Tearsheet

Rithm Property Trust (RPT)

Market Price (3/15/2026): $13.95 | Market Cap: $105.6 Mil
Sector: Financials | Industry: Mortgage REITs

Rithm Property Trust (RPT)

Market Price (3/15/2026): $13.95
Market Cap: $105.6 Mil
Sector: Financials
Industry: Mortgage REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 111%	Weak multi-year price returns 2Y Excs Rtn is -62%, 3Y Excs Rtn is -126%	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 196%
1	Low stock price volatility Vol 12M is 36%		Expensive valuation multiples P/SPrice/Sales ratio is 14x, P/EPrice/Earnings or Price/(Net Income) is 71x
2	Megatrend and thematic drivers Megatrends include Sustainable & Green Buildings, Smart Buildings & Proptech, and Experience Economy & Premiumization. Themes include ESG REITs, Show more.		Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -124%, Rev Chg QQuarterly Revenue Change % is -36%
3			Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -111%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -111%
4			Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5%

0	Strong revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is 111%
1	Low stock price volatility Vol 12M is 36%
2	Megatrend and thematic drivers Megatrends include Sustainable & Green Buildings, Smart Buildings & Proptech, and Experience Economy & Premiumization. Themes include ESG REITs, Show more.
3	Weak multi-year price returns 2Y Excs Rtn is -62%, 3Y Excs Rtn is -126%
4	Debt is significant Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is 196%
5	Expensive valuation multiples P/SPrice/Sales ratio is 14x, P/EPrice/Earnings or Price/(Net Income) is 71x
6	Weak revenue growth Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -124%, Rev Chg QQuarterly Revenue Change % is -36%
7	Not cash flow generative CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -111%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -111%
8	Yield minus risk free rate is negative ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -2.5%

Valuation, Metrics & Events

	3/15/26	2025	2024	2023	2022
Share Price CYE	$13.95	$16.58	$17.82	$31.80	$43.50
Market Cap CYE ($ Mil)	105.6	125.5	134.6	142.9	165.1
Total Debt ($ Mil)	334.8	334.8	366.0	621.6	677.5
Total Cash ($ Mil)	128.5	128.5	126.5	184.4	304.9
Enterprise Value ($ Mil)	311.9	460.3	500.6	764.5	842.6
Valuation Ratios
P/S TTM	14.1	16.8	-	-	-
P/EBIT TTM	-	-	-	-	-
P/E TTM	71.8	85.3	-1.5	-3.0	-11.0
P/FCF TTM	-12.7	-15.1	464.3	-3.1	145.5
Sector Ratios
P/S TTM (Sector)	3.0	3.1	3.1	2.8	2.8
P/EBIT TTM (Sector)	6.9	7.3	8.4	7.2	7.7
P/E TTM (Sector)	10.8	11.1	11.7	9.8	9.6
P/FCF TTM (Sector)	8.2	8.7	8.7	7.6	6.4

	3/15/26	2025	2024
Share Price CYE	$13.95	$16.58	$17.82
Market Cap CYE ($ Mil)	105.6	125.5	134.6
Total Debt ($ Mil)	334.8	334.8	366.0
Total Cash ($ Mil)	128.5	128.5	126.5
Enterprise Value ($ Mil)	311.9	460.3	500.6
Valuation Ratios
P/S TTM	14.1	16.8	-
P/EBIT TTM	-	-	-
P/E TTM	71.8	85.3	-1.5
P/FCF TTM	-12.7	-15.1	464.3
Sector Ratios
P/S TTM (Sector)	3.0	3.1	3.1
P/EBIT TTM (Sector)	6.9	7.3	8.4
P/E TTM (Sector)	10.8	11.1	11.7
P/FCF TTM (Sector)	8.2	8.7	8.7

	RPT	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	0.0
Rev Chg Q	-36.2%	7.3%
Rev Chg LTM	110.6%	6.6%
Rev Chg 3Y Avg	-123.9%	5.7%
PROFITABILITY	FAIR
Op Inc LTM ($ Bil)	�
CFO LTM ($ Bil)	-0.0
Net Inc LTM ($ Bil)	0.0
CFO/Rev LTM	-111.1%	20.9%
Net Inc Mgn	19.7%	12.8%
VALUATION	VERY HIGH
P/S	14.1	3.1
P/CFO	-12.7	15.3
P/FCF	-12.7	20.0
P/E	71.8	24.2

AI Analysis | Feedback

Metric	Value	Date	Source
Book Value per Common Share	$5.30	9302025	Link
Active Investment Pipeline	$2bn+	10312025	Link
Existing Portfolio Unpaid Principal Balance (UPB)	$274mm	9302025	Link
Recent Loan Origination	$21 million	1122025	Link
Portfolio Composition	Commercial Mortgage-Backed Securities and Senior Loans	9302025	Link

Recent
2/13/2026	Earnings Release	Rev: $12 Mil (A) vs. $5.0 Mil (E) EPS: -0.06 (A) vs. $-0.10 (E)
Upcoming
4/27/2026	Earnings Release	Rev: $4.0 Mil (E) EPS: $-0.07 (E)

Price Chart

Return (1M):

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Rithm Property Trust (RPT) stock has lost about 10% since 11/30/2025 because of the following key factors:

1. Negative Earnings Available for Distribution (EAD) in Q4 2025.

Rithm Property Trust reported a negative Earnings Available for Distribution (EAD) of $(0.5) million, or $(0.06) per diluted common share, for the fourth quarter ended December 31, 2025. This negative EAD, announced on February 13, 2026, signals operational challenges despite a GAAP comprehensive income of $2.5 million for the same period.

2. Decision to forgo equity raise and acquisition due to market conditions.

In February 2026, Rithm Property Trust had considered a significant common equity raise to finance the acquisition of commercial mortgage assets but ultimately determined not to proceed with the equity capital raise or the acquisition due to market conditions. This decision indicates a challenging market environment or a lack of favorable terms for the company's strategic expansion plans, potentially dampening investor sentiment.

Show more

Stock Movement Drivers

Fundamental Drivers

The -11.7% change in RPT stock from 11/30/2025 to 3/14/2026 was primarily driven by a -31.4% change in the company's P/E Multiple.

(LTM values as of)	11302025	3142026	Change
Stock Price ($)	15.74	13.90	-11.7%
Change Contribution By:
Total Revenues ($ Mil)	9	7	-20.6%
Net Income Margin (%)	12.1%	19.7%	62.1%
P/E Multiple	104.2	71.5	-31.4%
Shares Outstanding (Mil)	8	8	0.0%
Cumulative Contribution			-11.7%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 3/14/2026

	Return	Correlation
RPT	-11.7%
Market (SPY)	-3.1%	6.8%
Sector (XLF)	-8.3%	28.2%

Fundamental Drivers

The -5.7% change in RPT stock from 8/31/2025 to 3/14/2026 was primarily driven by a -18.2% change in the company's P/S Multiple.

(LTM values as of)	8312025	3142026	Change
Stock Price ($)	14.74	13.90	-5.7%
Change Contribution By:
Total Revenues ($ Mil)	6	7	15.3%
P/S Multiple	17.2	14.1	-18.2%
Shares Outstanding (Mil)	8	8	0.0%
Cumulative Contribution			-5.7%

LTM = Last Twelve Months as of date shown

Market Drivers

8/31/2025 to 3/14/2026

	Return	Correlation
RPT	-5.7%
Market (SPY)	3.0%	18.2%
Sector (XLF)	-9.1%	28.2%

Fundamental Drivers

The -23.2% change in RPT stock from 2/28/2025 to 3/14/2026 was primarily driven by a -829.3% change in the company's P/S Multiple.

(LTM values as of)	2282025	3142026	Change
Stock Price ($)	18.10	13.90	-23.2%
Change Contribution By:
Total Revenues ($ Mil)	-71	7	-110.6%
P/S Multiple	-1.9	14.1	-829.3%
Shares Outstanding (Mil)	8	8	-0.2%
Cumulative Contribution			-23.2%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2025 to 3/14/2026

	Return	Correlation
RPT	-23.2%
Market (SPY)	12.4%	51.2%
Sector (XLF)	-5.3%	50.8%

Fundamental Drivers

The -62.1% change in RPT stock from 2/28/2023 to 3/14/2026 was primarily driven by a -69.4% change in the company's P/E Multiple.

(LTM values as of)	2282023	3142026	Change
Stock Price ($)	36.68	13.90	-62.1%
Change Contribution By:
Total Revenues ($ Mil)	6	7	32.1%
Net Income Margin (%)	10.4%	19.7%	89.2%
P/E Multiple	234.0	71.5	-69.4%
Shares Outstanding (Mil)	4	8	-50.4%
Cumulative Contribution			-62.1%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2023 to 3/14/2026

	Return	Correlation
RPT	-62.1%
Market (SPY)	73.4%	33.6%
Sector (XLF)	43.1%	34.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
RPT Return	34%	-38%	-17%	-39%	2%	-12%	-63%
Peers Return	21%	-21%	18%	2%	13%	1%	31%
S&P 500 Return	27%	-19%	24%	23%	16%	-1%	80%
Monthly Win Rates [3]
RPT Win Rate	58%	33%	50%	25%	58%	33%
Peers Win Rate	58%	50%	52%	60%	60%	47%
S&P 500 Win Rate	75%	42%	67%	75%	67%	33%
Max Drawdowns [4]
RPT Max Drawdown	-6%	-39%	-37%	-43%	-17%	-14%
Peers Max Drawdown	-4%	-34%	-19%	-12%	-11%	-2%
S&P 500 Max Drawdown	-1%	-25%	-1%	-2%	-15%	-2%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: NLY, AGNC, STWD, BXMT, ABR.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/13/2026 (YTD)

How Low Can It Go

Unique Key	Event	RPT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-71.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	254.3%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	Not Fully Recovered days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-73.2%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	273.2%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	Not Fully Recovered days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-16.3%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	19.5%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	108 days	120 days

Compare to NLY, AGNC, STWD, BXMT, ABR

In The Past

Rithm Property Trust's stock fell -71.8% during the 2022 Inflation Shock from a high on 11/5/2021. A -71.8% loss requires a 254.3% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Rithm Property Trust (RPT)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

RPT Realty owns and operates a national portfolio of open-air shopping destinations principally located in top U.S. markets. The Company's shopping centers offer diverse, locally-curated consumer experiences that reflect the lifestyles of their surrounding communities and meet the modern expectations of the Company's retail partners. The Company is a fully integrated and self-administered REIT publicly traded on the New York Stock Exchange (the NYSE). The common shares of the Company, par value $0.01 per share (the common shares) are listed and traded on the NYSE under the ticker symbol RPT. As of June 30, 2020, our property portfolio consisted of 49 shopping centers (including five shopping centers owned through a joint venture) representing 11.9 million square feet of gross leasable area. As of June 30, 2020, the Company's pro-rata share of the aggregate portfolio was 93.6% leased.

AI Analysis | Feedback

RPT is a smaller Kimco Realty.
Think of RPT as a scaled-down Regency Centers.

AI Analysis | Feedback

Retail Property Leasing: RPT Realty provides leased retail space within its portfolio of open-air shopping centers to various retail partners.

AI Analysis | Feedback

Rithm Property Trust (RPT) is a Real Estate Investment Trust (REIT) that owns and operates open-air shopping destinations. Therefore, its primary customers are other companies, specifically the retail businesses that lease space in its shopping centers. The provided background information does not list the names of specific major customer companies (tenants).

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

null

AI Analysis | Feedback

The ongoing expansion and sophistication of e-commerce, including direct-to-consumer models and advanced logistics, continues to erode the necessity and market share of traditional brick-and-mortar retail, posing a persistent and evolving threat to the demand for physical shopping center space.

AI Analysis | Feedback

The addressable market for Rithm Property Trust (RPT), which owns and operates open-air shopping destinations, is the U.S. shopping centers market.

The global shopping centers market was valued at approximately USD 6.22 trillion in 2025 and is projected to grow to USD 6.65 trillion in 2026. North America was identified as the largest region in the shopping centers market in 2025 and accounted for over 46% of the global market revenue share in 2021.

Based on these figures, the estimated market size for shopping centers in North America, which encompasses RPT's primary operational region of the U.S., would be approximately USD 3.11 trillion in 2025 (46.8% of USD 6.65 trillion). There are 116,214 shopping centers in the U.S.. Open-air shopping centers, RPT's focus, account for 34.3% of the total U.S. retail gross leasable area and represented 41.7% of consumer expenditure on goods and services in the first quarter of 2023. This segment has shown resilience with historically low vacancy rates and strong fundamentals for rent growth.

AI Analysis | Feedback

Here are the expected drivers of future revenue growth for Rithm Property Trust (symbol: RPT) over the next 2-3 years:

Recapitalization and New Capital Formation: Rithm Property Trust is focused on a recapitalization plan and raising new capital, which management anticipates will be a significant driver for achieving future annual earnings per share targets between $1.00 and $1.70. This initiative is central to the company's strategic repositioning and growth.
Growth in Multifamily Loan Production and Deployment of Identified Assets: The company's Genesis business is projected to achieve $6 billion to $7 billion in multifamily loan production in 2025. Additionally, there is an identified pipeline of approximately $1 billion in multifamily assets that, upon placement into the vehicle and board approval, are expected to lead to an immediate increase in earnings. Rithm Property Trust is also working towards acquiring licenses to operate as a Fannie Mae or Freddie Mac multifamily servicer or originator, further bolstering this area.
Opportunistic Investments in Commercial Real Estate: Rithm Property Trust is undergoing a strategic repositioning to focus on commercial real estate and opportunistic investments. The company aims to leverage its diversified earning streams and strong sourcing capabilities to identify and capitalize on these investment opportunities.
Development of a Direct Lending Business: The company is establishing a direct lending business in collaboration with its Genesis partners. This platform is expected to serve as a vital avenue for Rithm Property Trust's future growth.

AI Analysis | Feedback

Share Issuance

RPT Realty had $54.3 million of common stock available for issuance under an Equity Distribution Agreement in 2021.
In early 2022, the company issued debt and equity to manage its balance sheet when the cost of capital was low.

Inbound Investments

RPT Realty formed a joint venture with Singapore sovereign wealth fund GIC in December 2019, with GIC committing over $300 million to invest in open-air shopping centers in the U.S., including acquiring a minority stake in five RPT-owned retail assets and committing up to $200 million of additional capital for future investments.
In an all-stock transaction valued at approximately $2 billion, including the assumption of debt and preferred stock, Kimco Realty acquired RPT Realty, with the merger closing on January 2, 2024.

Outbound Investments

In 2021, RPT Realty closed on $791 million of investment activity, which included 11 multi-tenant acquisitions with a contract value of $540.9 million, aimed at improving portfolio quality by increasing exposure to high-growth markets.
Through its RGMZ platform in 2021, RPT Realty acquired $191.0 million of single-tenant net lease assets, with $186.3 million of these parceled from existing RPT multi-tenant shopping centers.
RPT Realty acquired Mary Brickell Village, a large grocery-anchored mixed-use property in Miami, for $216 million in the fall of 2022.

Interactive Breakdown

null

null

Better Bets vs. Rithm Property Trust (RPT)

null

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Rithm Property Trust Stock Jump Looks Great, But How Secure Is That Gain?	10/17/2025

	Title
0	ARTICLES

Trade Ideas

Select ideas related to RPT.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
NDAQ_2282026_Insider_Buying_45D_2Buy_200K	02282026	NDAQ	Nasdaq	Insider	Insider Buys 45DStrong Insider Buying Companies with multiple insider buys in the last 45 days	0.0%	0.0%	0.0%
JEF_2272026_Dip_Buyer_ValueBuy	02272026	JEF	Jefferies Financial	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.0%	0.0%	0.0%
PAYO_2272026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02272026	PAYO	Payoneer Global	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	0.0%	0.0%	0.0%
FOUR_2272026_Dip_Buyer_High_FCF_Yield_ExInd_DE_RevG	02272026	FOUR	Shift4 Payments	Dip Buy	DB \| FCF Yield \| Low D/EDip Buy with High Free Cash Flow Yield Buying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap	0.0%	0.0%	0.0%
COIN_2202026_Dip_Buyer_High_CFO_Margins_ExInd_DE	02202026	COIN	Coinbase Global	Dip Buy	DB \| CFO/Rev \| Low D/EDip Buy with High Cash Flow Margins Buying dips for companies with significant cash flows from operations and reasonable debt / market cap	2.6%	2.6%	-6.5%

Recent Active Movers

Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIV	Apartment Investment & Management	0.6	52.5%	-29.1%
ORKA	Oruka Therapeutics	1.8	25.0%	32.0%
APEI	American Public Education	1.0	21.2%	52.5%
NP	Neptune Insurance	3.0	20.2%	-25.0%
WOOF	Petco Health and Wellness	1.0	12.1%	28.8%
SANA	Sana Biotechnology	0.9	8.7%	-17.4%
AHCO	AdaptHealth	1.4	8.7%	6.4%
GLXY	Galaxy Digital	3.9	8.3%	-0.0%
BLLN	BillionToOne	3.1	7.9%	-15.6%
LWLG	Lightwave Logic	1.0	7.5%	134.9%

Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
BW	Babcock & Wilcox Enterprises	1.1	-19.5%	65.8%
EVCM	EverCommerce	1.8	-16.6%	-17.0%
ULTA	Ulta Beauty	24.0	-14.2%	-11.5%
GAU	Galiano Gold	0.7	-12.0%	1.2%
HNRG	Hallador Energy	0.7	-11.5%	-10.2%
MEOH	Methanex	4.0	-10.9%	30.3%
PVLA	Palvella Therapeutics	1.4	-10.6%	16.6%
METCB	Ramaco Resources	0.6	-10.2%	-11.2%
SSII	SS Innovations International	0.9	-10.1%	-21.5%
CACC	Credit Acceptance	4.9	-9.4%	1.0%

Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
LWLG	Lightwave Logic	1.0	81.2%	134.9%
HIMS	Hims & Hers Health	5.6	57.4%	-23.7%
OCGN	Ocugen	0.8	54.0%	83.7%
WOOF	Petco Health and Wellness	1.0	52.1%	28.8%
AXTI	AXT	2.1	50.9%	198.8%
XENE	Xenon Pharmaceuticals	4.4	31.7%	23.2%
APEI	American Public Education	1.0	28.1%	52.5%
DOCN	DigitalOcean	6.3	26.0%	42.6%
SNDK	SanDisk	97.3	25.5%	178.7%
NVTS	Navitas Semiconductor	2.1	23.2%	41.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
RHLD	Resolute Management	0.9	-32.0%	-46.2%
OLMA	Olema Pharmaceuticals	1.3	-31.7%	-41.2%
FWRD	Forward Air	0.5	-28.0%	-36.8%
CDRE	Cadre	1.3	-27.3%	-22.3%
FICO	Fair Isaac	26.8	-23.4%	-33.1%
PAR	PAR Technology	0.6	-23.2%	-59.3%
IOVA	Iovance Biotherapeutics	1.4	-22.8%	45.1%
CNC	Centene	16.9	-21.1%	-16.3%
GRPN	Groupon	0.4	-21.0%	-45.3%
BW	Babcock & Wilcox Enterprises	1.1	-19.8%	65.8%

Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
FSLY	Fastly	3.6	164.0%	141.5%
LWLG	Lightwave Logic	1.0	114.4%	134.9%
AAOI	Applied Optoelectronics	6.1	100.0%	177.7%
SOC	Sable Offshore	1.7	99.6%	86.6%
CRCL	Circle Internet	26.5	99.4%	45.5%
DAWN	Day One Biopharmaceuticals	2.2	89.8%	128.6%
AXTI	AXT	2.1	82.3%	198.8%
OCGN	Ocugen	0.8	75.9%	83.7%
ACLX	Arcellx	6.5	63.7%	75.4%
AMPX	Amprius Technologies	2.3	61.6%	127.5%

Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
GRAL	GRAIL	1.6	-57.1%	-49.7%
MNKD	MannKind	0.8	-51.7%	-51.1%
EOSE	Eos Energy Enterprises	1.6	-50.7%	-50.2%
CWH	Camping World	0.4	-49.7%	-33.6%
FWRD	Forward Air	0.5	-46.8%	-36.8%
XMTR	Xometry	1.9	-42.0%	-37.9%
RHLD	Resolute Management	0.9	-41.7%	-46.2%
QDEL	QuidelOrtho	1.2	-40.6%	-40.1%
HRI	Herc	3.6	-39.8%	-26.3%
DCH	Dauch	0.6	-39.7%	-36.9%

Peer Comparisons

Peers to compare with:

Financials

	RPT	NLY	AGNC	STWD	BXMT	ABR	Median
Name	Rithm Pr.	Annaly C.	AGNC Inv.	Starwood.	Blacksto.	Arbor Re.
Mkt Price	13.90	21.86	10.23	17.58	18.56	7.67	15.74
Mkt Cap	0.1	15.2	11.1	6.4	3.1	1.5	4.8
Rev LTM	7	2,237	1,797	829	553	501	691
Op Inc LTM	-	-	-	-	-	-	-
FCF LTM	-8	-222	653	709	276	372	324
FCF 3Y Avg	-18	1,398	207	610	367	357	362
CFO LTM	-8	693	653	978	276	372	513
CFO 3Y Avg	-18	2,124	207	718	367	357	362

Growth & Margins

	RPT	NLY	AGNC	STWD	BXMT	ABR	Median
Name	Rithm Pr.	Annaly C.	AGNC Inv.	Starwood.	Blacksto.	Arbor Re.
Rev Chg LTM	110.6%	90.4%	84.7%	-13.8%	12.1%	-19.9%	48.4%
Rev Chg 3Y Avg	-123.9%	32.3%	164.9%	-16.3%	-2.5%	-5.5%	-4.0%
Rev Chg Q	-36.2%	101.2%	546.1%	30.9%	39.2%	-14.9%	35.0%
QoQ Delta Rev Chg LTM	-20.6%	31.4%	88.0%	8.2%	8.8%	-4.3%	8.5%
Op Mgn LTM	-	-	-	-	-	-	-
Op Mgn 3Y Avg	-	-	-	-	-	-	-
QoQ Delta Op Mgn LTM	-	-	-	-	-	-	-
CFO/Rev LTM	-111.1%	31.0%	36.3%	117.9%	49.9%	74.3%	43.1%
CFO/Rev 3Y Avg	-	-	-0.6%	79.0%	64.2%	60.2%	62.2%
FCF/Rev LTM	-111.1%	-9.9%	36.3%	85.5%	49.9%	74.3%	43.1%
FCF/Rev 3Y Avg	-	-	-0.6%	66.4%	64.2%	60.2%	62.2%

Valuation

	RPT	NLY	AGNC	STWD	BXMT	ABR	Median
Name	Rithm Pr.	Annaly C.	AGNC Inv.	Starwood.	Blacksto.	Arbor Re.
Mkt Cap	0.1	15.2	11.1	6.4	3.1	1.5	4.8
P/S	14.1	6.8	6.2	7.8	5.6	3.0	6.5
P/EBIT	-	-	-	-	-	-	-
P/E	71.5	7.5	6.7	15.6	28.5	10.1	12.9
P/CFO	-12.7	21.9	17.1	6.6	11.3	4.0	8.9
Total Yield	1.4%	13.4%	15.0%	16.8%	13.9%	31.2%	14.4%
Dividend Yield	0.0%	0.0%	0.0%	10.4%	10.3%	21.3%	5.2%
FCF Yield 3Y Avg	-13.0%	14.1%	1.6%	9.4%	11.1%	16.8%	10.2%
D/E	3.2	2.1	0.0	2.1	5.2	4.3	2.6
Net D/E	2.0	1.5	-0.0	2.0	5.0	3.9	2.0

Returns

	RPT	NLY	AGNC	STWD	BXMT	ABR	Median
Name	Rithm Pr.	Annaly C.	AGNC Inv.	Starwood.	Blacksto.	Arbor Re.
1M Rtn	-7.2%	-4.7%	-9.1%	-2.7%	-6.0%	7.2%	-5.3%
3M Rtn	-15.2%	1.7%	2.3%	-2.1%	-7.0%	-10.4%	-4.6%
6M Rtn	-10.9%	6.0%	7.5%	-9.8%	-0.1%	-29.7%	-4.9%
12M Rtn	-15.2%	15.9%	15.5%	-2.6%	-0.7%	-30.1%	-1.7%
3Y Rtn	-52.5%	75.2%	61.5%	34.8%	44.4%	-3.5%	39.6%
1M Excs Rtn	-3.9%	-1.8%	-7.2%	-0.3%	-4.9%	7.0%	-2.9%
3M Excs Rtn	-8.4%	2.3%	3.4%	-1.1%	-5.0%	-10.5%	-3.0%
6M Excs Rtn	-14.7%	2.4%	4.1%	-13.0%	-4.0%	-33.7%	-8.5%
12M Excs Rtn	-36.5%	-2.7%	-3.8%	-22.8%	-20.4%	-50.3%	-21.6%
3Y Excs Rtn	-126.3%	-9.1%	-22.0%	-49.4%	-40.8%	-92.3%	-45.1%

FDIC Bank Data

Bank Capital

null

Bank Deposits

null

Bank Assets

null

Bank Loans

null

FDA Approved Drugs Data

Expand for Morenull

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2025	2024	2023	2022	2021	2020
Period End	12/31/2025	12/31/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020
Filing Date	2/18/2026	2/18/2026	2/18/2025	2/28/2024	3/3/2023	3/4/2022	3/5/2021
Key Financials
Total Revenue	7	13	-70	-17	-6	31	29
Net Income	1	1	-92	-47	-15	42	28
EPS	-0.34	-0.36	-13.76	-12.06	-7.44	8.88	6.00
Growth Rates
Total Revenue Growth	110.6%	118.2%	-317.9%	-160.2%	-120.5%	10.0%	-38.5%
Net Income Growth	101.6%	101.6%	-95.1%	-213.6%	-135.9%	46.9%	-17.9%
Margins
Net Income Margin	19.7%	11.6%	-	-	-	133.3%	99.9%
Cash & Debt
Total Cash	129	129	126	184	305	84	107
Total Debt	335	335	366	622	678	678	695
Net Debt / (Cash)	206	206	240	437	373	594	588
Cash Flows
Net Cash from Operations	-8	-8	0	-46	1	-18	-14
Free Cash from Operations	-8	-8	0	-46	1	-18	-14
Returns to Shareholders
Dividends	11	11	11	21	30	29	17
Share Repurchases	-0	-0	-0	-0	130	0	0

$ Mil \| FY: 12/31	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1
Period End	12/31/2025	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023
Filing Date	2/18/2026	11/4/2025	7/31/2025	5/2/2025	2/18/2025	11/1/2024	8/2/2024	5/3/2024	2/28/2024	11/3/2023	8/4/2023	5/5/2023
Key Financials Quarterly
Total Revenue	3	2	4	-2	5	-1	-9	-66	-9	-1	-2	-5
Net Income	3	-0	2	-3	3	-8	-13	-74	-23	-6	-11	-7
EPS	0.26	-0.18	0.06	-0.48	0.36	-1.08	-1.92	-14.46	-5.16	-1.50	-3.06	-2.04
Key Financials TTM
Total Revenue TTM	7	9	6	-7	-71	-85	-86	-78	-17	-13	-19	-18
Net Income TTM	1	1	-7	-21	-92	-117	-115	-114	-47	-31	-35	-28
Growth Rates Quarterly
Total Revenue Growth	-36.2%	313.9%	140.8%	97.3%	158.6%	20.5%	-366.7%	-1357.4%	-89.0%	84.6%	-47.7%	-161.6%
Net Income Growth	11.3%	96.6%	114.9%	95.4%	112.9%	-44.9%	-10.9%	-900.5%	-260.2%	41.4%	-139.4%	-233.6%
Margins Quarterly
Net Income Margin	94.9%	-13.7%	49.3%	-	54.4%	-	-	-	-	-	-	-
Cash & Debt
Total Cash	129	405	423	422	126	251	213	225	184	195	182	196
Total Debt	335	344	350	359	366	374	384	610	622	635	648	664
Net Debt / (Cash)	206	-61	-73	-63	240	124	171	385	437	440	466	468
Cash Flows Quarterly
FCF from Operations	-1	-6	-0	-2	-2	-5	16	-8	-12	-11	-7	-17
Cash Flows TTM
FCF from Operations TTM	-8	-10	-9	7	0	-9	-15	-38	-46	-37	-25	-5
Returns to Shareholders Quarterly
Dividends	3	3	3	3	3	3	2	4	4	5	5	6
Share Repurchases	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	2.0%	-0.3%	2.0%	-3.5%	1.1%	-6.2%	-9.1%	-38.3%	-11.4%	-2.8%	-5.7%	-3.7%
Return on Invested Capital (ROIC) TTM
ROIC TTM	0.2%	-0.0%	-2.0%	-5.8%	-14.7%	-22.7%	-20.4%	-14.8%	-5.9%	-3.9%	-4.0%	-3.2%

Segment Financials

Revenue by Segment

$ Mil	2025	2024	2023	2022	2021
Acquiring, investing in and managing a portfolio of residential whole mortgage loans, commercial		-17	-6	31	29
Total		-17	-6	31	29

Assets by Segment

$ Mil	2025	2024	2023	2022	2021
Residential	631
Commercial	277
Corporate Category	69
Total	977

Price Behavior

Price Behavior

Market Price	$13.90
Market Cap ($ Bil)	0.1
First Trading Date	12/28/1988
Distance from 52W High	-20.6%
	50 Days	200 Days
DMA Price	$15.35	$15.04
DMA Trend	indeterminate	down
Distance from DMA	-9.5%	-7.6%
	3M	1YR
Volatility	34.9%	36.0%
Downside Capture	58.85	106.00
Upside Capture	-36.51	69.70
Correlation (SPY)	4.0%	50.9%

RPT Betas & Captures as of 2/28/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.83	0.58	-0.02	0.46	0.97	0.94
Up Beta	2.39	1.38	0.51	0.54	1.19	0.99
Down Beta	-0.32	0.14	-0.33	0.25	0.80	0.67
Up Capture	-18%	24%	-24%	41%	58%	45%
Bmk +ve Days	9	20	31	70	142	431
Stock +ve Days	7	17	26	55	103	322
Down Capture	173%	94%	26%	63%	102%	107%
Bmk -ve Days	12	21	30	54	109	320
Stock -ve Days	14	24	32	61	124	374

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with RPT
RPT	-15.6%	35.9%	-0.41	-
Sector ETF (XLF)	3.6%	19.3%	0.06	51.2%
Equity (SPY)	19.6%	18.9%	0.81	51.2%
Gold (GLD)	71.9%	26.3%	2.05	3.5%
Commodities (DBC)	19.3%	17.3%	0.89	22.3%
Real Estate (VNQ)	6.2%	16.3%	0.19	50.2%
Bitcoin (BTCUSD)	-15.3%	44.2%	-0.25	27.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with RPT
RPT	-20.6%	38.3%	-0.49	-
Sector ETF (XLF)	9.3%	18.7%	0.38	39.3%
Equity (SPY)	13.1%	17.0%	0.61	37.8%
Gold (GLD)	24.1%	17.3%	1.14	8.9%
Commodities (DBC)	11.2%	19.0%	0.47	9.7%
Real Estate (VNQ)	4.8%	18.8%	0.16	40.0%
Bitcoin (BTCUSD)	6.3%	56.7%	0.33	9.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with RPT
RPT	-5.4%	43.0%	0.04	-
Sector ETF (XLF)	12.5%	22.2%	0.52	39.0%
Equity (SPY)	14.5%	17.9%	0.70	34.9%
Gold (GLD)	14.4%	15.6%	0.77	3.2%
Commodities (DBC)	8.6%	17.6%	0.40	15.4%
Real Estate (VNQ)	5.6%	20.7%	0.23	41.0%
Bitcoin (BTCUSD)	67.4%	66.8%	1.07	10.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	2272026
Short Interest: Shares Quantity	0.4 Mil
Short Interest: % Change Since 2152026	4.4%
Average Daily Volume	0.1 Mil
Days-to-Cover Short Interest	6.6 days
Basic Shares Quantity	7.6 Mil
Short % of Basic Shares	5.2%

Returns Analyses

	Title
0	Rithm Property Trust Stock Jump Looks Great, But How Secure Is That Gain?

Earnings Returns History

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
2/13/2026	-1.8%	-1.5%
10/31/2025	8.1%	-2.4%	7.8%
7/24/2025	0.0%	-2.6%	-0.4%
4/28/2025	0.0%	3.2%	-2.1%
1/30/2025	7.7%	9.8%	17.6%
10/21/2024	0.0%	0.0%	-5.6%
7/24/2024	-9.4%	-12.7%	-11.0%
2/27/2024	-4.7%	-6.5%	-13.2%
...
SUMMARY STATS
# Positive	12	11	9
# Negative	8	9	10
Median Positive	3.3%	3.3%	7.8%
Median Negative	-4.3%	-2.6%	-9.6%
Max Positive	8.1%	16.7%	33.6%
Max Negative	-9.4%	-14.1%	-60.8%

	Forward Returns
2/13/2026	-1.8%	-1.5%
10/31/2025	8.1%	-2.4%	7.8%
7/24/2025	0.0%	-2.6%	-0.4%
4/28/2025	0.0%	3.2%	-2.1%
1/30/2025	7.7%	9.8%	17.6%
10/21/2024	0.0%	0.0%	-5.6%
7/24/2024	-9.4%	-12.7%	-11.0%
2/27/2024	-4.7%	-6.5%	-13.2%
11/2/2023	3.5%	0.7%	15.0%
8/3/2023	1.5%	1.3%	3.9%
3/2/2023	-7.6%	-14.1%	-17.8%
11/3/2022	-1.0%	3.3%	-3.6%
8/4/2022	-6.3%	-1.9%	-15.1%
3/3/2022	-3.9%	-2.1%	1.3%
11/4/2021	2.2%	0.9%	-8.3%
8/5/2021	5.3%	8.5%	8.0%
3/4/2021	3.8%	9.3%	1.7%
11/5/2020	3.1%	16.7%	33.6%
8/4/2020	7.7%	12.3%	5.9%
3/3/2020	-1.5%	-10.9%	-60.8%
SUMMARY STATS
# Positive	12	11	9
# Negative	8	9	10
Median Positive	3.3%	3.3%	7.8%
Median Negative	-4.3%	-2.6%	-9.6%
Max Positive	8.1%	16.7%	33.6%
Max Negative	-9.4%	-14.1%	-60.8%

SEC Filings

Expand for More

Report Date	Filing Date	Filing
12/31/2025	02/18/2026	10-K
09/30/2025	11/04/2025	10-Q
06/30/2025	07/31/2025	10-Q
03/31/2025	05/02/2025	10-Q
12/31/2024	02/18/2025	10-K
09/30/2024	11/01/2024	10-Q
06/30/2024	08/02/2024	10-Q
03/31/2024	05/03/2024	10-Q
12/31/2023	02/28/2024	10-K
09/30/2023	11/03/2023	10-Q
06/30/2023	08/04/2023	10-Q
03/31/2023	05/05/2023	10-Q
12/31/2022	03/03/2023	10-K
09/30/2022	11/04/2022	10-Q
06/30/2022	08/05/2022	10-Q
03/31/2022	05/06/2022	10-Q

Insider Activity

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Rithm, Capital Corp		Direct	Buy	3212025	25.00	400,000	10,000,000	10,000,000	Form

RPT Trade Sentinel

Stock Conviction

null

CONVICTION RATIONALE

null

STOCK ARCHETYPE

null

INVESTMENT THESIS

null

Mechanism: null

Supporting Evidence:

PRIMARY RISK

null

Mechanism: null

Supporting Evidence:

Key KPI Watchlist

KPI	Threshold	Rationale

Core Investment Debate

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch

Key Events in Last 6 Months

Date	Event	Stock Impact

Risk Management

Position Sizing

null

Diversification Alternatives

How Is The Market Pricing RPT?

What will confirm the thesis

What will damage the thesis

Noise: Real but irrelevant to thesis

Repricing Catalyst

What RPT Makes & Who Pays

TTM figures based on

RPT Evolution: Price Return by Era

① Structure

② Volume / Momentum

③ Catalyst

Combined Score

0 / 12

1 Price Structure & Trend · ▾

2 Momentum ▾

3 Relative Strength vs. SPY ▾

4 Institutional Footprint & Volume ▾

5 Volatility ▾

6 Key Price Levels Range · Vol ▾

7 Earnings Reaction History ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	0
② Vol / Mom	0
③ Catalyst	0

ℹ Bull Pillars: 0 · Bear Pillars: 0 · Combined Score: 0 →

Industry Resources

Financials Resources

Federal Reserve Economic Data

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Rithm Property Trust (RPT)

Market Price (3/15/2026): $13.95 | Market Cap: $105.6 MilSector: Financials | Industry: Mortgage REITs

Rithm Property Trust (RPT)

Market Price (3/15/2026): $13.95Market Cap: $105.6 MilSector: FinancialsIndustry: Mortgage REITs

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Valuation, Metrics & Events

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

About Rithm Property Trust (RPT)

Share Issuance

Inbound Investments

Outbound Investments

Interactive Breakdown

Better Bets vs. Rithm Property Trust (RPT)

Latest Trefis Analyses

Trade Ideas

Recent Active Movers

Top Gainers

Top Losers

Top Gainers

Top Losers

Top Gainers

Top Losers

More From Trefis

Research & Analysis

Invest in Strategies

Wealth Management

Peer Comparisons

Financials

Growth & Margins

Valuation

Returns

Comparison Analyses

FDIC Bank Data

Bank Capital

Bank Deposits

Bank Assets

Bank Loans

FDA Approved Drugs Data

Financials

Segment Financials

Price Behavior

Based On 1-Year Data

Based On 5-Year Data

Based On 10-Year Data

Short Interest

Returns Analyses

Earnings Returns History

SEC Filings

Insider Activity

RPT Trade Sentinel

null

CONVICTION RATIONALE

STOCK ARCHETYPE

INVESTMENT THESIS

PRIMARY RISK

BULL VIEW

CORE TENSION

PREVAILING SENTIMENT

BEAR VIEW

Position Sizing

null

Diversification Alternatives

Repricing Catalyst

Market Price (3/15/2026): $13.95 | Market Cap: $105.6 Mil
Sector: Financials | Industry: Mortgage REITs

Market Price (3/15/2026): $13.95
Market Cap: $105.6 Mil
Sector: Financials
Industry: Mortgage REITs