Exhibit 99.1 
logoa01.jpg
GREAT AJAX CORP. ANNOUNCES RESULTS FOR THE QUARTER
ENDED DECEMBER 31, 2017
 
Fourth Quarter Highlights
Purchased $219.2 million of re-performing mortgage loans (“RPL”) with an aggregate unpaid principal balance (“UPB”) of $241.3 million and underlying collateral value of $363.9 million, including $177.3 million of RPLs in a joint venture with a new third party institutional partner.
Originated $1.7 million of small-balance commercial mortgage loans (“SBC”).
Raised $332.4 million, net, in three separate fixed rate secured borrowings including gross proceeds of $88.9 million of secured debt consolidated on our balance sheet that is held by a joint venture partner.
Interest income from investment portfolio of $24.4 million; net interest income of $13.0 million.
Net income attributable to common stockholders of $6.2 million.
Basic earnings per share (“EPS”) of $0.34.
Taxable income of $0.11 per share.
Book value per share of $15.45 at December 31, 2017.
Held $53.7 million of cash and cash equivalents at December 31, 2017.

New York, NY—March 6, 2018 —Great Ajax Corp. (NYSE: AJX), a Maryland corporation that is a real estate investment trust, today announces results of operations for the quarter ended December 31, 2017. We focus primarily on acquiring, investing in and managing a portfolio of RPLs secured by single-family residences and commercial properties, and, to a lesser extent, non-performing mortgage loans (“NPL”). In addition to our continued focus on residential RPLs, we have increased our originations of SBCs secured by multi-family residential and commercial mixed use retail/residential properties.
 
Financial Results (Unaudited)
($ in thousands except per share amounts)
 
 
December 31, 2017
 
September 30, 2017
 
June 30, 2017
 
March 31, 2017
 
December 31, 2016
Loan interest income(2)
 
$
24,231

 
$
24,396

 
$
21,682

 
$
20,556

 
$
19,653

Total revenue(3)
 
$
13,797

 
$
14,226

 
$
13,105

 
$
13,667

 
$
10,969

Consolidated net income
 
$
6,638

 
$
7,716

 
$
7,102

 
$
8,698

 
$
6,163

Net income per diluted share
 
$
0.33

 
$
0.38

 
$
0.36

 
$
0.46

 
$
0.33

Average equity(1)
 
$
302,482

 
$
292,640

 
$
288,884

 
$
284,872

 
$
280,213

Average total assets(1)
 
$
1,230,026

 
$
1,157,223

 
$
1,050,108

 
$
952,112

 
$
883,621

Average daily cash balance(4)
 
$
47,717

 
$
43,666

 
$
47,705

 
$
35,513

 
$
32,759

Average carrying value of RPLs(1)
 
$
1,046,126

 
$
998,692

(5)
$
898,749

(5)
$
810,166

(5)
$
751,801

Average carrying value of NPLs
 
$
43,400

 
$
44,919

(5)
$
48,396

(5)
$
52,770

(5)
$
59,365

Average carrying value of originated SBC loans
 
$
11,273

 
$
8,427

(5)
$
5,493

(5)
$
2,781

(5)
$
1,246

Average debt balance(1)
 
$
943,329

 
$
883,770

 
$
775,717

 
$
669,938

 
$
615,103

____________________________________________________________




The following information was filed by Great Ajax Corp. (AJX) on Tuesday, March 6, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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