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About Great Ajax Corp (AJX)
Great Ajax Corp (AJX) is a specialized real estate investment company headquartered in Beaverton, Oregon. The company focuses on acquiring and managing a diversified portfolio of real estate assets, with a primary emphasis on mortgage loans and properties. By leveraging its expertise in asset management and real estate markets, Great Ajax Corp aims to generate consistent returns for its investors through a combination of interest income, capital appreciation, and property management efficiencies.
Core Business Model
At the heart of Great Ajax Corp's business model is its focus on mortgage-backed securities (MBS) and real estate-related investments. The company strategically invests in non-performing and re-performing loans, which are secured by single-family residential and smaller commercial properties. This approach allows Great Ajax Corp to capitalize on opportunities within the distressed mortgage market while contributing to the stabilization of neighborhoods by resolving delinquent loans and maintaining property values.
In addition to its loan portfolio, Great Ajax Corp also acquires and manages select real estate properties. These properties may include single-family homes, multi-family residential units, and small commercial properties. The company generates revenue through a combination of interest income from its loan portfolio, rental income from its properties, and potential gains from property sales.
Industry Context and Market Position
Great Ajax Corp operates within the broader real estate investment and mortgage finance industry, a sector that plays a critical role in the economy by providing liquidity to property markets and facilitating homeownership. The company's focus on distressed and re-performing loans positions it within a specialized niche, which requires deep expertise in credit analysis, loan servicing, and property management.
The company faces competition from other real estate investment firms, private equity funds, and traditional financial institutions. However, Great Ajax Corp differentiates itself through its targeted investment strategy, which emphasizes high-yield opportunities in the distressed mortgage market. This approach not only allows the company to achieve attractive risk-adjusted returns but also supports its mission of revitalizing communities and stabilizing housing markets.
Key Challenges and Opportunities
Like other companies in the real estate sector, Great Ajax Corp must navigate challenges such as fluctuating interest rates, economic cycles, and regulatory changes. Rising interest rates, for example, can impact the affordability of new loans and influence property values. Additionally, shifts in housing demand and supply dynamics can affect the company's portfolio performance.
Despite these challenges, the company is well-positioned to capitalize on opportunities within its niche. The growing demand for affordable housing, combined with the ongoing need for loan restructuring and property management, provides a steady pipeline of investment opportunities. Furthermore, its expertise in managing distressed assets enables it to mitigate risks and achieve sustainable growth.
Commitment to Stakeholders
Great Ajax Corp is committed to delivering value to its stakeholders by maintaining a disciplined investment approach, leveraging its expertise in real estate markets, and adhering to high standards of corporate governance. The company's focus on transparency, operational efficiency, and community impact underscores its dedication to building long-term trust with investors, borrowers, and local communities.
Conclusion
Great Ajax Corp (AJX) is a prominent player in the real estate investment sector, specializing in mortgage-backed securities and property management. Its targeted investment strategy, combined with its commitment to community revitalization, positions it as a unique and impactful company within its industry. By balancing risk and opportunity, Great Ajax Corp continues to deliver consistent returns while contributing to the stability and growth of real estate markets.
Great Ajax Corp (NYSE: AJX) announced its rebranding to Rithm Property Trust Inc, effective December 2, 2024. The company's common stock will begin trading under the new ticker symbol 'RPT' on the New York Stock Exchange starting December 3, 2024, replacing the current 'AJX' symbol. The CUSIP remains unchanged, and shareholders need not take any action. The rebranding marks a new phase in the company's development as an opportunistic real estate investment platform and strengthens its relationship with Rithm Capital Corp (NYSE: RITM), a global asset manager.
Great Ajax Corp. (NYSE: AJX) announced financial results for Q3 2024 and plans to rebrand as Rithm Property Trust Inc. Key highlights include:
- GAAP net loss of $(8.0) million, or $(0.18) per diluted share
- Earnings Available for Distribution of $(5.4) million or $(0.12) per diluted share
- Book value per common share of $5.47
- Paid a common dividend of $0.06 per share
The company sold $148 million UPB of legacy assets and grew its commercial real estate debt portfolio to over $100 million UPB. It filed a shelf registration to increase offering capacity to $400 million. The rebranding to Rithm Property Trust is expected in Q4 2024, with a new NYSE ticker symbol 'RPT'.
Great Ajax Corp. (NYSE: AJX) has announced its schedule for releasing third quarter 2024 financial results. The company will release its earnings report on Monday, October 21, 2024, before the New York Stock Exchange opens. Following the release, Great Ajax will host a conference call at 8:00 AM ET on the same day to review the Q3 2024 results.
Investors can access the call by dialing 1-844-746-0740 (U.S.) or 1-412-317-5106 (outside U.S.), referencing 'Great Ajax Third Quarter 2024 Earnings Call'. Pre-registration is available at a provided link. A simultaneous webcast will be accessible at www.greatajax.com. A telephonic replay will be available until October 28, 2024. The earnings release will be posted on the company's website.
Rithm Capital Corp. (NYSE: RITM) announced its Q2 2024 results, reporting GAAP net income of $213.2 million or $0.43 per diluted share. Earnings available for distribution stood at $231.1 million or $0.47 per diluted share. The company declared a common dividend of $0.25 per share, totaling $122.4 million.
The book value per common share was $12.39.
Highlights include an MSR portfolio with an unpaid principal balance of $645 billion and a pre-tax income of $247.7 million from the Newrez Origination & Servicing segment. The acquisition of Computershare Mortgage Services added $56 billion in MSRs and $98 billion in third-party servicing.
Rithm issued a $500 million rated Residential Transitional Loan securitization and closed two new CLOs totaling $780 million in AUM. The company will host an earnings call on July 31, 2024, at 8:00 AM ET.
Great Ajax Corp. (NYSE: AJX) reported financial results for Q2 2024, showing a GAAP Net Loss of $(12.7) million, or $(0.32) per diluted common share. The company's Book Value per common share decreased to $5.56, primarily due to the net loss and equity issuance related to the Strategic Transaction with Rithm Capital Corp. Key highlights include:
- Completion of the Strategic Transaction with Rithm Capital, transitioning to a new external manager and focusing on commercial real estate opportunities.
- Loan sales of approximately $305 million in unpaid principal balance, generating $45.1 million in net proceeds.
- Redemption of 7.25% convertible senior notes.
- Dividend declaration of $0.06 per common share, payable on August 30, 2024.
The company aims to reposition its portfolio towards higher-yielding assets in the commercial real estate sector, leveraging Rithm's platform to create shareholder value.
Great Ajax Corp. (NYSE: AJX) will release its financial results for the second quarter of 2024 on Wednesday, July 24, 2024, before the New York Stock Exchange opens.
The company will hold a conference call the same day at 8:00 AM ET to discuss the results. Access to the call is available via phone at 1-844-746-0740 (U.S.) or 1-412-317-5106 (international), with pre-registration encouraged at https://dpregister.com/sreg/10190993/fd1966016c.
A webcast will also be available on the company’s website, www.greatajax.com. A replay of the call can be accessed until July 31, 2024, by dialing 1-877-344-7529 (U.S.) or 1-412-317-0088 (international) using access code 8087714.
Rithm Capital and Great Ajax have finalized their previously announced transaction. Great Ajax is now under a management agreement with an affiliate of Rithm, transitioning from a residential loan platform to a commercial real estate-focused vehicle. Rithm anticipates strategic benefits from this shift and synergies with its operating platforms. The transaction was first announced on February 26, 2024, and approved by Great Ajax stockholders on May 20, 2024. Rithm also purchased 2.9 million shares of Great Ajax common stock.
Great Ajax Corp. announced its results for the quarter ended March 31, 2024, focusing on acquiring and managing mortgage loans. The company reported interest income of $15.7 million, a net loss attributable to common stockholders of $(74.3) million, and an operating loss of $(4.8) million. Earnings per share were a loss of $(2.41) with a book value per common share of $6.87 at the end of the quarter. The company collected total cash of $80.9 million and held $100.1 million in cash and cash equivalents at the end of the quarter. Approximately 84.4% of their portfolio made at least 12 out of the last 12 payments.
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