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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 September 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.)

13190 SW 68th Parkway, Suite 201
Tigard, OR 97223
(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 November 4, 2020, 23,034,443 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) September 30, 2020December 31, 2019
ASSETS(Unaudited)
Cash and cash equivalents$135,190 $64,343 
Cash held in trust189 20 
Mortgage loans, net(1,2)
1,102,360 1,151,469 
Property held-for-sale, net(3)
6,484 13,537 
Rental property, net724 1,534 
Investments at fair value(4)
284,655 231,685 
Investments in beneficial interests(5)
86,241 57,954 
Receivable from servicer16,438 17,013 
Investments in affiliates28,730 30,441 
Prepaid expenses and other assets5,963 8,845 
Total assets$1,666,974 $1,576,841 
LIABILITIES AND EQUITY
Liabilities:
Secured borrowings, net(1,2,6)
$614,214 $652,747 
Borrowings under repurchase transactions415,419 414,114 
Convertible senior notes, net(6)
109,710 118,784 
Management fee payable2,261 1,634 
Accrued expenses and other liabilities19,024 5,478 
Total liabilities1,160,628 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 September 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 September 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, 23,034,443 shares issued and outstanding at September 30, 2020 and 22,142,143 shares issued and outstanding at December 31, 2019
231 222 
Additional paid-in capital317,295 309,395 
Treasury stock(634)(458)
Retained earnings46,441 49,446 
Accumulated other comprehensive gain401 1,277 
Equity attributable to stockholders478,878 359,882 
Non-controlling interests(7)
27,468 24,202 
Total equity506,346 384,084 
Total liabilities and equity$1,666,974 $1,576,841 

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


(1)Mortgage loans net include $862.8 million and $908.6 million of loans at September 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 $15.2 million and $2.0 million of allowance for loan credit losses at September 30, 2020 and December 31, 2019, respectively.     
(2)As of September 30, 2020, balances for Mortgage loans, net includes $309.2 million and Secured borrowings, net of deferred costs includes $257.0 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 $1.4 million and $1.8 million at September 30, 2020 and December 31, 2019, respectively.
(4)As of September 30, 2020 and December 31, 2019 Investments at fair value include amortized cost basis of $284.3 million and $230.4 million, respectively, and net unrealized gains of $0.4 million and $1.3 million, respectively.
(5)Investments in beneficial interests includes allowance for credit losses of $5.9 million at September 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 September 30, 2020 and December 31, 2019 non-controlling interests includes $25.8 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 endedNine months ended
($ in thousands except per share data) September 30, 2020September 30, 2019September 30, 2020September 30, 2019
INCOME
Interest income$23,950 $27,723 $74,941 $85,303 
Interest expense(11,727)(14,317)(37,855)(45,441)
Net interest income12,223 13,406 37,086 39,862 
Provision for credit benefit/(losses)4,007 (3)3,226 (242)
Net interest income after provision for credit benefit/(losses)16,230 13,403 40,312 39,620 
(Loss)/income from investments in affiliates(25)583 (465)1,301 
Income/(loss) on sale of mortgage loans(1)
 109 (705)7,123 
Other income537 1,221 1,964 3,159 
Total revenue, net16,742 15,316 41,106 51,203 
EXPENSE
Related party expense – loan servicing fees1,848 2,197 5,798 6,977 
Related party expense – management fee2,264 2,215 6,206 5,555 
Loan transaction expense(178)52 (216)312 
Professional fees576 446 2,113 1,942 
Real estate operating expenses173 1,216 1,273 2,889 
Other expense2,930 940 6,280 3,240 
Total expense7,613 7,066 21,454 20,915 
Loss on debt extinguishment253  661 182 
Income before provision for income taxes8,876 8,250 18,991 30,106 
Provision for taxes (benefit)(16)27 (215)136 
Consolidated net income8,892 8,223 19,206 29,970 
Less: consolidated net income attributable to the non-controlling interest1,662 532 3,493 1,922 
Consolidated net income attributable to Company7,230 7,691 15,713 28,048 
Less: dividends on preferred stock1,950  3,791  
Consolidated net income attributable to common stockholders$5,280 $7,691 $11,922 $28,048 
Basic earnings per common share$0.23 $0.39 $0.53 $1.44 
Diluted earnings per common share$0.23 $0.36 $0.53 $1.29 
Weighted average shares – basic22,844,192 19,751,142 22,575,480 19,247,706 
Weighted average shares – diluted22,989,616 28,200,653 22,575,480 27,987,798 


(1)The Company sold no mortgage loans during the three months ended September 30, 2020. During the nine months ended September 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 months ended September 30, 2019, the Company sold three loans with a carrying value of $1.9 million and UPB of $2.0 million for a gain of $0.1 million. During the nine months ended September 30, 2019, the Company sold 965 loans with a carrying value of $178.8 million and UPB of $202.1 million for a gain of $7.1 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 September 30,Nine months ended September 30,
($ in thousands)2020201920202019
Consolidated net income attributable to common stockholders$5,280 $7,691 $11,922 $28,048 
Other comprehensive income:
Net unrealized gain/(loss) on investments in available-for-sale debt securities4,337 1,012 (876)2,119 
Income tax expense related to items of other comprehensive income    
Comprehensive income$9,617 $8,703 $11,046 $30,167 




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)
Nine months ended
($ in thousands)September 30, 2020September 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income$19,206 $29,970 
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense650 3,344 
Non-cash interest income accretion on mortgage loans(22,765)(30,274)
Discount accretion on investment in debt securities and beneficial interests(13,056)(8,878)
Loss/(gain) on sale of mortgage loans705 (7,123)
Loss on debt extinguishment661 182 
Gain on sale of property held-for-sale(957)(401)
Gain on sale of securities(145)(8)
Depreciation of property23 367 
Impairment of real estate owned1,155 1,691 
Provision for credit (benefit)/losses on mortgage loans(2,108)242 
Provision for credit benefit on beneficial interests(1,118) 
Amortization of debt discount and prepaid financing costs3,924 4,010 
Undistributed loss/(income) from investment in affiliates465 (1,301)
Accretion of put option expense2,956  
Net change in operating assets and liabilities
Prepaid expenses and other assets2,355 (1,066)
Receivable from Servicer618 (2,596)
Accrued expenses, management fee payable, and other liabilities1,376 862 
Net cash from operating activities(6,055)(10,979)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loan pools and related balances(41,823)(98,315)
Acquisition of commercial loans(3,023)(18,449)
Principal paydowns on mortgage loans91,161 104,012 
Principal paydowns on debt securities held as investments37,921 31,348 
Proceeds from sale of mortgage loans25,412 186,071 
Draws on small balance commercial loans (735)
Purchase of securities(144,682)(127,552)
Proceeds from sale of securities38,944 39,635 
Purchase of rental property (22,275)
Proceeds from sale of property held-for-sale9,101 13,323 
Recovery costs of property held-for-sale64 156 
Renovations of rental property(10) 
Distribution from affiliates1,082 731 
Net cash from investing activities14,147 107,950 
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions270,019 198,172 
Repayments on repurchase transactions(268,714)(298,935)
Proceeds from sale of secured borrowings114,534 156,488 
Repayments on secured borrowings(153,932)(135,653)

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


Deferred financing costs(1,861)(2,666)
Repurchase of the Company's senior convertible notes(10,481) 
Proceeds from issuance of preferred stock and warrants, net of offering costs124,976  
Sale of common stock, net of offering costs 8,291 
Sale of common stock pursuant to dividend reinvestment plan86 206 
Distribution to non-controlling interests(227)(715)
Issuance of non-controlling interests in subsidiaries145 59 
Dividends on common stock and preferred stock(11,621)(19,462)
Net cash from financing activities62,924 (94,215)
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST71,016 2,756 
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$135,379 $57,926 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest$32,511 $41,346 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Issuance of common stock for dividends$7,097 $ 
Net transfer of loans to rental property or property held-for-sale$1,515 $10,675 
Issuance of common stock for management fee and compensation expense$650 $3,344 
Treasury stock received through distributions from investment in Manager$164 $127 
Non-cash adjustments to basis in mortgage loans$43 $(26)
Unrealized (loss)/gain on available for sale securities, net of non-controlling interest and tax$(876)$2,119 

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 September 30, 2020 and September 30, 2019 ($ in thousands):

September 30, 2020September 30, 2019
Cash and cash equivalents$135,190 $57,905 
Cash held in trust189 21 
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows$135,379 $57,926 


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 stock - Series B amountCommon stock sharesCommon stock amountTreasury stockAdditional Paid-in CapitalRetained EarningsAccumulated other comprehensive (loss)/gainTotal Stockholders' EquityNon-controlling InterestTotal Equity
Balance at December 31, 2018 $  $ 18,909,874 $189 $(270)$260,427 $41,063 $(575)$300,834 $33,445 $334,279 
Net income— — — — — — — — 7,330 — 7,330 791 8,121 
Issuance of shares under dividend reinvestment plan— — — — 5,321 — — 72 — — 72 — 72 
Stock-based management fee expense— — — — 52,556 1 — 727 — — 728 — 728 
Stock-based compensation expense— — — — 2,424 — — 301 — — 301 — 301 
Dividends declared ($0.32 per share) and distributions
— — — — — — — — (7,021)— (7,021)(162)(7,183)
Other comprehensive income— — — — — — — — — 397 397 — 397 
Treasury stock— — — — (2,952)— (40)— — — (40)— (40)
Balance at March 31, 2019 $  $ 18,967,223 $190 $(310)$261,527 $41,372 $(178)$302,601 $34,074 $336,675 
Net income— — — — — — — — 13,027 — 13,027 599 13,626 
Conversion of Operating Partnership Units— — — — 624,106 6 — 10,765 — — 10,771 (10,771)