R
Rithm Property Trust Inc.
RPTCIK 0001614806NYSENon-AcceleratedSmaller ReportingReal Estate Investment TrustsMarylandFY ends Dec 31
Period
FY 2025
Revenue
—
Net Income
$1.47M
Total Assets
$1.04B
Equity
$291.55M
Shares Out
7.57M
Op. Cash Flow
$-8.30M
Business
Rithm Property Trust Inc. is an externally managed real estate investment trust that originates, acquires and manages mortgage loans, securities and real estate-related investments with a shifted strategic focus toward commercial real estate credit and related assets. It offers investments in senior mortgage loans, subordinated debt and B-notes, mezzanine loans, preferred equity, SBC loans, CMBS, commercial mortgage servicing rights, commercial properties and certain operating businesses. All investment and operating activities are conducted by its external manager, RCM GA, with servicing provided through affiliated servicers. The company sources and finances assets primarily in U.S. real estate markets through capital markets, credit facilities, securitizations and joint ventures.
Summary from filing dated 2025-02-18
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2021 2021-12-31 | FY 2020 2020-12-31 |
|---|---|---|---|---|---|---|
| Interest income | 53 | 53 | 72 | 93 | 98 | |
| Interest expense | −37 | −44 | −59 | — | — | |
| Net interest income (expense) | 15 | 9 | 13 | 57 | 50 | |
| Related party loan servicing fee | 2 | 4 | 7 | 7 | 8 | |
| Related party management fee | 6 | 23 | 8 | 9 | 8 | |
| Professional fees | 4 | 3 | 3 | 3 | 3 | |
| General and administrative | 4 | 9 | — | — | — | |
| Total expense | 16 | 40 | — | — | — | |
| Net change in the allowance for credit losses | 7 | −5 | −8 | 18 | 13 | |
| Change in unrealized gain (loss) on residential mortgage loans held-for-sale, net | 6 | −55 | — | — | −700,000 | |
| Fair value adjustment on mark-to-market liabilities | 0 | 3 | 4 | — | — | |
| Other loss | −11 | −6 | — | — | — | |
| Total other income (loss) | 2 | −62 | — | — | — | |
| Income (Loss) Before Income Taxes | 2 | −93 | −47 | 42 | 33 | |
| Income tax expense | 60,000 | 145,000 | 243,000 | 200,000 | −100,000 | |
| Net Income (Loss) | 1 | −93 | −47 | 42 | 34 | |
| Net income (loss) attributable to the noncontrolling interests | 2,000 | −1 | 114,000 | −80,000 | 5 | |
| Net Income (Loss) Attributable to Rithm Property Trust Inc. | 1 | −92 | −47 | 42 | 28 | |
| Dividends on Preferred Stock | 4 | 340,000 | 2 | — | — | |
| Net Loss Attributable to Common Stockholders | −3 | −92 | −49 | — | — | |
| Basic (in dollars per share) | −0.36 | −13.76 | −2.01 | 1.48 | 1 | |
| Diluted (in dollars per share) | −0.36 | −13.76 | −2.01 | 1.41 | 1 | |
| Basic (in shares) | 8 | 7 | 24 | 23 | 23 | |
| Diluted (in shares) | 8 | 7 | 24 | 30 | 23 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 79 | 64 | 53 | 48 | 84 | |
| Restricted cash | 811,000 | 0 | — | — | — | |
| Residential mortgage loans held-for-investment, net | 363 | 396 | 865 | 989 | 1,080 | |
| Residential mortgage loans held-for-sale, net | 29 | 28 | 56 | 0 | 30 | |
| Other investments | 79 | 30 | — | — | — | |
| Other assets | 26 | 14 | 68 | — | — | |
| Total assets | 1,042 | 977 | 1,336 | 1,484 | 1,760 | |
| Secured bonds payable, net | 226 | 258 | 411 | 467 | 576 | |
| Repurchase financing agreements | 407 | 357 | 376 | 446 | 546 | |
| Unsecured notes, net | 109 | 108 | 107 | 106 | 0 | |
| Accrued expenses and other liabilities | 9 | 8 | 11 | 10 | 9 | |
| Total Liabilities | 750 | 731 | 1,025 | 1,147 | 1,259 | |
| Commitments and Contingencies see Note 8 | — | — | — | — | — | |
| Preferred Stock, $0.01 par value, 25,000,000 shares authorized, 2,084,232 and 0 shares issued and outstanding, $52,106 and $0 aggregate liquidation preference, respectively | 51 | 0 | — | — | — | |
| Common Stock $0.01 par value, 125,000,000 shares authorized, 7,848,703 and 7,847,520 shares issued and 7,571,699 and 7,570,125 shares outstanding, respectively(5) | 76,000 | 471,000 | 285,000 | 241,000 | 233,000 | |
| Additional paid-in capital | 426 | 425 | 352 | 322 | 316 | |
| Treasury stock | −12 | −12 | −10 | — | — | |
| Accumulated deficit | −172 | −158 | −54 | 13 | 66 | |
| Accumulated other comprehensive loss | −2 | −9 | −14 | −26 | 1 | |
| Stockholders' Equity in Rithm Property Trust Inc. | 292 | 247 | 309 | 335 | 497 | |
| Noncontrolling interests | −456,000 | −154,000 | 2 | 2 | 3 | |
| Total Stockholders Equity | 291 | 247 | 311 | 337 | 500 | |
| Total Liabilities and Equity | 1,042 | 977 | 1,336 | 1,484 | 1,760 |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Stock-based management termination fee and compensation expense | 13,000 | 17 | 1 | — | — | |
| Mark-to-market on residential mortgage loans held-for-sale, net | −6 | 55 | 9 | 0 | 0 | |
| Mark-to-market adjustment on securities carried at fair value | 6 | −2 | 0 | — | — | |
| Mark-to-market adjustment on equity method investments, at fair value | 5 | 0 | — | — | — | |
| Discount accretion on mortgage loans | −557,000 | −3 | −8 | −14 | −19 | |
| Interest and discount accretion on investment in debt securities | −1 | −11 | −9 | −11 | −11 | |
| Discount accretion on investments in beneficial interests | −7 | −5 | −8 | −11 | −16 | |
| (Gain) loss on sale of mortgage loans | −100,000 | 5 | 0 | 0 | −122,000 | |
| Gain on sale of real estate owned properties | −455,000 | −727,000 | −100,000 | −898,000 | −893,000 | |
| Loss on sale of residential mortgage-backed securities | 3 | 2 | 3 | 5 | −201,000 | |
| Impairment of real estate owned | 756,000 | 606,000 | 1 | 376,000 | 293,000 | |
| Credit loss expense on mortgage loans and beneficial interests | 388,000 | 910,000 | 279,000 | 433,000 | 1 | |
| Net decrease/(increase) in net present value of expected credit losses | −7 | 4 | 8 | −8 | −18 | |
| Amortization of debt discount and prepaid financing costs | 2 | 5 | 3 | 4 | 6 | |
| Undistributed (gain) loss from investment in affiliates | −2 | 4 | 1 | 1 | −699,000 | |
| Fair value adjustment on mark-to-market liabilities | 0 | −3 | 4 | — | — | |
| Other assets | 1 | 26 | −17 | — | — | |
| Accrued expenses and other liabilities | −4 | −2 | 493,000 | 2 | 3 | |
| Net cash (used in) provided by operating activities | −8 | 290,000 | −46 | 1 | −18 | |
| Principal paydowns on mortgage loans | 36 | 52 | 86 | 147 | 219 | |
| Proceeds from sale of mortgage loans | 2 | 384 | 0 | 0 | 126 | |
| Origination of commercial loan | −16 | 0 | — | — | — | |
| Purchase of commercial mortgage-backed securities, at fair value | −49 | −255 | −74 | −129 | −342 | |
| Principal and interest collection on mortgage-backed securities | 33 | 57 | 80 | — | — | |
| Investment in credit risk transfer agreement | 0 | −8 | 0 | — | — | |
| Paydown on other investments | 8 | 0 | 0 | 0 | −21 | |
| Proceeds from sale of real estate owned, held-for-sale | 3 | 2 | 4 | 5 | 7 | |
| Investment in equity investments | −68 | 0 | −980,000 | −6 | 0 | |
| Distribution from affiliates | 4 | 408,000 | 2 | 965,000 | 2 | |
| Net cash (used in) provided by investing activities | −33 | 297 | 173 | 223 | −50 | |
| Proceeds from issuance of Preferred Stock | 51 | 0 | — | — | — | |
| Net change in repurchase financing agreements | 51 | −19 | −70 | — | — | |
| Repayments on secured bonds payable | −33 | −155 | −58 | −111 | −393 | |
| Redemption of senior convertible notes | 0 | −104 | 0 | — | — | |
| Payment of transaction costs | 0 | −10 | 0 | — | — | |
| Sale of Common Stock, net of offering costs | 0 | 14 | 28 | 5 | 251,000 | |
| Distribution to noncontrolling interests | 0 | −900,000 | −289,000 | −1 | −15 | |
| Dividends paid on Common Stock and Preferred Stock | −11 | −11 | −21 | −30 | −29 | |
| Net cash provided by (used in) financing activities | 57 | −286 | −121 | −261 | 46 | |
| Net Change in Cash and Cash Equivalents and Restricted Cash | 16 | 11 | 5 | −37 | −23 | |
| Cash paid for interest | 35 | 26 | 56 | 41 | 30 | |
| Cash paid for income taxes | 470,000 | 97,000 | 445,000 | 3 | 358,000 | |
| Net transfer of loans from residential mortgage held-for-investment, net to residential mortgage loans held-for-sale, net | 0 | 428 | 64 | −30 | 160 | |
| Preferred Stock and warrants redeemed for Common Stock | 0 | 58 | — | — | — | |
| Conversion of 2020 Warrants for Common Stock | 0 | 19 | 0 | 18,000 | 3 | |
| Common Stock settled for management fee and compensation expense | 0 | 17 | 1 | 2 | 1 | |
| Issuance of 2024 Warrants | 0 | 3 | 0 | — | — | |
| Net transfer of loans to property held-for-sale | 288,000 | 2 | 2 | 5 | 4 | |
| Other non-cash loan charges | 0 | 671,000 | 28,000 | — | — | |
| Unrealized gain on available-for-sale securities | 6 | 2 | 7 | −27 | 645,000 |
Filings
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