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Great Ajax Corp.

RPT Real Estate Reit Mortgage

Great Ajax Corp.’s revenue for fiscal 2025 (year ended December 2025) was $15.4 million, up 65.7% from fiscal 2024.

Revenue
+51.8%
EPS
+227.8%
Free cash flow
−49.2%
Total debt
−6.43%

Quarter to September 2026, against a year earlier

11.01 0.09 −0.81%
Market cap
$87.8M
P/E
73.7×
Fwd P/E
−22.3×
Dividend yield
—
F-score
2/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 0.00%

Capital & Financial Ratios $m

Size
Market Cap 87.80
Revenue ttm 17.14
Net income ttm 6.37
Free cash flow ttm (11.51)
Net debt Q 513.12
Valuation
P/E 73.67 (above 35: high)
Forward P/E (22.30) (negative: loss-making)
Price / sales 5.07
Forward P/S Powerpack
Price / FCF 0.00
Price / book 0.37
Financial health
Current ratio Q 0.85
Debt / equity Q 1.95
Interest coverage Q —
Growth
Revenue growth Q +51.83% (above 0%: growing)
Operating income growth Q +1,205.95% (above 0%: growing)
EPS, this year +258.33% (at or above 15%: strong)
EPS, next year A +310.53% (at or above 15%: strong)
Revenue, next year A +9.97%
EPS, past 5 yrs —
EPS, next 5 yrs A −4.03% (below 0%: weak)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 35.0×, against a ten-year median of 21.2×; over the ten years it ranged from −58.4× in 2024 to 1,775× in 2023.
P/E against its own 10 years 99.59%
10-year low 10-year high
P/S against its own 10 years 76.62%
10-year low 10-year high
P/B against its own 10 years 2.16%
10-year low 10-year high
EV/Sales against its own 10 years 82.11%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—
Growth, 2017–25
−100.0%/yr
  1. 1.97 ’17
  2. 2.06 ’18 +4
  3. 2.12 ’19 +3
  4. 0.73 ’20 −66
  5. 1.21 ’21 +66
  6. 1.32 ’22 +9
  7. 1.21 ’23 −8
  8. 0.00 ’24 −100
  9. 0.00 ’25
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 53 64 80 46
Receivables — — — —
Inventory — — — —
Other — — — —
973 488 472 402
2023 2024 2025 Q'26
Payables — — — —
ST’ Debt 376 357 407 353
Other — — — —
494 472 524 471

Compound Annual Growth %

10y 5y 3y
Sales (8.52%) (24.69%) (24.37%)
Cash Flow 0.00% 0.00% 0.00%
Earnings 0.00% 0.00% 0.00%
Book Value 2.04% (10.77%) (4.81%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.09 Actual 0.23

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 −0.12 −0.06 Beat by 0.06
Q1 FY26 −0.06 −0.04 Beat by 0.02
Q2 FY26 −0.04 −0.01 Beat by 0.03
Q3 FY26 0.09 0.23 Beat by 0.14
Q4 FY26 0.17 — Reports 12 February 2027

EPS $

Mar Jun Sep Dec Year
’26 (0.43) 0.09 0.23 — —
’25 (0.48) 0.08 (0.18) 0.26 (0.36)
’24 (14.46) (1.92) (1.08) 0.36 (13.74)
’23 (2.10) (3.06) (1.50) (5.16) (12.06)
’22 0.90 (2.40) (4.26) (1.80) (7.56)
’21 1.80 2.52 2.28 1.16 8.46
’20 0.12 1.62 1.38 2.46 5.58
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 4 4 6 — —
’25 4 4 4 3 15
’24 (49) 0 4 55 9
’23 1 (2) 1 (16) (17)
’22 15 9 11 1 36
’21 20 20 19 19 78
’20 8 16 17 23 64
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 (3) (1) (8) — —
’25 (2) 0 (6) (1) (8)
’24 (8) 16 (5) (2) 0
’23 (17) (7) (11) (12) (46)
’22 (11) 14 2 (3) 1
’21 (9) (14) 8 (3) (18)
’20 (30) 20 4 (8) (14)
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 (3) (1) (8) — —
’25 (1) 1 (5) 0 (6)
’24 (8) 17 (5) (2) 2
’23 (16) (6) (10) (11) (43)
’22 (11) 14 5 (2) 6
’21 (8) (10) 9 (2) (12)
’20 (27) 24 6 (6) (3)
Fiscal quarters ending in the months shown.

Target Price Range

Analyst price targets

Recommendation Rating

1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 47 55 58 65 64 78 36 (17) 9 15 17 (11.6%) 17 21 — +17.4%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 29 30 31 37 34 42 (12) (47) (93) 2 6 (27.8%)
EBT margin, % 61.91 55.27 53.99 57.32 52.77 53.97 (33.96) 273.60 (998.76) 9.95 36.21 (52.0) pt
Net income 29 30 31 37 34 42 (15) (47) (93) 1 6 (28.1%)
Per share, $
Per share, $ Revenue 16.73 18.19 18.72 19.76 16.85 20.46 9.40 (4.22) 1.39 2.04 2.18 (20.9%)
Earnings 10.02 9.54 9.00 10.56 5.94 8.52 (7.56) (12.06) (13.74) (0.36) 0.15 n/m
Cash flow (1.87) (2.89) 0.33 (4.56) (3.72) (4.79) 0.30 (11.48) 0.04 (1.10) (1.63) (5.8%)
Capex 3.27 5.69 0.72 (3.07) 2.94 1.72 1.31 0.97 0.28 0.35 0.17 (22.0%)
Free cash flow 1.40 2.80 1.06 (7.63) (0.78) (3.06) 1.60 (10.51) 0.32 (0.75) (1.46) n/m
Book value 101.29 105.36 107.56 116.90 136.31 131.37 88.99 76.79 36.84 38.45 36.41 (10.2%)
Shares, m 3 3 3 3 4 4 4 4 7 8 8 +11.7%
Valuation, ×
Valuation, × P/E 8.04 8.74 7.98 8.42 10.57 8.95 0.00 0.00 0.00 0.00 73.67 5.3
P/S 4.82 4.59 3.86 4.50 3.72 3.86 4.69 0.00 12.83 8.14 5.07 5.1
P/B 0.80 0.79 0.67 0.76 0.59 0.78 0.55 0.52 0.48 0.52 0.37 0.6
EV/Sales 18.38 22.69 24.61 21.77 19.59 18.48 31.89 (57.50) 72.03 44.03 35.01 21.6
EV/FCF 220.25 114.18 436.38 (56.34) (421.42) (123.47) 186.77 (23.08) 311.07 (119.76) (52.14) 52.5
Cash, $m
Cash, $m Operating cash flow (5) (9) 1 (15) (14) (18) 1 (46) 0 (8) (13) +5.3%
Capex 9 17 2 (10) 11 7 5 4 2 3 1 (12.9%)
Free cash flow 4 8 3 (25) (3) (12) 6 (43) 2 (6) (12) n/m
Balance, $m
Balance, $m Working capital 687 1,070 841 813 815 660 483 479 16 (52) (69) n/m
Net debt 633 992 1,207 1,121 1,009 1,140 969 838 551 553 513 (1.5%)
Shareholders’ equity 283 317 334 384 514 500 337 311 247 291 286 +0.3%
Returns, %
Returns, % ROA 3.53 2.43 1.89 2.16 1.41 1.98 (1.75) (3.49) (7.97) (0.27) 0.12 (3.8) pt
ROIC 2.01 1.50 1.31 1.56 1.40 1.66 0.01 (2.54) (7.28) 0.11 0.49 (1.9) pt
ROE 10.64 9.53 8.70 9.57 5.81 8.60 (8.23) (17.01) (35.24) (1.13) 0.51 (11.8) pt
People
People Employees — — — — — — — — — — — —
Revenue/emp, $m 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 — n/m
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 2 Nov 2026

Great Ajax Corp. vs peers in Reit Mortgage (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
ACRE Ares Commercial Real Estate Corporation $188.6M — (loss-making) 48.0× +14.25% (above 0%: growing) n/m +1,481.15% (above 0%: growing) 100.00% 37.52% Compare
RC Ready Capital Corp $176.8M — (loss-making) — (loss-making) −49.32% (below 0%: shrinking) n/m +231.22% (above 0%: growing) 100.00% 101.65% Compare
ACR ACRES Commercial Realty Corp. $176.4M — (loss-making) — (loss-making) −4.08% (below 0%: shrinking) n/m −57.74% (below 0%: shrinking) 92.55% (26.38%) Compare
MITT TPG Mortgage Investment Trust Inc. $158.7M 6.8× 16.4× +11.99% (above 0%: growing) n/m +110.45% (above 0%: growing) 100.00% 100.45% Compare
AOMR Angel Oak Mortgage REIT Inc. $144.4M — (loss-making) 16.4× +15.82% (above 0%: growing) n/m +63.13% (above 0%: growing) 24.11% (39.27%) Compare
SUNS Sunrise Realty Trust, Inc. $90.3M 6.9× 6.4× +2.64% (above 0%: growing) −8.00% (below 0%: shrinking) +214.97% (above 0%: growing) 100.00% 61.88% Compare
CHMI Cherry Hill Mortgage Investment Corporation $90.2M 27.1× 10.8× +37.30% (above 0%: growing) n/m +812.55% (above 0%: growing) 100.00% 163.69% Compare
RPT Great Ajax Corp. $87.8M 73.7× — (loss-making) +51.83% (above 0%: growing) n/m −49.18% (below 0%: shrinking) 100.00% 46.03%
SACH Sachem Capital Corp. $39.1M — (loss-making) — (loss-making) −13.16% (below 0%: shrinking) n/m −132.71% (below 0%: shrinking) 100.00% (57.54%) Compare
Median of peers $151.5M 6.9× 16.4× +7.32% — +162.71% 100.00% 49.70%

All 37 Reit Mortgage stocks →

Pay and ownership Proxy statement filed 21 April 2026

Ownership

Directors and executive officers, together less than 1%
Magnetar Financial LLC 16.90%
Rithm Capital Corp. 15.66%
Wellington Management Group LLP 11.50%
Almitas Capital LLC 6.00%
Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

Great Ajax Corp. (RPT) Latest News

28 Jul

Impact 3 · · Moby transcript
Impact 3 · · MarketBeat transcript
Impact 3 ·

13 Jul

Impact 4 ·

27 Apr

Impact 3 · · MarketBeat

25 Apr

Impact 4 · · GuruFocus.com

24 Apr

Impact 4 · · Business Wire
Impact 3 · · Moby

9 Apr

Impact 4 · · Simply Wall St.

25 Mar

Impact 3 · · Simply Wall St.

25 Feb

Impact 3 · · Simply Wall St.

13 Feb

Impact 4 · · Moby transcript
Impact 3 · · GuruFocus.com transcript
Impact 3 · · The Motley Fool transcript
Impact 3 · · Associated Press Finance
Impact 3 · · Business Wire

10 Feb

Impact 4 · · Simply Wall St.

28 Jan

Impact 4 · · Insider Monkey

25 Jan

Impact 3 · · Simply Wall St.

20 Jan

Impact 3 · · Business Wire

10 Jan

Impact 3 · · Simply Wall St.

30 Dec

Impact 3 · · MT Newswires

19 Dec

Impact 3 · · Business Wire

2 Nov

Impact 4 · · The Motley Fool transcript

1 Nov

Impact 3 · · Simply Wall St.

31 Oct

Impact 4 · · GuruFocus.com transcript
Impact 3 · · Associated Press FinanceGuruFocus.comAssociated Press FinanceMT NewswiresZacks
Impact 3 · · Business Wire

18 Oct

Impact 4 ·

18 Sep

Impact 3 ·
stockrow.com/RPT · Data as of Nov 2, 2026 · For information only; not investment advice. · © 2026 stockrow.com