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Jun 30, 2022
Great Ajax Q2 2022 Earnings Report
Great Ajax reported a net loss for Q2 2022, influenced by losses from joint venture refinancing and preferred stock retirement, alongside decreased interest income.
Key Takeaways
Great Ajax Corp. reported a consolidated net loss of $(4.781) million for the quarter ended June 30, 2022, with a net loss attributable to common stockholders of $(9.181) million, or $(0.40) per common share. The results were impacted by losses on joint venture refinancing and the retirement of preferred stock and associated warrants. Operating income, a non-GAAP measure, was $5.7 million, or $0.25 per common share. The company collected $74.0 million in cash during the quarter and held $51.6 million in cash and cash equivalents at the end of the quarter.
Reported a net loss attributable to common stockholders of $(9.2) million, or $(0.40) per share.
Operating income was $5.7 million, or $0.25 per share.
Collected $74.0 million in cash from loan payments, sales of REO properties, and collections from investments.
Held $51.6 million in cash and cash equivalents at the end of the quarter.
Forward Guidance
Great Ajax expects annual savings of $0.9 million from preferred stock and warrant repurchases. They have acquired and agreed to acquire additional residential RPLs and NPLs.
Positive Outlook
- Expected annual savings of approximately $0.3 million in preferred dividends due to preferred stock repurchase.
- Expected reduction in future put option accretion expense by approximately $0.6 million annually following warrant repurchase.
- Acquired 22 residential RPLs with an aggregate UPB of $5.7 million.
- Purchase price of acquired RPLs was 97.0% of UPB and 39.5% of the estimated market value of the underlying collateral.
- Agreed to acquire 16 residential RPLs and 3 NPLs with aggregate UPB of $5.7 million and $0.4 million, respectively.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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