Rithm Property Trust Inc.

The risk factors disclosed under Part I, Item 1A. “Risk Factors” of our Annual Report and Part II, Item 1A., “Risk Factors” of our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026 (the “Q2 10-Q”), should be considered together with the information included in this quarterly report on Form 10-Q for the quarter ended September 30, 2026, and should not be limited to those referenced herein or therein. The following risk and uncertainties supplement the risk factors found under Part I, Item 1A. “Risk Factors” of our Annual Report and Part II, Item 1A., “Risk Factors” of our Q2 10-Q:

Our ability to refinance the 2027 Notes at their maturity will depend on the capital markets and out financial condition at such time.

As of September 30, 2026, $110.0 million in aggregate principal amount of the 2027 Notes was outstanding, all of which will be required to be repaid in cash at maturity on September 1, 2027. Our ability to make scheduled payments of the principal of, to pay interest on or to refinance any current or future indebtedness, including the 2027 Notes, depends on our future performance, which is subject to economic, financial, competitive and other factors beyond our control. If we are unable to general sufficient cash flow to service our 2027 Notes and other debt, including making required payments at maturity, and make necessary operating expenditures, then we may be required to pursue other alternatives, such as selling assets, restructuring indebtedness or obtaining additional equity capital on terms that may be onerous or highly dilutive. Our ability to refinance any of our indebtedness, including the 2027 Notes, will depend on the capital markets and our financial condition at that time. We may not be able to pursue these alternatives on favorable terms or at all, which could result in us defaulting on our debt obligations, which would materially and adversely impact our business, financial condition and operating results.