Rithm Property Trust Announces Approval of Listing of 9.875% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock
Rithm Property Trust (NYSE: RPT) has announced that its 9.875% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock has received approval for listing on the New York Stock Exchange under the symbol 'RPT PRC'. Trading is expected to begin on March 12, 2025.
Rithm Property Trust, formerly known as Great Ajax Corp., is a real estate investment platform externally managed by a Rithm Capital Corp. (NYSE: RITM) affiliate. The company is transitioning from its historical focus on re-performing and non-performing loans secured by single-family residences and commercial properties to a flexible commercial real estate focused investment strategy.
Rithm Property Trust (NYSE: RPT) ha annunciato che la sua Serie C di azioni privilegiate cumulabili rimborsabili con tasso fisso e variabile del 9,875% ha ricevuto l'approvazione per la quotazione sulla Borsa di New York con il simbolo 'RPT PRC'. Si prevede che le contrattazioni inizino il 12 marzo 2025.
Rithm Property Trust, precedentemente conosciuta come Great Ajax Corp., è una piattaforma di investimento immobiliare gestita esternamente da un'affiliata di Rithm Capital Corp. (NYSE: RITM). L'azienda sta passando dal suo focus storico su prestiti ristrutturati e non performanti garantiti da residenze unifamiliari e proprietà commerciali a una strategia di investimento flessibile focalizzata sul settore immobiliare commerciale.
Rithm Property Trust (NYSE: RPT) ha anunciado que su Serie C de acciones preferentes acumulativas redimibles con tasa fija y variable del 9,875% ha recibido la aprobación para cotizar en la Bolsa de Nueva York bajo el símbolo 'RPT PRC'. Se espera que el comercio comience el 12 de marzo de 2025.
Rithm Property Trust, anteriormente conocida como Great Ajax Corp., es una plataforma de inversión inmobiliaria gestionada externamente por una afiliada de Rithm Capital Corp. (NYSE: RITM). La compañía está haciendo la transición de su enfoque histórico en préstamos reestructurados y no rentables garantizados por residencias unifamiliares y propiedades comerciales a una estrategia de inversión flexible centrada en bienes raíces comerciales.
리즘 부동산 신탁 (NYSE: RPT)은 9.875% C 시리즈 고정-변동 금리 누적 상환 우선주가 'RPT PRC' 기호로 뉴욕 증권 거래소에 상장 승인을 받았다고 발표했습니다. 거래는 2025년 3월 12일에 시작될 것으로 예상됩니다.
리즘 부동산 신탁은 이전에 그레이트 아작스 코퍼레이션으로 알려졌으며, 리즘 캐피탈 코퍼레이션 (NYSE: RITM)의 외부 관리 하에 있는 부동산 투자 플랫폼입니다. 이 회사는 단독 주택 및 상업용 부동산에 담보된 재구성 및 비수익 대출에 대한 역사적 초점에서 유연한 상업용 부동산 중심의 투자 전략으로 전환하고 있습니다.
Rithm Property Trust (NYSE: RPT) a annoncé que sa préférence cumulative remboursable de série C à taux fixe et variable de 9,875% a reçu l'approbation pour être cotée à la Bourse de New York sous le symbole 'RPT PRC'. Les échanges devraient commencer le 12 mars 2025.
Rithm Property Trust, anciennement connue sous le nom de Great Ajax Corp., est une plateforme d'investissement immobilier gérée de manière externe par une filiale de Rithm Capital Corp. (NYSE: RITM). L'entreprise passe de son focus historique sur les prêts rétablissant et non performants garantis par des résidences unifamiliales et des propriétés commerciales à une stratégie d'investissement flexible axée sur l'immobilier commercial.
Rithm Property Trust (NYSE: RPT) hat bekannt gegeben, dass ihre 9,875% Serie C kumulierte, rückzahlbare Vorzugsaktien mit festem und schwankendem Zinssatz die Genehmigung zur Notierung an der New Yorker Börse unter dem Symbol 'RPT PRC' erhalten hat. Der Handel wird voraussichtlich am 12. März 2025 beginnen.
Rithm Property Trust, früher bekannt als Great Ajax Corp., ist eine von einer Tochtergesellschaft von Rithm Capital Corp. (NYSE: RITM) extern verwaltete Immobilieninvestitionsplattform. Das Unternehmen wechselt von seinem historischen Fokus auf umstrukturierte und nicht leistungsfähige Kredite, die durch Einfamilienhäuser und Gewerbeimmobilien gesichert sind, zu einer flexiblen, auf Gewerbeimmobilien ausgerichteten Investitionsstrategie.
- New preferred stock offering provides additional capital raising avenue
- 9.875% dividend rate offers attractive yield for income investors
- External management structure may create potential conflicts of interest
- Strategic transition to new investment focus introduces execution risk
Insights
Rithm Property Trust's announcement regarding the NYSE listing approval for its 9.875% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock represents a notable development in the company's capital structure. The listing, trading under symbol RPT PRC beginning March 12, provides the REIT with an additional capital instrument during its strategic transition.
The 9.875% initial fixed rate is particularly significant, representing a substantial yield that reflects the current interest rate environment and likely the company's risk profile. This fixed-to-floating structure offers investors an attractive initial yield while providing the company some protection against future interest rate volatility when the rate eventually transitions to a floating benchmark.
For context, Rithm Property Trust is undergoing a meaningful business transformation, having changed its name from Great Ajax Corp. and shifting from focusing on re-performing and non-performing loans to a more flexible commercial real estate investment strategy. This preferred stock issuance appears aligned with funding this strategic pivot.
For a company with a relatively modest market capitalization of
This preferred stock listing announcement reveals important aspects of Rithm Property Trust's financing strategy amid its transformation from loan-focused investments to broader commercial real estate opportunities. The 9.875% Series C preferred shares represent a specialized capital instrument that sits between debt and equity in the capital structure.
The relatively high 9.875% dividend rate deserves investor attention. While offering attractive income potential for yield-seeking investors, it also indicates the cost of capital for Rithm in today's market. This rate likely reflects both prevailing interest rates and the specific risk premium associated with the company's size and transitional strategy.
The fixed-to-floating structure is a sophisticated approach that provides initial yield certainty for investors while potentially reducing the company's interest rate exposure long-term. When the rate eventually floats, it will typically be calculated as a benchmark rate plus a predetermined spread.
For existing common shareholders, this development carries mixed implications. While preferred stock doesn't dilute voting control like common equity issuance would, the high-priority dividend obligations create a new layer of claims on the company's cash flows that must be satisfied before common dividends. The completion of this listing enhances Rithm's financial flexibility but also introduces new fixed obligations that will influence its distributable cash flow.
This press release does not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
ABOUT RITHM PROPERTY TRUST
Rithm Property Trust is a real estate investment platform externally managed by an affiliate of Rithm Capital Corp. (NYSE: RITM). Rithm Property Trust has historically focused on acquiring, investing in and managing re-performing loans and non-performing loans secured by single-family residences and commercial properties. In connection with its recent strategic transaction with Rithm Capital Corp., the Company is transitioning to a flexible commercial real estate focused investment strategy. Rithm Property Trust is a
FORWARD-LOOKING STATEMENTS
This press release contains certain information which constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as “may,” “will,” “seek,” “believes,” “intends,” “expects,” “projects,” “anticipates,” “plans” and “future” or similar expressions are intended to identify forward-looking statements. Examples of forward-looking statements in this press release include, without limitation, statements regarding the listing and commencement of trading of the shares of Series C Preferred Stock on the New York Stock Exchange. These statements are not historical facts. These forward-looking statements represent management’s current expectations regarding future events and are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond our control. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. The Company undertakes no obligation to update the information contained in this press release to reflect subsequently occurring events or circumstances and expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
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Investor Relations
646-868-5483
ir@rithmpropertytrust.com
Source: Rithm Property Trust Inc.
FAQ
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