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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, 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 November 3, 2021, 23,143,037 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, 2021December 31, 2020
ASSETS(Unaudited)
Cash and cash equivalents$92,843 $107,147 
Cash held in trust2,534 188 
Mortgage loans held-for-investment, net(1,2)
976,351 1,119,372 
Mortgage loans held-for-sale, net30,963  
Real estate owned properties, net(3)
6,097 8,526 
Investments in securities at fair value(4)
340,082 273,834 
Investments in beneficial interests(5)
139,494 91,418 
Receivable from servicer18,128 15,755 
Investments in affiliates27,464 28,616 
Prepaid expenses and other assets14,132 8,876 
Total assets$1,648,088 $1,653,732 
LIABILITIES AND EQUITY
Liabilities:
Secured borrowings, net(1,2,6)
$612,592 $585,403 
Borrowings under repurchase transactions399,340 421,132 
Convertible senior notes, net(6)
103,754 110,057 
Management fee payable2,289 2,247 
Put option liability20,843 14,205 
Accrued expenses and other liabilities6,165 6,197 
Total liabilities1,144,983 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 September 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 September 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, 23,140,131 shares issued and outstanding at September 30, 2021 and 22,978,339 shares issued and outstanding at December 31, 2020
232 231 
Additional paid-in capital315,611 317,424 
Treasury stock(1,539)(1,159)
Retained earnings66,958 53,346 
Accumulated other comprehensive income3,418 375 
Equity attributable to stockholders499,824 485,361 
Non-controlling interests(7)
3,281 29,130 
Total equity503,105 514,491 
Total liabilities and equity$1,648,088 $1,653,732 
(1)Mortgage loans held-for-investment, net include $790.9 million and $842.2 million of loans at September 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
The accompanying notes are an integral part of the consolidated financial statements.
1


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 held-for-investment, net include $13.9 million and $13.7 million of allowance for expected credit losses at September 30, 2021 and December 31, 2020, respectively.     
(2)As of September 30, 2021, balances for Mortgage loans held-for-investment, net include $1.5 million from a 50.0% owned joint venture. As of December 31, 2020, balances for Mortgage loans held-for-investment, 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, are presented net of valuation allowances of $0.4 million and $1.4 million at September 30, 2021 and December 31, 2020, respectively.
(4)As of September 30, 2021 and December 31, 2020, Investments in securities at fair value include amortized cost basis of $336.7 million and $273.4 million, respectively, and net unrealized gains of $3.4 million and $0.4 million, respectively.
(5)Investments in beneficial interests includes allowance for expected credit losses of $0.6 million and $4.5 million at September 30, 2021 and December 31, 2020, respectively.
(6)Secured borrowings, net are presented net of deferred issuance costs of $8.3 million at September 30, 2021 and $5.4 million at December 31, 2020. Convertible senior notes, net are presented net of deferred issuance costs of $2.1 million at September 30, 2021 and $3.3 million at December 31, 2020.
(7)As of September 30, 2021 non-controlling interests includes $1.8 million from a 50.0% owned joint venture, $1.3 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 endedNine months ended
($ in thousands except per share data) September 30, 2021September 30, 2020September 30, 2021September 30, 2020
INCOME
Interest income$23,054 $23,517 $70,137 $73,576 
Interest expense(8,609)(11,727)(27,743)(37,855)
Net interest income14,445 11,790 42,394 35,721 
Net decrease in the net present value of expected credit losses(1)
3,678 4,440 13,927 4,591 
Net interest income after the impact of changes in the net present value of expected credit losses18,123 16,230 56,321 40,312 
Income/(loss) from investments in affiliates90 (25)610 (465)
Other income778 537 1,620 1,259 
Total revenue, net18,991 16,742 58,551 41,106 
EXPENSE
Related party expense – loan servicing fees1,743 1,848 5,275 5,798 
Related party expense – management fee2,292 2,264 6,835 6,206 
Professional fees526 576 1,929 2,113 
Real estate operating expenses(76)173 197 1,273 
Fair value adjustment on put option liability2,493 1,766 6,638 3,016 
Other expense1,227 986 3,906 3,048 
Total expense8,205 7,613 24,780 21,454 
Loss on debt extinguishment 253 1,072 661 
Income before provision for income taxes10,786 8,876 32,699 18,991 
Provision for income taxes (benefit)102 (16)203 (215)
Consolidated net income10,684 8,892 32,496 19,206 
Less: consolidated net (loss)/income attributable to the non-controlling interest(578)1,662 (47)3,493 
Consolidated net income attributable to Company11,262 7,230 32,543 15,713 
Less: dividends on preferred stock1,949 1,950 5,848 3,791 
Consolidated net income attributable to common stockholders$9,313 $5,280 $26,695 $11,922 
Basic earnings per common share$0.40 $0.23 $1.16 $0.53 
Diluted earnings per common share$0.38 $0.23 $1.10 $0.53 
Weighted average shares – basic22,862,429 22,844,192 22,835,237 22,575,480 
Weighted average shares – diluted30,407,649 22,989,616 30,286,613 22,575,480 
(1)Net decrease in the net present value of expected credit losses represents the net decrease to the allowance resulting from changes in actual and expected cash flows during both the three and nine months ended September 30, 2021 and September 30, 2020, respectively. It represents the net increase of the present value of the expected cash flows in excess of contractual cash flows offset by any incremental provision expense on the Mortgage loan pools and Beneficial interests. The decrease is calculated at the pool level for Mortgage loans and at the security level for Beneficial interests. To the extent a pool or Beneficial interest has an associated allowance, the decrease in expected credit losses is recorded in the period in which the change occurs, otherwise it is recognized prospectively as an increase in yield.

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)2021202020212020
Consolidated net income attributable to common stockholders$9,313 $5,280 $26,695 $11,922 
Other comprehensive income:
Net unrealized income/(loss) on investments in available-for-sale debt securities1,767 4,337 3,043 (876)
Income tax expense related to items of other comprehensive income    
Comprehensive income$11,080 $9,617 $29,738 $11,046 




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, 2021September 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income$32,496 $19,206 
Adjustments to reconcile net income to net cash from operating activities
Stock-based compensation expense979 650 
Non-cash interest income accretion on mortgage loans(15,495)(22,765)
Interest and discount accretion on investment in debt securities(8,159)(5,074)
Discount accretion on investment in beneficial interests(12,339)(7,982)
Loss on sale of mortgage loans 705 
Gain on refinancing of securitization trust 2017-D(122) 
Loss on debt extinguishment1,072 661 
Gain on sale of property held-for-sale(572)(957)
Gain on sale of securities(201)(145)
Depreciation of property7 23 
Impairment of real estate owned170 1,155 
Decrease in net present value of expected credit losses on loans(9,148)(2,902)
Credit loss expense on mortgage loans757 794 
Decrease in net present value of expected credit losses on beneficial interests(4,779)(1,688)
Credit loss expense on beneficial interests440 570 
Amortization of debt discount and prepaid financing costs4,777 3,924 
Undistributed (income)/loss from investment in affiliates(610)465 
Fair value adjustment on put option liability6,638 3,016 
Other non-cash charges(3) 
Net change in operating assets and liabilities
Prepaid expenses and other assets(8,759)2,355 
Receivable from Servicer(2,373)618 
Accrued expenses, management fee payable, and other liabilities12 1,316 
Net cash from operating activities(15,212)(6,055)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loans and related balances(128,422)(44,846)
Principal paydowns on mortgage loans145,442 91,161 
Proceeds from sale of mortgage loans 25,412 
Proceeds from refinancing of securitization trust125,975  
Draws on small balance commercial loans(10,366) 
Purchase of securities(286,461)(144,682)
Principal and interest collection on debt securities111,238 37,921 
Proceeds from payoff and sale of securities90,229 38,944 
Proceeds from sale of property held-for-sale5,835 9,101 
Renovations and recovery costs of rental property and property held-for-sale 54 
Distribution from affiliates1,381 1,082 
Net cash from investing activities54,851 14,147 
CASH FLOWS FROM FINANCING ACTIVITIES

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


Proceeds from repurchase transactions376,301 270,019 
Repayments on repurchase transactions(398,093)(268,714)
Proceeds from origination of secured borrowings391,028 114,534 
Repayments on secured borrowings(354,990)(153,932)
Payment of prepaid financing costs(7,339)(1,861)
Purchase of bonds of non-controlling interest in subsidiaries(5,887) 
Repurchase of the Company's senior convertible notes(7,463)(10,481)
Proceeds from issuance of preferred stock and warrants, net of offering costs 124,976 
Sale of common stock, net of offering costs99  
Sale of common stock pursuant to dividend reinvestment plan166 86 
Redemption of non-controlling interests in subsidiaries(26,163) 
Distribution to non-controlling interests(325)(227)
Issuance of non-controlling interests in subsidiaries 145 
Dividends on common stock and preferred stock(18,931)(11,621)
Net cash from financing activities(51,597)62,924 
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST(11,958)71,016 
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$95,377 $135,379 
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest$22,151 $32,511 
Cash paid for income taxes$57 $60 
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Net transfer of loans from mortgage held-for-investment, net to mortgage loans held-for-sale, net$159,733 $ 
Non-cash adjustments to basis in mortgage loans$3,193 $43 
Unrealized gain/(loss) on available for sale securities, net of non-controlling interest and tax$3,043 $(876)
Net transfer of loans to rental property or property held-for-sale$3,013 $1,515 
Issuance of common stock for compensation expense$979 $650 
Treasury stock received through distributions from investment in Manager$380 $164 
Issuance of common stock for dividends$ $7,097 

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

September 30, 2021September 30, 2020
Cash and cash equivalents$92,843 $135,190 
Cash held in trust2,534 189 
Total cash and cash equivalents and restricted cash shown on the consolidated statements of cash flows$95,377 $135,379 


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 nine months ended September 30, 2020
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 —