UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 001-36844 (Commission file number) RITHM PROPERTY TRUST INC. (Exact name of registrant as specified in its charter) Maryland 46-5211870 State or other juri ...

Financial Performance - Comprehensive income for Q1 2025 was $1.1 million, or $0.02 per diluted common share, down from $2.2 million, or $0.05 per diluted common share in Q4 2024[4] - Earnings available for distribution increased to $0.7 million, or $0.02 per diluted common share, compared to $0.3 million, or $0.01 per diluted common share in the previous quarter[4] - The company reported a net loss attributable to common stockholders of $3.7 million for Q1 2025, compared to a net income of $2.9 million in Q4 2024[14] - Comprehensive income for Q1 2025 was $1,114,000, compared to $2,202,000 for Q4 2024[23] - Earnings Available for Distribution (Non-GAAP) increased to $717,000 in Q1 2025 from $323,000 in Q4 2024[23] - Basic and diluted Earnings Available for Distribution per common share were both $0.02 in Q1 2025, up from $0.01 in Q4 2024[23] Equity and Assets - Book value per common share slightly decreased to $5.40 from $5.44 in Q4 2024, with total equity rising to $295.9 million from $246.9 million[4] - Total assets increased to $1,028.3 million from $977.3 million, with cash and cash equivalents rising to $97.4 million from $64.3 million[16] - The weighted average shares outstanding for basic and diluted calculations were 45,422,030 in Q1 2025, slightly up from 45,298,505 in Q4 2024[23] Dividends and Investments - The company declared a cash dividend of $0.06 per share, totaling $2.7 million, consistent with the previous quarter[8] - The company deployed $64 million into commercial real estate investments, including $46.7 million in commercial mortgage-backed securities, bringing total CMBS investments to $274.6 million[12] - Issued 2,084,232 shares of 9.875% Series C Fixed-to-Floating Rate Cumulative Redeemable Preferred Stock for net proceeds of $50.8 million[12] - Sold legacy RMBS with a total unpaid principal balance of $20.7 million, resulting in a remaining RMBS portfolio of $101.1 million[12] Income and Interest - Interest income for Q1 2025 was $13.2 million, an increase from $12.9 million in Q4 2024, while net interest income rose to $3.8 million from $3.6 million[14] Strategic Direction - Rithm Property Trust has transitioned to a flexible commercial real estate investment strategy following a strategic transaction with Rithm Capital in 2024[25] - The company focuses on acquiring, investing in, and managing re-performing and non-performing loans secured by residential and commercial properties[25] Forward-Looking Statements - Forward-looking statements indicate management's expectations regarding future events, highlighting inherent uncertainties[26] - The company disclaims any obligation to update or revise forward-looking statements except as required by law[26] Investor Relations - Investor relations contact is available for further inquiries at 646-868-5483 or ir@rithmpropertytrust.com[27]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 001-36844 (Commission file number) RITHM PROPERTY TRUST INC. (Exact name of registrant as specified in its charter) Maryland 46-5211870 State or other jurisdict ...

Exhibit 99.1 RITHM PROPERTY TRUST INC. ANNOUNCES RESULTS FOR THE QUARTER AND YEAR ENDED DECEMBER 31, 2024 New York, NY—January 30, 2025 —Rithm Property Trust Inc. (formerly known as Great Ajax Corp.) (NYSE: RPT, "Rithm Property Trust" or the "Company") today announced the following financial results for the quarter ended December 31, 2024. Fourth Quarter Company Highlights: Dividend Declaration: • On January 29, 2025, the Company's board of directors declared a cash dividend of $0.06 per share to be paid on ...

Analyst’s Disclosure: I/we have a beneficial long position in the shares of RIET, HOMZ, ALL HOLDINGS IN THE INCOME BUILDER FOCUSED INCOME AND DIVIDEND GROWTH PORTFOLIOS either through stock ownership, options, or other derivatives. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Hoya Capital Research & Index Innovations (“Hoya Capit ...

Market Risks - The primary market risks include real estate risk, interest rate risk, prepayment risk, and credit risk, which the company actively manages [268]. - Increases in interest rates are expected to lower refinancing volume and potentially increase defaults on CMBS, while home price increases may slow down [269]. - Higher interest rates could lead to a decline in the value of real estate assets and net income if not accompanied by increases in loan yield and rental yield [273]. - Prepayment risk is influenced by various factors, including interest rates and borrower behavior, which can affect the yield on assets and reinvestment opportunities [274]. - Credit risk is present due to potential borrower defaults, which may arise from personal income reductions, job loss, or poor property management [276]. - Inflation and interest rate increases by the Federal Reserve have raised the company's cost of funds, impacting the value of residential mortgage assets [277]. Financial Management - The company plans to continue securitizing whole loan portfolios to create long-term, fixed-rate financing, while utilizing repurchase lines of credit as interim financing [271]. - The company has not experienced any material changes in internal control over financial reporting during the last fiscal quarter [281]. - There are no material pending legal or regulatory proceedings involving the company or its subsidiaries [283]. - No material changes to risk factors were reported for the three months ended September 30, 2024 [284].

Financial Data and Key Metrics Changes - The company reported a GAAP net income loss of $8 million or $0.18 per diluted share for Q3 2024 [12] - Earnings available for distribution were negative $5.4 million or $0.12 per diluted share [12] - Book value remained relatively stable at $5.47, compared to $5.50 in the previous quarter [8] - The dividend declared for Q3 was $0.06, with a current dividend yield of 7.2% [12] Business Line Data and Key Metrics Changes - The company sold $85 million of residential mortgage loans, generating nearly $18 million in cash [13] - Approximately 91% of legacy residential mortgage loans held for sale were sold since the end of Q1 [13] - The company also sold $62.7 million of residential securities, generating $14 million in cash [13] - Net interest income increased by 126% from $1.6 million to $3.6 million by the end of Q3 [14] Market Data and Key Metrics Changes - The company is focusing on cash-flowing assets, particularly in the commercial real estate sector, with recent bids on $1 billion of assorted commercial real estate loans [9][21] - The company is seeing some movement from banks in terms of asset availability, although caution is advised due to potential risks in the market [17] Company Strategy and Development Direction - The company aims to sell down legacy residential assets and redeploy capital into cash-flowing CMBS, targeting breakeven by the end of Q1 2025 [6] - A name change from Great Ajax to Rithm Property Trust is planned for Q4 2024 [10] - The management strategy involves being patient and ensuring that any transactions are significant winners to transform the company [9][11] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about finding the right transactions to transform the company into a successful entity, emphasizing the importance of patience for investors [11] - The current economic environment presents both challenges and opportunities, particularly in the commercial real estate sector [17][27] - Management believes that the need for equity and debt financing in commercial real estate will continue, regardless of interest rate fluctuations [28] Other Important Information - Cash and equivalents on the balance sheet totaled $84 million, with approximately $30 million available for investment [12] - The company has a reserve of roughly $50 million and stockholder equity is just under $250 million [12] Q&A Session Summary Question: What segments of the commercial real estate debt universe have dislocation and mispricing that match a Rithm type investing strategy? - Management highlighted a recent bid on a portfolio that included multifamily and affordable housing, emphasizing the need for cash-flowing assets [21] Question: Could lower rates give borrowers some cushion to ride out distress, reducing opportunities? - Management indicated that while lower rates could provide some cushion, there will still be significant opportunities for recapitalization in distressed assets [27] Question: Has any more cash been deployed in October, and are there smaller investments that could be monetized soon? - Management stated that about $20 million to $25 million remains available for deployment, with various small positions being cleaned up [30] Question: Will the vehicle be financed using bank lines or look to the markets for other financing alternatives? - Management noted that bank lines would be specific to the securities portfolio, but there are plans to explore debt and equity markets for different securities in the future [40]

Exhibit 99.1 GREAT AJAX CORP. ANNOUNCES RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2024 AND ANNOUNCES INTENT TO REBRAND TO RITHM PROPERTY TRUST INC. New York, NY—October 21, 2024 —Great Ajax Corp. (NYSE: AJX, "Great Ajax" or the "Company") today announced the following financial results for the quarter ended September 30, 2024. Third Quarter Financial Highlights: · GAAP net loss attributable to common stockholders of $(8.0) million, or $(0.18) per diluted share · Earnings Available for Distribution of $(5. ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to 001-36844 (Commission file number) GREAT AJAX CORP. (Exact name of registrant as specified in its charter) State or other jurisdiction Maryland 46-5211870 ( ...

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $12.7 million, which is significantly lower than the first quarter of 2024, driven by mark-to-market losses and additional realized losses on mortgage loan sales [11] - Earnings available for distribution decreased compared to the previous quarter, with a negative net interest margin contributing to the loss [11] - Book value per common share is reported at $5.56, with a potential fair value of around $4.20 if fully marked [12] Business Line Data and Key Metrics Changes - The company is transitioning from reperforming residential assets to investing in cash-flowing commercial real estate assets, having already begun this process [6][9] - The management team is focused on commercial real estate opportunities, leveraging expertise from Rithm Capital and Sculptor Asset Management [10] Market Data and Key Metrics Changes - The commercial real estate market is viewed as presenting some of the best investment opportunities since the financial crisis, particularly in AAA CMBS with levered returns estimated between 12% and 15% [7][20] - The company plans to sell approximately $120 million of legacy assets to clean up the balance sheet [18] Company Strategy and Development Direction - The company aims to grow its equity capital and generate real earnings while maintaining a focus on commercial real estate investments [9][14] - The dividend policy will be evaluated quarterly based on the ability to grow earnings, with the current dividend maintained at $0.06 per share [8][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to reposition the company and achieve cash flow positivity over time, despite current losses [7][11] - The company is optimistic about the commercial real estate investing environment and believes it can generate attractive returns [14][15] Other Important Information - The company has a total stockholders' equity of $253.6 million and is focused on growing this over time [12] - The management team consists of experienced professionals in commercial real estate, with a significant number of staff dedicated to this area [10] Q&A Session Summary Question: Impact of marking the whole book to fair value and current balance of legacy RPL portfolio - Management indicated that full mark-to-market would bring book value to around $4.23, with approximately $120 million of assets left to be sold [18][19] Question: Focus on commercial real estate and expected returns - The company has made investments primarily in AAA CMBS, expecting returns between 12% and 15% [20] Question: Capital allocation for risk retention and new investments - Approximately $15 million to $16 million of equity capital is allocated to risk retention securities, with $35 million to $40 million for non-risk retention assets [23] Question: Future investment mix and origination efforts - Management believes they have sufficient resources for investment sourcing and will focus on a mix of CMBS, senior loans, and opportunistic investments [25] Question: Willingness to acquire distressed assets - The company has a history of successfully acquiring distressed assets and is open to similar opportunities in the future [31] Question: Geographic or asset class focus for senior loans - Currently, the focus is on highly liquid AAA CMBS, with flexibility to explore various opportunities as they arise [33]