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Great Ajax(AJX) - 2024 Q3 - Quarterly Results
AJXGreat Ajax(AJX)2024-10-21 10:45

Financial Performance - GAAP net loss attributable to common stockholders was (8.0)million,or(8.0) million, or (0.18) per diluted share, compared to a loss of (12.7)million,or(12.7) million, or (0.32) per diluted share in Q2 2024[1][2] - Earnings Available for Distribution was (5.4)million,or(5.4) million, or (0.12) per diluted common share, improving from (9.6)million,or(9.6) million, or (0.24) per diluted common share in the previous quarter[2][3] - The company reported a net loss attributable to common stockholders of (8,029,000)forthethreemonthsendedSeptember30,2024,comparedto(8,029,000) for the three months ended September 30, 2024, compared to (12,742,000) for the previous quarter[27] - Earnings available for distribution for the quarter ended September 30, 2024, were (5,360,000),downfrom(5,360,000), down from (9,598,000) in the prior quarter[27] - Basic and diluted earnings available for distribution per common share were both (0.12)forthequarterendedSeptember30,2024,consistentwiththepreviousquarter[27]−Thecompanyreportedrealizedandunrealizedgainsof(0.12) for the quarter ended September 30, 2024, consistent with the previous quarter[27] - The company reported realized and unrealized gains of 1,640,000 for the quarter ended September 30, 2024, compared to 2,058,000inthepreviousquarter[27]AssetandLiabilityManagement−Totalassetsdecreasedto2,058,000 in the previous quarter[27] Asset and Liability Management - Total assets decreased to 858.2 million from 1.3billionattheendof2023[17]−Totalliabilitiesdecreasedto1.3 billion at the end of 2023[17] - Total liabilities decreased to 611.1 million from 1.0billionattheendof2023[18]−Totalliabilitiesandequityamountedto1.0 billion at the end of 2023[18] - Total liabilities and equity amounted to 858,151,000 as of December 31, 2023, down from 1,336,291,000inthepreviousperiod[19]−Thecompanyhad1,135,590sharesissuedandoutstandingasofDecember31,2023[19]−Thecompany’sretaineddeficitincreasedto1,336,291,000 in the previous period[19] - The company had 1,135,590 shares issued and outstanding as of December 31, 2023[19] - The company’s retained deficit increased to (158,126,000) from (54,382,000)inthepreviousperiod[19]EquityandBookValue−Bookvaluepercommonsharedecreasedto(54,382,000) in the previous period[19] Equity and Book Value - Book value per common share decreased to 5.47 from 5.56inQ22024,withtotalbookvalueat5.56 in Q2 2024, with total book value at 246.1 million[2][3] - As of December 31, 2023, the company had total equity of 247,093,000,adecreasefrom247,093,000, a decrease from 310,895,000 at the end of the previous period[19] - The company’s accumulated other comprehensive loss improved to (8,279,000)from(8,279,000) from (14,027,000) in the previous period[19] Strategic Transactions and Investments - The company sold residential loans and securities with an unpaid principal balance of approximately 148.0million,generatingnetproceedsofapproximately148.0 million, generating net proceeds of approximately 31.7 million[4] - Acquired 81.9millioninunpaidprincipalbalanceofcommercialmortgage−backedsecurities,increasingtotalinvestmentinCMBSto81.9 million in unpaid principal balance of commercial mortgage-backed securities, increasing total investment in CMBS to 101.9 million[4] - The company incurred expenses related to the Strategic Transaction amounting to 1,010,000forthequarterendedSeptember30,2024[27]CorporateActions−Thecompanydeclaredacashdividendof1,010,000 for the quarter ended September 30, 2024[27] Corporate Actions - The company declared a cash dividend of 0.06 per common share, to be paid on November 29, 2024[6] - The company filed a shelf registration statement with the SEC to increase the maximum offering price of its securities to $400 million[5] - The company plans to rebrand as Rithm Property Trust Inc. and change its ticker symbol to "RPT" in Q4 2024[7]