Great Ajax(AJX) - 2025 Q4 - Annual Results

Financial Performance - GAAP comprehensive income for Q4 2025 was $2.5 million, or $0.33 per diluted common share, compared to a loss of $0.05 per share in Q3 2025[5] - Earnings available for distribution for Q4 2025 were $(0.5) million, or $(0.06) per diluted common share, an improvement from $(0.09) per share in Q3 2025[5] - Full year 2025 GAAP comprehensive income was $4.6 million, or $0.61 per diluted common share, compared to a loss of $13.01 per share in FY 2024[5] - The company reported a net income attributable to common stockholders of $1.95 million for Q4 2025, compared to a loss of $1.56 million in Q3 2025[12] - Comprehensive income for the year ended December 31, 2025, was $2,481,000, a significant improvement from $(87,139,000) in 2024[22] - Basic earnings available for distribution per common share for the year ended December 31, 2025, was $(0.04), compared to $(2.90) in 2024[22] Dividends - The company paid a common dividend of $2.7 million, or $0.36 per common share, consistent with Q3 2025[6] - The company emphasizes that earnings available for distribution should not be viewed as an indication of taxable income or a guarantee of dividend payments[20] Assets and Liabilities - Total assets increased to $1,041.5 million as of December 31, 2025, up from $977.3 million a year earlier[13] - Total liabilities increased to $750.4 million as of December 31, 2025, compared to $730.6 million in the previous year[13] - Cash and cash equivalents rose to $79.3 million from $64.3 million year-over-year[13] Earnings Available for Distribution - Earnings available for distribution for the three months ended December 31, 2025, was $(457,000), compared to $(700,000) for the three months ended September 30, 2025[22] - Management uses earnings available for distribution as a key financial measure for decision-making regarding resource allocation[20] - The company’s calculation of earnings available for distribution may not be comparable to similar measures reported by other companies[20] Other Financial Metrics - Net interest income for Q4 2025 was $3.4 million, compared to $4.0 million in Q3 2025[12] - The book value per common share was $31.80 as of December 31, 2025[6] - Weighted average shares outstanding for the three months ended December 31, 2025, were 7,571,555[22] - The company reported realized and unrealized losses of $(4,290,000) for the three months ended December 31, 2025[22] Company Structure - The company operates as a real estate investment trust (REIT) and is externally managed by an affiliate of Rithm Capital Corp[26] - The company is required to distribute at least 90% of its REIT taxable income annually to maintain qualification as a REIT[20]