On June 11, 2024, Great Ajax entered into a management agreement
with Rithm Capital (Rithm) to serve as its external manager. Rithm
anticipates transitioning the investment portfolio to a commercial
real estate investment strategy that will seek attractive
risk-adjusted returns for shareholders.
Great Ajax Corp is an externally managed real estate investment
trust (REIT) that acquires, invests and manages a portfolio of
mortgage loans secured by single-family residences and single-family
properties. We also invest in loans secured by multi-family
residential and commercial mixed-use retail/residential properties.
In addition, we hold real estate owned (REO) properties acquired
upon the foreclosure, other settlement of our owned non-performing
loans, or that we acquire in the market. These are principally
single-family homes, although we also own smaller commercial
properties. We opportunistically determine whether to sell any REO
asset, sometimes offering mortgage financing to the purchaser, or to
hold the REO as a rental property. We believe that our tailored
approach to each asset we acquire will generate attractive
risk-adjusted returns for our stockholders over the long term
through dividends and capital appreciation.
We were incorporated in Maryland on January 30, 2014. We conduct
substantially all of our business through our operating partnership,
Great Ajax Operating Partnership LP, a wholly owned Delaware limited
partnership, and its subsidiaries. We are the sole general partner
of the operating partnership. We elect to be taxed as a REIT for
federal income tax purposes, beginning with our taxable year ending
December 31, 2014. Our qualification as a REIT will depend upon our
ability to meet, on a continuing basis, various complex requirements
under the Internal Revenue Code relating to, among other things, the
sources of our gross income, the composition and values of our
assets, our distribution levels and the diversity of ownership of
our capital stock.