AJX
- Great Ajax Corp.
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Overview
Company Summary
Great Ajax Corp. (AJX) is a publicly traded real estate investment trust (REIT) company that primarily focuses on acquiring, investing in, and managing mortgage loans secured by residential properties in the United States. The company's main objective is to generate income by earning interest and collecting principal repayments from these mortgage loans, which are typically non-performing or re-performing.
Great Ajax Corp. primarily targets residential mortgage loans that have the potential for generating attractive yields, primarily due to the properties being undervalued or affected by borrower distress. They acquire these loans either through direct purchases from financial institutions or on the secondary market.
Once Great Ajax Corp. acquires a mortgage loan or a pool of loans, they leverage their expertise in loan servicing and debt collection to work with borrowers, aiming to rehabilitate the loans to more performing status. This often involves implementing loan modifications, short sales, or foreclosure proceedings when necessary. The company's experienced team diligently manages the loans to maximize cash flows and mitigate credit risks.
Besides investing in mortgage loans, Great Ajax Corp. also has a subsidiary called Phenix Title Services, LLC. This subsidiary provides title and settlement services, which are integral parts of loan originations and transactions in the real estate industry.
Overall, Great Ajax Corp. operates as a specialized mortgage REIT, strategically investing in and managing mortgage loans backed by residential properties, aiming to generate income and deliver attractive returns for its shareholders.