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Rithm Property Trust Inc. Declares Third Quarter 2025 Common and Preferred Dividends Share NEW YORK--(BUSINESS WIRE)--Rithm Property Trust Inc. (NYSE: RPT, "Rithm Property Trust†or the "Company†) announced today that its Board of Directors (the "Board†) has declared third quarter 2025 common and preferred stock dividends. Common Stock Dividend The Board declared a cash dividend of $0.06 per share of common stock. The third quarter common stock dividend is payable on November 28, 2025, to stockholders of ...

Financial Data and Key Metrics Changes - The company reported GAAP income of $1.4 million or $0.03 per diluted share for Q2 2025, which is an improvement from a loss of $0.35 per diluted share in Q2 2024 [12][16] - The total equity stands at approximately $300 million, with a GAAP book value of $5.37, while the stock is trading at around $2.70, reflecting a 50% discount to book value [12][9] - Cash and cash equivalents are reported at about $98.6 million [12] Business Line Data and Key Metrics Changes - The company has a current pipeline of approximately $2 billion in assets under evaluation, with a focus on various types of real estate investments including senior mortgages, subordinate loans, and mezzanine loans [11][15] - The company has deployed $300 million in commercial real estate assets over the past year [7] Market Data and Key Metrics Changes - The company is entering the real estate market at what it believes is an attractive time, with significant opportunities arising from repricing in commercial real estate assets and continuous debt maturities [13][15] - The company is currently evaluating a large pipeline of deals, indicating a robust market presence [10][35] Company Strategy and Development Direction - The company aims to position itself as an opportunistic commercial real estate REIT, focusing on growth and capital deployment without diluting shareholders [7][19] - The management team emphasizes the importance of careful underwriting and capital deployment to achieve double-digit returns [15][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the future value proposition of the company, despite current stock price challenges, citing a clean balance sheet and significant investment opportunities [9][10] - The management team is focused on maintaining the current dividend and growing earnings, with a commitment to not reduce the dividend in the near term [12][42] Other Important Information - The company has no legacy commercial real estate assets, which is seen as a positive factor for future growth [9][14] - The management team consists of approximately 75 to 100 employees working across various vehicles [14] Q&A Session Summary Question: Near term opportunities in the pipeline - Management discussed the breakdown of the pipeline across different sectors, including retail, multifamily, and office spaces, with a focus on strong tenants [21][23] Question: Go forward plan for the portfolio - Management indicated that they plan to deploy about $50 million in capital this quarter, focusing on retail, multifamily, and office opportunities [27][29] Question: Scaling the pipeline and execution opportunities - Management noted that the increase in the pipeline is due to more conversations with sponsors and banking partners, and emphasized a cautious approach to capital deployment [32][34] Question: Funding sources for new opportunities - Management mentioned the potential to use their securities book as a funding source for new lending opportunities, while also considering third-party capital for larger transactions [36][39] Question: Dividend levels and earnings growth - Management acknowledged the need to create scale around capital formation to maintain and grow the dividend, while also aiming for earnings growth [41][42]

Financial Performance - As of June 30, 2025, Rithm Property Trust's total assets were approximately $1014373 thousand, compared to $1028331 thousand as of March 31, 2025[15] - The book value per share decreased from $540 as of March 31, 2025, to $537 as of June 30, 2025[16] - Net income attributable to common stockholders for the three months ended June 30, 2025, was $612 thousand, compared to a loss of $3744 thousand for the three months ended March 31, 2025[17] - Basic net income per common share was $001 for the three months ended June 30, 2025, compared to a loss of $008 for the three months ended March 31, 2025[17] Portfolio & Investment Strategy - The company targets yields of 10-12% for Commercial Mortgage-Backed A Securities, 10-14% for Senior Loans, 12-18% for Subordinated/Mezzanine Loans, and 15-20% for Opportunistic Investments[13] - The illustrative portfolio yield is targeted at 12-16%[13] - Rithm Property Trust emphasizes growth opportunities in the Commercial Real Estate landscape[6] Liabilities & Equity - Total liabilities were $719784 thousand as of June 30, 2025, compared to $732411 thousand as of March 31, 2025[15] - Stockholders' equity in Rithm Property Trust Inc was $294739 thousand as of June 30, 2025, compared to $296071 thousand as of March 31, 2025[15]

Financial Data and Key Metrics Changes - For Q1 2025, GAAP income was $1.1 million or $0.02 per diluted share, while earnings available for distribution were $7.07 million or $0.02 per diluted share [8][9] - The first quarter dividend paid was $0.06, with expectations for future growth [9] - Cash and cash equivalents totaled approximately $97 million, with total equity at $295 million and a GAAP book value of $5.4 per share, while the stock trades at about $2.85, indicating significant undervaluation [10][11] Business Line Data and Key Metrics Changes - The company deployed $65 million in various commercial real estate (CRE) debt during the quarter, including $47 million in AAC CMBS bonds with an approximate 11% yield [11] - A $35 million loan was split between Rhythm Capital and Rhythm Property Trust, yielding a 12% to 13% unlevered return [11] - The company sold $21 million of legacy residential assets during the quarter [12] Market Data and Key Metrics Changes - The company has no legacy commercial real estate exposure, positioning it favorably in the current market environment [6][15] - The market has seen wider spreads across various asset classes, with increased deal flow opportunities despite volatility [21][22] Company Strategy and Development Direction - The company aims to grow earnings by focusing on opportunistic investments and diversifying across different asset classes, including CMBS, senior loans, and mezzanine investments [16][27] - The management is looking for strategic acquisitions to enhance earnings and capital growth, while being patient in deploying capital due to market volatility [12][15] - The company plans to maintain a clean balance sheet and continue moving away from legacy assets [40] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to create shareholder value and grow earnings, despite current market challenges [10][15] - The management highlighted the attractiveness of REITs in the current market, noting that the company trades at a significant discount to book value [33] - Future growth is expected to come from third-party partnerships and potential M&A opportunities [60] Other Important Information - The company raised $52 million in capital during the quarter, indicating strong financial positioning [11] - The management emphasized the importance of maintaining dividend policies while also focusing on capital deployment for growth [34] Q&A Session Summary Question: Has market volatility changed seller motivations and activity levels? - Management noted that while wider spreads are observed, there is still a robust deal flow from various counterparties, indicating ongoing opportunities despite market conditions [21][22] Question: How is the $17.5 million subordinate mortgage investment categorized? - Management clarified that this investment is viewed as opportunistic and part of a diversified portfolio strategy [26][27] Question: When will the company start paying down higher coupon corporate debt? - Management indicated that the 9.5% corporate debt will likely remain outstanding until the company scales further, with potential for a rate drop upon an upgrade [29][30] Question: What is the current status of the legacy portfolio? - Management stated that the ability to sell legacy assets is limited, with only about $25 million remaining that could potentially be sold [40] Question: What percentage of the balance sheet is focused on commercial real estate? - Management indicated that the core balance sheet will increasingly focus on commercial real estate assets as capital is deployed [50] Question: What is the experience level of the team focusing on CRE? - Management highlighted the extensive experience of the team, including partnerships with established firms, ensuring a robust approach to commercial real estate investments [52] Question: What are the banks' current lending activities in the CRE space? - Management noted that banks are still lending on the senior side and are looking for partners, although they may sell non-performing loans if credit deteriorates [55]

Quarterly Supplement Q1 2025 Disclaimers Rithm Property Trust $1bn+ $296mm $298mm ~$97mm ~ ~ • – • – – Q1'25 Financial Highlights Q1'25 Business Highlights Earnings Growth Looking Ahead at the Opportunity Why CRE Debt? ✓ Why Rithm Property Trust? What to Expect? Driving Growth ✓ ✓ ✓ – ✓ – ✓ ✓ ✓ Illustrative Future State Portfolio(1) | Category | | Description | Target Levered Yield(2) | | --- | --- | --- | --- | | A Securities | Commercial Mortgage-Backed | Lower-risk, highly liquid, mostly senior bonds acr ...

Financial Data and Key Metrics Changes - For the first quarter, GAAP income was $1.1 million or $0.02 per diluted share, while earnings available for distribution were $5 million or $0.02 per diluted share [9][10] - The first quarter dividend paid was $0.06, with expectations for future growth [10] - The company has approximately $295 million in total equity and a GAAP book value of $5.4, while the stock trades at about $2.85, indicating significant undervaluation [10][15] Business Line Data and Key Metrics Changes - In the first quarter, the company deployed $65 million in various commercial real estate (CRE) debt, including $47 million in AAC CMBS bonds with an approximate 11% yield [11] - A $35 million loan was split between Rhythm Capital and Rhythm Property Trust, yielding a 12% to 13% unlevered return [11] - The company sold $21 million of legacy residential assets during the quarter [12] Market Data and Key Metrics Changes - The company has no legacy commercial real estate exposure, positioning it favorably in the current market environment [6][15] - The market has seen wider spreads across various asset classes, indicating increased volatility and potential opportunities [21][22] Company Strategy and Development Direction - The company aims to grow earnings and shareholder value by focusing on opportunistic investments and diversifying across different asset classes [15][16] - The management is looking for strategic transactions or acquisitions to enhance earnings growth [12][13] - The company plans to maintain a clean balance sheet while gradually moving away from legacy assets [41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to create shareholder value despite market volatility [10][21] - The company is focused on deploying capital at attractive returns while being patient in the current market [12][15] - There is a robust pipeline of opportunities, and management believes that the current valuation presents a significant growth opportunity [13][15] Other Important Information - The company raised $52 million in capital during the quarter [11] - Management emphasized the importance of maintaining a diversified portfolio to mitigate risks [16] Q&A Session Summary Question: Has market volatility changed sellers' motivations? - Management noted wider spreads across the board and observed stability in the market, indicating more opportunities for deal flow [21] Question: Are there shifts in thoughts on platform or transformative acquisitions? - Management clarified that they are still looking at platforms and origination businesses, focusing on how to leverage origination engines [23] Question: What is the status of the $17.5 million subordinate mortgage investment? - Management described it as an opportunistic investment and emphasized a diversified portfolio strategy [29] Question: When will the company start paying down higher coupon corporate debt? - Management indicated that the corporate debt at 9.5% will likely remain until the company scales further [31] Question: How is the dividend coverage progressing? - Management stated that growing earnings and reducing lower coupon assets are key to improving dividend coverage [34] Question: What is the outlook for selling legacy assets? - Management indicated that the ability to sell legacy assets is limited, with only about $25 million remaining that could potentially be sold [42] Question: What percentage of the balance sheet is core long-term home versus commercial real estate? - Management stated that the goal is to deploy capital primarily in commercial real estate assets, with a focus on opportunistic investments [52] Question: What is the experience of the team focusing on CRE? - Management highlighted a robust team with extensive experience in commercial real estate, including partnerships with affiliates [54] Question: What are the banks' current lending activities? - Management noted that banks are still lending on the senior side and are looking for partners, while also being cautious with non-performing loans [57]

Financial Data and Key Metrics Changes - For the first quarter, GAAP income was $1.1 million or $0.02 per diluted share, while earnings available for distribution were $7.07 million or $0.02 per diluted share [9][10] - The first quarter dividend paid was $0.06, with expectations for future growth [10] - The company has approximately $295 million in total equity and a GAAP book value of $5.4, while the stock trades at about $2.85, indicating significant undervaluation [10][14] Business Line Data and Key Metrics Changes - In the first quarter, the company deployed $65 million in various commercial real estate (CRE) debt, including $47 million in AAC CMBS bonds with an approximate 11% yield [11] - A $35 million loan was split between Rhythm Capital and Rhythm Property Trust, yielding a 12% to 13% unlevered return [11] - The company sold $21 million of legacy residential assets during the quarter [12] Market Data and Key Metrics Changes - The company has no legacy commercial real estate exposure, positioning it favorably in the current market environment [6][15] - The market has seen wider spreads across various asset classes, indicating increased volatility and potential opportunities [21][22] Company Strategy and Development Direction - The company aims to grow earnings and shareholder value by focusing on opportunistic investments and diversifying across different asset classes [15][16] - There is a strong emphasis on maintaining a clean balance sheet while seeking strategic acquisitions to enhance growth [30][31] - The management is cautious about market volatility but remains optimistic about future deal flow and investment opportunities [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to create shareholder value despite current market challenges [10][15] - The company is focused on deploying capital at attractive returns while being patient in the current volatile environment [12][15] - There is a belief that the commercial real estate sector is fundamentally undervalued, providing a favorable backdrop for future growth [34] Other Important Information - The company raised $52 million in capital during the quarter, enhancing its financial position [11] - The management team has extensive experience in commercial real estate, which is expected to drive the company's strategic initiatives [52][53] Q&A Session Summary Question: Has market volatility changed sellers' motivations? - Management noted wider spreads across the board and observed stability in the market, indicating more opportunities for deal flow [21][22] Question: Are there shifts in thoughts on platform or transformative acquisitions? - Management clarified that they are still looking at platforms and origination businesses, maintaining a focus on growth [23] Question: What is the status of the subordinate mortgage investment? - Management described the investment as opportunistic and emphasized a diversified portfolio approach [28][29] Question: When will the company start paying down higher coupon corporate debt? - Management indicated that the corporate debt would likely remain outstanding until the company scales further, with potential for a rate drop upon an upgrade [30][31] Question: How is the dividend coverage progressing? - Management highlighted the need to grow earnings and eliminate lower coupon assets to improve dividend coverage [32][33] Question: What is the outlook for selling legacy assets? - Management stated that the ability to sell legacy assets is limited, with only about $25 million remaining that could potentially be sold [41] Question: What is the current balance sheet composition? - Management indicated that the core balance sheet will focus on commercial real estate assets, with a goal to deploy capital effectively [50] Question: What is the team's experience in commercial real estate? - Management emphasized a robust team with extensive experience in commercial real estate, which is crucial for navigating the current market [52][53] Question: What are the banks' current lending activities? - Management noted that banks are still lending on the senior side and are looking for partners, while also being cautious about non-performing loans [54][55]

Group 1 - The focus is on income-producing asset classes such as REITs, ETFs, Preferreds, and 'Dividend Champions' that target premium dividend yields up to 10% [1] - iREIT®+HOYA Capital is highlighted as a premier income-focused investing service that emphasizes sustainable portfolio income, diversification, and inflation hedging [2] - The service offers a Free Two-Week Trial to explore top ideas across exclusive income-focused portfolios [2] Group 2 - The Retired Investor has a background in data analysis and pension fund management, providing insights for retirement preparation through investments in CEFs, ETFs, BDCs, and REITs [3] - The Retired Investor shares long-only investment strategies and options trading strategies with a focus on cash-secured puts [3]

Group 1 - The focus is on closed-end funds, with an emphasis on identifying directional and arbitrage opportunities due to market price deviations [1] - Timing is highlighted as a crucial factor in executing trades related to closed-end funds [1] Group 2 - The article is part of a series analyzing exchange-traded fixed-income security IPOs, specifically focusing on Rithm Property Trust Inc. (NYSE: RPT) [2] - The author discloses no current stock or derivative positions in the mentioned companies and has no plans to initiate any within the next 72 hours [2]