Financial leverage has intensified significantly, with the debt-to-equity ratio climbing from 2.01 in 2023Q4 to 3.00 by 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Sep'18 | Sep'17 | Sep'16 | Sep'15 | Sep'14 | Sep'13 | Sep'12 | Sep'11 | Sep'10 | Sep'09 | Sep'08 | Sep'07 | Sep'06 | Sep'05 | Sep'04 | Sep'03 | Sep'02 | Sep'01 | Sep'00 | Sep'99 | Sep'98 | Sep'97 | Sep'96 |
|---|
| Total Assets | 698.41M | 709.81M | 713.46M | 709.96M | 732.62M | 459.54M | 365.74M | 390.61M | 1.15B | 993.9M | 874.9M | 820.87M | 734.62M | 549.49M | 385.96M | 191.01M | 186.27M | 193.33M | 270.02M | 328.11M | 368.43M | 266.2M | 198M | 138.54M | 134.93M | 110.02M | 88.46M | 84.61M | 85.82M | 80.31M | 89.61M |
| Asset Growth % | -1.09% | -0.51% | 0.49% | -3.09% | 59.42% | 25.65% | -6.37% | -66.13% | 16.04% | 13.6% | 6.58% | 11.74% | 33.69% | 42.37% | 102.06% | 2.55% | -3.66% | -28.4% | -17.7% | -10.94% | 38.4% | 34.44% | 42.92% | 2.68% | 22.65% | 24.37% | 4.55% | -1.41% | 6.86% | -10.38% | -14.19% |
| Real Estate & Other Assets | 10.8M | 13.54M | 633.38M | 651.58M | 668.89M | 303.89M | 167.58M | 176.97M | 1.06B | 37.2M | 26.75M | 41.77M | 679.05M | 57.05M | 24.02M | 75.14M | 60.88M | 86.44M | 114.72M | 249.21M | -12.95M | -14.83M | -13.68M | -20M | -13.2M | -13.38M | -12.32M | -6.76M | -17.23M | -24.71M | -47.26M |
| PP&E (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 902.28M | 759.58M | 733.17M | 0 | 402.9M | 190.32M | 59.28M | 55.79M | 55.54M | 30.54M | 3.34M | 3.34M | 14.83M | 13.68M | 13.07M | 13.2M | 13.38M | 12.32M | 6.76M | 17.23M | 24.71M | 45.28M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 298K | 0 | 0 | 0 | 291K | 1000K | 826K | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 1000K |
| Total Current Assets | 29M | 27.66M | 48.74M | 24.14M | 21.15M | 43.3M | 28.68M | 36.57M | 77.87M | 33M | 88.28M | 45.93M | 55.57M | 89.54M | 171.33M | 52.35M | 68.77M | 34.67M | 92.72M | 52.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash & Equivalents | 29M | 25.14M | 27.86M | 23.51M | 20.28M | 32.34M | 19.89M | 22.7M | 27.36M | 12.38M | 27.4M | 15.56M | 23.18M | 56.91M | 78.25M | 44.02M | 58.5M | 25.71M | 35.77M | 17.1M | 8.39M | 5.71M | 5.75M | 0 | 0 | 0 | 0 | 28.76M | 13.95M | 10.15M | 6.21M |
| Receivables | 0 | 1000K | 1000K | 0 | 0 | 0 | 0 | 1000K | 1000K | 1000K | 1000K | 0 | 0 | 1000K | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1000K | 0 | 0 | 354K |
| Other Current Assets | 0 | -15.2M | 3.22M | 632K | 872K | 10.96M | 8.8M | 9.72M | 45.61M | 15.12M | 41.38M | 30.38M | 32.39M | -1.62M | 49.27M | 3.83M | 0 | 0 | 0 | 0 | -61.65M | -54.16M | -47.24M | -36.35M | -31.18M | -24.03M | -16.31M | -33.38M | -17.31M | -15.53M | -6.56M |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 529.25M | 532.61M | 508.55M | 481.52M | 482.55M | 256.59M | 188.05M | 191.05M | 856.88M | 757.19M | 673.22M | 660.7M | 565.98M | 384.23M | 238.94M | 55.28M | 56.43M | 67.12M | 83.13M | 92.93M | 213.99M | 123.54M | 65.94M | 12.61M | 20.64M | 8.14M | 3.31M | 3.98M | 16.07M | 13.78M | 28.72M |
| Total Debt | 507.39M | 508.27M | 483.63M | 459.57M | 459.92M | 236.98M | 167.52M | 170.28M | 829.47M | 1.43B | 625.46M | 1.05B | 519.81M | 663.83M | 375.97M | 51.82M | 53.37M | 49.69M | 62.02M | 155.8M | 200.64M | 113.47M | 56.47M | 7.43M | 17.49M | 4.91M | 176K | 1.17M | 13.99M | 23.16M | 26.42M |
| Net Debt | 478.39M | 483.13M | 455.78M | 436.06M | 439.63M | 204.64M | 147.63M | 147.58M | 802.11M | 1.42B | 598.06M | 1.04B | 496.63M | 606.93M | 297.72M | 7.79M | -5.13M | 23.99M | 26.25M | 138.7M | 192.24M | 107.77M | 50.73M | 7.43M | 17.49M | 4.91M | 176K | -27.59M | 45K | 13.01M | 20.21M |
| Long-Term Debt | 507.39M | 476.29M | 483.63M | 459.57M | 440.92M | 236.98M | 167.52M | 170.28M | 829.47M | 734.84M | 625.46M | 488.14M | 519.81M | 350.62M | 206.68M | 37.4M | 40.81M | 40.23M | 0 | 79.1M | 200.64M | 113.47M | 56.47M | 7.43M | 17.49M | 4.91M | 88K | 841K | 8.49M | 11.6M | 0 |
| Short-Term Borrowings | 0 | 31.98M | 0 | 0 | 19M | 0 | 0 | 0 | 0 | 697.83M | 0 | 566.44M | 0 | 313.22M | 169.28M | 14.42M | 12.56M | 9.46M | 62.02M | 76.7M | 0 | 0 | 0 | 0 | 0 | 0 | 88K | 331K | 5.5M | 11.56M | 26.42M |
| Capital Lease Obligations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | 0 | 31.98M | 24.91M | 21.95M | 41.63M | 19.61M | 20.54M | 20.77M | 27.41M | 22.35M | 47.77M | 34.03M | 15.19M | 7.77M | 6.41M | 17.88M | 15.61M | 26.88M | 83.13M | 92.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Payable | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 27.41M | 22.35M | 20.72M | 14.78M | 15.19M | 7.77M | 4.3M | 3.47M | 3.06M | 4.11M | 5.54M | 9.28M | 6.99M | 6.17M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 30.99M | 30.99M | 25.85M | 25.85M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Liabilities | 21.86M | 24.35M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 107.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -79.1M | -200.64M | -113.47M | -56.47M | -7.43M | -17.49M | -4.91M | -88K | -841K | -8.49M | -11.6M | 0 |
| Total Equity | 169.16M | 177.2M | 204.91M | 228.44M | 250.07M | 202.95M | 177.69M | 199.56M | 296.49M | 236.71M | 201.68M | 160.17M | 168.64M | 165.26M | 147.02M | 135.73M | 129.84M | 126.22M | 186.89M | 235.18M | 154.44M | 142.66M | 132.06M | 125.93M | 114.29M | 101.87M | 85.15M | 80.62M | 69.75M | 66.54M | 60.89M |
| Equity Growth % | -49.82% | -13.52% | -10.3% | -8.65% | 23.22% | 14.22% | -10.96% | -32.69% | 25.26% | 17.37% | 25.91% | -5.02% | 2.05% | 12.41% | 8.32% | 4.54% | 2.87% | -32.47% | -20.53% | 52.28% | 8.26% | 8.02% | 4.87% | 10.19% | 12.19% | 19.64% | 5.61% | 15.59% | 4.82% | 9.27% | 5.48% |
| Shareholders Equity | 169.22M | 177.24M | 204.97M | 228.46M | 250.09M | 202.96M | 177.77M | 199.65M | 197.99M | 166M | 151.29M | 122.66M | 130.14M | 138.79M | 133.45M | 129.06M | 124.55M | 121.23M | 186.77M | 235.18M | 154.44M | 142.66M | 132.06M | 125.93M | 114.29M | 101.87M | 85.15M | 80.62M | 69.75M | 66.54M | 60.89M |
| Minority Interest | -62K | -42K | -55K | -15K | -18K | -5K | -84K | -93K | 98.5M | 70.71M | 50.39M | 37.52M | 38.5M | 26.47M | 13.57M | 6.67M | 5.29M | 4.99M | 122K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Common Stock | 180K | 180K | 179K | 175K | 180K | 173K | 164K | 156K | 150K | 133K | 39.7M | 40.28M | 40.97M | 40.61M | 40.42M | 44.98M | 45.45M | 38.13M | 38.13M | 36.75M | 27.19M | 26.84M | 26.65M | 26.65M | 26.65M | 26.65M | 26.66M | 26.66M | 26.66M | 26.66M | 26.91M |
| Additional Paid-in Capital | 274.79M | 275.41M | 272.27M | 267.27M | 273.86M | 258.16M | 245.6M | 232.33M | 220.13M | 201.91M | 161.32M | 161.84M | 166.21M | 165.76M | 165.26M | 171.89M | 172.27M | 167.07M | 166.4M | 160.16M | 85.5M | 83.72M | 81.77M | 81.15M | 80.86M | 81.01M | 81.5M | 81.52M | 81.52M | 81.52M | 81.86M |
| Retained Earnings | -105.75M | -98.35M | -67.48M | -38.99M | -23.95M | -55.38M | -67.98M | -32.82M | -24.93M | -37.05M | -48.13M | -79.41M | -77.03M | -67.57M | -72.58M | -77.02M | -83.39M | -75.37M | -14.31M | 23.19M | 13.51M | 10.46M | 9.48M | 11.15M | 7.22M | 2.31M | -5.05M | -12.68M | -24.33M | -37.92M | -45.25M |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Return on Assets (ROA) | -1.74% | -1.68% | -1.38% | 0.54% | 8.38% | 7.06% | -5.25% | 0.11% | 2.21% | 1.46% | 3.69% | -0.31% | -1.47% | 1.07% | 1.54% | 3.38% | -4.22% | -20.61% | -0.09% | 10.07% | 6.33% | 6.99% | 7.13% | 10.01% | 10.28% | 10.67% | 8.82% | 13.67% | 16.36% | 8.63% | 2.31% |
| Return on Equity (ROE) | -6.77% | -6.25% | -4.52% | 1.62% | 22.05% | 15.3% | -10.53% | 0.35% | 8.92% | 6.2% | 17.29% | -1.45% | -5.66% | 3.21% | 3.13% | 4.8% | -6.26% | -30.5% | -0.12% | 18% | 13.51% | 11.8% | 9.3% | 11.39% | 11.64% | 11.32% | 9.21% | 15.49% | 19.94% | 11.51% | 3.79% |
| Debt / Assets | 72.65% | 71.61% | 67.79% | 64.73% | 62.78% | 51.57% | 45.8% | 43.59% | 71.92% | 144.15% | 71.49% | 128.47% | 70.76% | 120.81% | 97.41% | 27.13% | 28.65% | 25.7% | 22.97% | 47.48% | 54.46% | 42.63% | 28.52% | 5.37% | 12.96% | 4.46% | 0.2% | 1.39% | 16.31% | 28.84% | 29.48% |
| Debt / Equity | 3.00x | 2.87x | 2.36x | 2.01x | 1.84x | 1.17x | 0.94x | 0.85x | 2.80x | 6.05x | 3.10x | 6.58x | 3.08x | 4.02x | 2.56x | 0.38x | 0.41x | 0.39x | 0.33x | 0.66x | 1.30x | 0.80x | 0.43x | 0.06x | 0.15x | 0.05x | 0.00x | 0.01x | 0.20x | 0.35x | 0.43x |
| Net Debt / EBITDA | 12.37x | 12.91x | 12.59x | 11.99x | 17.37x | 39.10x | 36.69x | 27.65x | 15.20x | 83.92x | 42.59x | 163.70x | 20.44x | 158.72x | - | 1.56x | - | - | - | 9.85x | 6.84x | 5.95x | 4.78x | 0.82x | 1.41x | 0.63x | 0.03x | -4.72x | 0.01x | 1.74x | 6.06x |
| Book Value per Share | 9.36 | 9.84 | 11.54 | 12.73 | 14.01 | 11.88 | 10.38 | 12.34 | 20.06 | 16.88 | 14.39 | 11.33 | 11.82 | 11.69 | 10.47 | 9.67 | 9.36 | 10.84 | 16.04 | 22.36 | 19.40 | 18.26 | 17.07 | 16.57 | 15.26 | 13.95 | 11.71 | 11.17 | 8.78 | 7.80 | 7.01 |
Rising property-level leverage
According to quarterly financial data, BRT's debt-to-equity ratio has climbed steadily from 2.01 in 2023Q4 to 3.00 by 2026Q1, indicating that the company is increasingly relying on debt financing to support its portfolio transition and ongoing operations in a high-interest rate environment.
The consistent upward trend in leverage suggests that the company's capital structure is becoming more sensitive to interest rate volatility. Investors should monitor whether this increased debt load can be serviced by property-level NOI, especially as the company moves away from joint venture structures toward wholly-owned assets.
As reported in recent filings, BRT's cash position has fluctuated significantly, reaching $29.0M in 2026Q1, which appears insufficient to cover the company's substantial debt obligations and ongoing capital expenditure requirements without continued reliance on external financing or potential asset sales to generate necessary liquidity.
The limited cash buffer relative to the scale of debt suggests a constrained liquidity profile that may limit management's flexibility during market downturns. This lack of a robust cash cushion warrants further investigation into the company's ability to fund its development pipeline and maintenance needs.
Based on reported figures, BRT's total equity has declined from $228.5M in 2023Q4 to $169.2M in 2026Q1, a contraction that reflects persistent negative returns on equity and suggests that the company's internal capital generation is currently failing to offset operational losses and dividend distributions.
The consistent decline in equity value indicates that the company is struggling to create shareholder value through its current operating model. This trend may imply that the underlying assets are not performing at levels sufficient to support the current capital structure, necessitating a potential re-evaluation of the dividend policy.
Financial statements indicate that BRT carries zero net property, plant, and equipment on its balance sheet, a figure that warrants further investigation as it likely reflects the accounting treatment of its joint venture interests rather than the actual physical value of the residential portfolio.
This accounting nuance obscures the true asset base and makes it difficult to assess the actual collateral value supporting the company's debt. Analysts should be cautious, as this lack of transparency regarding physical asset valuation may mask potential impairments or deferred maintenance liabilities within the portfolio.
Quick answers to the most common questions about buying BRT stock.
As of 2025, BRT Apartments Corp. (BRT) had total assets of $709.8M including $27.7M in current assets.
BRT Apartments Corp. (BRT) carries total debt of $508.3M. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
BRT Apartments Corp. (BRT) has total shareholders' equity (book value) of $177.2M ($9.84 book value per share). Book value represents the net worth of the company belonging to common stock holders.
BRT Apartments Corp. (BRT) reported a current ratio of 0.86x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.