Rithm Property Trust (RPT) Insider: Paul Friedman Acquires 7,708 Shares

Rhea-AI Filing Summary

Paul M. Friedman, a director of Rithm Property Trust (RPT), received 7,708 shares of RPT common stock on 08/29/2025 as payment of director fees for the quarter ended June 30, 2025. The shares were recorded at a price of $2.84 per share, which the filing states is the average closing price for the first five trading days before the dividend record date of May 15, 2025. After the issuance, Mr. Friedman beneficially owned 53,914 shares, held indirectly through the Paul M. Friedman Living Trust. The Form 4 was signed by an attorney-in-fact on behalf of Mr. Friedman on 09/03/2025 and includes a Power of Attorney exhibit.

Positive

• Director compensation paid in stock aligns the director's economic interests with shareholders by increasing equity ownership.
• Complete disclosure including post-transaction beneficial ownership and Power of Attorney exhibit indicates procedural compliance.

Negative

• None.

Insights

Financial Analyst

TL;DR Routine insider compensation paid in shares; small ownership change, limited immediate market impact.

The filing documents a non-derivative acquisition of 7,708 shares as director fee compensation at $2.84 per share. For a publicly traded REIT, paying directors in stock is a common practice to align interests with shareholders. The post-transaction beneficial ownership of 53,914 shares is disclosed as indirect via a living trust, which is standard estate planning/holding practice. The transaction size appears immaterial relative to typical market caps for REITs, and the filing contains no other material events.

Corporate Governance Expert

TL;DR Governance disclosure is complete; transaction reflects routine director compensation and appropriate disclosure controls.

The Form 4 clearly identifies the reporting person, relationship to issuer (Director), transaction date, amount acquired, consideration basis and beneficial ownership form. The inclusion of Exhibit 24.1 (Power of Attorney) and attorney-in-fact signature indicates procedural compliance. There are no indications of unusual timing, related-party arrangements beyond the living trust ownership, or other governance concerns in the filing text provided.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Friedman Paul M

(Last) (First) (Middle)

799 BROADWAY

8TH FLOOR

(Street)

NEW YORK NY 10003

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Rithm Property Trust Inc. [ RPT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock, par value $0.01 per share	08/29/2025		A		7,708(1)	A	$2.84	53,914	I	By Paul M. Friedman Living Trust

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Payment of director fees for the second quarter ended June 30, 2025. Price per share is the average closing price per share for the first five days preceding the dividend record date of May 15, 2025.

Remarks:

Exhibit 24.1 Power of Attorney of Paul Friedman

	/s/ Emma Hoelke, as Attorney in Fact for Paul M Friedman	09/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What transaction did Paul M. Friedman report on the Form 4 for RPT?

He reported an acquisition of 7,708 shares of Rithm Property Trust common stock on 08/29/2025 as payment of director fees.

At what price were the shares recorded on the Form 4?

The filing states a price of $2.84 per share, the average closing price for the first five days before the dividend record date of May 15, 2025.

How many RPT shares does Paul M. Friedman beneficially own after the transaction?

He beneficially owned 53,914 shares following the reported transaction, held indirectly through the Paul M. Friedman Living Trust.

Why were the shares issued to Paul M. Friedman?

The shares were issued as payment of director fees for the quarter ended June 30, 2025, per the filing explanation.

Who signed the Form 4 and what exhibit was included?

The Form 4 was signed by Emma Hoelke, as Attorney in Fact for Paul M. Friedman on 09/03/2025 and references Exhibit 24.1 (Power of Attorney).