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  "documentTitle": "Great Ajax | Results Presentation Deck | 17 slides",
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  "authorName": "Great Ajax",
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  "presentationDate": "2024-10-01 00:00:00",
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      "kind": "chart",
      "text": "Inflation-Adjusted Commercial Property Returns After Fed Cuts (3)\nOct-84\nJun-89\nJul-95\nSep-98\nJan-01\nAug-19\n# of Quarters Post-Rate Cut",
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      "kind": "chart",
      "text": "Top 25 Bank Lending(2)\nConstruction\nMultifamily\nNon-Multifamily CRE\nJan-24 Mar-24 May-24 Jul-24 Sep-24",
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      "text": "Fed Easing Cycle Should Boost Transaction Activity(1)\nReal estate cap rates are starting to stabilize\nBid / ask spreads are narrowing in the CRE market\nSeeing an uptick in acquisition activity, leading to purchase and/or refinance debt opportunities\nFederal reserve easing cycles have historically led to improve returns in commercial real estate",
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      "text": "Banks are Pulling Back from CRE Lending(1)\nOpportunity for non-bank lenders like Great Ajax to fill this lending void, particularly given the lack of legacy exposure\nGreat Ajax continues to assess opportunities as traditional industry participants seek to reduce CRE exposure\nIncreased risk-aversion from banks driving a need for private credit and alternative lenders",
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      "text": "8",
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      "kind": "paragraph",
      "text": "The market environment is becoming increasingly attractive as CRE should benefit from a Fed easing cycle and increased transaction volumes",
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      "kind": "source-note",
      "text": "Detailed endnotes are included in the Appendix.",
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      "kind": "title",
      "text": "Trends Favor Alternative Lenders in Commercial Real Estate",
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