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Pay vs Performance Disclosure - USD ($)
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
Pay vs Performance Disclosure        
Pay vs Performance Disclosure, Table
Pay Versus Performance
Compensation paid to Great Ajax’s Chief Executive Officer and other named executives were calculated based on shares granted each year using the grant date stock price and adjusted for any previously issued shares that were unvested and fully vested each year and considered any dividends that have been paid. The following table summarizes the compensation paid to Great Ajax’s Chief Executive Officer and other named executives and company performance measures.
Summary
compensation
table total for
PEO
(1)
($)
Compensation
actually
paid to
PEO
(1)(4)
($)
Average summary
compensation table
total for
non-PEO named
executive officers
(2)
($)
Average
compensation
actually paid to
non-PEO named
executive
officers
(1)(5)
($)
Value of initial fixed $100
investment based on:
Net (loss)/
income
attributable
to
common
stockholders
($)
Company
selected
measure
book value
($)
Year
Total
stockholder
return
($)
Peer group
total
stockholder
return
(3)
($)
2023
(21,891) (8,975) 100 49 (49,261) 9.99
2022
167,360 61,758 52,300 (5,553) 109 48 (14,850) 13.00
2021
179,060 226,653 102,320 140,977 143 73 41,775 15.92
2020
38,200 (6,345) 76,400 77,247 118 69 33,608 15.59
(1)
Lawrence Mendelsohn, Great Ajax’s CEO, was Great Ajax’s principal executive officer.
(2)
Includes compensation for Ms. Doyle and Mr. Schaub.
(3)
Great Ajax’s peer group includes FNMR, which includes comparable mortgage REITs and helps provide a benchmark for Great Ajax’s own total stockholder return.
(4)
In accordance with the requirements of Item 402(v)(2)(iii) of Regulation S-K, the following adjustments were made to the amounts reported for Mr. Mendelsohn in the Summary Compensation Table. Importantly, the dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Mendelsohn during the applicable year.
Description(a)
2020
($)
2021
($)
2022
($)
2023
($)
Reported Summary Compensation Table
38,200 179,060 167,360
Reported Stock Awards Deduction(b)
38,200 179,060 167,360
Equity Award Adjustments(c)
(44,545) 47,593 (105,602) (21,891)
Compensation Actually Paid
(6,345) 226,653 61,758 (21,891)
(a)
Mr. Mendelsohn received no pension benefits in the fiscal years presented from Great Ajax under defined pension or defined contribution plans.
(b)
Total grant date fair value of equity awards reporting in the “Stock awards” column in the Summary Compensation Table for applicable year.
(c)
For each covered year, the amounts added or deducted in calculated equity award adjustments include:
Year
Summary
Compensation
Amounts
($)
Year End
Fair Value of
Unvested
Equity
Awards
Granted in
the Covered
Year ($)
Year over
Year Change
in Fair Value
of Outstanding
and Unvested
Equity
Awards ($)
Fair Value
as of
Vesting
Date of
Equity
Awards
Granted and
Vested in
the Year
($)
Year over
Year
Change in
Fair Value
of Equity
Awards
Granted
in Prior
Years that
Vested in
the Year
($)
Fair Value
at the End
of the Prior
Year of
Equity
Awards that
Failed to
Meet
Vesting
Conditions
in the Year
($)
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
($)
Total Equity
Award
Adjustments ($)
2023
(36,156) (840) 15,105 (21,891)
2022
(167,360) 116,000 (69,935) (9,567) 25,260 (105,602)
2021
(179,060) 184,240 19,800 9,413 13,200 47,593
2020
(38,200) 41,840 (52,200) 23,280 (35,077) 15,812 (44,545)
(5)
In accordance with the requirements of Item 402(v)(2)(iii) of Regulation S-K, when calculating the “average compensation actually paid” for the executive officers excluding CEO, the following adjustments were made to the amounts reported in the Summary Compensation Table. Importantly, the dollar amounts do not reflect the actual amount of compensation earned by or paid to Ms. Doyle and Mr. Schaub during the applicable year.
Description(a)
2020
($)
2021
($)
2022
($)
2023
($)
Reported Summary Compensation Table
76,400 102,320 52,300
Reported Stock Awards Deduction(b)
76,400 102,320 52,300
Equity Award Adjustments(c)
847 38,657 (57,853) (8,975)
Compensation Actually Paid
77,247 140,977 (5,553) (8,975)
(a)
Ms. Doyle and Mr. Schaub received no pension benefits in the fiscal years presented from Great Ajax under defined pension or defined contribution plans.
(b)
Total grant date fair value of equity awards reporting in the “Stock awards” column in the Summary Compensation Table for applicable year.
(c)
For each covered year, the amounts added or deducted in calculated equity award adjustment include:
Year
Summary
Compensation
Amounts
($)
Year End
Fair Value of
Unvested
Equity
Awards
Granted
in the
Covered
Year ($)
Year over
Year Change
in Fair Value
of Outstanding
and Unvested
Equity Awards ($)
Fair
Value as
of Vesting
Date of
Equity
Awards
Granted and
Vested in
the Year
($)
Year over
Year Change
in Fair Value
of Equity
Awards
Granted in
Prior Years
that Vested
in the Year
($)
Fair Value at
the End of the
Prior Year of
Equity
Awards that
Failed to Meet
Vesting
Conditions in
the Year ($)
Value of
Dividends or
other Earnings
Paid on Stock
or Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
($)
Total Equity
Award
Adjustments ($)
2023
(15,275) (1,680) 7.980 (8,975)
2022
(52,300) 36,250 (51,220) (4,783) 14,200 (57,853)
2021
(102,320) 105,280 20,700 4,707 10,290 38,657
2020
(76,400) 83,680 (26,100) 18,224 (8,253) 9,696 847
     
Company Selected Measure Name book value      
Named Executive Officers, Footnote
(1)
Lawrence Mendelsohn, Great Ajax’s CEO, was Great Ajax’s principal executive officer.
(2)
Includes compensation for Ms. Doyle and Mr. Schaub.
     
Peer Group Issuers, Footnote
(3)
Great Ajax’s peer group includes FNMR, which includes comparable mortgage REITs and helps provide a benchmark for Great Ajax’s own total stockholder return.
     
PEO Total Compensation Amount $ 167,360 $ 179,060 $ 38,200
PEO Actually Paid Compensation Amount $ (21,891) 61,758 226,653 (6,345)
Adjustment To PEO Compensation, Footnote
(4)
In accordance with the requirements of Item 402(v)(2)(iii) of Regulation S-K, the following adjustments were made to the amounts reported for Mr. Mendelsohn in the Summary Compensation Table. Importantly, the dollar amounts do not reflect the actual amount of compensation earned by or paid to Mr. Mendelsohn during the applicable year.
Description(a)
2020
($)
2021
($)
2022
($)
2023
($)
Reported Summary Compensation Table
38,200 179,060 167,360
Reported Stock Awards Deduction(b)
38,200 179,060 167,360
Equity Award Adjustments(c)
(44,545) 47,593 (105,602) (21,891)
Compensation Actually Paid
(6,345) 226,653 61,758 (21,891)
(a)
Mr. Mendelsohn received no pension benefits in the fiscal years presented from Great Ajax under defined pension or defined contribution plans.
(b)
Total grant date fair value of equity awards reporting in the “Stock awards” column in the Summary Compensation Table for applicable year.
(c)
For each covered year, the amounts added or deducted in calculated equity award adjustments include:
Year
Summary
Compensation
Amounts
($)
Year End
Fair Value of
Unvested
Equity
Awards
Granted in
the Covered
Year ($)
Year over
Year Change
in Fair Value
of Outstanding
and Unvested
Equity
Awards ($)
Fair Value
as of
Vesting
Date of
Equity
Awards
Granted and
Vested in
the Year
($)
Year over
Year
Change in
Fair Value
of Equity
Awards
Granted
in Prior
Years that
Vested in
the Year
($)
Fair Value
at the End
of the Prior
Year of
Equity
Awards that
Failed to
Meet
Vesting
Conditions
in the Year
($)
Value of
Dividends or
other
Earnings Paid
on Stock or
Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
($)
Total Equity
Award
Adjustments ($)
2023
(36,156) (840) 15,105 (21,891)
2022
(167,360) 116,000 (69,935) (9,567) 25,260 (105,602)
2021
(179,060) 184,240 19,800 9,413 13,200 47,593
2020
(38,200) 41,840 (52,200) 23,280 (35,077) 15,812 (44,545)
     
Non-PEO NEO Average Total Compensation Amount 52,300 102,320 76,400
Non-PEO NEO Average Compensation Actually Paid Amount $ (8,975) (5,553) 140,977 77,247
Adjustment to Non-PEO NEO Compensation Footnote
(5)
In accordance with the requirements of Item 402(v)(2)(iii) of Regulation S-K, when calculating the “average compensation actually paid” for the executive officers excluding CEO, the following adjustments were made to the amounts reported in the Summary Compensation Table. Importantly, the dollar amounts do not reflect the actual amount of compensation earned by or paid to Ms. Doyle and Mr. Schaub during the applicable year.
Description(a)
2020
($)
2021
($)
2022
($)
2023
($)
Reported Summary Compensation Table
76,400 102,320 52,300
Reported Stock Awards Deduction(b)
76,400 102,320 52,300
Equity Award Adjustments(c)
847 38,657 (57,853) (8,975)
Compensation Actually Paid
77,247 140,977 (5,553) (8,975)
(a)
Ms. Doyle and Mr. Schaub received no pension benefits in the fiscal years presented from Great Ajax under defined pension or defined contribution plans.
(b)
Total grant date fair value of equity awards reporting in the “Stock awards” column in the Summary Compensation Table for applicable year.
(c)
For each covered year, the amounts added or deducted in calculated equity award adjustment include:
Year
Summary
Compensation
Amounts
($)
Year End
Fair Value of
Unvested
Equity
Awards
Granted
in the
Covered
Year ($)
Year over
Year Change
in Fair Value
of Outstanding
and Unvested
Equity Awards ($)
Fair
Value as
of Vesting
Date of
Equity
Awards
Granted and
Vested in
the Year
($)
Year over
Year Change
in Fair Value
of Equity
Awards
Granted in
Prior Years
that Vested
in the Year
($)
Fair Value at
the End of the
Prior Year of
Equity
Awards that
Failed to Meet
Vesting
Conditions in
the Year ($)
Value of
Dividends or
other Earnings
Paid on Stock
or Option
Awards not
Otherwise
Reflected in
Fair Value or
Total
Compensation
($)
Total Equity
Award
Adjustments ($)
2023
(15,275) (1,680) 7.980 (8,975)
2022
(52,300) 36,250 (51,220) (4,783) 14,200 (57,853)
2021
(102,320) 105,280 20,700 4,707 10,290 38,657
2020
(76,400) 83,680 (26,100) 18,224 (8,253) 9,696 847
     
Compensation Actually Paid vs. Total Shareholder Return
Total Stockholder Return
Compensation actually paid to Great Ajax’s CEO for the years ended December 31, 2023, 2022, 2021 and 2020 was $(22) thousand, $0.1 million, $0.2 million and $(6) thousand, respectively. Compensation actually paid to executive officers excluding the CEO for the years ended December 31, 2023, 2022, 2021 and 2020 was approximately $(9) thousand, $(6) thousand, $0.1 million and $77 thousand, respectively. The calculation to determine compensation actually paid to Great Ajax’s CEO and executive officers is detailed above and is calculated in accordance with item 402(v)(2)(iii) of Regulation S-K. Great Ajax’s cumulative total stockholder return (“TSR”), which is calculated off an initial fixed $100 investment for the last three completed fiscal years was $100.21, $108.64, $143.29 and $118.21, respectively. The Compensation Comparison Group (“CCG”) TSR, which is calculated off the same initial fixed $100 investment for the same four-year period was $48.61, $47.74, $73.00 and $68.64, respectively. Great Ajax used FNMR for its CCG TSR, which contains comparable mortgage REITs and helps provide a benchmark for Great Ajax’s own total stockholder return.
Compensation actually paid to Great Ajax’s CEO, Great Ajax’s TSR and CCG TSR all decreased for the year ended December 31, 2023 versus 2022 and for the year ended December 31, 2022 versus 2021. In comparison compensation actually paid to Great Ajax’s CEO, Great Ajax’s TSR and CCG TSR all increased for the year ended December 31, 2021 versus 2020. Similarly, compensation actually paid to Great Ajax’s executive officers excluding the CEO, Great Ajax’s TSR and CCG TSR all decreased for the year ended December 31, 2023 versus 2022 and for the year ended December 31, 2022 versus 2021. In comparison compensation actually paid to Great Ajax’s executive officers excluding the CEO, Great Ajax’s TSR and CCG TSR all increased for the year ended December 31, 2021 versus 2020.
     
Compensation Actually Paid vs. Net Income
Net Income
Great Ajax had consolidated net losses for the years ended December 31, 2023 and 2022 of $(47) thousand and $(15) thousand, respectively, and consolidated net income attributable to common stockholders of $42 thousand and $34 thousand for the years ended 2021 and 2020, respectively. The compensation actually paid to Great Ajax’s CEO and Great Ajax’s consolidated net loss/income decreased for the years ended December 31, 2023, 2022 and 2021. Great Ajax’s consolidated net income attributable to common stockholders increased for the year ended December 31, 2021 vs 2020. Similarly, this was the same trend for compensation actually paid to Great Ajax’s executive officers excluding the CEO and Great Ajax’s consolidated net loss/income attributable to common stockholders for the same comparative years.
     
Compensation Actually Paid vs. Company Selected Measure
Company-Selected Measure: Book Value
Great Ajax’s book value was $9.99, $13.00, $15.92 and $15.59 as of December 31, 2023, 2022, 2021 and 2020, respectively. The compensation actually paid to Great Ajax’s CEO and Great Ajax’s book value decreased for the years ended December 31, 2023, 2022 and 2021. Great Ajax’s book value increased for the year ended December 31, 2021 vs 2020. Similarly, this was the same trend for compensation actually paid to Great Ajax’s executive officers excluding the CEO and Great Ajax’s book value for the same comparative years.
     
Tabular List, Table
Tabular List of Financial Performance Measures
We have identified the following performance measures, which the Compensation Committee considered, among others, when making executive compensation decisions for performance year 2023, in response to the Tabular List disclosure requirement pursuant to Item 402(v)(6) of Regulation S-K.
Book Value
Distributable Earnings
Annual Economic Return Relative to the Agency REIT Peer Group
     
Total Shareholder Return Amount $ 100 109 143 118
Peer Group Total Shareholder Return Amount 49 48 73 69
Net Income (Loss) $ (49,261) $ (14,850) $ 41,775 $ 33,608
Company Selected Measure Amount 9.99 13 15.92 15.59
PEO Name Lawrence Mendelsohn      
Measure:: 1        
Pay vs Performance Disclosure        
Name Book Value      
Measure:: 2        
Pay vs Performance Disclosure        
Name Distributable Earnings      
Measure:: 3        
Pay vs Performance Disclosure        
Name Annual Economic Return Relative to the Agency REIT Peer Group      
PEO | Total Equity Awards Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ (21,891) $ (105,602) $ 47,593 $ (44,545)
PEO | Stock Awards Value In Summary Compensation Table (Grant Date Value)        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (167,360) (179,060) (38,200)
PEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 116,000 184,240 41,840
PEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (36,156) (69,935) 19,800 (52,200)
PEO | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 23,280
PEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (840) (9,567) 9,413 (35,077)
PEO | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount
PEO | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 15,105 25,260 13,200 15,812
Non-PEO NEO | Total Equity Awards Adjustments [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (8,975) (57,853) 38,657 847
Non-PEO NEO | Stock Awards Value In Summary Compensation Table (Grant Date Value)        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (52,300) (102,320) (76,400)
Non-PEO NEO | Year-end Fair Value Of Awards Granted In The Current Fiscal Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 36,250 105,280 83,680
Non-PEO NEO | Change In Fair Value Of Outstanding And Unvested Awards Granted In Prior Fiscal Years [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (15,275) (51,220) 20,700 (26,100)
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount 18,224
Non-PEO NEO | Change In Fair Value As Of Vesting Date Of Prior Year Awards Vested During Current Year [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount (1,680) (4,783) 4,707 (8,253)
Non-PEO NEO | Adjustments For Equity Awards Failed To Meet Performance Conditions [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount
Non-PEO NEO | Dividends Or Other Earnings Paid On Equity Awards Not Otherwise Reflected In Fair Value [Member]        
Pay vs Performance Disclosure        
Adjustment to Compensation, Amount $ 7.98 $ 14,200 $ 10,290 $ 9,696