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v3.24.3

Debt (Tables) | 9 Months Ended
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Sep. 30, 2024
Debt Disclosure [Abstract] |
Schedule Of Details Of Repurchase Agreement | The following table sets forth the details of the Company’s repurchase transactions and facilities ($ in thousands):
|  |  | September 30, 2024
|  |  | Maturity Date |  | Amount Outstanding |  | Amount of Collateral |  | Interest Rate
Goldman Sachs - bonds(1) |  |  |  |  | $ | 33,644 |  |  | $ | 41,900 |  |  | 5.93 | %
A Bonds |  |  | November 15, 2024 |  | 29,676 |  |  | 35,000 |  |  | 5.87 | %
M Bonds |  |  | July 25, 2025 |  | 3,968 |  |  | 6,900 |  |  | 6.37 | %
Lucid - bonds (1) |  |  |  |  | $ | 17,000 |  |  | $ | 20,000 |  |  | 5.71 | %
A Bonds |  |  | October 17, 2024 |  | 17,000 |  |  | 20,000 |  |  | 5.71 | %
Barclays - bonds(1) |  |  |  |  | $ | 88,269 |  |  | $ | 116,367 |  |  | 6.10 | %
A Bonds |  |  | October 1, 2024 |  | 19,916 |  |  | 25,412 |  |  | 6.19 | %
|  |  | October 11, 2024 |  | 16,915 |  |  | 20,000 |  |  | 5.85 | %
|  |  | October 16, 2024 |  | 16,958 |  |  | 20,000 |  |  | 5.85 | %
|  |  | November 1, 2024 |  | 5,786 |  |  | 7,199 |  |  | 6.56 | %
|  |  | December 20, 2024 |  | 18,248 |  |  | 25,438 |  |  | 5.94 | %
B Bonds |  |  | November 1, 2024 |  | 4,078 |  |  | 6,232 |  |  | 7.58 | %
|  |  | December 20, 2024 |  | 5,100 |  |  | 9,631 |  |  | 6.32 | %
M Bonds |  |  | November 1, 2024 |  | 281 |  |  | 512 |  |  | 6.93 | %
|  |  | December 20, 2024 |  | 987 |  |  | 1,943 |  |  | 6.11 | %
Nomura - bonds(1) |  |  |  |  | $ | 68,057 |  |  | $ | 40,780 |  | (3) |  | 5.98 | %
A Bonds |  |  | December 27, 2024 |  | 11,395 |  |  | 16,926 |  |  | 6.19 | %
B Bonds |  |  | December 27, 2024 |  | 35,679 |  |  | 13,224 |  |  | 5.97 | %
M Bonds |  |  | December 27, 2024 |  | 20,983 |  |  | 10,630 |  |  | 5.88 | %
Nomura - loans(2) |  |  | October 5, 2024 |  | $ | 24,494 |  |  | $ | 33,947 |  |  | 7.45 | %
Totals/weighted averages |  | $ | 231,464 |  |  | $ | 252,994 |  |  | 6.16 | %
(1)Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of September 30, 2024. (2)Maximum borrowing capacity subject to pledging sufficient collateral as of September 30, 2024 was $400.0 million. (3)Includes $42.8 million of bonds that are consolidated on the Company’s balance sheet as of September 30, 2024.
|  |  | December 31, 2023
|  |  | Maturity Date |  | Amount Outstanding |  | Amount of Collateral |  | Interest Rate
Barclays - bonds(1) |  |  |  |  | $ | 70,095 |  |  | $ | 101,041 |  |  | 7.03 | %
A Bonds |  |  | January 3, 2024 |  | 10,850 |  |  | 15,572 |  |  | 6.90 | %
|  |  | January 19, 2024 |  | 21,762 |  |  | 28,503 |  |  | 6.79 | %
|  |  | May 3, 2024 |  | 9,628 |  |  | 12,329 |  |  | 6.87 | %
|  |  | May 22, 2024 |  | 2,134 |  |  | 3,358 |  |  | 6.97 | %
B Bonds |  |  | January 26, 2024 |  | 3,027 |  |  | 4,998 |  |  | 7.68 | %
|  |  | March 13, 2024 |  | 13,398 |  |  | 20,121 |  |  | 7.13 | %
|  |  | May 3, 2024 |  | 3,608 |  |  | 6,185 |  |  | 7.70 | %
|  |  | May 22, 2024 |  | 4,312 |  |  | 7,565 |  |  | 7.57 | %
M Bonds |  |  | May 3, 2024 |  | 281 |  |  | 499 |  |  | 7.05 | %
|  |  | December 31, 2023
|  |  | Maturity Date |  | Amount Outstanding |  | Amount of Collateral |  | Interest Rate
|  |  | May 22, 2024 |  | 1,095 |  |  | 1,911 |  |  | 7.17 | %
Nomura - bonds(1) |  |  |  |  | $ | 68,623 |  |  | $ | 98,448 |  | (4) |  | 6.98 | %
A Bonds |  |  | January 26, 2024 |  | 35,184 |  |  | 47,149 |  |  | 7.02 | %
|  |  | February 15, 2024 |  | 5,079 |  |  | 7,449 |  |  | 6.93 | %
|  |  | March 28, 2024 |  | 17,019 |  |  | 23,238 |  |  | 6.74 | %
B Bonds |  |  | January 26, 2024 |  | 1,024 |  |  | 1,761 |  |  | 7.31 | %
|  |  | February 15, 2024 |  | 3,002 |  |  | 5,149 |  |  | 7.33 | %
|  |  | March 28, 2024 |  | 3,900 |  |  | 6,413 |  |  | 7.30 | %
M Bonds |  |  | January 26, 2024 |  | 2,307 |  |  | 5,177 |  |  | 7.30 | %
|  |  | March 28, 2024 |  | 1,108 |  |  | 2,112 |  |  | 6.90 | %
JP Morgan - bonds(1) |  |  |  |  | $ | 33,564 |  |  | $ | 53,978 |  |  | 6.90 | %
A Bonds |  |  | February 28, 2024 |  | 9,632 |  |  | 12,633 |  |  | 6.73 | %
B Bonds |  |  | February 28, 2024 |  | 6,598 |  |  | 11,140 |  |  | 7.13 | %
M Bonds |  |  | January 4, 2024 |  | 13,541 |  |  | 22,813 |  |  | 6.82 | %
|  |  | January 22, 2024 |  | 3,290 |  |  | 6,497 |  |  | 7.23 | %
|  |  | February 28, 2024 |  | 503 |  |  | 895 |  |  | 7.03 | %
Nomura - loans(2) |  |  | October 5, 2024 |  | $ | 193,060 |  |  | $ | 277,632 |  |  | 7.79 | %
JP Morgan - loans(3) |  |  | July 10, 2024 |  | $ | 10,403 |  |  | $ | 14,656 |  |  | 8.38 | %
Totals/weighted averages |  | $ | 375,745 |  |  | $ | 545,755 |  |  | 7.44 | %
(1)Maximum borrowing capacity subject to pledging sufficient collateral is the equivalent of the amount outstanding as of December 31, 2023. (2)Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2023 was $400.0 million. (3)Maximum borrowing capacity subject to pledging sufficient collateral as of December 31, 2023 was $150.0 million. (4)Includes $42.8 million of bonds that are consolidated on the Company’s balance sheet as of December 31, 2023.
Schedule Of Amount Outstanding On Repurchase Transactions And Carrying Value Collateral | The amount outstanding on the Company’s repurchase facilities and the carrying value of the Company’s loans pledged as collateral are presented as gross amounts in the Company’s consolidated balance sheets at September 30, 2024 and December 31, 2023 in the table below ($ in thousands):
|  | Gross amounts not offset in balance sheet
|  | September 30, 2024 |  | December 31, 2023
Gross amount of recognized liabilities |  | $ | 231,464 |  |  | $ | 375,745 |
Gross amount of loans and securities pledged as collateral |  | 252,994 |  |  | 541,999 |
Other prepaid collateral |  | — |  |  | 3,756 |
Net collateral amount |  | $ | 21,530 |  |  | $ | 170,010 |
Schedule Of Securitization Of Notes | The following table sets forth the original terms of notes from the Company’s secured borrowings outstanding at September 30, 2024 at their respective cutoff dates:
Issuing Trust/Issue Date |  | Interest Rate Step-up Date |  | Security |  | Original Principal |  | Interest Rate
Rated
Ajax Mortgage Loan Trust 2019-D/ July 2019 |  | July 25, 2027 |  | Class A-1 notes due 2065 |  | $140.4 million |  | 2.96 | %
|  | July 25, 2027 |  | Class A-2 notes due 2065 |  | 6.1 million |  | 3.50 | %
|  | July 25, 2027 |  | Class A-3 notes due 2065 |  | 10.1 million |  | 3.50 | %
|  | July 25, 2027 |  | Class M-1 notes due 2065(1) |  | 9.3 million |  | 3.50 | %
|  | None |  | Class B-1 notes due 2065(2) |  | 7.5 million |  | 3.50 | %
|  | None |  | Class B-2 notes due 2065(2) |  | 7.1 million |  | variable(3)
|  | None |  | Class B-3 notes due 2065(2) |  | 12.8 million |  | variable(3)
|  |  |  | Deferred issuance costs |  | (2.7) million |  | — | %
Rated
Ajax Mortgage Loan Trust 2019-F/ November 2019 |  | November 25, 2026 |  | Class A-1 notes due 2059 |  | $110.1 million |  | 2.86 | %
|  | November 25, 2026 |  | Class A-2 notes due 2059 |  | 12.5 million |  | 3.50 | %
|  | November 25, 2026 |  | Class A-3 notes due 2059 |  | 5.1 million |  | 3.50 | %
|  | November 25, 2026 |  | Class M-1 notes due 2059(1) |  | 6.1 million |  | 3.50 | %
|  | None |  | Class B-1 notes due 2059(2) |  | 11.5 million |  | 3.50 | %
|  | None |  | Class B-2 notes due 2059(2) |  | 10.4 million |  | variable(3)
|  | None |  | Class B-3 notes due 2059(2) |  | 15.1 million |  | variable(3)
|  |  |  | Deferred issuance costs |  | (1.8) million |  | — | %
Rated
Ajax Mortgage Loan Trust 2020-B/ August 2020 |  | July 25, 2027 |  | Class A-1 notes due 2059 |  | $97.2 million |  | 1.70 | %
|  | July 25, 2027 |  | Class A-2 notes due 2059 |  | 17.3 million |  | 2.86 | %
|  | July 25, 2027 |  | Class M-1 notes due 2059(1) |  | 7.3 million |  | 3.70 | %
|  | None |  | Class B-1 notes due 2059(2) |  | 5.9 million |  | 3.70 | %
|  | None |  | Class B-2 notes due 2059(2) |  | 5.1 million |  | variable(3)
|  | None |  | Class B-3 notes due 2059(2) |  | 23.6 million |  | variable(3)
|  |  |  | Deferred issuance costs |  | (1.8) million |  | — | %
Rated
Issuing Trust/Issue Date |  | Interest Rate Step-up Date |  | Security |  | Original Principal |  | Interest Rate
Ajax Mortgage Loan Trust 2021-A/ January 2021 |  | January 25, 2029 |  | Class A-1 notes due 2065 |  | $146.2 million |  | 1.07 | %
|  | January 25, 2029 |  | Class A-2 notes due 2065 |  | 21.1 million |  | 2.35 | %
|  | January 25, 2029 |  | Class M-1 notes due 2065(1) |  | $7.8 million |  | 3.15 | %
|  | None |  | Class B-1 notes due 2065(2) |  | 5.0 million |  | 3.80 | %
|  | None |  | Class B-2 notes due 2065(2) |  | 5.0 million |  | variable(3)
|  | None |  | Class B-3 notes due 2065(2) |  | 21.5 million |  | variable(3)
|  |  |  | Deferred issuance costs |  | (2.5) million |  | — | %
(1)The Class M notes are subordinated, sequential pay, fixed rate notes. The Company has retained the Class M notes, with the exception of Ajax Mortgage Loan Trust 2021-A. (2)The Class B notes are subordinated, sequential pay, with B-2 and B-3 notes having variable interest rates and are subordinate to the Class B-1 notes. The Class B-1 notes are fixed rate notes. The Company has retained the Class B notes. (3)The interest rate is effectively the rate equal to the spread between the gross average rate of interest the trust collects on its mortgage loan portfolio minus the rate derived from the sum of the servicing fee and other expenses of the trust.
Schedule Of Status Of Mortgage Loans | The following table sets forth the status of the notes held by others at September 30, 2024 and December 31, 2023, and the securitization cutoff date ($ in thousands):
|  | Balances at September 30, 2024 |  | Balances at December 31, 2023 |  | Original balances at securitization cutoff date
Class of Notes |  | Carrying value of mortgages |  | Bond principal balance |  | Percentage of collateral coverage |  | Carrying value of mortgages |  | Bond principal balance |  | Percentage of collateral coverage |  | Mortgage UPB |  | Bond principal balance
2019-D |  | $ | 92,815 |  |  | $ | 62,475 |  |  | 149 | % |  | $ | 99,367 |  |  | $ | 67,739 |  |  | 147 | % |  | $ | 193,301 |  |  | $ | 156,670 |
2019-F |  | 90,384 |  |  | 51,110 |  |  | 177 | % |  | 96,870 |  |  | 57,936 |  |  | 167 | % |  | 170,876 |  |  | 127,673 |
2020-B |  | 96,308 |  |  | 59,202 |  |  | 163 | % |  | 100,245 |  |  | 63,574 |  |  | 158 | % |  | 156,468 |  |  | 114,534 |
2021-A |  | 121,089 |  |  | 95,476 |  |  | 127 | % |  | 127,250 |  |  | 102,057 |  |  | 125 | % |  | 206,506 |  |  | 175,116 |
2021-B |  | — |  |  | — |  |  | — | % |  | 204,883 |  |  | 123,032 |  |  | 167 | % |  | 287,882 |  |  | 215,912 |
|  | $ | 400,596 |  |  | $ | 268,263 |  | (1) | 149 | % |  | $ | 628,615 |  |  | $ | 414,338 |  | (1) | 152 | % |  | $ | 1,015,033 |  |  | $ | 789,905 |
(1)This represents the gross amount of Secured borrowings and excludes the impact of deferred issuance costs of $1.5 million and $3.1 million as of September 30, 2024 and December 31, 2023.
Schedule Of Long Term Maturities | The following table summarizes the Company’s long term maturities ($ in thousands):
Year |  | Debt instrument |  | As of September 30, 2024
2024 |  |  |  | $ | — |
2025 |  |  |  | — |
2026 |  |  |  | — |
2027 |  | 2027 Notes (Unsecured Notes) |  | 110,000 |
2028 |  |  |  | — |

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