Great Ajax Corp (AJX) Reports In-Line Q3 EPS

Great Ajax Corp (NYSE: AJX) reported Q3 EPS of $0.23, in-line with the analyst estimate of $0.23.​

• Formed joint ventures that acquired $876.1 million in unpaid principal balance ("UPB") of mortgage loans with collateral values of $1.4 billion and retained $83.4 million of varying classes of related securities issued by the joint ventures to end the quarter with $370.9 million of investments in debt securities and beneficial interests
• Purchased 244 re-performing mortgage loans ("RPLs") for $41.2 million, with UPB of $46.3 million and collateral values of $65.3 million, one non-performing mortgage loan ("NPL") for $0.5 million, with UPB of $0.5 million and an underlying collateral value of $0.7 million, and originated two small-balance commercial loans ("SBCs") with UPB of $1.9 million and underlying collateral values of $3.9 million, to end the quarter with $1.1 billion in net mortgage loans
• Interest income of $24.0 million; net interest income of $16.2 million including a reversal of provision for credit losses of $4.0 million as a result of better than expected loan performance and the related impact on future repayment rates
• Net income attributable to common stockholders of $5.3 million
• Basic earnings per common share (“EPS”) of $0.23
• Book value per common share of $15.35 at September 30, 2020
• Taxable income of $0.11 per common share
• Collected total cash of $56.4 million from loan payments, sales of real estate owned ("REO") and investments in debt securities and beneficial interests
• Held $135.2 million of cash and cash equivalents at September 30, 2020; average daily cash balance for the quarter was $128.6 million excluding $51.0 million of funds on deposit in a non-interest bearing account for a transaction closed September 25, 2020. Including the $51.0 million on deposit, average daily cash was $148.0 million
• At September 30, 2020, approximately 74.5% of portfolio based on current UPB made at least 12 out of the last 12 payments

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

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