The following is a summary of the Great Ajax Corp. (AJX) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Great Ajax Corp reports a GAAP net income loss of $8 million or $0.18 per diluted share for Q3.

• Earnings available for distribution were negative $5.4 million or $0.12 per diluted share.

• Declared a dividend in the third quarter of $0.06.

• Cash and equivalents on the balance sheet amounted to $84 million with $30 million available for investment and maintaining a roughly $50 million reserve.

Business Progress:

• Unwound $85 million of residential mortgage loans generating around $18 million in cash.

• Sold 62.7 million of residential securities, which generated $14 million of cash.

• Closed in $100 million notional amount of AAA CMBS at approximately a 12% levered return.

• Aiming for breakeven before dividends by the end of Q1 next year.

• The company plans to change its name from Great Ajax to Rithm Property Trust in the fourth quarter.

Opportunities:

• Entered bids on $1 billion of assorted commercial real estate loans as part of a strategy to redeploy capital into cash flowing assets.

• Significant potential identified in managing out of banks' workout groups, which is becoming a focused area due to the recalibration of bank lending against distressed assets.

Risks:

• Current investments might continue to experience negative carrying until strategic transformations are realized.

• Balancing the risk of maintaining dividend payments amidst financial losses until redirection strategies are fully implemented.

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