Added to YB: 2026-07-20
Pitch date: 2026-07-16
RPT [neutral]
Rithm Property Trust Inc.
Author Info
Company Info
Rithm Property Trust Inc., an externally managed real estate investment trust (REIT), focuses on investments in the commercial real estate (CRE) sector.
Market Cap
$83.6M
Pitch Price
N/A
Price Target
N/A
Dividend
13.40%
EV/EBITDA
N/A
P/E
-35.54
EV/Sales
N/A
Sector
Mortgage Real Estate Investment Trusts (REITs)
Category
special_situation
Rithm Property Trust: Massive Value Transfer To External Manager Through Heavily Dilutive Financing
RPT (bearish): -18% on $300mm equity offering (~48% dilutive to BVPS), -62% since RITM became external manager. Existing holders lose $96mm from dilution; RITM invests up to $200mm (gains $55mm BV), grows fee AUM, dumps Genesis multifamily transition loans ($1Bn, 13.4% levered yield). Value transfer to manager; independent directors approved despite terrible track record (-42% to -86% during tenures). Deal should be abandoned.
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