Great Ajax received a loan from Rithm Capital and moved to have Rithm serve as external manager of the REIT. Rithm plans to have Great Ajax invest in commercial mortgages.
An appeals court in Minnesota upheld a practice in the commercial MBS market allowing for the creation of litigation reserve accounts. Junior investors in a 2007 issuance from Wachovia challenged the practice.
WeWork is renegotiating leases in an effort to reduce costs. In a 2021 commercial MBS from JPMorgan Chase, the monthly lease payment dropped by 25% and cash reserves in the deal are dwindling.