Great Ajax(US:AJX)2024-10-21 10:45Financial Performance - GAAP net loss attributable to common stockholders was $(8.0) million, or $(0.18) per diluted share, compared to a loss of $(12.7) million, or $(0.32) per diluted share in Q2 2024[1][2] - Earnings Available for Distribution was $(5.4) million, or $(0.12) per diluted common share, improving from $(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) 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), down from $(9,598,000) in the prior quarter[27] - Basic and diluted earnings available for distribution per common share were both $(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 $2,058,000 in the previous quarter[27] Asset and Liability Management - Total assets decreased to $858.2 million from $1.3 billion at the end of 2023[17] - Total liabilities decreased to $611.1 million from $1.0 billion at the end of 2023[18] - Total liabilities and equity amounted to $858,151,000 as of December 31, 2023, down from $1,336,291,000 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) in the previous period[19] Equity and Book Value - Book value per common share decreased to $5.47 from $5.56 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, 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 $(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 $148.0 million, generating net proceeds of approximately $31.7 million[4] - Acquired $81.9 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 $1,010,000 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]