Great Ajax Corp's Q3 2024: Navigating Transition and Growth

Great Ajax Corp (NYSE: AJX) recently reported its Q3 2024 earnings, providing insights into the company's strategic direction and financial performance. This article explores the key aspects of Great Ajax Corp's Q3 2024 earnings call, focusing on the sale of legacy assets, rebranding to Rithm Property Trust, shelf registration, book value, and dividend maintenance.


The sale of legacy assets and growth of the commercial real estate debt portfolio significantly contributed to Great Ajax Corp's Q3 2024 earnings. The company sold $148 million UPB of legacy assets and expanded its commercial real estate debt portfolio to over $100 million UPB. This strategic move allowed Great Ajax Corp to focus on its core competencies and drive growth in the commercial real estate sector.


The rebranding to Rithm Property Trust had a mixed impact on Great Ajax Corp's Q3 2024 earnings and shareholder value. While the rebranding is expected to enhance the company's market position and align with its new investment strategy, the financial impact was not immediately apparent. The new NYSE ticker symbol 'RPT' is set to be introduced in Q4 2024.

The filing of a shelf registration to increase offering capacity to $400 million positively affected Great Ajax Corp's Q3 2024 earnings and future growth prospects. This move allows the company to access additional capital, which can be used to fund acquisitions, investments, and other growth initiatives.

The decrease in book value per common share and the maintenance of the common dividend had a limited impact on Great Ajax Corp's Q3 2024 earnings and investor sentiment. The slight decrease in book value per common share from $5.56 to $5.47 was offset by the company's continued commitment to maintaining its common dividend at $0.06 per share. This demonstrates Great Ajax Corp's focus on balancing growth and shareholder value.

In conclusion, Great Ajax Corp's Q3 2024 earnings call provided valuable insights into the company's strategic direction and financial performance. The sale of legacy assets, growth of the commercial real estate debt portfolio, and increased offering capacity are expected to drive future growth. The rebranding to Rithm Property Trust and the maintenance of the common dividend are also positive developments for the company and its shareholders. As Great Ajax Corp continues to navigate its transition and growth, investors will be closely watching its progress in the coming quarters.