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Rithm Property Trust Inc., an externally managed real estate investment trust (REIT), focuses on investments in the commercial real estate (CRE) sector. It operates through two segments: Residential and Commercial. The Residential segment is involved in managing its portfolio of residential mortgage assets, including whole mortgage loans, residential mortgage-backed securities, and beneficial interests. The Commercial segment is focused on originating, acquiring, and managing portfolios of commercial mortgage-backed securities, commercial real property, commercial mortgage loans, and other CRE investments. It operates in California, Florida, New York, New Jersey, Maryland, Virginia, Illinois, Georgia, Texas, North Carolina, and internationally. The company has elected to be taxed as a real estate investment trust for U.S. federal income tax purposes. As a result, it would not be subject to corporate income tax on that portion of its net income that is distributed to shareholders. The company was formerly Great Ajax Corp. and changed its name to Rithm Property Trust Inc. in December 2024. Rithm Property Trust Inc. was incorporated in 2014 and is headquartered in New York, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $13M | - | $1M | $-8M | 0.5% | - | - |
| 2024 | $-70M | - | $-92M | $0M | -37.2% | - | - |
| 2023 | $-17M | - | $-47M | $-46M | -15.1% | - | - |
| 2022 | $-6M | - | $-15M | $1M | -4.4% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | -6.44 | -16.76 | -70.04 | 12.71 |
| Pretax Income | -12.10 | -46.71 | -92.91 | 1.53 |
| Tax Provision | 2.83 | 0.24 | 0.14 | 0.06 |
| Net Income | -15.01 | -47.07 | -91.83 | 1.47 |
| Net Income Common Stockholders | -28.68 | -49.26 | -92.17 | -2.74 |
| Interest Expense | 43.63 | 59.29 | 43.57 | 37.39 |
| Interest Income | 82.58 | 72.33 | 52.87 | 52.80 |
| Selling General And Administration | 2.84 | 3.27 | 7.82 | 3.53 |
| Normalized Income | -15.72 | -46.23 | -91.83 | 1.47 |
| Basic EPS | -7.44 | -12.06 | -13.74 | 0 |
| Diluted EPS | -7.44 | -12.06 | -13.74 | 0 |
| Tax Effect Of Unusual Items | 0.19 | -0.22 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.04 |
| Total Unusual Items | 0.90 | -1.06 | -0.60 | 0 |
| Total Unusual Items Excluding Goodwill | 0.90 | -1.06 | -0.60 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -15.01 | -47.07 | -91.83 | 1.47 |
| Reconciled Depreciation | 0.44 | 0.53 | 0 | 0 |
| Net Interest Income | 38.95 | 13.05 | 9.30 | 15.41 |
| Net Income From Continuing And Discontinued Operation | -15.01 | -47.07 | -91.83 | 1.47 |
| Diluted Average Shares | 3.84 | 4.05 | 6.70 | 0 |
| Basic Average Shares | 3.79 | 4.05 | 6.70 | 0 |
| Diluted NI Availto Com Stockholders | -28.32 | -48.72 | -92.17 | -2.74 |
| Average Dilution Earnings | 0.36 | 0.54 | 0 | 0 |
| Otherunder Preferred Stock Dividend | 8.19 | 0 | 0 | 0 |
| Preferred Stock Dividends | 5.47 | 2.19 | 0.34 | 4.21 |
| Minority Interests | -0.07 | -0.11 | 1.22 | 0 |
| Net Income Including Noncontrolling Interests | -14.94 | -46.96 | -93.05 | 1.47 |
| Net Income Continuous Operations | -14.94 | -46.96 | -93.05 | 1.47 |
| Other Non Operating Income Expenses | 0 | 0 | -5.77 | -10.79 |
| Special Income Charges | 0.90 | -1.06 | -0.60 | 0 |
| Other Special Charges | -0.90 | -0.10 | 0 | 0 |
| Impairment Of Capital Assets | 0 | 1.10 | 0.60 | 0 |
| Gain On Sale Of Security | -28.26 | -7.84 | 3.08 | 0 |
| Depreciation Amortization Depletion Income Statement | 0.44 | 0.53 | 0 | 0 |
| Depreciation And Amortization In Income Statement | 0.44 | 0.53 | 0 | 0 |
| Amortization | 0.44 | 0.53 | 0 | 0 |
| Amortization Of Intangibles Income Statement | 0.44 | 0.53 | 0 | 0 |
| General And Administrative Expense | 2.84 | 3.27 | 7.82 | 3.53 |
| Other Gand A | 0.47 | 0.51 | 5.80 | 2.14 |
| Insurance And Claims | 0.94 | 1.02 | 1.33 | 0.89 |
| Salaries And Wages | 1.90 | 2.25 | 0.69 | 0.51 |
| Operating Revenue | -6.44 | -16.76 | -70.04 | 12.71 |
| Professional Expense And Contract Services Expense | 2.26 | 4.68 | 3.41 | 3.61 |
| Other Non Interest Expense | 1.71 | 0.48 | 0.78 | 0.25 |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| RPTthis co. | RPT | $109M | - | 0.45 | 0.5% | - |
| NLOP | NLOP | $192M | - | 0.65 | -48.8% | 1.49 |
| Seven Hills Realty Trust | SEVN | $182M | 8.97 | 0.55 | 4.6% | - |
| Douglas Elliman Inc. | DOUG | $174M | 11.59 | 0.95 | 8.3% | -46.49 |
| Modiv Industrial, Inc. | MDV | $165M | - | 1.01 | 0.5% | 13.16 |
| ACRES Commercial Realty Corp. | ACR | $151M | 688.67 | 0.32 | 3.9% | - |
| Clipper Realty Inc. | CLPR | $144M | - | -1.79 | 24.6% | 17.96 |
| Sunrise Realty Trust, Inc. | SUNS | $100M | 7.98 | 0.55 | 6.7% | - |
| Franklin Street Properties Corp. | FSP | $65M | - | 0.11 | -7.4% | 8.75 |
| Peer Median | - | 10.28 | 0.55 | 4.3% | 8.75 | |