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Rithm Trust Eyes Growth, Weighs Major Strategic Moves
29 Jul
Summary
- Rithm Property Trust is exploring options to boost capital and earnings.
- The company is considering share repurchases, mergers, acquisitions, or tender offers.
- Second-quarter earnings were flat, with a book value per share of $30.17.
Rithm Property Trust is examining various avenues for growth, including enhancing its capital base and earnings. The company is considering strategic alternatives such as share repurchases, mergers and acquisitions, and tender offers. CEO Michael Nierenberg stated that the company has significantly transformed its business since taking over the former Great Ajax entity, improving liquidity and cleaning up its balance sheet.
Nierenberg reported that the company has moved from a loss-making position to breakeven and aims to grow earnings and expand the capital base. Second-quarter earnings remained flat, with book value per share at $30.17. During the second quarter, Rithm Property Trust invested $117 million in multifamily transitional loans originated by affiliate Genesis Capital.
