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Rithm Property Trust (RPT) investor relations material
Rithm Property Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Completed transformation and rebranding from Great Ajax to Rithm Property Trust, shifting focus to opportunistic commercial real estate investments and away from legacy residential assets.
Achieved GAAP comprehensive income of $1.4 million ($0.03 per diluted share) for Q2 2025, marking a return to profitability and the first positive earnings in over two years.
Raised $50.8 million through Series C Preferred Stock and issued $14 million in common stock to Rithm, strengthening liquidity.
Management team expanded and external management by Rithm Capital leverages broader platform and relationships for growth.
Terminated prior management contract, incurring a $15.5 million fee in 2024.
Financial highlights
Q2 2025 GAAP income of $1.4 million ($0.03 per diluted share); net income attributable to common stockholders was $0.6 million, reversing prior losses.
Net interest income rose to $4.2 million in Q2 2025, up from $3.8 million in Q1 2025.
Book value per share was $5.37 at quarter end, with total equity at $294.6 million.
Paid a $0.06 per share common dividend in Q2 2025, with no plans for reduction.
Cash and cash equivalents totaled $98.6 million as of June 30, 2025.
Outlook and guidance
Active investment pipeline exceeds $2 billion, with $50 million of equity expected to be deployed in Q3 targeting double-digit returns.
Focus on scaling through acquisitions, direct origination, and M&A, while maintaining REIT status and dividend.
Plans to bring in third-party capital for larger transactions to avoid shareholder dilution.
Market volatility and constrained financing may limit near-term asset acquisitions.
Targeting mid-teens blended levered yields for new investments.
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