Great Ajax Corp. (AJX) 10-K Annual Report March 2019


•	Purchased $63.3 million of re-performing mortgage loans ("RPLs") and $4.0 million of non-performing mortgage loans ("NPLs") with an unpaid principal balance (“UPB”) of $71.0 million and $4.3 million, respectively, and underlying collateral values of $102.8 million and $6.0 million, respectively; and originated $1.6 million of small-balance commercial mortgage loans ("SBCs")


•	Formed $586.2 million of joint ventures and retained $126.5 million of varying classes of related securities to end the quarter with $168.9 million of investments in debt securities and beneficial interests issued by these joint ventures


•	Acquired four commercial properties for $9.5 million


•	Gross interest income of $28.5 million; net interest income of $13.4 million before impairments


•	Net income attributable to common stockholders of $6.6 million


•	Basic earnings per share (“EPS”) of $0.35


•	Taxable income of $0.23 per share


•	Book value per share of $15.59 at December 31, 2018


•	Collected $57.1 million of cash from our portfolio and held $55.1 million of cash and cash equivalents at December 31, 2018

New York, NY—March 5, 2019 —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 December 31, 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, NPLs. In addition to our continued focus on residential RPLs, we also originate and acquire SBCs secured by multi-family retail/residential mixed use properties and acquire multi-family retail/residential mixed use and commercial properties.

The following information was filed by Great Ajax Corp. (AJX) on Tuesday, March 5, 2019 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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Inside Great Ajax Corp.'s 10-K Annual Report:

Revenue - Product Highlight
We perform an impairment analysis for all rental REO not held-for-sale using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost.

Financial - Shares Highlight
Our net book value per share was $15.59 and $15.45 at December 31, 2018 and 2017, respectively, an increase of $0.14 due primarily to the $5.4 million net increase in equity from our year-end earnings after subtracting the effect of dividends paid, offset by higher distributions to non-controlling interests.
Financial - Expense Highlight
Deferred issuance costs, including original issue discount and debt issuance costs, are amortized on an effective yield basis based on the underlying cash flow of the mortgage loans.
Financial - Shares Highlight
The net book value per share is calculated by dividing equity, after adjusting for the anticipated conversion of the senior convertible notes into shares of common stock, and the subtraction of non-controlling interests classified in equity, by total adjusted shares outstanding, which include OP Units (which are redeemable on a 1-for-1 basis into shares of our common stock) and shares for Manager and director fees which were approved but still unissued as of the date indicated, unvested employee and service provider stock grants and the common shares from assumed conversion of our Senior convertible notes.
Financial - Shares Highlight
During the year ended December 31, 2018, we did not sell any shares of common stock under our At-the-Market Issuance Sales Agreements which we established in October 2016, to sell, through our agents, shares of common stock with an aggregate offering price of up to $50.0 million.
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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Material Contracts, Statements, Certifications & more

Great Ajax Corp. provided additional information to their SEC Filing as exhibits

Exhibit 10.12: Material Contract

Exhibit 10.13: Material Contract

Exhibit 21.1: Subsidaries Of The Registrant

Exhibit 23.1: Consents Of Experts And Counsel

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Exhibit 32.2: Section 1350 Certification

Ticker: AJX
CIK: 1614806
Form Type: 10-K Annual Report
Accession Number: 0001628280-19-002552
Submitted to the SEC: Wed Mar 06 2019 12:13:13 PM EST
Accepted by the SEC: Wed Mar 06 2019
Period: Monday, December 31, 2018
Industry: Real Estate Investment Trusts