Rithm Property Trust Inc. reported its financial results for the second quarter of 2025, revealing a net income of $1.9 million, a significant improvement compared to a net loss of $12.9 million in the same period last year. The company’s net interest income for the quarter was $4.2 million, up from $348,000 in the prior year, driven by increased interest income from commercial mortgage-backed securities (CMBS) and a reduction in interest expenses. Total revenue for the first half of 2025 was $26.8 million, slightly down from $27.7 million in the first half of 2024, primarily due to lower interest income from residential mortgage-backed securities (RMBS).
The company’s total assets increased to $1.014 billion as of June 30, 2025, compared to $977.3 million at the end of 2024. This growth was attributed to a rise in the fair value of CMBS, which reached $275.2 million, up from $246.6 million at the end of the previous year. Rithm Property Trust also reported a decrease in mortgage loans held-for-investment, which fell to $378.9 million from $396.1 million, reflecting the company's strategic shift away from residential mortgage loans towards commercial real estate investments.
In terms of operational developments, Rithm Property Trust has undergone significant organizational changes, including a strategic transaction with Rithm Capital Corp. in June 2024, which involved a new management agreement and a rebranding from Great Ajax Corp. The company has shifted its focus to investing in commercial real estate assets, including CMBS and commercial mortgage loans, and has begun to divest from its residential mortgage holdings. As of June 30, 2025, the company held 2,517 mortgage loans, with a total unpaid principal balance of $432.4 million.
Looking ahead, Rithm Property Trust expressed cautious optimism regarding its future performance, citing ongoing economic uncertainties and potential challenges in the commercial real estate market. The company plans to continue repositioning its portfolio towards commercial assets, leveraging its relationship with Rithm Capital to access expertise and investment opportunities. However, it acknowledged that its ability to acquire new assets may be limited due to financial constraints and market conditions. The company also emphasized the importance of maintaining liquidity and managing its financing arrangements effectively to navigate the evolving economic landscape.
About Rithm Property Trust Inc.
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