09:55 AM EDT, 06/12/2024 (MT Newswires) -- (Corrects headline and first paragraph to state that an affiliate of Rithm Capital ( RITM ) will become Great Ajax's ( AJX ) external manager.)

Rithm Capital ( RITM ) and Great Ajax ( AJX ) said Tuesday they have completed their strategic transaction, in which an affiliate of Rithm will serve as Great Ajax's ( AJX ) external manager.

The companies added that with the closing of the transaction, Rithm Capital ( RITM ) bought 2.9 million Great Ajax ( AJX ) common shares from Great Ajax ( AJX ) under a stock purchase agreement.

In connection with the completion of the transaction, Lawrence Mendelsohn resigned as chief executive of Great Ajax ( AJX ), the company said in a filing with the US Securities and Exchange Commission.

Great Ajax ( AJX ) said it appointed Michael Nierenberg to serve as its CEO.

Great Ajax ( AJX ) shares rose 2.9%, and Rithm shares were 2.1% higher in recent trading.

Price: 11.17, Change: +0.20, Percent Change: +2.10