RPT Realty

Management did not state revenue or EPS on the call. Michael Nierenberg said Q2 earnings were flat and the company was breakeven, compared with losses of a little under $10 million per quarter before the Rithm takeover. Book value was $30.17 versus $30.33 in the prior quarter, and the dividend paid was $0.36, implying a 10% dividend yield. During Q2, RPT invested $117 million in RTL and MTL loans with a 9.1% gross WAC, about a 14% levered return, a 75% advance rate, a purchase price a little under 101, and a cost of funds of about $5.65. For liquidity, management said there was north of $50 million of equity remaining in the vehicle, while Rithm itself had $2.1 billion of cash and liquidity as of the end of 6/30. Forward, management said it wants to raise capital to grow earnings, but if that is not possible it will go back to the board on alternative actions and aims to have a plan done by the end of the year.

Michael Nierenberg framed the quarter as a reset-and-build story: the company has been transformed, cleaned up, and brought to breakeven, but still needs capital to become a growing vehicle. He emphasized that the new loan assets are short duration, senior, and high coupon, and said the strategy is to use Genesis origination to grow earnings if capital can be raised. His tone was candid and defensive about the failed equity raise, repeatedly stressing shareholder protection and saying the board will decide the next step if market capital is not available.

Nick Santoro did not provide a detailed prepared financial review in the transcript, and most financial discussion came from management commentary rather than a CFO script. The hard figures referenced on the call were a $30.17 book value, $0.36 dividend, $117 million of new loan purchases, 9.1% gross WAC, about 14% levered return, 75% advance rate, and about $5.65 cost of funds. He was not quoted on margin, cash deployment, or capital allocation beyond the broader liquidity context that management discussed.

Analysts focused on how RPT would raise capital without depressing the stock, whether the company should pursue a formal strategic review, and whether a future raise could use structural protections like a backstop or Rithm support. Management said a board decision will determine whether the company raises equity, does M&A, tenders for shares, or takes another route, and that the earlier offering was pulled because selling stock below trading levels would not have been good for shareholders. Questions also centered on how much balance-sheet capacity remains and whether more Genesis loans could be added; management said there is still north of $50 million of equity in the vehicle, but it will keep liquidity and may deploy only a bit more capital unless new equity is raised.