Rithm Property Trust (RPT) investor relations material

Executive summary

• Completed transformation and rebranding from Great Ajax to Rithm Property Trust, shifting focus to opportunistic commercial real estate investments and away from legacy residential assets.

• Achieved GAAP comprehensive income of $1.4 million ($0.03 per diluted share) for Q2 2025, marking a return to profitability and the first positive earnings in over two years.

• Raised $50.8 million through Series C Preferred Stock and issued $14 million in common stock to Rithm, strengthening liquidity.

• Management team expanded and external management by Rithm Capital leverages broader platform and relationships for growth.

• Terminated prior management contract, incurring a $15.5 million fee in 2024.

Financial highlights

• Q2 2025 GAAP income of $1.4 million ($0.03 per diluted share); net income attributable to common stockholders was $0.6 million, reversing prior losses.

• Net interest income rose to $4.2 million in Q2 2025, up from $3.8 million in Q1 2025.

• Book value per share was $5.37 at quarter end, with total equity at $294.6 million.

• Paid a $0.06 per share common dividend in Q2 2025, with no plans for reduction.

• Cash and cash equivalents totaled $98.6 million as of June 30, 2025.

Outlook and guidance

• Active investment pipeline exceeds $2 billion, with $50 million of equity expected to be deployed in Q3 targeting double-digit returns.

• Focus on scaling through acquisitions, direct origination, and M&A, while maintaining REIT status and dividend.

• Plans to bring in third-party capital for larger transactions to avoid shareholder dilution.

• Market volatility and constrained financing may limit near-term asset acquisitions.

• Targeting mid-teens blended levered yields for new investments.