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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2020
Dec. 31, 2019
ASSETS    
Cash and cash equivalents $ 163,422 $ 64,343
Cash held in trust 190 20
Mortgage loans, net [1],[2] 1,080,617 1,151,469
Property held-for-sale, net [3] 6,879 13,537
Rental property, net 1,354 1,534
Investments at fair value 257,990 231,685
Investments in beneficial interests 69,876 57,954
Receivable from servicer 15,460 17,013
Investments in affiliates 28,487 29,649
Prepaid expenses and other assets 15,649 9,637
Total assets 1,639,924 1,576,841
Liabilities:    
Secured borrowings, net [1],[2],[4] 609,812 652,747
Borrowings under repurchase transactions 400,035 414,114
Convertible senior notes, net [4] 111,773 118,784
Management fee payable 2,139 1,634
Accrued expenses and other liabilities 17,295 5,478
Total liabilities 1,141,054 1,192,757
Commitments and contingencies – see Note 8
Equity:    
Common stock $0.01 par value; 125,000,000 shares authorized, 22,924,982 shares issued and outstanding at June 30, 2020 and 22,142,143 shares issued and outstanding at December 31, 2019 230 222
Additional paid-in capital 317,029 309,395
Treasury stock (564) (458)
Retained earnings 45,084 49,446
Accumulated other comprehensive (loss)/gain (3,936) 1,277
Equity attributable to stockholders 472,987 359,882
Non-controlling interests [5] 25,883 24,202
Total equity 498,870 384,084
Total liabilities and equity 1,639,924 1,576,841
7.25% Series A Preferred Stock    
Equity:    
Preferred stock $0.01 par value; 25,000,000 shares authorized 51,100 0
5.00% Series B Preferred Stock    
Equity:    
Preferred stock $0.01 par value; 25,000,000 shares authorized $ 64,044 $ 0
[1] As of June 30, 2020, balances for Mortgage loans, net includes $312.0 million and Secured borrowings, net of deferred costs includes $263.6 million from 50% and 63% owned joint ventures, respectively. As of December 31, 2019, balances for Mortgage loans, net include $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from 50% and 63% owned joint ventures, all of which the Company consolidates under U.S. Generally Accepted Accounting Principles ("U.S. GAAP").
[2] Mortgage loans net include $871.7 million and $908.6 million of loans at June 30, 2020 and December 31, 2019, 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.). See Note 9 — Debt. Mortgage loans, net include $14.5 million and $2.0 million of allowance for loan credit losses at June 30, 2020 and December 31, 2019, respectively.
[3] Property held-for-sale, net, includes valuation allowances of the $1.3 million and $1.8 million at June 30, 2020 and December 31, 2019, respectively.
[4] Secured borrowings and Convertible senior notes are presented net of deferred issuance costs.
[5] As of June 30, 2020 and December 31, 2019 non-controlling interests includes $24.2 million and $22.4 million, respectively, from the 50% and 63% owned joint ventures, which the Company consolidates under U.S. GAAP.