Great Ajax Corp (AJX) Misses Q1 EPS

Great Ajax Corp (NYSE: AJX) reported Q1 EPS of $0.02, $0.26 worse than the analyst estimate of $0.28.

• Formed a joint venture that acquired $184.8 million in unpaid principal balance (“UPB”) of mortgage loans with collateral values of $292.9 million and an aggregate purchase price of $170.4 million. As of March 31, 2020, the joint venture was prefunded with $132.6 million of cash for additional loan purchases of which 677 re-performing mortgage loans ("RPLs") with UPB of $123.2 million closed in April for a purchase price of $114.0 million. We retained $61.3 million of varying classes of related securities issued by the joint venture to end the quarter with $312.1 million of investments in debt securities and beneficial interests
• Purchased $0.2 million of non-performing mortgage loans ("NPLs") with UPB of $0.2 million and underlying collateral values of $0.3 million, and 26 RPLs for $1.2 million with UPB of $2.0 million and collateral values of $3.1 million to end the quarter with $1.1 billion in net mortgage loans
• Interest income of $27.3 million; net interest income after provision for credit losses of $9.1 million
• Overall cost of funds decreased approximately 21 basis points
• Net income attributable to common stockholders of $0.4 million
• Basic earnings per share (“EPS”) of $0.02
• Taxable income of $0.05 per share
• Book value per share of $14.37 at March 31, 2020
• Collected total cash of $62.4 million from loan payments, sales of real estate owned ("REO") and investments in debt securities and beneficial interests
• Held $31.2 million of cash and cash equivalents at March 31, 2020; average daily cash balance for the quarter was $58.6 million
• At March 31, 2020, approximately 74% of our portfolio based on UPB had made at least the last 12 out of 12 payments

For earnings history and earnings-related data on Great Ajax Corp (AJX) click here.

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