change its earnings and profile. He said management created liquidity in the quarter to be ready for better opportunities, but “we just haven’t seen it come to fruition.” Pressed on potential capital raises and dilution, Nierenberg said the company would pursue such steps only “around an accretive transaction,” adding that the one-time professional fee increase was part of efforts to “figure out a way to raise a pool of capital.” Jade Rahmani of KBW asked whether the company is seeing increased engagement around combination scenarios, given pressure on smaller commercial mortgage REITs and the importance of scale. Nierenberg said the company continues to look at M&A and described Rithm Property Trust’s balance sheet as “crystal clean,” contrasting it with other REITs that have “suffered a little bit” from earlier-vintage lending. He also noted that about “$100-ish million of equity” remains tied up in residential deals—re-performing loan transactions created by the prior management team when the company was known as Great Ajax—which he said are “marked extremely well.” At the same time, Nierenberg said combinations can be difficult because “not everybody wants to give up their business” even if it is underperforming, and he emphasized that small businesses can struggle to grow without sufficient capital. Nierenberg closed the call by thanking participants and saying he looked forward to providing updates during the quarter. Rithm Property Trust Inc is a real estate investment trust (REIT) externally managed by an affiliate of Rithm Capital Corp. (Rithm). The company focuses on commercial real estate-focused investment, including originating, acquiring and managing portfolios of CMBS, commercial real property, commercial mortgage loans and other CRE investments. It has two reportable operating segments: Residential and Commercial. The majority of the company's revenue is derived from the Residential segment, which is focused on managing a portfolio that includes residential mortgage assets, including whole mortgage loans, RMBS and beneficial interests. The article "Rithm Property Trust Q1 Earnings Call Highlights" was originally published by MarketBeat.

This article first appeared on GuruFocus. Cash and Liquidity: Just under $100 million. Equity: Approximately $287 million. Commercial Real Estate Portfolio: $236 million. GAAP Income: Negative $3.2 million or $0.42 per diluted share. Earnings Available for Distribution: Negative $300,000 or $0.04 per diluted share. Dividend Paid: $0.36 per diluted share, correlating to about a 10.8% dividend yield. Book Value: $236.2 million or $30.86 per share. Warning! GuruFocus has detected 7 Warning Signs with FISI. Is RPT fairly valued? Test your thesis with our free DCF calculator. Release Date: April 24, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Rithm Property Trust Inc (NYSE:RPT) has a clean balance sheet with no problem loans and approximately $100 million in cash and liquidity. The company has strategically repositioned itself by liquidating residential assets and focusing on commercial real estate opportunities. RPT continues to pay a dividend, offering a 10.8% yield based on current equity trading levels. The company is exploring growth opportunities in the multifamily space and potential M&A activities to expand its capital base. RPT's recent Paramount transaction is expected to ramp up and contribute positively to earnings as lease-up activities are at high levels. RPT reported a GAAP income loss of $3.2 million and earnings available for distribution were negative $300,000 for the quarter. The company experienced a one-time increase in professional fees related to exploring various capital options. There is uncertainty in the market due to geopolitical events and headline risks, which could impact future opportunities. RPT's stock is trading at half of its book value, which poses challenges for raising capital without significant dilution. The commercial mortgage REIT sector remains under pressure, with scale being a key differentiator for successful companies. Q: Optically, it looks like the strategy this quarter was to reduce your CMBS holdings and deleverage. Are you expecting to lever back up in the near term by investing in other asset classes such as loans to Genesis? Or should we expect leverage to be a little bit diminished for the near term? A: Michael Nierenberg, Chief Executive Officer: We used the opportunity to sell down some levered AAA CMBS to create capital for opportunistic investing. We are sitting on cash and looking for opportunities, particularly in multifamily assets and higher-yielding debt. The reduction wasn't just to deleverage but to prepare for better investment opportunities. Q: There was a pretty decent pickup in professional fees this quarter. Was that more just a time event, or should we expect to see something similar going forward? A: Nicola Santoro, Chief Financial Officer: That was a one-time event related to us exploring various capital options. Q: This quarter, you closed on the Paramount transaction. Was there any impact on the income statement this quarter from Paramount? A: Nicola Santoro, Chief Financial Officer: Paramount was essentially flat for the quarter. However, it will ramp up as the investment continues to accrete and as we make progress on Paramount. Q: On the Genesis loans, are those likely to be more portfolio-based or chunky? Is there an opportunity for flow? A: Michael Nierenberg, Chief Executive Officer: Genesis has been a successful acquisition, and we are looking at securitization opportunities. We are focused on using this vehicle to grow earnings at RPT, particularly around multifamily and other assets not going into flow programs. Q: What's the holdup in terms of deploying assets? Are there enough opportunities out there where you could leverage this thing up now? A: Michael Nierenberg, Chief Executive Officer: We need a large pool of capital to make a difference in earnings. While there is capital in the market, we are waiting for the right opportunities to deploy it at a higher level. We are considering third-party capital and combinations with Rithm Property Trust for larger deals. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Management characterized the quarter as uneventful, intentionally maintaining a clean balance sheet with approximately $100 million in liquidity to wait for 'game changer' opportunities. The company has successfully transitioned from its legacy residential focus to a commercial-centric vehicle, liquidating older residential assets to focus on post-2024 vintage commercial real estate investments. Performance attribution for the quarter was driven by minimal activity and high cash balances, resulting in negative earnings available for distribution (EAD) of $0.04 per share. Management highlighted the strength of the Rithm ecosystem, specifically the Paramount transaction and the Genesis multifamily lending business, as primary feeders for future growth. The decision to sell down levered AAA CMBS floaters was a tactical move to harvest liquidity in anticipation of higher-yielding opportunistic investments in the debt markets. The current portfolio is described as 'crystal clean' with no problem loans, distinguishing the trust from 'broken REITs' burdened by underperforming legacy vintages. Management is evaluating a large multifamily asset portfolio expected to come to market in May, which may involve co-investment alongside the parent company and third-party capital. The strategic roadmap includes scaling the vehicle through M&A or large-scale capital raises, citing the historical growth of Rithm Capital from $1 billion to $8 billion as a blueprint. Future capital deployment will prioritize higher-yielding debt and multifamily lending over lower-yielding CMBS to improve earnings and cover the dividend. Management indicated a willingness to consider share buybacks if the stock continues to trade at a significant discount to book value and if more accretive deployment options are not immediate. Guidance assumes a continued 'miserable' geopolitical environment but stable credit markets, with a focus on avoiding the negative impacts seen in 2020-2021 vintage private credit. Professional fees saw a non-recurring spike during the quarter related to the evaluation of various capital raising and strategic options. The Paramount transaction, which closed in late December 2025, remained essentially flat for the quarter but is expected to accrete as G&A is reduced and leasing activity improves. The company completed a reverse stock split in Q4 2025, which impacted the per-share comparisons for the current period. Approximately $100 million of equity remains tied up in legacy residential reperforming loan deals, which management intends to eventually rotate into commercial assets. Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Management clarified the sell-down was not a permanent deleveraging move but a tactical shift to create 'dry powder' for higher-yielding opportunities. The goal is to replace 10% yielding AAA CMBS with more opportunistic debt investments that offer better risk-adjusted returns. Management acknowledged the 'chicken or egg' problem of raising capital while trading at a discount but emphasized they will only issue equity for 'hugely accretive' transactions. They are focused on creating an asset management-style valuation arbitrage by growing the vehicle's capital base. Genesis is expected to produce $6 billion to $7 billion in 2026, with management exploring ways to use RPT to hold higher-yielding securitization tranches (15-20% yields). This feeder system is viewed as a primary driver for future EAD growth. Management is actively looking at M&A but noted that many 'broken' REITs are hesitant to give up their businesses despite underperformance. RPT's clean balance sheet is positioned as a competitive advantage in potential combination scenarios. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here.

NEW YORK, April 24, 2026--(BUSINESS WIRE)--Rithm Property Trust Inc. (NYSE: RPT, "Rithm Property Trust" or the "Company") today announced the following information for the first quarter ended March 31, 2026. Financial Highlights: GAAP comprehensive loss of $(3.2) million, or $(0.42) per diluted common share(1)(2) Earnings available for distribution of $(0.3) million or $(0.04) per diluted common share(1)(3) Paid a common dividend of $2.8 million or $0.36 per common share Book value per common share of $30.83(1) Additional Information For additional information that management believes is useful for investors, please refer to the latest presentation posted on the Events & Presentations section of the Company’s website, www.rithmpropertytrust.com. Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release. Earnings Conference Call Rithm Property Trust’s management will host a conference call at 8:00 AM Eastern Time on Friday, April 24, 2026, to review its first quarter 2026 results for the period ended March 31, 2026. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP COMPREHENSIVE (LOSS)/INCOME "Earnings available for distribution" is a non-GAAP financial measure of the Company’s operating performance, which is used by management to evaluate the Company’s performance excluding: (i) net realized and unrealized gains and losses on certain assets and liabilities; and (ii) other net income and losses not related to the performance of the investment portfolio. The Company has three primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio, including any impairment or reserve for expected credit losses; and (iii) the Company’s operating expenses and taxes. The Company’s definition of earnings available for distribution excludes certain realized and unrealized losses, which although they represent a part of the Company’s recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance. Within other net income and losses, management primarily excludes equity-based compensation expenses. With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company’s core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction-related expenses generally relate to legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments. Management believes that the adjustments to compute "earnings available for distribution" specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company’s activity, assist in comparing the core operating results between periods, and enable investors to evaluate the Company’s current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company’s investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. Earnings available for distribution excludes certain recurring items, such as gains and losses (including impairment) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company’s core operations for the reasons described herein. As such earnings available for distribution is not intended to reflect all of the Company’s activity and should be considered as only one of the factors used by management in assessing the Company’s performance, along with GAAP comprehensive (loss)/income which is inclusive of all of the Company’s activities. The Company views earnings available for distribution as a consistent financial measure of its portfolio’s ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, comprehensive (loss)/income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company’s calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company’s board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company’s taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs. Reconciliation of GAAP Comprehensive (Loss)/Income to Earnings Available for Distribution ($ in thousands except per share amounts) The table below provides a reconciliation of earnings available for distribution to the most directly comparable GAAP financial measure: CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release contains certain information which constitutes "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as "may," "will," "seek," "believes," "intends," "expects," "projects," "anticipates," "plans" and "future" or similar expressions are intended to identify forward-looking statements. These statements are not historical facts. These forward-looking statements represent management’s current expectations regarding future events and are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond our control. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements see the sections entitled "Cautionary Statement Regarding Forward-Looking Statements", "Risk Factors" and "Management’s Discussion and Analysis of Financial Condition and Results of Operations" in the Company’s most recent annual and quarterly reports and other filings, including the Company’s recent proxy statements, filed with the Securities and Exchange Commission. The Company expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. ABOUT RITHM PROPERTY TRUST Rithm Property Trust is a real estate investment vehicle externally managed by an affiliate of Rithm Capital Corp. (NYSE: RITM). The Company operates a flexible commercial real estate focused investment strategy. Rithm Property Trust is a Maryland corporation that is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes. View source version on businesswire.com: https://www.businesswire.com/news/home/20260424354092/en/ Contacts Investor Relations 646-868-5483 [email protected]