Rithm Property Trust has commenced a public offering of its common stock. The company expects to grant underwriters a 30-day option to purchase up to 15% additional shares to cover over-allotments. Rithm plans to use the proceeds, along with a concurrent private placement, available cash, and borrowings, to acquire a portfolio of multifamily residential transition loans from affiliates of Rithm Capital. Remaining proceeds will be used for other investments and general corporate purposes.
Rithm Capital Corp.Rithm Property Trust, a subsidiary of Rithm Capital, is issuing new common stock, which dilutes existing shareholders.
Rithm Property Trust Inc.