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Rithm Property Trust Inc. (NYSE:RPT), a real estate investment trust with a market capitalization of $140 million and currently showing weak financial health according to InvestingPro metrics, announced a change in its independent registered public accounting firm. Effective March 7, 2025, the company dismissed Moss Adams LLP and appointed Ernst & Young LLP (EY) as its new auditor for the fiscal year ending December 31, 2025.
The decision to change auditors was approved by the Audit Committee and the Board of Directors. While Moss Adams’s audit reports for the fiscal years ended December 31, 2024, and 2023, did not contain any adverse opinions or qualifications, the company’s stock has declined over 8% in the past week, highlighting the importance of thorough financial oversight. Furthermore, there were no disagreements or reportable events between Rithm Property Trust and Moss Adams during the fiscal years in question or the subsequent interim period through March 7, 2025.
In compliance with SEC regulations, Rithm Property Trust provided Moss Adams with the disclosures regarding their dismissal and requested a letter from Moss Adams to the SEC. Moss Adams’s letter dated March 12, 2025, agrees with the statements made by the company and is included as an exhibit to the SEC filing.
The engagement of EY follows a thorough evaluation process by the Audit Committee. During the fiscal years ended December 31, 2024, and 2023, and the interim period through March 10, 2025, the company did not consult with EY on any accounting principles or transactions that would impact their financial statements.
This change in certifying accountant was reported in a Form 8-K filing with the Securities and Exchange Commission. The information provided in this article is based on statements from the press release and the associated SEC filing. While currently unprofitable, InvestingPro analysis suggests the company is expected to return to profitability this year, maintaining its significant 8.16% dividend yield. Investors seeking deeper insights into RPT’s financial health metrics and growth prospects can access additional analysis through InvestingPro’s comprehensive financial health scoring system.
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