Great Ajax is managed by Thetis Asset Management LLC and its mortgage loans are serviced by Gregory Funding LLC, both affiliated entities. The company specializes in acquiring distressed and re-performing mortgage loans, securitizing them through rated mortgage trusts, and generating returns through loan servicing and asset appreciation.
Cyborg Score Rationale
Great Ajax operates in a niche but competitive mortgage REIT space with expertise in re-performing and non-performing loans. The company has executed securitizations and maintained a consistent strategy, though the recent rebranding to Rithm Property Trust under a larger parent entity reflects market consolidation pressures.
Top Insights
Rebranded to Rithm Property Trust effective June 2024 under parent company Rithm Capital
Specializes in re-performing loans (RPLs) - mortgages that have resumed payments after default
Utilizes securitization model to finance portfolio and reduce balance sheet leverage
Micro-cap REIT with externally managed structure and affiliated service providers
Named Competitors
New York Mortgage Trust — Mortgage REIT focused on non-performing assets
ARMOUR Residential REIT — Agency mortgage REIT
Rithm Capital — Parent company and larger REIT platform
Recent Developments
(June 2024) Completed rebranding transaction to Rithm Property Trust under parent company Rithm Capital
(October 2024) Announced results for Q3 2024 and rebranding completion
Open the full interactive Great Ajax Corp. (now Rithm Property Trust) report
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