Rithm Property Trust Inc. Announces First Quarter 2025 Results
Rithm Property Trust Inc. (NYSE: RPT, “Rithm Property Trust” or the “Company”) today announced the following information for the quarter ended March 31, 2025. First Quarter 2025 Financial Hig...
NEW YORK: Rithm Property Trust Inc. (NYSE: RPT, “Rithm Property Trust” or the “Company”) today announced the following information for the quarter ended March 31, 2025.
First Quarter 2025 Financial Highlights:
- GAAP comprehensive income of $1.1 million, or $0.02 per diluted common share1,2
- Earnings available for distribution of $0.7 million or $0.02 per diluted common share1,3
- Paid a common dividend of $2.7 million or $0.06 per common share
- Book value per common share of $5.401
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| Q1 2025 |
| Q4 2024 | ||
Summary of Operating Results: |
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Comprehensive Income per Diluted Common Share1,2 |
| $ | 0.02 |
| $ | 0.05 |
Comprehensive Income (in millions) |
| $ | 1.1 |
| $ | 2.2 |
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Non-GAAP Results: |
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Earnings Available for Distribution per Diluted Common Share1,3 |
| $ | 0.02 |
| $ | 0.01 |
Earnings Available for Distribution2 (in millions) |
| $ | 0.7 |
| $ | 0.3 |
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Book Value: |
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Book Value per Common Share |
| $ | 5.40 |
| $ | 5.44 |
Book Value (in millions) |
| $ | 245.3 |
| $ | 246.9 |
Common Shares Outstanding |
|
| 45,420,752 |
|
| 45,420,752 |
Total Equity (in millions) |
| $ | 295.9 |
| $ | 246.9 |
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Common Dividend Paid: |
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Common Dividend per Share |
| $ | 0.06 |
| $ | 0.06 |
Aggregate Common Dividend (in millions) |
| $ | 2.7 |
| $ | 2.8 |
__________________________________________
1. |
| Per common share calculations for both GAAP comprehensive income and earnings available for distribution are based on weighted average diluted shares of 45,422,030 and 45,298,505 for the quarters ended March 31, 2025 and December 31, 2024, respectively. Book value per share is based on 45,420,752 common shares outstanding for each of the quarters ended March 31, 2025 and December 31, 2024. |
2. |
| Comprehensive income is a GAAP financial measure that adjusts GAAP net income by any unrealized gain (loss) on investment securities measured at fair value through other comprehensive income and the related income tax effect, if any. |
3. |
| Earnings available for distribution is a non-GAAP financial measure. For a reconciliation of earnings available for distribution to GAAP comprehensive income, as well as an explanation of this measure, please refer to the section entitled “Non-GAAP Financial Measures and Reconciliation to GAAP Comprehensive Income.” |
“Rithm Property Trust continued its track record of earnings growth under Rithm in the first quarter of 2025, despite a challenging macro-economic environment,” said Michael Nierenberg, Chief Executive Officer of Rithm Capital. “This demonstrates the strength of our platform and deep real estate expertise in consistently creating value for our shareholders. We remain opportunistic with our capital and are focused on the continued transformation of the RPT platform.”
First Quarter Company Highlights:
- Deployed $64 million of Capital into CRE Investments: Acquired $46.7 million in unpaid principal balance (“UPB”) of commercial mortgage-backed securities (“CMBS”) bringing our total investment in CMBS to $274.6 million in UPB. Invested $17.5 million in a floating rate senior subordinate mortgage loan collateralized by a commercial real estate property located in New York City.
- Preferred Stock Issuance: Issued 2,084,232 shares of 9.875% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the “Preferred Stock”) for net proceeds of $50.8 million, including the partial exercise by the underwriters of 84,232 shares of Preferred Stock pursuant to their over-allotment option. The Preferred Stock has a liquidation preference of $25.00 per share and is listed on the NYSE under the symbol “RPT.PRC.”
- Legacy RMBS Sale: Sold legacy RMBS available-for-sale with a total UPB of $20.7 million, resulting in a remaining RMBS portfolio with a total UPB of $101.1 million.
Dividend Declaration:
- On April 25, 2025, the Company’s Board of Directors declared a cash dividend of $0.06 per share to be paid on May 30, 2025, to stockholders of record as of May 15, 2025.
Financial results for the quarter ended March 31, 2025, are included in the tables at the end of this press release.
Additional Information
For additional information that management believes is useful for investors, please refer to the latest presentation posted on the News & 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 will host a conference call at 8:00 AM ET on Monday, April 28, 2025, to review its financial results for the quarter ended March 31, 2025. 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/544479904. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the webcast. A copy of the earnings release will also be posted to the News & Events – Press Releases section of the Company’s website.
A replay of the conference call will also be available two hours following the call’s completion through 11:59 P.M. Eastern Time on Monday, May 12, 2025 in the News & Events – Events section of the Company’s website.
RITHM PROPERTY TRUST INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
(Dollars in thousands except share and per share amounts) | |||||||
(Unaudited) | |||||||
| Three months ended | ||||||
| March 31, |
| December 31, | ||||
Revenues: |
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Interest income | $ | 13,200 |
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| $ | 12,873 |
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Interest expense |
| (9,386 | ) |
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| (9,239 | ) |
Net interest income |
| 3,814 |
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| 3,634 |
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Fair value adjustment on mortgage loans held-for-sale, net |
| 970 |
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| 970 |
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Other (loss)/income |
| (4,535 | ) |
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| 1,029 |
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Total income, net |
| 249 |
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| 5,633 |
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Expenses: |
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Related party loan servicing fee |
| 510 |
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| 524 |
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Related party management fee |
| 1,445 |
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| 1,410 |
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Professional fees |
| 895 |
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| 769 |
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Other expense |
| 927 |
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| 1,147 |
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Total expense |
| 3,777 |
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| 3,850 |
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(Loss)/income before income tax |
| (3,528 | ) |
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| 1,783 |
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Income tax expense (benefit) |
| (136 | ) |
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| 26 |
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Net (loss)/income |
| (3,392 | ) |
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| 1,757 |
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Less: net income/(loss) attributable to the non-controlling interests |
| 2 |
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| (1,157 | ) |
Net (loss)/income attributable to the Company |
| (3,394 | ) |
|
| 2,914 |
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Less: dividends on preferred stock |
| 350 |
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| — |
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Net (loss)/income attributable to common stockholders | $ | (3,744 | ) |
| $ | 2,914 |
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Plus: Unrealized (loss)/gain on available-for-sale securities |
| 4,424 |
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| (1,432 | ) |
Plus: Amortization of unrealized loss on held-to-maturity securities |
| 434 |
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| 720 |
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Comprehensive Income | $ | 1,114 |
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| $ | 2,202 |
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Net (loss)/income per share of common stock: |
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Basic | $ | (0.08 | ) |
| $ | 0.06 |
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Diluted | $ | (0.08 | ) |
| $ | 0.06 |
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Weighted average number of shares of common stock outstanding: |
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Basic |
| 45,422,030 |
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| 45,298,505 |
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Diluted |
| 45,422,030 |
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| 45,298,505 |
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RITHM PROPERTY TRUST INC. AND SUBSIDIARIES | |||||||
CONSOLIDATED BALANCE SHEETS | |||||||
(Dollars in thousands except per share amounts) | |||||||
(Unaudited) | |||||||
| March 31, 2025 |
| December 31, 2024 | ||||
Assets: |
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Cash and cash equivalents | $ | 97,439 |
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| $ | 64,252 |
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Mortgage loans held-for-sale, net |
| 27,469 |
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| 27,788 |
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Mortgage loans held-for-investment, net |
| 386,997 |
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| 396,052 |
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CMBS at fair value (amortized cost of $275,602 and $245,539, respectively) |
| 275,541 |
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| 246,614 |
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RMBS available-for-sale, at fair value (amortized cost of $50,653 and $68,298, respectively) |
| 48,948 |
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| 62,169 |
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Investments in securities, held-to-maturity |
| 44,912 |
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| 46,043 |
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Other investments, at fair value |
| 25,941 |
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| 29,916 |
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Investments in beneficial interests, net |
| 90,565 |
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| 89,704 |
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Equity investments in affiliates |
| 17,618 |
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| 537 |
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