Great Ajax Posts Narrower Q3 Net Loss Sequentially; To Rebrand Itself

Great Ajax

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(RTTNews) - Great Ajax Corp (AJX), an externally managed real estate investment trust, on Monday reported a narrower sequential net loss for the third quarter.

In addition, the company said that it is on a rebranding process to change its name and trading ticker.

Michael Nierenberg, CEO of Rithm Capital Corp., said: "When we completed the strategic transaction with Great Ajax, we were clear about our mission: to transform the Company from a legacy residential mortgage vehicle into an opportunistic real estate platform. During the third quarter, we made significant progress towards doing so by selling down $148 million UPB of legacy assets and growing our commercial real estate debt portfolio to over $100 million UPB."

For three-month period ended on September 30, the Trust registered a net loss of $8 million or $0.18 per share, compared with a loss of $12.7 million or $0.32 per share, recorded for the second-quarter.

Excluding items, loss available for distribution stood at $5.4 million or $0.12 per share as against the previous quarter's loss of $9.6 million or $0.24 per share.

Book value was $246.1 million or $5.47 per share, lower than $253.6 million or $5.56 per share in the second quarter.

Net interest income surged to $3.688 million from last quarter's $0.348 million.

Net change in the allowance for credit losses was negative $0.857 million, compared with zero allowance for credit losses in the previous quarter.

Total net loss narrowed to $2.783 million from prior quarter's $8.958 million.

In connection with the Great Ajax's strategic transaction with Rithm Capital, the company expects to change its name and rebrand as Rithm Property Trust Inc. with new ticker symbol "RPT" to trade on the New York Stock Exchange. The name change is expected to take effect during the fourth quarter.