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Great Ajax Corp. (now Rithm Property Trust): Business Overview, Financials & Competitive Analysis

Great Ajax Corp. is a mortgage REIT founded in 2014 and headquartered in Beaverton, Oregon. The company focuses primarily on acquiring, investing in and managing a portfolio of re-performing and non-performing mortgag...

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What's in This Report
Great Ajax Corp. (now Rithm Property Trust) OverviewStrategic ProfileCompetitive LandscapeIndustry ContextKey facts
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6/ 10Solid

Cyborg Score thesis

Mortgage REIT with specialized expertise in distressed loan acquisition and securitization, though currently transitioning under...

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Industry Mortgage Real Estate Investment Trusts (REITs)
3 named competitors
2 recent developments
11 analyst dimensions
Synthesized from analyst-debate stress-testing across 11 dimensions and hundreds of data points. Methodology →
Cyborg Score recalibrated: July 6, 2026
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Great Ajax Corp. (now Rithm Property Trust) Overview

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Great Ajax Corp. is a mortgage REIT founded in 2014 and headquartered in Beaverton, Oregon. The company focuses primarily on acquiring, investing in and managing a portfolio of re-performing and non-performing mortgage loans secured by single-family residences and, to a lesser extent, single-family properties. The company was rebranded to Rithm Property Trust, with the transaction completed on June 11, 2024.

Strategic Profile

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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.

Competitive Landscape

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Great Ajax competes with other mortgage REITs and distressed loan acquirers including New York Mortgage Trust, ARMOUR Residential REIT, and non-traded platforms. The company's niche focus on re-performing loans differentiates it from those targeting purely non-performing assets. The rebranding under Rithm Capital, a larger mortgage servicer and REIT platform, reflects industry consolidation.

Industry Context

Great Ajax Corp. (now Rithm Property Trust) operates in Mortgage Real Estate Investment Trusts (REITs).

Key facts

Founded: 2014 · Headquarters: Beaverton, Oregon, United States

What the analysts stress-tested

The top findings that survived the multi-agent debate for Great Ajax Corp. (now Rithm Property Trust).

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Recent developments

Material events tracked by the AskCyborg corpus.

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Named competitors

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New York Mortgage TrustMortgage REIT focused on non-performing assets→ARMOUR Residential REITAgency mortgage REIT→Rithm CapitalParent company and larger REIT platform→

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Industry context

Great Ajax Corp. (now Rithm Property Trust) operates in Mortgage Real Estate Investment Trusts (REITs). See how the rest of the sector scores on the Cyborg framework.

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Frequently asked questions

What does Great Ajax Corp. (now Rithm Property Trust) do?+
Great Ajax Corp. is a mortgage REIT founded in 2014 and headquartered in Beaverton, Oregon. The company focuses primarily on acquiring, investing in and managing a portfolio of re-performing and non-performing mortgag...
What is Great Ajax Corp. (now Rithm Property Trust)'s Cyborg Score?+
Great Ajax Corp. (now Rithm Property Trust) has a Cyborg Score of 6/10 (Solid). The score synthesizes business model, financials, leadership, competitive position, technology, marketing, and ESG dimensions across hundreds of data points.
Who are Great Ajax Corp. (now Rithm Property Trust)'s main competitors?+
Named competitors include New York Mortgage Trust, ARMOUR Residential REIT, Rithm Capital. The full competitive landscape is in the AskCyborg report.
How can I get the full Great Ajax Corp. (now Rithm Property Trust) research report?+
Get the report plus analyst-debate audio at askcyborg.com -- no credit card required for preview access. Pro adds saved-company audio playlists and monitoring.
How current is the Great Ajax Corp. (now Rithm Property Trust) research?+
The Cyborg Score is recalibrated weekly. Recent developments are tracked continuously and surfaced in every report.

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