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Section 1: 8-K (8-K)

Document


 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): August 7, 2019

GREAT AJAX CORP.
(Exact name of registrant as specified in charter)

Maryland
 
001 36844
 
47 1271842
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)

9400 SW Beaverton—Hillsdale Hwy
Suite 131
Beaverton, OR 97005
(Address of principal executive offices)

Registrant’s telephone number, including area code:
503 505 5670

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbols
 
Name of each exchange on which registered
Common stock, par value $0.01 per share
 
AJX
 
New York Stock Exchange
7.25% Convertible Senior Notes due 2024
 
AJXA
 
New York Stock Exchange
 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
 
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
 
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
 
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).

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. ¨
 

Item 8.01.
Other Events

Great Ajax Corp. (the “Company”) has updated the migration chart (included on page 9 of the Great Ajax Investor presentation) to clarify that the current status based on acquired unpaid principal balance includes loans sold to Ajax Mortgage Loan Trust 2019-C, a non-consolidated joint venture in which the Company owns a 34% equity interest.  A copy of the updated chart is attached hereto as Exhibit 99.1 and is available on the Company’s website.  The information provided in this report, including Exhibit 99.1, shall be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Item 9.01.
Financial Statements and Exhibits

Exhibit
 
Description
99.1
 
August 2019 Portfolio Migration








EXHIBIT INDEX

Exhibit
 
Description
99.1
 







SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 
GREAT AJAX CORP.
 
 
 
 
By:
/s/ Mary Doyle
 
Name:
Mary Doyle
 
Title:
Chief Financial Officer

Dated: August 7, 2019



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Section 2: EX-99.1 (EXHIBIT 99.1)

migrationchart
Portfolio Migration¹ Total Pre 2Q 2019 Acquisitions ($ in thousands) Acquisition Current Based on Count UPB Count UPB Liquidated- Loans - - 1,966 414,445 Liquidated- Purch REO - - 31 6,114 24for24 808 144,141 4,393 949,794 12for12 407 88,420 1,176 250,115 7for7 3,165 711,201 150 37,732 4f4-6f6 1,673 369,672 163 35,023 Less than 4f4 2,273 482,349 432 90,579 REO - - 106 32,717 NPL 561 133,221 501 118,601 Purchased REO 34 8,074 3 1,958 8,921 1,937,078 8,921 1,937,078 ¹ Includes loans sold to our non-consolidated joint venture, Ajax Mortgage Trust 2019-C, in which we own a 34% equity interest.  24 for 24: Loan that has made 24 full payments in the last 24 months  12 for 12: Loan that has made 12 full payments in the last 12 months  7 for 7: Loan that has made 7 full payments in the last 7 months 9  NPL: <1 full payment in the last three months


 
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