Great Ajax(US:AJX) Businesswire·2024-02-27 00:04Core Insights - Great Ajax Corp. reported a consolidated net loss of $23.2 million for the quarter ended December 31, 2023, translating to a loss of $0.86 per common share, which reflects a significant decline compared to previous quarters [2][6][12] - The company focuses on acquiring, investing in, and managing re-performing mortgage loans (RPLs) and non-performing loans (NPLs), alongside originating small-balance commercial loans (SBC loans) [1][3] Financial Performance - Loan interest income for the quarter was $12.42 million, a decrease from $12.70 million in the prior quarter [2] - Net interest income was reported at $3.17 million, down from $3.04 million in the previous quarter [2] - The average carrying value of RPLs was $882.07 million, while NPLs stood at $42.05 million as of December 31, 2023 [2][4] Asset Management - The total unpaid principal balance (UPB) of the loan portfolio was $957.18 million, with a weighted average loan-to-value (LTV) ratio of 54.2% [4] - The market value of collateral was estimated at $2.12 billion, indicating a significant buffer over the UPB [4] Recent Developments - The company mutually terminated its merger agreement with Ellington Financial, receiving $16 million in total, which included $5 million in cash and $11 million for shares purchased at $6.60 each [3][6] - A cash dividend of $0.10 per share was declared, to be paid on March 29, 2024 [3] Strategic Initiatives - In February 2024, the company identified mortgage loans with a UPB of approximately $330 million for potential sale, anticipating a loss of about $10 million for every $100 million sold [3][4] - A strategic transaction with Rithm was announced, with plans for an annual/special stockholders' meeting [3]