Great Ajax, a mortgage REIT formed by Aspen Capital to own secured re-performing and non-performing loans, announced terms for its IPO on Tuesday. The Beaverton, OR-based company plans to raise $93 million by offering 5.8 million shares (25% insider) at a price range of $15 to $17. At the midpoint of the proposed range, Great Ajax would command a fully diluted market value of $260 million.
Mortgage REIT Sutherland Asset Management (SLD) had planned to go public in January but postponed its IPO. Government-focused office REIT Easterly Government Properties (DEA) is scheduled to price later this week.
Great Ajax, which was formed in 2014, plans to list on the NYSE under the symbol AJX. FBR Capital Markets, Sterne Agee and Nomura Securities are the joint bookrunners on the deal. It is expected to price during the week of February 9, 2015.
