Rithm Property Trust
Rithm Property Trust (NYSE: RPT) is an externally managed Maryland REIT, repositioning from residential mortgage loans to commercial real estate investments including CMBS, commercial property, and a $50M Paramount Group stake. It is managed by Rithm Capital Corp. (NYSE: RITM).
- Company typePublic
- Founded2024
- HeadquartersBrooklyn, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Rithm Property Trust does
Rithm Property Trust Inc. (NYSE: RPT) is a Maryland-domiciled, externally managed real estate investment trust that transitioned from its legacy identity as Great Ajax Corp. following a June 2024 management takeover by Rithm Capital Corp. (NYSE: RITM). The company has rebranded and is repositioning from a residential re-performing and non-performing loan portfolio toward a flexible commercial real estate investment strategy, targeting CMBS, commercial real property, and mortgage loan investments. Its portfolio as of Q1 2026 included approximately $356.1 million of residential mortgage loans held-for-investment, $151.3 million of CMBS at fair value, and a $50 million indirect minority investment in Paramount Group properties, against total assets of $930.6 million and stockholders' equity of $287 million.
The company's core operating model is external management: Rithm Capital Corp. handles investment origination, execution, and operational support, providing the REIT with access to the parent's approximately $60 billion AUM platform and the Genesis lending platform for potential multifamily expansion. Rithm Property Trust makes money through net interest income on its mortgage and securities book, capital appreciation from strategic CRE deployments (target earnings of $1.60-$1.70 per share under a future-state model), and dividends to shareholders ($0.36 per share quarterly on common stock, $0.6171875 per share on 9.875% Series C Preferred). The shareholder base consists of public institutional and retail investors accessing the NYSE-listed common and preferred securities.
Capital structure and shareholder communications are managed through SEC filings (10-K, 10-Q, 8-K, DEF 14A), quarterly earnings calls, a Q4cdn-hosted investor relations website, and press releases via Business Wire. The company completed a 6:1 reverse stock split in December 2025 (reducing shares from ~45.4M to ~7.6M) and authorized a $10 million stock repurchase program through March 2027. Headcount is listed at 11-50 employees, consistent with an externally managed vehicle, and headquarters are located at 799 Broadway, 8th Floor, New York, c/o Rithm Capital Corp.
Rithm Property Trust firmographics
Firmographics- Name
- Rithm Property Trust
- Legal name
- Rithm Property Trust Inc.
- Website
- https://great-ajax.com
- Company type
- Public
- Founded year
- 2024
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Rithm Property Trust (NYSE: RPT) is an externally managed Maryland REIT, repositioning from residential mortgage loans to commercial real estate investments including CMBS, commercial property, and a $50M Paramount Group stake. It is managed by Rithm Capital Corp. (NYSE: RITM).
- Ownership category
- akta.pro rank
Rithm Property Trust industry classification
Industry- Product category
- Real Estate Investment Trust (REIT)
- NAICS
- Portfolio Management and Investment Advice (523940), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Real Estate Investment Trusts (6798), Asset-Backed Securities (6189), Investors, Nec (6799)
- akta.pro primary industry
- REITs & Listed Real Estate Securities (FSAAAKAD)
- akta.pro secondary industry
- Real Estate Credit / Debt Funds (FSANAEAJ)
Keywords
Where Rithm Property Trust is headquartered
LocationHeadquarters
- HQ city
- Brooklyn
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Rithm Property Trust business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel, Others
Revenue model
- Net Interest Income: Interest income from residential mortgage loans held-for-investment and mortgage-backed securities, net of interest expense on financing arrangements. Q1 2026 net interest income was $3.6 million.
- Dividend Income: As a REIT, the company distributes dividends to stockholders from taxable income. Common dividend is $0.36 per share quarterly, with preferred dividends on Series C at $0.6171875 per share.
- Capital Appreciation: Returns from appreciation in book value through strategic asset deployment, M&A opportunities, and equity method investments. Target earnings model projects $1.60-$1.70 per share under future state.
Pricing tiers
| Model | Billing | Price |
|---|---|---|
| Subscription | Quarterly | Common Stock Dividend: $0.36 per share quarterly |
| Subscription | Quarterly | Series C Preferred Dividend: $0.6171875 per share quarterly |
Go-to-market motion1 record
Distribution channels2 records
Marketing channels4 records
Rithm Property Trust product offering
Product offeringCore offering
Rithm Property Trust is a publicly traded real estate investment trust (NYSE: RPT) that invests in commercial mortgage-backed securities (CMBS), commercial real property, and mortgage loans. Externally managed by an affiliate of Rithm Capital Corp. (NYSE: RITM), the company pursues a flexible commercial real estate focused investment strategy, generating returns for shareholders through dividends, growth, and capital appreciation.
Product overview
Rithm Property Trust is a real estate investment platform externally managed by an affiliate of Rithm Capital Corp. (NYSE: RITM). The company operates a flexible commercial real estate focused investment strategy, investing in commercial mortgage-backed securities (CMBS), commercial real property, and mortgage loans. The company was formerly known as Great Ajax and has undergone a strategic shift from residential mortgage assets (including re-performing and non-performing loans) toward commercial real estate opportunities. The company maintains approximately $100 million in liquidity against approximately $287 million in equity, with a $2 billion transaction pipeline. The company pays quarterly dividends on both common stock ($0.36 per share) and Series C preferred stock ($0.6171875 per share).
Differentiator
Problem solved
Functional benefit
Products and services
- Commercial Mortgage-Backed Securities (CMBS) Investments in commercial mortgage-backed securities as part of the company's flexible commercial real estate focused investment strategy.
- Commercial Real Property Direct investments in commercial real estate properties as part of the company's strategic shift toward commercial real estate.
- Mortgage Loans Investment in mortgage loans, including potential multifamily lending expansion through the Genesis platform.
- Common Stock (NYSE: RPT) Common stock dividend-paying equity shares trading on the New York Stock Exchange under symbol RPT.
- Series C Preferred Stock 9.875% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock with quarterly dividend payments.
Quantifiable outcome
- Target earnings of $1.60-$1.70 per share under future state model
- +2 more outcomes
Companies that use Rithm Property Trust
Customer profileSegments3 records
Ideal customer profiles1 record
Rithm Property Trust technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Rithm Property Trust partnerships and signals
Strategic signalPartnerships
Two partnerships are on record, tiered major and core.
- Paramount Group Inc.majorRithm Property Trust deployed $50 million into an indirect minority investment in Paramount Group properties as part of a strategic transaction. Paramount Group is a $7 billion Class A office REIT with properties in New York (90%+ leased) and San Francisco (low 70% leased). The investment targets a two-times MOIC and 20%+ return.
- Rithm Capital Corp.coreRithm Property Trust is externally managed by an affiliate of Rithm Capital Corp. (NYSE: RITM). The company benefits from Rithm Capital's expertise, drawing on management's long track record of investing in and managing real estate and financial services assets. Rithm Capital provides access to its approximately $60 billion AUM platform, deal flow, and operational support including access to the Genesis lending platform for multifamily loan origination.
Scale indicators12 records
Recent moves7 records
Expansion highlights6 records
Rithm Property Trust competitors and assessment
Company assessmentBroad incumbents
- Rithm Capital Corp. Rithm Capital Corp. (NYSE: RITM) is the parent company and external manager of Rithm Property Trust. It is a much larger mortgage and real estate credit investment manager with ~$60B AUM, sharing the same management team, investment focus on real estate and mortgage-related assets, and overlapping CMBS and CRE debt strategies.
Direct peers
- Annaly Capital Management: Annaly Capital Management (NYSE: NLY) is one of the largest publicly traded mortgage REITs, investing primarily in agency mortgage-backed securities and CRE debt. It is a direct peer to Rithm Property Trust in the listed mortgage REIT and CRE debt investment space, with similar business model of deploying capital into mortgage-related securities and using leverage to enhance returns.
- AGNC Investment Corp. AGNC Investment Corp. (NASDAQ: AGNC) is a publicly traded mortgage REIT focused on agency residential mortgage-backed securities. It is comparable to Rithm Property Trust as a leveraged, dividend-focused mortgage REIT listed on a major U.S. exchange with similar interest-rate-sensitive business model.
- Starwood Property Trust: Starwood Property Trust (NYSE: STWD) is a leading diversified CRE finance REIT investing across CRE debt, securities, and equity. It is directly comparable to Rithm Property Trust in the CRE debt and equity investment space, with similar focus on CMBS, mortgage loans, and equity investments.
- Blackstone Mortgage Trust: Blackstone Mortgage Trust (NYSE: BXMT) is a publicly traded CRE mortgage REIT that originates and acquires senior loans secured by commercial real estate. It is a direct peer to Rithm Property Trust's commercial real estate lending strategy, with similar investment focus on first mortgage loans and CRE debt securities.
- KKR Real Estate Finance Trust: KKR Real Estate Finance Trust (NYSE: KREF) is a CRE finance REIT focused on originating and acquiring senior mortgage loans secured by institutional-quality CRE properties. It is comparable as a publicly traded, sponsor-backed CRE mortgage REIT with similar origination and CRE debt investment mandate.
- TPG RE Finance Trust: TPG RE Finance Trust (NASDAQ: TRTX) is a CRE finance REIT that originates, acquires, and manages senior mortgage loans. It is a direct peer to Rithm Property Trust in the CRE mortgage and debt investment category, with similar publicly traded, externally-managed structure.
- Ares Commercial Real Estate: Ares Commercial Real Estate (NYSE: ACRE) is a specialty finance company focused on originating, investing in, and managing middle-market CRE loans and related investments. It is comparable to Rithm Property Trust as a smaller, externally-managed CRE-focused mortgage REIT.
- Chimera Investment Corporation: Chimera Investment Corporation (NYSE: CIM) is a publicly traded mortgage REIT that invests in residential and commercial mortgage-backed securities, residential mortgage loans, and other mortgage-related assets. It is a direct peer to Rithm Property Trust's CMBS and mortgage loan investment strategy.
Regional players
- Paramount Group: Paramount Group (NYSE: PGRE) is a Class A office REIT in which Rithm Property Trust deployed a $50 million minority investment. While primarily a direct owner/operator of office properties rather than a debt investor, Paramount is a relevant comparable given the recent investment partnership and overlapping commercial real estate focus.
Market position
Strengths4 records
Weaknesses4 records
Competitive moat4 records
Key risks5 records
Key highlights6 records
Customer concentration
Rithm Property Trust social profiles
Digital presenceRithm Property Trust financial estimates
Financial estimateRevenue estimate
Valuation estimate
Rithm Property Trust leadership team
Management profileNumber of profiles
Profiles4 records
Rithm Property Trust funding detail
Funding detailFunding overview
Funding rounds4 records
Investors1 record
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Rithm Property Trust M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Rithm Property Trust
What does Rithm Property Trust do?
Rithm Property Trust is a publicly traded real estate investment trust (NYSE: RPT) that invests in commercial mortgage-backed securities (CMBS), commercial real property, and mortgage loans. Externally managed by an affiliate of Rithm Capital Corp. (NYSE: RITM), the company pursues a flexible commercial real estate focused investment strategy, generating returns for shareholders through dividends, growth, and capital appreciation.
Is Rithm Property Trust a public or private company?
Rithm Property Trust is a public company. It is classified as public and is currently operating.
When was Rithm Property Trust founded?
Rithm Property Trust was founded in 2024. It employs 11 to 50 people.
Where is Rithm Property Trust based?
Rithm Property Trust is headquartered in Brooklyn, United States, in the North America region.
How does Rithm Property Trust make money?
Three revenue lines are on record. Net Interest Income is the primary driver. The others are dividend Income and capital Appreciation.
Who are Rithm Property Trust's main competitors?
Rithm Capital Corp. is listed as a broad incumbent. Direct peers are Annaly Capital Management, AGNC Investment Corp., Starwood Property Trust, Blackstone Mortgage Trust, KKR Real Estate Finance Trust, TPG RE Finance Trust, Ares Commercial Real Estate and Chimera Investment Corporation. Paramount Group is listed as a regional player.
Does Rithm Property Trust have an API?
No public API is recorded for Rithm Property Trust.
What industry is Rithm Property Trust in?
Rithm Property Trust's product category is Real Estate Investment Trust (REIT). Its primary akta.pro industry code is FSAAAKAD, REITs & Listed Real Estate Securities, with a secondary code of FSANAEAJ, Real Estate Credit / Debt Funds. Its NAICS code is 523940 and its SIC code is 6798.