Great Ajax Q2 2024 GAAP EPS -$0.32, book value drops to $5.56; strategic shift to commercial real estate

Rithm Property Trust Inc.

2024-Q2 EPS reported -$2.47

GAAP net loss $12.7M ($0.32/share); book value per share fell to $5.56 from $6.87.
Completed strategic transaction with Rithm Capital; new manager RCM GA LLC focuses on commercial real estate.
Sold ~$305M UPB loans, net proceeds ~$45.1M; used portion to redeem 7.25% convertible notes due April 2024.
Issued 2.9M shares to Rithm affiliate in June, and five-year warrants for up to 3.3M shares.
Declared $0.06 dividend payable Aug 30, 2024, record Aug 15, 2024.

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