01:00 PM EDT, 06/11/2024 (MT Newswires) -- Rithm Capital ( RITM ) and Great Ajax ( AJX ) said Tuesday they have completed their strategic transaction, with Great Ajax ( AJX ) entering into a management agreement with a Rithm Capital ( RITM ) affiliate to serve as its 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 4.1% and Rithm Capital ( RITM ) shares were down 1.3% in recent trading.

Price: 10.95, Change: -0.15, Percent Change: -1.31