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Rithm Property Trust shifts to commercial real estate platform and targets 2026 reset

The company reported breakeven earnings after moving from its legacy structure and said it pulled a planned equity offering to avoid pricing pressure from volatility and short selling.

Thursday, July 30, 2026 · Written up by our desk · Previews

Rithm Property Trust Inc. said it has completed a transition from its legacy Great Ajax structure into a dedicated commercial real estate platform, and it has moved to a breakeven earnings profile after prior quarterly losses of nearly $10 million, according to a Yahoo Finance earnings call summary.

The company also said it cleaned up its balance sheet by selling down legacy assets that were not expected to generate returns, leaving the portfolio with no legacy commercial real estate exposure. Performance, it said, is now driven by investments in residential and multifamily transitional loans originated by affiliate Genesis Capital, which it described as offering high coupons and short durations.

Rithm Property Trust said it decided to pull a planned public equity offering after market volatility and short selling pushed the potential offering price below the stock's trading value, to protect existing shareholders. The strategy currently emphasizes senior, short-duration loans with a 9.1% gross WAC and approximately 14% levered returns, using a 75% advance rate, and management said the plan is constrained by the vehicle’s small capital base and limited float.

Looking ahead, the company expects to resolve the vehicle’s future state by the end of 2026, with a definitive plan targeted no later than the end of the current year. It said if it cannot raise third-party equity to grow capital, the board would consider alternatives including share buybacks, M&A, or tendering for outstanding shares, while guidance assumes legacy residential interests are held until they can be called or liquidated without disadvantageous losses, with some potentially reaching call dates in the fall.

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