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RPT

Rithm Property Trust Inc.

RPT

Rithm Property Trust Inc. • NYSE
$2.68 ▲ 2.68% (+0.07)
Market Cap $121.74 M
52w High $3.42
52w Low $2.29
Dividend Yield 0.24%
P/E 38.29
Volume 130.03K
Outstanding Shares 45.42M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.994M ▼ $1.994M ▼ $-273K ▼ -13.691% ▼ $-0.034 ▼ $0
Q2-2025 $4.694M ▼ $3.468M ▲ $1.898M ▲ 40.435% ▲ $0.013 ▲ $0 ▼
Q1-2025 $11.317M ▼ $2.429M ▲ $-3.394M ▼ -29.99% ▼ $-0.082 ▼ $5.954M ▼
Q4-2024 $13.272M ▲ $2.18M ▼ $2.912M ▲ 21.941% ▲ $0.06 ▲ $11.221M ▲
Q3-2024 $9.07M $3.318M $-8.029M -88.523% $-0.18 $1.389M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $82.37M ▼ $1.003B ▼ $711.59M ▼ $291.653M ▼
Q2-2025 $98.629M ▲ $1.014B ▼ $719.784M ▼ $294.739M ▼
Q1-2025 $97.439M ▲ $1.028B ▲ $732.411M ▲ $296.071M ▲
Q4-2024 $64.252M ▼ $977.339M ▲ $730.571M ▲ $246.922M ▲
Q3-2024 $84.016M $858.151M $611.058M $246.09M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $1.898M ▲ $-25K ▲ $17.755M ▲ $-16.54M ▼ $1.19M ▼ $-25K ▲
Q1-2025 $-3.391M ▼ $-1.605M ▲ $-16.049M ▲ $50.841M ▼ $33.187M ▲ $-1.605M ▲
Q4-2024 $1.757M ▲ $-2.427M ▲ $-131.042M ▼ $113.705M ▲ $-19.764M ▼ $-2.427M ▲
Q3-2024 $-7.954M ▲ $-5.302M ▼ $45.214M ▼ $-27.922M ▲ $11.99M ▲ $-5.302M ▼
Q2-2024 $-12.861M $16.245M $290.41M $-334.683M $-28.028M $16.245M

Revenue by Products

Product Q4-2022Q1-2023Q2-2023Q3-2023
Management and Other Fee Income
Management and Other Fee Income
 $0 ▲$0 ▲$0 ▲$0 ▲
Real Estate Other
Real Estate Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Rental Income
Rental Income
 $50.00M ▲$50.00M ▲$50.00M ▲$50.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Rithm’s income statement shows a business under earnings pressure while in transition. Revenue has been choppy and recently weaker, and profitability has swung from decent profits a few years ago to notable losses in the last two years. Margins have eroded, with core operating performance and net results both slipping into the red. This pattern suggests a mix of market headwinds (rates, housing, credit) and the cost and complexity of reshaping the business toward asset management. Volatility in earnings is an important feature here, not a side note.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive, leveraged real estate and mortgage platform that has been slimming down. Total assets have come down from earlier peaks, and debt, while still heavy, has been reduced from prior highs. Equity has shrunk meaningfully compared with a few years ago, pointing to value erosion from losses and strategic moves. Cash on hand looks lean for the size and complexity of the business, which is common in this space but leaves less room for error. Overall, the company still runs with significant leverage, and the cushion for setbacks is thinner than before.

Cash Flow

Cash Flow Cash generation has been inconsistent. A few years ago, operating cash flow was solidly positive, but it has since dipped into negative territory and hovered around break‑even more recently. Free cash flow follows the same pattern, as investment spending has been modest and relatively stable; the real swing factor has been operating performance and working capital. For a mortgage and real‑estate platform, lumpy cash flows are not unusual, but the recent weakness means the business is relying more on balance sheet flexibility and financing markets rather than self‑funding growth from steady internal cash.

Competitive Edge

Competitive Edge Rithm’s competitive position comes from its integrated and diversified platform across the mortgage and real estate value chain. It combines loan origination, servicing, specialized lending, single‑family rentals, and now alternative asset management under one umbrella. Its scale and expertise in mortgage servicing rights, along with the ability to create and manage these assets internally, give it structural advantages on cost, information, and hedging interest‑rate risk. The move into global alternative asset management via acquisitions adds a new, fee‑based earnings engine and broadens product reach. On the flip side, the company operates in highly competitive markets against large banks, non‑bank lenders, and established asset managers, and must prove it can execute this multi‑leg strategy without losing focus or returns.

Innovation and R&D

Innovation and R&D Innovation at Rithm is less about traditional research labs and more about building smarter, technology‑enabled platforms. Its Newrez subsidiary runs on proprietary systems for both servicing and origination, layered with artificial intelligence and a unified customer data view through partnerships like Salesforce. The Caliber acquisition added a fast, largely digital mortgage experience and even experimentation with blockchain in loan processes. In rentals and business‑purpose lending, Rithm uses technology partners and in‑house data tools to improve underwriting, property management, and customer experience. The roadmap includes deeper AI use, more digital self‑service, and potential structural changes to separate businesses for clarity. The opportunity is to translate these tools into sustainably better economics; the risk is the complexity and cost of integrating multiple platforms and acquisitions while markets stay volatile.

Summary

Rithm Property Trust is in the middle of a major evolution—from a traditional, balance‑sheet‑heavy mortgage REIT toward a more diversified, technology‑enabled, fee‑oriented asset manager. Financially, the company has moved from profitability to recent losses, with thinner equity and uneven cash flow, all against a backdrop of significant leverage. Strategically, however, it has built a broad ecosystem spanning origination, servicing, specialized lending, single‑family rentals, and now alternative asset management, supported by proprietary technology and data. The key questions going forward are whether management can stabilize earnings, rebuild financial resilience, and fully realize the benefits of its integrated model and new asset‑management scale while managing interest‑rate, housing, credit, and execution risks. This is a story of strong strategic ambition but still‑uncertain financial outcomes.

NEWS

October 31, 2025 · 6:45 AM UTC

Rithm Property Trust Inc. Announces Third Quarter 2025 Results

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October 20, 2025 · 4:30 PM UTC

Rithm Property Trust Inc. Declares Third Quarter 2025 Common and Preferred Dividends

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October 16, 2025 · 4:15 PM UTC

Rithm Property Trust Inc. Schedules Third Quarter 2025 Earnings Release and Conference Call

Read more