SUPPLEMENTAL FINANCIAL INFORMATION FOR THREE MONTHS ENDED MARCH 31, 2025

May 8, 2025

60 Cutter Mill Rd., Great Neck, NY 11021

We consider some of the information set forth herein to contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act, with respect to our expectations for future periods. Forward-looking statements do not discuss historical fact, but instead include statements related to expectations, projections, intentions or other items related to the future. Such forward-looking statements include, without limitation, statements regarding expected operating performance and results, property acquisition and disposition activity, joint venture activity, development and value add activity and other capital expenditures, and capital raising and financing activity, as well as revenue and expense growth, occupancy, interest rate and other economic expectations. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates,” “forecasts,” “projects,” “assumes,” “will,” “may,” “could,” “should,” “budget,” “target,” “outlook,” “opportunity,” “guidance” and variations of such words and similar expressions are intended to identify such forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which are in some cases, beyond our control, which may cause our actual results, performance or achievements to be materially different from the results of operations, financial conditions or plans expressed or implied by such forward-looking statements. Although we believe that the assumptions underlying the forward-looking statements contained herein are reasonable, any of the assumptions could be inaccurate, and therefore such forward-looking statements included in this report may not prove to be accurate. In light of the significant uncertainties inherent in the forward-looking statements included herein, the inclusion of such information should not be regarded as a representation by us or any other person that the results or conditions described in such statements or our objectives and plans will be achieved and investors are cautioned not to place undue reliance on such information.

The following factors, among others, could cause our actual results, performance or achievements to differ materially from those expressed or implied in the forward-looking statements:

•inability to generate sufficient cash flows due to unfavorable economic and market conditions (e.g., inflation, volatile interest rates and the possibility of a recession), changes in supply and/or demand, competition, uninsured losses, changes in tax and housing laws or other factors;

•adverse changes in real estate markets, including, but not limited to, the extent of future demand for multifamily units in our significant markets, barriers of entry into new markets which we may seek to enter in the future, limitations on our ability to increase or collect rental rates, competition, our ability to identify and consummate attractive acquisitions and dispositions on favorable terms, and our ability to reinvest sale proceeds in a manner that generates favorable returns;

•general and local real estate conditions, including any changes in the value of our real estate;

•decreasing rental rates or increasing vacancy rates;

•challenges in acquiring or investing in multi-family properties (including challenges in (i) buying properties directly without the participation of joint venture partners and (ii) making alternative investments in multi-family properties, and the limited number of multi-family property investment/acquisition opportunities available to us), which transactions may not be completed or may not produce the cash flows or income expected;

•the competitive environment in which we operate, including competition that could adversely affect our ability to acquire properties and/or limit our ability to lease apartments or increase or maintain rental rates;

•exposure to risks inherent in investments in a single industry and sector;

•the concentration of our multi-family properties in the Southeastern United States and Texas, which makes us more susceptible to adverse developments in those markets;

•increases in expenses over which we have limited control, such as real estate taxes, insurance costs and utilities, due to inflation and other factors;

•impairment in the value of real estate we own;

•failure of property managers to properly manage properties;

•accessibility of debt and equity capital markets;

•disagreements with, or misconduct by, joint venture partners;

•inability to obtain financing at favorable rates, if at all, or refinance existing debt as it matures due to the level and volatility of interest or capitalization rates or capital market conditions

•extreme weather and natural disasters such as hurricanes, tornadoes and floods;

•lack of or insufficient amounts of insurance to cover, among other things, losses from catastrophes;

•risks associated with acquiring value-add multi-family properties, which involves greater risks than more conservative approaches;

•the condition of Fannie Mae or Freddie Mac, which could adversely impact us;

•changes in Federal, state and local governmental laws and regulations, including laws and regulations relating to taxes and real estate and related investments;

•our failure to comply with laws, including those requiring access to our properties by disabled persons, which could result in substantial costs;

•board determinations as to timing and payment of dividends, if any, and our ability or willingness to pay future dividends;

•our ability to satisfy the complex rules required to maintain our qualification as a REIT for federal income tax purposes;

•possible environmental liabilities, including costs, fines or penalties that may be incurred due to necessary remediation of contamination of properties presently owned or previously owned by us or a subsidiary owned by us or acquired by us;

•our dependence on information systems, risks associated with breaches of such systems and the impact on us by the use of artificial intelligence by our competitors;

•disease outbreaks and other public health events, and measures that are taken by federal, state, and local governmental authorities in response to such outbreaks and events;

•impact of climate change on our properties or operations;

•risks associated with the stock ownership restrictions of the Internal Revenue Code of 1986, as amended (the "Code") for REITs and the stock ownership limit imposed by our charter; and

•the other factors described in the reports we file with the SEC, including those set forth in our Annual Report on Form 10-K under the captions "Item 1. Business," "Item 1A. Risk Factors," and "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations".

We undertake no obligation to update or revise the information herein, whether as a result of new information, future events or circumstances, or otherwise.

Units under rehabilitation for which we have received or accrued rental income from business interruption insurance, while not physically occupied, are treated as leased (i.e., occupied) at rental rates in effect at the time of the casualty.

We use pro rata (as defined under "Non-GAAP Financial Measures and Definitions") to help the reader gain a better understanding of our unconsolidated joint ventures. However, the use of pro rata information has certain limitations and is not representative of our operations and accounts as presented in accordance with GAAP. Accordingly, pro rata information should be used with caution and in conjunction with the GAAP data presented herein and in our reports filed with the SEC.

The state-by-state and property-by-property revenue, weighted average rent per occupied unit and similar information presented herein do not give effect to the deferred rent concessions.

    

•Reported a 26% increase in net income per diluted share for the first quarter of 2025 of a net loss of $2.4 million or $(0.12) per diluted share, compared to a net loss of $3.2 million or $(0.17) in the first quarter of 2024.

•Funds from Operations, or FFO, of $0.30 per diluted share grew 20% in the first quarter 2025, compared to $0.25 in the first quarter 2024.

•Adjusted Funds from Operations, or AFFO, of $0.39 per diluted share in the first quarter 2025 an increase of 11%, compared to $0.35 in the first quarter 2024.

•Equity in earnings of unconsolidated joint ventures was $413,000 in the first quarter of 2025.

•Combined Portfolio NOI increased 2.2% for the first quarter of 2025 compared to the prior-year period.

•Repurchased 78,724 shares during the first quarter 2025 at a weighted average price of $17.55, and subsequent to March 31, 2025, the Company repurchased 63,356 shares at a weighted average price of $15.84.

•As of April 14, 2025, the Company is authorized to repurchase up to $8,752,000 in BRT shares.

•Maintained revolving credit facility of up to $40.0 million, with $0 outstanding, and maturity in September 2027.

•The operational environment in BRT’s Combined Portfolio is expected to be consistent with other Sunbelt-focused operators with new supply muting new and renewal lease rent growth until 2026 as the new supply is absorbed.

•BRT intends to emphasize stable average occupancy within the portfolio until it can achieve a lift in rental rates.

•Controllable expense growth is expected to grow modestly compared to 2024 and insurance expense is expected to decline.

•BRT’s balance sheet has no debt maturities until the third quarter of 2025 and full availability on its credit facility.

•The Company expects to pursue additional Preferred Equity financing opportunities, like the Charlestowne Apartments and The Reserve at Beaumont Oaks transactions done in 2024.

•The Company remains patient on asset growth in the near term but is cautiously optimistic that it may find additional opportunities to deploy its available liquidity for capital situations and/or asset acquisitions in second half of 2025.

•Long-term, the Company continues to believe the Sunbelt offers compelling advantages due to the predominance of pro-business states, along with better population and job growth from migration patterns and business investment.

•With new supply growth expected to moderate in Sunbelt markets in 2025 and 2026, the Company expects a disciplined capital allocation strategy, with a focus on stabilizing occupancy in a challenging leasing environment in 2025 and anticipates better growth in 2026 for new investment opportunities.

(1) See the reconciliation of Funds From Operations, or FFO, and Adjusted Funds From Operations, or AFFO, to net income, as calculated in accordance with

GAAP, and the definitions of such terms under "Non-GAAP Financial Measures and Definitions."

(2) Enterprise Value is equal to debt plus market capitalization less cash and cash equivalents, including BRT's pro-rata share of cash and cash equivalents at the

unconsolidated Joint Ventures. Cash and cash equivalents excludes restricted cash. Debt is equal to 100% of the debt at the consolidated properties and BRT's

pro-rata share of debt at the unconsolidated joint ventures. See "Non-GAAP Financial Measures and Definitions" for an explanation of "pro-rata share."

(all in thousands)

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(1) See the Appendix for a reconciliation of the non-GAAP amounts presented to GAAP amounts (amounts in thousands except per share data)

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			Three Months Ended March 31,
			2025						2024
Revenues:
Rental and other revenue from real estate properties			$	23,619					$	23,298
Loan interest and other income			487						105
Total revenues			24,106						23,403
Expenses:
Real estate operating expenses			10,550						10,579
Interest expense			5,676						5,523
General and administrative			4,070						4,152
Depreciation and amortization			6,541						6,435
Total expenses			26,837						26,689
Total revenues less total expenses			(2,731)						(3,286)
Equity in earnings of unconsolidated joint ventures			413						228
Insurance recovery			68						—
Loss from continuing operations			(2,250)						(3,058)
Income tax provision			58						78
Loss from continuing operations, net of taxes			(2,308)						(3,136)
Net income attributable to non-controlling interests			(44)						(35)
Net loss attributable to common stockholders			$	(2,352)					$	(3,171)
Weighted average number of shares of common stock outstanding:
Basic and diluted			17,987,092						17,625,577
Per share amounts attributable to common stockholders:
Basic and diluted			$	(0.12)					$	(0.17)

(amounts in thousands)

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The tables below provides a reconciliation of net loss determined in accordance with GAAP to FFO and AFFO on a dollar and per share basis for each of the indicated periods (dollars in thousands, except per share amounts):

(dollars in thousands, except per share data)

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(amounts in thousands, except per share amounts)

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The Company invested in two separate joint ventures which in turn acquired multifamily properties in the locations identified below. In accordance with GAAP, these investments are treated as loans. These investments are unsecured and are subordinate, including the payment of the returns thereon, to the mortgage debt encumbering the property acquired by the applicable joint venture. Information as to these investments at March 31, 2025 is summarized below (dollars and thousands):

These investments provide for (1) an Annual Return (as noted in the table above) compounded monthly, to the Company, of which the Current Return (as noted in the table above) is payable monthly to the extent of available cash flow, and the Hurdle Return also to be paid monthly from remaining cash flow if any, parri passu or after the sponsor's receipt of its management fees and specified returns on its investment and (2) the total amount invested by the Company, including any unpaid portion of the Current Return and the Hurdle Return, to be payable to the Company, prior to any payments to the sponsor, upon the earlier to occur of certain events (e.g., sale of the property or the refinancing of the mortgage underlying the property) and the redemption date specified above. The Current Return is recorded as interest income when it is due from the sponsor and the Hurdle Return is recognized as interest income when it is received. Deferred loan fees are capitalized and recorded into income over the life of the investment. The Company's exposure to loss is limited to its original Invested Amount (as noted in the table above).

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As of April 30,2025, up to $8,752,000 of shares are available to be repurchased under the repurchase program.

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Consolidated
Year						Total Principal Payments						Scheduled Amortization						Principal Payments Due at Maturity						Percent of Total Principal Payments Due At Maturity						Weighted Average Interest Rate (1)
2025						$	18,856					$	3,481					$	15,375					4		%				4.42		%
2026						74,622						5,091						69,531						17		%				4.12		%
2027						46,190						3,395						42,795						10		%				3.96		%
2028						40,696						2,745						37,951						9		%				4.47		%
2029						56,272						2,455						53,817						13		%				3.94		%
Thereafter						212,841						19,575						193,266						47		%				4.10		%
Total						$	449,477					$	36,742					$	412,735					100		%
Unconsolidated (BRT pro rata share)
Year						Total Principal Payments						Scheduled Amortization						Principal Payments Due at Maturity						Percent of Total Principal Payments Due At Maturity						Weighted Average Interest Rate (1)
2025						$	1,378					$	1,378					—						—		%				—		%
2026						25,816						1,806						$	24,010					22		%				4.65		%
2027						13,026						1,472						11,554						11		%				4.15		%
2028						34,265						450						33,815						31		%				4.26		%
2029						611						611						—						—		%				—		%
Thereafter						40,594						728						39,866						36		%				3.43		%
Total						$	115,690					$	6,445					$	109,245					100		%
Combined (2)
Year						Total Principal Payments						Scheduled Amortization						Principal Payments Due at Maturity						Percent of Total Principal Payments Due At Maturity						Weighted Average Interest Rate (1)
2025						$	20,234					$	4,859					$	15,375					3		%				4.42		%
2026						100,438						6,897						93,541						18		%				4.25		%
2027						59,216						4,867						54,349						10		%				4.00		%
2028						74,961						3,195						71,766						14		%				4.37		%
2029						56,883						3,066						53,817						10		%				3.94		%
Thereafter						253,435						20,303						233,132						45		%				3.98		%
Total						$	565,167					$	43,187					$	521,980					100		%
Weighted Average Remaining Term to Maturity (2)																		5.4			years
Weighted Average Interest Rate (2)																		4.08		%
Debt Service Coverage Ratio for the quarter ended March 31, 2025																		1.60			(3)
(1) Based on principal payments due at maturity.
(2) Includes consolidated and BRT's pro rata share of unconsolidated amounts.
(3) See definition under "Non-GAAP Financial Measures and Definitions." Includes consolidated and 100%       of the unconsolidated amounts.

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(1) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial

(2) Represents property in lease up.

Combined Portfolio Metrics (1)

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(1) Please refer to Non-GAAP Financial Measures, Definitions and Reconciliations for definition of Combined Same Store and reconciliation of Net Operating

Income. Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis, for all periods presented, with a total of 7,707 units, excluding a 240-unit multi-family property in lease up.

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.

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BRT computes AFFO by adjusting FFO for loss on extinguishment of debt, our straight-line rent and rent concession accruals, restricted stock and RSU compensation expense, fair value adjustment of mortgage debt, gain on insurance recovery, insurance recovery from casualty loss and deferred mortgage and debt costs (including, in each case as applicable, from its share of its unconsolidated joint ventures). Since the NAREIT White Paper(as described below) does not provide guidelines for computing AFFO, the computation of AFFO may vary from one REIT to another.

The CECL reserve required under ASU 2016-13 “Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments (Topic 326)” (“ASU 2016-13”), reflects the Company's estimate as of the balance sheet date of potential credit losses related to its loan portfolio. Changes to the CECL reserve are recognized through a provision for or reversal of current expected credit loss reserve on the Company's consolidated statements of operations. ASU 2016-13 specifies the reserve should be based on relevant information about past events, including historical loss experience, current loan portfolio, market conditions and reasonable and supportable macroeconomic forecasts for the duration of each loan.

Combined portfolio refers to the consolidated same store properties, the unconsolidated same store properties presented on a pro rata share basis.

Debt service coverage ratio is net operating income ("NOI") divided by total debt service and includes both consolidated and unconsolidated assets.

BRT computes FFO in accordance with the “White Paper on Funds from Operations” issued by the National Association of Real Estate Investment Trusts (“NAREIT”) and NAREIT's related guidance. FFO is defined in the White Paper as net income (calculated in accordance with generally accepted accounting principles), excluding depreciation and amortization related to real estate, gains and losses from the sale of certain real estate assets, gains and losses from change in control, impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. Adjustments for unconsolidated partnerships and joint ventures are calculated to reflect funds from operations on the same basis. In computing FFO we do not add back to net income the amortization of costs in connection with our financing activities or depreciation of non-real estate assets.

BRT computes NOI by adjusting net income (loss) to (a) add back (1) depreciation expense, (2) general and administrative expenses, (3) interest expense, (4) loss on extinguishment of debt, (5) equity in earnings (loss) of unconsolidated joint ventures, (6) provision for taxes, and (7) the impact of non-controlling interests, and (b) deduct (1) other income, (2) gain on sale of real estate (3) insurance recovery of casualty loss, and (4) gain on insurance recoveries related to casualty loss.

BRT's pro-rata share gives effect to its percentage equity interest in the unconsolidated joint ventures that own properties. Due to the operation of allocation/distribution provision of the joint venture agreements pursuant to which BRT participates in the ownership of these properties, BRT's share of the gain and loss on the sale of a property may be less than implied by BRT's percentage equity interest. Notwithstanding the foregoing, when referring to the number of units, average occupancy, and average rent per unit, the amount shown reflects 100% of the amount.

Same store properties refer to stabilized properties (as described below) that we owned and operated for the entirety of periods being compared, except for properties that are under construction, legacy assets, in lease-up, or are undergoing development or redevelopment. We move properties previously excluded from our same store portfolio (because they were under construction, in lease up or are in development or redevelopment) into the same store designation once they have stabilized and such status has been reflected fully in all applicable periods of comparison.

Newly constructed, lease-up, development and redevelopment properties are deemed stabilized upon the earlier to occur of the first full calendar quarter beginning (a) 12 months after the property is fully completed and put in service and (b) attainment of at least 90% physical occupancy. 

Total debt service is the cash required to cover the repayment of interest and principal on a debt for a particular period. Total debt service is used in the calculation of the debt service coverage ratio which is used to determine the borrower’s ability to make debt service payments.

Consolidated Same Store Comparisons (1)

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												Revenues																		Property Operating Expenses																		NOI (2)
						Units						2025						2024						% Change						2025						2024						% Change						2025						2024						% Change
Georgia						688						$	2,605					$	2,631					(1.0)		%				$	1,309					$	1,400					(6.5)		%				$	1,296					$	1,231					5.3		%
Florida						518						2,397						2,372						1.1		%				1,057						1,138						(7.1)		%				1,340						1,234						8.6		%
Texas						600						2,282						2,289						(0.3)		%				1,233						1,268						(2.8)		%				1,049						1,021						2.7		%
Ohio						264						1,001						966						3.6		%				441						328						34.5		%				560						638						(12.2)		%
Virginia						220						1,273						1,182						7.7		%				510						475						7.4		%				763						707						7.9		%
North Carolina						264						1,103						1,052						4.8		%				424						435						(2.5)		%				679						617						10.0		%
South Carolina						474						2,203						2,187						0.7		%				1,143						1,179						(3.1)		%				1,060						1,008						5.2		%
Tennessee						702						3,546						3,416						3.8		%				1,422						1,463						(2.8)		%				2,124						1,953						8.8		%
Alabama						740						2,789						2,820						(1.1)		%				1,311						1,298						1.0		%				1,478						1,522						(2.9)		%
Mississippi						776						3,150						3,069						2.6		%				1,120						1,082						3.5		%				2,030						1,987						2.2		%
Missouri						174						931						950						(2.0)		%				468						419						11.7		%				463						531						(12.8)		%
Net deferred rent						—						(95)						—												—			—			—												(95)			—			—
Totals						5,420						$	23,185					$	22,934					1.1		%				$	10,438					$	10,485					(0.4)		%				$	12,747					$	12,449					2.4		%
												Weighted Average Occupancy																		Weighted Average Monthly Rent per Occupied Unit
												2025						2024						% Change						2025						2024						% Change
Georgia												89.1		%				91.4		%				(2.5)		%				$	1,234					$	1,234					0.0		%
Florida												95.3		%				95.4		%				(0.1)		%				1,482						1,460						1.5		%
Texas												92.2		%				92.4		%				(0.2)		%				1,175						1,194						(1.6)		%
Ohio												96.7		%				90.3		%				7.1		%				1,175						1,205						(2.5)		%
Virginia												97.9		%				95.9		%				2.1		%				1,757						1,669						5.3		%
North Carolina												97.2		%				95.0		%				2.3		%				1,310						1,272						3.0		%
South Carolina												93.2		%				95.1		%				(2.0)		%				1,468						1,446						1.5		%
Tennessee												94.2		%				91.3		%				3.2		%				1,657						1,627						1.8		%
Alabama												94.6		%				93.8		%				0.9		%				1,182						1,200						(1.5)		%
Mississippi												93.6		%				94.0		%				(0.4)		%				1,331						1,298						2.5		%
Missouri												93.0		%				95.8		%				(2.9)		%				1,692						1,689						0.2		%
Weighted Average												93.7		%				93.3		%				0.4		%				$	1,371					$	1,359					0.9		%

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(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI under "Non-GAAP Financial Measures and Unconsolidated Same Store Comparisons (1)

Definitions."

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(2) See the reconciliation of NOI to net income, as calculated in accordance with GAAP, and the definition of NOI and pro-rata share under "Non-GAAP Financial The following tables provides a reconciliation of NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented for the consolidated properties:

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The following tables provides a reconciliation of BRT's Equity in earnings from NOI to net income attributable to common stockholders as computed in accordance with GAAP for the periods presented for BRT's pro rata share of the unconsolidated properties:

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The condensed income statements for the unconsolidated properties below, present, for the periods indicated, a reconciliation of the information that appears in note 7 to the consolidated financial statements included in BRT's Quarterly Report on Form 10-Q for the period ended March 31, 2025 to the BRT pro-rata information presented below: