Great Ajax Corp (AJX) Tops Q1 EPS by 2c

Great Ajax Corp (NYSE: AJX) reported Q1 EPS of $0.30, $0.02 better than the analyst estimate of $0.28.

• Purchased $31.6 million re-performing mortgage loans ("RPLs"), with unpaid principal balance ("UPB") of $36.0 million at 57.2% of property value, $0.4 million of non-performing mortgage loans ("NPLs"), with UPB of $0.7 million at 50.1% of property value, and $3.6 million small-balance commercial loans ("SBCs"), with UPB of $3.6 million at 36.5% of property value, to end the quarter with $1.1 billion in net mortgage loans
• Interest income of $24.0 million; net interest income of $13.7 million excluding a net $5.5 million acceleration of purchase discount on loans that paid off during the quarter as actual payoffs exceeded modeled expectations
• Net income attributable to common stockholders of $7.0 million
• Basic earnings per common share (“EPS”) of $0.30
• Book value per common share of $16.18 at March 31, 2021
• Taxable income of $0.38 per common share
• Collected total cash of $70.2 million from loan payments, sales of real estate owned ("REO") and investments in debt securities and beneficial interests
• Completed two securitizations materially reducing our cost of funds, with $175.1 million of AAA, A and BBB rated securities placed at a weighted average coupon of 1.31% in the first transaction and $215.9 million of senior securities placed at a coupon of 2.24% in the second transaction
• Held $137.6 million of cash and cash equivalents at March 31, 2021; average daily cash balance for the quarter was $115.2 million
• At March 31, 2021, approximately 73.1% of portfolio based on 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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