Rpt Realty Stock Earnings Reports

Rithm Property Trust (RPT) reported a largely stable quarter after management restructured the company over the past year. Key financials: portfolio ~ $308M, total equity ~$292–300M, cash & cash equivalents roughly $81–100M, book value ~$5.30 per share while the stock trades near ~$2.40, and the company continues to pay a $0.06 quarterly dividend. Activity during the quarter included a $21M originations (grocery-anchored retail loan expected to yield mid-teens) and further deployment into commercial real estate floaters/CMBS-type assets to improve liquidity and yield. Management emphasized three strategic options going forward: (1) recapitalize via an equity or fixed-income offering tied to a pool of assets, (2) explore a company liquidation or auction to realize book value, or (3) grow the business (including staying opportunistic) — with clear intent not to simply maintain the status quo. Rithm’s parent is pursuing a large opportunistic acquisition (the Paramount office portfolio in NY and SF) and RPT could potentially participate; management estimates attractive economics on Paramount (e.g., a $50M equity check could deliver ~2x MOIC and >20% return under current assumptions). Management says the company is clean of legacy problem loans, is building a direct lending platform (leveraging Genesis/other affiliates), and is focused on growing earnings but recognizes the challenge of doing so while the stock trades at a deep discount to book. Management is having ongoing conversations with potential third-party capital providers and banks about different financing or equity-raise structures but no definitive capital raise was announced.