Great Ajax Corp. Announces Results for the Quarter Ended June 30, 2023
- Interest income of $18.3 million
- Collected total cash of $49.5 million from loan payments, sales of real estate owned properties, and collections from investments
- 82.1% of portfolio made at least 12 out of the last 12 payments
- Entered into a merger agreement with Ellington Financial Inc.
- Net loss of $(12.0) million
- Operating loss of $(2.5) million
- Earnings per share was a loss of $(0.51)
Second Quarter Highlights
-
Interest income of
; net interest income of$18.3 million $3.3 million -
Net loss attributable to common stockholders of
$(12.0) million -
Operating loss of
$(2.5) million -
Earnings per share ("EPS") per basic common share was a loss of
$(0.51) -
Operating loss per basic common share of
$(0.11) -
Taxable loss of
per share attributable to common stockholders after payment of dividends on our preferred stock$(0.02) -
Book value per common share of
at June 30, 2023$11.86 -
Collected total cash of
from loan payments, sales of real estate owned ("REO") properties and collections from investments in debt securities and beneficial interests$49.5 million -
Held
of cash and cash equivalents at June 30, 2023; average daily cash balance for the quarter was$40.3 million $43.6 million -
As of June 30, 2023, approximately
82.1% of our portfolio (based on UPB at the time of acquisition) made at least 12 out of the last 12 payments - On June 30, 2023, we entered into a Merger Agreement (as defined below) with Ellington Financial Inc. (NYSE: EFC) (“EFC”), pursuant to which, subject to the terms and conditions therein, we will be merged with and into a subsidiary of EFC
Selected Financial Results (Unaudited) ($ in thousands except per share amounts) |
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|
|
For the three months ended |
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|
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
September 30, 2022 |
|
June 30, 2022 |
||||||||||
Loan interest income(1) |
|
$ |
12,929 |
|
|
$ |
13,281 |
|
|
$ |
13,520 |
|
|
$ |
14,864 |
|
|
$ |
15,402 |
|
Earnings from debt securities and beneficial interests(2) |
|
$ |
4,480 |
|
|
$ |
4,569 |
|
|
$ |
4,562 |
|
|
$ |
4,613 |
|
|
$ |
5,303 |
|
Other interest income |
|
$ |
931 |
|
|
$ |
606 |
|
|
$ |
367 |
|
|
$ |
544 |
|
|
$ |
195 |
|
Interest expense |
|
$ |
(15,039 |
) |
|
$ |
(14,925 |
) |
|
$ |
(14,482 |
) |
|
$ |
(11,369 |
) |
|
$ |
(9,175 |
) |
Net interest income |
|
$ |
3,301 |
|
|
$ |
3,531 |
|
|
$ |
3,967 |
|
|
$ |
8,652 |
|
|
$ |
11,725 |
|
Net decrease in the net present value of expected credit losses |
|
$ |
2,866 |
|
|
$ |
621 |
|
|
$ |
1,152 |
|
|
$ |
1,935 |
|
|
$ |
961 |
|
Other income/(loss), loss from equity method investments and loss on joint venture refinancing on beneficial interests |
|
$ |
(8,581 |
) |
|
$ |
(3,612 |
) |
|
$ |
(3,744 |
) |
|
$ |
(65 |
) |
|
$ |
(3,918 |
) |
Total (loss)/revenue, net(1,3) |
|
$ |
(2,414 |
) |
|
$ |
540 |
|
|
$ |
1,375 |
|
|
$ |
10,522 |
|
|
$ |
8,768 |
|
Consolidated net loss(1) |
|
$ |
(11,462 |
) |
|
$ |
(7,364 |
) |
|
$ |
(6,283 |
) |
|
$ |
(9,503 |
) |
|
$ |
(4,781 |
) |
Net loss per basic share |
|
$ |
(0.51 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.40 |
) |
Average equity(1,4) |
|
$ |
324,089 |
|
|
$ |
337,206 |
|
|
$ |
343,112 |
|
|
$ |
399,610 |
|
|
$ |
466,847 |
|
Average total assets(1) |
|
$ |
1,424,524 |
|
|
$ |
1,463,529 |
|
|
$ |
1,509,738 |
|
|
$ |
1,559,584 |
|
|
$ |
1,645,915 |
|
Average daily cash balance |
|
$ |
43,609 |
|
|
$ |
50,916 |
|
|
$ |
47,196 |
|
|
$ |
62,334 |
|
|
$ |
60,609 |
|
Average carrying value of RPLs(1) |
|
$ |
886,072 |
|
|
$ |
882,018 |
|
|
$ |
883,254 |
|
|
$ |
897,947 |
|
|
$ |
909,382 |
|
Average carrying value of NPLs(1) |
|
$ |
68,459 |
|
|
$ |
86,494 |
|
|
$ |
99,160 |
|
|
$ |
100,827 |
|
|
$ |
114,775 |
|
Average carrying value of SBC loans |
|
$ |
10,876 |
|
|
$ |
12,159 |
|
|
$ |
14,275 |
|
|
$ |
15,546 |
|
|
$ |
16,704 |
|
Average carrying value of debt securities and beneficial interests |
|
$ |
382,502 |
|
|
$ |
401,240 |
|
|
$ |
427,471 |
|
|
$ |
435,849 |
|
|
$ |
487,484 |
|
Average asset backed debt balance(1) |
|
$ |
870,595 |
|
|
$ |
897,279 |
|
|
$ |
933,695 |
|
|
$ |
987,394 |
|
|
$ |
1,046,985 |
|
____________________________________________________________
(1) |
Reflects the impact of consolidating the assets, liabilities and non-controlling interests of Ajax Mortgage Loan Trust 2017-D, which is |
|
(2) |
Interest income on investment in debt securities and beneficial interests issued by our joint ventures is net of servicing fees. |
|
(3) |
Total revenue includes net interest income, loss from equity method investments, loss on joint venture refinancing on beneficial interests and other income. |
|
(4) |
Average equity includes the effect of an aggregate of |
For the quarter ended June 30, 2023, we had a GAAP consolidated net loss attributable to common stockholders of
Our net interest income for the quarter ended June 30, 2023, excluding any adjustment for expected credit losses was
We generally acquire loans at a discount and record an allowance for expected credit losses at acquisition. We update the allowance quarterly based on actual cash flow results and changing cash flow expectations in accordance with the current expected credit losses accounting standard, otherwise known as CECL. During the quarter ended June 30, 2023, we recorded income of
We recorded an
We recorded a loss from our investments in affiliates of
Our GAAP expenses increased on a quarter over quarter basis by
We recorded
For the quarter ended March 31, 2023, we transferred certain securities from AFS to HTM in compliance with the European Union risk retention requirement, which was a non-cash transaction and recorded at fair value. On the date of transfer, accumulated other comprehensive income ("AOCI") included unrealized losses of
We ended the quarter with a GAAP book value of
Our taxable loss for the quarter ended June 30, 2023 was
We collected
We purchased 68 RPLs with UPB of
On June 30, 2023, we entered into an Agreement and Plan of Merger (the "Merger Agreement") with EFC and EF Acquisition I LLC, a
The following table provides an overview of our portfolio at June 30, 2023 ($ in thousands):
No. of loans |
|
|
5,208 |
|
|
Weighted average coupon |
|
|
4.43 |
% |
|
Total UPB(1) |
|
$ |
997,156 |
|
|
Weighted average LTV(5) |
|
|
56 |
% |
|
Interest-bearing balance |
|
$ |
911,742 |
|
|
Weighted average remaining term (months) |
|
|
292 |
|
|
Deferred balance(2) |
|
$ |
85,414 |
|
|
No. of first liens |
|
|
5,161 |
|
|
Market value of collateral(3) |
|
$ |
2,127,910 |
|
|
No. of second liens |
|
|
47 |
|
|
Current purchase price/total UPB |
|
|
81.6 |
% |
|
No. of REO held-for-sale |
|
|
28 |
|
|
Current purchase price/market value of collateral |
|
|
42.5 |
% |
|
Market value of REO held-for-sale(6) |
|
$ |
4,275 |
|
|
RPLs |
|
|
89.0 |
% |
|
Carrying value of debt securities and beneficial interests in trusts |
|
$ |
353,044 |
|
|
NPLs |
|
|
10.2 |
% |
|
Loans with 12 for 12 payments as an approximate percentage of acquisition UPB(7) |
|
|
82.1 |
% |
|
SBC loans(4) |
|
|
0.8 |
% |
|
Loans with 24 for 24 payments as an approximate percentage of acquisition UPB(8) |
|
|
74.7 |
% |
____________________________________________________________
(1) |
Our loan portfolio consists of fixed rate ( |
|
(2) |
Amounts that have been deferred in connection with a loan modification on which interest does not accrue. These amounts generally become payable at maturity. |
|
(3) |
As of the reporting date. |
|
(4) |
SBC loans includes both purchased and originated loans. |
|
(5) |
UPB as of June 30, 2023 divided by market value of collateral and weighted by the UPB of the loan. |
|
(6) |
Market value of other REO is the estimated expected gross proceeds from the sale of the REO less estimated costs to sell, including repayment of servicer advances. |
|
(7) |
Loans that have made at least 12 of the last 12 payments, or for which the full dollar amount to cover at least 12 payments has been made in the last 12 months. |
|
(8) |
Loans that have made at least 24 of the last 24 payments, or for which the full dollar amount to cover at least 24 payments has been made in the last 24 months. |
Subsequent Events
Since quarter end, we have acquired one residential NPL in one transaction from a single seller with aggregate UPB of
We have agreed to acquire, subject to due diligence, one residential RPL in one transaction with aggregate UPB of
On July 11, 2023, we sold an unrated Class A senior bond in one of our joint ventures and recognized a loss of
On July 24, 2023, we formed 2023-B and 2023-C, with an accredited institutional investor, by refinancing eight joint ventures and recorded an
On August 3, 2023, our Board of Directors declared a cash dividend of
Conference Call
Great Ajax Corp. will host a conference call at 5:00 p.m. EDT on Thursday, August 3, 2023 to review our financial results for the quarter. A live Webcast of the conference call will be accessible from the Quarterly Reports section of our website www.greatajax.com. An archive of the Webcast will be available for 90 days.
About Great Ajax Corp.
Great Ajax Corp. is a
Forward-Looking Statements
This press release contains certain forward-looking statements. Words such as “believes,” “intends,” “expects,” “projects,” “anticipates,” and “future” or similar expressions are intended to identify forward-looking statements. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions, many of which are beyond our control, including, without limitation and the risk factors and other matters set forth in our Annual Report on Form 10-K for the period ended December 31, 2022 filed with the Securities and Exchange Commission (the “SEC”) on March 3, 2023, when filed with the SEC, our Quarterly Report on Form 10-Q for the period ended June 30, 2023, and statements concerning our pending merger with EFC, including our failure to close the pending merger or developments on its expected terms. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.
GREAT AJAX CORP. AND SUBSIDIARIES CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands except per share amounts) |
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Three months ended |
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|
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
September 30, 2022 |
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|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
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INCOME |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
$ |
18,340 |
|
|
$ |
18,456 |
|
|
$ |
18,449 |
|
|
$ |
20,021 |
|
Interest expense |
|
|
(15,039 |
) |
|
|
(14,925 |
) |
|
|
(14,482 |
) |
|
|
(11,369 |
) |
Net interest income |
|
|
3,301 |
|
|
|
3,531 |
|
|
|
3,967 |
|
|
|
8,652 |
|
Net decrease in the net present value of expected credit losses |
|
|
2,866 |
|
|
|
621 |
|
|
|
1,152 |
|
|
|
1,935 |
|
Net interest income after the impact of changes in the net present value of expected credit losses |
|
|
6,167 |
|
|
|
4,152 |
|
|
|
5,119 |
|
|
|
10,587 |
|
|
|
|
|
|
|
|
|
|
||||||||
Loss from equity method investments |
|
|
(265 |
) |
|
|
(98 |
) |
|
|
(349 |
) |
|
|
(451 |
) |
Loss on joint venture refinancing on beneficial interests |
|
|
(8,814 |
) |
|
|
(995 |
) |
|
|
— |
|
|
|
— |
|
Other income/(loss) |
|
|
498 |
|
|
|
(2,519 |
) |
|
|
(3,395 |
) |
|
|
386 |
|
Total (loss)/revenue, net |
|
|
(2,414 |
) |
|
|
540 |
|
|
|
1,375 |
|
|
|
10,522 |
|
|
|
|
|
|
|
|
|
|
||||||||
EXPENSE |
|
|
|
|
|
|
|
|
||||||||
Related party expense - loan servicing fees |
|
|
1,827 |
|
|
|
1,860 |
|
|
|
1,911 |
|
|
|
1,952 |
|
Related party expense - management fee |
|
|
2,001 |
|
|
|
1,828 |
|
|
|
1,722 |
|
|
|
1,948 |
|
Professional fees |
|
|
989 |
|
|
|
934 |
|
|
|
621 |
|
|
|
667 |
|
Fair value adjustment on put option liability |
|
|
1,839 |
|
|
|
1,622 |
|
|
|
1,431 |
|
|
|
2,917 |
|
Other expense |
|
|
2,211 |
|
|
|
1,614 |
|
|
|
1,741 |
|
|
|
1,358 |
|
Total expense |
|
|
8,867 |
|
|
|
7,858 |
|
|
|
7,426 |
|
|
|
8,842 |
|
Acceleration of put option settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
8,813 |
|
Gain on debt extinguishment |
|
|
— |
|
|
|
(47 |
) |
|
|
— |
|
|
|
— |
|
Loss before provision for income taxes |
|
|
(11,281 |
) |
|
|
(7,271 |
) |
|
|
(6,051 |
) |
|
|
(7,133 |
) |
Provision for income taxes |
|
|
181 |
|
|
|
93 |
|
|
|
232 |
|
|
|
2,370 |
|
Consolidated net loss |
|
|
(11,462 |
) |
|
|
(7,364 |
) |
|
|
(6,283 |
) |
|
|
(9,503 |
) |
Less: consolidated net income/(loss) attributable to non-controlling interests |
|
|
24 |
|
|
|
30 |
|
|
|
5 |
|
|
|
(42 |
) |
Consolidated net loss attributable to the Company |
|
|
(11,486 |
) |
|
|
(7,394 |
) |
|
|
(6,288 |
) |
|
|
(9,461 |
) |
Less: dividends on preferred stock |
|
|
548 |
|
|
|
547 |
|
|
|
547 |
|
|
|
1,053 |
|
Less: discount on retirement of preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
5,735 |
|
Consolidated net loss attributable to common stockholders |
|
|
(12,034 |
) |
|
$ |
(7,941 |
) |
|
$ |
(6,835 |
) |
|
$ |
(16,249 |
) |
Basic loss per common share |
|
$ |
(0.51 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.71 |
) |
Diluted loss per common share |
|
$ |
(0.51 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.71 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares – basic |
|
|
23,250,725 |
|
|
|
22,920,943 |
|
|
|
22,778,652 |
|
|
|
22,538,891 |
|
Weighted average shares – diluted |
|
|
23,565,351 |
|
|
|
22,920,943 |
|
|
|
22,778,652 |
|
|
|
22,833,465 |
|
GREAT AJAX CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands except per share amounts) |
||||||||
|
|
June 30, 2023 |
|
December 31, 2022 |
||||
ASSETS |
|
(Unaudited) |
|
|
||||
Cash and cash equivalents |
|
$ |
40,316 |
|
|
$ |
47,845 |
|
Mortgage loans held-for-investment, net(1,2) |
|
|
961,277 |
|
|
|
989,084 |
|
Real estate owned properties, net(3) |
|
|
3,745 |
|
|
|
6,333 |
|
Investments in securities available-for-sale(4) |
|
|
142,104 |
|
|
|
257,062 |
|
Investments in securities held-to-maturity(5) |
|
|
71,706 |
|
|
|
— |
|
Investments in beneficial interests(6) |
|
|
127,474 |
|
|
|
134,552 |
|
Receivable from servicer |
|
|
7,514 |
|
|
|
7,450 |
|
Investments in affiliates |
|
|
30,028 |
|
|
|
30,185 |
|
Prepaid expenses and other assets |
|
|
21,526 |
|
|
|
11,915 |
|
Total assets |
|
$ |
1,405,690 |
|
|
$ |
1,484,426 |
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
|
||||
Liabilities: |
|
|
|
|
||||
Secured borrowings, net(1,7) |
|
$ |
438,402 |
|
|
$ |
467,205 |
|
Borrowings under repurchase transactions |
|
|
413,125 |
|
|
|
445,855 |
|
Convertible senior notes, net(7) |
|
|
103,516 |
|
|
|
104,256 |
|
Notes payable, net(7) |
|
|
106,414 |
|
|
|
106,046 |
|
Management fee payable |
|
|
1,999 |
|
|
|
1,720 |
|
Put option liability |
|
|
15,614 |
|
|
|
12,153 |
|
Accrued expenses and other liabilities |
|
|
9,780 |
|
|
|
9,726 |
|
Total liabilities |
|
|
1,088,850 |
|
|
|
1,146,961 |
|
|
|
|
|
|
||||
Equity: |
|
|
|
|
||||
Preferred stock |
|
|
|
|
||||
Series A |
|
|
9,411 |
|
|
|
9,411 |
|
Series B |
|
|
25,143 |
|
|
|
25,143 |
|
Common stock |
|
|
247 |
|
|
|
241 |
|
Additional paid-in capital |
|
|
326,279 |
|
|
|
322,439 |
|
Treasury stock |
|
|
(9,557 |
) |
|
|
(9,532 |
) |
Retained (deficit)/earnings |
|
|
(17,282 |
) |
|
|
13,275 |
|
Accumulated other comprehensive loss |
|
|
(19,530 |
) |
|
|
(25,649 |
) |
Equity attributable to stockholders |
|
|
314,711 |
|
|
|
335,328 |
|
Non-controlling interests(8) |
|
|
2,129 |
|
|
|
2,137 |
|
Total equity |
|
|
316,840 |
|
|
|
337,465 |
|
Total liabilities and equity |
|
$ |
1,405,690 |
|
|
$ |
1,484,426 |
|
____________________________________________________________
(1) |
Mortgage loans held-for-investment, net include |
|
(2) |
As of both June 30, 2023 and December 31, 2022, balances for Mortgage loans held-for-investment, net include |
|
(3) |
Real estate owned properties, net, are presented net of valuation allowances of |
|
(4) |
Investments in securities AFS are presented at fair value. As of June 30, 2023, Investments in securities AFS include an amortized cost basis of |
|
(5) |
On January 1, 2023, we transferred certain of our Investments in securities AFS to HTM due to European risk retention regulations. As of June 30, 2023, Investments in securities HTM includes an allowance for expected credit losses of zero and remaining discount of |
|
(6) |
Investments in beneficial interests includes allowance for expected credit losses of zero at both June 30, 2023 and December 31, 2022. |
|
(7) |
Secured borrowings, net are presented net of deferred issuance costs of |
|
(8) |
As of June 30, 2023, non-controlling interests includes |
Appendix A - Earnings per share
The following table sets forth the components of basic and diluted EPS ($ in thousands, except per share):
|
|
Three months ended |
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|
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
September 30, 2022 |
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|
|
Income (Numerator) |
|
Shares (Denominator) |
|
Per Share Amount |
|
Income (Numerator) |
|
Shares (Denominator) |
|
Per Share Amount |
|
Income (Numerator) |
|
Shares (Denominator) |
|
Per Share Amount |
|
Income (Numerator) |
|
Shares (Denominator) |
|
Per Share Amount |
||||||||||||||||
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
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Basic EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Consolidated net loss attributable to common stockholders |
|
$ |
(12,034 |
) |
|
23,250,725 |
|
|
|
$ |
(7,941 |
) |
|
22,920,943 |
|
|
|
$ |
(6,835 |
) |
|
22,778,652 |
|
|
|
$ |
(16,249 |
) |
|
22,538,891 |
|
|
||||||||
Allocation of loss to participating restricted shares |
|
|
161 |
|
|
— |
|
|
|
|
111 |
|
|
— |
|
|
|
|
97 |
|
|
— |
|
|
|
|
210 |
|
|
— |
|
|
||||||||
Consolidated net loss attributable to unrestricted common stockholders |
|
$ |
(11,873 |
) |
|
23,250,725 |
|
$ |
(0.51 |
) |
|
$ |
(7,830 |
) |
|
22,920,943 |
|
$ |
(0.34 |
) |
|
$ |
(6,738 |
) |
|
22,778,652 |
|
$ |
(0.30 |
) |
|
$ |
(16,039 |
) |
|
22,538,891 |
|
$ |
(0.71 |
) |
Effect of dilutive securities(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Restricted stock grants and director fee shares(2) |
|
|
(161 |
) |
|
314,626 |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
(210 |
) |
|
294,574 |
|
|
||||||||
Amortization of put option(3) |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
||||||||
Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Consolidated net loss attributable to common stockholders and dilutive securities |
|
$ |
(12,034 |
) |
|
23,565,351 |
|
$ |
(0.51 |
) |
|
$ |
(7,830 |
) |
|
22,920,943 |
|
$ |
(0.34 |
) |
|
$ |
(6,738 |
) |
|
22,778,652 |
|
$ |
(0.30 |
) |
|
$ |
(16,249 |
) |
|
22,833,465 |
|
$ |
(0.71 |
) |
____________________________________________________________
(1) |
Our outstanding warrants and the effect of the interest expense and assumed conversion of shares from convertible notes would have an anti-dilutive effect on diluted earnings per share for all periods shown and have not been included in the calculation. |
|
(2) |
The effect of restricted stock grants and manager and director fee shares on our diluted EPS calculation for the three months ended March 31, 2023 and December 31, 2022 would have been anti-dilutive and have been removed from the calculation. |
|
(3) |
The effect of the amortization of put options on our diluted EPS calculation for the three months ended June 30, 2023, March 31, 2023, December 31, 2022 and September 30, 2022 would have been anti-dilutive and have been removed from the calculation. |
Appendix B - Reconciliation of Operating (loss)/income to Consolidated net loss available to common stockholders (Dollars in thousands except per share amounts) |
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|
|
|
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|
|
Three months ended |
||||||||||||||
|
|
June 30, 2023 |
|
March 31, 2023 |
|
December 31, 2022 |
|
September 30, 2022 |
||||||||
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
||||||||
INCOME |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
$ |
18,340 |
|
|
$ |
18,456 |
|
|
$ |
18,449 |
|
|
$ |
20,021 |
|
Interest expense |
|
|
(15,039 |
) |
|
|
(14,925 |
) |
|
|
(14,482 |
) |
|
|
(11,369 |
) |
Net interest income |
|
|
3,301 |
|
|
|
3,531 |
|
|
|
3,967 |
|
|
|
8,652 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other income |
|
|
498 |
|
|
|
455 |
|
|
|
479 |
|
|
|
1,259 |
|
Total revenue, net |
|
|
3,799 |
|
|
|
3,986 |
|
|
|
4,446 |
|
|
|
9,911 |
|
|
|
|
|
|
|
|
|
|
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EXPENSE |
|
|
|
|
|
|
|
|
||||||||
Related party expense - loan servicing fees |
|
|
1,827 |
|
|
|
1,860 |
|
|
|
1,911 |
|
|
|
1,952 |
|
Related party expense - management fees |
|
|
2,001 |
|
|
|
1,828 |
|
|
|
1,722 |
|
|
|
1,948 |
|
Professional fees |
|
|
989 |
|
|
|
934 |
|
|
|
621 |
|
|
|
667 |
|
Other expense |
|
|
1,526 |
|
|
|
1,503 |
|
|
|
1,443 |
|
|
|
1,380 |
|
Total expense |
|
|
6,343 |
|
|
|
6,125 |
|
|
|
5,697 |
|
|
|
5,947 |
|
Consolidated operating (loss)/income |
|
$ |
(2,544 |
) |
|
$ |
(2,139 |
) |
|
$ |
(1,251 |
) |
|
$ |
3,964 |
|
Basic operating (loss)/income per common share |
|
$ |
(0.11 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.05 |
) |
|
$ |
0.17 |
|
Diluted operating (loss)/income per common share |
|
$ |
(0.11 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.05 |
) |
|
$ |
0.17 |
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation to GAAP net loss |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Consolidated operating (loss)/income |
|
$ |
(2,544 |
) |
|
$ |
(2,139 |
) |
|
$ |
(1,251 |
) |
|
$ |
3,964 |
|
|
|
|
|
|
|
|
|
|
||||||||
Mark to market loss on joint venture refinancing |
|
|
(8,814 |
) |
|
|
(995 |
) |
|
|
— |
|
|
|
— |
|
Realized loss on sale of securities |
|
|
— |
|
|
|
(2,974 |
) |
|
|
(3,836 |
) |
|
|
(860 |
) |
Net decrease in the net present value of expected credit losses |
|
|
2,866 |
|
|
|
621 |
|
|
|
1,152 |
|
|
|
1,935 |
|
Fair value adjustment on put option liability |
|
|
(1,839 |
) |
|
|
(1,622 |
) |
|
|
(1,431 |
) |
|
|
(2,917 |
) |
Acceleration of put option settlement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(8,813 |
) |
Other adjustments |
|
|
(950 |
) |
|
|
(162 |
) |
|
|
(685 |
) |
|
|
(442 |
) |
Loss before provision for income taxes |
|
|
(11,281 |
) |
|
|
(7,271 |
) |
|
|
(6,051 |
) |
|
|
(7,133 |
) |
Provision for income taxes |
|
|
181 |
|
|
|
93 |
|
|
|
232 |
|
|
|
2,370 |
|
Consolidated net (income)/loss attributable to non-controlling interest |
|
|
(24 |
) |
|
|
(30 |
) |
|
|
(5 |
) |
|
|
42 |
|
Consolidated net loss attributable to the Company |
|
|
(11,486 |
) |
|
|
(7,394 |
) |
|
|
(6,288 |
) |
|
|
(9,461 |
) |
Dividends on preferred stock |
|
|
(548 |
) |
|
|
(547 |
) |
|
|
(547 |
) |
|
|
(1,053 |
) |
Discount on retirement of preferred stock |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(5,735 |
) |
Consolidated net loss attributable to common stockholders |
|
$ |
(12,034 |
) |
|
$ |
(7,941 |
) |
|
$ |
(6,835 |
) |
|
$ |
(16,249 |
) |
Basic loss per common share |
|
$ |
(0.51 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.71 |
) |
Diluted loss per common share |
|
$ |
(0.51 |
) |
|
$ |
(0.34 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.71 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230803572158/en/
Lawrence Mendelsohn
Chief Executive Officer
Or
Mary Doyle
Chief Financial Officer
Mary.Doyle@aspencapital.com
503-444-4224
Source: Great Ajax Corp.
FAQ
What was the interest income for the second quarter?
How much cash did the company collect from loan payments, sales of real estate owned properties, and investments?
What percentage of the portfolio made at least 12 out of the last 12 payments?