Rithm Property Trust Inc. · NYSE:RPT
Rithm Property Trust — Q1 2026 Earnings Presentation
19 slides from Rithm Property Trust's earnings presentation, Apr 24, 2026
Slide 1: Quarterly Supplement Q1 2026
Quarterly Supplement Q1 2026
Slide 2: Disclaimers
Disclaimers IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the “Presentation.” FORWARD-LOOKING STATEMENTS. This presentation contains
Slide 3: Rithm Property Trust
Rithm Property Trust Rithm Property Trust (NYSE: RPT) is a real estate investment platform focused on commercial real estate (“CRE”) lending and opportunistic investing • Externally managed by an affiliate of Rithm Capital, who has significant alignment of interests as one of the largest shareholder
Slide 4: Financial Highlights
Financial Highlights • Stabilized earnings: Q1’26 EAD of ($0.04) per diluted share is a modest improvement from Q4’25 EAD of ($0.06) per diluted share(1)(2) GAAP Comprehensive $(3.2) $(0.42) Income Million per Diluted Share(2) Earnings Available for $(0.3) $(0.04) Distribution(1) Million per Diluted
Slide 5: RPT Strategic Transformation
RPT Strategic Transformation RPT is well positioned for future growth as it continues to execute on its strategic plan(1) Q2’24 Q3’24 – Q1’26 Future Rithm becomes State(1) Strategic actions to reposition the portfolio into higher-yielding CRE assets Manager An affiliate of Rithm ✓ Initiated wind-dow
Slide 6: Illustrative Repositioning of Portfolio
Illustrative Repositioning of Portfolio(1) Capital can be deployed across attractive CRE assets to generate accretive returns Clear Visibility into Potential Portfolio Allocation • Portfolio composition expected to include high-quality assets • Strong target asset fundamentals support dividend cover
Slide 7: RPT Benefits from Rithm's Extensive Sourcing Capabilities
RPT Benefits from Rithm’s Extensive Sourcing Capabilities RPT’s direct access to the Rithm ecosystem provides RPT with enhanced visibility into a robust pipeline of attractive investment opportunities Multiple Proprietary Channels Through Rithm’s Family of Operating Companies Commercial Real Estate
Slide 8: Appendix
Appendix
Slide 9: Consolidated Balance Sheet (Unaudited)
Consolidated Balance Sheet (Unaudited) As of ($ in thousands, except share and per share amounts) March 31, 2026 December 31, 2025 Assets Cash and cash equivalents $ 96,267 $ 79,321 Restricted cash 547 811 Residential mortgage loans held-for-investment, net 356,137 362,829 Residential mortgage loans
Slide 10: Book Value per Share Summary (Unaudited)
Book Value per Share Summary (Unaudited) Adjusted Shares Book Value Per ($ in thousands, except share and per share amounts) Outstanding Share Equity Beginning book value per share as of December 31, 2025 7,571,699 $ 31.80 $ 240,768 Net Loss Attributable to Common Stockholders (0.44) (3,278) Common
Slide 11: Consolidated Statement of Operations (Unaudited)
Consolidated Statement of Operations (Unaudited) Three Months Ended ($ in thousands, except share and per share amounts) March 31, 2026 December 31, 2025 Net Interest Income Interest income $ 12,536 $ 12,540 Interest expense (8,908) (9,142) Net interest income 3,628 3,398 Expenses Related party loan
Slide 12: GAAP Reconciliation of Earnings Available for Distribution (Unaudited)
GAAP Reconciliation of Earnings Available for Distribution (Unaudited) Three Months Ended ($ in thousands, except share and per share amounts) March 31, 2026 December 31, 2025 Reconciliation of GAAP Comprehensive Income to Earnings Available for Distribution Comprehensive (loss)/income — GAAP $ (3,1
Slide 13: GAAP Reconciliation of Earnings Available for Distribution (Unaudited)
GAAP Reconciliation of Earnings Available for Distribution (Unaudited) Three months ended ($ in thousands except per share amounts) September 30, 2025 June 30, 2025 Reconciliation of GAAP Comprehensive Income to Earnings Available for Distribution Comprehensive (loss)/income — GAAP $ (381) $ 1,393 A
Slide 14: GAAP Reconciliation of Earnings Available for Distribution (Unaudited)
GAAP Reconciliation of Earnings Available for Distribution (Unaudited) Three months ended ($ in thousands except per share amounts) March 31, 2025 December 31, 2024 Reconciliation of GAAP Comprehensive Income/(Loss) to Earnings Available for Distribution GAAP Comprehensive Income $1,114 $2,202 Adjus
Slide 15: GAAP Reconciliation of Earnings Available for Distribution (Unaudited)
GAAP Reconciliation of Earnings Available for Distribution (Unaudited) ($ in thousands except per share amounts) September 30, 2024 June 30, 2024 Reconciliation to GAAP Net Loss Consolidated Net Loss Attributable to Common Stockholders* $(8,029) $(12,742) Provision for Income Taxes (23) (772) Consol
Slide 16: Reconciliation of Non-GAAP Financial Measures
Reconciliation of Non-GAAP Financial Measures • “Earnings available for distribution” is a non-GAAP financial measure of the Company’s operating performance, which is used by management to evaluate the Company’s performance excluding: (i) net realized and unrealized gains and losses on certain asset
Slide 17: Endnotes
Endnotes Endnotes to Slide 3: Source: Company SEC filings and current financial information. Financial and market data as of March 31, 2026 unless otherwise noted. 1) Based upon publicly available SEC filings, including Rithm Property Trust’s Proxy Statement filed with the SEC on April 21, 2026. Inc
Slide 18: Abbreviations
Abbreviations • AAM – Alternative Asset Manager • CMBS – Commercial mortgage-backed securities • EPS – Earnings per Share • GAAP – Generally Accepted Accounting Principles • REIT – Real Estate Investment Trust • SEC – US Securities and Exchange Commission • UPB – Unpaid principal balance • US – Unit
Slide 19: Rithm
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