\nRithm Property Trust Inc. (NYSE: RPT, \u201cRithm Property Trust\u201d or the \u201cCompany\u201d) today announced the following information for the quarter ended March 31, 2025.\n<\/p>\n
First<\/span><\/b>Quarter 2025 Financial Highlights<\/b><\/span>:<\/b><\/p>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Q1 2025<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n Q4 2024<\/b><\/p>\n<\/td>\n<\/tr>\n Summary of Operating Results:<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nComprehensive Income per Diluted Common Share1,2<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.02\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.05\n<\/p>\n<\/td>\n<\/tr>\n \nComprehensive Income (in millions)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1.1\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.2\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Non-GAAP Results:<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nEarnings Available for Distribution per Diluted Common Share1,3<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.02\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.01\n<\/p>\n<\/td>\n<\/tr>\n \nEarnings Available for Distribution2 <\/sup>(in millions)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.3\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Book Value:<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBook Value per Common Share\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5.40\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n5.44\n<\/p>\n<\/td>\n<\/tr>\n \nBook Value (in millions)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n245.3\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n246.9\n<\/p>\n<\/td>\n<\/tr>\n \nCommon Shares Outstanding\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,420,752\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,420,752\n<\/p>\n<\/td>\n<\/tr>\n \nTotal Equity (in millions)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n295.9\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n246.9\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Common Dividend Paid:<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCommon Dividend per Share\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.06\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.06\n<\/p>\n<\/td>\n<\/tr>\n \nAggregate Common Dividend (in millions)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.7\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2.8\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n__________________________________________\n<\/p>\n \n1.\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nPer common share calculations for both GAAP comprehensive income and earnings available for distribution are based on weighted average diluted shares of 45,422,030 and 45,298,505 for the quarters ended March 31, 2025 and December 31, 2024, respectively. Book value per share is based on 45,420,752 common shares outstanding for each of the quarters ended March 31, 2025 and December 31, 2024.\n<\/p>\n<\/td>\n<\/tr>\n \n2.\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nComprehensive income is a GAAP financial measure that adjusts GAAP net income by any unrealized gain (loss) on investment securities measured at fair value through other comprehensive income and the related income tax effect, if any.\n<\/p>\n<\/td>\n<\/tr>\n \n3.\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nEarnings available for distribution is a non-GAAP financial measure. For a reconciliation of earnings available for distribution to GAAP comprehensive income, as well as an explanation of this measure, please refer to the section entitled \u201cNon-GAAP Financial Measures and Reconciliation to GAAP Comprehensive Income.\u201d\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n\u201cRithm Property Trust continued its track record of earnings growth under Rithm in the first quarter of 2025, despite a challenging macro-economic environment,\u201d said Michael Nierenberg, Chief Executive Officer of Rithm Capital. \u201cThis demonstrates the strength of our platform and deep real estate expertise in consistently creating value for our shareholders. We remain opportunistic with our capital and are focused on the continued transformation of the RPT platform.\u201d\n<\/p>\n First Quarter Company Highlights:<\/span><\/b><\/p>\n Dividend Declaration:<\/span><\/b><\/p>\n \nFinancial results for the quarter ended March 31, 2025, are included in the tables at the end of this press release.\n<\/p>\n Additional Information<\/b><\/p>\n \nFor additional information that management believes is useful for investors, please refer to the latest presentation posted on the News & Events – Presentations section of the Company\u2019s website, www.rithmpropertytrust.com<\/a>. Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release.\n<\/p>\n Earnings Conference Call<\/b><\/p>\n \nRithm Property Trust will host a conference call at 8:00 AM ET on Monday, April 28, 2025, to review its financial results for the quarter ended March 31, 2025. A webcast of the conference call will be available to the public on a listen-only basis at the Company\u2019s website, www.rithmpropertytrust.com<\/a>. Participants are encouraged to pre-register for the webcast at https:\/\/events.q4inc.com\/attendee\/544479904<\/a>. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the webcast. A copy of the earnings release will also be posted to the News & Events \u2013 Press Releases section of the Company\u2019s website.\n<\/p>\n \nA replay of the conference call will also be available two hours following the call\u2019s completion through 11:59 P.M. Eastern Time on Monday, May 12, 2025 in the News & Events \u2013 Events section of the Company\u2019s website.\n<\/p>\n RITHM PROPERTY TRUST INC. AND SUBSIDIARIES<\/b><\/p>\n<\/td>\n<\/tr>\n CONSOLIDATED STATEMENTS OF OPERATIONS<\/b><\/p>\n<\/td>\n<\/tr>\n (Dollars in thousands except share and per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n March 31, \n\u00a0\n<\/p>\n<\/td>\n December 31, Revenues:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest income\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n13,200\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n12,873\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInterest expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(9,386\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(9,239\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet interest income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,814\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,634\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nFair value adjustment on mortgage loans held-for-sale, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n970\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n970\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther (loss)\/income\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,535\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,029\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal income, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n249\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n5,633\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Expenses:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRelated party loan servicing fee\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n510\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n524\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRelated party management fee\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,445\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,410\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nProfessional fees\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n895\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n769\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n927\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,147\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTotal expense\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,777\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n3,850\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n(Loss)\/income before income tax\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,528\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,783\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nIncome tax expense (benefit)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(136\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n26\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net (loss)\/income<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,392\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n1,757\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLess: net income\/(loss) attributable to the non-controlling interests\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,157\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nNet (loss)\/income attributable to the Company\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(3,394\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2,914\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nLess: dividends on preferred stock\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n350\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net (loss)\/income attributable to common stockholders<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(3,744\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,914\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPlus: Unrealized (loss)\/gain on available-for-sale securities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n4,424\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,432\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nPlus: Amortization of unrealized loss on held-to-maturity securities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n434\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n720\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Comprehensive Income<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,114\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,202\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Net (loss)\/income per share of common stock:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.08\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.06\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n(0.08\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.06\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Weighted average number of shares of common stock outstanding:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,422,030\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,298,505\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,422,030\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,298,505\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n RITHM PROPERTY TRUST INC. AND SUBSIDIARIES<\/b><\/p>\n<\/td>\n<\/tr>\n CONSOLIDATED BALANCE SHEETS<\/b><\/p>\n<\/td>\n<\/tr>\n (Dollars in thousands except per share amounts)<\/b><\/p>\n<\/td>\n<\/tr>\n (Unaudited)<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n March 31, 2025<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n December 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n Assets:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCash and cash equivalents\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n97,439\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n64,252\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nMortgage loans held-for-sale, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27,469\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n27,788\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nMortgage loans held-for-investment, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n386,997\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n396,052\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCMBS at fair value (amortized cost of $275,602 and $245,539, respectively)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n275,541\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n246,614\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nRMBS available-for-sale, at fair value (amortized cost of $50,653 and $68,298, respectively)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n48,948\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n62,169\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInvestments in securities, held-to-maturity\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n44,912\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n46,043\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther investments, at fair value\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n25,941\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n29,916\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nInvestments in beneficial interests, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n90,565\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n89,704\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nEquity investments in affiliates\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n17,618\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n537\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nOther assets\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n12,901\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n14,264\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total Assets<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,028,331\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n977,339\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Liabilities and Equity<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Liabilities:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nSecured borrowings, net\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n250,903\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n258,353\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBorrowings under repurchase transactions\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n367,010\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n356,565\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNotes payable, net\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n107,862\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n107,647\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAccrued expenses and other liabilities\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n6,636\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n8,006\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total Liabilities<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n732,411\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n730,571\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Commitments and Contingencies<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Equity:<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nPreferred stock, $0.01 par value, 25,000,000 shares authorized, 2,084,232 and 0 shares issued and outstanding, respectively at March 31, 2025 and December 31, 2024, $52,105,800 aggregate liquidation preference\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n50,785\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u2014\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nCommon stock $0.01 par value, 125,000,000 shares authorized, 47,085,117 shares issued and 45,420,752 shares outstanding, respectively at March 31, 2025 and December 31, 2024\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n471\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n471\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nAdditional paid-in capital\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n425,052\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n425,039\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nTreasury stock\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(11,594\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(11,594\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nAccumulated deficit\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(164,510\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(158,003\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nAccumulated other comprehensive loss\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(4,133\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(8,991\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nEquity attributable to stockholders\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n296,071\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n246,922\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNon-controlling interests\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(151\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(154\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n Total Equity<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n295,920\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n246,768\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Total Liabilities and Equity<\/b><\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,028,331\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n977,339\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP COMPREHENSIVE INCOME<\/b><\/p>\n \n\u201cEarnings available for distribution\u201d is a non-GAAP financial measure of the Company\u2019s operating performance, which is used by management to evaluate the Company\u2019s performance excluding: (i) net realized and unrealized gains and losses on certain assets and liabilities; (ii) other net income and losses not related to the performance of the investment portfolio; and (iii) non-capitalized transaction related expenses.\n<\/p>\n \nThe Company has three primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio, including any impairment or reserve for expected credit losses; and (iii) the Company\u2019s operating expenses and taxes.\n<\/p>\n \nThe Company\u2019s definition of earnings available for distribution excludes certain realized and unrealized losses, which although they represent a part of the Company\u2019s recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance. Within other net income and losses, management primarily excludes equity-based compensation expenses.\n<\/p>\n \nWith regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company\u2019s core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction-related expenses generally relate to legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments.\n<\/p>\n \nManagement believes that the adjustments to compute \u201cearnings available for distribution\u201d specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company\u2019s activity, assist in comparing the core operating results between periods, and enable investors to evaluate the Company\u2019s current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company\u2019s investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. Earnings available for distribution excludes certain recurring items, such as gains and losses (including impairment) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company\u2019s core operations for the reasons described herein. As such earnings available for distribution is not intended to reflect all of the Company\u2019s activity and should be considered as only one of the factors used by management in assessing the Company\u2019s performance, along with GAAP comprehensive income which is inclusive of all of the Company\u2019s activities.\n<\/p>\n \nThe Company views earnings available for distribution as a consistent financial measure of its portfolio\u2019s ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, net income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company\u2019s calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company\u2019s board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company\u2019s taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs.\n<\/p>\n Reconciliation of GAAP Comprehensive Income to Earnings Available for Distribution \nThe table below provides a reconciliation of earnings available for distribution to the most directly comparable GAAP financial measure:\n<\/p>\n \n\u00a0\n<\/p>\n<\/td>\n Three months ended<\/b><\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n March 31, 2025<\/b><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n December 31, 2024<\/b><\/p>\n<\/td>\n<\/tr>\n \nComprehensive income \u2014 GAAP\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n1,114\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n2,202\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n Adjustments:<\/i><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nNet income\/(loss) attributable to non-controlling interest\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n2\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(1,157\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nRealized and unrealized gains\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(317\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(804\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n<\/tr>\n \nOther adjustments1<\/sup><\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n(82\n<\/p>\n<\/td>\n \n)\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n82\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nEarnings Available for Distribution \u2014 Non-GAAP\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n717\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n323\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average shares – basic\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,422,030\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,298,505\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nWeighted average shares – diluted\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,422,030\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n45,298,505\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nBasic Earnings Available for Distribution per common share\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.02\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.01\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n \nDiluted Earnings Available for Distribution per common share\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.02\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \n$\n<\/p>\n<\/td>\n \n0.01\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n \n___________________________________\n<\/p>\n \n1.\n<\/p>\n<\/td>\n \n\u00a0\n<\/p>\n<\/td>\n \nOther adjustments include amortization, income taxes and stock-based compensation.\n<\/p>\n<\/td>\n<\/tr>\n<\/table>\n About Rithm Property Trust<\/b><\/p>\n \nRithm Property Trust is a real estate investment platform externally managed by an affiliate of Rithm Capital Corp. (\u201cRithm Capital\u201d) (NYSE: RITM). Rithm Property Trust has historically focused on acquiring, investing in and managing re-performing loans and non-performing loans secured by single-family residences and commercial properties. In connection with the 2024 strategic transaction with Rithm Capital, the Company transitioned to a flexible commercial real estate focused investment strategy. Rithm Property Trust is a Maryland corporation that is organized and conducts its operations to qualify as a real estate investment trust (\u201cREIT\u201d) for federal income tax purposes.\n<\/p>\n Forward-Looking Statements<\/b><\/p>\n \nThis press release contains certain information which constitutes \u201cforward-looking statements\u201d within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as \u201cmay,\u201d \u201cwill,\u201d \u201cseek,\u201d \u201cbelieves,\u201d \u201cintends,\u201d \u201cexpects,\u201d \u201cprojects,\u201d \u201canticipates,\u201d \u201cplans\u201d and \u201cfuture\u201d or similar expressions are intended to identify forward-looking statements. These statements are not historical facts. These forward-looking statements represent management\u2019s current expectations regarding future events and are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond our control. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements see the sections entitled \u201cCautionary Statement Regarding Forward-Looking Statements\u201d, \u201cRisk Factors\u201d and \u201cManagement\u2019s Discussion and Analysis of Financial Condition and Results of Operations\u201d in the Company\u2019s most recent annual and quarterly reports and other filings, including the Company\u2019s recent proxy statements, filed with the Securities and Exchange Commission. The Company expressly disclaims any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.\n<\/p>\n View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20250428226807\/en\/<\/a><\/span><\/p>\n Investor Relations KEYWORDS:<\/b> United States North America New York Maryland<\/p>\n INDUSTRY KEYWORDS:<\/b> Software Construction & Property Finance Data Management Professional Services Technology REIT Fintech<\/p>\n\n
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<\/b>(Dollars in thousands except per share amounts)
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ir@rithmpropertytrust.com<\/a><\/p>\n
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