Rithm Property Trust Inc. RPT
Rithm Property Trust (formerly Great Ajax Corp.), a Maryland corporation, is an externally managed REIT formed on January 30, 2014, and capitalized on March 28, 2014, by its then sole stockholder, Aspen Yo LLC, an affiliate of the Aspen Capital group of companies. The Company focuses on investments in the CRE sector.
On June 11, 2024, the Company completed its previously announced strategic transaction with Rithm (such transactions together, the "Strategic Transaction"). In connection with the Strategic Transaction, the Company entered into a Securities Purchase Agreement (the "SPA") pursuant to which, following stockholder approval on May 20, 2024, it issued $14.0 million of common stock, par value $0.01 ("Common Stock"), to Rithm. The Company also entered into a management agreement, dated June 11, 2024 (as amended by that First Amendment to the Management Agreement, dated October 18, 2024, and as further amended by that Second Amendment to the Management Agreement, dated February 12, 2026, and as may be further amended, modified or supplemented from time to time, the "Management Agreement") with RCM GA, which became the Company's external manager; terminated its prior management agreement; entered into a term loan with a subsidiary of Rithm; and issued warrants to Rithm to purchase shares of the Company's Common Stock. The Company relocated its corporate headquarters to New York, New York, and on December 2, 2024, rebranded and changed its name to Rithm Property Trust Inc.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| SG&A | $4.2M | $9.0M | — | — | — | — | — | — | — | — |
| Total operating expenses | $16.0M | $39.9M | $29.7M | $35.4M | $34.4M | $29.4M | $27.3M | $25.9M | $23.4M | $2.6M |
| Interest expense | $15.4M | $9.3M | $13.0M | $43.6M | $36.7M | $48.7M | $59.3M | $53.3M | $39.1M | $25.6M |
| Pre-tax income | $1.5M | -$92.9M | -$46.7M | -$12.1M | $42.1M | $33.6M | $37.2M | $31.4M | $30.3M | $28.9M |
| Income tax | $60.0K | $145.0K | $243.0K | $2.8M | $293.0K | $39.0K | $124.0K | $64.0K | $131.0K | $35.0K |
| Net income | -$2.7M | -$92.2M | -$49.3M | -$15.0M | $41.9M | $28.5M | $34.7M | $28.3M | $28.9M | $27.8M |
| EPS, basic | -0.36 | -13.76 | -2.01 | -1.24 | 1.48 | 1.00 | 1.74 | 1.50 | 1.58 | 1.65 |
| EPS, diluted | -0.36 | -13.76 | -2.01 | -1.24 | 1.41 | 1.00 | 1.59 | 1.43 | 1.51 | 1.65 |
| Shares, diluted (wtd. avg.) | 7.6M | 6.7M | 24.3M | 23.0M | 30.3M | 22.6M | 28.2M | 25.8M | 23.3M | 17.5M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $79.3M | $64.3M | $52.8M | $47.8M | $84.4M | $107.1M | $64.3M | $55.2M | $80.8M | $37.0M |
| Total assets | $1.04B | $977.3M | $1.34B | $1.48B | $1.76B | $1.65B | $1.58B | $1.60B | $1.40B | $957.4M |
| Total liabilities | $750.4M | $730.6M | $1.03B | $1.15B | $1.26B | $1.14B | $1.19B | $1.27B | $1.08B | $674.7M |
| Retained earnings | -$171.8M | -$158.0M | -$54.4M | $13.3M | $66.4M | $53.3M | $49.4M | $41.1M | $35.6M | $27.2M |
| Total equity | $291.6M | $246.9M | $310.9M | $337.5M | $500.5M | $514.5M | $384.1M | $334.3M | $317.4M | $282.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$8.3M | $290.0K | -$46.5M | $1.1M | -$18.2M | -$14.1M | -$15.0M | $1.0M | -$8.7M | -$5.2M |
| Depreciation and amortisation | — | — | — | — | $7.0K | $29.0K | $499.0K | $155.0K | $80.0K | $20.0K |
| Stock-based compensation | — | — | $88.0K | $350.0K | $200.0K | $152.0K | $2.8M | $3.0M | $2.5M | $1.2M |
| Capital expenditure | — | — | $0 | $27.0K | $277.0K | $0 | $171.0K | $456.0K | $0 | $0 |
| Investing cash flow | -$33.2M | $297.3M | $172.8M | $223.1M | -$50.2M | $24.2M | $100.2M | -$190.4M | -$345.9M | -$299.2M |
| Financing cash flow | $57.4M | -$286.1M | -$121.4M | -$260.8M | $45.7M | $32.7M | -$76.0M | $163.8M | $398.4M | $310.6M |
| Dividends paid | — | — | — | — | — | $17.5M | $26.3M | $22.9M | $20.6M | $16.5M |
| Buybacks | — | — | $25.0K | $4.7M | $16.0K | $436.0K | $0 | $0 | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-046036.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | $27.8M | $28.9M | $28.3M | $34.7M | $28.5M | $41.9M | -$15.0M | -$49.3M | -$92.2M | -$2.7M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Other event Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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