Rithm Property Trust Inc. · NYSE:RPT
Rithm Property Trust — Q3 2025 Earnings Presentation
15 slides from Rithm Property Trust's earnings presentation, Oct 31, 2025
Slide 1: Quarterly Supplement Q3 2025
Quarterly Supplement Q3 2025
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. Certain statements regar
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: Q3'25 Financial Highlights
Q3’25 Financial Highlights GAAP Comprehensive Income: ($0.4) Million / ($0.01) per Diluted Share (1) GAAP Book Value: $5.30 per Common Share (4) as of September 30, 2025 Earnings Available for Distribution (“EAD”): ($0.7) Million / ($0.02) per Diluted Share (1)(2) Third Quarter 2025 Common Stock Div
Slide 5: The Opportunity for Rithm Property Trust
The Opportunity for Rithm Property Trust Rithm Property Trust is entering the market at an attractive time ✓ In August ’25, RPT originated a $21 million loan on a grocery - anchored retail center outside of Seattle (1) Origination Activity − $17mm funded at close, with a going - in debt yield and ap
Slide 6: Phase I: Stabilize the Portfolio
Phase I: Stabilize the Portfolio RPT’s earnings profile has stabilized since Rithm became the Manager Quarterly Earnings ($mm) (1) Q2 '24 Q3 '24 Q4 '24 Q1 '25 Q2 '25 Q3 '25 2.2 1.1 1.4 0.7 0.3 0.1 $0.05 $0.02 $0.03 (0.4) $0.01 $0.02 $0.00 (0.7) ($0.01) (2.4) ($0.02) ($0.05) (5.4) ($0.12) (9.6) ($0.2
Slide 7: Phase II: Illustrative Future State Portfolio
Phase II: Illustrative Future State Portfolio(1) RPT is transitioning to a portfolio focused on high -quality CRE assets (2) Existing Current Levered Category Description Target Yield Portfolio UPB Yield (3) Lower - risk, highly liquid, mostly senior bonds A Commercial Mortgage - across multifamily,
Slide 8: Appendix
Appendix
Slide 9: Consolidated Balance Sheet (Unaudited)
Consolidated Balance Sheet (Unaudited) As of September 30, June 30, ($ in thousands, except per share amounts) 2025 2025 Assets Cash and cash equivalents $81,446 $98,629 Restricted cash 924 - Mortgage loans held -for-investment, net 372,865 378,894 Mortgage loans held -for-sale, net 27,427 27,588 Co
Slide 10: Book Value per Share Summary (Unaudited)
Book Value per Share Summary (Unaudited) Adjusted Shares ($ in thousands except share and per share amounts) Book Value Per Share Equity Outstanding Ending book value per share as of June 30, 2025 45,420,752 $ 5.37 $ 243,954 Net Income (Loss) Attributable to Common Stockholders (0.03) (1,559) Common
Slide 11: Consolidated Statement of Operations (Unaudited)
Consolidated Statement of Operations (Unaudited) Three months ended ($ in thousands except per share amounts) September 30, 2025 June 30, 2025 Net interest income Interest income $ 13,424 $ 13,636 Interest expense (9,436) (9,423) Net interest income 3,988 4,213 Expenses Related party loan servicing
Slide 12: 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 13: 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 m anagement to evaluate the Company’s performance excluding: (i) net realized and unrealized gains and losses on certain ass
Slide 14: Endnotes
Endnotes Endnotes to Slide 3: Source: Company SEC filings and current financial information. Financial and market data as of September 30, 2025 unless otherwise noted. 1) Based upon publicly available SEC filings, including Rithm Property Trust’s Proxy Statement filed with the SEC on April 21, 2 025
Slide 15: Rithm
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