Rithm Property Trust is an externally managed REIT focused on CRE debt and equity investments, managed by RCM GA, an affiliate of Rithm Capital. The company was originally known as Great Ajax, a residential mortgage REIT focused on re-performing and non-performing loans. When Rithm Capital took over the management contract in mid-2024, it repositioned the company into a CRE investment vehicle, selling down the legacy residential mortgage book and redeploying into CRE assets. Target investments include senior and subordinated mortgage loans, mezzanine loans, preferred equity, CMBS, and direct property equity. The company's most significant investment to date is a $50M equity stake in a portfolio of Class A office properties acquired as part of Rithm Capital's take-private of Paramount Group, covering ten properties across New York City and San Francisco. Rithm Property Trust earns a spread between its CRE asset yields and cost of funding, targeting levered returns in the teens. The current balance sheet is small — roughly $300M in equity, with meaningful earnings growth contingent on a capital raise. The portfolio today is primarily AAA CMBS floaters yielding ~11%, used as a near-term parking place for capital, alongside a handful of direct CRE loans. Growth relies on a capital raise, deal flow from Rithm Capital's Genesis multifamily lending business, third-party LP capital on larger deals, and M&A. Rithm Property Trust has no employees; all operations run through RCM GA and Rithm Capital's management team.