Rithm Property Trust rebounds after it scraps stock offering
RPT•Rithm Property Trust withdraws equity raise
Mortgage REIT Rithm Property Trust's RPT.N shares were up 13.7% at $12.09 premarket on Tuesday after it pulled a planned equity raise.
New York City-based RPT terminated the proposed public stock offering and contemplated concurrent private placement, citing market conditions.
RPT said it will not acquire the portfolio of multifamily residential transition loans at this time.
After the bell on July 13, RPT kicked off a $300 million public offering, along with an affiliate of its external manager, Rithm Capital RITM.N, indicating interest in purchasing $200 million of shares in a private placement.
RPT shares ended down 2.4% at a record low close of $10.63 on Monday, having shed 24% over the past week. At Monday's close, the stock was down 36% year to date.
