Latest news with #RPT
Express Tribune
14 hours ago
- Business
- Express Tribune
Air Karachi gets CAA nod, hopes to launch soon
A general view of the Jinnah International Airport Karachi where evacuees from Afghanistan will stop by for further travel to other countries. PHOTO: FILE Listen to article A new private airline based in Karachi has been granted its Regular Public Transport (RPT) license by the Civil Aviation Authority (CAA), paving the way for the launch of commercial operations in the near future. The airline, named Air Karachi, is headed by leading business figures from Karachi and is modeled on the success of Air Sial — a similar initiative launched by industrialists in Sialkot. Its founders aim to build a business-backed airline offering operational efficiency and financial autonomy, particularly in light of ongoing challenges faced by the national carrier, Pakistan International Airlines (PIA). 'Yes, we got the license from CAA,' confirmed Hanif Gohar, one of the airline's key stakeholders, in an interview with Arab News. 'We are looking for aircraft and will start with three aircraft soon.' The CAA granted the RPT license to Air Karachi on June 5. As part of the licensing conditions under Pakistan's National Aviation Policy 2023, the airline has been instructed to deposit a license issuance fee of Rs500,000 ($1,750) and a security deposit of Rs100 million ($350,000). It must also raise its paid-up capital to Rs600 million ($2.1 million) before it can commence operations. Air Karachi is registered with the Securities and Exchange Commission of Pakistan (SECP) and plans to raise a total of Rs5 billion ($17.5 million), with 100 shareholders each contributing Rs50 million ($175,000). The airline will be led operationally by retired Air Vice Marshal Imran Qadir, who has been appointed chief operating officer. He will be supported by a team of former Pakistan Air Force officials with experience in the aviation sector. Air Karachi plans to launch its services with three aircraft for domestic routes and gradually expand its fleet to seven. After completing the mandatory one-year domestic run, it aims to begin international operations, starting with flights to destinations in the Middle East.
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Business Standard
09-05-2025
- Business
- Business Standard
Sebi proposes new disclosure norms for governance by HVDLEs in India
Markets regulator Sebi on Friday proposed tweaking its format for disclosure of corporate governance framework by High Value Debt Listed Entities (HVDLE). An entity having outstanding value of listed non-convertible debt securities of Rs 1,000 crore are referred to as 'High Value Debt Listed Entities'. Under the proposal, an HVDLE should submit a secretarial compliance report in such form as specified by Sebi, to stock exchanges, within 60 days from end of each financial year, the regulator said in its consultation paper. Further, the HVDLE should submit a periodic compliance report on corporate governance to the recognized stock exchanges within 21 days from the end of the period along with details of all material transactions with related details of all material transactions with related parties. With regard to the disclosure and obligations of HVDLEs in relation to Related Party Transaction (RPT) , it has been suggested to specify the information should be placed before the audit committee, debenture trustee and the shareholders for consideration of RPTs. It has been proposed that information be reviewed by the audit committee for approval of RPTs and by debenture trustee for providing no-objection certificate for RPTs. "The audit committee shall also review the status of long-term (more than one year) or recurring RPTs on an annual basis. Further, an RPT for which the audit committee has granted omnibus approval shall continue to be placed before the shareholders if it is material in terms of ... the LODR (Listing Obligations and Disclosure Requirement) Regulations," Sebi suggested. The notice being sent to the shareholders seeking approval for any proposed RPT should, in addition to the requirements under the Companies Act, include certain information as a part of the explanatory statement. These include a summary of the information provided by the management of the listed entity to the audit committee, justification for why the proposed transaction is in the interest of the listed entity and where the transaction relates to any loans, inter-corporate deposits, advances or investments made or given by the listed entity or its subsidiary. "The explanatory statement contained in the notice sent to the shareholders for seeking approval for an RPT shall provide relevant information so as to enable the shareholders to take a view whether the terms and conditions of the proposed RPT are not unfavourable to the listed entity, compared to the terms and conditions, had similar transaction been entered into between two unrelated parties," Sebi said. "Transparency, accountability and shareholder empowerment are the bedrock of robust corporate governance, therefore listed entities shall ensure compliance with the spirit of the law and endeavour to provide relevant and detailed information to the shareholders in order to enable and empower the latter for taking an informed decision," it added. The regulator proposed that omnibus approval granted by the audit committee should be valid for one year. In order to align the processes to conduct AGMs for HVDLEs which are companies, the regulator suggested that the shareholders' approval of omnibus RPTs approved in an AGM should be valid up to the date of the next AGM for a period not exceeding 15 months. In case of omnibus approvals for material RPTs, obtained from shareholders in general meetings other than AGMs, the validity of such omnibus approvals should not exceed one year. The Securities and Exchange Board of India (Sebi) has sought public comments till May 26 on the proposals.
Associated Press
28-04-2025
- Business
- Associated Press
Rithm Property Trust Inc. Announces First Quarter 2025 Results
NEW YORK--(BUSINESS WIRE)--Apr 28, 2025-- Rithm Property Trust Inc. (NYSE: RPT, 'Rithm Property Trust' or the 'Company') today announced the following information for the quarter ended March 31, 2025. FirstQuarter 2025 Financial Highlights: __________________________________________ 'Rithm Property Trust continued its track record of earnings growth under Rithm in the first quarter of 2025, despite a challenging macro-economic environment,' said Michael Nierenberg, Chief Executive Officer of Rithm Capital. 'This demonstrates the strength of our platform and deep real estate expertise in consistently creating value for our shareholders. We remain opportunistic with our capital and are focused on the continued transformation of the RPT platform.' First Quarter Company Highlights: Dividend Declaration: Financial results for the quarter ended March 31, 2025, are included in the tables at the end of this press release. Additional Information For additional information that management believes is useful for investors, please refer to the latest presentation posted on the News & Events - Presentations section of the Company's website, Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release. Earnings Conference Call Rithm Property Trust will host a conference call at 8:00 AM ET on Monday, April 28, 2025, to review its financial results for the quarter ended March 31, 2025. A webcast of the conference call will be available to the public on a listen-only basis at the Company's website, Participants are encouraged to pre-register for the webcast at Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the webcast. A copy of the earnings release will also be posted to the News & Events – Press Releases section of the Company's website. A replay of the conference call will also be available two hours following the call's completion through 11:59 P.M. Eastern Time on Monday, May 12, 2025 in the News & Events – Events section of the Company's website. NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP COMPREHENSIVE INCOME 'Earnings available for distribution' is a non-GAAP financial measure of the Company's operating performance, which is used by management to evaluate the Company's performance excluding: (i) net realized and unrealized gains and losses on certain assets and liabilities; (ii) other net income and losses not related to the performance of the investment portfolio; and (iii) non-capitalized transaction related expenses. The Company has three primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio, including any impairment or reserve for expected credit losses; and (iii) the Company's operating expenses and taxes. The Company's definition of earnings available for distribution excludes certain realized and unrealized losses, which although they represent a part of the Company's recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance. Within other net income and losses, management primarily excludes equity-based compensation expenses. With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company's core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction-related expenses generally relate to legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments. Management believes that the adjustments to compute 'earnings available for distribution' specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company's activity, assist in comparing the core operating results between periods, and enable investors to evaluate the Company's current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company's investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. Earnings available for distribution excludes certain recurring items, such as gains and losses (including impairment) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company's core operations for the reasons described herein. As such earnings available for distribution is not intended to reflect all of the Company's activity and should be considered as only one of the factors used by management in assessing the Company's performance, along with GAAP comprehensive income which is inclusive of all of the Company's activities. The Company views earnings available for distribution as a consistent financial measure of its portfolio's ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, net income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company's calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company's board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company's taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs. The table below provides a reconciliation of earnings available for distribution to the most directly comparable GAAP financial measure: ___________________________________ About Rithm Property Trust Rithm Property Trust is a real estate investment platform externally managed by an affiliate of Rithm Capital Corp. ('Rithm Capital') (NYSE: RITM). Rithm Property Trust has historically focused on acquiring, investing in and managing re-performing loans and non-performing loans secured by single-family residences and commercial properties. In connection with the 2024 strategic transaction with Rithm Capital, the Company transitioned to a flexible commercial real estate focused investment strategy. Rithm Property Trust is a Maryland corporation that is organized and conducts its operations to qualify as a real estate investment trust ('REIT') for federal income tax purposes. Forward-Looking Statements This press release contains certain information which constitutes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as 'may,' 'will,' 'seek,' 'believes,' 'intends,' 'expects,' 'projects,' 'anticipates,' 'plans' and 'future' or similar expressions are intended to identify forward-looking statements. These statements are not historical facts. These forward-looking statements represent management's current expectations regarding future events and are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond our control. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements see the sections entitled 'Cautionary Statement Regarding Forward-Looking Statements', 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' in the Company's most recent annual and quarterly reports and other filings, including the Company's recent proxy statements, filed with the Securities and Exchange Commission. The Company expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. View source version on CONTACT: Investor Relations 646-868-5483 [email protected] KEYWORD: UNITED STATES NORTH AMERICA NEW YORK MARYLAND INDUSTRY KEYWORD: SOFTWARE CONSTRUCTION & PROPERTY FINANCE DATA MANAGEMENT PROFESSIONAL SERVICES TECHNOLOGY REIT FINTECH SOURCE: Rithm Property Trust Inc. Copyright Business Wire 2025. PUB: 04/28/2025 06:45 AM/DISC: 04/28/2025 06:44 AM
Business Wire
28-04-2025
- Business
- Business Wire
Rithm Property Trust Inc. Announces First Quarter 2025 Results
NEW YORK--(BUSINESS WIRE)--Rithm Property Trust Inc. (NYSE: RPT, 'Rithm Property Trust' or the 'Company') today announced the following information for the quarter ended March 31, 2025. First Quarter 2025 Financial Highlights: GAAP comprehensive income of $1.1 million, or $0.02 per diluted common share 1,2 Earnings available for distribution of $0.7 million or $0.02 per diluted common share 1,3 Paid a common dividend of $2.7 million or $0.06 per common share Book value per common share of $5.40 1 __________________________________________ 1. Per common share calculations for both GAAP comprehensive income and earnings available for distribution are based on weighted average diluted shares of 45,422,030 and 45,298,505 for the quarters ended March 31, 2025 and December 31, 2024, respectively. Book value per share is based on 45,420,752 common shares outstanding for each of the quarters ended March 31, 2025 and December 31, 2024. 2. Comprehensive income is a GAAP financial measure that adjusts GAAP net income by any unrealized gain (loss) on investment securities measured at fair value through other comprehensive income and the related income tax effect, if any. 3. Earnings available for distribution is a non-GAAP financial measure. For a reconciliation of earnings available for distribution to GAAP comprehensive income, as well as an explanation of this measure, please refer to the section entitled 'Non-GAAP Financial Measures and Reconciliation to GAAP Comprehensive Income.' Expand 'Rithm Property Trust continued its track record of earnings growth under Rithm in the first quarter of 2025, despite a challenging macro-economic environment,' said Michael Nierenberg, Chief Executive Officer of Rithm Capital. 'This demonstrates the strength of our platform and deep real estate expertise in consistently creating value for our shareholders. We remain opportunistic with our capital and are focused on the continued transformation of the RPT platform.' First Quarter Company Highlights: Deployed $64 million of Capital into CRE Investments: Acquired $46.7 million in unpaid principal balance ('UPB') of commercial mortgage-backed securities ('CMBS') bringing our total investment in CMBS to $274.6 million in UPB. Invested $17.5 million in a floating rate senior subordinate mortgage loan collateralized by a commercial real estate property located in New York City. Preferred Stock Issuance: Issued 2,084,232 shares of 9.875% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock (the 'Preferred Stock') for net proceeds of $50.8 million, including the partial exercise by the underwriters of 84,232 shares of Preferred Stock pursuant to their over-allotment option. The Preferred Stock has a liquidation preference of $25.00 per share and is listed on the NYSE under the symbol ' Legacy RMBS Sale: Sold legacy RMBS available-for-sale with a total UPB of $20.7 million, resulting in a remaining RMBS portfolio with a total UPB of $101.1 million. Dividend Declaration: On April 25, 2025, the Company's Board of Directors declared a cash dividend of $0.06 per share to be paid on May 30, 2025, to stockholders of record as of May 15, 2025. Financial results for the quarter ended March 31, 2025, are included in the tables at the end of this press release. Additional Information For additional information that management believes is useful for investors, please refer to the latest presentation posted on the News & Events - Presentations section of the Company's website, Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release. Earnings Conference Call Rithm Property Trust will host a conference call at 8:00 AM ET on Monday, April 28, 2025, to review its financial results for the quarter ended March 31, 2025. A webcast of the conference call will be available to the public on a listen-only basis at the Company's website, Participants are encouraged to pre-register for the webcast at Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the webcast. A copy of the earnings release will also be posted to the News & Events – Press Releases section of the Company's website. A replay of the conference call will also be available two hours following the call's completion through 11:59 P.M. Eastern Time on Monday, May 12, 2025 in the News & Events – Events section of the Company's website. RITHM PROPERTY TRUST INC. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands except per share amounts) (Unaudited) March 31, 2025 December 31, 2024 Assets: Cash and cash equivalents $ 97,439 $ 64,252 Mortgage loans held-for-sale, net 27,469 27,788 Mortgage loans held-for-investment, net 386,997 396,052 CMBS at fair value (amortized cost of $275,602 and $245,539, respectively) 275,541 246,614 RMBS available-for-sale, at fair value (amortized cost of $50,653 and $68,298, respectively) 48,948 62,169 Investments in securities, held-to-maturity 44,912 46,043 Other investments, at fair value 25,941 29,916 Investments in beneficial interests, net 90,565 89,704 Equity investments in affiliates 17,618 537 Other assets 12,901 14,264 Total Assets $ 1,028,331 $ 977,339 Liabilities and Equity Liabilities: Secured borrowings, net $ 250,903 $ 258,353 Borrowings under repurchase transactions 367,010 356,565 Notes payable, net 107,862 107,647 Accrued expenses and other liabilities 6,636 8,006 Total Liabilities 732,411 730,571 Commitments and Contingencies Equity: Preferred stock, $0.01 par value, 25,000,000 shares authorized, 2,084,232 and 0 shares issued and outstanding, respectively at March 31, 2025 and December 31, 2024, $52,105,800 aggregate liquidation preference 50,785 — Common stock $0.01 par value, 125,000,000 shares authorized, 47,085,117 shares issued and 45,420,752 shares outstanding, respectively at March 31, 2025 and December 31, 2024 471 471 Additional paid-in capital 425,052 425,039 Treasury stock (11,594 ) (11,594 ) Accumulated deficit (164,510 ) (158,003 ) Accumulated other comprehensive loss (4,133 ) (8,991 ) Equity attributable to stockholders 296,071 246,922 Non-controlling interests (151 ) (154 ) Total Equity 295,920 246,768 Total Liabilities and Equity $ 1,028,331 $ 977,339 Expand NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP COMPREHENSIVE INCOME 'Earnings available for distribution' is a non-GAAP financial measure of the Company's operating performance, which is used by management to evaluate the Company's performance excluding: (i) net realized and unrealized gains and losses on certain assets and liabilities; (ii) other net income and losses not related to the performance of the investment portfolio; and (iii) non-capitalized transaction related expenses. The Company has three primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio, including any impairment or reserve for expected credit losses; and (iii) the Company's operating expenses and taxes. The Company's definition of earnings available for distribution excludes certain realized and unrealized losses, which although they represent a part of the Company's recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance. Within other net income and losses, management primarily excludes equity-based compensation expenses. With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company's core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction-related expenses generally relate to legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments. Management believes that the adjustments to compute 'earnings available for distribution' specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company's activity, assist in comparing the core operating results between periods, and enable investors to evaluate the Company's current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company's investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. Earnings available for distribution excludes certain recurring items, such as gains and losses (including impairment) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company's core operations for the reasons described herein. As such earnings available for distribution is not intended to reflect all of the Company's activity and should be considered as only one of the factors used by management in assessing the Company's performance, along with GAAP comprehensive income which is inclusive of all of the Company's activities. The Company views earnings available for distribution as a consistent financial measure of its portfolio's ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, net income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company's calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company's board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company's taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs. Reconciliation of GAAP Comprehensive Income to Earnings Available for Distribution (Dollars in thousands except per share amounts) (Unaudited) ___________________________________ 1. Other adjustments include amortization, income taxes and stock-based compensation. Expand About Rithm Property Trust Rithm Property Trust is a real estate investment platform externally managed by an affiliate of Rithm Capital Corp. ('Rithm Capital') (NYSE: RITM). Rithm Property Trust has historically focused on acquiring, investing in and managing re-performing loans and non-performing loans secured by single-family residences and commercial properties. In connection with the 2024 strategic transaction with Rithm Capital, the Company transitioned to a flexible commercial real estate focused investment strategy. Rithm Property Trust is a Maryland corporation that is organized and conducts its operations to qualify as a real estate investment trust ('REIT') for federal income tax purposes. Forward-Looking Statements This press release contains certain information which constitutes 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as 'may,' 'will,' 'seek,' 'believes,' 'intends,' 'expects,' 'projects,' 'anticipates,' 'plans' and 'future' or similar expressions are intended to identify forward-looking statements. These statements are not historical facts. These forward-looking statements represent management's current expectations regarding future events and are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond our control. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements see the sections entitled 'Cautionary Statement Regarding Forward-Looking Statements', 'Risk Factors' and 'Management's Discussion and Analysis of Financial Condition and Results of Operations' in the Company's most recent annual and quarterly reports and other filings, including the Company's recent proxy statements, filed with the Securities and Exchange Commission. The Company expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
The Sun
25-04-2025
- General
- The Sun
RM50K electric fence to curb elephant intrusions in Gua Musang
GUA MUSANG: The Department of Wildlife and National Parks (Perhilitan) has allocated about RM50,000 to install a 1.6 kilometre-long community elephant electric fence system (SPEGKOM) at Subong Estate to curb wild animal intrusions at the Kesedar Sungai Terah Land Rehabilitation Scheme (RPT), here. Kelantan Perhilitan director Mohamad Hafid Rohani said the Subong SPEGKOM installation was the first community project of its kind in Kelantan. He said the installation of the fence would benefit more than 3,500 residents living in the surrounding villages of Kampung Subong, Kampung Sungai Terah, Kampung Awek, and Kampung Kundur. According to Mohamad Hafid, the installation began on April 21 and involved both village residents and estate personnel. 'The SPEGKOM is being installed in areas with active complaints of wild animal intrusions, and we found that wild elephants frequently roam around the Kesedar Sungai Terah RPT area,' he said when contacted today. Mohamad Hafid said seven wild elephants have been captured and relocated from the area from 2021 to 2024. Meanwhile, RPT Sungai Terah Federal Village Development and Security Committee (JPKKP) chairman Wan Mohd Suhanis Wan Sulaiman said he hoped the electric fence would finally resolve the predicament faced by the residents over the past four years. He said the animals had not only trespassed into plantations and farms, but also damaged the villagers' crops. 'We have suffered heavy losses due to this ongoing problem that has persisted since 2021,' he said. Meanwhile, Galas assemblyman Mohd Syahbuddin Hashim thanked Perhilitan for allocating funds to help resolve the human-wildlife conflict.
