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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q

(Mark One)
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2020
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
​ For the transition period from                  to                 

001-36844
(Commission file number)
GREAT AJAX CORP.
(Exact name of registrant as specified in its charter)
Maryland

47-1271842

State or other jurisdiction
of incorporation or organization
(I.R.S. Employer
Identification No.)

9400 SW Beaverton-Hillsdale Hwy, Suite 131
Beaverton, OR 97005
(Address of principal executive offices and Zip Code)
503-505-5670
Registrant’s telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolsName of each exchange on which registered
Common stock, par value $0.01 per shareAJXNew York Stock Exchange
7.25% Convertible Senior Notes due 2024AJXANew York Stock Exchange

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).  Yes ☒ No☐

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act. (check one):
Large accelerated filerAccelerated filer
Non-accelerated filer (Do not check if a smaller reporting company)Smaller reporting company
Emerging Growth Company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No☒

As of August 3, 2020, 22,924,982 shares of the registrant’s common stock, par value $0.01 per share, were outstanding.



TABLE OF CONTENTS

i


PART I. FINANCIAL INFORMATION

Item 1. Consolidated Interim Financial Statements

GREAT AJAX CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
($ in thousands except per share data) June 30, 2020December 31, 2019
ASSETS(Unaudited)
Cash and cash equivalents$163,422  $64,343  
Cash held in trust190  20  
Mortgage loans, net(1,2)
1,080,617  1,151,469  
Property held-for-sale, net(3)
6,879  13,537  
Rental property, net1,354  1,534  
Investments at fair value(4)
257,990  231,685  
Investments in beneficial interests(5)
69,876  57,954  
Receivable from servicer15,460  17,013  
Investments in affiliates28,487  29,649  
Prepaid expenses and other assets15,649  9,637  
Total assets$1,639,924  $1,576,841  
LIABILITIES AND EQUITY
Liabilities:
Secured borrowings, net(1,2,6)
$609,812  $652,747  
Borrowings under repurchase transactions400,035  414,114  
Convertible senior notes, net(6)
111,773  118,784  
Management fee payable2,139  1,634  
Accrued expenses and other liabilities17,295  5,478  
Total liabilities1,141,054  1,192,757  
Commitments and contingencies – see Note 8
Equity:
Preferred stock, $0.01 par value, 25,000,000 shares authorized
Series A 7.25% Fixed-to-Floating Rate Cumulative Redeemable, $25.00 liquidation preference per share, 2,307,400 shares issued and outstanding at June 30, 2020 and no shares issued or outstanding at December 31, 2019
51,100    
Series B 5.00% Fixed-to-Floating Rate Cumulative Redeemable, $25.00 liquidation preference per share, 2,892,600 shares issued and outstanding at June 30, 2020 and no shares issued and outstanding at December 31, 2019
64,044    
Common stock $0.01 par value; 125,000,000 shares authorized, 22,924,982 shares issued and outstanding at June 30, 2020 and 22,142,143 shares issued and outstanding at December 31, 2019
230  222  
Additional paid-in capital317,029  309,395  
Treasury stock(564) (458) 
Retained earnings45,084  49,446  
Accumulated other comprehensive (loss)/gain(3,936) 1,277  
Equity attributable to stockholders472,987  359,882  
Non-controlling interests(7)
25,883  24,202  
Total equity498,870  384,084  
Total liabilities and equity$1,639,924  $1,576,841  

The accompanying notes are an integral part of the consolidated financial statements.
1


(1)Mortgage loans net include $871.7 million and $908.6 million of loans at June 30, 2020 and December 31, 2019, respectively, transferred to securitization trusts that are variable interest entities (“VIEs”); these loans can only be used to settle obligations of the VIEs. Secured borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt. Mortgage loans, net include $14.5 million and $2.0 million of allowance for loan credit losses at June 30, 2020 and December 31, 2019, respectively.  
(2)As of June 30, 2020, balances for Mortgage loans, net includes $312.0 million and Secured borrowings, net of deferred costs includes $263.6 million from 50% and 63% owned joint ventures, respectively. As of December 31, 2019, balances for Mortgage loans, net include $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
(3)Property held-for-sale, net, includes valuation allowances of the $1.3 million and $1.8 million at June 30, 2020 and December 31, 2019, respectively.
(4)As of June 30, 2020 and December 31, 2019 Investments at fair value include amortized cost basis of $261.9 million and $230.4 million, respectively, and net unrealized losses of $3.9 million and unrealized gains of $1.3 million, respectively.
(5)Investments in beneficial interests includes allowance for credit losses of $7.0 million at June 30, 2020. No allowance for credit losses was recorded as of December 31, 2019.
(6)Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.
(7)As of June 30, 2020 and December 31, 2019 non-controlling interests includes $24.2 million and $22.4 million, respectively, from the 50% and 63% owned joint ventures, which the Company consolidates under U.S. GAAP.

The accompanying notes are an integral part of the consolidated interim financial statements.
2


GREAT AJAX CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
Three months endedSix months ended
($ in thousands except per share data) June 30, 2020June 30, 2019June 30, 2020June 30, 2019
INCOME
Interest income$23,705  $28,128  $50,991  $57,580  
Interest expense(13,058) (15,439) (26,128) (31,124) 
Net interest income10,647  12,689  24,863  26,456  
Provision for credit benefit/(losses)4,328  (85) (781) (239) 
Net interest income after provision for credit benefit/(losses)14,975  12,604  24,082  26,217  
Income/(loss) from investments in affiliates672  257  (440) 718  
Income/(loss) on sale of mortgage loans(1)
  7,014  (705) 7,014  
Other income680  828  1,427  1,938  
Total revenue, net16,327  20,703  24,364  35,887  
EXPENSE
Related party expense – loan servicing fees1,936  2,274  3,950  4,780  
Related party expense – management fee2,143  1,652  3,942  3,340  
Loan transaction expense65  191  (38) 260  
Professional fees732  634  1,537  1,496  
Real estate operating expenses188  887  1,100  1,673  
Other expense2,325  1,219  3,350  2,300  
Total expense7,389  6,857  13,841  13,849  
Loss on debt extinguishment  182  408  182  
Income before provision for income taxes8,938  13,664  10,115  21,856  
Provision for income taxes (benefit)120  38  (199) 109  
Consolidated net income8,818  13,626  10,314  21,747  
Less: consolidated net income attributable to the non-controlling interest735  599  1,831  1,390  
Consolidated net income attributable to Company8,083  13,027  8,483  20,357  
Less: dividends on preferred stock1,841    1,841    
Consolidated net income attributable to common stockholders$6,242  $13,027  $6,642  $20,357  
Basic earnings per common share$0.27  $0.67  $0.29  $1.06  
Diluted earnings per common share$0.27  $0.56  $0.29  $0.93  
Weighted average shares – basic22,808,943  19,169,941  22,439,648  18,991,817  
Weighted average shares – diluted22,929,849  27,732,587  22,559,916  27,879,608  


(1)The Company sold no mortgage loans during the three months ended June 30, 2020. During the six months ended June 30, 2020, the Company sold 26 SBC mortgage loans with a carrying value of $26.1 million and UPB of $26.2 million for a loss of $0.7 million. Comparatively, during the three and six months ended June 30, 2019, the Company sold 962 loans with a carrying value of $176.9 million and UPB of $200.1 million for a gain of $7.0 million.

The accompanying notes are an integral part of the consolidated interim financial statements.
3


GREAT AJAX CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
 
Three months ended June 30,Six months ended June 30,
($ in thousands)2020201920202019
Consolidated net income attributable to common stockholders$6,242  $13,027  $6,642  $20,357  
Other comprehensive income:
Net unrealized gain/(loss) on investments in available-for-sale debt securities23,231  710  (5,213) 1,107  
Income tax expense related to items of other comprehensive income        
Comprehensive income$29,473  $13,737  $1,429  $21,464  




The accompanying notes are an integral part of the consolidated interim financial statements.
4


GREAT AJAX CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Six months ended
($ in thousands)June 30, 2020June 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income$10,314  $21,747  
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense428  2,112  
Non-cash interest income accretion on mortgage loans(16,230) (21,097) 
Discount accretion on investment in debt securities and beneficial interests(7,822) (5,556) 
Loss/(gain) on sale of mortgage loans705  (7,014) 
Loss on debt extinguishment408  182  
Gain on sale of property held-for-sale(591) (121) 
Gain on sale of securities  (8) 
Depreciation of property16  229  
Impairment of real estate owned1,000  1,001  
Provision for credit losses on mortgage loans597  239  
Provision for credit losses on beneficial interests184    
Amortization of debt discount and prepaid financing costs2,589  2,657  
Undistributed loss/(income) from investment in affiliates440  (718) 
Accretion of put option liability1,222    
Net change in operating assets and liabilities
Prepaid expenses and other assets(6,347) 424  
Receivable from servicer1,588  (3,881) 
Accrued expenses, management fee payable, and other liabilities1,267  (147) 
Net cash from operating activities(10,232) (9,951) 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loan pools and related balances(185) (97,899) 
Acquisition of commercial loans(1,206) (18,449) 
Principal paydowns on mortgage loans60,812  63,595  
Principal paydowns on debt securities held as investments25,503  22,086  
Proceeds from sale of mortgage loans25,412  184,071  
Draws on small balance commercial loans  (391) 
Purchase of securities(61,306) (84,150) 
Proceeds from sale of securities  39,635  
Purchase of rental property  (4,600) 
Proceeds from sale of property held-for-sale7,319  8,010  
Recovery costs of property held-for-sale24  130  
Renovations of rental property(17)   
Distribution from affiliates627  490  
Net cash from investing activities56,983  112,528  
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions145,250  147,398  
Repayments on repurchase transactions(159,329) (130,363) 
Repayments on secured borrowings(44,478) (105,455) 
Deferred financing costs(34)   

The accompanying notes are an integral part of the consolidated interim financial statements.
5


Repurchase of senior convertible notes(8,176)   
Proceeds from issuance of preferred stock and warrants, net of offering costs124,977    
Sale of common stock pursuant to dividend reinvestment plan41  136  
Distribution to non-controlling interests(150) (594) 
Issuance of stock from subsidiary145    
Dividends on common stock and preferred stock(5,748) (13,119) 
Net cash from financing activities52,498  (101,997) 
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST99,249  580  
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period64,363  55,170  
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period$163,612  $55,750  
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest$22,810  $28,234  
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Unrealized gain on available for sale securities, net of non-controlling interest and tax$5,213  $1,107  
Issuance of common stock for dividends paid$7,097  $  
Net transfer of loans to rental property or property held-for-sale$912  $9,826  
Issuance of common stock for management fee and compensation expense$428  $2,112  
Treasury stock received through distributions from investment in Manager$94  $82  
Non-cash adjustments to basis in mortgage loans$35  $(21) 

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the consolidated balance sheet to the amount shown in the consolidated statements of cash flows as of June 30, 2020 and June 30, 2019 ($ in thousands):

June 30, 2020June 30, 2019
Cash and cash equivalents$163,422  $55,728  
Cash held in trust190  22  
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows$163,612  $55,750  


The accompanying notes are an integral part of the consolidated interim financial statements.
6


GREAT AJAX CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(Unaudited)
($ in thousands)Preferred stock - Series A sharesPreferred stock - Series A amountPreferred stock - Series B sharesPreferred shares - Series B amountCommon
stock shares
Common stock amountTreasury stockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated other comprehensive lossTotal
Stockholders’
Equity
Non-controlling
Interest
Total
Equity
Balance at December 31, 2018  $    $  18,909,874  $189  $(270) $260,427  $41,063  $(575) $300,834  $33,445  $334,279  
Net income—  —  —