The following is a summary of the Great Ajax Corp. (AJX) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Great Ajax reported a GAAP net loss of $12.7 million for the quarter, attributed to mark-to-market losses and realized losses on the sale of mortgage loans.

• Book value is reported at $5.56 per common share, with a noted potential mark-to-market value of approximately $4.20 per share.

• Total stockholders' equity stood at $253.6 million at the end of the quarter.

Business Progress:

• The company has transitioned management contracts to Rithm, aiming to focus more on commercial real estate investments.

• Plans to divest reperforming residential assets and redirect capital towards higher-yielding commercial real estate assets.

• Redemption of $100 million of convertible senior notes as a step towards optimizing the balance sheet.

Opportunities:

• Focus on commercial real estate investments with no legacy issues, aiming for mid-teen IRR in future investments.

• Potential for opportunistic mergers and acquisitions in the real estate space, leveraging Rithm's deep industry networks and expertise.

Risks:

• The company's restructuring and transition to commercial real estate will entail ongoing sales of existing loan portfolios, which might impact short-term earnings.

• Mark-to-market valuation risks as the company adjusts its asset portfolio towards commercial real interests.

More details: Great Ajax Corp IR

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