Rithm Property Trust Announces Public Offering of Series C Preferred Stock
Rithm Property Trust Inc. (NYSE: RPT) has announced the commencement of a public offering of its Series C Fixed-to-Floating Cumulative Redeemable Preferred Stock with a $25.00 per share liquidation preference. The company plans to grant underwriters a 30-day option to purchase additional shares to cover over-allotments.
RPT intends to use the net proceeds from the offering for investments and general corporate and working capital purposes. Following the offering, the company plans to apply for listing the Series C Preferred Stock on the New York Stock Exchange.
The offering's book-running managers are Janney Montgomery Scott , BTIG, and Piper Sandler & Co., with Lucid Capital Markets, , JonesTrading Institutional Services and Wedbush Securities Inc. acting as co-managers. The offering is being made through the company's effective shelf registration statement filed with the SEC.
Formerly known as Great Ajax Corp., Rithm Property Trust is a real estate investment platform externally managed by an affiliate of Rithm Capital Corp. (NYSE: RITM) and is organized as a REIT.
Rithm Property Trust Inc. (NYSE: RPT) ha annunciato l'inizio di un offerta pubblica delle sue Azioni Preferenziali Cumulative Rimborsabili Fisse a Variabili di Serie C con una preferenza di liquidazione di $25,00 per azione. L'azienda prevede di concedere agli underwriter un'opzione di 30 giorni per acquistare azioni aggiuntive per coprire sovrallocazioni.
RPT intende utilizzare i proventi netti dell'offerta per investimenti e scopi generali di capitale aziendale e di esercizio. Dopo l'offerta, l'azienda prevede di richiedere la quotazione delle Azioni Preferenziali di Serie C sul New York Stock Exchange.
I manager dell'offerta sono Janney Montgomery Scott, BTIG e Piper Sandler & Co., con Lucid Capital Markets, JonesTrading Institutional Services e Wedbush Securities Inc. che agiscono come co-manager. L'offerta è effettuata attraverso la dichiarazione di registrazione del shelf efficace dell'azienda depositata presso la SEC.
Precedentemente conosciuto come Great Ajax Corp., Rithm Property Trust è una piattaforma di investimento immobiliare gestita esternamente da un'affiliata di Rithm Capital Corp. (NYSE: RITM) ed è organizzata come un REIT.
Rithm Property Trust Inc. (NYSE: RPT) ha anunciado el inicio de una oferta pública de sus Acciones Preferentes Acumulativas Reembolsables Fijas a Variables de Serie C con una preferencia de liquidación de $25.00 por acción. La compañía planea otorgar a los suscriptores una opción de 30 días para comprar acciones adicionales para cubrir sobreasignaciones.
RPT tiene la intención de utilizar los ingresos netos de la oferta para inversiones y propósitos generales de capital corporativo y de trabajo. Después de la oferta, la compañía planea solicitar la cotización de las Acciones Preferentes de Serie C en el New York Stock Exchange.
Los gerentes de la oferta son Janney Montgomery Scott, BTIG y Piper Sandler & Co., con Lucid Capital Markets, JonesTrading Institutional Services y Wedbush Securities Inc. actuando como co-gerentes. La oferta se realiza a través de la declaración de registro de shelf efectiva presentada ante la SEC.
Anteriormente conocida como Great Ajax Corp., Rithm Property Trust es una plataforma de inversión inmobiliaria gestionada externamente por una afiliada de Rithm Capital Corp. (NYSE: RITM) y está organizada como un REIT.
Rithm Property Trust Inc. (NYSE: RPT)는 $25.00의 청산 우선권을 가진 Series C 고정-변동 누적 상환 우선주의 공모 개시를 발표했습니다. 회사는 인수인에게 초과 할당을 커버하기 위해 추가 주식을 구매할 수 있는 30일 옵션을 부여할 계획입니다.
RPT는 공모로부터의 순수익을 투자 및 일반 기업 자본 및 운영 자본 목적으로 사용할 계획입니다. 공모 후, 회사는 뉴욕 증권 거래소에 Series C 우선주 상장을 신청할 계획입니다.
이번 공모의 북런닝 매니저는 Janney Montgomery Scott, BTIG, 및 Piper Sandler & Co.이며, Lucid Capital Markets, JonesTrading Institutional Services 및 Wedbush Securities Inc.가 공동 매니저로 활동하고 있습니다. 이 공모는 SEC에 제출된 회사의 유효한 선등록 서류를 통해 이루어지고 있습니다.
이전에는 Great Ajax Corp.으로 알려졌던 Rithm Property Trust는 Rithm Capital Corp. (NYSE: RITM)의 계열사에 의해 외부 관리되는 부동산 투자 플랫폼이며 REIT로 조직되어 있습니다.
Rithm Property Trust Inc. (NYSE: RPT) a annoncé le lancement d'une offre publique de ses Actions Préférentielles Cumulatives Remboursables Fixes à Variables de Série C avec une préférence de liquidation de 25,00 $ par action. La société prévoit d'accorder aux souscripteurs une option de 30 jours pour acheter des actions supplémentaires afin de couvrir les surallocations.
RPT a l'intention d'utiliser les produits nets de l'offre pour des investissements et des fins générales de capital d'exploitation et d'entreprise. Après l'offre, la société prévoit de demander l'inscription des Actions Préférentielles de Série C sur le New York Stock Exchange.
Les gestionnaires de l'offre sont Janney Montgomery Scott, BTIG et Piper Sandler & Co., avec Lucid Capital Markets, JonesTrading Institutional Services et Wedbush Securities Inc. agissant en tant que co-gestionnaires. L'offre est réalisée par le biais de la déclaration d'enregistrement de shelf efficace déposée auprès de la SEC.
Auparavant connu sous le nom de Great Ajax Corp., Rithm Property Trust est une plateforme d'investissement immobilier gérée de manière externe par une filiale de Rithm Capital Corp. (NYSE: RITM) et est organisée en tant que REIT.
Rithm Property Trust Inc. (NYSE: RPT) hat den Beginn eines öffentlichen Angebots seiner Serie C kumulierten, rückzahlbaren Vorzugsaktien mit festem und variablem Zinssatz mit einer Liquidationspräferenz von 25,00 $ pro Aktie bekannt gegeben. Das Unternehmen plant, den Underwritern eine 30-tägige Option zu gewähren, um zusätzliche Aktien zur Deckung von Überzeichnungen zu kaufen.
RPT beabsichtigt, die Nettoerlöse aus dem Angebot für Investitionen sowie allgemeine Unternehmens- und Betriebskapitalzwecke zu verwenden. Nach dem Angebot plant das Unternehmen, die Vorzugsaktien der Serie C an der New York Stock Exchange zu listen.
Die Buchlaufenden Manager des Angebots sind Janney Montgomery Scott, BTIG und Piper Sandler & Co., während Lucid Capital Markets, JonesTrading Institutional Services und Wedbush Securities Inc. als Co-Manager fungieren. Das Angebot erfolgt über die wirksame Shelf-Registrierungserklärung des Unternehmens, die bei der SEC eingereicht wurde.
Früher bekannt als Great Ajax Corp., ist Rithm Property Trust eine von einer Tochtergesellschaft von Rithm Capital Corp. (NYSE: RITM) extern verwaltete Immobilieninvestmentplattform und als REIT organisiert.
- Capital raising for investments and working capital
- Planned NYSE listing for the Series C Preferred Stock
- Transitioning to commercial real estate focused investment strategy
- Potential shareholder dilution from new stock issuance
- Fixed-to-floating dividend structure may create future uncertainty
- Execution risk in strategic transition to new investment focus
Insights
Rithm Property Trust's (RPT) announcement of a Series C Fixed-to-Floating Cumulative Redeemable Preferred Stock offering represents a significant capital raising initiative for this small-cap REIT with just a $151 million market capitalization. This preferred offering comes at a pivotal moment as RPT transitions from its historical focus on re-performing and non-performing loans to a broader commercial real estate investment strategy following its strategic alignment with Rithm Capital Corp.
The fixed-to-floating structure of this preferred offering is particularly noteworthy in today's interest rate environment. Initially, investors will receive a fixed dividend rate (yet to be disclosed), which will later convert to a floating rate tied to a benchmark. This hybrid approach provides RPT with long-term financing while offering investors some inflation protection once rates begin floating—an attractive feature as the market anticipates potential rate cuts ahead.
The involvement of six underwriters for a relatively small issuer suggests RPT is making a concerted effort to ensure successful placement. The syndicate's composition—with established firms like Janney Montgomery Scott, BTIG, and Piper Sandler leading—indicates institutional interest despite RPT's small size.
For existing shareholders, this offering carries mixed implications. While it will increase RPT's capital base for potential acquisitions in the commercial real estate space, it also creates new senior claims on the company's cash flows. The $25 liquidation preference per share is standard for preferred offerings, but investors should note that preferred dividends must be paid before any common dividends, potentially constraining future common dividend growth.
This capital raise signals management's confidence in finding attractive investment opportunities in the commercial real estate sector, which has experienced significant dislocation. However, the timing also suggests potential urgency to secure funding before anticipated interest rate cuts potentially narrow the spread between preferred yields and treasuries.
The offering aligns with RPT's recently announced strategic pivot, providing the financial flexibility needed to execute on their new commercial real estate focus. For a company with scale, this preferred offering may prove less dilutive than common equity while avoiding the restrictive covenants typically associated with debt financing.
Following the offering, the Company intends to file an application to list the Series C Preferred Stock on the New York Stock Exchange.
Janney Montgomery Scott LLC, BTIG, LLC and Piper Sandler & Co. are acting as book-running managers for the offering, and Lucid Capital Markets, LLC, JonesTrading Institutional Services LLC and Wedbush Securities Inc. are acting as co-managers for the offering.
The offering is being made pursuant to the Company’s effective shelf registration statement filed with the Securities and Exchange Commission (the “SEC”). The offering is being made only by means of a prospectus and a related prospectus supplement. Prospective investors should read the prospectus supplement and the prospectus in that registration statement and other documents the Company has filed or will file with the SEC for more complete information about the Company and the offering. You may obtain these documents for free by visiting EDGAR on the SEC’s website at www.sec.gov. Alternatively, copies of the prospectus supplement and the prospectus may be obtained from Janney Montgomery Scott, Attention: Syndicate Department, 60 State Street,
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 proposed offering of the Series C Preferred Stock, the expected use of the net proceeds from the offering, the listing of the shares of Series C Preferred Stock sold in this offering on the New York Stock Exchange and the Company’s expectations concerning market conditions for an offering of the Series C Preferred Stock. 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. No assurance can be given that the offering discussed above will be consummated, or that the net proceeds of the offering will be used as indicated. Consummation of the offering and the application of the net proceeds of the offering are subject to numerous possible events, factors and conditions, many of which are beyond the control of the Company and not all of which are known to it, including, without limitation, market conditions and those described under the heading “Risk Factors” in the prospectus supplement relating to the offering and in the Company’s most recent annual and quarterly reports filed with the SEC. 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.
Source: Rithm Property Trust Inc.
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