Rithm Property Trust Inc.

RPTdata completeness 63%12 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'

The thesis, from the filings

Rithm Property Trust Inc. earns about 1% on invested capital, and has bought back 75% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	$41.9M¹	−$15M¹	−$47.1M²	−$91.8M³	$1.47M³
Operating cash flow	−$18.2M⁴	$1.14M⁴	−$46.5M⁵	$290,000⁶	−$8.31M⁶
Capital expenditure	$277,000⁷	$27,000⁷	$0⁷	—	—
Free cash flow (derived)	−$18.5M⁴	$1.11M⁴	−$46.5M⁵	—	—
Total debt	—	—	—	—	—
Cash & equivalents	$84.4M⁸	$47.8M⁹	$52.8M¹⁰	$64.3M¹¹	$79.3M¹¹
Diluted shares	30.3M	23.0M	24.3M	6.7M	7.6M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$385.13

your share of equity

Profit it earned you last year

$1.94

Free cash flow it threw off

—

Debt you’d be carrying

—

10 shares is a claim on $385.13 of net worth that earned you $1.94 last year.

iii. Is this a good business?

Moat signal · return on invested capital

1% avg · 5y

FY21 19%FY22 9%FY23 4%FY24 -36%FY25 8%

It earned an average 1% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

−75% shares · 5y

Share count is down 75% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0001628280-24-007349 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001614806-25-000009 (NetIncomeLoss)
10-K · period ending 2024-12-31 · accession 0001614806-26-000010 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0001628280-24-007349 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001614806-25-000009 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2024-12-31 · accession 0001614806-26-000010 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0001628280-24-007349 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-12-31 · accession 0001628280-23-006118 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0001628280-24-007349 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001614806-25-000009 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2024-12-31 · accession 0001614806-26-000010 (CashAndCashEquivalentsAtCarryingValue)