# BRT Apartments Corp. (BRT)

> Source: Nexqual · https://nexqual.com/BRT · data as of 2026-10-23 19:14 UTC · cite as "Nexqual, BRT Apartments Corp. (BRT), nexqual.com/BRT" · informational, not investment advice.

**Price:** USD 13.14 (-0.53% today) · US market open, as of October 23, 2026 at 19:14 UTC; quotes may be delayed. Prev close 13.21 · day 12.99–13.29 · 52w 12.85–15.63 · market cap $247M · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $97.8M, net income -$12.9M (-13.2% margin) (SEC filings).
- Insider open-market sales, last ~7 months: 1 Form 4 filings, $673K; 1 not under a Rule 10b5-1 plan ($673K); 0 by opportunistic insiders, 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 2.00 on a 1–5 scale) (3 analysts), mean target USD 18 (range 15.5–20).
- Total return with dividends: 1Y -5.8% vs S&P 500 +14.5%; 5Y -12.2% vs S&P 500 +77.1%.
- Next earnings: 2026-11-05, EPS estimate USD -0.21, revenue estimate $24.6M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $32.1M | $70.5M | $93.6M | $95.6M | $97.0M | $97.8M |
| Gross profit | — | — | — | — | $96.9M | — |
| Operating income | -$10.1M | -$15.0M | -$14.3M | -$12.3M | -$12.5M | -$12.4M |
| Net income | $29.1M | $50.0M | $3.9M | -$9.8M | -$11.9M | -$12.9M |
| EPS (diluted) | $1.62 | $2.66 | $0.16 | -$0.52 | -$0.63 | — |
| Gross margin | — | — | — | — | 99.8% | — |
| Operating margin | -31.4% | -21.3% | -15.3% | -12.9% | -12.9% | -12.6% |
| Net margin | 90.8% | 70.8% | 4.1% | -10.2% | -12.3% | -13.2% |
| Revenue growth | +14.1% | +120.0% | +32.7% | +2.2% | +1.5% | — |
| Cash + short-term investments | $32.3M | $20.3M | $23.5M | $27.9M | $25.1M | — |
| Total debt | $237M | $460M | $460M | $484M | $508M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/S 2.5x · EV/EBITDA 51.0x · EV/Sales 7.5x · P/B 1.5x · Earnings yield -5.24% · Dividend yield (paid, TTM) 6.13% · Buyback yield (TTM) 3.24% · Net debt $484M · EV $731M
P/E at fiscal year-ends: Dec 2023 86.1x.

## Insider sales (SEC Form 4, open-market, last ~7 months)
0 of 1 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-16 | Ginsburg Alan H | Director | 50,129 | $673K | 50.3% | No | Too little history (no open-market trades in 2023 or 2024) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.00 on a 1–5 scale), 3 analysts; mean target USD 18 (low 15.5, high 20).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-20 | Citizens | Reiterated | Market Outperform | $20 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -5.8% | -12.2% |
| S&P 500 (SPY) | +14.5% | +77.1% |
| Per year | -5.8% | -2.6% |
| Volatility (annualized) | 22.4% | 27.2% |
| Max drawdown | -16.3% (Jun 2026→Oct 2026) | -35.3% (Aug 2022→Mar 2026) |

## Peers (REIT - Residential)
NXRT (NexPoint Residential Trust, Inc) USD 18.74 -1.86% · CSR (D/B/A Centerspace) USD 56.97 -0.84% · UMH (UMH Properties, Inc.) USD 15.4 -0.32% · IRT (Independence Realty Trust, Inc.) USD 14.99 -1.22% · MRP (Millrose Properties, Inc.) USD 23.89 -0.33% · JAN (Janus Living, Inc.) USD 28.21 -1.50%

## More
Full page: https://nexqual.com/BRT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in BRT's own 10-K filed 2026-03-13 (https://www.sec.gov/Archives/edgar/data/14846/000001484626000007/brt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | Gould Investors | "Our "affiliated entities" include Gould Investors L.P. ("Gould Investors"), a master limited partnership involved primarily in the ownership and operation of a diversified portfolio of real estate assets;" |

## Company outlook (8-K filed 2026-08-10)

- "Words such as "expects," "anticipates," "intends," "plans," "believes," "seeks," "estimates," "forecasts," "projects," "assumes," "will," "may," "could," "should," "budget," "target," "outlook," "opportunity," "guidance" and variations of such words and similar expressions are intended to identify such forward-looking statements."
- "The completion of the transaction, which is anticipated to close in the first quarter of 2027, is subject to, among other things, HUD and lender approval of the mortgage assumption, and other customary closing conditions."
- "The Company anticipates contributing approximately $8.8 million of the equity toward the purchase, including $1.9 million of working capital reserves, and incurring an estimated $450,000 of transaction costs and $700,000 in deferred financing costs, which costs will be amortized over time."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.21 | $-0.20 | +5.0% | $24.6M | 2 |
| Next quarter (ends 2026-12-31) | $-0.20 | $-0.20 | +2.5% | $24.8M | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.74 | $-0.80 | -6.9% | $97.9M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.73 | $-0.65 | +13.1% | $105.7M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-03-19 (includes earnings 2026-11-05): ±15.5%; last 8 reports averaged ±1.9%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-03-19 | 147 | 31.2% | ±15.5% |