First Quarter Highlights
- Interest income of $18.5 million; net interest income of $3.5
million
- Net loss attributable to common stockholders of $(7.9)
million
- Operating loss of $(2.1) million
- Earnings per share ("EPS") per basic common share was a loss of
$(0.34)
- Operating loss per basic common share of $(0.09)
- Taxable income of $0.05 per share attributable to common
stockholders after payment of dividends on our preferred stock
- Book value per common share of $12.58 at March 31, 2023
- Refinanced three joint ventures with $205.1 million in unpaid
principal balance ("UPB") of mortgage loans with collateral values
of $497.4 million and retained $16.1 million of varying classes of
related securities issued by the joint venture and sold a single
debt security with a carrying value of $30.2 million to end the
quarter with $356.0 million of investments in debt securities and
beneficial interests
- Collected total cash of $43.6 million from loan payments, sales
of real estate owned ("REO") properties and collections from
investments in debt securities and beneficial interests
- Held $49.4 million of cash and cash equivalents at March 31,
2023; average daily cash balance for the quarter was $50.9
million
- As of March 31, 2023, approximately 81.3% of our portfolio
(based on UPB at the time of acquisition) made at least 12 out of
the last 12 payments
Great Ajax Corp. (NYSE: AJX), a Maryland corporation that is a
real estate investment trust ("REIT"), announces its results of
operations for the quarter ended March 31, 2023. We focus primarily
on acquiring, investing in and managing a portfolio of
re-performing mortgage loans ("RPLs") and non-performing loans
("NPLs") secured by single-family residences and commercial
properties. In addition to our continued focus on RPLs and NPLs, we
also originate and acquire small-balance commercial loans ("SBC
loans") secured by multi-family retail/residential and mixed use
properties.
Selected Financial Results
(Unaudited)
($ in thousands except per share
amounts)
For the three months
ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
March 31, 2022
Loan interest income(1)
$
13,281
$
13,520
$
14,864
$
15,402
$
16,186
Earnings from debt securities and
beneficial interests(2)
$
4,569
$
4,562
$
4,613
$
5,303
$
6,866
Other interest income
$
606
$
367
$
544
$
195
$
160
Interest expense
$
(14,925
)
$
(14,482
)
$
(11,369
)
$
(9,175
)
$
(8,606
)
Net interest income
$
3,531
$
3,967
$
8,652
$
11,725
$
14,606
Net decrease in the net present value of
expected credit losses
$
621
$
1,152
$
1,935
$
961
$
3,978
Other (loss)/income, loss from equity
method investments and loss on joint venture refinancing on
beneficial interests
$
(3,612
)
$
(3,744
)
$
(65
)
$
(3,918
)
$
(3,613
)
Total revenue, net(1,3)
$
540
$
1,375
$
10,522
$
8,768
$
14,971
Consolidated net (loss)/income(1)
$
(7,364
)
$
(6,283
)
$
(9,503
)
$
(4,781
)
$
5,631
Net (loss)/income per basic share
$
(0.34
)
$
(0.30
)
$
(0.71
)
$
(0.40
)
$
0.15
Average equity(1,4)
$
337,206
$
343,112
$
399,610
$
466,847
$
489,303
Average total assets(1)
$
1,463,529
$
1,509,738
$
1,559,584
$
1,645,915
$
1,722,610
Average daily cash balance
$
50,916
$
47,196
$
62,334
$
60,609
$
73,636
Average carrying value of RPLs(1)
$
882,018
$
883,254
$
897,947
$
909,382
$
946,164
Average carrying value of NPLs(1)
$
86,494
$
99,160
$
100,827
$
114,775
$
117,670
Average carrying value of SBC loans
$
12,159
$
14,275
$
15,546
$
16,704
$
19,923
Average carrying value of debt securities
and beneficial interests
$
401,240
$
427,471
$
435,849
$
487,484
$
491,231
Average asset backed debt balance(1)
$
897,279
$
933,695
$
987,394
$
1,046,985
$
1,099,142
____________________________________________________________
(1)
Reflects the impact of consolidating the
assets, liabilities and non-controlling interests of Ajax Mortgage
Loan Trust 2017-D, which is 50% owned by third-party institutional
investors.
(2)
Interest income on investment in debt
securities and beneficial interests issued by our joint ventures is
net of servicing fees.
(3)
Total revenue includes net interest
income, loss from equity method investments, loss on joint venture
refinancing on beneficial interests and other income.
(4)
Average equity includes the effect of an
aggregate of $34.6 million of preferred stock for the three months
ended March 31, 2023, December 31, 2022 and September 30, 2022,
$93.0 million for the three months ended June 30, 2022 and $115.1
million for the three months ended March 31, 2022.
For the quarter ended March 31, 2023, we had a GAAP consolidated
net loss attributable to common stockholders of $(7.9) million or
$(0.34) per common share after preferred dividends. Operating loss,
a non-GAAP financial measure which adjusts GAAP earnings by
removing gains and losses as well as certain other non-core income
and expenses and preferred dividends, was $(2.1) million or $(0.09)
per common share. We consider Operating loss/income to provide a
useful measure for comparing the results of our ongoing operations
over multiple quarters. For a reconciliation of Operating
loss/income to consolidated net loss/income available to common
stockholders, please refer to Appendix B.
Our net interest income for the quarter ended March 31, 2023
excluding any adjustment for expected credit losses was $3.5
million, a decrease of $0.4 million over the prior quarter. Gross
interest income increased $7 thousand as a result of higher yields
on our mortgage and debt securities portfolio. Our interest expense
for the quarter ended March 31, 2023 increased $0.4 million
compared to the prior quarter primarily as a result of rate
increases on our floating rate repurchase financing. Interest
earning assets declined $54.0 million during the quarter ended
March 31, 2023.
We generally acquire loans at a discount and record an allowance
for expected credit losses at acquisition. We update the allowance
quarterly based on actual cash flow results and changing cash flow
expectations in accordance with the current expected credit losses
accounting standard, otherwise known as CECL. During the quarter
ended March 31, 2023, we recorded income of $0.6 million due to the
decrease in the net present value of expected future credit losses
partially driven by pre-payments in full and in part compared to
$1.2 million of income recorded for the fourth quarter of fiscal
year 2022.
As previously described in our prior quarter earnings call, we
recorded a $3.0 million loss in Other income on the sale of a
portion of a Class A senior bond from one of our joint ventures for
the quarter ended March 31, 2023. This was a decrease of $0.8
million from the $3.8 million loss recorded during the fourth
quarter of fiscal year 2022. A cumulative $2.2 million of this
current quarter loss was already reflected in our book value
calculation through Accumulated other comprehensive loss ("AOCI")
at December 31, 2022. This cumulative loss was reclassified to loss
on sale of securities and an additional $0.8 million loss was
recognized on the sale date.
We recorded a loss from our investments in affiliates of $0.1
million for the quarter ended March 31, 2023 compared to a loss of
$0.3 million for the quarter ended December 31, 2022 due to a lower
flow through mark to market loss on shares of our stock held by our
Manager. We account for our investment in our Manager using the
equity method of accounting.
Our GAAP expenses increased on a quarter over quarter basis by
$0.4 million primarily due to a $0.3 million increase in
professional fees. Additionally our management fee expense
increased by $0.1 million due to an update in the calculation to
include our unsecured debt securities to the extent proceeds were
used to repurchase our preferred stock and related warrants,
effective as of March 1, 2023.
We recorded $0.1 million in impairment on our REO held-for-sale
portfolio in other expense for the quarter ended March 31, 2023. We
sold five properties in the first quarter and recorded a gain of
$0.1 million in other income. Two properties were transferred from
REO held-for-sale to mortgage loans.
On January 1, 2023, the Company transferred $83.0 million of
investment securities from available-for-sale (“AFS”) to
held-to-maturity (“HTM”) due to European risk retention regulations
prohibiting the Company from selling, transferring or otherwise
surrendering this proportion of investment interest.
Transfers of securities from AFS to HTM are non-cash
transactions and are recorded at fair value. On the date of
transfer, AOCI included unrealized losses of $10.9 million for
these securities. This amount will be amortized out of AOCI over
the remaining life of the respective securities, and has no net
impact to interest income. For the quarter ended March 31, 2023,
this amortization resulted in a recapture of book value of $2.0
million through the recovery of AOCI.
We ended the quarter with a GAAP book value of $12.58 per common
share, compared to a book value per common share of $13.00 for the
quarter ended December 31, 2022. The decrease in book value is
driven primarily by our GAAP loss for the quarter and dividends
paid, partially offset by the recovery of a portion of the mark to
market loss in debt securities recorded on the balance sheet
through AOCI, and the $2.0 million amortization of the unrealized
loss on debt securities transferred to HTM.
Our taxable income for the quarter ended March 31, 2023 was
$0.05 per share of net income available to common stockholders,
compared to $0.21 per share of taxable net income available to
common stockholders for the quarter ended December 31, 2022.
Additionally, we recorded income tax expense of $0.1 million
comprised primarily of state and local income taxes.
On February 23, 2023, with an accredited institutional investor
we refinanced our 2019-E, -G and -H joint ventures into Ajax
Mortgage Loan Trust 2023-A ("2023-A") and retained $16.1 million of
varying classes of agency rated securities and equity. We retained
5.01% of the AAA rated securities and 20.00% of the AA through B
rated securities and trust certificates from the trust. 2023-A
acquired 1,085 RPLs and NPLs with UPB of $205.1 million and an
aggregate property value of $497.4 million. The AAA through A rated
securities represent 79.8% of the UPB of the underlying mortgage
loans and carry a weighted average coupon of 3.46%. Based on the
structure of the transactions, we do not consolidate 2023-A under
U.S. GAAP.
We collected $43.6 million of cash during the first quarter as a
result of loan payments, loan payoffs, sales of REO, and cash
collections on our securities portfolio to end the quarter with
$49.4 million in cash and cash equivalents.
We purchased three RPLs with UPB of $0.8 million at 58.8% of
property value and 72.9% of UPB. These loans were acquired and
included on our consolidated balance sheet for a weighted average
of 37 days of the quarter.
On January 31, 2023, we contributed an additional $0.7 million
of equity interest in Great Ajax FS LLC ("GAFS"), the holding
company which owns our loan servicer, Gregory Funding LLC. This
increased our ownership from 8.0% to 9.6%. We account for our
investment in GAFS using the equity method.
On February 21, 2023, our Board of Directors approved the First
Amendment to the Third Amended and Restated Management Agreement
with the Manager, which has an effective date of March 1, 2023 and
states that the stockholders’ equity used to calculate the base
management fee include our unsecured debt securities to the extent
the proceeds were used to repurchase our preferred stock.
The following table provides an overview of our portfolio at
March 31, 2023 ($ in thousands):
No. of loans
5,241
Weighted average coupon
4.40
%
Total UPB(1)
$
1,007,497
Weighted average LTV(5)
56.8
%
Interest-bearing balance
$
920,637
Weighted average remaining term
(months)
292
Deferred balance(2)
$
86,860
No. of first liens
5,193
Market value of collateral(3)
$
2,131,485
No. of second liens
48
Current purchase price/total UPB
81.6
%
No. of REO held-for-sale
32
Current purchase price/market value of
collateral
42.7
%
Market value of REO held-for-sale(6)
$
5,612
RPLs
88.4
%
Carrying value of debt securities and
beneficial interests in trusts
$
366,855
NPLs
10.5
%
Loans with 12 for 12 payments as an
approximate percentage of acquisition UPB(7)
81.3
%
SBC loans(4)
1.1
%
Loans with 24 for 24 payments as an
approximate percentage of acquisition UPB(8)
72.1
%
____________________________________________________________
(1)
Our loan portfolio consists of fixed rate
(60.8% of UPB), ARM (6.7% of UPB) and Hybrid ARM (32.5% of UPB)
mortgage loans.
(2)
Amounts that have been deferred in
connection with a loan modification on which interest does not
accrue. These amounts generally become payable at maturity.
(3)
As of the reporting date.
(4)
SBC loans includes both purchased and
originated loans.
(5)
UPB as of March 31, 2023 divided by market
value of collateral and weighted by the UPB of the loan.
(6)
Market value of other REO is the estimated
expected gross proceeds from the sale of the REO less estimated
costs to sell, including repayment of servicer advances.
(7)
Loans that have made at least 12 of the
last 12 payments, or for which the full dollar amount to cover at
least 12 payments has been made in the last 12 months.
(8)
Loans that have made at least 24 of the
last 24 payments, or for which the full dollar amount to cover at
least 24 payments has been made in the last 24 months.
Subsequent Events
Since quarter end, we have acquired two residential RPLs in one
transaction from a single seller with aggregate UPB of $0.3
million. The purchase price of the RPLs was 58.1% of UPB and 37.1%
of the estimated market value of the underlying collateral of $0.4
million.
We have agreed to acquire, subject to due diligence, 74
residential RPLs in two transactions with aggregate UPB of $18.1
million. The purchase price of the residential RPLs is 82.9% of UPB
and 54.3% of the estimated market value of the underlying
collateral of $27.6 million.
On May 4, 2023, our Board of Directors declared a cash dividend
of $0.20 per share to be paid on May 31, 2023 to stockholders of
record as of May 15, 2023.
Conference Call
Great Ajax Corp. will host a conference call at 5:00 p.m. EST on
Thursday, May 4, 2023 to review our financial results for the
quarter. A live Webcast of the conference call will be accessible
from the Quarterly Reports section of our website
www.greatajax.com. An archive of the Webcast will be available for
90 days.
About Great Ajax Corp.
Great Ajax Corp. is a Maryland corporation that is a REIT, that
focuses primarily on acquiring, investing in and managing RPLs and
NPLs secured by single-family residences and commercial properties.
In addition to our continued focus on RPLs and NPLs, we also
originate and acquire SBC loans secured by multi-family
retail/residential and mixed use properties. We are externally
managed by Thetis Asset Management LLC, an affiliated entity. Our
mortgage loans and other real estate assets are serviced by Gregory
Funding LLC, an affiliated entity. We have elected to be taxed as a
REIT under the Internal Revenue Code.
Forward-Looking Statements
This press release contains certain forward-looking statements.
Words such as “believes,” “intends,” “expects,” “projects,”
“anticipates,” and “future” or similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are subject to the inherent uncertainties in predicting
future results and conditions, many of which are beyond our
control, including, without limitation and the risk factors and
other matters set forth in our Annual Report on Form 10-K for the
period ended December 31, 2022 filed with the Securities and
Exchange Commission (the “SEC”) on March 3, 2023 and, when filed
with the SEC, our Quarterly Report on Form 10-Q for the period
ended March 31, 2023. The COVID-19 outbreak has caused significant
volatility and disruption in the financial markets both globally
and in the United States. While lockdowns and restrictions have
largely ended in the United States, a spike in COVID-19 cases and
return to restrictions could cause material adverse effects on our
business, financial condition, prospects, liquidity and results of
operations. We undertake no obligation to publicly update or revise
any forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required
by law.
GREAT AJAX CORP. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME
(Dollars in thousands except
per share amounts)
Three months ended
March 31 2023
December 31, 2022
September 30, 2022
June 30, 2022
(unaudited)
(unaudited)
(unaudited)
(unaudited)
INCOME
Interest income
$
18,456
$
18,449
$
20,021
$
20,900
Interest expense
(14,925
)
(14,482
)
(11,369
)
(9,175
)
Net interest income
3,531
3,967
8,652
11,725
Net decrease in the net present value of
expected credit losses
621
1,152
1,935
961
Net interest income after the impact of
changes in the net present value of expected credit losses
4,152
5,119
10,587
12,686
Loss from equity method investments
(98
)
(349
)
(451
)
(355
)
Loss on joint venture refinancing on
beneficial interests
(995
)
—
—
(2,142
)
Other (loss)/income
(2,519
)
(3,395
)
386
(1,421
)
Total revenue, net
540
1,375
10,522
8,768
EXPENSE
Related party expense - loan servicing
fees
1,860
1,911
1,952
2,006
Related party expense - management fee
1,828
1,722
1,948
2,363
Professional fees
934
621
667
419
Fair value adjustment on put option
liability
1,622
1,431
2,917
3,595
Other expense
1,614
1,741
1,358
1,376
Total expense
7,858
7,426
8,842
9,759
Acceleration of put option settlement
—
—
8,813
3,531
Gain on debt extinguishment
(47
)
—
—
—
Loss before provision for income taxes
(7,271
)
(6,051
)
(7,133
)
(4,522
)
Provision for income taxes
93
232
2,370
259
Consolidated net loss
(7,364
)
(6,283
)
(9,503
)
(4,781
)
Less: consolidated net income/(loss)
attributable to non-controlling interests
30
5
(42
)
16
Consolidated net loss attributable to the
Company
(7,394
)
(6,288
)
(9,461
)
(4,797
)
Less: dividends on preferred stock
547
547
1,053
1,925
Less: discount on retirement of preferred
stock
—
—
5,735
2,459
Consolidated net loss attributable to
common stockholders
(7,941
)
$
(6,835
)
$
(16,249
)
$
(9,181
)
Basic loss per common share
$
(0.34
)
$
(0.30
)
$
(0.71
)
$
(0.40
)
Diluted loss per common share
$
(0.34
)
$
(0.30
)
$
(0.71
)
$
(0.40
)
Weighted average shares – basic
22,920,943
22,778,652
22,538,891
22,754,553
Weighted average shares – diluted
22,920,943
22,778,652
22,833,465
22,754,553
GREAT AJAX CORP. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(Dollars in thousands except
per share amounts)
March 31, 2023
December 31, 2022
ASSETS
(Unaudited)
Cash and cash equivalents
$
49,397
$
47,845
Mortgage loans held-for-investment,
net(1,2)
970,665
989,084
Real estate owned properties, net(3)
5,092
6,333
Investments in securities
available-for-sale(4)
146,480
257,062
Investments in securities
held-to-maturity(5)
73,907
—
Investments in beneficial interests(6)
135,614
134,552
Receivable from servicer
9,622
7,450
Investments in affiliates
30,560
30,185
Prepaid expenses and other assets
18,304
11,915
Total assets
$
1,439,641
$
1,484,426
LIABILITIES AND
EQUITY
Liabilities:
Secured borrowings, net(1,2,7)
$
454,664
$
467,205
Borrowings under repurchase
transactions
418,653
445,855
Convertible senior notes, net(7)
103,450
104,256
Notes payable, net(7)
106,258
106,046
Management fee payable
1,826
1,720
Put option liability
13,775
12,153
Accrued expenses and other liabilities
8,460
9,726
Total liabilities
1,107,086
1,146,961
Equity:
Preferred stock $0.01 par value,
25,000,000 shares authorized
Series A 7.25% Fixed-to-Floating Rate
Cumulative Redeemable, $25.00 liquidation preference per share,
424,949 shares issued and outstanding at both March 31, 2023 and
December 31, 2022
9,411
9,411
Series B 5.00% Fixed-to-Floating Rate
Cumulative Redeemable, $25.00 liquidation preference per share,
1,135,590 shares issued and outstanding at both March 31, 2023 and
December 31, 2022
25,143
25,143
Common stock $0.01 par value; 125,000,000
shares authorized, 23,509,446 shares issued and outstanding at
March 31, 2023 and 23,130,956 shares issued and outstanding at
December 31, 2022
245
241
Additional paid-in capital
325,462
322,439
Treasury stock
(9,532
)
(9,532
)
Retained earnings
(544
)
13,275
Accumulated other comprehensive loss
(19,763
)
(25,649
)
Equity attributable to stockholders
330,422
335,328
Non-controlling interests(8)
2,133
2,137
Total equity
332,555
337,465
Total liabilities and equity
$
1,439,641
$
1,484,426
____________________________________________________________
(1)
Mortgage loans held-for-investment, net
include $664.2 million and $675.8 million of loans at March 31,
2023 and December 31, 2022, 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.).
Mortgage loans held-for-investment, net include $4.3 million and
$6.1 million of allowance for expected credit losses at March 31,
2023 and December 31, 2022, respectively.
(2)
As of both March 31, 2023 and December 31,
2022, balances for Mortgage loans held-for-investment, net include
$0.9 million from a 50.0% owned joint venture, which we consolidate
under U.S. GAAP.
(3)
Real estate owned properties, net, are
presented net of valuation allowances of $0.8 million and $0.7
million at March 31, 2023 and December 31, 2022, respectively.
(4)
Investments in securities AFS are
presented at fair value. As of March 31, 2023, Investments in
securities AFS include an amortized cost basis of $157.3 million
and a net unrealized loss of $10.9 million. As of December 31,
2022, Investments in securities AFS include an amortized cost basis
of $282.7 million and net unrealized loss of $25.6 million.
(5)
On January 1, 2023, we transferred certain
of our Investments in securities AFS to HTM due to European risk
retention regulations. Investments in securities HTM includes an
allowance for expected credit losses of zero and remaining discount
of $8.9 million related to the unamortized unrealized loss in AOCI
from transfer at March 31, 2023.
(6)
Investments in beneficial interests
includes allowance for expected credit losses of zero at both March
31, 2023 and December 31, 2022.
(7)
Secured borrowings, net are presented net
of deferred issuance costs of $4.3 million at March 31, 2023 and
$4.7 million at December 31, 2022. Convertible senior notes, net
are presented net of deferred issuance costs of $0.1 million and
$0.3 million at March 31, 2023 and December 31, 2022, respectively.
Notes payable, net are presented net of deferred issuance costs and
discount of $3.7 million at March 31, 2023 and $4.0 million at
December 31, 2022.
(8)
As of March 31, 2023, non-controlling
interests includes $1.0 million from a 50.0% owned joint venture,
$1.0 million from a 53.1% owned subsidiary and $0.1 million from a
99.9% owned subsidiary. As of December 31, 2022, non-controlling
interests includes $1.0 million from a 50.0% owned joint venture,
$1.1 million from a 53.1% owned subsidiary and $0.1 million from a
99.9% owned subsidiary which we consolidate under U.S. GAAP.
Appendix A - Earnings per share
The following table sets forth the components of basic and
diluted EPS ($ in thousands, except per share):
Three months ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
Income
(Numerator)
Shares
(Denominator)
Per Share
Amount
Income
(Numerator)
Shares
(Denominator)
Per Share
Amount
Income
(Numerator)
Shares
(Denominator)
Per Share
Amount
Income
(Numerator)
Shares
(Denominator)
Per Share
Amount
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Basic EPS
Consolidated net loss attributable to
common stockholders
$
(7,941
)
22,920,943
$
(6,835
)
22,778,652
$
(16,249
)
22,538,891
$
(9,181
)
22,754,553
Allocation of loss to participating
restricted shares
111
—
97
—
210
—
103
—
Consolidated net loss attributable to
unrestricted common stockholders
$
(7,830
)
22,920,943
$
(0.34
)
$
(6,738
)
22,778,652
$
(0.30
)
$
(16,039
)
22,538,891
$
(0.71
)
$
(9,078
)
22,754,553
$
(0.40
)
Effect of dilutive
securities(1)
Restricted stock grants and manager and
director fee shares(2)
—
—
—
—
(210
)
294,574
—
—
Amortization of put option(3)
—
—
—
—
—
—
—
—
Diluted EPS
Consolidated net loss attributable to
common stockholders and dilutive securities
$
(7,830
)
22,920,943
$
(0.34
)
$
(6,738
)
22,778,652
$
(0.30
)
$
(16,249
)
22,833,465
$
(0.71
)
$
(9,078
)
22,754,553
$
(0.40
)
____________________________________________________________
(1)
Our outstanding warrants and the effect of
the interest expense and assumed conversion of shares from
convertible notes would have an anti-dilutive effect on diluted
earnings per share for all periods shown and have not been included
in the calculation.
(2)
The effect of restricted stock grants and
manager and director fee shares on our diluted EPS calculation for
the three months ended March 31, 2023, December 31, 2022 and June
30, 2022 would have been anti-dilutive and have been removed from
the calculation.
(3)
The effect of the amortization of put
options on our diluted EPS calculation for the three months ended
March 31, 2023, December 31, 2022, September 30, 2022 and June 30,
2022 would have been anti-dilutive and have been removed from the
calculation.
Appendix B - Reconciliation of Operating
(loss)/income to Consolidated net loss available to common
stockholders (Dollars in thousands except per share
amounts)
Three months ended
March 31, 2023
December 31, 2022
September 30, 2022
June 30, 2022
(unaudited)
(unaudited)
(unaudited)
(unaudited)
INCOME
Interest income
$
18,456
$
18,449
$
20,021
$
20,900
Interest expense
(14,925
)
(14,482
)
(11,369
)
(9,175
)
Net interest income
3,531
3,967
8,652
11,725
Other income
455
479
1,259
502
Total revenue, net
3,986
4,446
9,911
12,227
EXPENSE
Related party expense - loan servicing
fees
1,860
1,911
1,952
2,006
Related party expense - management
fees
1,828
1,722
1,948
2,363
Professional fees
934
621
667
419
Other expense
1,503
1,443
1,380
1,445
Total expense
6,125
5,697
5,947
6,233
Consolidated operating (loss)/income
$
(2,139
)
$
(1,251
)
$
3,964
$
5,994
Basic operating (loss)/income per common
share
$
(0.09
)
$
(0.05
)
$
0.17
$
0.26
Diluted operating (loss)/income per common
share
$
(0.09
)
$
(0.05
)
$
0.17
$
0.26
Reconciliation to GAAP net loss
Consolidated operating (loss)/income
$
(2,139
)
$
(1,251
)
$
3,964
$
5,994
Mark to market loss on joint venture
refinancing
(995
)
—
—
(2,142
)
Realized loss on sale of securities
(2,974
)
(3,836
)
(860
)
(79
)
Net decrease in the net present value of
expected credit losses
621
1,152
1,935
961
Fair value adjustment on put option
liability
(1,622
)
(1,431
)
(2,917
)
(3,595
)
Acceleration of put option settlement
—
—
(8,813
)
(3,531
)
Other adjustments
(162
)
(685
)
(442
)
(2,130
)
Loss before provision for income taxes
(7,271
)
(6,051
)
(7,133
)
(4,522
)
Provision for income taxes
93
232
2,370
259
Consolidated net (income)/loss
attributable to non-controlling interest
(30
)
(5
)
42
(16
)
Consolidated net loss attributable to the
Company
(7,394
)
(6,288
)
(9,461
)
(4,797
)
Dividends on preferred stock
(547
)
(547
)
(1,053
)
(1,925
)
Discount on retirement of preferred
stock
—
—
(5,735
)
(2,459
)
Consolidated net loss attributable to
common stockholders
$
(7,941
)
$
(6,835
)
$
(16,249
)
$
(9,181
)
Basic loss per common share
$
(0.34
)
$
(0.30
)
$
(0.71
)
$
(0.40
)
Diluted loss per common share
$
(0.34
)
$
(0.30
)
$
(0.71
)
$
(0.40
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230504006002/en/
Lawrence Mendelsohn Chief Executive Officer Or Mary Doyle Chief
Financial Officer Mary.Doyle@aspencapital.com 503-444-4224
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