Subsequent Events

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

Since June 30, 2023, the Company has acquired one residential NPL in one transaction from a single seller with aggregate UPB of $0.2 million and coupon of 8.38%. The purchase price of the NPL was 94.0% of UPB and 63.8% of the estimated market value of the underlying collateral of $0.3 million.

The Company has agreed to acquire, subject to due diligence, one residential RPL in one transaction with aggregate UPB of $0.2 million and coupon of 5.75%. The purchase price of the residential RPL is 80.0% of UPB and 55.0% of the estimated market value of the underlying collateral of $0.3 million.

On July 11, 2023, the Company sold an unrated Class A senior bond in one of its joint ventures and recognized a loss of $0.4 million. A cumulative $0.4 million of this loss was already reflected in the Company's book value calculation through Accumulated other comprehensive loss at June 30, 2023. This cumulative loss was reclassified to loss on sale of securities on the sale date.

On July 24, 2023, with an accredited institutional investor the Company refinanced various joint ventures into Ajax Mortgage Loan Trust 2023-B ("2023-B") and retained $20.7 million or 20.0% of varying classes of securities and equity. 2023-B acquired 571 RPLs and NPLs with UPB of $121.7 million and an aggregate property value of $252.2 million. The senior securities represent 75.0% of the UPB of the underlying mortgage loans and carry a 4.25% coupon. Based on the structure of the transactions, the Company does not consolidate 2023-B under U.S. GAAP.

On July 24, 2023, with an accredited institutional investor the Company refinanced various joint ventures into Ajax Mortgage Loan Trust 2023-C ("2023-C") and retained $36.1 million or 20.0% of varying classes of agency rated securities and equity. 2023-C acquired 1,171 RPLs and NPLs with UPB of $203.6 million and an aggregate property value of $459.1 million. The AAA through A rated securities represent 72.4% of the UPB of the underlying mortgage loans and carry a weighted average coupon of 3.45%. Based on the structure of the transactions, the Company does not consolidate 2023-C under U.S. GAAP.

On August 3, 2023, the Company’s Board of Directors declared a cash dividend of $0.20 per share to be paid on August 31, 2023 to stockholders of record as of August 15, 2023.