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 $79.3
million
- As of December 31, 2021, approximately 72.3% of portfolio based
on UPB made at least 12 out of the last 12 payments
Great Ajax Corp. (NYSE: AJX), a Maryland corporation that is a
real estate investment trust, today announces its results of
operations for the quarter ended December 31, 2021. We focus
primarily on acquiring, investing in and managing a portfolio of
RPLs secured by single-family residences and commercial properties
and, to a lesser extent, NPLs. In addition to our continued focus
on residential RPLs, we also originate and acquire SBC loans
secured by multi-family retail/residential and mixed use
properties.
Selected Financial Results
(Unaudited)
($ 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
www.greatajax.com. 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
____________________________________________________________
(1)
Mortgage loans held-for-investment, net
include $756.8 million and $842.2 million of loans at December 31,
2021 and December 31, 2020, 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.).
Mortgage loans held-for-investment, net include $7.1 million and
$13.7 million of allowance for expected credit losses at December
31, 2021 and December 31, 2020 respectively.
(2)
As of December 31, 2021, balances for
Mortgage loans held-for-investment, net include $1.4 million from a
50.0% owned joint venture. As of December 31, 2020, balances for
Mortgage loans held-for-investment, net include $307.1 million and
Secured borrowings, net of deferred costs includes $250.6 million
from 50.0% and 63.0% owned joint ventures, all of which we
consolidate under U.S. GAAP. The creditors do not have recourse to
the primary beneficiary (Great Ajax Corp.).
(3)
Real estate owned properties, net, are
presented net of valuation allowances of $0.5 million and $1.4
million at December 31, 2021 and December 31, 2020,
respectively.
(4)
As of December 31, 2021 and December 31,
2020, Investments in securities at fair value include amortized
cost basis of $354.2 million and $273.4 million, respectively, and
net unrealized gains of $1.0 million and $0.4 million,
respectively.
(5)
Investments in beneficial interests
includes allowance for expected credit losses of $0.6 million and
$4.5 million at December 31, 2021 and December 31, 2020,
respectively.
(6)
Secured borrowings, net are presented net
of deferred issuance costs of $7.3 million at December 31, 2021 and
$5.4 million at December 31, 2020. Convertible senior notes, net
are presented net of deferred issuance costs of $1.7 million at
December 31, 2021 and $3.3 million at December 31, 2020.
(7)
As of December 31, 2021 non-controlling
interests includes $1.8 million from a 50.0% owned joint venture,
$1.3 million from a 53.1% owned subsidiary and $0.1 million from a
99.9% owned subsidiary. As of December 31, 2020 non-controlling
interests includes $27.4 million from the 50.0% and 63.0% owned
joint ventures, $1.5 million from a 53.1% owned subsidiary and $0.2
million from a 99.9% owned subsidiary which we consolidates under
U.S. GAAP.
Appendix A - Earnings per
share
The following table sets forth the
components of basic and diluted EPS ($ in thousands, except per
share):
Three months ended
December 31, 2021
September 30, 2021
June 30, 2021
March 31, 2021
Income
(Numerator)
Shares
(Denominator)
Per Share
Amount
Income
(Numerator)
Shares
(Denominator)
Per Share
Amount
Income
(Numerator)
Shares
(Denominator)
Per Share
Amount
Income
(Numerator)
Shares
(Denominator)
Per Share
Amount
(unaudited)
(unaudited)
(unaudited)
(unaudited)
Basic EPS
Consolidated net income attributable to
common stockholders
$
7,362
22,905,267
$
9,313
22,862,429
$
10,378
22,825,804
$
7,004
22,816,978
Allocation of earnings to participating
restricted shares
(79
)
—
(92
)
—
(78
)
—
(52
)
—
Consolidated net income attributable to
unrestricted common stockholders
$
7,283
22,905,267
$
0.32
$
9,221
22,862,429
$
0.40
$
10,300
22,825,804
$
0.45
$
6,952
22,816,978
$
0.30
Effect of dilutive
securities(1)
Restricted stock grants and manager and
director fee shares(2)
79
248,482
92
229,291
—
—
—
—
Amortization of put option(3)
—
—
—
—
—
—
—
—
Interest expense (add back) and assumed
conversion of shares from convertible senior notes(4)
2,229
7,285,315
2,237
7,315,929
2,255
7,372,892
—
—
Diluted EPS
Consolidated net income attributable to
common stockholders and dilutive securities
$
9,591
30,439,064
$
0.32
$
11,550
30,407,649
$
0.38
$
12,555
30,198,696
$
0.42
$
6,952
22,816,978
$
0.30
____________________________________________________________
(1)
Our outstanding warrants for an additional 6,500,000 shares of
common stock would have an anti-dilutive effect on diluted earnings
per share for the three months ended December 31, 2021, September
30, 2021, June 30, 2021 and March 31, 2021 and have not been
included in the calculation.
(2)
The effect of restricted stock grants and manager and director
fee shares on our diluted EPS calculation for the three months
ended June 30, 2021 and March 31, 2021 would have been
anti-dilutive and have been removed from the calculation.
(3)
The effect of the amortization of put
options on our diluted EPS calculation for the three months ended
December 31, 2021, September 30, 2021, June 30, 2021 and March 31,
2021 would have been anti-dilutive and have been removed from the
calculation.
(4)
The effect of interest expense and assumed conversion of shares
from convertible senior notes on our diluted EPS calculation for
the three months ended March 31, 2021 would have been anti-dilutive
and have been removed from the calculation.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220303005942/en/
Lawrence Mendelsohn Chief Executive Officer Or Mary Doyle Chief
Financial Officer Mary.Doyle@aspencapital.com 503-444-4224
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