Great Ajax(US:AJX)2024-05-03 20:15Financial Performance - The net loss attributable to common stockholders was $(74.3) million, resulting in a loss of $(2.41) per common share, which includes $(0.50) per share related to the accrual of the manager termination fee[2][5] - The operating loss for the quarter was $(4.8) million or $(0.16) per common share, indicating a significant decline in operational performance[2][5] - The consolidated net loss attributable to common stockholders for the quarter was $(74.32) million, compared to $(23.20) million in the previous quarter[27] - Basic EPS for the three months ended March 31, 2024, was $(2.41), a significant decrease from $(0.86) in the previous quarter[37] - Consolidated net loss attributable to common stockholders for the three months ended March 31, 2024, was $74,319, compared to a loss of $23,197 for the previous quarter[37] - Consolidated operating loss widened to $(4,806) million from $(1,834) million, indicating a deterioration in financial performance[40] - Basic loss per common share was $(2.41), compared to $(0.86) in the previous quarter, reflecting increased losses[40] - Total revenue, net, significantly decreased to $892 million, compared to $3,918 million in the prior quarter, representing a drop of 77.3%[40] Cash and Liquidity - As of March 31, 2024, the company held $100.1 million in cash and cash equivalents, with an average daily cash balance of $65.3 million[2] - Cash collected during the first quarter amounted to $80.9 million, ending the quarter with $100.1 million in cash and cash equivalents[16] - The company expects to generate $47.1 million in cash from the sale of loans with a total UPB of $180.6 million[20] Assets and Liabilities - Total assets as of March 31, 2024, were $1.24 billion, down from $1.34 billion as of December 31, 2023[30] - Total liabilities decreased from $1,025,396 to $988,219, a reduction of approximately 3.6%[31] - Total equity decreased from $310,895 to $256,236, representing a decline of about 17.6%[32] - Total assets decreased from $1,336,291 to $1,244,455, a decline of about 6.9%[32] Loan and Investment Performance - Approximately 84.4% of the portfolio made at least 12 consecutive payments, indicating a stable performance in the underlying loans[2] - The total unpaid principal balance (UPB) of loans as of March 31, 2024, was $882.05 million, with a weighted average loan-to-value (LTV) ratio of 52.2%[17] - The market value of collateral was $2.03 billion, with a current purchase price to total UPB ratio of 81.4%[17] - The company recorded a $47.3 million mark to market loss on loans moved to held-for-sale, reflecting challenges in the loan sales strategy[2][9] - A $3.1 million write-down on beneficial interests was recorded, reflecting adjustments in cash flow projections due to extended loan durations[2][7] - The company reported a net unrealized loss on investments in securities AFS of $7.7 million as of March 31, 2024, compared to $8.0 million at December 31, 2023[34] Shareholder Information - A cash dividend of $0.06 per share was declared, to be paid on May 30, 2024[19] - The company has a total of 36,992,019 common shares issued and outstanding as of March 31, 2024[32] - The book value per common share decreased to $6.87 from $9.99 at the end of the previous quarter, primarily due to the net loss and increased outstanding shares[2][15] Tax and Expenses - The taxable loss for the quarter ended March 31, 2024, was $(0.67) per share, compared to $(0.03) per share for the quarter ended December 31, 2023[16] - Provision for income taxes showed a benefit of $915 million, contrasting with a provision of $69 million in the previous quarter, indicating a change in tax strategy[40] - Total expenses were $5,698 million, slightly down from $5,752 million in the previous quarter, indicating cost management efforts[40] - Related party expense for loan servicing fees was $1,734 million, a slight decrease from $1,773 million in the prior quarter[40]