$RPT

Rithm Property Trust Inc.

CIK:0001614806|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Jun. 30, 2026

Jun. 30, 2025

Net Interest Income

Interest income

$ 12,335

$ 13,636

$ 24,871

$ 26,836

Interest expense

(8,279)

(9,423)

(17,187)

(18,809)

Net interest income (expense)

4,056

4,213

7,684

8,027

Expenses

Related party loan servicing fee

557

493

1,023

1,003

Related party management fee

1,614

1,603

3,218

3,047

Professional fees

1,219

854

2,900

1,749

General and administrative

1,037

1,011

2,132

1,915

Total expense

4,427

3,961

9,273

7,714

Other Income (Loss)

Realized and unrealized gains (losses), net

2,959

564

2,836

(3,880)

Other income (loss), net

(563)

1,109

(1,216)

1,965

Total other income (loss), net

2,396

1,673

1,620

(1,915)

Income (Loss) Before Income Taxes

2,025

1,925

(1,602)

Income tax expense (benefit)

(109)

Net Income (Loss)

2,005

1,899

(1,493)

Net income attributable to the noncontrolling interests

Net Income (Loss) Attributable to Rithm Property Trust Inc.

2,005

1,898

(1,497)

Dividends on preferred stock

1,290

1,286

2,580

1,636

Net Income (Loss) Attributable to Common Stockholders

$ 715

$ 612

$ (2,565)

$ (3,133)

Net Income (Loss) per Share of Common Stock

Basic (in dollars per share)

$ 0.09

$ 0.08

$ (0.33)

$ (0.41)

Diluted (in dollars per share)

$ 0.09

$ 0.08

$ (0.33)

$ (0.41)

Weighted Average Number of Shares of Common Stock Outstanding

Basic (in shares)

^[1]

7,745,779

7,569,792

7,684,474

7,569,484

Diluted (in shares)

^[1]

7,745,779

7,570,061

7,684,474

7,569,484

[1]

The prior period share and per share amounts were adjusted to reflect the impact of the one-for-six reverse stock split of the Company’s common stock which took effect on December 30, 2025. Unless otherwise indicated, all share and per share amounts have been retroactively adjusted to reflect the reverse stock split.

CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025	Dec. 31, 2025
Cash Flows from Operating Activities
Net income (loss)	$ 2,005	$ 1,899	$ 16	$ (1,493)
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Stock-based management termination fee and compensation expense			0	13
Mark-to-market on residential mortgage loans held-for-sale, net			326	(3,488)
Mark-to-market adjustment on securities carried at fair value			105	4,771
Mark-to-market adjustment on RTLs, at fair value			(142)	0
Mark-to-market adjustment on CRE equity method investments, at fair value			(1,391)	0
Discount accretion on mortgage loans			(334)	(471)
Interest and discount accretion on investment in debt securities			(527)	(569)
Discount accretion on investments in beneficial interests			(4,193)	(3,084)
Gain on sale of residential mortgage loans			(211)	(100)
Gain on sale of real estate owned properties			(25)	(355)
Loss on sale of securities			152	3,037
Impairment of real estate owned			154	171
Amortization of debt discount and prepaid financing costs			681	775
Undistributed gain from investment in affiliates			(379)	(550)
Net change in operating assets and liabilities:
Other assets			147	1,913
Accrued expenses and other liabilities			1,655	(2,200)
Net cash used in operating activities			(3,966)	(1,630)
Cash Flows from Investing Activities
Principal paydowns on mortgage loans			15,944	19,371
Proceeds from sale of mortgage loans			11,994	1,758
Purchase of CMBS, at fair value			0	(49,075)
Purchase of RTLs, at fair value			(102,988)	0
Principal and interest collection on mortgage-backed securities			34,678	25,121
Draws on RTLs			(12,715)	0
Paydown on other investments			0	5,527
Proceeds from sale of real estate owned, held-for-sale			177	1,164
Investment in equity investments			0	(17,500)
Distribution from affiliates			2,758	999
Net cash provided by investing activities			109,251	1,706
Cash Flows from Financing Activities
Proceeds from issuance of preferred stock			0	50,785
Net change in repurchase financing agreements			(95,731)	5,937
Repayments on secured bonds payable			(14,244)	(16,934)
Repurchase of common stock			(224)	0
Dividends paid on common stock and preferred stock			(8,104)	(5,487)
Net cash provided by (used in) financing activities			(118,303)	34,301
Net Change in Cash and Cash Equivalents and Restricted Cash			(13,018)	34,377
Cash and Cash Equivalents and Restricted Cash, Beginning of Period			80,132	64,252	$ 64,252
Cash and Cash Equivalents and Restricted Cash, End of Period	67,114	98,629	67,114	98,629	80,132
Supplemental Disclosure of Cash Flow Information:
Cash paid for interest			16,288	18,142
Supplemental Disclosure of Noncash Investing and Financing Activities:
Common stock settled for management fee and compensation expense			4,821	0
Net transfer of loans to real estate owned			830	92
Reclassification of unrealized loss to earnings on debt securities AFS transferred to held-to-maturity	140	141	281	575
Unrealized gain (loss) on AFS securities			(245)	5,064
Reconciliation of cash and cash equivalents and restricted cash:
Cash and cash equivalents	66,703	98,629	66,703	98,629	79,321
Restricted cash	411	0	411	0	811
Total Cash and Cash Equivalents and Restricted Cash	$ 67,114	$ 98,629	67,114	98,629	$ 80,132
RMBS
Cash Flows from Investing Activities
Proceeds from sales of RMBS AFS and CMBS			0	14,341
CMBS
Cash Flows from Investing Activities
Proceeds from sales of RMBS AFS and CMBS			$ 159,403	$ 0

CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Jun. 30, 2026

Dec. 31, 2025

Assets

Cash and cash equivalents

$ 66,703

$ 79,321

Restricted cash

411

811

Residential mortgage loans held-for-investment, net

^[1]

348,147

362,829

Residential mortgage loans held-for-sale, net

16,072

29,419

Residential transition loans, at fair value(5)

^[2]

117,730

Commercial real estate equity method investments

^[3]

79,466

79,168

Other assets

26,013

26,249

Total Assets

928,744

1,041,527

Liabilities

Secured bonds payable, net

^[1]

212,249

226,243

Repurchase financing agreements

^[4]

311,341

407,072

Unsecured notes, net

108,938

108,507

Accrued expenses and other liabilities

11,371

8,608

Total Liabilities

643,899

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

Common stock $0.01 par value, 125,000,000 shares authorized, 8,049,957 and 7,848,703 shares issued and 7,772,564 and 7,571,699 shares outstanding, respectively

Additional paid-in capital

430,298

425,703

Treasury stock

(11,596)

Accumulated deficit

(182,654)

(171,768)

Accumulated other comprehensive loss

(1,611)

(1,647)

Stockholders’ Equity in Rithm Property Trust Inc.

285,300

291,553

Noncontrolling interests

(455)

(456)

Total Stockholders’ Equity

284,845

291,097

Total Liabilities and Equity

928,744

1,041,527

CMBS

Assets

Commercial mortgage-backed securities, at fair value

^[5]

84,365

273,783

RMBS

Assets

Residential mortgage-backed securities

^[6]

$ 189,837

$ 189,947

[1]	Residential mortgage loans held-for-investment (“HFI”), net includes $346.9 million and $361.6 million of loans as of June 30, 2026 and December 31, 2025, respectively, transferred to consolidated securitization trusts. These loans can only be used to settle obligations of the trusts. Secured bonds payable, net consists of notes issued by such trusts that can only be settled with the assets and cash flows of such specific trust. The creditors do not have recourse to Rithm Property Trust Inc.
[2]	Residential transition loans (“RTLs” and each, an “RTL”), at fair value had an amortized cost of $117.6 million as of June 30, 2026.
[3]	Includes commercial real estate (“CRE”) equity method investments at fair value of $61.9 million and $61.6 million as of June 30, 2026 and December 31, 2025, respectively. (5)Residential transition loans (“RTLs” and each, an “RTL”), at fair value had an amortized cost of $117.6 million as of June 30, 2026. (6)Includes $0.2 million and $0.0 million of unamortized financing costs as of June 30, 2026 and December 31, 2025, respectively.
[4]	Includes $0.2 million and $0.0 million of unamortized financing costs as of June 30, 2026 and December 31, 2025, respectively.
[5]	Commercial mortgage-backed securities (“CMBS”), at fair value had an amortized cost of $84.3 million and $273.4 million as of June 30, 2026 and December 31, 2025, respectively.
[6]	Includes residential mortgage-backed securities (“RMBS”) available-for-sale (“AFS”), at fair value of $48.0 million and $49.2 million which had amortized cost of $47.8 million and $48.8 million as of June 30, 2026 and December 31, 2025, respectively. RMBS investments in beneficial interests carried at amortized cost are net of loss allowance of $0.0 million as of June 30, 2026 and December 31, 2025.