Rithm Property Trust (RPT) Registration Filing summary

Company overview and business model

• Organized as a Maryland corporation and operates to qualify as a REIT, with a strategic shift toward commercial real estate investments following a management agreement with RCM GA, a subsidiary of Rithm, in June 2024.

• Target assets include preferred equity, debt instruments secured by commercial mortgages, small balance commercial loans, mezzanine loans, commercial mortgage servicing rights, and operating businesses in the commercial real estate sector.

• No further investments are anticipated in residential mortgage loans, re-performing loans (RPLs), or non-performing loans (NPLs); existing portfolio to be repositioned over time.

• Believes commercial real estate offers attractive opportunities due to market refinancing challenges and funding gaps.

Financial performance and metrics

• As of September 30, 2024, 44,978,969 shares of common stock were issued and outstanding; no preferred stock was outstanding.

• Common stock last traded at $3.09 on November 4, 2024, on the NYSE under the symbol “AJX.”

Use of proceeds and capital allocation

• Net proceeds from securities sales will be used for general corporate purposes, including investments in the commercial real estate sector, subject to available opportunities.

• Pending deployment, proceeds will be invested in short-term, investment-grade securities or money market accounts consistent with REIT qualification.