Rithm Property Trust Inc. (RPT) Earnings Call Transcript & Summary

Good day and welcome to the Great Ajax Corporation 2020 Annual Meeting of Stockholders. I would now like to turn the conference over to Larry Mendelsohn. Please go ahead, sir.

Thank you very much. Good morning. This meeting is called to order. I am Larry Mendelsohn, CEO and Chairman of the Board of Great Ajax Corp. Here with me is Russell Schaub, President and a Director of our Board. We would like to welcome each of you to our company's 2020 Annual Stockholders Meeting. We appreciate your interest and your attendance. Before we begin the business of the meeting, I would like to introduce other members of the Board who are present today: Steve Begleiter; and J. Kirk Ogren. This meeting is being held pursuant to a written notice mailed on April 29, 2020, to all stockholders of record at the close of business on April 24, 2020, which is the record date determined by the Board. All stockholders of record as of the closing of business on that date are entitled to notice of and to vote at this meeting. I have here an affidavit of mailing, certifying that the notice of meeting and proxy card were mailed to the company's stockholders of record. And the proxy statement, notice of meeting, proxy card and annual report for the fiscal year ended December 31, 2019, were made available on the Internet at http://www.proxyvote.com. These documents will be filed with the minutes of the meeting and are available for review by any stockholder. Chris Woods has been appointed the inspector of election for this meeting. Chris has signed an oath of inspector, promising to execute faithfully the duties of inspector of election. The oath of inspector of election will be filed with the minutes of this meeting.

Thank you, Mr. Mendelsohn. As the inspector of election, I have determined that a sufficient number of shares entitled to vote at this meeting are present virtually or by proxy to constitute a quorum.

Thank you. We will now bring before the stockholders the 3 matters that are being presented for stockholder action: one, to reelect the 7 director nominees named in the proxy statement; two, to ratify the appointment of Moss Adams LLP to serve as our registered independent public accounting firm for the year ending December 31, 2020; and three, to approve, on an advisory basis, the compensation of the company's named executive officers. There were no stockholder nominations for director or proposals for other business to be considered at this meeting filed with the company secretary as required by the advanced notice requirements of the company's bylaws. As a result, the business of this meeting is limited to these 3 matters. If you have voted by proxy and will not be changing your vote, then do not vote again, and the vote indicated on your proxy will be counted. If you did not turn in a proxy or want to change your vote, you may do so by voting your shares electronically following the instructions on your screen. After votes have been submitted, the polls will close, and Chris will read the voting results. Are there any questions regarding the voting procedures? The first item of business is proposal #1 in the proxy statement, the reelection of 7 directors to serve as directors of the company until the 2021 Annual Meeting of Stockholders. I move that the following persons be nominated for reelection to the Board of Directors of the company: Lawrence Mendelsohn, Russell Schaub; Steven L. Begleiter, John C. Condas; Paul Friedman, Jonathan Bradford Handley, Jr.; J. Kirk Ogren, Jr. Is there a second?

I second the motion.

The next item of business is proposal #2 in the proxy statement, the ratification of the appointment of Moss Adams LLP as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020. I move that the appointment of Moss Adams as the company's independent registered public accounting firm for the fiscal year ending December 31, 2020, be ratified by the stockholders. Is there a second?

I second the motion.

The next item of business is proposal #3 in the proxy statement, the approval, on an advisory basis, of the compensation of the company's named executive officers. I move that the compensation of the company's named executive officers be approved on an advisory basis. Is there a second?

I second the motion.

It is now time to vote on the 3 proposals. If you have not submitted a proxy or wish to change your vote on any of the proposals, the polls are now open for voting. Please vote your shares electronically, following the instructions on your screen. [Voting]

If there is no other business to be brought before the meeting, please submit your electronic ballots. Again, if there is no other business to be brought before the meeting, please submit your electronic ballots. Okay. The inspector of election will now announce the results of the voting.

Thank you. I have tabulated the votes with respect to the 3 matters that were placed before the stockholders. With respect to proposal #1, the reelection of directors. The 7 nominees who received the greatest number of affirmative votes and are, therefore, reelected as directors are: Lawrence Mendelsohn, Russell Schaub, Steven L. Begleiter, John C. Condas, Paul Friedman, Jonathan Bradford Handley, Jr. and J. Kirk Ogren, Jr. With respect to proposal 2, a majority of votes were cast in the affirmative for the ratification of the appointment of Moss Adams LLP as the independent registered public accounting firm for the company. With respect to proposal 3, a majority of those were cast in the affirmative for the approval, on an advisory basis, of the compensation of the company's named executive officers.

Thank you, Chris. All business before this meeting has now been completed. Once we adjourn the formal meeting, we will take questions from stockholders. I move that the meeting be adjourned. Is there a second?

I second the motion.

The motion having been made and seconded. I hereby declare this annual meeting adjourned.

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.