Q1 2026 loss at Rithm Property Trust (NYSE: RPT)
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Rithm Property Trust Inc. reported a GAAP comprehensive loss of $(3.2) million, or $(0.42) per diluted common share, for Q1 2026, compared with comprehensive income of $2.5 million or $0.33 per diluted share in Q4 2025.
Earnings available for distribution were $(0.3) million, or $(0.04) per diluted share, versus $(0.5) million or $(0.06) in the prior quarter. The company paid a common dividend of $2.8 million, or $0.36 per share, and reported book value per common share of $30.83 as of March 31, 2026. Total assets were $930.6 million and total liabilities $644.1 million at quarter end.
Positive
- None.
Negative
- GAAP performance turned negative: Comprehensive results moved from income of $2.5 million in Q4 2025 to a comprehensive loss of $(3.2) million in Q1 2026, and net income attributable to common stockholders fell from $1.95 million to $(3.28) million.
Insights
Q1 swung to a comprehensive loss, but core earnings stayed near breakeven while dividends were maintained.
Rithm Property Trust Inc. posted GAAP comprehensive loss of $(3.2) million in Q1 2026 versus income of $2.5 million in Q4 2025. The swing reflects weaker comprehensive results, while net interest income was relatively stable at $3.6 million versus $3.4 million.
Non‑GAAP earnings available for distribution were slightly negative at $(0.3) million, or $(0.04) per diluted share, modestly better than $(0.06) in Q4. The company still paid a common dividend of $0.36 per share, and book value per share was $30.83 as of March 31, 2026.
The balance sheet showed total assets of $930.6 million and total liabilities of $644.1 million, with repurchase financing agreements declining from $407.1 million to $309.4 million. Subsequent filings may provide more detail on portfolio performance and credit trends.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
GAAP comprehensive (loss)/income: $(3.2) million
Comprehensive (loss)/income per diluted share: $(0.42) per share
Earnings available for distribution: $(0.3) million
+5 more
8 metrics
GAAP comprehensive (loss)/income
$(3.2) million
Q1 2026 comprehensive loss versus $2.5 million income in Q4 2025
Comprehensive (loss)/income per diluted share
$(0.42) per share
Q1 2026; compared with $0.33 per diluted share in Q4 2025
Earnings available for distribution
$(0.3) million
Non-GAAP Q1 2026; $(0.5) million in Q4 2025
Dividend per common share
$0.36 per share
Common dividend for Q1 2026; unchanged from Q4 2025
Book value per common share
$30.83
As of March 31, 2026, based on 7,661,770 shares outstanding
Total assets
$930.6 million
Balance sheet total assets as of March 31, 2026
Total liabilities
$644.1 million
Balance sheet total liabilities as of March 31, 2026
Net (loss) income attributable to common
$(3.28) million
Q1 2026 net loss to common stockholders versus $1.95 million income in Q4 2025
Key Terms
earnings available for distribution, non-GAAP financial measure, comprehensive (loss)/income, real estate investment trust (REIT), +1 more
5 terms
earnings available for distribution financial
"“Earnings available for distribution” is a non-GAAP financial measure of the Company’s operating performance"
Earnings available for distribution are the portion of a company’s profit that remains after paying taxes, meeting legal or contractual reserves, and covering any required debt or operating obligations — essentially the cash the business can legally and practically give to shareholders or unitholders. Investors watch this number because it shows how much income a company can return as dividends or distributions, similar to the money left in a household account after paying bills and savings goals.
non-GAAP financial measure financial
"“Earnings available for distribution” is a non-GAAP financial measure of the Company’s operating performance"
A non-GAAP financial measure is a way companies present their financial results that excludes certain expenses or income to show how they believe their core business is performing. It matters because it can give a clearer picture of how the company is really doing, but it can also be used to make results look better than they actually are.
comprehensive (loss)/income financial
"Comprehensive (loss)/income is a GAAP financial measure that adjusts GAAP net (loss)/income"
Comprehensive (loss)/income is the company’s total profit or loss after adding net income and other gains or losses that bypass the regular profit-and-loss statement, such as unrealized investment gains, foreign currency shifts, and pension adjustments. It matters to investors because it shows the full change in a company’s equity from day-to-day business and market movements—like a household’s income combined with changes in the value of its savings—offering a clearer view of financial health than net income alone.
real estate investment trust (REIT) financial
"organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes"
A real estate investment trust (REIT) is a company that owns, operates, or finances income-generating real estate like shopping malls, apartments, or office buildings. Investors buy shares of the REIT, making it easy for people to invest in real estate without buying property themselves, and it often pays regular dividends from the rent it collects.
repurchase financing agreements financial
"Repurchase financing agreements | 309,418 | | 407,072"
A repurchase financing agreement is a short-term loan where a holder of securities sells them to a lender with a promise to buy them back later at a slightly higher price; the securities act like collateral. Think of it like a pawn-shop loan using bonds or stocks instead of jewelry. Investors care because these deals affect a company’s or fund’s cash flow, leverage and risk of forced asset sales if lenders demand repayment, and they signal short-term funding costs and stability.
Earnings Snapshot
GAAP comprehensive (loss): $(3.2) million
Q1 2026
GAAP comprehensive (loss)
$(3.2) million
Comprehensive (loss) per diluted share
$(0.42)
Earnings available for distribution
$(0.3) million
Dividend per common share
$0.36
Book value per common share
$30.83
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 24, 2026
(Exact name of registrant as specified in charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices)
Registrant’s telephone number, including area code:
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbols | Name of each exchange on which registered | ||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
| Item 2.02. | Results of Operations and Financial Condition | ||||
On April 24, 2026, Rithm Property Trust Inc. (the “Company”) issued a press release regarding its financial results for the first quarter ended March 31, 2026 (the “Press Release”). A copy of the Press Release is attached hereto as Exhibit 99.1 and is available on the Company’s website.
The information provided in Item 2.02 of this Report, including Exhibit 99.1, is being furnished and shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be incorporated by reference into any of the Company’s filings under the Securities Act of 1933, as amended, or the Exchange Act, unless expressly set forth as being incorporated by reference into such filing.
| Item 9.01. | Financial Statements and Exhibits | ||||
Exhibit | Description | |||||||
99.1 | Press Release dated April 24, 2026 | |||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | |||||||
EXHIBIT INDEX
Exhibit | Description | |||||||
99.1 | Press Release dated April 24, 2026 | |||||||
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| RITHM PROPERTY TRUST INC. | ||||||||
| By: | /s/ Nicola Santoro, Jr. | |||||||
| Name: | Nicola Santoro, Jr. | |||||||
| Title: | Chief Financial Officer | |||||||
Dated: April 24, 2026
Exhibit 99.1
Rithm Property Trust Inc. Announces First Quarter 2026 Results
NEW YORK, NY— (BUSINESS WIRE) —Rithm Property Trust Inc. (NYSE: RPT, “Rithm Property Trust” or the “Company”) today announced the following information for the first quarter ended March 31, 2026.
Financial Highlights:
•GAAP comprehensive loss of $(3.2) million, or $(0.42) per diluted common share(1)(2)
•Earnings available for distribution of $(0.3) million or $(0.04) per diluted common share(1)(3)
•Paid a common dividend of $2.8 million or $0.36 per common share
•Book value per common share of $30.83(1)
Q1 2026 | Q4 2025 | |||||||||||||
Summary of Operating Results: | ||||||||||||||
Comprehensive (Loss)/Income per Diluted Common Share(1)(2) | $ | (0.42) | $ | 0.33 | ||||||||||
Comprehensive (Loss)/Income(2) (in millions) | $ | (3.2) | $ | 2.5 | ||||||||||
| Non-GAAP Results: | ||||||||||||||
Earnings Available for Distribution per Diluted Common Share(1)(3) | $ | (0.04) | $ | (0.06) | ||||||||||
Earnings Available for Distribution(3) (in millions) | $ | (0.3) | $ | (0.5) | ||||||||||
Common Dividend Paid: | ||||||||||||||
Common Dividend per Share | $ | 0.36 | $ | 0.36 | ||||||||||
Common Dividend (in millions) | $ | 2.8 | $ | 2.7 | ||||||||||
(1)Per diluted common share calculations for both GAAP comprehensive (loss)/income and earnings available for distribution are based on weighted-average diluted shares of 7,622,488 and 7,571,555 for the quarters ended March 31, 2026 and December 31, 2025, respectively. Book value per share is based on 7,661,770 common shares outstanding as of March 31, 2026.
(2)Comprehensive (loss)/income is a GAAP financial measure that adjusts GAAP net (loss)/income by any unrealized gain (loss) on investment securities measured at fair value through other comprehensive (loss)/income and the related income tax effect, if any.
(3)Earnings available for distribution is a non-GAAP financial measure. For a reconciliation of earnings available for distribution to GAAP comprehensive (loss)/income, as well as an explanation of this measure, please refer to the section entitled “Non-GAAP Financial Measures and Reconciliation to GAAP Comprehensive (Loss)/Income.”
Additional Information
For additional information that management believes is useful for investors, please refer to the latest presentation posted on the Events & Presentations section of the Company’s website, www.rithmpropertytrust.com. Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release.
Earnings Conference Call
Rithm Property Trust’s management will host a conference call at 8:00 AM Eastern Time on Friday, April 24, 2026, to review its first quarter 2026 results for the period ended March 31, 2026.
RITHM PROPERTY TRUST INC. AND SUBSIDIARIES
Consolidated Statements of Operations (Unaudited)
($ in thousands except share and per share amounts)
| Three Months Ended | |||||||||||
March 31, 2026 | December 31, 2025 | ||||||||||
| Net Interest Income | |||||||||||
| Interest income | $ | 12,536 | $ | 12,540 | |||||||
| Interest expense | (8,908) | (9,142) | |||||||||
| Net interest income | 3,628 | 3,398 | |||||||||
| | |||||||||||
| Expenses | |||||||||||
| Related party loan servicing fee | 466 | 475 | |||||||||
| Related party management fee | 1,604 | 1,603 | |||||||||
| Professional fees | 1,681 | 975 | |||||||||
| General and administrative | 1,095 | 1,254 | |||||||||
| Total expense | 4,846 | 4,307 | |||||||||
| Other (Loss) Income | |||||||||||
| Net change in the allowance for credit losses | — | 7,003 | |||||||||
| Change in unrealized (loss) gain on residential mortgage loans held-for-sale, net | (96) | 2,210 | |||||||||
| Other loss | (680) | (4,916) | |||||||||
| Total other (loss) income | (776) | 4,297 | |||||||||
| (Loss) Income before Income Taxes | (1,994) | 3,388 | |||||||||
| Income tax (benefit) expense | (5) | 146 | |||||||||
| Net (Loss) Income | (1,989) | 3,242 | |||||||||
| Net income (loss) attributable to the noncontrolling interests | 1 | (2) | |||||||||
| Net (Loss) Income Attributable to Rithm Property Trust Inc. | (1,990) | 3,244 | |||||||||
| Dividends on preferred stock | 1,290 | 1,290 | |||||||||
| Net (Loss) Income Attributable to Common Stockholders | (3,280) | 1,954 | |||||||||
| Unrealized (loss) gain on available-for-sale securities | (35) | 386 | |||||||||
| Amortization of unrealized gain on held-to-maturity securities | 141 | 141 | |||||||||
| Comprehensive (Loss) Income | $ | (3,174) | $ | 2,481 | |||||||
| Net (Loss) Income per Share of Common Stock | |||||||||||
| Basic | $ | (0.43) | $ | 0.26 | |||||||
| Diluted | $ | (0.43) | $ | 0.26 | |||||||
Comprehensive (Loss) Income per Share of Common Stock | |||||||||||
| Basic | $ | (0.42) | $ | 0.33 | |||||||
| Diluted | $ | (0.42) | $ | 0.33 | |||||||
| Weighted Average Number of Shares of Common Stock Outstanding | |||||||||||
| Basic | 7,622,488 | 7,571,555 | |||||||||
| Diluted | 7,622,488 | 7,571,555 | |||||||||
2
RITHM PROPERTY TRUST INC. AND SUBSIDIARIES
Consolidated Balance Sheets
($ in thousands except per share amounts)
March 31, 2026 (Unaudited) | December 31, 2025 | ||||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 96,267 | $ | 79,321 | |||||||
| Restricted cash | 547 | 811 | |||||||||
Residential mortgage loans held-for-investment, net | 356,137 | 362,829 | |||||||||
| Residential mortgage loans held-for-sale, net | 28,450 | 29,419 | |||||||||
Commercial mortgage-backed securities, at fair value | 151,301 | 273,783 | |||||||||
Residential mortgage-backed securities | 189,685 | 189,947 | |||||||||
| Equity method investments | 76,560 | 79,168 | |||||||||
| Other assets | 31,699 | 26,249 | |||||||||
| Total Assets | $ | 930,646 | $ | 1,041,527 | |||||||
| Liabilities and Equity | |||||||||||
| Liabilities | |||||||||||
| Secured bonds payable, net | $ | 219,221 | $ | 226,243 | |||||||
| Repurchase financing agreements | 309,418 | 407,072 | |||||||||
| Unsecured notes, net | 108,722 | 108,507 | |||||||||
| Accrued expenses and other liabilities | 6,707 | 8,608 | |||||||||
| Total Liabilities | 644,068 | 750,430 | |||||||||
| Commitments and Contingencies | |||||||||||
| Stockholders’ Equity | |||||||||||
| Preferred stock | 50,785 | 50,785 | |||||||||
Common stock $0.01 par value, 125,000,000 shares authorized, 7,939,163 and 7,848,703 shares issued and 7,661,770 and 7,571,699 shares outstanding, respectively | 77 | 76 | |||||||||
| Additional paid-in capital | 427,081 | 425,703 | |||||||||
| Treasury stock | (11,596) | (11,596) | |||||||||
| Accumulated deficit | (177,773) | (171,768) | |||||||||
| Accumulated other comprehensive loss | (1,541) | (1,647) | |||||||||
| Stockholders' Equity in Rithm Property Trust Inc. | 287,033 | 291,553 | |||||||||
Noncontrolling interests | (455) | (456) | |||||||||
| Total Stockholders’ Equity | 286,578 | 291,097 | |||||||||
| Total Liabilities and Equity | $ | 930,646 | $ | 1,041,527 | |||||||
3
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP COMPREHENSIVE (LOSS)/INCOME
“Earnings available for distribution” is a non-GAAP financial measure of the Company’s operating performance, which is used by management to evaluate the Company’s performance excluding: (i) net realized and unrealized gains and losses on certain assets and liabilities; and (ii) other net income and losses not related to the performance of the investment portfolio.
The Company has three primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio, including any impairment or reserve for expected credit losses; and (iii) the Company’s operating expenses and taxes.
The Company’s definition of earnings available for distribution excludes certain realized and unrealized losses, which although they represent a part of the Company’s recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance. Within other net income and losses, management primarily excludes equity-based compensation expenses.
With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company’s core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction-related expenses generally relate to legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments.
Management believes that the adjustments to compute “earnings available for distribution” specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company’s activity, assist in comparing the core operating results between periods, and enable investors to evaluate the Company’s current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company’s investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. Earnings available for distribution excludes certain recurring items, such as gains and losses (including impairment) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company’s core operations for the reasons described herein. As such earnings available for distribution is not intended to reflect all of the Company’s activity and should be considered as only one of the factors used by management in assessing the Company’s performance, along with GAAP comprehensive (loss)/income which is inclusive of all of the Company’s activities.
The Company views earnings available for distribution as a consistent financial measure of its portfolio’s ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, comprehensive (loss)/income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company’s calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company’s board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company’s taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs.
4
Reconciliation of GAAP Comprehensive (Loss)/Income to Earnings Available for Distribution
($ in thousands except per share amounts)
The table below provides a reconciliation of earnings available for distribution to the most directly comparable GAAP financial measure:
| Three months ended | |||||||||||
| March 31, 2026 | December 31, 2025 | ||||||||||
Comprehensive (loss)/income — GAAP | $ | (3,174) | $ | 2,481 | |||||||
| Adjustments: | |||||||||||
| Net income (loss) attributable to noncontrolling interest | 1 | (2) | |||||||||
| Realized and unrealized losses (gains) | 1,893 | (4,290) | |||||||||
Other adjustments(1) | 973 | 1,354 | |||||||||
| Earnings Available for Distribution — Non-GAAP | $ | (307) | $ | (457) | |||||||
| Weighted average shares - basic | 7,622,488 | 7,571,555 | |||||||||
| Weighted average shares - diluted | 7,622,488 | 7,571,555 | |||||||||
| Basic Earnings Available for Distribution per common share | $ | (0.04) | $ | (0.06) | |||||||
| Diluted Earnings Available for Distribution per common share | $ | (0.04) | $ | (0.06) | |||||||
(1)Other adjustments include amortization, transaction-related expenses and income taxes.
5
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains certain information which constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “seek,” “believes,” “intends,” “expects,” “projects,” “anticipates,” “plans” and “future” or similar expressions are intended to identify forward-looking statements. These statements are not historical facts. These forward-looking statements represent management’s current expectations regarding future events and are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond our control. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements see the sections entitled “Cautionary Statement Regarding Forward-Looking Statements”, “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual and quarterly reports and other filings, including the Company’s recent proxy statements, filed with the Securities and Exchange Commission. The Company expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
ABOUT RITHM PROPERTY TRUST
Rithm Property Trust is a real estate investment vehicle externally managed by an affiliate of Rithm Capital Corp. (NYSE: RITM). The Company operates a flexible commercial real estate focused investment strategy. Rithm Property Trust is a Maryland corporation that is organized and conducts its operations to qualify as a real estate investment trust (REIT) for federal income tax purposes.
| Investor Relations | ||
| 646-868-5483 | ||
| ir@rithmpropertytrust.com | ||
6
FAQ
How did Rithm Property Trust Inc. (RPT) perform financially in Q1 2026?
Rithm Property Trust reported GAAP comprehensive loss of $(3.2) million, or $(0.42) per diluted share, for Q1 2026. This compares with comprehensive income of $2.5 million and $0.33 per diluted share in Q4 2025, indicating weaker quarterly results.
What were RPT’s earnings available for distribution in Q1 2026?
Earnings available for distribution were $(0.3) million, or $(0.04) per diluted common share, in Q1 2026. This non‑GAAP measure excludes certain realized and unrealized items and compares with $(0.5) million, or $(0.06) per diluted share, in Q4 2025.
What dividend did Rithm Property Trust (RPT) pay for Q1 2026?
Rithm Property Trust paid a common dividend of $2.8 million, or $0.36 per common share, for Q1 2026. This dividend per share was unchanged from Q4 2025, when the company paid $2.7 million in total common dividends.
How did Rithm Property Trust’s balance sheet look at the end of Q1 2026?
At March 31, 2026, total assets were $930.6 million and total liabilities were $644.1 million. Key items included $356.1 million of residential mortgage loans held-for-investment and $309.4 million of repurchase financing agreements on the liability side.
What were RPT’s net interest income and major expense items in Q1 2026?
Net interest income was $3.6 million, with interest income of $12.5 million and interest expense of $8.9 million. Total expenses were $4.8 million, driven by related party management and servicing fees, professional fees, and general and administrative costs.