Fourth Quarter Highlights
- Interest income of $23.2 million; net interest income of $14.2 million
- Net income attributable to common stockholders of $7.4 million
- Basic earnings per common share ("EPS") of $0.32
- Book value per common share of $15.92 at December 31, 2021
- Taxable income of $0.40 per common share
- Formed one joint venture that acquired $329.8 million in unpaid principal balance ("UPB") of mortgage loans with collateral values of $716.7 million and retained $55.3 million of varying classes of related securities issued by the joint venture to end the quarter with $494.8 million of investments in debt securities and beneficial interests
- Purchased $148.8 million of re-performing mortgage loans ("RPLs"), with UPB of $149.5 million at 54.1% of property value, $3.5 million of non-performing loans ("NPLs"), with UPB of $3.3 million at 56.5% of property value, and $5.4 million of small balance commercial loans ("SBC loans"), with UPB of $5.3 million at 43.7% of property value to end the quarter with $1.1 billion in net mortgage loans
- Collected total cash of $86.6 million from loan payments, sales of real estate owned properties ("REO") and collections from investments in debt securities and beneficial interests
- Held $84.4 million of cash and cash equivalents at December 31, 2021; average daily cash balance for the quarter was $79.3 million
- As of December 31, 2021, approximately 72.3% of portfolio based on UPB made at least 12 out of the last 12 payments
NEW YORK--(BUSINESS WIRE)--Great Ajax Corp. (NYSE: AJX), a Maryland corporation that is a real estate investment trust, today announces its results of operations for the quarter ended December 31, 2021. We focus primarily on acquiring, investing in and managing a portfolio of RPLs secured by single-family residences and commercial properties and, to a lesser extent, NPLs. In addition to our continued focus on residential RPLs, we also originate and acquire SBC loans secured by multi-family retail/residential and mixed use properties.
Selected Financial Results (Unaudited) ($ in thousands except per share amounts) | | |
| | | For the three months ended |
| | | December 31,
2021 | | September 30,
2021 | | June 30,
2021 | | March 31,
2021 | | December 31,
2020 |
Loan interest income(1,2) | | $ | 16,718 | | | $ | 15,772 | | | $ | 15,788 | | | $ | 18,181 | | | $ | 18,108 | |
Earnings from debt securities and beneficial interests(2,4) | | $ | 6,447 | | | $ | 7,126 | | | $ | 6,994 | | | $ | 5,937 | | | $ | 6,243 | |
Other interest income/(loss) | | $ | 81 | | | $ | 156 | | | $ | 266 | | | $ | (83 | ) | | $ | 407 | |
Interest expense | | $ | (8,999 | ) | | $ | (8,609 | ) | | $ | (8,830 | ) | | $ | (10,304 | ) | | $ | (10,837 | ) |
Net interest income(2,3) | | $ | 14,247 | | | $ | 14,445 | | | $ | 14,218 | | | $ | 13,731 | | | $ | 13,921 | |
Net decrease in the net present value of expected credit losses(2,3) | | $ | 4,296 | | | $ | 3,678 | | | $ | 4,733 | | | $ | 5,516 | | | $ | 7,966 | |
Other income and income from equity method investments | | $ | 854 | | | $ | 868 | | | $ | 843 | | | $ | 519 | | | $ | 618 | |
Total revenue, net(1,5) | | $ | 19,397 | | | $ | 18,991 | | | $ | 19,794 | | | $ | 19,766 | | | $ | 22,505 | |
Consolidated net income(1) | | $ | 9,279 | | | $ | 10,684 | | | $ | 11,170 | | | $ | 10,642 | | | $ | 14,402 | |
Net income per basic share | | $ | 0.32 | | | $ | 0.40 | | | $ | 0.45 | | | $ | 0.30 | | | $ | 0.47 | |
Average equity(1,6) | | $ | 500,760 | | | $ | 493,687 | | | $ | 498,990 | | | $ | 508,319 | | | $ | 509,628 | |
Average total assets(1) | | $ | 1,696,144 | | | $ | 1,669,965 | | | $ | 1,600,337 | | | $ | 1,674,301 | | | $ | 1,654,579 | |
Average daily cash balance(7,8) | | $ | 79,294 | | | $ | 89,240 | | | $ | 113,008 | | | $ | 115,220 | | | $ | 128,687 | |
Average carrying value of RPLs(1) | | $ | 924,171 | | | $ | 860,155 | | | $ | 897,847 | | | $ | 1,025,204 | | | $ | 1,044,997 | |
Average carrying value of NPLs(1) | | $ | 116,272 | | | $ | 88,205 | | | $ | 46,139 | | | $ | 46,437 | | | $ | 39,958 | |
Average carrying value of SBC loans | | $ | 25,989 | | | $ | 28,469 | | | $ | 23,685 | | | $ | 31,539 | | | $ | 8,751 | |
Average carrying value of debt securities and beneficial interests | | $ | 487,110 | | | $ | 520,814 | | | $ | 405,612 | | | $ | 361,852 | | | $ | 367,389 | |
Average asset backed debt balance(1) | | $ | 1,089,104 | | | $ | 1,044,125 | | | $ | 992,122 | | | $ | 1,088,936 | | | $ | 1,025,717 | |
____________________________________________________________
(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 decrease in the net present value of expected credit losses represents the net decrease to the allowance resulting from changes in actual and expected cash flows during the quarter. It represents the net increase of the present value of the expected cash flows in excess of contractual cash flows offset by any incremental provision expense on the Mortgage loan pools and Beneficial interests. The decrease is calculated at the pool level for Mortgage loans and at the security level for Beneficial interests. To the extent a pool or Beneficial interest has an associated allowance, the decrease in expected credit losses is recorded in the period in which the change occurs, otherwise it is recognized prospectively as an increase in yield. |
(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, gain or 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 September 30, 2021, the average daily cash balance excludes $9.4 million of funds on deposit in a non-interest bearing account which closed on August 20, 2021. Including the $9.4 million on deposit, average daily cash was $94.4 million. 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 closed on August 20, 2021. Including the aggregate amount of $49.0 million on deposit, average daily cash was $125.7 million. |
Our consolidated net income attributable to our common stockholders was $7.4 million for the quarter ended December 31, 2021, compared to $9.3 million for the September 30, 2021 quarter.
Our net interest income for the quarter ended December 31, 2021 prior to the net decrease in the present value of expected credit losses was $14.2 million, a decrease of $0.2 million over the prior quarter. Gross interest income increased by $0.2 million driven by an increase in the average balance of our investments in mortgage loans. Our interest expense for the quarter ended December 31, 2021 increased $0.4 million compared to the prior quarter primarily as a result of the acquisition of Ajax Mortgage Loan Trust 2019-C ("2019-C"). We acquired the remaining outstanding 66% of the Class B notes and trust certificates in 2019-C from our joint venture partner and retired the outstanding $95.2 million liability for the senior bond on December 27, 2021 which carried an interest rate higher than our current borrowing rate. As a result we now own a 100% interest in the loans that were formerly in 2019-C. By calling 2019-C we accelerated the amortization of the deferred issuance costs of $0.3 million.
During the quarter ended December 31, 2021, we recorded $4.3 million in earnings from a reduction in expected future credit losses compared to a $3.7 million reduction in the third quarter of 2021, for an increase of $0.6 million due to higher than expected payments received during the quarter. We generally acquire loans at a discount and record an allowance for expected credit losses at acquisition. We update the allowance quarterly based on changing cash flow expectations in accordance with the current expected credit losses accounting standard, otherwise known as CECL.
Our operating expenses increased during the quarter ended December 31, 2021 due to an increase in loan servicing expense primarily due to including a full quarter of servicing fee expense on an NPL pool acquired in September 2021 and the acquisition of loans from 2019-C. We also experienced increased tax consulting and preparation fees of $0.5 million, and increased amortization of the put option liability. The increase in tax preparation fees is a one-time adjustment not expected to recur in 2022.
We ended the quarter with a book value of $15.92 per common share, compared to a book value per common share of $16.00 for the quarter ended September 30, 2021. The decrease in book value is due to both the special cash dividend of $0.10 per share declared on December 30, 2021 and a reduction in common equity resulting from net fair value decreases of $2.4 million, or approximately $0.08 per share, taken on our portfolio of debt securities recorded as an adjustment to equity after considering our regular quarterly dividends on common and preferred stock and our quarterly earnings.
During the quarter, we acquired the remaining outstanding 66% of the Class B notes and trust certificates in 2019-C for approximately $33.5 million in cash. The acquisition resulted in us owning 100% of the equity interest of the Trust and the related mortgage loan assets and senior debt outstanding. Subsequent to the acquisition, we removed our prior investment in securities and beneficial interests for 2019-C and recorded a $152.9 million investment in mortgage loans and a $95.2 million liability for the senior bond. The senior bond was redeemed on December 27, 2021. We paid double interest expense of approximately $0.1 million while the acquired mortgage loans and debt securities were placed on a repurchase line before the senior bond could be retired. The combination of the additional interest expense and the acceleration of the deferred issue costs for calling 2019-C contributed an additional $0.4 million of expenses for the quarter, or about $0.02 per share. By consolidating 2019-C, and removing the related securities and beneficial interests from our balance sheet, our future earnings from debt securities will decrease and we will have higher interest income from mortgage loans and higher servicing fees from our direct ownership of the underlying loans.
Including the loans acquired through 2019-C, we purchased $148.8 million of RPLs with UPB of $149.5 million at 54.1% of property value, $3.5 million of NPLs with UPB of $3.3 million at 56.5% of property value, and $5.4 million of SBC loans with UPB of $5.3 million at 43.7% of property value. These loans were acquired and included on our consolidated balance sheet for a weighted average of 52 days of the quarter. We ended the quarter with $1.1 billion of mortgage loans with an aggregate UPB of $1.2 billion.
On November 19, 2021, we co-invested with third party institutional accredited investors to form a joint venture, 2021 NPL1 and acquired 16.33% of the varying classes of securities including class A securities, B securities and trust certificates. 2021 NPL1 acquired 2,343 NPLs with aggregate UPB of $329.8 million. The purchase price is 102.7% of UPB and 47.2% of the estimated market value of the underlying collateral of $716.7 million. Based on the structure of the transaction we do not consolidate 2021 NPL1 under U.S. GAAP.
We recorded $0.1 million in impairments on our REO held-for-sale portfolio in real estate operating expense for the quarter ended December 31, 2021. We sold nine properties in the fourth quarter and nine properties were added to REO held-for-sale through foreclosures, deed in lieu proceedings or direct purchase. 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 $86.6 million of cash during the fourth 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 $84.4 million in cash and cash equivalents. Cash collections of $67.6 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 $19.0 million were derived from interest and principal payments on investments in debt securities and beneficial interests.
During the quarter ended December 31, 2021, we repurchased an aggregate principal amount of $1.3 million of our senior convertible notes for a total purchase price of $1.3 million, and accelerated the amortization of the deferred issuance costs of $0.1 million.
On December 30, 2021, our Board of Directors declared a special cash dividend of $0.10 per share of our common stock, which was paid on January 25, 2022 to our common stockholders of record as of January 10, 2022.
The following table provides an overview of our portfolio at December 31, 2021 ($ in thousands):
No. of loans | | | 5,941 | | | Weighted average coupon | | | 4.33 | % |
Total UPB(1) | | $ | 1,165,841 | | | Weighted average LTV(5) | | | 63.7 | % |
Interest-bearing balance | | $ | 1,069,407 | | | Weighted average remaining term (months) | | | 295 | |
Deferred balance(2) | | $ | 96,434 | | | No. of first liens | | | 5,883 | |
Market value of collateral(3) | | $ | 2,193,143 | | | No. of second liens | | | 58 | |
Original purchase price/total UPB | | | 82.0 | % | | No. of REO held-for-sale | | | 31 | |
Original purchase price/market value of collateral | | | 47.1 | % | | Market value of REO held-for-sale(6) | | $ | 6,611 | |
RPLs | | | 87.5 | % | | Carrying value of debt securities and beneficial interests in trusts | | $ | 494,361 | |
NPLs | | | 10.8 | % | | Loans with 12 for 12 payments as an approximate percentage of UPB(7) | | | 72.3 | % |
SBC loans(4) | | | 1.7 | % | | Loans with 24 for 24 payments as an approximate percentage of UPB(8) | | | 63.9 | % |
____________________________________________________________
| (1) | Our loan portfolio consists of fixed rate (60.6% of UPB), ARM (7.5% of UPB) and Hybrid ARM (31.9% 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 the reporting date. |
| (4) | SBC loans includes both purchased and originated loans. |
| (5) | UPB as of December 31, 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 two residential RPLs in two transactions from two different sellers. The purchase price of the RPLs was 89.0% of UPB and 57.9% of the estimated market value of the underlying collateral of $0.5 million.
We have agreed to acquire, subject to due diligence, 23 residential RPLs in five transactions, and 39 NPLs in three transactions, with aggregate UPB of $5.6 million and $7.4 million, respectively. The purchase price of the residential RPLs is 98.3% of UPB and 39.7% of the estimated market value of the underlying collateral of $13.8 million. The purchase price of the NPLs is 99.2% of UPB and 49.9% of the estimated market value of the underlying collateral of $14.7 million.
In January 2022, Gaea Real Estate Corp. ("Gaea"), an affiliated company in which we hold an interest, completed a private capital raise through which it raised $30.0 million from the issuance of 1,828,153 shares of common stock and warrants. We acquired 371,103 shares and an equal number of warrants for $6.1 million. Upon completion of the private placement, our ownership interest in Gaea was approximately 22.2%.
On March 3, 2022, our Board of Directors declared a cash dividend of $0.26 per share to be paid on March 31, 2022 to stockholders of record as of March 18, 2022.
Conference Call
Great Ajax Corp. will host a conference call at 5:00 p.m. EST on Thursday, March 3, 2022 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 . 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, 2021 when filed with the SEC. 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 |
| | | December 31,
2021 | | September 30,
2021 | | June 30,
2021 | | March 31,
2021 |
| | | (unaudited) | | (unaudited) | | (unaudited) | | (unaudited) |
INCOME: | | | | | | | | |
Interest income | | $ | 23,246 | | | $ | 23,054 | | | $ | 23,048 | | | $ | 24,035 | |
Interest expense | | | (8,999 | ) | | | (8,609 | ) | | | (8,830 | ) | | | (10,304 | ) |
Net interest income | | | 14,247 | | | | 14,445 | | | | 14,218 | | | | 13,731 | |
Net decrease in the net present value of expected credit losses(1) | | | 4,296 | | | | 3,678 | | | | 4,733 | | | | 5,516 | |
Net interest income after the impact of changes in the net present value of expected credit losses | | | 18,543 | | | | 18,123 | | | | 18,951 | | | | 19,247 | |
Income from equity method investments | | | 89 | | | | 90 | | | | 357 | | | | 163 | |
Other income | | | 765 | | | | 778 | | | | 486 | | | | 356 | |
Total revenue, net | | | 19,397 | | | | 18,991 | | | | 19,794 | | | | 19,766 | |
EXPENSE: | | | | | | | | |
Related party expense - loan servicing fees | | | 2,158 | | | | 1,743 | | | | 1,699 | | | | 1,833 | |
Related party expense - management fee | | | 2,281 | | | | 2,292 | | | | 2,270 | | | | 2,273 | |
Professional fees | | | 1,011 | | | | 526 | | | | 763 | | | | 640 | |
Real estate operating expenses | | | 131 | | | | (76 | ) | | | 88 | | | | 185 | |
Fair value adjustment on put option liability | | | 2,824 | | | | 2,493 | | | | 2,201 | | | | 1,944 | |
Other expense | | | 1,315 | | | | 1,227 | | | | 1,375 | | | | 1,304 | |
Total expense | | | 9,720 | | | | 8,205 | | | | 8,396 | | | | 8,179 | |
Loss on debt extinguishment | | | 367 | | | | — | | | | 161 | | | | 911 | |
Income before provision for income tax | | | 9,310 | | | | 10,786 | | | | 11,237 | | | | 10,676 | |
Provision for income tax | | | 31 | | | | 102 | | | | 67 | | | | 34 | |
Consolidated net income | | | 9,279 | | | | 10,684 | | | | 11,170 | | | | 10,642 | |
Less: consolidated net (loss)/income attributable to non-controlling interests | | | (33 | ) | | | (578 | ) | | | (1,158 | ) | | | 1,689 | |
Consolidated net income attributable to Company | | | 9,312 | | | | 11,262 | | | | 12,328 | | | | 8,953 | |
Less: dividends on preferred stock | | | 1,950 | | | | 1,949 | | | | 1,950 | | | | 1,949 | |
Consolidated net income attributable to common stockholders | | $ | 7,362 | | | $ | 9,313 | | | $ | 10,378 | | | $ | 7,004 | |
Basic earnings per common share | | $ | 0.32 | | | $ | 0.40 | | | $ | 0.45 | | | $ | 0.30 | |
Diluted earnings per common share | | $ | 0.32 | | | $ | 0.38 | | | $ | 0.42 | | | $ | 0.30 | |
Weighted average shares – basic | | | 22,905,267 | | | | 22,862,429 | | | | 22,825,804 | | | | 22,816,978 | |
Weighted average shares – diluted | | | 30,439,064 | | | | 30,407,649 | | | | 30,198,696 | | | | 22,816,978 | |
____________________________________________________________
(1) | Net decrease in the net present value of expected credit losses represents the net decrease to the allowance resulting from changes in actual and expected cash flows during the quarters ended December 31, 2021, September 30, 2021, June 30, 2021 and March 31, 2021. It represents the net increase of the present value of the expected cash flows in excess of contractual cash flows offset by any incremental provision expense on the Mortgage loan pools and Beneficial interests. The decrease is calculated at the pool level for Mortgage loans and at the security level for Beneficial interests. To the extent a pool or Beneficial interest has an associated allowance, the decrease in expected credit losses is recorded in the period in which the change occurs, otherwise it is recognized prospectively as an increase in yield. |
GREAT AJAX CORP. AND SUBSIDIARIES CONSOLIDATED BALANCE SHEETS (Dollars in thousands except per share amounts) |
| | | December 31, 2021 | | December 31, 2020 |
ASSETS | | | | |
Cash and cash equivalents | | $ | 84,426 | | | $ | 107,147 | |
Cash held in trust | | | 3,100 | | | | 188 | |
Mortgage loans held-for-sale, net | | | 29,572 | | | | — | |
Mortgage loans held-for-investment, net(1,2) | | | 1,080,434 | | | | 1,119,372 | |
Real estate owned properties, net(3) | | | 6,063 | | | | 8,526 | |
Investments in securities at fair value(4) | | | 355,178 | | | | 273,834 | |
Investments in beneficial interests(5) | | | 139,588 | | | | 91,418 | |
Receivable from servicer | | | 20,899 | | | | 15,755 | |
Investment in affiliates | | | 27,020 | | | | 28,616 | |
Prepaid expenses and other assets | | | 13,400 | | | | 8,876 | |
Total assets | | $ | 1,759,680 | | | $ | 1,653,732 | |
LIABILITIES AND EQUITY | | | | |
Liabilities: | | | | |
Secured borrowings, net(1,2,6) | | $ | 575,563 | | | $ | 585,403 | |
Borrowings under repurchase transactions | | | 546,054 | | | | 421,132 | |
Convertible senior notes, net(6) | | | 102,845 | | | | 110,057 | |
Management fee payable | | | 2,279 | | | | 2,247 | |
Put option liability | | | 23,667 | | | | 14,205 | |
Accrued expenses and other liabilities | | | 8,799 | | | | 6,197 | |
Total liabilities | | | 1,259,207 | | | | 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 December 31, 2021 and 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 December 31, 2021 and December 31, 2020 | | | 64,044 | | | | 64,044 | |
Common stock $0.01 par value; 125,000,000 shares authorized, 23,146,775 shares issued and outstanding at December 31, 2021 and 22,978,339 shares issued and outstanding at December 31, 2020 | | | 233 | | | | 231 | |
Additional paid-in capital | | | 316,162 | | | | 317,424 | |
Treasury stock | | | (1,691 | ) | | | (1,159 | ) |
Retained earnings | | | 66,427 | | | | 53,346 | |
Accumulated other comprehensive income | | | 1,020 | | | | 375 | |
Equity attributable to stockholders | | | 497,295 | | | | 485,361 | |
Non-controlling interests(7) | | | 3,178 | | | | 29,130 | |
Total equity | | | 500,473 | | | | 514,491 | |
Total liabilities and equity | | $ | 1,759,680 | | | $ | 1,653,732 | |
Lawrence Mendelsohn
Chief Executive Officer
Or
Mary Doyle
Chief Financial Officer
Mary.Doyle@aspencapital.com
503-444-4224
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第4四半期のハイライト
- 普通株主は純収益740万ドルを占めなければならない
- 2021年12月31日現在の普通株式1株当たりの帳簿価値は15.92ドルです
- 合弁企業を設立し、3.298億ドルの担保融資元金残高を買収し、担保価値は7.167億ドルであり、この合弁企業が発行した5530万ドルの各種関連証券を保留し、4.948億ドルの債務証券と利益権益で本四半期末に投資した
- 1.488億元再履行住宅ローンを購入し、その中で1.495億元は物件価値の54.1%で成約し、350万元は不良ローン、330万元は物件価値の56.5%で成約し、540万元の小口商業ローン残高(“SBCローン”)は、物件価値の43.7%で530万元からシーズン末までの純住宅ローン11億元を成約した
- ローン返済·不動産売却(“REO”)および債務証券と受益権益投資から受け取った現金総額は8，660万ドル
- 2021年12月31日現在、8440万ドルの現金と現金等価物を持っている。この四半期の1日当たり現金残高は7930万ドルである
- 2021年12月31日現在、UPBベースのポートフォリオの約72.3%が最近の12回の支払いのうち少なくとも12回支払われている
ニューヨーク--メリーランド州にある不動産投資信託会社Great ajax Corp.(ニューヨーク証券取引所コード：AJX)は本日、2021年12月31日までの四半期経営実績を発表した。私たちは主に一戸建て住宅と商業物件で保証されるRPLポートフォリオ、次いで不良ローンの買収、投資、管理に集中している。住宅RPLに引き続き注力しているほか、多世帯小売/住宅·混合用途物件を担保としたSBC融資を開始·買収している
財務結果を精選する(未監査) ($(千ドル、1株を除く) | | |
| | | 次の3か月まで |
| | | 十二月三十一日
2021 | | 九月三十日
2021 | | 六月三十日
2021 | | 3月31日
2021 | | 十二月三十一日
2020 |
融資利息収入(1,2) | | $ | 16,718 | | | $ | 15,772 | | | $ | 15,788 | | | $ | 18,181 | | | $ | 18,108 | |
債務証券収益と利益権益(2,4) | | $ | 6,447 | | | $ | 7,126 | | | $ | 6,994 | | | $ | 5,937 | | | $ | 6,243 | |
その他利子収入/(損失) | | $ | 81 | | | $ | 156 | | | $ | 266 | | | $ | (83 | ) | | $ | 407 | |
利子支出 | | $ | (8,999 | ) | | $ | (8,609 | ) | | $ | (8,830 | ) | | $ | (10,304 | ) | | $ | (10,837 | ) |
純利子収入(2,3) | | $ | 14,247 | | | $ | 14,445 | | | $ | 14,218 | | | $ | 13,731 | | | $ | 13,921 | |
期待信用損失純現在価値の純減少(2,3) | | $ | 4,296 | | | $ | 3,678 | | | $ | 4,733 | | | $ | 5,516 | | | $ | 7,966 | |
その他の収入と権益法投資収益 | | $ | 854 | | | $ | 868 | | | $ | 843 | | | $ | 519 | | | $ | 618 | |
総収入，純額(1,5) | | $ | 19,397 | | | $ | 18,991 | | | $ | 19,794 | | | $ | 19,766 | | | $ | 22,505 | |
合併純収入(1) | | $ | 9,279 | | | $ | 10,684 | | | $ | 11,170 | | | $ | 10,642 | | | $ | 14,402 | |
1株当たりの基本収益 | | $ | 0.32 | | | $ | 0.40 | | | $ | 0.45 | | | $ | 0.30 | | | $ | 0.47 | |
平均権益(1,6) | | $ | 500,760 | | | $ | 493,687 | | | $ | 498,990 | | | $ | 508,319 | | | $ | 509,628 | |
平均総資産(1) | | $ | 1,696,144 | | | $ | 1,669,965 | | | $ | 1,600,337 | | | $ | 1,674,301 | | | $ | 1,654,579 | |
1日平均現金残高(7,8) | | $ | 79,294 | | | $ | 89,240 | | | $ | 113,008 | | | $ | 115,220 | | | $ | 128,687 | |
RPLの平均帳簿価値(1) | | $ | 924,171 | | | $ | 860,155 | | | $ | 897,847 | | | $ | 1,025,204 | | | $ | 1,044,997 | |
不良債権の平均帳簿価値(1) | | $ | 116,272 | | | $ | 88,205 | | | $ | 46,139 | | | $ | 46,437 | | | $ | 39,958 | |
SBCローンの平均帳簿価値 | | $ | 25,989 | | | $ | 28,469 | | | $ | 23,685 | | | $ | 31,539 | | | $ | 8,751 | |
債務証券と利益権益の平均帳簿価値 | | $ | 487,110 | | | $ | 520,814 | | | $ | 405,612 | | | $ | 361,852 | | | $ | 367,389 | |
平均資産保証債務残高(1) | | $ | 1,089,104 | | | $ | 1,044,125 | | | $ | 992,122 | | | $ | 1,088,936 | | | $ | 1,025,717 | |
____________________________________________________________
(1) | 2021年第1四半期初めに、AJAX Mortgage Loan Trust 2018-C(“2018-C”)における合弁パートナーの全権益を買収しました。2021年6月30日と2021年3月31日までの四半期業績は、2018-Cに対する当社の100%所有権を反映しています。これまでの全四半期において、2018-Cは第三者機関投資家が37%を保有し、米国公認会計原則(米国公認会計原則)に基づいて統合されています。我々が統合したAJAX Mortgage Loan Trust 2017-D(“2017-D”)の残りの所有権権益は50%を維持しており、前四半期と一致している |
(2) | すべての四半期に更新され、融資と実益利息信用損失費用の再分類を反映して、現金流量の純現在値の純増加からそれぞれローン利息収入と債務証券と実益利息限度額の収益に至る |
(3) | 予想信用損失純現在値の純減少は、本四半期の実際と予想キャッシュフローの変化による準備金純減少である。契約キャッシュフローを超えた予想キャッシュフローの現在価値が純増加し、住宅ローン融資プール及び実益権益を相殺する任意の増額支出を指す。減幅は住宅ローンの集合レベルと実益権益の保証レベルで計算される。集合または実益権益に関連する準備がある限り、予想信用損失の減少は変化が発生した期間に入金され、そうでなければ収益増加として確認される |
(4) | 我々合弁企業が発行した債務証券投資と受益権益の利息収入は利息費用を差し引いた純額である |
(5) | 総収入には、純利息収入、権益法投資収入、担保ローンの売却収益または損失、その他の収入が含まれる |
(6) | 平均配当金は合計1.151億ドルの優先株の影響を含む |
(7) | 1日当たり現金残高には現金および現金等価物が含まれており、信託保有現金は含まれていない |
(8) | 2021年9月30日までの3ヶ月間、1日平均現金残高には、2021年8月20日に閉鎖された無利息口座に940万ドルの資金は含まれていない。940万ドルの預金を含め、1日あたりの現金は9440万ドル。2021年6月30日までの3ヶ月間、1日平均現金残高には、2021年6月17日と2021年6月24日にそれぞれ閉鎖された無利子口座に2210万ドル、1750万ドルの資金は含まれていない。1日当たりの現金残高には、2021年8月20日に完了した取引の無利子口座に保管されている940万ドルの資金は含まれていない。4900万ドルの預金総額を含め、1日平均現金は1兆257億ドルだった |
2021年12月31日までの四半期、私たちの普通株主が占めるべき総合純収入は740万ドルですが、2021年9月30日の四半期は930万ドルです
信用損失の現在価値の純減少が予想される前に、2021年12月31日の四半期まで、私たちの純利息収入は1420万ドルで、前の四半期より20万ドル減少した。利息収入総額が20万元増加したのは、主に住宅ローン投資の平均残高が増加したためだ。2021年12月31日までの四半期に、利息支出が増加しました 前四半期と比較して40万ドルであり、主にajax Mortgage Loan Trust 2019-C(“2019-C”)を買収したためである。我々は、2019-C年度の残り66%の未償還B類手形と信託証明書を合弁パートナーから買収し、2021年12月27日に優先債券の未返済債務9，520万ドルを解約し、その金利は現在の借入金金利よりも高い。そのため、私たちは今2019-C年度ローンの100%の権益を持っています。2019-Cを呼び出すことで、30万ドルの繰延発行コストの削減を加速した
2021年12月31日までの四半期では、予想される将来の信用損失を減らすことで430万ドルの収益を達成したが、2021年第3四半期には370万ドル減少し、本四半期に受信した支払いは予想を上回ったため、60万ドル増加した。我々は一般的に割引価格で融資を買収し、買収時に予想される信用損失準備金を計上する。著者らは絶えず変化するキャッシュフロー予想に基づいて、現在の予想信用損失会計基準(あるいはCECLと呼ばれる)に基づいて、四半期ごとに更新準備を行う
2021年12月31日までの四半期に私たちの運営費が増加したのは、主に融資利息費用が増加したためであり、主に2021年9月に買収された不良債権プールの丸1四半期の整備費支出と、2019-Cから取得した融資が含まれているためである。私たちはまた50万ドルの税務相談と準備費用の増加と、失業オプションの償却が増加した状況に直面した。納税準備費の引き上げは一括調整であり、2022年には再発しないと予想される
本四半期終了時、私たちの1株当たりの普通株の帳簿価値は15.92ドルでしたが、2021年9月30日までの四半期の1株当たりの普通株の帳簿価値は16.00ドルでした。帳簿価値の低下は、2021年12月30日に発表された1株当たり0.10ドルの特別現金配当でもあり、私たちの普通株と優先株の定期四半期配当および私たちの四半期収益を考慮して、私たちの債務証券組合せにおける普通株は240万ドル減少したか、あるいは1株当たり約0.08ドルであり、配当調整と表記されている
本四半期には、2019−C年度の残り66%の未償還B類手形と信託証明書を約3350万ドルの現金で買収した。買収により吾等は信託の100%株式、関連住宅ローン資産及び未償還優先債務を保有している。買収完了後、2019-C年度の証券と実益権益への投資を取り除き、1億529億ドルの担保融資投資と9520万ドルの優先債券負債を記録した。この優先債券は2021年12月27日に償還された。私たちは約10万ドルの2倍の利息支出を支払いましたが、買収した担保ローンと債務証券は優先債券を解約する前に買い戻し額に置くことができます。追加の利息支出と2019-Cを呼び出す繰延発行コストの加速を組み合わせて、この四半期に追加の40万ドルの支出を貢献し、1株当たり約0.02ドルとなった。2019-Cを統合し、バランスシートから関連証券と実益権益を除去することにより、将来的に債務証券からの収益が減少し、担保ローンからより高い利息収入を獲得し、対象ローンを直接所有していることからより高いサービス料を得ることになります
2019−C年度に購入した融資を含め、物件価値の54.1%で1億495億ドルの無担保融資を購入し、物件価値の56.5%で330万ドルの不良融資と、物件価値の43.7%で540万ドルの小型商業銀行ローンを購入した。これらの融資は買収されて我々の総合貸借対照表に計上され、加重平均は本四半期の52日間であった。本四半期末、私たちの担保融資総額は11億ドル、UPB総額は12億ドルだった
2021年11月19日、我々は第三者機関と投資家の共同投資を認めて合弁会社を設立し、2021年にNPL 1を設立し、A類証券、B類証券、信託証明書を含む各種証券種別の16.33%を買収した。2021年、NPL 1は2343個の不良ローンを買収し、UPB総額は3.298億ドルだった。買収価格はUPBの102.7%と、7.167億ドルベース担保推定時価の47.2%である。取引の構造によると、私たちはアメリカ公認会計基準に基づいて2021年NPL 1を合併しません
2021年12月31日までの四半期に、我々のREO保有販売ポートフォリオは不動産運営費用に10万ドルの減値を記録した。私たちは第4四半期に9カ所の不動産を販売し、償還停止、代替訴訟、または直接購入することで9カ所の不動産をREO保有販売物件に追加した。限られた家屋在庫は私たちのREO清算スケジュールを加速させ、同時に私たちは引き続き新冠肺炎の大流行に関する停止手続きのいくつかの遅延を経験した
私たちは第4四半期に8，660万ドルの現金を受け取りました。これはローンの返済、ローンの返済、REOの売却、証券の返済、私たちの証券ポートフォリオの現金の結果であり、本四半期末までに8，440万ドルの現金と現金等価物を獲得しました。6，760万ドルの現金収入は、四半期ローン支払い、ローン返済、およびREO販売の結果であり、債務証券および受益権益投資からの1，900万ドルの利息および元本支払いからのものである
2021年12月31日までの四半期に、元金総額130万ドルの優先転換可能手形を買い戻し、総購入価格は130万ドルとなり、10万ドルの繰延発行コストの償却を加速した
2021年12月30日、我々の取締役会は、1株当たり0.10ドル、2022年1月25日までに2022年1月10日までに登録されている普通株株主に支払う特別現金配当金を発表した
次の表は2021年12月31日のポートフォリオについて概説します(千ドル)：
違います。ローンの割合 | | | 5,941 | | | 加重平均利回り | | | 4.33 | % |
UPB総数(1) | | $ | 1,165,841 | | | 加重平均LTV(5) | | | 63.7 | % |
生息残高 | | $ | 1,069,407 | | | 加重平均残存期間(月) | | | 295 | |
繰延残高(2) | | $ | 96,434 | | | 違います。第一留置権 | | | 5,883 | |
抵当品の市場価値(3) | | $ | 2,193,143 | | | 違います。第二留置権 | | | 58 | |
オリジナル購入価格/総UPB | | | 82.0 | % | | 違います。販売待ちのREOを持っているのは | | | 31 | |
担保原購入価格/市場価値 | | | 47.1 | % | | 販売待ちのREOの時価を持っている(6) | | $ | 6,611 | |
RPLS | | | 87.5 | % | | 債務証券と信託実益権益の帳簿価値 | | $ | 494,361 | |
不良ローン | | | 10.8 | % | | 12回の支払いのうち12回の支払いのローンはUPBの約パーセントを占めている(7) | | | 72.3 | % |
SBCローン(4) | | | 1.7 | % | | ローンは、24件当たり24件で、UPBの約パーセントを占めています(8) | | | 63.9 | % |
____________________________________________________________
| (1) | 私たちの融資組合には、固定金利(UPBの60.6%)、ARM(UPBの7.5%)と混合ARM(UPBの31.9%)の担保ローンが含まれている |
| (2) | ローンの修正に関連して延期されますが利息が発生しない金額です。これらのお金は一般的に期限が切れた時に支払います |
| (3) | 期日までに報告する |
| (4) | SBCローンには購入ローンと原始ローンが含まれている |
| (5) | 2021年12月31日現在、UPBは担保時価で除算され、融資されたUPBで重み付けされる |
| (6) | 他のREOの時価は、REOを売却する推定予想毛収入から売却の推定コストを差し引いたものであり、償還事業者の前払いを含む |
| (7) | 過去12ヶ月間に少なくとも12件の支払いが支払われたか、または過去12ヶ月以内に少なくとも12件の支払いの全ドル金額のローンが支払われた |
| (8) | 過去24ヶ月間に少なくとも24件の支払いが支払われたか、または過去24ヶ月以内に少なくとも24件の支払いの全ドル金額のローンが支払われた |
後続事件
四半期末以来、私たちは2つの異なる売り手から2つの住宅RPLを獲得した。RPLsの購入価格はUPBの89.0%と関連担保推定時価50万元の57.9%であった
我々は職務調査を行った後、5つの取引の中で23件の住宅住宅ローンを買収することと、3つの取引で39種類の不良ローンを買収することに同意し、合わせて関連する違例ローンの金額はそれぞれ560万元と740万元である。住宅RPLsの購入価格はUPBの98.3%と関連担保推定時価1，380万元の39.7%であった。不良ローンの購入価格はUPBの99.2%と、関連担保1，470万元の推定時価の49.9%である
2022年1月、私たちが権益を持つ関連会社Gaea Real Estate Corp.(“Gaea”)は非公開融資を完了し、1，828，153株の普通株と引受権証を発行することで3，000万ドルを調達した。私たちは610万ドルで371，103株と同数の引受権証を買収した。私募完了後、私はGaeaに等しい所有権権益は約22.2%だった
2022年3月3日、我々の取締役会は、2022年3月31日までに2022年3月18日までに登録されている株主に1株当たり0.26ドルの現金配当金を支払うと発表した
電話会議
Great ajax Corp.は午後5時に電話会議を主宰する予定だ。アメリカ東部時間2022年3月3日木曜日、当社の四半期の財務業績を審査します。電話会議のライブ配信は当サイトの投資家関係欄からご覧いただけます。インターネット中継のファイルは90日間有効になるだろう
偉大なアジャックス社について
Great ajax Corp.はメリーランド州の不動産投資信託会社であり、主に一戸建て住宅と商業物件によって保証されるRPLの買収、投資と管理に集中し、その次は不良融資である。我々も，多戸住宅および小型商業混合用途小売/住宅物件を担保とし，多戸小売/住宅および混合用途および商業物件を買収している。我々はThetis Asset Management LLCによって外部管理を行う.私たちの担保ローンと他の不動産資産はGregory Funding LLCによってサービスを提供しています。これは付属実体です。国内税法によると、不動産投資信託基金として課税することを選択した
前向きに陳述する
このプレスリリースには特定の展望的な陳述が含まれている。“信じる”、“意図”、“予想”、“プロジェクト”、“予想”、“未来”などの語彙または同様の表現は、前向き陳述を識別することを意図している。これらの前向き声明は，将来の結果や条件を予測する固有の不確実性要因の影響を受けるが，これらの不確実性要因の多くはGreat AJAX社の制御範囲を超えており，新冠肺炎疫病の影響に関するリスクや，米国証券取引委員会監督委員会に提出された2021年12月31日までの10−K表年次報告で述べられたリスク要因やその他の事項を含む。新冠肺炎の発生は世界と米国の金融市場で大きな変動と混乱をもたらした。もし新冠肺炎疫病が引き続き蔓延或いは抑制措置が成功しなければ、大アジャックスはその業務、財務状況、流動性と運営業績に重大な不利な影響を与える可能性がある。法的要求がない限り、Great AJAXは、新しい情報、未来のイベント、または他の理由でも、いかなる前向きな陳述も公開更新または修正する義務を負いません
Great AJAX社です。そして付属会社 合併損益表 (千ドル、1株を除く) |
| | | 3か月まで |
| | | 十二月三十一日
2021 | | 九月三十日
2021 | | 六月三十日
2021 | | 3月31日
2021 |
| | | (未監査) | | (未監査) | | (未監査) | | (未監査) |
収入： | | | | | | | | |
利子収入 | | $ | 23,246 | | | $ | 23,054 | | | $ | 23,048 | | | $ | 24,035 | |
利子支出 | | | (8,999 | ) | | | (8,609 | ) | | | (8,830 | ) | | | (10,304 | ) |
純利子収入 | | | 14,247 | | | | 14,445 | | | | 14,218 | | | | 13,731 | |
期待信用損失純現在価値の純減少(1) | | | 4,296 | | | | 3,678 | | | | 4,733 | | | | 5,516 | |
期待信用損失純現在値変動影響後の利子収入純額 | | | 18,543 | | | | 18,123 | | | | 18,951 | | | | 19,247 | |
権益法投資収益 | | | 89 | | | | 90 | | | | 357 | | | | 163 | |
その他の収入 | | | 765 | | | | 778 | | | | 486 | | | | 356 | |
総収入，純額 | | | 19,397 | | | | 18,991 | | | | 19,794 | | | | 19,766 | |
費用： | | | | | | | | |
関連側料金-ローンサービス料 | | | 2,158 | | | | 1,743 | | | | 1,699 | | | | 1,833 | |
関連側費用-管理費 | | | 2,281 | | | | 2,292 | | | | 2,270 | | | | 2,273 | |
専門費 | | | 1,011 | | | | 526 | | | | 763 | | | | 640 | |
不動産運営費 | | | 131 | | | | (76 | ) | | | 88 | | | | 185 | |
見下げオプション負債の公正価値調整 | | | 2,824 | | | | 2,493 | | | | 2,201 | | | | 1,944 | |
その他の費用 | | | 1,315 | | | | 1,227 | | | | 1,375 | | | | 1,304 | |
総費用 | | | 9,720 | | | | 8,205 | | | | 8,396 | | | | 8,179 | |
債務返済損失 | | | 367 | | | | — | | | | 161 | | | | 911 | |
所得税準備前の収入を差し引く | | | 9,310 | | | | 10,786 | | | | 11,237 | | | | 10,676 | |
所得税支給 | | | 31 | | | | 102 | | | | 67 | | | | 34 | |
合併純収入 | | | 9,279 | | | | 10,684 | | | | 11,170 | | | | 10,642 | |
減算：連結純(損失)/非持株権益収益 | | | (33 | ) | | | (578 | ) | | | (1,158 | ) | | | 1,689 | |
会社は総合純収入を占めなければならない | | | 9,312 | | | | 11,262 | | | | 12,328 | | | | 8,953 | |
減算：優先株式配当金 | | | 1,950 | | | | 1,949 | | | | 1,950 | | | | 1,949 | |
普通株主は総合純収入を占めなければならない | | $ | 7,362 | | | $ | 9,313 | | | $ | 10,378 | | | $ | 7,004 | |
基本的に1株当たりの収益 | | $ | 0.32 | | | $ | 0.40 | | | $ | 0.45 | | | $ | 0.30 | |
薄めて1株当たりの収益 | | $ | 0.32 | | | $ | 0.38 | | | $ | 0.42 | | | $ | 0.30 | |
加重平均株式-基本 | | | 22,905,267 | | | | 22,862,429 | | | | 22,825,804 | | | | 22,816,978 | |
加重平均株式-希釈 | | | 30,439,064 | | | | 30,407,649 | | | | 30,198,696 | | | | 22,816,978 | |
____________________________________________________________
(1) | 予想信用損失純現在値の純減少は，2021年12月31日現在，2021年9月30日，2021年6月30日と2021年3月31日までの四半期において，実際と予想キャッシュフローの変化による準備金純減少である。契約キャッシュフローを超えた予想キャッシュフローの現在価値が純増加し、住宅ローン融資プール及び実益権益を相殺する任意の増額支出を指す。減幅は住宅ローンの集合レベルと実益権益の保証レベルで計算される。集合または実益権益に関連する準備がある限り、予想信用損失の減少は変化が発生した期間に入金され、そうでなければ収益増加として確認される |
Great AJAX社です。そして付属会社 合併貸借対照表 (千ドル、1株を除く) |
| | | 2021年12月31日 | | 2020年12月31日 |
資産 | | | | |
現金と現金等価物 | | $ | 84,426 | | | $ | 107,147 | |
信託形所持の現金 | | | 3,100 | | | | 188 | |
販売待ち住宅ローン純額を持つ | | | 29,572 | | | | — | |
投資のための担保融資純額(1,2) | | | 1,080,434 | | | | 1,119,372 | |
不動産自有物件、純価値(3) | | | 6,063 | | | | 8,526 | |
公正価値に応じて証券に投資する(4) | | | 355,178 | | | | 273,834 | |
実益権益への投資(5) | | | 139,588 | | | | 91,418 | |
サービス業者の売掛金 | | | 20,899 | | | | 15,755 | |
関連会社への投資 | | | 27,020 | | | | 28,616 | |
前払い費用と他の資産 | | | 13,400 | | | | 8,876 | |
総資産 | | $ | 1,759,680 | | | $ | 1,653,732 | |
負債と権益 | | | | |
負債： | | | | |
借入金を保証し，純額(1,2,6) | | $ | 575,563 | | | $ | 585,403 | |
買い戻し取引項下の借金 | | | 546,054 | | | | 421,132 | |
転換可能優先手形、純額(6) | | | 102,845 | | | | 110,057 | |
管理費に対処する | | | 2,279 | | | | 2,247 | |
見下げオプション負債 | | | 23,667 | | | | 14,205 | |
費用とその他の負債を計算すべきである | | | 8,799 | | | | 6,197 | |
総負債 | | | 1,259,207 | | | | 1,139,241 | |
株本： | | | | |
優先株額面0.01ドル；ライセンス株式25，000，000株 | | | | |
Aシリーズ7.25%固定金利から変動金利までの累計償還、1株25.00ドル清算優先株、2021年12月31日と2020年12月31日に発行·発行された2，307，400株 | | | 51,100 | | | | 51,100 | |
Bシリーズ5.00%固定金利から変動金利までの累計償還、1株25.00ドル清算優先権、2021年12月31日と2020年12月31日に発行·発行された2，892，600株 | | | 64,044 | | | | 64,044 | |
普通株額面0.01ドル；許可発行1.25億株、2021年12月31日発行と発行外23，146，775株、2020年12月31日発行と発行外22，978，339株 | | | 233 | | | | 231 | |
追加実収資本 | | | 316,162 | | | | 317,424 | |
在庫株 | | | (1,691 | ) | | | (1,159 | ) |
利益を残す | | | 66,427 | | | | 53,346 | |
その他の総合収益を累計する | | | 1,020 | | | | 375 | |
株主は権益を占めなければならない | | | 497,295 | | | | 485,361 | |
非制御的権益(7) | | | 3,178 | | | | 29,130 | |
総株 | | | 500,473 | | | | 514,491 | |
負債と権益総額 | | $ | 1,759,680 | | | $ | 1,653,732 | |
ローレンス·メンデルソン
最高経営責任者
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メアリー·ドイル
首席財務官
メール：mary.doyle@aspencapital.com
503-444-4224
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