Great Ajax Corp. Announces Results for the Quarter Ended March 31, 2023
First Quarter Highlights
-
Interest income of
$18.5 million $3.5 million -
Net loss attributable to common stockholders of
$(7.9) million -
Operating loss of
$(2.1) million -
Earnings per share ("EPS") per basic common share was a loss of
$(0.34) -
Operating loss per basic common share of
$(0.09) -
Taxable income of
$0.05 -
Book value per common share of
$12.58 -
Refinanced three joint ventures with
$205.1 million $497.4 million $16.1 million $30.2 million $356.0 million -
Collected total cash of
$43.6 million -
Held
$49.4 million $50.9 million -
As of March 31, 2023, approximately
81.3% of our portfolio (based on UPB at the time of acquisition) made at least 12 out of the last 12 payments
Selected Financial Results (Unaudited) |
||||||||||||||||||||
($ in thousands except per share amounts) |
||||||||||||||||||||
|
|
For the three months ended |
||||||||||||||||||
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
|
March 31,
|
||||||||||
Loan interest income(1) |
|
$ |
13,281 |
|
|
$ |
13,520 |
|
|
$ |
14,864 |
|
|
$ |
15,402 |
|
|
$ |
16,186 |
|
Earnings from debt securities and beneficial interests(2) |
|
$ |
4,569 |
|
|
$ |
4,562 |
|
|
$ |
4,613 |
|
|
$ |
5,303 |
|
|
$ |
6,866 |
|
Other interest income |
|
$ |
606 |
|
|
$ |
367 |
|
|
$ |
544 |
|
|
$ |
195 |
|
|
$ |
160 |
|
Interest expense |
|
$ |
(14,925 |
) |
|
$ |
(14,482 |
) |
|
$ |
(11,369 |
) |
|
$ |
(9,175 |
) |
|
$ |
(8,606 |
) |
Net interest income |
|
$ |
3,531 |
|
|
$ |
3,967 |
|
|
$ |
8,652 |
|
|
$ |
11,725 |
|
|
$ |
14,606 |
|
Net decrease in the net present value of expected credit losses |
|
$ |
621 |
|
|
$ |
1,152 |
|
|
$ |
1,935 |
|
|
$ |
961 |
|
|
$ |
3,978 |
|
Other (loss)/income, loss from equity method investments and loss on joint venture refinancing on beneficial interests |
|
$ |
(3,612 |
) |
|
$ |
(3,744 |
) |
|
$ |
(65 |
) |
|
$ |
(3,918 |
) |
|
$ |
(3,613 |
) |
Total revenue, net(1,3) |
|
$ |
540 |
|
|
$ |
1,375 |
|
|
$ |
10,522 |
|
|
$ |
8,768 |
|
|
$ |
14,971 |
|
Consolidated net (loss)/income(1) |
|
$ |
(7,364 |
) |
|
$ |
(6,283 |
) |
|
$ |
(9,503 |
) |
|
$ |
(4,781 |
) |
|
$ |
5,631 |
|
Net (loss)/income per basic share |
|
$ |
(0.34 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.40 |
) |
|
$ |
0.15 |
|
Average equity(1,4) |
|
$ |
337,206 |
|
|
$ |
343,112 |
|
|
$ |
399,610 |
|
|
$ |
466,847 |
|
|
$ |
489,303 |
|
Average total assets(1) |
|
$ |
1,463,529 |
|
|
$ |
1,509,738 |
|
|
$ |
1,559,584 |
|
|
$ |
1,645,915 |
|
|
$ |
1,722,610 |
|
Average daily cash balance |
|
$ |
50,916 |
|
|
$ |
47,196 |
|
|
$ |
62,334 |
|
|
$ |
60,609 |
|
|
$ |
73,636 |
|
Average carrying value of RPLs(1) |
|
$ |
882,018 |
|
|
$ |
883,254 |
|
|
$ |
897,947 |
|
|
$ |
909,382 |
|
|
$ |
946,164 |
|
Average carrying value of NPLs(1) |
|
$ |
86,494 |
|
|
$ |
99,160 |
|
|
$ |
100,827 |
|
|
$ |
114,775 |
|
|
$ |
117,670 |
|
Average carrying value of SBC loans |
|
$ |
12,159 |
|
|
$ |
14,275 |
|
|
$ |
15,546 |
|
|
$ |
16,704 |
|
|
$ |
19,923 |
|
Average carrying value of debt securities and beneficial interests |
|
$ |
401,240 |
|
|
$ |
427,471 |
|
|
$ |
435,849 |
|
|
$ |
487,484 |
|
|
$ |
491,231 |
|
Average asset backed debt balance(1) |
|
$ |
897,279 |
|
|
$ |
933,695 |
|
|
$ |
987,394 |
|
|
$ |
1,046,985 |
|
|
$ |
1,099,142 |
|
____________________________________________________________
(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 March 31, 2023, we had a GAAP consolidated net loss attributable to common stockholders of
Our net interest income for the quarter ended March 31, 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 March 31, 2023, we recorded income of
As previously described in our prior quarter earnings call, we recorded a
We recorded a loss from our investments in affiliates of
Our GAAP expenses increased on a quarter over quarter basis by
We recorded
On January 1, 2023, the Company transferred
Transfers of securities from AFS to HTM are non-cash transactions and are recorded at fair value. On the date of transfer, AOCI included unrealized losses of
We ended the quarter with a GAAP book value of
Our taxable income for the quarter ended March 31, 2023 was
On February 23, 2023, with an accredited institutional investor we refinanced our 2019-E, -G and -H joint ventures into Ajax Mortgage Loan Trust 2023-A ("2023-A") and retained
We collected
We purchased three RPLs with UPB of
On January 31, 2023, we contributed an additional
On February 21, 2023, our Board of Directors approved the First Amendment to the Third Amended and Restated Management Agreement with the Manager, which has an effective date of March 1, 2023 and states that the stockholders’ equity used to calculate the base management fee include our unsecured debt securities to the extent the proceeds were used to repurchase our preferred stock.
The following table provides an overview of our portfolio at March 31, 2023 ($ in thousands):
No. of loans |
|
|
5,241 |
|
|
Weighted average coupon |
|
|
4.40 |
% |
Total UPB(1) |
|
$ |
1,007,497 |
|
|
Weighted average LTV(5) |
|
|
56.8 |
% |
Interest-bearing balance |
|
$ |
920,637 |
|
|
Weighted average remaining term (months) |
|
|
292 |
|
Deferred balance(2) |
|
$ |
86,860 |
|
|
No. of first liens |
|
|
5,193 |
|
Market value of collateral(3) |
|
$ |
2,131,485 |
|
|
No. of second liens |
|
|
48 |
|
Current purchase price/total UPB |
|
|
81.6 |
% |
|
No. of REO held-for-sale |
|
|
32 |
|
Current purchase price/market value of collateral |
|
|
42.7 |
% |
|
Market value of REO held-for-sale(6) |
|
$ |
5,612 |
|
RPLs |
|
|
88.4 |
% |
|
Carrying value of debt securities and beneficial interests in trusts |
|
$ |
366,855 |
|
NPLs |
|
|
10.5 |
% |
|
Loans with 12 for 12 payments as an approximate percentage of acquisition UPB(7) |
|
|
81.3 |
% |
SBC loans(4) |
|
|
1.1 |
% |
|
Loans with 24 for 24 payments as an approximate percentage of acquisition UPB(8) |
|
|
72.1 |
% |
____________________________________________________________
(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 March 31, 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 two residential RPLs in one transaction from a single seller with aggregate UPB of
We have agreed to acquire, subject to due diligence, 74 residential RPLs in two transactions with aggregate UPB of
On May 4, 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. EST on Thursday, May 4, 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 and, when filed with the SEC, our Quarterly Report on Form 10-Q for the period ended March 31, 2023. The COVID-19 outbreak has caused significant volatility and disruption in the financial markets both globally and in
GREAT AJAX CORP. AND SUBSIDIARIES |
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CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||
(Dollars in thousands except per share amounts) |
||||||||||||||||
|
|
Three months ended |
||||||||||||||
|
|
March 31
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
||||||||
INCOME |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
$ |
18,456 |
|
|
$ |
18,449 |
|
|
$ |
20,021 |
|
|
$ |
20,900 |
|
Interest expense |
|
|
(14,925 |
) |
|
|
(14,482 |
) |
|
|
(11,369 |
) |
|
|
(9,175 |
) |
Net interest income |
|
|
3,531 |
|
|
|
3,967 |
|
|
|
8,652 |
|
|
|
11,725 |
|
Net decrease in the net present value of expected credit losses |
|
|
621 |
|
|
|
1,152 |
|
|
|
1,935 |
|
|
|
961 |
|
Net interest income after the impact of changes in the net present value of expected credit losses |
|
|
4,152 |
|
|
|
5,119 |
|
|
|
10,587 |
|
|
|
12,686 |
|
|
|
|
|
|
|
|
|
|
||||||||
Loss from equity method investments |
|
|
(98 |
) |
|
|
(349 |
) |
|
|
(451 |
) |
|
|
(355 |
) |
Loss on joint venture refinancing on beneficial interests |
|
|
(995 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,142 |
) |
Other (loss)/income |
|
|
(2,519 |
) |
|
|
(3,395 |
) |
|
|
386 |
|
|
|
(1,421 |
) |
Total revenue, net |
|
|
540 |
|
|
|
1,375 |
|
|
|
10,522 |
|
|
|
8,768 |
|
|
|
|
|
|
|
|
|
|
||||||||
EXPENSE |
|
|
|
|
|
|
|
|
||||||||
Related party expense - loan servicing fees |
|
|
1,860 |
|
|
|
1,911 |
|
|
|
1,952 |
|
|
|
2,006 |
|
Related party expense - management fee |
|
|
1,828 |
|
|
|
1,722 |
|
|
|
1,948 |
|
|
|
2,363 |
|
Professional fees |
|
|
934 |
|
|
|
621 |
|
|
|
667 |
|
|
|
419 |
|
Fair value adjustment on put option liability |
|
|
1,622 |
|
|
|
1,431 |
|
|
|
2,917 |
|
|
|
3,595 |
|
Other expense |
|
|
1,614 |
|
|
|
1,741 |
|
|
|
1,358 |
|
|
|
1,376 |
|
Total expense |
|
|
7,858 |
|
|
|
7,426 |
|
|
|
8,842 |
|
|
|
9,759 |
|
Acceleration of put option settlement |
|
|
— |
|
|
|
— |
|
|
|
8,813 |
|
|
|
3,531 |
|
Gain on debt extinguishment |
|
|
(47 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Loss before provision for income taxes |
|
|
(7,271 |
) |
|
|
(6,051 |
) |
|
|
(7,133 |
) |
|
|
(4,522 |
) |
Provision for income taxes |
|
|
93 |
|
|
|
232 |
|
|
|
2,370 |
|
|
|
259 |
|
Consolidated net loss |
|
|
(7,364 |
) |
|
|
(6,283 |
) |
|
|
(9,503 |
) |
|
|
(4,781 |
) |
Less: consolidated net income/(loss) attributable to non-controlling interests |
|
|
30 |
|
|
|
5 |
|
|
|
(42 |
) |
|
|
16 |
|
Consolidated net loss attributable to the Company |
|
|
(7,394 |
) |
|
|
(6,288 |
) |
|
|
(9,461 |
) |
|
|
(4,797 |
) |
Less: dividends on preferred stock |
|
|
547 |
|
|
|
547 |
|
|
|
1,053 |
|
|
|
1,925 |
|
Less: discount on retirement of preferred stock |
|
|
— |
|
|
|
— |
|
|
|
5,735 |
|
|
|
2,459 |
|
Consolidated net loss attributable to common stockholders |
|
|
(7,941 |
) |
|
$ |
(6,835 |
) |
|
$ |
(16,249 |
) |
|
$ |
(9,181 |
) |
Basic loss per common share |
|
$ |
(0.34 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.40 |
) |
Diluted loss per common share |
|
$ |
(0.34 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.40 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares – basic |
|
|
22,920,943 |
|
|
|
22,778,652 |
|
|
|
22,538,891 |
|
|
|
22,754,553 |
|
Weighted average shares – diluted |
|
|
22,920,943 |
|
|
|
22,778,652 |
|
|
|
22,833,465 |
|
|
|
22,754,553 |
|
GREAT AJAX CORP. AND SUBSIDIARIES |
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(Dollars in thousands except per share amounts) |
||||||||
|
|
March 31, 2023 |
|
December 31, 2022 |
||||
ASSETS |
|
(Unaudited) |
|
|
||||
Cash and cash equivalents |
|
$ |
49,397 |
|
|
$ |
47,845 |
|
Mortgage loans held-for-investment, net(1,2) |
|
|
970,665 |
|
|
|
989,084 |
|
Real estate owned properties, net(3) |
|
|
5,092 |
|
|
|
6,333 |
|
Investments in securities available-for-sale(4) |
|
|
146,480 |
|
|
|
257,062 |
|
Investments in securities held-to-maturity(5) |
|
|
73,907 |
|
|
|
— |
|
Investments in beneficial interests(6) |
|
|
135,614 |
|
|
|
134,552 |
|
Receivable from servicer |
|
|
9,622 |
|
|
|
7,450 |
|
Investments in affiliates |
|
|
30,560 |
|
|
|
30,185 |
|
Prepaid expenses and other assets |
|
|
18,304 |
|
|
|
11,915 |
|
Total assets |
|
$ |
1,439,641 |
|
|
$ |
1,484,426 |
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
|
||||
Liabilities: |
|
|
|
|
||||
Secured borrowings, net(1,2,7) |
|
$ |
454,664 |
|
|
$ |
467,205 |
|
Borrowings under repurchase transactions |
|
|
418,653 |
|
|
|
445,855 |
|
Convertible senior notes, net(7) |
|
|
103,450 |
|
|
|
104,256 |
|
Notes payable, net(7) |
|
|
106,258 |
|
|
|
106,046 |
|
Management fee payable |
|
|
1,826 |
|
|
|
1,720 |
|
Put option liability |
|
|
13,775 |
|
|
|
12,153 |
|
Accrued expenses and other liabilities |
|
|
8,460 |
|
|
|
9,726 |
|
Total liabilities |
|
|
1,107,086 |
|
|
|
1,146,961 |
|
|
|
|
|
|
||||
Equity: |
|
|
|
|
||||
Preferred stock |
|
|
|
|
||||
Series A |
|
|
9,411 |
|
|
|
9,411 |
|
Series B |
|
|
25,143 |
|
|
|
25,143 |
|
Common stock |
|
|
245 |
|
|
|
241 |
|
Additional paid-in capital |
|
|
325,462 |
|
|
|
322,439 |
|
Treasury stock |
|
|
(9,532 |
) |
|
|
(9,532 |
) |
Retained earnings |
|
|
(544 |
) |
|
|
13,275 |
|
Accumulated other comprehensive loss |
|
|
(19,763 |
) |
|
|
(25,649 |
) |
Equity attributable to stockholders |
|
|
330,422 |
|
|
|
335,328 |
|
Non-controlling interests(8) |
|
|
2,133 |
|
|
|
2,137 |
|
Total equity |
|
|
332,555 |
|
|
|
337,465 |
|
Total liabilities and equity |
|
$ |
1,439,641 |
|
|
$ |
1,484,426 |
|
____________________________________________________________
(1) |
Mortgage loans held-for-investment, net include |
|
(2) |
As of both March 31, 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 March 31, 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. 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 March 31, 2023 and December 31, 2022. |
|
(7) |
Secured borrowings, net are presented net of deferred issuance costs of |
|
(8) |
As of March 31, 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 |
||||||||||||||||||||||||||||||||||||||
|
|
March 31, 2023 |
|
December 31, 2022 |
|
September 30, 2022 |
|
June 30, 2022 |
||||||||||||||||||||||||||||||||
|
|
Income
|
|
Shares
|
|
Per
|
|
Income
|
|
Shares
|
|
Per
|
|
Income
|
|
Shares
|
|
Per
|
|
Income
|
|
Shares
|
|
Per
|
||||||||||||||||
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
||||||||||||||||||||||||||||||||
Basic EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Consolidated net loss attributable to common stockholders |
|
$ |
(7,941 |
) |
|
22,920,943 |
|
|
|
$ |
(6,835 |
) |
|
22,778,652 |
|
|
|
$ |
(16,249 |
) |
|
22,538,891 |
|
|
|
$ |
(9,181 |
) |
|
22,754,553 |
|
|
||||||||
Allocation of loss to participating restricted shares |
|
|
111 |
|
|
— |
|
|
|
|
97 |
|
|
— |
|
|
|
|
210 |
|
|
— |
|
|
|
|
103 |
|
|
— |
|
|
||||||||
Consolidated net loss attributable to unrestricted common stockholders |
|
$ |
(7,830 |
) |
|
22,920,943 |
|
$ |
(0.34 |
) |
|
$ |
(6,738 |
) |
|
22,778,652 |
|
$ |
(0.30 |
) |
|
$ |
(16,039 |
) |
|
22,538,891 |
|
$ |
(0.71 |
) |
|
$ |
(9,078 |
) |
|
22,754,553 |
|
$ |
(0.40 |
) |
Effect of dilutive securities(1) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Restricted stock grants and manager and director fee shares(2) |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
(210 |
) |
|
294,574 |
|
|
|
|
— |
|
|
— |
|
|
||||||||
Amortization of put option(3) |
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
|
|
— |
|
|
— |
|
|
||||||||
Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Consolidated net loss attributable to common stockholders and dilutive securities |
|
$ |
(7,830 |
) |
|
22,920,943 |
|
$ |
(0.34 |
) |
|
$ |
(6,738 |
) |
|
22,778,652 |
|
$ |
(0.30 |
) |
|
$ |
(16,249 |
) |
|
22,833,465 |
|
$ |
(0.71 |
) |
|
$ |
(9,078 |
) |
|
22,754,553 |
|
$ |
(0.40 |
) |
____________________________________________________________
(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, December 31, 2022 and June 30, 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 March 31, 2023, December 31, 2022, September 30, 2022 and June 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)
|
|
Three months ended |
||||||||||||||
|
|
March 31,
|
|
December 31,
|
|
September 30,
|
|
June 30,
|
||||||||
|
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
|
(unaudited) |
||||||||
INCOME |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
$ |
18,456 |
|
|
$ |
18,449 |
|
|
$ |
20,021 |
|
|
$ |
20,900 |
|
Interest expense |
|
|
(14,925 |
) |
|
|
(14,482 |
) |
|
|
(11,369 |
) |
|
|
(9,175 |
) |
Net interest income |
|
|
3,531 |
|
|
|
3,967 |
|
|
|
8,652 |
|
|
|
11,725 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other income |
|
|
455 |
|
|
|
479 |
|
|
|
1,259 |
|
|
|
502 |
|
Total revenue, net |
|
|
3,986 |
|
|
|
4,446 |
|
|
|
9,911 |
|
|
|
12,227 |
|
|
|
|
|
|
|
|
|
|
||||||||
EXPENSE |
|
|
|
|
|
|
|
|
||||||||
Related party expense - loan servicing fees |
|
|
1,860 |
|
|
|
1,911 |
|
|
|
1,952 |
|
|
|
2,006 |
|
Related party expense - management fees |
|
|
1,828 |
|
|
|
1,722 |
|
|
|
1,948 |
|
|
|
2,363 |
|
Professional fees |
|
|
934 |
|
|
|
621 |
|
|
|
667 |
|
|
|
419 |
|
Other expense |
|
|
1,503 |
|
|
|
1,443 |
|
|
|
1,380 |
|
|
|
1,445 |
|
Total expense |
|
|
6,125 |
|
|
|
5,697 |
|
|
|
5,947 |
|
|
|
6,233 |
|
Consolidated operating (loss)/income |
|
$ |
(2,139 |
) |
|
$ |
(1,251 |
) |
|
$ |
3,964 |
|
|
$ |
5,994 |
|
Basic operating (loss)/income per common share |
|
$ |
(0.09 |
) |
|
$ |
(0.05 |
) |
|
$ |
0.17 |
|
|
$ |
0.26 |
|
Diluted operating (loss)/income per common share |
|
$ |
(0.09 |
) |
|
$ |
(0.05 |
) |
|
$ |
0.17 |
|
|
$ |
0.26 |
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation to GAAP net loss |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Consolidated operating (loss)/income |
|
$ |
(2,139 |
) |
|
$ |
(1,251 |
) |
|
$ |
3,964 |
|
|
$ |
5,994 |
|
|
|
|
|
|
|
|
|
|
||||||||
Mark to market loss on joint venture refinancing |
|
|
(995 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2,142 |
) |
Realized loss on sale of securities |
|
|
(2,974 |
) |
|
|
(3,836 |
) |
|
|
(860 |
) |
|
|
(79 |
) |
Net decrease in the net present value of expected credit losses |
|
|
621 |
|
|
|
1,152 |
|
|
|
1,935 |
|
|
|
961 |
|
Fair value adjustment on put option liability |
|
|
(1,622 |
) |
|
|
(1,431 |
) |
|
|
(2,917 |
) |
|
|
(3,595 |
) |
Acceleration of put option settlement |
|
|
— |
|
|
|
— |
|
|
|
(8,813 |
) |
|
|
(3,531 |
) |
Other adjustments |
|
|
(162 |
) |
|
|
(685 |
) |
|
|
(442 |
) |
|
|
(2,130 |
) |
Loss before provision for income taxes |
|
|
(7,271 |
) |
|
|
(6,051 |
) |
|
|
(7,133 |
) |
|
|
(4,522 |
) |
Provision for income taxes |
|
|
93 |
|
|
|
232 |
|
|
|
2,370 |
|
|
|
259 |
|
Consolidated net (income)/loss attributable to non-controlling interest |
|
|
(30 |
) |
|
|
(5 |
) |
|
|
42 |
|
|
|
(16 |
) |
Consolidated net loss attributable to the Company |
|
|
(7,394 |
) |
|
|
(6,288 |
) |
|
|
(9,461 |
) |
|
|
(4,797 |
) |
Dividends on preferred stock |
|
|
(547 |
) |
|
|
(547 |
) |
|
|
(1,053 |
) |
|
|
(1,925 |
) |
Discount on retirement of preferred stock |
|
|
— |
|
|
|
— |
|
|
|
(5,735 |
) |
|
|
(2,459 |
) |
Consolidated net loss attributable to common stockholders |
|
$ |
(7,941 |
) |
|
$ |
(6,835 |
) |
|
$ |
(16,249 |
) |
|
$ |
(9,181 |
) |
Basic loss per common share |
|
$ |
(0.34 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.40 |
) |
Diluted loss per common share |
|
$ |
(0.34 |
) |
|
$ |
(0.30 |
) |
|
$ |
(0.71 |
) |
|
$ |
(0.40 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230504006002/en/
Lawrence Mendelsohn
Chief Executive Officer
Or
Mary Doyle
Chief Financial Officer
Mary.Doyle@aspencapital.com
503-444-4224
Source: Great Ajax Corp.
