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Dec 31, 2023
Great Ajax Q4 2023 Earnings Report
Great Ajax Corp. experienced a net loss in Q4 2023, driven by write-downs and mark-to-market losses, despite a decrease in interest expense.
Key Takeaways
Great Ajax Corp. reported a net loss attributable to common stockholders of $(23.2) million, or $(0.86) per common share. The operating loss was $(1.8) million, or $(0.07) per common share. The results were impacted by write-downs on beneficial interests and a mark-to-market loss on mortgage loans held-for-sale.
Net loss attributable to common stockholders was $(23.2) million.
Operating loss was $(1.8) million.
Collected $30.4 million in cash from loan payments, REO sales, and investment collections.
Held $52.8 million in cash and cash equivalents at the end of the quarter.
Revenue by Segment
Forward Guidance
Great Ajax Corp. anticipates recording a loss in Q1 2024 related to the sale of mortgage loans, influenced by market uncertainty and the maturity of convertible notes. The company also announced a strategic transaction with Rithm and will hold a stockholders' meeting.
Positive Outlook
- Strategic transaction with Rithm.
- Moving forward with an annual/special stockholders' meeting.
- Declared a cash dividend of $0.10 per share to be paid on March 29, 2024.
- Cash and cash equivalents of $52.8 million.
- Approximately 80.4% of our portfolio made at least 12 out of the last 12 payments
Challenges Ahead
- Anticipates recording a loss in connection with any loans we ultimately sell.
- Market uncertainty.
- Upcoming maturity of our convertible notes.
- GAAP net loss attributable to common stockholders of $(23.2) million or $(0.86) per common share after preferred dividends.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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