Rithm Property Trust (NYSE:RPT) reported a profitable fourth quarter on a GAAP basis, though the real estate investment trust continues to navigate a gap between its core distributable earnings and its shareholder payout levels.
The New York-based REIT posted GAAP comprehensive income of $2.5 million, or $0.33 per diluted share, for the quarter ended Dec. 31, 2025.
This brought the company’s full-year GAAP comprehensive income to $4.6 million, representing $0.61 per diluted share.
Despite the bottom-line profit, "earnings available for distribution"—a key metric for REITs used to measure the ability to fund dividends—remained in negative territory, reflecting a loss of $0.5 million for the quarter and $0.3 million for the full year.
However, Rithm maintained its commitment to shareholder returns throughout the fiscal year, paying out a total of $10.9 million in common dividends, or $1.44 per share.
In the fourth quarter alone, the board distributed $2.7 million to investors, amounting to $0.36 per share.
The company ended 2025 with a book value per common share of $31.80.