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Last update at 2024-12-04T14:30:00Z
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Rithm Capital Corp. (RITM): Among the Cheap REITs with Huge Upside
Thu 31 Oct 24, 04:52 PMRithm Capital Corp. Announces Second Quarter 2024 Results
Wed 31 Jul 24, 10:45 AM| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Income before tax | -12.10100M | 42.01M | 33.48M | 37.21M | 31.40M |
| Minority interest | 0.07M | -0.08000M | 5.11M | 2.38M | 3.00M |
| Net income | -14.93600M | 41.85M | 28.50M | 34.70M | 28.34M |
| Selling general administrative | 3.31M | 2.80M | 2.25M | 2.25M | 2.34M |
| Selling and marketing expenses | - | - | - | - | - |
| Gross profit | 35.64M | 31.87M | 35.85M | 46.41M | 41.00M |
| Reconciled depreciation | 0.44M | 0.00700M | 0.03M | 0.50M | 0.15M |
| Ebit | 17.34M | 42.09M | 28.37M | 34.83M | 81.74M |
| Ebitda | 17.79M | 42.10M | 28.40M | 35.33M | 81.89M |
| Depreciation and amortization | 0.44M | 0.00700M | 0.03M | 0.50M | 0.15M |
| Non operating income net other | -7.33300M | -0.74000M | -0.81600M | 0.90M | -0.07400M |
| Operating income | 17.34M | 42.09M | 28.37M | 34.83M | 81.74M |
| Other operating expenses | 2.05M | 10.22M | -7.69500M | -11.58000M | 2.34M |
| Interest expense | 43.63M | 36.74M | 48.69M | 59.33M | 53.34M |
| Tax provision | 2.83M | 0.23M | -0.12500M | 0.12M | 0.06M |
| Interest income | 82.58M | 93.38M | 100.07M | 112.42M | 108.18M |
| Net interest income | 38.95M | 56.64M | 51.38M | 53.09M | 54.85M |
| Extraordinary items | - | - | - | - | - |
| Non recurring | - | - | - | - | - |
| Other items | - | - | - | - | - |
| Income tax expense | 2.83M | 0.23M | -0.12500M | 0.12M | 0.06M |
| Total revenue | 35.64M | 31.87M | 36.07M | 46.41M | 41.00M |
| Total operating expenses | 2.05M | 10.22M | -7.69500M | -11.58000M | 2.34M |
| Cost of revenue | 61.97M | 0.33M | 0.21M | 3.69M | 71.69M |
| Total other income expense net | -29.44500M | -0.08000M | 5.11M | 2.38M | 31.40M |
| Discontinued operations | - | - | - | - | - |
| Net income from continuing ops | -14.93600M | 41.77M | 33.61M | 37.09M | 31.34M |
| Net income applicable to common shares | -28.67900M | 34.06M | 22.76M | 34.70M | 28.34M |
| Preferred stock and other adjustments | 5.47M | 7.80M | 5.74M | - | - |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Total assets | 1484.43M | 1759.68M | 1653.73M | 1576.84M | 1602.87M |
| Intangible assets | - | - | - | - | - |
| Earning assets | - | - | - | - | - |
| Other current assets | 18.25M | 50.89M | -15.75500M | 9.66M | 7.68M |
| Total liab | 1146.96M | 678.41M | 695.46M | 771.53M | 1268.59M |
| Total stockholder equity | 335.33M | 497.30M | 485.36M | 359.88M | 300.83M |
| Deferred long term liab | - | - | - | - | - |
| Other current liab | - | - | - | 421.23M | 540.87M |
| Common stock | 0.24M | 0.23M | 0.23M | 0.22M | 0.19M |
| Capital stock | 34.80M | 115.38M | 115.38M | 0.22M | 0.19M |
| Retained earnings | 13.28M | 66.43M | 53.35M | 49.45M | 41.06M |
| Other liab | - | - | - | - | - |
| Good will | - | - | - | - | - |
| Other assets | 25.70M | 1132.57M | 1136.96M | 1176.20M | -14.58700M |
| Cash | 47.84M | 84.43M | 107.15M | 64.34M | 55.15M |
| Cash and equivalents | 47.84M | 84.43M | 107.15M | 64.34M | 55.15M |
| Total current liabilities | 106.05M | 586.64M | 608.05M | 421.23M | 540.87M |
| Current deferred revenue | - | - | - | - | - |
| Net debt | 629.66M | 593.98M | 588.31M | 707.19M | 672.58M |
| Short term debt | 106.05M | 575.56M | 585.40M | 652.75M | 534.09M |
| Short long term debt | - | - | - | 28.93M | 195.64M |
| Short long term debt total | 677.51M | 678.41M | 695.46M | 771.53M | 727.72M |
| Other stockholder equity | 312.91M | 314.47M | 316.26M | 308.94M | 260.16M |
| Property plant equipment | 6.33M | 6.06M | 0.72M | 1.53M | 17.64M |
| Total current assets | 1036.93M | 105.33M | 122.90M | 81.36M | 14.59M |
| Long term investments | 1246.15M | 1465.18M | 1492.43M | 1454.64M | 1499.17M |
| Net tangible assets | 300.77M | 382.15M | 370.22M | 359.88M | 300.83M |
| Short term investments | 989.08M | 1080.43M | - | - | - |
| Net receivables | 7.45M | 20.90M | 15.76M | 17.01M | 14.59M |
| Long term debt | 210.30M | 102.84M | 110.06M | 118.78M | 727.72M |
| Inventory | - | - | - | - | - |
| Accounts payable | 11.45M | 11.08M | 22.65M | 7.11M | 6.78M |
| Total permanent equity | - | - | - | - | - |
| Noncontrolling interest in consolidated entity | 2.14M | 3.18M | 29.13M | 24.20M | 33.45M |
| Temporary equity redeemable noncontrolling interests | - | - | - | - | - |
| Accumulated other comprehensive income | -25.64900M | 1.02M | 0.38M | 1.28M | -0.57500M |
| Additional paid in capital | - | - | - | - | - |
| Common stock total equity | 0.24M | 0.23M | 0.23M | 0.22M | 0.19M |
| Preferred stock total equity | 34.55M | 115.14M | 115.14M | - | - |
| Retained earnings total equity | 13.28M | 66.43M | 53.35M | 49.45M | 41.06M |
| Treasury stock | -9.53200M | -1.69100M | -1.15900M | -0.45800M | -0.27000M |
| Accumulated amortization | - | - | - | - | - |
| Non currrent assets other | -421.79900M | -521.78600M | -393.86800M | -319.28800M | 1425.32M |
| Deferred long term asset charges | - | - | - | - | - |
| Non current assets total | 421.80M | 521.79M | 393.87M | 319.29M | 1602.87M |
| Capital lease obligations | - | - | - | - | - |
| Long term debt total | 210.30M | 102.84M | 110.06M | 118.78M | 727.72M |
| Breakdown | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 |
| Investments | 148.94M | -163.82900M | -13.68100M | -83.75600M | -10.09500M |
| Change to liabilities | 1.65M | 2.65M | 0.96M | 0.83M | 1.17M |
| Total cashflows from investing activities | 223.09M | -50.19900M | 24.16M | 100.17M | -190.39700M |
| Net borrowings | 178.97M | 550.92M | 244.53M | 361.21M | 222.23M |
| Total cash from financing activities | -260.80600M | 45.71M | 32.70M | -75.54700M | 164.61M |
| Change to operating activities | 16.35M | -10.52300M | 1.43M | -3.95600M | 0.49M |
| Net income | -14.93600M | 41.77M | 33.61M | 37.09M | 31.34M |
| Change in cash | -36.58100M | -19.80900M | 42.97M | 9.19M | -25.59200M |
| Begin period cash flow | 84.43M | 107.33M | 64.36M | 55.17M | 80.76M |
| End period cash flow | 47.84M | 87.53M | 107.33M | 64.36M | 55.17M |
| Total cash from operating activities | 1.14M | -15.32400M | -13.88900M | -15.42700M | 0.20M |
| Issuance of capital stock | 5.07M | 0.49M | 125.11M | 34.58M | 0.20M |
| Depreciation | 0.00000M | 0.00700M | 0.03M | 0.50M | 0.15M |
| Other cashflows from investing activities | 74.18M | 113.91M | 37.87M | 211.45M | -164.46100M |
| Dividends paid | -29.94700M | -28.77400M | -17.49900M | -26.32200M | 22.94M |
| Change to inventory | - | - | - | - | - |
| Change to account receivables | - | - | 1.31M | - | - |
| Sale purchase of stock | -129.61100M | -0.01600M | -0.43600M | 162.53M | 440.80M |
| Other cashflows from financing activities | 4.79M | 481.67M | 244.47M | -5.20400M | 0.73M |
| Change to netincome | -8.49600M | -17.50900M | 12.39M | -4.85300M | 3.14M |
| Capital expenditures | 0.03M | 0.28M | 0.03M | 27.35M | 15.84M |
| Change receivables | - | - | - | - | - |
| Cash flows other operating | 18.61M | -37.44600M | -39.29400M | -41.62700M | -41.19800M |
| Exchange rate changes | - | - | - | - | - |
| Cash and cash equivalents changes | -36.58100M | -19.80900M | 42.97M | 9.19M | -25.59200M |
| Change in working capital | 16.35M | -10.52300M | 1.43M | -3.95600M | 0.49M |
| Stock based compensation | 1.93M | 1.31M | 0.88M | 3.60M | 3.99M |
| Other non cash items | -2.20600M | -31.31000M | -34.15900M | -39.11300M | -43.74900M |
| Free cash flow | 1.14M | -15.32400M | -13.88900M | -15.42700M | 0.20M |
Sector: Real Estate Industry: REIT - Mortgage
| Company | Change (USD) | Price (USD) | Trailing PE (x) | Forward PE (x) | Price Sales TTM (x) | Price to Book Value (x) | Enterprise Value to Revenue (x) | Enterprise Value to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| AJX Great Ajax Corp |
-0.01 0.33% | 2.99 | - | 6.57 | 40.70 | 0.50 | 97.90 | 16.82 |
| NLY Annaly Capital Management Inc |
-0.16 0.81% | 19.71 | - | 6.90 | 2.27 | 1.11 | ||
| AGNCM AGNC Investment Corp |
0.09 0.37% | 24.59 | - | - | 7.15 | - | ||
| AGNCN AGNC Investment Corp. |
-0.07 0.27% | 25.60 | - | - | 6.98 | - | ||
| AGNC AGNC Investment Corp |
-0.055 0.60% | 9.12 | 6.45 | 5.08 | 6.76 | 1.07 |
Great Ajax Corp. operates as a mortgage real estate investment trust. It acquires re-performing and non-performing loans; acquires or originates small balance commercial mortgage loans that are secured by multi-family residential and commercial mixed use retail/residential properties; and invests in single-family and smaller commercial properties. The company elected to be taxed as a real estate investment trust for U.S. federal income tax purposes. It generally would not be subject to federal corporate income taxes, if it distributes at least 90% of its taxable income to its stockholders. Great Ajax Corp. was incorporated in 2014 and is based in Tigard, Oregon.
13190 SW 68th Parkway, Tigard, OR, United States, 97223
| Name | Title | Year Born |
|---|---|---|
| Mr. Lawrence A. Mendelsohn | Chairman & CEO | 1961 |
| Mr. Russell A. Schaub | Pres & Director | 1964 |
| Ms. Mary B. Doyle CPA | Chief Financial Officer | 1964 |
| Lauren DeMasi | Sec. | NA |
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