On this page of StockholderLetter.com we present the latest annual shareholder letter from Great Ajax Corp. — ticker symbol AJX. Reading current and past AJX letters to shareholders can bring important insights into the investment thesis.

 •  4/21/2025 Letter Continued (Full PDF)
 •  4/21/2023 AJX Stockholder Letter
 •  4/9/2024 AJX Stockholder Letter
 •  More "Miscellaneous" Category Stockholder Letters

AJX Shareholder/Stockholder Letter Transcript:

2024 Annual Report

Rithm Property Trust (the    Company   ) is a real estate
investment trust (REIT) externally-managed by an affiliate
of Rithm Capital Corp. (   Rithm   ). The Company, formerly
known as Great Ajax Corp., was historically focused on
acquiring, investing in and managing re-performing loans
and non-performing loans secured by single-family and
multi-family real estate and commercial properties. In
connection with its June 11, 2024 transaction with Rithm,
the Company is embarking on a new commercial-real
estate focused investment strategy.
Rithm Property Trust benefits from the expertise of Rithm,
drawing on management   s decades-long track record
of investing in and managing real estate and financial
services assets. Our tailored approach to investment
management seeks to generate attractive risk-adjusted
returns for our stockholders over the long term through
dividends and capital appreciation.

Dear Fellow
Shareholders
Welcome to the Rithm Capital family.
At Rithm Capital, we lead with
a performance-first ethos. It
drives every decision we make
to strengthen our operating
ecosystem, enhance our talented
teams, and unlock value for
shareholders and partners.
After stepping in as Rithm Property Trust   s (RPT)
external manager last June, we put this ethos
to work. We made swift progress to position the
business for long-term performance without
sacrificing near-term results. In Q4, following several
quickly implemented improvements and platform
synergies, RPT posted its first profitable quarter in
over two years.
RPT has the backing of the full Rithm Capital
platform, a dynamic strategy, and proven talent
in place. I have no doubt this will be a long and
successful partnership that will drive tremendous
value for shareholders.
Designed to Unlock Shareholder Value
In our new role as manager of RPT, we promptly
implemented an investment strategy that we
expect to drive improved financial performance.
The strategy included a high-level pivot toward the
commercial real estate (CRE) sector and replacing
weaker-performing residential assets in the
portfolio with high-quality liquid CRE investments
Rithm Property Trust
2024 Annual Report
that supported both near-term performance and
the longer-term financial objectives of the company.
We expect the resulting healthier financial profile
to drive a meaningful re-rating of RPT equity
and generate attractive capital appreciation for
shareholders.
In line with our performance culture, our priority
remains to identify attractive investments that
will deliver outsized risk-adjusted returns for
shareholders. We are actively sourcing high-quality
CRE investments with an expected longer-term
horizon that we expect will provide strong financial
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support and earnings for years to come. Core to
our strategy will be investments that also generate
current cash income to support an appropriately
sized and durable distribution for RPT investors.
We take our fiduciary duty to RPT shareholders
seriously, and the team will continue leveraging
the full Rithm Capital ecosystem to deliver on our
ambitious strategic plan and unlock value.
   Across Rithm Capital   s
synergistic operating
platforms, the depth and
breadth of our expertise
at every level of real estate
investment provides direct
benefit to RPT and its
shareholders.   
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Tapping Rithm Capital   s
Operational Scale and Talent
At Rithm Capital, we   ve had previous success
developing a large and high-performing publicly
listed mortgage REIT. Across our synergistic
operating platforms, the depth and breadth of our
expertise at every level of real estate investment
provides direct benefit to RPT and its shareholders.
The Rithm Capital platform has the sourcing,
investment experience and capital markets
capabilities needed to position the portfolio for
both long-term and near-term success.
In half of 2024 alone, Rithm Capital renegotiated
financing terms for RPT   s credit facilities to make
an immediate and lasting improvement in our
cost of borrowing. We delivered cost savings by
moving loan servicing to Newrez, a wholly owned
subsidiary of Rithm Capital and the third-largest
servicer in the U.S. Both actions   made possible by
our powerful operating ecosystem    had a positive
impact on earnings, and we were proud to generate
a quarterly profit in Q4.

$337M
legacy loan sales (gross) to accelerate
portfolio repositioning
As we improve RPT   s financial profile, Rithm
Capital will also drive scale by focusing on sourcing
investment opportunities that can support the
growth of our capital base. Increased financial
depth and liquidity means we can be highly
selective in our investment approach and optimize
across our financial priorities.
Positioned for Growth
Returning to profitability was no doubt a critical
first step toward value creation for RPT, but it is
certainly not the last. The investment landscape is
fertile for patient and experienced capital that can
navigate the challenges lingering in CRE markets.
There are a variety of attractive assets in today   s
market, and we have the ability to be deliberate as
we establish a strong foundation for the portfolio
and drive stable financial performance and growth.
Stability is a hallmark of Rithm Capital   s investment
approach, and RPT will in turn focus on high-quality
assets to produce reliable returns. We believe that
a high-quality CRE investment vehicle, without the
burden of legacy issues, will garner a premium in
the market, and taking equity-friendly actions to
Rithm Property Trust
2024 Annual Report
improve RPT   s fundamental financial performance
will provide ideal conditions to grow the business.
The Rithm Capital team is committed to RPT   s
success and looks forward to delivering on our
performance-first ethos in the years ahead. We are
excited for the opportunity to demonstrate how our
prudent stewardship of capital will improve financial
returns, stabilize earnings and position this platform
for an exciting future.
Rithm Capital and the RPT Board of Directors
extend our sincere appreciation for your ongoing
support and continued investment in RPT.
Sincerely,
Michael Nierenberg
Chief Executive Officer and Director
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 4/21/2025 Letter Continued (Full PDF)