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Rithm Property Trust Inc. Announces Second Quarter 2026 Results
[July 28, 2026]

Rithm Property Trust Inc. Announces Second Quarter 2026 Results


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)


 

 

Q2 2026

 

Q1 2026

Summary of Operating Results:

 

 

 

 

Comprehensive Income (Loss) per Diluted Common Share(1)(2)

 

$

0.08

 

 

$

(0.42

)

Comprehensive Income (Loss)(2) (in thousands)

 

$

645.0

 

 

$

(3,174.0

)

 

 

 

 

 

Non-GAAP Results:

 

 

 

 

Earnings Available for Distribution per Diluted Common Share(1)(3)

 

$

(0.01

)

 

$

(0.04

)

Earnings Available for Distribution(3) (in thousands)

 

$

(46.0

)

 

$

(307.0

)

 

 

 

 

 

Common Dividend Paid:

 

 

 

 

Common Dividend per Share

 

$

0.36

 

 

$

0.36

 

Common Dividend (in millions)

 

$

2.8

 

 

$

2.8

 


__________________________________________

(1)

Per diluted common share calculations for both GAAP Comprehensive Income/(Loss) and Earnings Available for Distribution are based on weighted-average diluted shares of 7,745,779 and 7,622,488 for the quarters ended June 30, 2026 and March 31, 2026, respectively. Book Value per share is based on 7,772,564 common shares outstanding as of June 30, 2026.

(2)

Comprehensive Income/(Loss) is a GAAP financial measure that adjusts GAAP Net Income/(Loss) by any unrealized gain (loss) on investment securities measured at fair value through other comprehensive income/(loss) 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/(Loss), as well as an explanation of this measure, please refer to the section entitled "Non-GAAP Financial Measures and Reconciliation to GAAP Comprehensive Income/(Loss)."

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.

 

RITHM PROPERTY TRUST INC. AND SUBSIDIARIES

Consolidated Statements of Operations (Unaudited)

($ in thousands except share and per share amounts)

 

 

Three Months Ended

 

June 30, 2026

 

March 31, 2026

Net Interest Income

 

 

 

Interest income

$

12,335

 

 

$

12,536

 

Interest expense

 

(8,279

)

 

 

(8,908

)

Net interest income

 

4,056

 

 

 

3,628

 

 

 

 

 

Expenses

 

 

 

Related party loan servicing fee

 

557

 

 

 

466

 

Related party management fee

 

1,614

 

 

 

1,604

 

Professional fees

 

1,219

 

 

 

1,681

 

General and administrative

 

1,037

 

 

 

1,095

 

Total expense

 

4,427

 

 

 

4,846

 

 

 

 

 

Other Income (Loss)

 

 

 

Realized and unrealized gains (losses), net

 

2,959

 

 

 

(123

)

Other loss, net

 

(563

)

 

 

(653

)

Total other income (loss)

 

2,396

 

 

 

(776

)

 

 

 

 

Income (Loss) before Income Taxes

 

2,025

 

 

 

(1,994

)

Income tax expense (benefit)

 

20

 

 

 

(5

)

Net Income (Loss)

 

2,005

 

 

 

(1,989

)

Net income attributable to the noncontrolling interests

 

-

 

 

 

1

 

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

 

2,005

 

 

 

(1,990

)

Dividends on preferred stock

 

1,290

 

 

 

1,290

 

Net Income (Loss) Attributable to Common Stockholders

 

715

 

 

 

(3,280

)

Unrealized loss on available-for-sale securities

 

(210

)

 

 

(35

)

Amortization of unrealized loss on held-to-maturity securities

 

140

 

 

 

141

 

Comprehensive Income (Loss)

$

645

 

 

$

(3,174

)

 

 

 

 

Net Income (Loss) per Share of Common Stock

 

 

 

Basic

$

0.09

 

 

$

(0.43

)

Diluted

$

0.09

 

 

$

(0.43

)

Comprehensive Income (Loss) per Share of Common Stock

 

 

 

Basic

$

0.08

 

 

$

(0.42

)

Diluted

$

0.08

 

 

$

(0.42

)

Weighted Average Number of Shares of Common Stock Outstanding

 

 

 

Basic

 

7,745,779

 

 

 

7,622,488

 

Diluted

 

7,745,779

 

 

 

7,622,488

 

RITHM PROPERTY TRUST INC. AND SUBSIDIARIES

Consolidated Balance Sheets (Unaudited)

($ in thousands except share and per share amounts)

 

 

June 30, 2026

 

March 31, 2026

Assets

 

 

 

Cash and cash equivalents

$

66,703

 

 

$

96,267

 

Restricted cash

 

411

 

 

 

547

 

Residential mortgage loans held-for-investment, net

 

348,147

 

 

 

356,137

 

Residential mortgage loans held-for-sale, net

 

16,072

 

 

 

28,450

 

Residential transition loans, at fair value

 

117,730

 

 

 

-

 

Commercial mortgage-backed securities, at fair value

 

84,365

 

 

 

151,301

 

Residential mortgage-backed securities

 

189,837

 

 

 

189,685

 

CRE equity method investments

 

79,466

 

 

 

76,560

 

Other assets

 

26,013

 

 

 

31,699

 

Total Assets

$

928,744

 

 

$

930,646

 

Liabilities and Equity

 

 

 

Liabilities

 

 

 

Secured bonds payable, net

$

212,249

 

 

$

219,221

 

Repurchase financing agreements

 

311,341

 

 

 

309,418

 

Unsecured notes, net

 

108,938

 

 

 

108,722

 

Accrued expenses and other liabilities

 

11,371

 

 

 

6,707

 

Total Liabilities

 

643,899

 

 

 

644,068

 

Commitments and Contingencies

 

 

 

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

 

 

 

50,785

 

Common stock $0.01 par value, 125,000,000 shares authorized, 8,049,957 and 7,939,163 shares issued and 7,772,564 and 7,661,770 shares outstanding, respectively

 

78

 

 

 

77

 

Additional paid-in capital

 

430,298

 

 

 

427,081

 

Treasury stock

 

(11,596

)

 

 

(11,596

)

Accumulated deficit

 

(182,654

)

 

 

(177,773

)

Accumulated other comprehensive loss

 

(1,611

)

 

 

(1,541

)

Stockholders' Equity in Rithm Property Trust Inc.

 

285,300

 

 

 

287,033

 

Noncontrolling interests

 

(455

)

 

 

(455

)

Total Stockholders' Equity

 

284,845

 

 

 

286,578

 

Total Liabilities and Equity

$

928,744

 

 

$

930,646

 

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):

 

Three Months Ended

 

June 30,
2026

 

March 31,
2026

Comprehensive Income/(Loss) - GAAP

$

645

 

 

$

(3,174

)

Adjustments:

 

 

 

Net income attributable to noncontrolling interest

 

-

 

 

 

1

 

Realized and unrealized (gains) losses, net

 

(996

)

 

 

1,893

 

Other adjustments

 

305

 

 

 

973

 

Earnings Available for Distribution - Non-GAAP

$

(46

)

 

$

(307

)

 

 

 

 

Weighted average shares - basic

 

7,745,779

 

 

 

7,622,488

 

Weighted average shares - diluted

 

7,745,779

 

 

 

7,622,488

 

 

 

 

 

Basic Earnings Available for Distribution per common share

$

(0.01

)

 

$

(0.04

)

Diluted Earnings Available for Distribution per common share

$

(0.01

)

 

$

(0.04

)

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.


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