other material
confidence high
sentiment neutral
materiality 0.60
Rithm Property Trust closes $50M preferred stock offering (2M shares, 9.875% fixed-to-floating rate)
Rithm Property Trust Inc.
- Issued 2M shares of 9.875% Fixed-to-Floating Rate Series C Preferred Stock at $25 liquidation preference per share.
- Underwriters have 30-day option to purchase up to 300,000 additional shares.
- Dividends fixed at 9.875% through May 15, 2030; thereafter float at 3-month SOFR + 5.56%.
- Proceeds contributed to Operating Partnership for Series C Preferred Units; used for investments and working capital.
- Amendment to partnership agreement authorizes up to 2.3M Series C Preferred Units mirroring stock terms.