RPTHIGH SIGNALFINANCIAL10-K

RPT underwent a dramatic capital restructuring with outstanding shares falling from 47.5 million to 7.6 million while shifting strategic focus to commercial real estate investments.

The massive share reduction of approximately 84% suggests either a major reverse stock split, significant buyback program, or corporate restructuring event that fundamentally altered the company's capital structure. The simultaneous strategic pivot toward commercial real estate and CMBS investments indicates RPT is transforming its business model, which brings both execution risk and potential for repositioning in attractive CRE markets.

Comparing 2026-02-18 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

The company's balance sheet strengthened with cash growing 23.5% to $79.3M and stockholders' equity expanding 18.1% to $291.6M, providing a solid foundation during this strategic transition. Interest expense rose meaningfully to $59.3M, reflecting either increased borrowing to fund the new CRE strategy or higher rates on existing debt. The overall financial picture shows adequate liquidity and capital resources to support the business transformation, though the higher interest burden will pressure profitability going forward.

FINANCIAL STATEMENT CHANGES
Interest Expense
P&L
+35.9%
$43.6M→$59.3M

Interest expense surged 35.9% — significant debt increase or rising rates materially impacting earnings.

Cash & Equivalents
Balance Sheet
+23.5%
$64.3M→$79.3M

Cash grew 23.5% — improving liquidity position supports investment and shareholder returns.

Stockholders Equity
Balance Sheet
+18.1%
$246.9M→$291.6M

Equity base grew 18.1% — retained earnings accumulation or equity issuance strengthening the balance sheet.

LANGUAGE CHANGES
NEW — 2026-02-18
PRIOR — 2025-02-18
ADDED
As of February 12, 2026, 7,571,310 shares of the registrant s common stock, par value $0.01 per share, were outstanding.
Such forward-looking statements relate to, among other things, the performance of Rithm Property Trust Inc.
s ( Rithm Property Trust, we, the Company, our and us ) investments, expected results, our financing needs and the size and attractiveness of market opportunities.
Risk Factors of this Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (this Annual Report ).
These risks include, among others: changes to our business strategy to invest in the commercial real estate ( CRE ) sector, including commercial mortgage-backed securities ( CMBS ), commercial real property and commercial mortgage loans, and the risk that we may not successfully execute the new strategy; the ability of Rithm Capital Corp.
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REMOVED
As of February 12, 2025, 47,489,988 shares of the registrant s common stock, par value $0.01 per share, were outstanding.
Form 10-K Summary 68 In this Annual Report on Form 10-K ( Annual Report ), unless the context indicates otherwise, references to Rithm Property Trust, we, the Company, our and us refer to the activities of and the assets and liabilities of the business and operations of Rithm Property Trust Inc.
(formerly Great Ajax Corp.); references to Rithm refer to Rithm Capital Corp., together with its subsidiaries.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS This report contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which statements involve substantial risks and uncertainties.
Such forward-looking statements relate to, among other things, the performance of our investments, expected results, our financing needs and the size and attractiveness of market opportunities.
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