Rithm Property Trust Q3 distributable earnings rise on mortgage-backed securities paydowns
RPT•Rithm Property Trust reported Q3 earnings available for distribution of $1.8 million, or $0.23 per share, and comprehensive income of $1.3 million, or $0.17 per share. It generated $20.7 million in net cash proceeds from three RMBS securitizations and invested in $97.0 million of residential transition loans.
1. Q3 earnings
Rithm Property Trust's Q3 comprehensive income was $1.3 million, or $0.17 per share, while earnings available for distribution rose to $1.8 million, or $0.23 per share. The company reported net income of $3.11 million, net interest income of $6.06 million and pretax profit of $2.79 million.
2. Portfolio activity
The company monetized three residential mortgage-backed securities securitizations, generating $20.7 million in net cash proceeds after repayments. It invested in $97.0 million of unpaid principal balance in residential transition loans, funded partly with borrowings and cash.
