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This Presentation includes non-GAAP financial measures, such as Earnings Available for Distribution and Earnings Available for Distribution per Diluted Share. See \"Appendix\" in this Presentation for information regarding this non-GAAP financial measure, including a definition, purpose and reconciliation to GAAP net income (loss), the most directly comparable GAAP financial measure.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:49:37.877+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "1a3feae2-0cf0-4107-99d2-092860d08df5", "parentComponentId": null }, { "bbox": { "h": 0.036, "w": 0.89, "x": 0.058, "y": 0.155 }, "kind": "disclaimer", "text": "IN GENERAL. This disclaimer applies to this document and the verbal or written comments of any person presenting it. This document, taken together with any such verbal or written comments, is referred to herein as the \"Presentation.\"", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:49:37.877+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "480967b4-f1f8-4402-81c0-fec2d9c28f7c", "parentComponentId": null }, { "bbox": { "h": 0.104, "w": 0.89, "x": 0.058, "y": 0.799 }, "kind": "disclaimer", "text": "CAUTIONARY NOTE REGARDING ESTIMATED/TARGETED RETURNS AND YIELDS. Targeted returns and yields reflect a variety of estimates and assumptions that could prove to be incorrect, such as an investment's coupon, amortization of premium or discount, costs and fees, and our assumptions regarding prepayments, defaults and loan losses, among other things. Income and cash flows recognized by the Company in future periods may be significantly less than the income and cash flows that would have been recognized had expected returns been realized. As a result, an investment's lifetime return may differ materially from a yield to date or a target yield or target levered yield. In addition, the Company's calculation of yield may differ from a calculation by another market participant, as there is no standard method for calculating yields. Statements about estimated and targeted returns and targeted yields in this Presentation are forward-looking statements. You should carefully read the cautionary statement above under the caption \"Forward-looking Statements,\" which directly applies to our discussion of estimated and targeted returns and targeted yields.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:49:37.877+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "8832070c-5c03-468b-9f78-9f826fc3998f", "parentComponentId": null }, { "bbox": { "h": 0.08, "w": 0.89, "x": 0.058, "y": 0.649 }, "kind": "disclaimer", "text": "NO OFFER; NO RELIANCE. This Presentation is for informational purposes only and does not constitute an offer to sell, or a solicitation of an offer to buy, any security and may not be relied upon in connection with the purchase or sale of any security. Any reference to a potential financing does not constitute, nor should it be construed as, an offer to purchase or sell any security. There can be no assurance if or when the Company or any of its affiliates will offer any security or the terms of any such offering. Any such offer would only be made by means of formal documents, the terms of which would govern in all respects. You should not rely on this Presentation as the basis upon which to make an investment decision.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:49:37.877+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9db9e0eb-3017-4f68-93b0-080e921a894a", "parentComponentId": null }, { "bbox": { "h": 0.399, "w": 0.89, "x": 0.058, "y": 0.204 }, "kind": "disclaimer", "text": "FORWARD-LOOKING STATEMENTS. Certain statements regarding Great Ajax Corp. (together with its subsidiaries, \"Great Ajax\" or the \"Company\") and Rithm Capital Corp. (together with its subsidiaries, including RCM GA Manager LLC, \"Rithm\" or \"Rithm Capital\") in this Presentation may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Words such as \"may,\" \"will,\" \"seek,\" \"believes,\" \"intends,\" \"expects,\" \"projects,\" \"anticipates,\" \"plans\" and \"future\" or similar expressions are intended to identify forward-looking statements. These statements may include, without limitation, the ability of Rithm to effectively externally manage Great Ajax; the ability of Great Ajax to transition out of its legacy residential strategy; the ability of Great Ajax to successfully shift its investment focus; the ability of Great Ajax to invest in commercial real estate investments and other opportunistic investments; the ability of Great Ajax to identify and invest in strong income-producing and opportunistic investments, including investments that provide attractive risk-adjusted returns; the ability of Great Ajax to leverage the scope of Rithm Capital's platform, including its real estate, financial and capital markets expertise, to realize strategic benefits and to take advantage of Rithm Capital's broad network of established relationships; the ability of Great Ajax to achieve scale, deploy capital effectively and efficiently finance the business; the ability to identify growth opportunities; the ability of Rithm Capital and Great Ajax to transition off of its transition services agreement; the ability of Great Ajax to provide shareholder value and liquidity, earnings and/or Company growth in the near- or long-term; the ability of Great Ajax to sell its remaining legacy assets; the ability of Great Ajax to prioritize book value stability; the ability to drive growth in net interest income; the ability of Great Ajax to utilize its investable cash; the ability of the Company to benefit from no legacy commercial real estate exposure; the ability to succeed in the current market environment and varying interest rate and economic environments; expectations regarding the role of Great Ajax in Rithm Capital's strategy; expectations regarding current and future economic environments; whether market trends will support the Company's strategy, including management's expectations regarding the commercial real estate market, liquidity and flexible capital needs, as well as opportunities for non-bank lenders, in the market, improvements in capital markets and management's overall view of market trends; any estimations or projections; the ability of Great Ajax to grow into a leading investment platform; the ability to manage risks, including cybersecurity risks; statements regarding the Company's positioning in the current market and the future market; statements regarding the potential ability of certain assets to product estimated yields; statements on future interest ratings, spreads and other market conditions; the ability to take advantage of future investment opportunities; and statements regarding the Company's investment pipeline and investment opportunities, including any illustrative portfolios. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. These risks and factors include, but are not limited to, risks relating to the transactions with Rithm Capital, including the external management of Great Ajax by Rithm Capital, the inability to obtain synergies between the businesses, the inability to successfully and effectively transition the management of Great Ajax, the inability to successfully transition the portfolio and investment focus of Great Ajax from its legacy residential investments to a commercial real estate investment strategy, Rithm's ability to effectively and appropriately manage conflicts of interest; the nature of commercial real estate investments; the inability to obtain or delays in obtaining the expected benefits from the shift in the Company's investment strategy; changes in general economic and/or industry specific conditions; changes in the banking sector; changes in interest rates and/or credit spreads; changes in financing terms; and unanticipated difficulties in diversifying beyond residential real estate. Forward-looking statements contained herein speak only as of the date of this Presentation, and the Company expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based. New risks and uncertainties emerge from time to time, and it is not possible for the Company to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled \"Cautionary Statement Regarding Forward Looking Statements,\" \"Risk Factors\" and \"Management's Discussion and Analysis of Financial Condition and Results of Operations\" in the Company's annual and quarterly reports and other filings, including the Company's recent proxy statements, filed with the SEC, which are available on the Company's website www.greatajax.com). Information on, or accessible through, our website is not a part of, and is not incorporated into, this Presentation.", "attrs": null, "canon": { "kind": { "name": "Disclaimer", "slug": "disclaimer", "status": "active", "canonId": "91173477-d91f-4024-bbaf-d4f93e3f82dc", "version": 1, "description": "Legal/cautionary text that occupies most of the body of its slide." }, "tool": null, "subkind": null, "framework": null }, "subkind": null, "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:49:37.877+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "ccf6e315-46db-4e85-9b17-1e3c445d452a", "parentComponentId": null }, { "bbox": { "h": 0.02, "w": 0.89, "x": 0.058, "y": 0.613 }, "kind": "disclaimer", "text": "PAST PERFORMANCE. 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"h": 0.05, "w": 0.899, "x": 0.05, "y": 0.63 }, "kind": "list", "text": "Endnotes to Slide 7:\n1) Based on management's current views and estimates, and actual results may vary materially. See \"Disclaimers\" at the beginning of this Presentation for more information on forward looking statements.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:49:40.952+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "4f0abeeb-e413-4686-b1af-ce4a5d0bb728", "parentComponentId": null }, { "bbox": { "h": 0.05, "w": 0.879, "x": 0.05, "y": 0.15 }, "kind": "list", "text": "Endnotes to Slide 3:\n1) Based on management's current views and estimates, and actual results may vary materially. See \"Disclaimers\" at the beginning of this Presentation for more information on forward looking statements.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:49:40.952+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "713d6fa2-e468-4325-ae4a-ff1eebd1f746", "parentComponentId": null }, { "bbox": { "h": 0.12, "w": 0.899, "x": 0.05, "y": 0.502 }, "kind": "list", "text": "Endnotes to Slide 6:\nSource: Company current financial information. Financial and market data as of September 30, 2024 unless otherwise noted.\n1) Improvement in cost of financing represented as one time improvement at time of change. Does not apply to any new investments or represent current portfolio as assets have been sold since the financing was improved across the portfolio.\n2) Based on management's current views and estimates, and actual results may vary materially. See \"Disclaimers\" at the beginning of this Presentation for more information on forward looking statements.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:49:40.952+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "9a734872-c99f-423d-b8bc-c7be7f96f62a", "parentComponentId": null }, { "bbox": { "h": 0.06, "w": 0.899, "x": 0.05, "y": 0.43 }, "kind": "list", "text": "Endnotes to Slide 5:\nSource: Company current financial information. Financial and market data as of September 30, 2024 unless otherwise noted.\n1) Represents levered return associated with the investments. As of October 18, 2024.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:49:40.952+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "a6da6d50-b64e-433f-b21d-715b422a78ad", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.899, "x": 0.05, "y": 0.7 }, "kind": "list", "text": "Endnotes to Slide 8:\n1) Based on management's current views and estimates, and actual results may vary materially. See \"Disclaimers\" at the beginning of this Presentation for more information on forward looking statements.\n2) Federal Reserve Board, Goldman Sachs Global Investment Research.\n3) NCREIF, Bureau of Economic Analysis, Goldman Sachs Global Investment Research.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:49:40.952+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "b77f803f-64ae-40f8-b943-25c2314b4bb7", "parentComponentId": null }, { "bbox": { "h": 0.2, "w": 0.899, "x": 0.05, "y": 0.22 }, "kind": "list", "text": "Endnotes to Slide 4:\nSource: Company SEC filings and current financial information. Financial and market data as of September 30, 2024 unless otherwise noted.\n1) Per common share calculations for both GAAP Net Income and Earnings Available for Distribution are based on 45,327,254 weighted average diluted common shares for the quarter ended September 30, 2024.\n2) Earnings Available for Distribution and Earnings Available for Distribution per Diluted Share are non-GAAP measures. See \"Reconciliation\" in the Appendix to this Presentation for a reconciliation to the most comparable GAAP measures.\n3) Dividend yield is calculated as a quarterly dividend of $0.06 per common share on an annualized basis as a percentage of the common stock closing price of $3.33 on September 30, 2024.\n4) Book value per share is based on common shares outstanding of 44,978,969 as of September 30, 2024.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:49:40.952+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "bcc082e0-2378-4909-96e4-10195cc60a24", "parentComponentId": null }, { "bbox": { "h": 0.1, "w": 0.899, "x": 0.05, "y": 0.81 }, "kind": "list", "text": "Endnotes to Slide 9:\n1) The future state portfolio presents estimates for illustrative purposes only and is based on management's current views and estimates, and actual results may vary materially. See \"Disclaimers\" at the beginning of this Presentation for more information on forward looking statements.\n2) The target yields are shown levered based on existing and indicative financing provided across the Rithm and Great Ajax platforms. Percentages shown may change over time. This illustrative portfolio does not contemplate market-driven value changes, active portfolio management and certain operating expenses. Actual results may differ materially.", "attrs": null, "canon": { "kind": { "name": "List", "slug": "list", "status": "active", "canonId": "019de52c-f94b-779b-a53b-fd4904a5f4d2", "version": 1, "description": "Bullet or numbered list." }, "tool": null, "subkind": { "name": "Numbered list", "slug": "numbered", "status": "active", "canonId": "019de52c-fcc0-7718-a284-a4250c805df2", "version": 1, "description": null }, "framework": null }, "subkind": "numbered", "groupRole": null, "confidence": null, "extraction": { "at": "2026-05-02 06:49:40.952+00", "model": "google/gemini-2.5-flash", "runId": null, "seconds": null, "promptVersion": null }, "componentId": "eb838fd8-7209-4f18-9eed-d4e5cd664a73", "parentComponentId": null }, { "bbox": { "h": 0.01, "w": 0.02, "x": 0.936, "y": 0.94 }, "kind": "source-note", "text": "17", "attrs": null, "canon": { "kind": { "name": "Source note", "slug": "source-note", "status": "active", "canonId": "23484952-494b-4a5e-b1ad-550d0d70e948", "version": 1, "description": "Attribution / source / caveat placed at the slide footer. 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