Great Ajax Corp (AJX) Reports Q3 2023 Earnings, Net Loss of $6.1 Million
Great Ajax Corp (NYSE:AJX) reports a net loss of $6.1 million for Q3 2023.
Interest income stands at $17.9 million, with net interest income of $3.0 million.
The company forms two joint ventures, acquiring $325.3 million in unpaid principal balance of mortgage loans.
GAAP book value per common share stands at $11.07 as of September 30, 2023.
Great Ajax Corp (NYSE:AJX) 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 (NYSE:AJX) 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 (NYSE:AJX) 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.
This article first appeared on GuruFocus.
