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Mar 31, 2021
Great Ajax Q1 2021 Earnings Report
Announced results for the quarter ended March 31, 2021.
Key Takeaways
Great Ajax Corp. reported a net income attributable to common stockholders of $7.0 million and basic earnings per share of $0.30 for the quarter ended March 31, 2021. The company purchased $31.6 million re-performing mortgage loans, $0.4 million of non-performing mortgage loans, and $3.6 million small-balance commercial loans during the quarter, ending with $1.1 billion in net mortgage loans.
Purchased $31.6 million re-performing mortgage loans, $0.4 million of non-performing mortgage loans and $3.6 million small-balance commercial loans to end the quarter with $1.1 billion in net mortgage loans.
Net income attributable to common stockholders was $7.0 million.
Basic earnings per common share was $0.30.
Held $137.6 million of cash and cash equivalents at March 31, 2021.
Revenue by Segment
Forward Guidance
Great Ajax has agreed to acquire residential RPLs and NPLs, and co-invested with third-party institutional investors to form Ajax Mortgage Loan Trust 2021-C.
Positive Outlook
- Agreed to acquire 106 residential RPLs in seven transactions.
- Agreed to acquire nine NPLs in two transactions.
- Purchase price of the residential RPLs equals 88.7% of UPB and 62.2% of the estimated market value of the underlying collateral.
- Purchase price of the NPLs equals 90.3% of UPB and 70.0% of the estimated market value of the underlying collateral.
- Acquired 5.01% of the class A securities and 31.9% of the class B securities and trust certificates from the trust, which acquired 1,290 RPLs and NPLs with UPB of $259.6 million and an aggregate property value of $483.1 million.
Challenges Ahead
- Acquisitions are subject to due diligence.
- Agreed to acquire 4,739 residential RPLs through a joint venture with third-party institutional investors.
- Agreed to acquire 132 NPLs through a joint venture with third-party institutional investors.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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