Rithm Property Trust
Externally managed REIT shifting into commercial real estate investments.
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Profile
Externally managed as a REIT, the business combines a legacy residential mortgage portfolio with a growing commercial real estate mandate. RCM GA, a Rithm Capital affiliate, provides management and personnel, while revenues are generated substantially in the United States.
Organized as a REIT and externally managed by RCM GA Manager LLC, the business is moving from Great Ajax's legacy residential mortgage-loan platform toward commercial real estate investments. Residential assets include whole mortgage loans, RMBS, and beneficial interests; Commercial assets include CMBS, commercial mortgage loans, commercial real property, and other CRE investments.
Substantially all revenue is generated in the United States. The portfolio is managed through Residential and Commercial segments, with the legacy book still material while the commercial mandate absorbs new origination, acquisitions, and asset management.
Execution depends on the Rithm affiliate manager and servicer, access to secured and unsecured financing, REIT qualification, and an Investment Company Act exemption. Legacy residential holdings, CRE collateral values, and property operations shape reported results.
Company facts
Categories
Key statistics
Year to date −22.2% · Average volume (30d) 95.3K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Target |
|---|---|---|---|
| Jan 7, 2026 | Compass Point | Target | $24 |
| Dec 30, 2025 | Wedbush | Target | $4 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 28, 2026Q2 FY26 | −$0.14 | −$0.01 | +92.7% | $6.8M | $6.5M | −4.5% | −1.38% |
| Apr 24, 2026Q1 FY26 | −$0.06 | −$0.04 | +33.3% | $6.2M | $2.9M | −54.2% | −0.49% |
| Feb 13, 2026Q4 FY25 | −$0.12 | −$0.06 | +50.0% | $5.3M | $7.7M | +44.8% | −0.07% |
| Oct 31, 2025Q3 FY25 | $0.24 | −$0.18 | −175.0% | $5.2M | $2.0M | −61.4% | −7.49% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $7.6M | $4.7M | $11.4M | $12.6M | $12.6M | $11.8M | |
| Gross profit | −$1.8M | $4.2M | $2.0M | $10.4M | $10.5M | $9.6M | |
| Operating income | −$3.5M | $733.0K | −$249.0K | $3.4M | $7.5M | $2.0M | |
| Net income | −$3.4M | $1.9M | −$273.0K | $3.2M | −$2.0M | $2.0M | |
| Diluted EPS | −$0.48 | $0.08 | −$0.21 | $0.26 | −$0.43 | $0.09 | |
| Gross margin | -23.4% | 89.5% | 17.4% | 83.0% | 83.6% | 81.6% | |
| Operating margin | -46.4% | 15.6% | -2.2% | 27.0% | 59.4% | 17.2% |
Fiscal years (4-quarter sums)FY21 $75.9M · FY22 $34.9M · FY23 $33.8M · FY24 −$51.7M · FY25 $36.3M
Balance sheet, Jun 30, 2026Cash & short-term investments $67.1M · Total debt $632.5M · Total assets $928.7M · Shareholders' equity $285.3M
Dividends
Last cut to $0.06 from $0.10 in May 2024. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jul 7, 2026 | Jul 7 | Jul 31 | $0.36 | |
| May 15, 2026 | May 15 | May 29 | $0.36 | |
| Jan 30, 2026 | Jan 30 | Feb 13 | $0.36 | |
| Nov 14, 2025 | Nov 14 | Nov 28 | $0.06 | |
| Aug 15, 2025 | Aug 15 | Aug 29 | $0.06 | |
| May 15, 2025 | May 15 | May 30 | $0.06 | |
| Feb 14, 2025 | Feb 14 | Feb 28 | $0.06 | |
| Nov 15, 2024 | Nov 15 | Nov 29 | $0.06 |
Ownership
Shares outstanding 7.77M · Float 7.76M · 99.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Magnetar Financial LLC | 1.64M | 21.09% | 13F | May 13, 2026 |
| Wellington Management Group LLP | 1.06M | 13.63% | 13F | May 15, 2026 |
| Rithm Capital Corp. · 10 percent owner | 903.5K | 11.62% | Form 4 | Aug 7, 2026 |
| BlackRock, Inc. | 393.2K | 5.06% | 13F | May 13, 2026 |
| Vanguard Capital Management LLC | 310.8K | 4.00% | 13F | May 15, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
View detailsPeers
- Starwood Property Trust
Large CRE finance REIT across lending, CMBS and owned property
- Blackstone Mortgage Trust
Senior CRE credit platform backed by Blackstone
- Ladder Capital
Middle-market CRE lender with CMBS and net-lease exposure
- KKR Real Estate Finance Trust
KKR-backed senior commercial mortgage lender
- Franklin BSP Realty Trust
Commercial real estate debt REIT with agency multifamily reach
- BrightSpire Capital
CRE credit REIT focused on senior mortgage loans
- Ares Commercial Real Estate
Ares-backed CRE loan originator and investor
- MFA Financial
Residential credit REIT overlapping with legacy mortgage assets
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Rithm Property Trust | $12.86 | +0.63% | $100.0M | — | 32.0 | 2.1 | +37.5% |
| Starwood Property Trust | $15.85 | +0.27% | $5.86B | 23.2 | 9.4 | 2.9 | +7.9% |
| Blackstone Mortgage Trust | $13.75 | +0.18% | $2.31B | 171.6 | 10.9 | 1.5 | +18.1% |
| Ladder Capital | $9.82 | +0.10% | $1.25B | 23.4 | 9.0 | 3.3 | −40.9% |
| KKR Real Estate Finance Trust | $7.59 | +0.20% | $488.0M | — | — | 1.2 | −82.3% |
| Franklin BSP Realty Trust | $8.46 | −0.06% | $702.6M | 19.1 | 8.0 | 1.3 | −45.4% |
| BrightSpire Capital | $4.75 | 0.00% | $601.0M | — | 7.8 | 1.8 | −0.9% |
| Ares Commercial Real Estate | $4.65 | +0.11% | $258.0M | — | 50.3 | 2.6 | — |
| MFA Financial | $8.82 | −0.11% | $901.5M | 7.4 | 6.9 | 1.2 | −65.6% |
| Median | 23.2 | 9.0 | 1.7 | −40.9% |