Great Ajax Corp (AJX, Financial) announced its Q3 2023 earnings on November 2, 2023. The company reported an interest income of $17.9 million and a net interest income of $3.0 million. However, the company reported a net loss attributable to common stockholders of $6.1 million. The earnings per share (EPS) per basic common share was a loss of $(0.25).
Financial Performance
The company's operating loss stood at $(2.3) million, with an operating loss per basic common share of $(0.09). The taxable loss was $(0.06) per share attributable to common stockholders after payment of dividends on preferred stock. The company's book value per common share was $11.07 at the end of September 2023.
Joint Ventures and Investments
Great Ajax Corp (AJX, Financial) formed two joint ventures that acquired $325.3 million in unpaid principal balance (UPB) of mortgage loans from pre-existing joint ventures with collateral values of $718.7 million. The company retained $57.9 million of the varying classes of the related debt securities and beneficial interests issued by the joint venture, ending the quarter with $309.2 million of investments in debt securities and beneficial interests.
Cash Flow and Portfolio Performance
The company collected a total cash of $39.5 million from loan payments, sales of real estate owned (REO) properties, and collections from investments in debt securities and beneficial interests. As of September 30, 2023, approximately 81.2% of the company's portfolio (based on UPB at the time of acquisition) made at least 12 out of the last 12 payments.
Looking Forward
Great Ajax Corp (AJX, Financial) continues to focus on acquiring, investing in, and managing a portfolio of re-performing mortgage loans (RPLs) and non-performing loans (NPLs) secured by single-family residences and commercial properties. The company also originates and acquires small-balance commercial loans (SBC loans) secured by multi-family retail/residential and mixed-use properties.
Explore the complete 8-K earnings release (here) from Great Ajax Corp for further details.
