Exhibit 99.1 
logoa04.jpg
GREAT AJAX CORP. ANNOUNCES RESULTS FOR THE QUARTER
ENDED JUNE 30, 2018
 
Second Quarter Highlights
Purchased $14.3 million of re-performing mortgage loans (“RPLs”) with an aggregate unpaid principal balance (“UPB”) of $15.5 million and underlying collateral value of $24.8 million.
Interest income of $26.7 million; net interest income of $13.9 million.
Net income attributable to common stockholders of $7.5 million.
Basic earnings per share (“EPS”) of $0.40.
Taxable income of $0.35 per share.
Book value per share of $15.60 at June 30, 2018.
Collected $56.5 million of cash on our portfolio and held $34.7 million of cash and cash equivalents at June 30, 2018.

New York, NY—August 7, 2018 —Great Ajax Corp. (NYSE: AJX), a Maryland corporation that is a real estate investment trust, today announces its results of operations for the quarter ended June 30, 2018. 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 (“NPLs”). In addition to our continued focus on residential RPLs, we also originate and acquire small balance commercial loans ("SBC loans") secured by multi-family residential and commercial mixed use retail/residential properties.
 
Financial Results (Unaudited)
($ in thousands except per share amounts)
 
 
June 30, 2018
 
March 31, 2018
 
December 31, 2017
 
September 30, 2017
 
June 30, 2017
 
Loan interest income(1,2)
 
$
26,158

 
$
25,445

 
$
24,231

 
$
24,396

 
$
21,682

 
Total revenue(1,3)
 
$
14,777

 
$
14,743

 
$
13,797

 
$
14,226

 
$
13,105

 
Consolidated net income(1)
 
$
8,213

 
$
8,322

 
$
6,638

 
$
7,716

 
$
7,102

 
Net income per basic share
 
$
0.40

 
$
0.41

 
$
0.34

 
$
0.41

 
$
0.38

 
Average equity(1)
 
$
319,815

 
$
318,839

 
$
302,482

 
$
292,640

 
$
288,884

 
Average total assets(1)
 
$
1,362,843

 
$
1,377,537

 
$
1,230,026

 
$
1,157,223

 
$
1,050,108

 
Average daily cash balance(4)
 
$
41,617

 
$
51,540

 
$
47,717

 
$
43,666

 
$
47,705

 
Average carrying value of RPLs(1)
 
$
1,182,904

 
$
1,199,638

 
$
1,046,126

 
$
998,692

(5)
$
898,749

(5)
Average carrying value of NPLs
 
$
40,767

 
$
40,593

 
$
43,400

 
$
44,919

(5)
$
48,396

(5)
Average carrying value of originated SBC loans
 
$
11,784

 
$
11,629

 
$
11,273

 
$
8,427

(5)
$
5,493

(5)
Average debt balance(1)
 
$
1,044,364

 
$
1,064,490

 
$
943,329

 
$
883,770

 
$
775,717

 
____________________________________________________________

(1)
Reflects the impact of consolidating the assets, liabilities and non-controlling interest of Ajax Mortgage Loan Trust 2017-D, which is 50% owned by a third-party institutional investor.
(2)
Loan interest income excludes interest income from debt securities and bank account balances.
(3)
Total revenue includes net interest income, income from equity method investments and other income.
(4)
Average daily cash balance includes cash and cash equivalents, and excludes cash held in trust.
(5)
The 2017 quarterly average balances for mortgage loans were calculated using daily ending balances. Prior quarters of 2017 have been restated to conform to the current quarter presentation.




The following information was filed by Great Ajax Corp. (AJX) on Tuesday, August 7, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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