Rithm Property Trust (RPT)
Externally managed REIT shifting into commercial real estate investments.
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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
Target rangeAs of Sep 22, 2026
Latest analyst notes
| Date | Firm | Action | Prior | Current |
|---|---|---|---|---|
| Jan 7, 2026 | Compass Point | Target | Target: — | Target: $24 |
| Dec 30, 2025 | Wedbush | Target | Target: — | Target: $4 |
EPSReportedEstimate
RevenueReportedEstimate
Balance sheet, Jun 30, 2026Cash & short-term investments $67.1M · Total debt $632.5M · Total assets $928.7M · Shareholders' equity $285.3M
- Revenue
- $11.8M
- Operating income
- $2.0M
- Net income
- $2.0M
HistoryDividendAnnual yield
| Institutions | 63.84% | 4.96M shares | |
|---|---|---|---|
| 52 holders · as of Jun 30, 2026 | |||
| Insiders | 0.12% | 9.0K shares | |
| 2 holders · as of Sep 3, 2025 | |||
| Other | 36.04% | 2.80M shares | |
| remainder | |||
7.77M company shares as of Sep 23, 2026 · institutions as of Jun 30, 2026 · holders as of their latest filing
Top shareholders13F · 13D/G · Form 4
| Holder | Stake | Shares | Date |
|---|---|---|---|
Magnetar Financial LLCInstitution | 21.09% | 1.64M | as of Jun 30, 2026 |
Wellington Management Group LLPInstitution | 13.63% | 1.06M | as of Jun 30, 2026 |
Rithm Capital Corp.Institution | 9.86% | 766,143 | as of Jun 30, 2026 |
Vanguard Capital Management LLCInstitution | 4.02% | 312,221 | as of Jun 30, 2026 |
FMR LLCInstitution | 2.74% | 212,723 | as of Jun 30, 2026 |
Insider tradesForm 4
No open-market trades in the last 12 months.
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- Ares Commercial Real Estate
Ares-backed CRE loan originator and investor
- MFA Financial
Residential credit REIT overlapping with legacy mortgage assets
Compare
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Rithm Property Trust | $11.06 | −2.12% | $87.8M | — | 27.7 | 1.8 | +9.6% |
| Starwood Property Trust | $14.90 | −1.36% | $5.60B | 22.2 | 8.9 | 2.8 | +7.9% |
| Blackstone Mortgage Trust | $12.84 | −2.28% | $2.21B | 164.3 | 10.6 | 1.5 | +18.1% |
| Ladder Capital | $9.21 | −2.13% | $1.19B | 22.4 | 8.5 | 3.1 | −40.9% |
| KKR Real Estate Finance Trust | $6.40 | −3.40% | $425.7M | — | — | 1.0 | −41.6% |
| Franklin BSP Realty Trust | $7.62 | −1.74% | $643.6M | 17.5 | 7.3 | 1.2 | −45.4% |
| BrightSpire Capital | $4.14 | −3.39% | $541.5M | — | 6.8 | 1.6 | −2.8% |
| Ares Commercial Real Estate | $4.34 | −2.47% | $246.9M | — | 19.9 | 2.5 | — |
| MFA Financial | $8.39 | −1.96% | $873.9M | 7.1 | 6.5 | 1.2 | −4.4% |
| Median | 22.2 | 8.5 | 1.5 | −4.4% |