Rithm Property Trust Inc. (NYSE: RPT)

Great Ajax Corp., a Maryland corporation and a real estate investment trust (REIT), operates in the mortgage industry and is listed on the New York Stock Exchange (NYSE) under the ticker symbol AJX. The company's primary business activities involve acquiring and managing residential mortgage loans, as well as investing in single-family and commercial properties. Great Ajax Corp. generates revenue through the acquisition and management of mortgage loans, as well as the sale of properties. Its primary products and services include residential mortgage loans, single-family and commercial properties, and securitization trusts.

The company operates through several segments, including Residential Loan Purchases, Non-Performing Loans, Servicing, and Other. The Residential Loan Purchases segment involves the acquisition of residential mortgage loans, including RPLs and NPLs. The Non-Performing Loans segment involves the acquisition of NPLs and the management of these loans to recover value. The Servicing segment involves the management of mortgage loans and the collection of payments from borrowers. The Other segment includes the company's investments in single-family and commercial properties, as well as its securitization trusts.

Great Ajax Corp. is a significant player in the mortgage industry, with a diverse portfolio of mortgage loans and properties. The company's position within the industry is strengthened by its long-term relationships with loan sellers, its comprehensive loan and property history database, and its data tracking capabilities. The company's key competitors include other mortgage REITs and financial institutions.

Great Ajax Corp.'s customer base includes institutional accredited investors, joint venture partners, and individual borrowers. The company has a strong track record of delivering attractive current yields and risk-adjusted total returns to its stockholders. Its strategy is focused on constructing and owning a portfolio of residential mortgage loans and properties at discounts to the unpaid principal balance and significant discounts to underlying property values.

In addition to its mortgage loan portfolio, Great Ajax Corp. also invests in single-family and commercial properties. The company's property investments are focused on urban centers and densely populated suburbs, where it believes that home price appreciation will outpace the national market. Great Ajax Corp.'s property investments are managed through a licensed mortgage servicer, which works to support continuing or new payments by borrowers and to mitigate losses in the event of default.

Great Ajax Corp.'s investment policy is designed to facilitate the management of its capital and assets and the maintenance of an investment portfolio profile that meets its objectives. The company's use of leverage is at the discretion of its manager and is not subject to the approval of its stockholders. Great Ajax Corp. may utilize other types of borrowings in the future, including debt financing through bank credit facilities, warehouse lines of credit, and structured financing arrangements, among others. The company may also seek to raise additional capital through public or private offerings of debt or equity securities, depending on market conditions.

In February 2024, Great Ajax Corp. entered into a strategic transaction with Rithm, a global asset manager focused on real estate, credit, and financial services. The transaction involves the issuance of shares of common stock and warrants to Rithm, as well as the exchange of preferred stock and warrants held by certain institutional stockholders. The transaction is subject to stockholder approval and is expected to be completed in the second quarter of 2024.