First Quarter Highlights
-
Purchased $7.2 million of re-performing mortgage loans ("RPLs") with
an unpaid principal balance (“UPB”) of $8.5 million and underlying
collateral values of $12.2 million; and acquired $17.8 million of
small-balance commercial mortgage loans ("SBCs") with collateral
values of $28.7 million
-
Formed joint ventures that acquired $388.2 million in UPB of mortgage
loans with collateral values of $671.7 million and retained $64.0
million of varying classes of related securities issued by the joint
ventures to end the quarter with $182.9 million of investments in debt
securities and beneficial interests
-
Acquired one multi-family property for $2.3 million
-
Interest income of $29.5 million net of $0.3 million in servicing fee
expense on loans held in certain of our joint ventures; Net interest
income after provision for loan losses is $13.6 million
-
Net income attributable to common stockholders of $7.3 million
-
Basic earnings per share (“EPS”) of $0.39
-
Taxable income of $0.11 per share
-
Book value per share of $15.59 at March 31, 2019
-
Collected total cash of $63.2 million; including $49.8 million from
our mortgage loan and REO portfolio and $13.4 million from our
investments in debt securities and beneficial interests
-
Sold $39.6 million of joint venture senior debt securities, and held
$41.5 million of cash and cash equivalents at March 31, 2019
Great Ajax Corp. (NYSE: AJX), a Maryland corporation that is a real
estate investment trust, today announces its results of operations for
the quarter ended March 31, 2019. We focus primarily on acquiring,
investing in and managing a portfolio of RPLs secured by single-family
residences and commercial properties and, to a lesser extent,
non-performing loans (“NPLs”). In addition to our continued focus on
residential RPLs, we also originate and acquire SBCs secured by
multi-family retail/residential and mixed use properties and acquire
multi-family retail/residential and mixed use and commercial properties.
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|
|
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|
|
|
|
|
|
|
|
Financial Results (Unaudited)
|
|
($ in thousands except per share amounts)
|
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|
|
|
For the three months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
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|
December 31,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
March 31,
2018
|
|
Loan interest income(1,2,3)
|
|
|
$
|
26,557
|
|
|
$
|
26,146
|
|
|
$
|
26,261
|
|
|
$
|
26,158
|
|
|
$
|
25,445
|
|
Debt securities and beneficial interests(4)
|
|
|
$
|
2,416
|
|
|
$
|
1,155
|
|
|
$
|
444
|
|
|
$
|
238
|
|
|
$
|
131
|
|
Total revenue, net(1,5)
|
|
|
$
|
15,184
|
|
|
$
|
13,894
|
|
|
$
|
14,750
|
|
|
$
|
14,777
|
|
|
$
|
14,743
|
|
Consolidated net income(1)
|
|
|
$
|
8,121
|
|
|
$
|
7,307
|
|
|
$
|
7,495
|
|
|
$
|
8,213
|
|
|
$
|
8,322
|
|
Net income per basic share
|
|
|
$
|
0.39
|
|
|
$
|
0.35
|
|
|
$
|
0.35
|
|
|
$
|
0.40
|
|
|
$
|
0.41
|
|
Average equity(1)
|
|
|
$
|
336,050
|
|
|
$
|
332,002
|
|
|
$
|
323,750
|
|
|
$
|
319,815
|
|
|
$
|
318,839
|
|
Average total assets(1)
|
|
|
$
|
1,587,871
|
|
|
$
|
1,525,759
|
|
|
$
|
1,381,742
|
|
|
$
|
1,362,843
|
|
|
$
|
1,377,537
|
|
Average daily cash balance(6)
|
|
|
$
|
59,484
|
|
|
$
|
68,926
|
|
|
$
|
40,674
|
|
|
$
|
41,617
|
|
|
$
|
51,540
|
|
Average carrying value of RPLs(1,7)
|
|
|
$
|
1,230,512
|
|
|
$
|
1,226,491
|
|
|
$
|
1,161,709
|
|
|
$
|
1,175,466
|
|
|
$
|
1,191,611
|
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Average carrying value of NPLs(1)
|
|
|
$
|
39,807
|
|
|
$
|
41,438
|
|
|
$
|
38,237
|
|
|
$
|
40,767
|
|
|
$
|
40,593
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Average carrying value of SBC loans(7)
|
|
|
$
|
36,181
|
|
|
$
|
35,372
|
|
|
$
|
27,316
|
|
|
$
|
19,222
|
|
|
$
|
19,656
|
|
Average carrying value of debt securities and beneficial interests
|
|
|
$
|
135,449
|
|
|
$
|
72,535
|
|
|
$
|
32,693
|
|
|
$
|
16,262
|
|
|
$
|
6,543
|
|
Average asset level debt balance(1,8)
|
|
|
$
|
1,127,673
|
|
|
$
|
1,089,285
|
|
|
$
|
948,893
|
|
|
$
|
941,533
|
|
|
$
|
961,853
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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____________________________________________________________
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(1)
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|
Reflects the impact of consolidating the assets, liabilities and
non-controlling interests of Ajax Mortgage Loan Trust 2017-D
("2017-D") and Ajax Mortgage Loan Trust 2018-C ("2018-C"), which are
50% and 37%, respectively, owned by third-party institutional
accredited investors.
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(2)
|
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Loan interest income excludes interest income from debt securities
and beneficial interests and bank account balances.
|
|
(3)
|
|
Loan interest income for the quarters ended March 31, 2019 and
December 31, 2018 is net of impairments of $0.2 million and $0.8
million, respectively, on our loan pools.
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(4)
|
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Interest income on investment in debt securities and beneficial
interests issued by our joint ventures is net of servicing fees.
|
|
(5)
|
|
Total revenue includes net interest income, income from equity
method investments and other income.
|
|
(6)
|
|
Average daily cash balance includes cash and cash equivalents, and
excludes cash held in trust.
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|
(7)
|
|
The average carrying value of RPLs and the average carrying value of
SBC loans has been recast for all prior periods to reflect all SBC
loans in the average carrying value of SBC loans. Previously,
certain SBC loans acquired in accretable loan pools were included in
RPLs.
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(8)
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All quarters have been updated to reflect average asset level debt
balance from total average debt balance.
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Our consolidated net income increased $0.8 million for the quarter ended
March 31, 2019 compared to the quarter ended December 31, 2018,
primarily driven by lower impairments on our loan pools and our REO held
for sale, offset by higher professional fees due to year-end activity.
Additionally, net interest income before the impact of loan pool
impairments was $0.3 million higher as we increased our investments in
debt securities and beneficial interests issued by our joint ventures.
Our interest income on loans increased for the quarter ended March 31,
2019 primarily due to impairments in the amount of $0.2 million on
certain of our 2014 and 2015 NPL pools versus $0.8 million for the
quarter ended December 31, 2018. The impairments are driven by small
remaining pool size in which cash flow fluctuations on individual loans
is not offset by the small remaining value of loans in the pool.
The majority of our new investments during the quarter were recorded as
investments in debt securities and beneficial interests in our joint
ventures that were on our balance sheet for a weighted average of only
2.5 days of the quarter. Interest income from our investments in debt
securities and beneficial interests issued by our non-consolidated joint
ventures is recognized net of servicing fees, which are incurred by each
joint venture. This is different than our investments in mortgage loans
where interest income is recognized on a gross basis with the offsetting
servicing fee recorded as expense in a separate income statement line.
The impact of netting the servicing fee against gross interest income
reduces the weighted average yield, the gross and net interest income on
our investments, and our servicing fee expense for the quarter ended
March 31, 2019 by approximately 86 basis points on an annualized basis
compared to a similar investment in a whole loan mortgage pool. The
impact for the quarter ended December 31, 2018 was approximately 77
basis points on an annualized basis.
We recorded $0.5 million in impairments on our REO held-for-sale
portfolio in real estate operating expense for the quarter ended
March 31, 2019 compared to $0.7 million for the quarter ended
December 31, 2018. We continue to liquidate our REO properties
held-for-sale at a faster rate than they are being acquired through
foreclosures, with 33 properties sold in the first quarter while 26 were
added to REO held-for-sale.
We collected $63.2 million of cash during the quarter, to end the first
quarter with $41.5 million in cash and cash equivalents. $49.8 million
of our cash collections derived from our mortgage loan and REO
portfolios through loan payments, loan payoffs and sales of REO during
the quarter and $13.4 million in interest and payments from our
investments in debt securities and beneficial interests. We also sold
$39.6 million of senior debt securities issued by our joint ventures. Of
the $49.8 million of cash collections from mortgage loans and
REO, we received $17.7 million from loans paying the full amount of
principal, past due interest and charges.
During the quarter ended March 31, 2019, we acquired $7.2 million of
RPLs with an aggregate UPB of $8.5 million, and underlying collateral
values of $12.2 million. We also acquired 19 SBC loans with UPB of $17.8
million that represented 62.0% of the underlying collateral value of
$28.7 million. We ended the quarter with $1.3 billion of mortgage loans
with an aggregate UPB of $1.5 billion. Mortgage loans acquired during
the first quarter and held as of quarter-end were on our consolidated
balance sheet for a weighted average of 37 days during the quarter.
We also acquired a 16-unit multi-family property in Atlanta, GA for a
purchase price of $2.3 million.
During the quarter ended March 31, 2019, we co-invested with a
third-party institutional accredited investor to purchase $388.2 million
of mortgage loans with collateral values of $671.7 million through
newly-formed joint ventures, and retained $64.0 million of varying
classes of related securities issued by the joint ventures, to end the
quarter with $152.1 million of investments in securities at fair value
and $30.8 million in beneficial interests. We acquired 20.0% of each
class of Ajax Mortgage Loan Trust 2019-A ("2019-A") for a net investment
of $32.6 million and 15.0% of each class of Ajax Mortgage Loan Trust
2019-B ("2019-B") for a net investment of $31.4 million.
2019-A acquired 485 RPLs and NPLs with UPB of $170.4 million and an
aggregate property value of $299.1 million. The senior securities
represent 75% of the UPB of the underlying mortgage loans and carry a
3.75% interest rate. Based on the structure of the transaction we do not
consolidate 2019-A under GAAP.
2019-B acquired 1,200 RPLs with UPB of $217.8 million and an aggregate
property value of $372.6 million. The senior securities represent 75% of
the UPB of the underlying mortgage loans and carry a 3.75% interest
rate. Based on the structure of the transaction we do not consolidate
2019-B under GAAP.
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|
|
|
|
|
|
|
|
|
|
|
|
Portfolio Acquisitions
|
|
($ in thousands)
|
|
|
|
|
For the three months ended
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31,
2019
|
|
December 31,
2018
|
|
September 30,
2018(1)
|
|
June 30,
2018
|
|
March 31,
2018
|
|
RPLs
|
|
|
|
|
|
|
|
|
|
|
|
|
Count
|
|
|
38
|
|
|
388
|
|
|
271
|
|
|
64
|
|
|
87
|
|
|
UPB
|
|
|
$
|
8,495
|
|
|
$
|
71,049
|
|
|
$
|
69,211
|
|
|
$
|
15,549
|
|
|
$
|
19,699
|
|
|
Purchase price
|
|
|
$
|
7,205
|
|
|
$
|
63,304
|
|
|
$
|
64,428
|
|
|
$
|
14,313
|
|
|
$
|
17,566
|
|
|
Purchase price % of UPB
|
|
|
84.8
|
%
|
|
89.1
|
%
|
|
93.1
|
%
|
|
92.1
|
%
|
|
89.2
|
%
|
|
NPLs
|
|
|
|
|
|
|
|
|
|
|
|
|
Count
|
|
|
—
|
|
|
25
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
UPB
|
|
|
$
|
—
|
|
|
$
|
4,269
|
|
|
$
|
1,700
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Purchase price
|
|
|
$
|
—
|
|
|
$
|
3,979
|
|
|
$
|
1,431
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Purchase price % of UPB
|
|
|
—
|
%
|
|
93.2
|
%
|
|
84.2
|
%
|
|
—
|
%
|
|
—
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________________________________________________
|
|
|
|
|
|
|
|
(1)
|
|
Includes the impact of 256 mortgage loans with a purchase price of
$47.4 million and UPB of $52.8 million acquired through a 63% owned
joint venture that we consolidate.
|
|
|
|
|
|
|
The following table provides an overview of our portfolio at March 31,
2019 ($ in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
No. of loans
|
|
|
7,018
|
|
|
|
Weighted average coupon
|
|
4.60
|
%
|
|
Total UPB
|
|
|
$
|
1,470,383
|
|
|
|
Weighted average LTV(5)
|
|
85.0
|
%
|
|
Interest-bearing balance
|
|
|
$
|
1,375,912
|
|
|
|
Weighted average remaining term (months)
|
|
310
|
|
|
Deferred balance(1)
|
|
|
$
|
94,471
|
|
|
|
No. of first liens
|
|
6,989
|
|
|
Market value of collateral(2)
|
|
|
$
|
2,026,989
|
|
|
|
No. of second liens
|
|
29
|
|
|
Price/total UPB(3)
|
|
|
82.3
|
%
|
|
|
No. of rental properties
|
|
20
|
|
|
Price/market value of collateral
|
|
|
62.3
|
%
|
|
|
Capital invested in rental properties
|
|
$
|
19,545
|
|
|
Re-performing loans
|
|
|
93.5
|
%
|
|
|
No. of REO held-for-sale
|
|
97
|
|
|
Non-performing loans
|
|
|
2.7
|
%
|
|
|
Market value of REO held-for-sale(6)
|
|
$
|
20,308
|
|
|
Small-balance commercial loans(4)
|
|
|
3.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
____________________________________________________________
|
|
|
|
|
|
(1)
|
|
Amounts that have been deferred in connection with a loan
modification on which interest does not accrue. These amounts
generally become payable at maturity.
|
|
(2)
|
|
As of date of acquisition.
|
|
(3)
|
|
Our loan portfolio consists of fixed rate (54.1% of UPB), ARM (10.0%
of UPB) and Hybrid ARM (35.9% of UPB) mortgage loans.
|
|
(4)
|
|
SBC loans includes both purchased and originated loans.
|
|
(5)
|
|
UPB as of March 31, 2019 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.
|
|
|
|
|
Subsequent Events
Since quarter end, we acquired 66 residential RPLs with aggregate UPB of
$13.9 million in two transactions from two sellers. The RPLs were
acquired at 87.9% of UPB and the estimated market value of the
underlying collateral is $21.1 million. The purchase price equaled 57.8%
of the estimated market value of the underlying collateral.
Additionally, we have also agreed to acquire, subject to due diligence,
106 residential RPLs with UPB of $21.3 million in four transactions from
four different sellers. The purchase price of the residential RPLs
equals 84.2% of UPB and 55.9% of the estimated market value of the
underlying collateral of $32.2 million. We also agreed to acquire two
SBC loans with UPB of $0.7 million. The purchase price of the SBC loans
equals 99.0% of UPB.
We also agreed to acquire three commercial properties for an aggregate
purchase price of $7.1 million in three separate transactions from three
different sellers.
On April 30, 2019, our Board of Directors declared a dividend of $0.32
per share to be paid on May 31, 2019 to our common stockholders of
record as of May 17, 2019.
Conference Call
Great Ajax Corp. will host a conference call at 5:00 p.m. EDT, Tuesday,
May 7, 2019 to review our financial results for the quarter. A live
Webcast of the conference call will be accessible from the Investor
Relations section of our website www.great-ajax.com.
An archive of the Webcast will be available for 90 days.
About Great Ajax Corp.
Great Ajax Corp. is a Maryland corporation that is a real estate
investment trust, that focuses primarily on acquiring, investing in and
managing RPLs secured by single-family residences and, to a lesser
extent, NPLs. We also originate in loans secured by multi-family
residential and smaller commercial mixed use retail/residential
properties, as well as in the properties directly. We are externally
managed by Thetis Asset Management LLC. Our mortgage loans and other
real estate assets are serviced by Gregory Funding LLC, an affiliated
entity. We have elected to be taxed as a real estate investment trust
under the Internal Revenue Code.
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 the control of Great Ajax, including, without limitation, the
risk factors and other matters set forth in our Annual Report on Form
10-K for the period ended December 31, 2018 when filed with the SEC.
Great Ajax undertakes 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 INCOME
|
|
(Dollars in thousands except per share amounts)
|
|
|
|
|
|
|
|
|
|
Three months ended
|
|
|
|
|
March 31,
2019
|
|
December 31,
2018
|
|
September 30,
2018
|
|
June 30,
2018
|
|
|
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
(unaudited)
|
|
INCOME:
|
|
|
|
|
|
|
|
|
|
|
Interest income
|
|
|
$
|
29,452
|
|
|
$
|
28,484
|
|
|
$
|
27,416
|
|
|
$
|
26,690
|
|
|
Interest expense
|
|
|
(15,685
|
)
|
|
(15,045
|
)
|
|
(12,997
|
)
|
|
(12,799
|
)
|
|
Net interest income
|
|
|
13,767
|
|
|
13,439
|
|
|
14,419
|
|
|
13,891
|
|
|
Provision for loan losses
|
|
|
(154
|
)
|
|
(799
|
)
|
|
(365
|
)
|
|
—
|
|
|
Net interest income after provision for loan losses
|
|
|
13,613
|
|
|
12,640
|
|
|
14,054
|
|
|
13,891
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income from equity method investments
|
|
|
461
|
|
|
134
|
|
|
239
|
|
|
197
|
|
|
Other income
|
|
|
1,110
|
|
|
1,120
|
|
|
457
|
|
|
689
|
|
|
Total income
|
|
|
15,184
|
|
|
13,894
|
|
|
14,750
|
|
|
14,777
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EXPENSE:
|
|
|
|
|
|
|
|
|
|
|
Related party expense - loan servicing fees
|
|
|
2,506
|
|
|
2,550
|
|
|
2,457
|
|
|
2,672
|
|
|
Related party expense - management fee
|
|
|
1,688
|
|
|
1,597
|
|
|
1,456
|
|
|
1,440
|
|
|
Loan transaction expense
|
|
|
69
|
|
|
24
|
|
|
(25
|
)
|
|
35
|
|
|
Professional fees
|
|
|
862
|
|
|
582
|
|
|
482
|
|
|
506
|
|
|
Real estate operating expense
|
|
|
786
|
|
|
858
|
|
|
1,001
|
|
|
944
|
|
|
Other expense
|
|
|
1,081
|
|
|
1,014
|
|
|
964
|
|
|
965
|
|
|
Total expense
|
|
|
6,992
|
|
|
6,625
|
|
|
6,335
|
|
|
6,562
|
|
|
Loss on debt extinguishment
|
|
|
—
|
|
|
—
|
|
|
836
|
|
|
—
|
|
|
Income before provision for income tax
|
|
|
8,192
|
|
|
7,269
|
|
|
7,579
|
|
|
8,215
|
|
|
Provision for income tax (benefit)
|
|
|
71
|
|
|
(38
|
)
|
|
84
|
|
|
2
|
|
|
Consolidated net income
|
|
|
8,121
|
|
|
7,307
|
|
|
7,495
|
|
|
8,213
|
|
|
Less: consolidated net income attributable to non-controlling
interests
|
|
|
791
|
|
|
711
|
|
|
937
|
|
|
692
|
|
|
Consolidated net income attributable to common stockholders
|
|
|
$
|
7,330
|
|
|
$
|
6,596
|
|
|
$
|
6,558
|
|
|
$
|
7,521
|
|
|
Basic earnings per common share
|
|
|
$
|
0.39
|
|
|
$
|
0.35
|
|
|
$
|
0.35
|
|
|
$
|
0.40
|
|
|
Diluted earnings per common share
|
|
|
$
|
0.36
|
|
|
$
|
0.34
|
|
|
$
|
0.34
|
|
|
$
|
0.37
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares – basic
|
|
|
18,811,713
|
|
|
18,771,423
|
|
|
18,691,393
|
|
|
18,595,769
|
|
|
Weighted average shares – diluted
|
|
|
27,829,448
|
|
|
27,163,859
|
|
|
26,592,806
|
|
|
26,476,817
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GREAT AJAX CORP. AND SUBSIDIARIES
|
|
CONSOLIDATED BALANCE SHEETS
|
|
(Dollars in thousands except per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2019
|
|
December 31, 2018
|
|
ASSETS
|
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
41,542
|
|
|
$
|
55,146
|
|
|
Cash held in trust
|
|
|
23
|
|
|
24
|
|
|
Mortgage loans, net(1,4)
|
|
|
1,313,677
|
|
|
1,310,873
|
|
|
Property held-for-sale, net(2)
|
|
|
18,580
|
|
|
19,402
|
|
|
Rental property, net
|
|
|
19,242
|
|
|
17,635
|
|
|
Investments at fair value
|
|
|
152,083
|
|
|
146,811
|
|
|
Investments in beneficial interests
|
|
|
30,809
|
|
|
22,086
|
|
|
Receivable from servicer
|
|
|
18,746
|
|
|
14,587
|
|
|
Investments in affiliates
|
|
|
8,904
|
|
|
8,653
|
|
|
Prepaid expenses and other assets
|
|
|
12,576
|
|
|
7,654
|
|
|
Total assets
|
|
|
$
|
1,616,182
|
|
|
$
|
1,602,871
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY
|
|
|
|
|
|
|
Liabilities:
|
|
|
|
|
|
|
Secured borrowings, net(1,3,4)
|
|
|
$
|
593,121
|
|
|
$
|
610,199
|
|
|
Borrowings under repurchase transactions
|
|
|
560,404
|
|
|
534,089
|
|
|
Convertible senior notes, net(3)
|
|
|
117,838
|
|
|
117,525
|
|
|
Management fee payable
|
|
|
951
|
|
|
881
|
|
|
Accrued expenses and other liabilities
|
|
|
7,193
|
|
|
5,898
|
|
|
Total liabilities
|
|
|
1,279,507
|
|
|
1,268,592
|
|
|
|
|
|
|
|
|
|
Equity:
|
|
|
|
|
|
|
Preferred stock $0.01 par value; 25,000,000 shares authorized, none
issued or outstanding
|
|
|
—
|
|
|
—
|
|
|
Common stock $0.01 par value; 125,000,000 shares authorized,
18,967,223 shares at March 31, 2019 and 18,909,874 shares at
December 31, 2018 issued and outstanding
|
|
|
190
|
|
|
189
|
|
|
Additional paid-in capital
|
|
|
261,527
|
|
|
260,427
|
|
|
Treasury stock
|
|
|
(310
|
)
|
|
(270
|
)
|
|
Retained earnings
|
|
|
41,372
|
|
|
41,063
|
|
|
Accumulated other comprehensive loss
|
|
|
(178
|
)
|
|
(575
|
)
|
|
Equity attributable to stockholders
|
|
|
302,601
|
|
|
300,834
|
|
|
Non-controlling interests(5)
|
|
|
34,074
|
|
|
33,445
|
|
|
Total equity
|
|
|
336,675
|
|
|
334,279
|
|
|
Total liabilities and equity
|
|
|
$
|
1,616,182
|
|
|
$
|
1,602,871
|
|
|
___________________________________________________________
|
|
|
|
|
|
(1)
|
|
Mortgage loans, net include $883.1 million and $897.8 million of
loans at March 31, 2019 and December 31, 2018, respectively,
transferred to securitization trusts that are variable interest
entities (“VIEs”); these loans can only be used to settle
obligations of the VIEs. Secured borrowings consist of notes issued
by VIEs that can only be settled with the assets and cash flows of
the VIEs. The creditors do not have recourse to the primary
beneficiary (Great Ajax Corp.). Mortgage loans, net include $1.3
million and $1.2 million of allowance for loan losses at March 31,
2019 and December 31, 2018, respectively.
|
|
(2)
|
|
Property held-for-sale, net, includes valuation allowances of $1.9
million and $1.8 million at March 31, 2019 and December 31, 2018,
respectively.
|
|
(3)
|
|
Secured borrowings and convertible senior notes are presented net of
deferred issuance costs.
|
|
(4)
|
|
As of March 31, 2019, balances for Mortgage loans, net include s
$370.5 million and Secured borrowings, net of deferred costs
includes $227.3 million from the 50% and 63% owned joint ventures.
As of December 31, 2018, balances for Mortgage loans, net include s
$377.0 million and Secured borrowings, net of deferred costs
includes $231.9 million from a 50% and 63% owned joint ventures, all
of which we consolidate under U.S. GAAP.
|
|
(5)
|
|
Non-controlling interests includes $20.9 million at March 31, 2019,
from 50% and 63% owned joint ventures. Non-controlling interests
includes $20.4 million at December 31, 2018, from a 50% and 63%
owned joint ventures, all of which we consolidate under U.S. GAAP.
|
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