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Koneko Research

Capital earns a high return when it is scarce

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Latest Issues

Rithm Property Trust: Massive Value Transfer To External Manager Through Heavily Dilutive Financing

Rithm Pooperty (RPT) shares are -18% since announcing a heavily dilutive $300mm equity offering and -62% since announcing in 2024 that Rithm Capital (RITM) would become its external manager.

Key aspects of the financing (prospectus):

*...

5 days ago
10
2

Redwood Trust: Mortgage Banking Platform Depressed by Index Deletion

Ejection from the S&P600 Small Cap index effective July 8 has created an opportunity to buy Redwood Trust (RWT) at a deeply discounted valuation when its operating business has never been more attractive:

  • Transformation into a platform...
13 days ago
12

Canadian Real Estate 06/30/26

Valuation Update And Preview Of A New US REIT Idea

Canadian Real Estate has delivered an attractive +13.2% ytd total return (XRE a/o 6/30). US REITs are +9.8%, and the CAD is -3.4% vs USD. Economically sensitive Retail and Industrial equit...

18 days ago
5
2
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Clarke Inc: Value Compounder Just Acquired a Distressed REIT

Canadian activist investor George Armoyan’s Clarke Inc (TSX:CKI) tripled its assets by acquisition of Ravelin Properties through a discounted debt exchange.

Canadian activist investor George Armoyan’s Clarke Inc (TSX:CKI) tripled its asset...

24 days ago
7
1
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Canadian Real Estate 06/12/26

Valuation Update And Quick Takes

Canadian Real Estate has delivered an attractive +13.5% ytd total return (XRE a/o 6/12). US REITs are +11.5%, and the CAD is -1.9% vs USD. Economically sensitive Retail and Industrial equities have been str...

a month ago
8
1
Paid

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