Image source: The Motley Fool.
Friday, Oct. 31, 2025, at 8 a.m. ET
Chief Executive Officer — Michael Nierenberg
Investor Relations — Tiffany [last name not provided]
Need a quote from a Motley Fool analyst? Email pr@fool.com
**Michael Nierenberg: **Thanks, Emma. Good morning, and thanks for joining us today for the Rithm Property Trust call. During the quarter, we did not have a ton of activity. What I would say is that when we took over this company last June, we stabilized the company, which at that time, I think, was losing in and around $10 million a quarter. Today, the company essentially is flat, you know, when you take into account earnings, and we are still paying a $0.06 dividend. Along the way, we have liquidated what I would say a bunch of resi assets...
Image source: The Motley Fool.
Friday, Oct. 31, 2025, at 8 a.m. ET
Chief Executive Officer — Michael Nierenberg
Investor Relations — Tiffany [last name not provided]
Need a quote from a Motley Fool analyst? Email pr@fool.com
**Michael Nierenberg: **Thanks, Emma. Good morning, and thanks for joining us today for the Rithm Property Trust call. During the quarter, we did not have a ton of activity. What I would say is that when we took over this company last June, we stabilized the company, which at that time, I think, was losing in and around $10 million a quarter. Today, the company essentially is flat, you know, when you take into account earnings, and we are still paying a $0.06 dividend. Along the way, we have liquidated what I would say a bunch of resi assets.
We have added some commercial real estate floaters, or CMBS floaters, which are higher yielding, top part of the capital stack, with some reasonable yield. The other thing about these assets, from a liquidity standpoint, they are very easy to create liquidity. When we take a step back and we look at the assets that we have added, the assets that we have sold, to the extent that we find an interesting opportunity, and, you know, we are always on the hunt, as everybody knows, we will be able to liquidate a number of these assets and then use some of that capital to redeploy into either higher yielding assets or something that is more strategic for the company.
The real question for the company is, where do we go from here? We have a few options. One, we can recap the vehicle with an offering of equity associated with a pool of assets or other types of instruments that could be in the fixed income world that will provide real income for investors. Two is we could explore some kind of liquidation of the company. I bring that up because with book value at $5.30 and the stock trading at $2.40, clearly, there is a huge value play for equity investors in this. Three is stay the course.
What I would say on three is we are not going to just stay the course and leave something outstanding for the sake of leaving something outstanding. If you listen to our Rithm earnings call yesterday, we discussed our most recent acquisition at Rithm and our affiliates, which is the Paramount transaction where we agreed to take private one of the large office REITs here in New York City and San Francisco. Quite frankly, we are really excited about that deal and really excited about the returns on that deal. One of the questions we got on yesterday’s call is, is it something that we consider adding some Paramount to the Rithm Property Trust?
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