Rithm Property Trust Inc. (RPT) Earnings
Rithm Property Trust Inc. is expected to report next earnings on July 23, 2026 (in NaN days), with a consensus EPS estimate of $-0.04. RPT has beaten EPS estimates in 4 of its last 11 reported quarters (average surprise +161.0% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 24, 2026 | $-0.06 | $-0.04 | +33.3% | $3M | -54.2% |
| Feb 13, 2026 | $-0.12 | $-0.06 | +50.0% | $13M | +139.2% |
| Oct 31, 2025 | $0.24 | $-0.18 | -175.0% | $2M | -61.4% |
| Jul 24, 2025 | $0.03 | $0.25 | +735.7% | $5M | -27.1% |
| Jan 30, 2025 | $-0.02 | $0.01 | +150.0% | $13M | +200.9% |
| Sep 30, 2024 | $-0.38 | $-1.06 | -179.7% | $9M | +24.3% |
| Jun 30, 2024 | $-0.30 | $-1.94 | -547.7% | $-8M | -244.8% |
| Nov 2, 2023 | — | $-0.39 | — | $55M | — |
| Aug 3, 2023 | $-0.09 | $-0.11 | -20.0% | $7M | -86.3% |
| May 4, 2023 | $0.05 | $-0.10 | -300.0% | $85000 | -99.8% |
| Mar 2, 2023 | $0.19 | $-0.05 | -126.3% | $-5M | -145.8% |
| Nov 3, 2022 | $0.23 | $0.14 | -39.1% | $9M | — |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · April 24, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
### Key Points - The company had an uneventful quarter, remaining patient and working towards creating value for shareholders. - They cleaned up the balance sheet in 2024, liquidated residential stuff, and repositioned in commercial space. - The balance sheet is extremely clean with no problem loans. - They have just under $100 million of cash and liquidity. - They'll continue to pay the dividend and are looking at opportunities in M&A and potentially buying back stock. - The pipeline is about $2 billion, with focus on multifamily space and Genesis business. - They sold down CRE floaters to create liquidity and monitor opportunities to deploy capital in higher yielding assets. - They cut G&A dramatically, cleaned up balance sheet, sold residential portfolio, made new CRE investments in floating rate AAA CMBS, deployed $50 million in equity in Paramount transaction closed in December 2025, and continue to renegotiate repo agreements and improve liquidity. - The Paramount transaction's performance is ramping up with lease - up activities at high levels, and they're excited about potential refinancings and JV equity investments.
Guidance
### Guidance - They'll continue to be patient and wait for opportunities to transform the company and deploy capital. - They are looking at different opportunities in the M&A world and may consider buying back stock at some point. - They'll continue to pay the dividend and are actively trying to grow the vehicle, with the goal of deploying capital or creating more capital on a game - changing opportunity. - The Paramount investment will ramp up as it accretes and progress is made on it.
Segment performance
For the quarter, gap income was negative 3.2 million or 42 cents per diluted share. Earnings available for distribution was negative $300,000 or 4 cents per diluted share. Dividend paid in the quarter was 36 cents per diluted share, correlating to about a 10.8% dividend yield. Book value was $236.2 million or $30.83 cents. Cash and liquidity was a little under $100 million. The company sold down a few CRE floaters to create liquidity. The credit markets have continued to perform well, with CMBS markets performing well. The portfolio was repositioned with a clean balance sheet, no problem loans, and focus on commercial space. The pipeline was give or take about $2 billion, with large opportunities in multifamily space and Genesis business where multifamily lending was growing. Equity was a little under $300 million at about $287 million, commercial real estate portfolio was $236 million post - 24 vintage.
Risks & headwinds
### Risks - Geopolitical events can affect the market. - Software headlines in the private credit world where earlier vintages of companies borrowed at large multiples of revenue may negatively impact future deals. - The retail component of private credit can cause concerns, although private credit excluding retail is still performing well. - There is uncertainty around the deployment of capital and achieving the desired opportunities in a timely manner.
Analyst Q&A
Q: Optically, it looks like the strategy this quarter was to reduce CMBS holdings and deleverage. Are you expecting to lever back up in the near term by investing in other asset classes such as loans from Genesis or should we expect leverage to be a little bit diminished for the near term?
A: They looked at selling down levered AAA CMBS to create capital for opportunistic investing. They'll sit on cash and look for opportunities to deploy at higher yields in areas like multifamily debt or buying back equity. If the market continues to be miserable, they may continue to harvest proceeds from CMBS but are focused on creating more earnings.
Q: Changing gears, there was a pretty decent pickup in professional fees this quarter. Was that more just a one - time event, or should we expect to see something similar going forward?
A: That was a one - time event related to looking at various capital options.
Q: This quarter, you closed on the Paramount transaction in the fourth quarter at the Rhythm Parents, and of course, Rhythm Property put in $50 million. Was there any impact to the income statement this quarter from Paramount?
A: Paramount was essentially flat for the quarter. It will ramp up as the investment accretes and progress is made on Paramount.
Q: On the Genesis loans, are those likely to be more portfolio - based and chunky, or is there an opportunity for flow? And then a follow - up on Craig's liquidity questions. Is there an opportunity to do anything with the unsecured debt, just given how much liquidity is on the balance sheets?
A: On Genesis, they've seen growth in production and EBITDA. They're looking at securitizing assets from Genesis to grow earnings at RPT. The unsecured debt has a certain coupon, and if the company is rated better, the cost of capital drops. They want to make investments more accretive by deploying in higher yielding assets.
Q: Obviously, a lot of progress in here and you cut your losses. And if we go with Nick's comments, we're almost at the point of breakeven on an EAP basis. If you, things, the environment or the political environment is bad, but it's probably not going to get worse. And so it's fair to say that the debt and credit markets, whatever they are, aren't going to get worse. And is what's the holdup in terms of deploying assets? Are there like opportunities, like you said, that don't show up until May? Are there enough opportunities out there where you could, if you wanted to push hard, leverage this thing up now? What is sort of the overall temper of the market right now in terms of opportunities?
A: This vehicle is extremely small. They need to create a large pool of capital. The private credit markets are an education process regarding liquidity. There are opportunities, but they haven't seen the right ones to deploy capital yet. They're looking at a reasonable - sized multifamily deal and it may involve a combination of third - party capital, Rhythm Property Trust, and Rhythm.
Q: The commercial mortgage REIT sector has been under pressure for several years and there's been a deal in the space. I wanted to ask if you're seeing any change in engagement from public commercial mortgage REITs, smaller ones, or private vehicles about potential combination scenarios?
A: They've been good at differentiating themselves and building businesses. They'll continue to look at M&A. Their balance sheet is crystal clean, different from some legacy REITs. They're actively looking to do M&A around this and expect more M&A in the space.