The company intends to deploy the capital raised from the offering to acquire a portfolio of multifamily residential transition loans currently held by affiliates of Rithm Capital. Remaining proceeds are earmarked for general corporate purposes and additional investment opportunities. While the offering price remains unset, underwriters will hold a 30-day option to purchase an additional 15% of the shares to manage potential over-allotments.

Simultaneously, the firm disclosed that an affiliate of Rithm Capital has signaled interest in acquiring both common and potentially convertible preferred stock through a concurrent private placement. This move follows a regular trading session where the stock already closed down 1.6% at $13.98.