Rithm Property Trust launches public stock offering

Rithm Property Trust Inc. (NYSE: RPT) has announced a public offering of its common stock, with underwriters receiving a 30-day option to purchase an additional 15% of shares sold to cover over-allotments.

An affiliate of Rithm Capital Corp. (NYSE: RITM), which also manages RPT, has indicated interest in purchasing shares of common stock and, under certain conditions, shares of a new class of non-voting convertible preferred stock through a concurrent private placement at the same per-share price as the public offering.

The company intends to use proceeds from both the public offering and the private placement, along with available cash and borrowings under its master repurchase facility, to acquire a portfolio of multifamily residential transition loans from Rithm Capital affiliates, and for other investments and general corporate purposes.

Goldman Sachs & Co. LLC, RBC Capital Markets, LLC, UBS Investment Bank, Wells Fargo Securities, LLC, BTIG, LLC, Keefe, Bruyette & Woods, Inc. and Piper Sandler & Co. are serving as book-running managers for the offering.

The offering is being made under an effective shelf registration statement filed with the Securities and Exchange Commission. Rithm Property Trust is a Maryland-based real estate investment trust externally managed by an affiliate of Rithm Capital Corp.

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