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Section 1: 10-Q (10-Q)

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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, 2019
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

471271842

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

9400 SW Beaverton-Hillsdale Hwy, Suite 131
Beaverton, OR 97005
(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, 2019, 20,347,176 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, 2019December 31, 2018
ASSETS(Unaudited)
Cash and cash equivalents$57,905  $55,146  
Cash held in trust21  24  
Mortgage loans, net(1,4)
1,164,914  1,310,873  
Property held-for-sale, net(2)
16,541  19,402  
Rental property, net38,292  17,635  
Investments at fair value190,768  146,811  
Investments in beneficial interests45,699  22,086  
Receivable from servicer17,406  14,587  
Investments in affiliates9,097  8,653  
Prepaid expenses and other assets13,043  7,654  
Total assets$1,553,686  $1,602,871  
LIABILITIES AND EQUITY
Liabilities:
Secured borrowings, net(1,3,4)
$631,228  $610,199  
Borrowings under repurchase transactions438,388  534,089  
Convertible senior notes, net(3)
118,464  117,525  
Management fee payable1,215  881  
Accrued expenses and other liabilities6,427  5,898  
Total liabilities1,195,722  1,268,592  
Commitments and contingencies – see Note 8
Equity:
Preferred stock $0.01 par value; 25,000,000 shares authorized, none issued or outstanding    
Common stock $0.01 par value; 125,000,000 shares authorized, 20,347,509 shares at September 30, 2019 and 18,909,874 shares at December 31, 2018 issued and outstanding204  189  
Additional paid-in capital283,069  260,427  
Treasury stock(397) (270) 
Retained earnings49,649  41,063  
Accumulated other comprehensive gain/(loss)1,544  (575) 
Equity attributable to stockholders334,069  300,834  
Non-controlling interests(5)
23,895  33,445  
Total equity357,964  334,279  
Total liabilities and equity$1,553,686  $1,602,871  

(1)Mortgage loans net include $912.7 million and $897.8 million of loans at September 30, 2019 and December 31, 2018, 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 $1.4 million and $1.2 million of allowance for loan losses at September 30, 2019 and December 31, 2018, respectively.
1


(2)Property held-for-sale, net, includes valuation allowances of $2.0 million and $1.8 million at September 30, 2019 and December 31, 2018, respectively.
(3)Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.
(4)As of September 30, 2019, balances for Mortgage loans, net includes $350.7 million and Secured borrowings, net of deferred costs includes $295.0 million from the 50% and 63% owned joint ventures, respectively. As of December 31, 2018, balances for Mortgage loans, net include $377.0 million and Secured borrowings, net of deferred costs includes $231.9 million from a 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
(5)Non-controlling interests includes $21.9 million at September 30, 2019, from 50% and 63% owned joint ventures. Non-controlling interests includes $20.4 million at December 31, 2018, from a 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, 2019September 30, 2018September 30, 2019September 30, 2018
INCOME
Interest income$27,723  $27,416  $85,303  $79,697  
Interest expense(14,317) (12,997) (45,441) (38,290) 
Net interest income13,406  14,419  39,862  41,407  
Provision for loan losses(3) (365) (242) (365) 
Net interest income after provision for loan losses13,403  14,054  39,620  41,042  
Income from investments in affiliates583  239  1,301  628  
Gain on sale of mortgage loans109    7,123    
Other income1,221  457  3,159  2,600  
Total income15,316  14,750  51,203  44,270  
EXPENSE
Related party expense – loan servicing fees2,197  2,457  6,977  7,598  
Related party expense – management fee2,215  1,456  5,555  4,428  
Loan transaction expense52  (25) 312  365  
Professional fees446  482  1,942  1,597  
Real estate operating expenses1,216  1,001  2,889  2,394  
Other expense940  964  3,240  2,920  
Total expense7,066  6,335  20,915  19,302  
Loss on debt extinguishment  836  182  836  
Income before provision for income taxes8,250  7,579  30,106  24,132  
Provision for income taxes27  84  136  102  
Consolidated net income8,223  7,495  29,970  24,030  
Less: consolidated net income attributable to the non-controlling interest532  937  1,922  2,286  
Consolidated net income attributable to common stockholders$7,691  $6,558  $28,048  $21,744  
Basic earnings per common share$0.39  $0.35  $1.44  $1.16  
Diluted earnings per common share$0.36  $0.34  $1.29  $1.09  
Weighted average shares – basic19,751,142  18,691,393  19,247,706  18,599,088  
Weighted average shares – diluted28,200,653  26,592,806  27,987,798  26,488,984  

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)2019201820192018
Consolidated net income attributable to common stockholders$7,691  $6,558  $28,048  $21,744  
Other comprehensive income/(loss):   
Net unrealized gain on investments, net of non-controlling interest1,012  193  2,119  30  
Income tax expense related to items of other comprehensive income        
Comprehensive income$8,703  $6,751  $30,167  $21,774  



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)
($ in thousands)Nine months ended
September 30, 2019September 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Consolidated net income$29,970  $24,030  
Adjustments to reconcile net income to net cash from operating activities
Stock-based management fee and compensation expense3,344  2,969  
Non-cash interest income accretion(30,274) (32,643) 
Discount accretion and interest income on investment in debt securities(4,656) (127) 
Discount accretion and interest income on investment in beneficial interests(4,222) (128) 
Gain on sale of mortgage loans(7,123)   
Gain on sale of property held-for-sale(401) (264) 
Gain on sale of securities(8)   
Depreciation of property367  94  
Impairment of real estate owned1,691  2,049  
Provision for loan losses242  365  
Amortization of debt discount and prepaid financing costs4,010  5,068  
Undistributed income from investment in affiliates(1,301) (628) 
Net change in operating assets and liabilities
Prepaid expenses and other assets(1,066) (7,245) 
Receivable from servicer(2,596) 3,683  
Accrued expenses, management fee payable, and other liabilities862  177  
Net cash from operating activities(11,161) (2,600) 
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of mortgage loan pools and related balances(98,315) (97,738) 
Acquisition of commercial loans(18,449) (5,100) 
Principal paydowns on mortgage loans104,012  105,254  
Principal paydowns on debt securities held as investments31,348  4,656  
Proceeds from sale of mortgage loans186,071    
Draws on small balance commercial loans(735)   
Loans purchase deposit refund  (50) 
Purchase of securities(127,552) (49,837) 
Proceeds from sale of securities39,635    
Purchase of rental property(22,275) (5,896) 
Proceeds from sale of property held-for-sale13,323  12,943  
Recovery costs of property held-for-sale156    
Renovations of rental property  (264) 
Investment in Great Ajax FS LLC, including warrants  (1,750) 
Distribution from affiliates731  647  
Net cash from investing activities107,950  (37,135) 
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from repurchase transactions198,172  182,128  
Repayments on repurchase transactions(298,935) (38,052) 
Proceeds from sale of secured borrowings156,670  167,910  
Repayments on secured borrowings(135,653) (232,432) 
Deferred financing costs(2,666) (2,215) 
The accompanying notes are an integral part of the consolidated interim financial statements.
5


Sale of common stock, net of offering costs8,291    
Sale of common stock pursuant to dividend reinvestment plan206  140  
Distribution to non-controlling interests(715) (3,107) 
Issuance of non-controlling interest in subsidiaries59  6,778  
Dividends paid on common stock(19,462) (16,892) 
Net cash from financing activities(94,033) 64,258  
NET CHANGE IN CASH, CASH EQUIVALENTS, AND CASH HELD IN TRUST2,756  24,523  
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, beginning of period55,170  80,762  
CASH, CASH EQUIVALENTS AND CASH HELD IN TRUST, end of period$57,926  $105,285  
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
Cash paid for interest$41,346  $36,909  
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
Net transfer of loans to rental property or property held-for-sale$10,675  $10,974  
Issuance of common stock for management fee and compensation expense$3,344  $2,969  
Issuance of stock for investment in Great Ajax FS LLC$  $1,011  
Non-cash adjustments to basis in mortgage loans$(26) $214  
Unrealized gain on available for sale securities, net of non-controlling interest and tax$2,119  $30  
Treasury stock received through distributions from investment in Manager$127  $232  
Cumulative effect of accounting change recognized in equity$  $110  

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, 2019 and September 30, 2018 ($ in thousands):

September 30, 2019September 30, 2018
Cash and cash equivalents$57,905  $59,758  
Cash held in trust21  45,527  
Total cash and cash equivalents and restricted cash shown on the consolidated Statements of Cash Flows$57,926  $105,285  

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)Common
stock shares
Common stock amountTreasury stockAdditional
Paid-in
Capital
Retained
Earnings
Accumulated other comprehensive lossTotal
Stockholders’
Equity
Non-controlling
Interest
Total
Equity
Balance at December 31, 201718,588,228  $186  $  $254,847  $35,556  $(233) $290,356  $27,082  $317,438  
Net income—  —  —  —  7,665  —  7,665  657  8,322  
Issuance of shares for Great Ajax FS LLC45,938  1  —  628  —  —  629  —  629  
Issuance of shares under dividend reinvestment plan3,838  —  —  52  —  —  52  —  52  
Stock-based management fee expense48,654    —  763  —  —  763  —  763  
Stock-based compensation expense(238) —  —  222  —  —  222  —  222  
Dividends declared ($0.30 per share) and distributions—  —  —  —  (5,606) —  (5,606) (2,067) (7,673) 
Other comprehensive loss—  —  —  —  —  (110) (110) —  (110) 
Balance at March 31, 201818,686,420  187    256,512  37,615  (343) 293,971  25,672  319,643  
Net income—  —  —  —  7,521  —  7,521  692  8,213  
Issuance of shares for Great Ajax FS LLC29,063    —  382  —  —  382  —  382  
Issuance of shares under dividend reinvestment plan2,483  —  —  33  —  —  33  —  33  
Stock-based management fee expense49,156  1  —  666  —  —  667  —  667  
Stock-based compensation expense14,416  —