Rithm Property Trust Q3 distributable earnings rise on mortgage-backed securities paydowns

Rithm Property Trust

Wed 21:25

Overview
US commercial real estate REIT's Q3 comprehensive income rose to $1.3 mln, or $0.17/share
Q3 earnings available for distribution rose to $1.8 mln, or $0.23/share
Company monetized mortgage-backed securities and invested in new residential transition loans

Outlook
Company did not provide specific guidance for future quarters or full-year results in its press release

Result Drivers
SECURITIZATION PAYDOWNS - Co monetized residential mortgage-backed securities, generating net cash proceeds after repayments
NEW LOAN INVESTMENTS - Co invested in additional residential transition loans, funded partly with borrowings and cash
PORTFOLIO ROTATION – Co monetized three RMBS securitizations, generating $20.7 mln of net cash proceeds, while investing in $97.0 mln UPB of transition loans

Company press release: ID:nBw55rtmsa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Net Income
 
$3.11 mln
 
Q3 Net Interest Income
 
$6.06 mln
 
Q3 Pretax Profit
 
$2.79 mln
 

Analyst Coverage
The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 3 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
The average consensus recommendation for the commercial reits peer group is "hold."
Wall Street's median 12-month price target for Rithm Property Trust Inc is $24.00, about 118% above its October 20 closing price of $11.01

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)