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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, 2021
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

46-5211870

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

13190 SW 68th Parkway, Suite 110
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 August 4, 2021, 23,142,946 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, 2021December 31, 2020
ASSETS(Unaudited)
Cash and cash equivalents$88,134 $107,147 
Cash held in trust186 188 
Mortgage loans, net(1,2)
955,628 1,119,372 
Real estate owned properties, net(3)
4,768 8,526 
Investments in securities at fair value(4)
424,632 273,834 
Investments in beneficial interests(5)
133,484 91,418 
Receivable from servicer23,907 15,755 
Investments in affiliates27,929 28,616 
Prepaid expenses and other assets17,424 8,876 
Total assets$1,676,092 $1,653,732 
LIABILITIES AND EQUITY
Liabilities:
Secured borrowings, net(1,2,6)
$653,948 $585,403 
Borrowings under repurchase transactions394,386 421,132 
Convertible senior notes, net(6)
103,427 110,057 
Management fee payable2,267 2,247 
Put option liability18,350 14,205 
Accrued expenses and other liabilities6,222 6,197 
Total liabilities1,178,600 1,139,241 
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, 2021 and 2,307,400 shares issued or outstanding at December 31, 2020
51,100 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, 2021 and 2,892,600 shares issued and outstanding at December 31, 2020
64,044 64,044 
Common stock $0.01 par value; 125,000,000 shares authorized, 22,993,246 shares issued and outstanding at June 30, 2021 and 22,978,339 shares issued and outstanding at December 31, 2020
231 231 
Additional paid-in capital315,131 317,424 
Treasury stock(1,405)(1,159)
Retained earnings62,502 53,346 
Accumulated other comprehensive income1,651 375 
Equity attributable to stockholders493,254 485,361 
Non-controlling interests(7)
4,238 29,130 
Total equity497,492 514,491 
Total liabilities and equity$1,676,092 $1,653,732 
(1)Mortgage loans, net include $821.6 million and $842.2 million of loans at June 30, 2021 and December 31, 2020, 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
The accompanying notes are an integral part of the consolidated financial statements.
1


(Great Ajax Corp.). See Note 9 — Debt. Mortgage loans, net include $9.8 million and $13.7 million of allowance for loan credit losses at June 30, 2021 and December 31, 2020, respectively.     
(2)As of June 30, 2021, balances for Mortgage loans, net include $1.9 million from a 50.0% owned joint venture. As of December 31, 2020, balances for Mortgage loans, net include $307.1 million and Secured borrowings, net of deferred costs includes $250.6 million from 50.0% and 63.0% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP"). The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). See Note 9 — Debt.
(3)Real estate owned properties, net, includes valuation allowances of $0.5 million and $1.4 million at June 30, 2021 and December 31, 2020, respectively.
(4)As of June 30, 2021 and December 31, 2020, Investments in securities at fair value include amortized cost basis of $423.0 million and $273.4 million, respectively, and net unrealized gains of $1.7 million and $0.4 million, respectively.
(5)Investments in beneficial interests includes allowance for credit losses of $3.0 million and $4.5 million at June 30, 2021 and December 31, 2020, respectively.
(6)Secured borrowings, net are presented net of deferred issuance costs of $9.5 million at June 30, 2021 and $5.4 million at December 31, 2020. Convertible senior notes, net are presented net of deferred issuance costs of $2.4 million at June 30, 2021 and $3.3 million at December 31, 2020.
(7)As of June 30, 2021 non-controlling interests includes $2.7 million from a 50.0% owned joint venture, $1.4 million from a 53.1% owned subsidiary and $0.1 million from a 99.9% owned subsidiary. As of December 31, 2020 non-controlling interests includes $27.4 million from the 50.0% and 63.0% owned joint ventures, $1.5 million from a 53.1% owned subsidiary and $0.2 million from a 99.9% owned subsidiary 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, 2021June 30, 2020June 30, 2021June 30, 2020
INCOME
Interest income$23,048 $23,171 $47,083 $50,059 
Interest expense(8,830)(13,058)(19,134)(26,128)
Net interest income14,218 10,113 27,949 23,931 
Net increase in the net present value of expected cash flows(1)
4,733 4,862 10,249 151 
Net interest income after the impact of changes in the net present value of expected cash flows18,951 14,975 38,198 24,082 
Income/(loss) from investments in affiliates357 672 520 (440)
Other income486 680 842 722 
Total revenue, net19,794 16,327 39,560 24,364 
EXPENSE
Related party expense – loan servicing fees1,699 1,936 3,532 3,950 
Related party expense – management fee2,270 2,143 4,543 3,942 
Professional fees763 732 1,403 1,537 
Real estate operating expenses88 188 273 1,100 
Fair value adjustment on put option liability2,201 1,250 4,145 1,250 
Other expense1,375 1,140 2,679 2,062 
Total expense8,396 7,389 16,575 13,841 
Loss on debt extinguishment161  1,072 408 
Income before provision for income taxes11,237 8,938 21,913 10,115 
Provision for income taxes (benefit)67 120 101 (199)
Consolidated net income11,170 8,818 21,812 10,314 
Less: consolidated net (loss)/income attributable to the non-controlling interest(1,158)735 531 1,831 
Consolidated net income attributable to Company12,328 8,083 21,281 8,483 
Less: dividends on preferred stock1,950 1,841 3,899 1,841 
Consolidated net income attributable to common stockholders$10,378 $6,242 $17,382 $6,642 
Basic earnings per common share$0.45 $0.27 $0.76 $0.29 
Diluted earnings per common share$0.42 $0.27 $0.72 $0.29 
Weighted average shares – basic22,825,804 22,808,943 22,821,416 22,439,648 
Weighted average shares – diluted30,198,696 22,929,849 30,341,638 22,559,916 
(1)Net increase in the net present value of expected cash flows represents the net decrease to the allowance for losses resulting from changes in actual and expected cash flows during the quarter. It represents the net present value of cash flow increases over incremental provision expense on the Mortgage loan and Beneficial interest portfolios. Such amounts are calculated at the pool level for Mortgage loans and at the security level for Beneficial interests, and are recorded in the period in which the change occurs.

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)2021202020212020
Consolidated net income attributable to common stockholders$10,378 $6,242 $17,382 $6,642 
Other comprehensive income:
Net unrealized (loss)/income on investments in available-for-sale debt securities(30)23,231 1,276 (5,213)
Income tax expense related to items of other comprehensive income    
Comprehensive income$10,348 $29,473 $18,658 $1,429 




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, 2021June 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income$21,812 $10,314 
Adjustments to reconcile net income to net cash from operating activities
Stock-based compensation expense668 428 
Non-cash interest income accretion on mortgage loans(10,588)(16,230)
Interest and discount accretion on investment in debt securities(5,074)(2,718)
Discount accretion on investment in beneficial interests(8,213)(5,104)
Loss on sale of mortgage loans 705 
Gain on refinancing of securitization trust 2017-D(122) 
Loss on debt extinguishment1,072 408 
Gain on sale of property held-for-sale(197)(591)
Depreciation of property6 16 
Impairment of real estate owned248 1,000 
(Increase) decrease in net present value of expected loan cash flows(8,240)94 
Credit loss expense on mortgage loans593 503 
(Increase) in net present value of expected cash flows from beneficial interests(2,009)(245)
Credit loss expense on beneficial interests355 429 
Amortization of debt discount and prepaid financing costs3,285 2,589 
Undistributed (income)/loss from investment in affiliates(520)440 
Fair value adjustment on put option liability4,145 1,250 
Other non-cash loan charges7  
Net change in operating assets and liabilities
Prepaid expenses and other assets(12,052)(6,347)
Receivable from Servicer(8,152)1,588 
Accrued expenses, management fee payable, and other liabilities52 1,239 
Net cash from operating activities(22,924)(10,232)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loans and related balances(40,410)(1,391)
Principal paydowns on mortgage loans102,178 60,812 
Proceeds from sale of mortgage loans 25,412 
Proceeds from refinancing of securitization trust125,975  
Draws on small balance commercial loans(7,344) 
Purchase of securities(231,555)(61,306)
Principal and interest collection on debt securities35,533 25,503 
Proceeds from sale of securities20,612  
Proceeds from sale of property held-for-sale4,975 7,319 
Renovations and recovery costs of rental property and property held-for-sale 7 
Distribution from affiliates961 627 
Net cash from investing activities10,925 56,983 
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions243,631 145,250 

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


Repayments on repurchase transactions(270,377)(159,329)
Proceeds from origination of secured borrowings391,028  
Repayments on secured borrowings(312,506)(44,478)
Payment of prepaid financing costs(7,303)(34)
Purchase of bonds of non-controlling interest in subsidiaries(5,887) 
Repurchase of the Company's senior convertible notes(7,463)(8,176)
Proceeds from issuance of preferred stock and warrants, net of offering costs 124,977 
Sale of common stock pursuant to dividend reinvestment plan95 41 
Redemption of non-controlling interests in subsidiaries(25,856) 
Distribution to non-controlling interests(253)(150)
Issuance of non-controlling interests in subsidiaries 145 
Dividends on common stock and preferred stock(12,125)(5,748)
Net cash from financing activities(7,016)52,498 
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST(19,015)99,249 
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period107,335 64,363 
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period$88,320 $163,612 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest$14,923 $22,810 
Cash paid for income taxes$57 $ 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Transfer of loans from mortgage held-for-investment, net to mortgage loans held-for-sale, net$131,719 $ 
Non-cash adjustments to basis in mortgage loans$3,193 $35 
Unrealized gain/(loss) on available for sale securities, net of non-controlling interest and tax$1,276 $(5,213)
Net transfer of loans to rental property or property held-for-sale$1,274 $912 
Issuance of common stock for compensation expense$668 $428 
Treasury stock received through distributions from investment in Manager$246 $94 
Other non-cash loan charges$7  
Issuance of common stock for dividends$ $7,097 
Transfer of loans from mortgage loans held-for-sale, net to mortgage held-for-investment, net$2,949 $ 

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, 2021 and June 30, 2020 ($ in thousands):

June 30, 2021June 30, 2020
Cash and cash equivalents$88,134 $163,422 
Cash held in trust186 190 
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows$88,320 $163,612 


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 income/(loss)Total Stockholders' EquityNon-controlling InterestTotal Equity
Balance at December 31, 2019 $  $ 22,142,143 $222 $(458)$309,395 $49,446 $1,277 $359,882 $24,202 $384,084 
Net income— — — — — — — — 400 — 400 1,096 1,496 
Issuance of shares of subsidiary— — — — — — — 145 — — 145 — 145 
Stock-based compensation expense— — — — 2,600 — — 214 — — 214 — 214 
Dividends declared ($0.32 per share) and distributions
— — — — 781,222 8 — 7,089 (7,097)— — (84)(84)
Convertible senior notes repurchase— — — — — — — (81)— — (81)— (81)
Other comprehensive loss— — — — — — — — — (28,444)(28,444)— (28,444)
Treasury stock— — — — (4,030)— (56)— — — (56)— (56)
Balance at March 31, 2020 $  $ 22,921,935 $230 $(514)$316,762 $42,749 $(27,167)$332,060 $25,214 $357,274 
Net income— — — — — — — — 8,083 — 8,083 735