NYSE$RPT
Rithm Property Trust Inc · Q1 2020 earnings
Q1 2020 earnings · · Investor relations
Briefing
Great Ajax Corp. reported results for the quarter ended March 31, 2020.
Great Ajax Corp. announced its results of operations for the quarter ended March 31, 2020. The company reported a net income attributable to common stockholders of $0.4 million, with basic earnings per share of $0.02. The company collected total cash of $62.4 million from loan payments, sales of REO and investments in debt securities and beneficial interests. The company held $31.2 million of cash and cash equivalents at March 31, 2020.
- Formed a joint venture that acquired $184.8 million in unpaid principal balance (“UPB”) of mortgage loans.
- Purchased $0.2 million of non-performing mortgage loans and 26 RPLs for $1.2 million.
- Interest income of $27.3 million; net interest income after provision for credit losses of $9.1 million.
- Collected total cash of $62.4 million from loan payments, sales of real estate owned and investments in debt securities and beneficial interests.
Headline financials
Revenue & EPS history
Great Ajax · Revenue · Quarterly
$14.2M
Revenue by segment
Great Ajax · $22M total across 2 segments · Q1 2020
- Loan Interest Income$20M-24.7%90.8%
- Earnings from Debt Securities$2.02M-16.4%9.2%
Forward guidance
The company expects to use the net proceeds from the private placement to acquire mortgage loans and mortgage-related assets consistent with our investment strategy. We expect the rate of new foreclosures to slow due to the current moratorium in many states.
Tailwinds
- Net proceeds from private placement will be used to acquire mortgage loans.
- Net proceeds from private placement will be used to acquire mortgage-related assets.
- Rate of new foreclosures is expected to slow.
- Liquidation of REO properties held-for-sale continues at a faster rate than properties acquired.
- Overall cost of funds decreased approximately 21 basis points.
Headwinds
- COVID-19 outbreak has caused significant volatility and disruption in the financial markets.
- COVID-19 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.
- Company experienced a $5.1 million provision for losses on loan and securities portfolios driven primarily by the expectation of deferrals of borrower payments, extended duration on loans and extensions of foreclosure timelines as a result of the relief provisions for the global pandemic caused by the novel coronavirus (“COVID-19”) outbreak.
- Book value declined to $14.37 per share from $15.80 at December 31, 2019 primarily from the effects of a $28.4 million non-cash mark-to-market adjustment to the fair value of our debt securities as generally determined by marks provided by our financing counterparties.
- Recorded $0.9 million in impairments on REO held-for-sale portfolio.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2020
-1.0%
Avg return
Earnings day
-0.1%
Avg return
5 days after
-3.0%
Avg return
30 days after
29%
13 / 45 earnings
Positive
+9.2%
Q2 2020
Best reaction
-14.6%
Q4 2023
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -1.1% | -1.2% | +0.1% | |
| Q4 2025 | -1.8% | -1.1% | -7.2% | |
| Q3 2025 | -0.8% | +2.4% | +15.7% | |
| Q2 2025 | -1.9% | -6.3% | +1.1% | |
| Q1 2025 | +0.0% | +3.2% | -3.5% | |
| Q4 2024 | -0.3% | +4.8% | -7.9% | |
| Q3 2024 | -1.3% | -3.5% | -2.9% | |
| Q2 2024 | -14.0% | -11.4% | -14.3% | |
| Q1 2024 | +1.6% | +1.8% | -9.2% | |
| Q4 2023 | -14.6% | -19.2% | -27.7% | |
| Q3 2023 | +5.4% | +8.7% | +15.4% | |
| Q2 2023 | -0.6% | -0.7% | -1.2% | |
| Q1 2023 | -7.3% | -7.0% | -5.3% | |
| Q4 2022 | -0.3% | +1.8% | -33.6% | |
| Q3 2022 | -2.8% | -1.6% | -5.7% | |
| Q2 2022 | -6.7% | -5.2% | -17.7% | |
| Q1 2022 | -6.0% | -5.2% | +3.9% | |
| Q4 2021 | -0.8% | -0.7% | -10.3% | |
| Q3 2021 | +2.5% | +0.5% | -12.1% | |
| Q2 2021 | +8.4% | +10.3% | +9.5% | |
| Q1 2021 | +2.9% | +1.4% | +3.6% | |
| Q4 2020 | -5.1% | -0.4% | +13.7% | |
| Q3 2020 | +3.9% | +20.0% | +33.4% | |
| Q2 2020 | +9.2% | +8.7% | +1.6% | |
| Q1 2020 | -5.4% | -2.8% | +11.7% | |
| Q4 2019 | -0.1% | -2.1% | -60.0% | |
| Q3 2019 | -0.3% | +0.8% | -2.9% | |
| Q2 2019 | -0.5% | -2.3% | +4.1% | |
| Q1 2019 | -1.8% | -0.8% | -11.3% | |
| Q4 2018 | +0.0% | +0.6% | +2.5% | |
| Q3 2018 | -0.3% | +0.8% | -1.2% | |
| Q2 2018 | +0.8% | +1.3% | +2.2% | |
| Q1 2018 | -0.1% | -0.1% | -1.6% | |
| Q4 2017 | -1.2% | +0.3% | -0.3% | |
| Q3 2017 | -0.6% | -0.7% | +1.6% | |
| Q2 2017 | +0.7% | +0.4% | +1.9% | |
| Q1 2017 | +1.5% | +3.3% | +3.8% | |
| Q4 2016 | +0.8% | +0.1% | -1.6% | |
| Q3 2016 | -2.8% | -3.0% | -7.4% | |
| Q2 2016 | -0.9% | +0.3% | -2.1% | |
| Q1 2016 | +2.1% | — | — | |
| Q4 2015 | -3.2% | — | — | |
| Q3 2015 | +0.7% | — | — | |
| Q2 2015 | -0.1% | — | — | |
| Q1 2015 | -1.4% | — | — | |
| Q4 2014 | — | — | — | |
| Q3 2014 | — | — | — |
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