Rithm Property Trust Inc. (NYSE: RPT), the externally managed real estate investment vehicle of Rithm Capital Corp., released its fourth-quarter and full-year 2025 financial results on February 13, 2026. The report highlights a significant recovery for the company, which successfully returned to GAAP profitability following a challenging 2024, while simultaneously completing a major rebranding and structural consolidation.
The quarter was defined by the first full reporting period since the company’s transition from Great Ajax Corp. (AJX) to the Rithm brand and the execution of a 1-for-6 reverse stock split in late December.
Q4 Financial Performance: GAAP vs. EAD
Rithm Property Trust reported a dual-tracked financial narrative for the final quarter of 2025, showing strong net income but a slight deficit in core distributable earnings.
GAAP Comprehensive Income: The company reported $2.5 million, or $0.33 per diluted share. This represents a dramatic swing from the comprehensive losses seen in the prior year.
Earnings Available for Distribution (EAD): Despite the GAAP profit, EAD remained slightly negative at $(0.5) million, or $(0.06) per diluted share, as the company continues to work through legacy residential assets.
Book Value (BV): RPT ended the year with a book value per share of $31.80. This high per-share figure reflects the impact of the 1-for-6 reverse stock split implemented on December 30, 2025.
Dividend: The Board maintained its commitment to shareholders by paying a fourth-quarter dividend of $0.36 per share.
Strategic Highlights & The “RPT” Rebrand
The 2025 fiscal year served as a bridge between the company’s past as a residential mortgage buyer and its future as a flexible commercial credit investor.
Rebranding and Integration
On December 2, 2024, the company officially shed its “Great Ajax” identity. Under the new “Rithm Property Trust” banner, it now benefits more directly from the institutional scale and sourcing capabilities of its parent, Rithm Capital (RITM).
Reverse Stock Split
To improve trading liquidity and institutional appeal, RPT consolidated its shares. The 1-for-6 split reduced outstanding shares from approximately 45.4 million to roughly 7.6 million, effectively raising the share price into the $15.00 range.
Portfolio Pivot
Management confirmed that the legacy portfolio of non-performing and re-performing residential loans has been largely stabilized. The focus for 2026 is migrating capital into commercial real estate loans and opportunistic property investments.
Conference Call Highlights
During the earnings call, management emphasized the “cleanliness” of the new balance sheet and the strategic advantage of being managed by an affiliate of Rithm Capital.
“2025 was about clearing the deck. We enter 2026 with a simplified capital structure, a robust book value of nearly $32 per share, and a mandate to chase higher-yielding commercial credit opportunities that our parent company originates.”
Key takeaways from the call included:
Liquidity: The company maintains approximately $100 million in cash and liquidity to deploy into new investments.
Dividend Sustainability: Analysts questioned the payout of $0.36 against a negative EAD. Management signaled that they expect EAD to turn positive in late 2026 as the commercial pivot gains scale, supporting the dividend in the interim.
Investor Outlook & Conclusion
For investors, Rithm Property Trust (RPT) represents a high-yield turnaround story with a deep-value component.
Rithm Property Trust has successfully navigated its identity crisis. By leveraging the Rithm Capital ecosystem, the company is attempting to transform from a struggling residential REIT into a nimble commercial credit player. While the negative EAD remains a metric to watch, the significant discount to book value and the backing of a major global asset manager make RPT a compelling, albeit higher-risk, option for income-focused investors in 2026.