Second Quarter Highlights
- Interest income of $23.0 million; net interest income of $14.2
million
- Net income attributable to common stockholders of $10.4
million
- Basic earnings per common share (“EPS”) of $0.45
- Book value per common share of $15.86 at June 30, 2021
- Taxable income of $0.34 per common share
- Formed four joint ventures that acquired $1.4 billion in unpaid
principal balance ("UPB") of mortgage loans with collateral values
of $2.4 billion and retained $232.9 million of varying classes of
related securities issued by the joint ventures to end the quarter
with $558.1 million of investments in debt securities and
beneficial interests
- Purchased $4.8 million re-performing mortgage loans ("RPLs"),
with UPB of $5.2 million at 60.7% of property value to end the
quarter with $955.6 million in net mortgage loans
- Collected total cash of $78.9 million from loan payments, sales
of real estate owned ("REO") and collections from investments in
debt securities and beneficial interests
- Held $88.1 million of cash and cash equivalents at June 30,
2021; average daily cash balance for the quarter was $113.0
million
- At June 30, 2021, approximately 74.2% of portfolio based on UPB
made at least 12 out of the last 12 payments
Great Ajax Corp. (NYSE: AJX), a Maryland corporation that is a
real estate investment trust, today announces its results of
operations for the quarter ended June 30, 2021. We focus primarily
on acquiring, investing in and managing a portfolio of RPLs secured
by single-family residences and commercial properties and, to a
lesser extent, NPLs. In addition to our continued focus on
residential RPLs, we also originate and acquire small balance
commercial loans ("SBCs") secured by multi-family
retail/residential and mixed use properties.
Selected Financial Results
(Unaudited)
($ in thousands except per share
amounts)
For the three months
ended
June 30, 2021
March 31, 2021
December 31, 2020
September 30, 2020
June 30, 2020
Loan interest income(1,2)
$
15,788
$
18,181
$
18,108
$
18,312
$
18,458
Earnings from debt securities and
beneficial interests(2,4)
$
6,994
$
5,937
$
6,243
$
5,092
$
4,769
Other interest income/(loss)
$
266
$
(83
)
$
407
$
113
$
(55
)
Interest expense
$
(8,830
)
$
(10,304
)
$
(10,837
)
$
(11,727
)
$
(13,058
)
Net interest income(2,3)
$
14,218
$
13,731
$
13,921
$
11,790
$
10,114
Net increase in the net present value of
expected cash flows(2)
$
4,733
$
5,516
$
7,966
$
4,440
$
4,861
Other income and income/(loss) from equity
method investments
$
843
$
519
$
618
$
512
$
1,352
Total revenue, net(1,5)
$
19,794
$
19,766
$
22,505
$
16,742
$
16,327
Consolidated net income(1)
$
11,170
$
10,642
$
14,402
$
8,892
$
8,818
Net income per basic share
$
0.45
$
0.30
$
0.47
$
0.23
$
0.27
Average equity(1,6)
$
498,990
$
508,319
$
509,628
$
503,967
$
469,831
Average total assets(1)
$
1,600,337
$
1,674,301
$
1,654,579
$
1,642,090
$
1,597,678
Average daily cash balance(7,8)
$
113,008
$
115,220
$
128,687
$
128,621
$
125,739
Average carrying value of RPLs(1)
$
897,847
$
1,025,204
$
1,044,997
$
1,055,186
$
1,048,704
Average carrying value of NPLs(1)
$
46,139
$
46,437
$
39,958
$
35,665
$
33,683
Average carrying value of SBC loans
$
23,685
$
31,539
$
8,751
$
6,195
$
5,413
Average carrying value of debt securities
and beneficial interests
$
405,612
$
361,852
$
367,389
$
331,009
$
333,359
Average asset level debt balance(1)
$
992,122
$
1,088,936
$
1,025,717
$
1,038,406
$
1,041,673
____________________________________________________________
(1)
At the beginning of the first quarter of
2021, we acquired all of our joint venture partner's interest in
Ajax Mortgage Loan Trust 2018-C ("2018-C"). Results for the
quarters ended June 30, 2021 and March 31, 2021 reflect our 100%
ownership of 2018-C. In all prior quarters, 2018-C was 37%, owned
by third-party institutional investors, and was consolidated by us
under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
Our remaining ownership interest in Ajax Mortgage Loan Trust 2017-D
("2017-D"), which we consolidate, remains at 50% and is consistent
with prior quarters.
(2)
All quarters have been updated to reflect
the reclassification of loan and beneficial interest credit loss
expense from Net increase in the net present value of cash flows to
loan interest income and earnings from debt securities and
beneficial interest lines, respectively.
(3)
Net increase in the net present value of
expected cash flows represents the net decrease to the allowance
for losses resulting from changes in actual and expected cash flows
during the quarter. It represents the net present value of cash
flow increases over incremental provision expense on the Mortgage
loan and Beneficial interest portfolios. Such amounts are
calculated at the pool level for Mortgage loans and at the security
level for Beneficial interests, and are recorded in the period in
which the change occurs.
(4)
Interest income on investment in debt
securities and beneficial interests issued by our joint ventures is
net of servicing fees.
(5)
Total revenue includes net interest
income, income from equity method investments, loss on sale of
mortgage loans and other income.
(6)
Average equity includes the effect of an
aggregate of $115.1 million of preferred stock.
(7)
Average daily cash balance includes cash
and cash equivalents, and excludes cash held in trust.
(8)
For the three months ended June 30, 2021,
the average daily cash balance excludes $22.1 million and $17.5
million of funds on deposit in a non-interest bearing account which
closed on June 17, 2021 and June 24, 2021, respectively. The
average daily cash balance also excludes $9.4 million of funds on
deposit in a non-interest bearing account for a transaction that is
expected to close on August 20, 2021. Including the aggregate
amount of $49.0 million on deposit, average daily cash was $125.7
million. For the three months ended September 30, 2020, the average
daily cash balance excludes $51.0 million of funds on deposit in a
non-interest bearing account for a transaction that closed on
September 25, 2020. Including the $51.0 million on deposit, average
daily cash was $148.0 million.
Our consolidated net income attributable to our common
stockholders was $10.4 million for the quarter ended June 30, 2021,
compared to $7.0 million for the March 31, 2021 quarter. The
increase in net income for the second quarter of 2021 compared to
the first quarter of 2021 is primarily attributable to a decrease
in interest expense as we continue to refinance borrowings at lower
rates offset by lower interest income on loans as we invested
primarily in joint venture debt securities during the quarter which
are recorded net of servicing fee.
Our net interest income for the quarter ended June 30, 2021 was
$14.2 million, an increase of $0.5 million over the prior quarter
on lower interest expense on our secured borrowings and repurchase
facilities. We also recorded $4.7 million in earnings from the
increase in the net present value of our cash flows on our mortgage
loans and beneficial interests. Under the current expected credit
losses accounting standard, (“CECL”), increases and decreases in
the net present value of expected cash flows are recorded in
earnings in the period such changes occur. This compares to the
first quarter of 2021 where we recorded $5.5 million in earnings
from the increase in the net present value of our cash flows on our
mortgage loans and beneficial interests. We continue to experience
significant prepayment of our loan and securities portfolios.
Our interest expense for the quarter ended June 30, 2021
decreased $1.5 million compared to the prior quarter due to a 25
basis point decrease in our overall cost of funds as we have
continued to refinance our secured borrowings at lower rates and
have experienced similar declines on our bond repurchase lines of
credit. Included in interest expense for the quarter is
approximately $0.1 million of duplicate interest expense related to
the refinancing of 2017-D from the call date of April 7, 2021 to
the senior bond payoff date of April 25, 2021.
We ended the quarter with a book value of $15.86 per common
share, compared to a book value per common share of $16.18 for the
quarter ended March 31, 2021. The decrease in book value is due to
the dilutive impact of our convertible debt at June 30, 2021. Our
convertible senior notes become dilutive at EPS levels above
approximately $0.30 per share from the effect of the add back of
interest expense. Our basic EPS for the quarter ended March 31,
2021 was $0.30 per share. As a result, the convertible debt was
anti-dilutive. Conversely for the quarter ended June 30, 2021, our
basic EPS is $0.45 per share and the convertible debt is
dilutive.
During the quarter we purchased $4.8 million of RPLs with UPB of
$5.2 million at 60.7% of property value. These loans were acquired
and included on our consolidated balance sheet for a weighted
average of 40 days of the quarter. We ended the quarter with $955.6
million of mortgage loans with an aggregate UPB of $1.0
billion.
During the quarter ended June 30, 2021 we co-invested with three
third party institutional investors to form four joint ventures,
and retained an aggregate $232.9 million of varying classes of
related securities and beneficial interests, to end the quarter
with $558.1 million of combined investments in securities and
beneficial interests. We acquired 5.01% of the class A securities
and 31.9% of the class B securities and trust certificates of Ajax
Mortgage Loan Trust 2021-C ("2021-C") for a net investment of $27.6
million, 20.0% of each class of the securities of Ajax Mortgage
Loan Trust 2021-D ("2021-D") for a net investment of $49.2 million,
12.6% of each class of the securities of Ajax Mortgage Loan Trust
2021-F ("2021-F") for a net investment of $75.9 million, and 20.0%
of each class of Ajax Mortgage Loan Trust 2021-G ("2021-G") for a
net investment of $80.2 million, which was on our consolidated
balance sheet for an average of 21 days during the quarter.
We recorded $0.1 million in impairments on our REO held-for-sale
portfolio in real estate operating expense for the quarter ended
June 30, 2021. We continue to liquidate our REO properties
held-for-sale at a faster rate than we acquire properties, with 11
properties sold in the second quarter while five were added to REO
held-for-sale through foreclosures. Limited housing inventory has
accelerated our REO liquidation timelines while we are continuing
to experience some delays in foreclosure proceedings relating to
the COVID-19 pandemic.
We collected $78.9 million of cash during the second quarter as
a result of loan payments, loan payoffs, sales of REO, payoff of
securities and cash collections on our securities portfolio to end
the quarter with $88.1 million in cash and cash equivalents. Cash
collections of $63.4 million were derived from our mortgage loan
and REO portfolios as a result of loan payments, loan payoffs, and
sales of REO during the quarter, and $15.5 million were derived
from interest and principal payments on investments in debt
securities and beneficial interests.
During the quarter ended June 30, 2021, we completed two
repurchases of our convertible senior notes for an aggregate
principal amount of $5.0 million of our senior convertible notes
for a total purchase price of $5.1 million.
2021-C was formed on April 7, 2021 and acquired 1,290 RPLs and
NPLs with UPB of $259.6 million and an aggregate property value of
$483.1 million. We formed 2021-C by re-securitizing the majority of
the remaining mortgage loans in 2017-D, Ajax Mortgage Loan Trust
2018-A ("2018-A") and Ajax Mortgage Loan Trust 2018-B ("2018-B").
We contributed 760 loans from 2017-D with UPB of $133.8 million and
property value of $256.8 million. 2018-A contributed 378 loans with
UPB of $85.7 million and property value of $163.9 million and
2018-B contributed 152 loans with UPB of $40.1 million and property
value of $62.4 million. The senior securities represent 75% of the
UPB of the underlying mortgage loans and carry a 2.115% coupon.
Based on the structure of the transaction we do not consolidate
2021-C under U.S. GAAP.
2021-D was formed on May 24, 2021 and acquired 853 RPLs and NPLs
with UPB of $255.3 million and an aggregate property value of
$436.7 million. Ajax Mortgage Loan Trust 2018-F contributed 745
loans with UPB of $179.2 million and property value of $312.8
million. The remainder were acquired from an unaffiliated third
party. The senior securities represent 75% of the UPB of the
underlying mortgage loans and carry a 2.000% coupon. We retained a
20.0% interest in varying classes of securities. Based on the
structure of the transaction we do not consolidate 2021-D under
U.S. GAAP.
2021-F was formed on June 17, 2021 and acquired 3,808 RPLs and
NPLs with UPB of $618.3 million and an aggregate property value of
$1.1 billion. All loans were acquired from an unaffiliated third
party. The senior securities represent 77% of the UPB of the
underlying mortgage loans and carry a 1.875% coupon. We retained a
12.6% interest in the varying classes of securities. Based on the
structure of the transaction we do not consolidate 2021-F under
U.S. GAAP.
2021-G was formed on June 24, 2021 and initially acquired 802
RPLs and NPLs with UPB of $229.5 million and an aggregate property
value of $372.0 million. Ajax Mortgage Loan Trust 2018-E
contributed 450 loans with UPB of $96.3 million and property value
of $178.0 million. The remainder were acquired from an unaffiliated
third party. The joint venture was prefunded with $174.7 million of
a securitized pre-funding account for additional loan purchases of
which 1,010 NPLs with UPB of $170.5 million closed in July for a
purchase price of $167.0 million. The senior securities represent
77% of the UPB of the underlying mortgage loans and carry a 1.875%
coupon. We retained a 20.0% interest in varying classes of
securities. Based on the structure of the transaction we do not
consolidate 2021-G under U.S. GAAP.
The following table provides an overview of our portfolio at
June 30, 2021 ($ in thousands):
No. of loans
5,168
Weighted average LTV(5)
68.6
%
Total UPB(1)
$
1,020,819
Weighted average remaining term
(months)
291
Interest-bearing balance
$
947,523
No. of first liens
5,106
Deferred balance(2)
$
73,296
No. of second liens
62
Market value of collateral(3)
$
1,773,620
No. of rental properties
5
Original purchase price/total UPB
81.6
%
Capital invested in rental properties
$
408
Original purchase price/market value of
collateral
50.6
%
No. of REO held-for-sale
20
RPLs
93.9
%
Market value of REO held-for-sale(6)
$
5,218
NPLs
3.9
%
Carrying value of debt securities and
beneficial interests in trusts
$
559,424
SBC loans(4)
2.2
%
Loans with 12 for 12 payments as an
approximate percentage of UPB(7)
74.2
%
Weighted average coupon
4.39
%
Loans with 24 for 24 payments as an
approximate percentage of UPB(8)
66.8
%
____________________________________________________________
(1)
Our loan portfolio consists of fixed rate
(56.1% of UPB), ARM (8.5% of UPB) and Hybrid ARM (35.4% of UPB)
mortgage loans.
(2)
Amounts that have been deferred in
connection with a loan modification on which interest does not
accrue. These amounts generally become payable at maturity.
(3)
As of date of acquisition.
(4)
SBC loans includes both purchased and
originated loans.
(5)
UPB as of June 30, 2021 divided by market
value of collateral and weighted by the UPB of the loan.
(6)
Market value of other REO is the estimated
expected gross proceeds from the sale of the REO less estimated
costs to sell, including repayment of servicer advances.
(7)
Loans that have made at least 12 of the
last 12 payments, or for which the full dollar amount to cover at
least 12 payments has been made in the last 12 months.
(8)
Loans that have made at least 24 of the
last 24 payments, or for which the full dollar amount to cover at
least 24 payments has been made in the last 24 months.
Subsequent Events
Since quarter end, we have acquired 1,016 residential NPLs with
aggregate UPB of $173.0 million in two transactions from two
different sellers. The purchase price equaled 97.9% of UPB and
54.2% of the estimated market value of the underlying collateral of
$312.1 million. Some of these loans were acquired into the joint
venture formed in June 2021 with proceeds from the established
prefunding account.
We have agreed to acquire, subject to due diligence, 31
residential RPLs in six transactions, and 412 NPLs in six
transactions, with aggregate UPB of $4.7 million and $103.3
million, respectively. The purchase price of the residential RPLs
equals 80.9% of UPB and 55.1% of the estimated market value of the
underlying collateral of $6.9 million. The purchase price of the
NPLs equals 97.1% of UPB and 64.4% of the estimated market value of
the underlying collateral of $155.8 million.
On July 19, 2021, we co-invested with third-party institutional
investors to form Ajax Mortgage Loan Trust 2021-E ("2021-E") and
retained $53.1 million of varying classes of related rated
securities and equity. We acquired 10.01% of the class A
securities, class B securities and class M securities from the
trust, which acquired 3,142 RPLs and NPLs with UPB of $517.7
million and an aggregate property value of $968.6 million. The AAA
through A rated securities represent 83% of the UPB of the
underlying mortgage loans and carry a weighted average coupon of
1.82%. Based on the structure of the transaction we will not
consolidate 2021-E under U.S. GAAP. The assets included in the
2021-E securitization came from loan sales associated with our Ajax
Mortgage Loan Trust 2020-C ("2020-C") and 2020-D ("2020-D")
securitizations, all of which were joint ventures with third party
institutional accredited investors.
On August 5, 2021, our Board of Directors declared a cash
dividend of $0.21 per share to be paid on August 31, 2021 to
stockholders of record as of August 16, 2021.
Conference Call
Great Ajax Corp. will host a conference call at 5:00 p.m. EDT on
Thursday, August 5, 2021 to review our financial results for the
quarter. A live Webcast of the conference call will be accessible
from the Investor Relations section of our website
www.greatajax.com. An archive of the Webcast will be available for
90 days.
About Great Ajax Corp.
Great Ajax Corp. is a Maryland corporation that is a real estate
investment trust, that focuses primarily on acquiring, investing in
and managing RPLs secured by single-family residences and
commercial properties and, to a lesser extent, NPLs. We also
originate and acquire loans secured by multi-family residential and
smaller commercial mixed use retail/residential properties and
acquire multi-family retail/residential and mixed use and
commercial properties. We are externally managed by Thetis Asset
Management LLC. Our mortgage loans and other real estate assets are
serviced by Gregory Funding LLC, an affiliated entity. We have
elected to be taxed as a real estate investment trust under the
Internal Revenue Code.
Forward-Looking Statements
This press release contains certain forward-looking statements.
Words such as “believes,” “intends,” “expects,” “projects,”
“anticipates,” and “future” or similar expressions are intended to
identify forward-looking statements. These forward-looking
statements are subject to the inherent uncertainties in predicting
future results and conditions, many of which are beyond the control
of Great Ajax, including, without limitation, risks relating to the
impact of the COVID-19 outbreak and the risk factors and other
matters set forth in our Annual Report on Form 10-K for the period
ended December 31, 2020 filed with the Securities and Exchange
Commission (the “SEC”) on March 5, 2021 and, when filed with the
SEC, our Quarterly Report on Form 10-Q for the period ended June
30, 2021. The COVID-19 outbreak has caused significant volatility
and disruption in the financial markets both globally and in the
United States. If the COVID-19 outbreak continues to spread or the
response to contain it is unsuccessful, Great Ajax could experience
material adverse effects on its business, financial condition,
liquidity and results of operations. Great Ajax undertakes no
obligation to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, except as may be required by law.
GREAT AJAX CORP. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
INCOME
(Dollars in thousands except
per share amounts)
Three months ended
June 30, 2021
March 31, 2021
December 31, 2020
September 30, 2020
(unaudited)
(unaudited)
(unaudited)
(unaudited)
INCOME:
Interest income
$
23,048
$
24,035
$
24,758
$
23,517
Interest expense
(8,830
)
(10,304
)
(10,837
)
(11,727
)
Net interest income
14,218
13,731
13,921
11,790
Net increase in the net present value of
expected cash flows(1)
4,733
5,516
7,966
4,440
Net interest income after the impact of
changes in the net present value of expected cash flows
18,951
19,247
21,887
16,230
Income/(loss) from equity method
investments
357
163
310
(25
)
Other income
486
356
308
537
Total revenue, net
19,794
19,766
22,505
16,742
EXPENSE:
Related party expense - loan servicing
fees
1,699
1,833
1,880
1,848
Related party expense - management fee
2,270
2,273
2,250
2,264
Professional fees
763
640
721
576
Real estate operating expense
88
185
209
173
Fair value adjustment on put option
liability
2,201
1,944
1,717
1,766
Other expense
1,375
1,304
1,236
986
Total expense
8,396
8,179
8,013
7,613
Loss on debt extinguishment
161
911
—
253
Income before provision for income tax
11,237
10,676
14,492
8,876
Provision for income tax (benefit)
67
34
90
(16
)
Consolidated net income
11,170
10,642
14,402
8,892
Less: consolidated net income attributable
to non-controlling interests
(1,158
)
1,689
1,619
1,662
Consolidated net income attributable to
Company
12,328
8,953
12,783
7,230
Less: dividends on preferred stock
1,950
1,949
1,949
1,950
Consolidated net income attributable to
common stockholders
$
10,378
$
7,004
$
10,834
$
5,280
Basic earnings per common share(2)
$
0.45
$
0.30
$
0.47
$
0.23
Diluted earnings per common share(2)
$
0.42
$
0.30
$
0.41
$
0.23
Weighted average shares – basic(2)
22,825,804
22,816,978
22,838,664
22,844,192
Weighted average shares – diluted(2)
30,198,696
22,816,978
36,105,656
22,989,616
____________________________________________________________
(1)
Net increase in the net present value of expected cash flows
represents the net decrease to the allowance for losses resulting
from changes in actual and expected cash flows during the quarter.
It represents the net present value of cash flow increases over
incremental provision expense on the Mortgage loan and Beneficial
interest portfolios. Such amounts are calculated at the pool level
for Mortgage loans and at the security level for Beneficial
interests, and are recorded in the period in which the change
occurs.
(2)
Refer to our attached Appendix A for our basic and diluted
earnings per share calculations.
GREAT AJAX CORP. AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(Dollars in thousands except
per share amounts)
June 30, 2021
December 31, 2020
(unaudited)
ASSETS
Cash and cash equivalents
$
88,134
$
107,147
Cash held in trust
186
188
Mortgage loans, net(1,2)
955,628
1,119,372
Real estate owned properties, net(3)
4,768
8,526
Investments in securities at fair
value(4)
424,632
273,834
Investments in beneficial interests(5)
133,484
91,418
Receivable from servicer
23,907
15,755
Investments in affiliates
27,929
28,616
Prepaid expenses and other assets
17,424
8,876
Total assets
$
1,676,092
$
1,653,732
LIABILITIES AND
EQUITY
Liabilities:
Secured borrowings, net(1,2,6)
$
653,948
$
585,403
Borrowings under repurchase
transactions
394,386
421,132
Convertible senior notes, net(6)
103,427
110,057
Management fee payable
2,267
2,247
Put option liability
18,350
14,205
Accrued expenses and other liabilities
6,222
6,197
Total liabilities
1,178,600
1,139,241
Equity:
Preferred stock $0.01 par value;
25,000,000 shares authorized
Series A 7.25% Fixed-to-Floating Rate
Cumulative Redeemable, $25.00 liquidation preference per share,
2,307,400 shares issued and outstanding at June 30, 2021 and
2,307,400 shares issued or outstanding at December 31, 2020
51,100
51,100
Series B 5.00% Fixed-to-Floating Rate
Cumulative Redeemable, $25.00 liquidation preference per share,
2,892,600 shares issued and outstanding at June 30, 2021 and
2,892,600 shares issued or outstanding at December 31, 2020
64,044
64,044
Common stock $0.01 par value; 125,000,000
shares authorized, 22,993,246 shares issued and outstanding at June
30, 2021 and 22,978,339 shares issued and outstanding at December
31, 2020
231
231
Additional paid-in capital
315,131
317,424
Treasury stock
(1,405
)
(1,159
)
Retained earnings
62,502
53,346
Accumulated other comprehensive income
1,651
375
Equity attributable to stockholders
493,254
485,361
Non-controlling interests(7)
4,238
29,130
Total equity
497,492
514,491
Total liabilities and equity
$
1,676,092
$
1,653,732
____________________________________________________________
(1)
Mortgage loans, net include $821.6 million
and $842.2 million of loans at June 30, 2021 and December 31, 2020,
respectively, transferred to securitization trusts that are
variable interest entities (“VIEs”); these loans can only be used
to settle obligations of the VIEs. Secured borrowings consist of
notes issued by VIEs that can only be settled with the assets and
cash flows of the VIEs. The creditors do not have recourse to the
primary beneficiary (Great Ajax Corp.). Mortgage loans, net include
$9.8 million and $13.7 million of allowance for loan credit losses
at June 30, 2021 and December 31, 2020, respectively.
(2)
As of June 30, 2021, balances for Mortgage
loans, net include $1.9 million from a 50.0% owned joint venture.
As of December 31, 2020, balances for Mortgage loans, net includes
$307.1 million and Secured borrowings, net of deferred costs
includes $250.6 million from 50.0% and 63.0% owned joint ventures,
all of which we consolidate under U.S. GAAP. The creditors do not
have recourse to the primary beneficiary (Great Ajax Corp.).
(3)
Real estate owned properties, net,
includes valuation allowances of $0.5 million and $1.4 million at
June 30, 2021 and December 31, 2020, respectively.
(4)
As of June 30, 2021 and December 31, 2020
Investments in securities at fair value include amortized cost
basis of $423.0 million and $273.4 million, respectively, and net
unrealized gains of $1.7 million and $0.4 million,
respectively.
(5)
Investments in beneficial interests
includes allowance for credit losses of $3.0 million and $4.5
million at June 30, 2021 and December 31, 2020, respectively.
(6)
Secured borrowings, net are presented net
of deferred issuance costs of $9.5 million at June 30, 2021 and
$5.4 million at December 31, 2020. Convertible senior notes, net
are presented net of deferred issuance costs of $2.4 million at
June 30, 2021 and $3.3 million at December 31, 2020.
(7)
As of June 30, 2021 non-controlling
interests includes $2.7 million from a 50.0% owned joint venture,
$1.4 million from a 53.1% owned subsidiary and $0.1 million from a
99.9% owned subsidiary. As of December 31, 2020 non-controlling
interests includes $27.4 million from the 50.0% and 63.0% owned
joint ventures, $1.5 million from a 53.1% owned subsidiary and $0.2
million from a 99.9% owned subsidiary which we consolidates under
U.S. GAAP.
Appendix A - Earnings per share
The following table sets forth the components of basic and
diluted EPS ($ in thousands, except per share):
Three months ended
June 30, 2021
March 31, 2021
December 31, 2020
September 30, 2020
Income
(Numerator)
Shares
(Denominator)
Per Share
Amount
Income
(Numerator)
Shares
(Denominator)
Per Share
Amount
Income
(Numerator)
Shares
(Denominator)
Per Share
Amount
Income
(Numerator)
Shares
(Denominator)
Per Share
Amount
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Basic EPS
Consolidated net income attributable to
common stockholders
$
10,378
22,825,804
$
7,004
22,816,978
$
10,834
22,838,664
$
5,280
22,844,192
Allocation of earnings to participating
restricted shares
(78
)
—
(52
)
—
(81
)
—
(33
)
—
Consolidated net income attributable to
unrestricted common stockholders
$
10,300
22,825,804
$
0.45
$
6,952
22,816,978
$
0.30
$
10,753
22,838,664
$
0.47
$
5,247
22,844,192
$
0.23
Effect of dilutive
securities(1)
Restricted stock grants and manager and
director fee shares(2)
—
—
—
—
—
—
33
145,424
Amortization of put option(3)
—
—
—
—
1,717
5,432,693
—
—
Interest expense (add back) and assumed
conversion of shares from convertible senior notes(4)
2,255
7,372,892
—
—
2,393
7,834,299
—
—
Diluted EPS
Consolidated net income attributable to
common stockholders and dilutive securities
$
12,555
30,198,696
$
0.42
$
6,952
22,816,978
$
0.30
$
14,863
36,105,656
$
0.41
$
5,280
22,989,616
$
0.23
____________________________________________________________
(1)
Our outstanding warrants for an additional
6,500,000 shares of common stock would have an anti-dilutive effect
on diluted earnings per share for the three months ended June 30,
2021, March 31, 2021, December 31, 2020, and September 30, 2020 and
have not been included in the calculation.
(2)
The effect of restricted stock grants and
manager and director fee shares on our diluted EPS calculation for
the three months ended June 30, 2021, March 31, 2021 and December
31, 2020 would have been anti-dilutive and have been removed from
the calculation.
(3)
The effect of the amortization of put
options on our diluted EPS calculation for the three months ended
June 30, 2021, March 31, 2021 and September 30, 2020 would have
been anti-dilutive and have been removed from the calculation.
(4)
The effect of interest expense and assumed
conversion of shares from convertible senior notes on our diluted
EPS calculation for the three months ended March 31, 2021 and
September 30, 2020 would have been anti-dilutive and have been
removed from the calculation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210805006103/en/
Lawrence Mendelsohn Chief Executive Officer or Mary Doyle Chief
Financial Officer Mary.Doyle@aspencapital.com 503-444-4224
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