Rithm Property Trust plans to reach a resolution on its capital-raising strategy no later than the end of the year, CEO Michael Nierenberg said on the company's second-quarter earnings call. The company pulled a public equity offering during the quarter, citing sensitivity to issuing stock at $9 when book value stands at $30.17 per share. Nierenberg outlined alternatives including share buybacks, M&A, or tendering for shares if acceptable equity cannot be raised, and noted roughly $50 million of remaining equity in the vehicle. The firm is pivoting into multifamily transitional lending sourced by Genesis Capital, with $117 million of residential and multifamily transition loans carrying a 9.1% gross weighted average coupon and a levered return of about 14%. Analysts pressed management on the feasibility and timing of a capital solution, with Nierenberg characterizing the decision as a 2026 event.
Rithm Property Trust Inc.Genesis Capital is mentioned as the source for Rithm's multifamily transitional lending, but no direct impact on Genesis is discussed.