|
Maryland
State or other jurisdiction
of incorporation or organization |
| |
47-1271842
(I.R.S. Employer
Identification No.) |
|
|
9400 SW Beaverton-Hillsdale Hwy,
Suite 131 Beaverton, OR 97005 (Address of principal executive offices) |
| |
97005
(Zip Code) |
|
|
Title of each class
|
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Name of each exchange on which registered
|
|
|
Common stock, par value $0.01 per share
|
| |
New York Stock Exchange
|
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| Large accelerated filer ☐ | | | Accelerated filer ☒ | |
| Non-accelerated filer ☐ (Do not check if a smaller reporting company) | | | Smaller reporting company ☐ | |
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PART I
|
| | |||||
| | | | | 1 | | | |
| | | | | 2 | | | |
| | | | | 15 | | | |
| | | | | 46 | | | |
| | | | | 46 | | | |
| | | | | 46 | | | |
| | | | | 47 | | | |
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PART II
|
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| | | | | 48 | | | |
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PART III
|
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| | | | | 50 | | | |
| | | | | 51 | | | |
| | | | | 71 | | | |
| | | | | 72 | | | |
| | | | | 72 | | | |
| | | | | 72 | | | |
| | | | | 73 | | | |
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PART IV
|
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| | | | | 74 | | | |
| | | | | 74 | | | |
| | | | | 74 | | | |
| | | | | 74 | | | |
| | | | | 74 | | | |
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PART V
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| | | | | 75 | | |
Our portfolio at year-end:
|
| |
December 31,
2016 |
| |
December 31,
2015 |
| |
December 31,
2014 |
|
RPL Residential Mortgage Loans
|
| |
$804.5 million
|
| |
$473.2 million
|
| |
$152.0 million
|
|
Re-Performing SBC Loans
|
| |
$10.2 million
|
| |
$6.0 million
|
| |
$0.6 million
|
|
NPLs
|
| |
$55.9 million
|
| |
$75.7 million
|
| |
$58.6 million
|
|
REO
|
| |
$25.2 million
|
| |
$10.4 million
|
| |
$1.6 million
|
|
Total Real Estate Assets
|
| |
$895.8 million
|
| |
$565.3 million
|
| |
$212.8 million
|
|
| | |
Price Range
|
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Period
|
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High
|
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Low
|
| ||||||
2017 | | | | ||||||||||
First Quarter (through February 28, 2017)
|
| | | $ | 13.61 | | | | | $ | 12.90 | | |
2016 | | | | ||||||||||
Fourth Quarter
|
| | | $ | 14.19 | | | | | $ | 12.61 | | |
Third Quarter
|
| | | $ | 14.48 | | | | | $ | 13.03 | | |
Second Quarter
|
| | | $ | 14.15 | | | | | $ | 11.14 | | |
First Quarter
|
| | | $ | 12.52 | | | | | $ | 9.06 | | |
2015 | | | | ||||||||||
Fourth Quarter
|
| | | $ | 13.29 | | | | | $ | 11.70 | | |
Third Quarter
|
| | | $ | 14.32 | | | | | $ | 12.30 | | |
Second Quarter
|
| | | $ | 14.98 | | | | | $ | 12.61 | | |
First Quarter
|
| | | $ | 14.99 | | | | | $ | 13.98 | | |
Date Dividend Declared
|
| |
Dividend Amount
|
| |
Record Date
|
| |
Dividend Payment Date
|
| |||
January 16, 2015
|
| | | $ | 0.16 | | | |
January 13, 2015
|
| |
January 30, 2015
|
|
May 4, 2015
|
| | | $ | 0.18 | | | |
May 15, 2015
|
| |
May 29, 2015
|
|
August 3, 2015
|
| | | $ | 0.22 | | | |
August 14, 2015
|
| |
August 28, 2015
|
|
October 27, 2015
|
| | | $ | 0.24 | | | |
November 13, 2015
|
| |
November 27, 2015
|
|
February 23, 2016
|
| | | $ | 0.24 | | | |
March 11, 2016
|
| |
March 24, 2016
|
|
April 26, 2016
|
| | | $ | 0.25 | | | |
May 13, 2016
|
| |
May 20, 2016
|
|
July 28, 2016
|
| | | $ | 0.25 | | | |
August 16, 2016
|
| |
August 31, 2016
|
|
October 27, 2016
|
| | | $ | 0.25 | | | |
November 16, 2016
|
| |
November 30, 2016
|
|
February 16, 2017
|
| | | $ | 0.25 | | | |
March 15, 2017
|
| |
March 31, 2017
|
|
Statements of Income ($ in thousands except per share data)
|
| |
For the year ended
December 31, 2016 |
| |
For the year ended
December 31, 2015 |
| |
From Inception
(January 30, 2014) through December 31, 2014 |
| |||||||||
INCOME | | | | | |||||||||||||||
Loan interest income
|
| | | $ | 70,688 | | | | | $ | 47,700 | | | | | $ | 6,940 | | |
Interest expense
|
| | | | (25,573) | | | | | | (11,499) | | | | | | (771) | | |
Net interest income
|
| | | | 45,115 | | | | | | 36,201 | | | | | | 6,169 | | |
Income from investment in Manager
|
| | | | 218 | | | | | | 198 | | | | | | 12 | | |
Other income (expense)
|
| | | | (646) | | | | | | 1,069 | | | | | | 87 | | |
Total income
|
| | | | 44,687 | | | | | | 37,468 | | | | | | 6,268 | | |
EXPENSE | | | | | |||||||||||||||
Related party expense – loan servicing fees
|
| | | | 6,262 | | | | | | 3,993 | | | | | | 485 | | |
Related party expense – management fee
|
| | | | 3,949 | | | | | | 3,353 | | | | | | 956 | | |
Other fees and expenses
|
| | | | 5,002 | | | | | | 4,328 | | | | | | 1,077 | | |
Total expense
|
| | | | 15,213 | | | | | | 11,674 | | | | | | 2,518 | | |
Loss on debt extinguishment
|
| | | | 565 | | | | | | — | | | | | | — | | |
Provision for income tax
|
| | | | 35 | | | | | | 2 | | | | | | — | | |
Consolidated net income
|
| | | | 28,874 | | | | | | 25,792 | | | | | | 3,750 | | |
Less: consolidated net income attributable to the non-controlling interest
|
| | | | 1,038 | | | | | | 1,038 | | | | | | 326 | | |
Consolidated net income attributable to common stockholders
|
| | | $ | 27,836 | | | | | $ | 24,754 | | | | | $ | 3,424 | | |
Basic earnings per common share
|
| | | $ | 1.65 | | | | | $ | 1.68 | | | | | $ | 0.41 | | |
Diluted earnings per common share
|
| | | $ | 1.65 | | | | | $ | 1.68 | | | | | $ | 0.40 | | |
|
Balance sheet ($ in thousands)
|
| |
At December 31,
2016 |
| |
At December 31,
2015 |
| |
At December 31,
2014 |
| |||||||||
Total assets
|
| | | $ | 957,402 | | | | | $ | 609,805 | | | | | $ | 272,758 | | |
Total liabilities
|
| | | $ | 674,679 | | | | | $ | 371,992 | | | | | $ | 101,478 | | |
Non-controlling interest
|
| | | $ | 10,431 | | | | | $ | 10,011 | | | | | $ | 9,473 | | |
Total equity
|
| | | $ | 282,723 | | | | | $ | 237,813 | | | | | $ | 171,280 | | |
|
($ in thousands)
|
| |
For the year ended
December 31, 2016 |
| |
For the year ended
December 31, 2015 |
| |
From Inception
(January 30, 2014) through December 31, 2014 |
| |||||||||
INCOME | | | | | |||||||||||||||
Loan interest income
|
| | | $ | 70,688 | | | | | $ | 47,700 | | | | | $ | 6,940 | | |
Interest expense
|
| | | | (25,573) | | | | | | (11,499) | | | | | | (771) | | |
Net interest income
|
| | | | 45,115 | | | | | | 36,201 | | | | | | 6,169 | | |
Income from investment in Manager
|
| | | | 218 | | | | | | 198 | | | | | | 12 | | |
Other income (expense)
|
| | | | (646) | | | | | | 1,069 | | | | | | 87 | | |
Total income
|
| | | | 44,687 | | | | | | 37,468 | | | | | | 6,268 | | |
|
($ in thousands)
|
| |
For the year ended
December 31, 2016 |
| |
For the year ended
December 31, 2015 |
| |
From Inception
(January 30, 2014) through December 31, 2014 |
| |||||||||
EXPENSE | | | | | |||||||||||||||
Related party expense – loan servicing fees
|
| | | | 6,262 | | | | | | 3,993 | | | | | | 485 | | |
Related party expense – management fees
|
| | | | 3,949 | | | | | | 3,353 | | | | | | 956 | | |
Loan transaction expenses
|
| | | | 1,135 | | | | | | 1,631 | | | | | | 503 | | |
Professional fees
|
| | | | 1,484 | | | | | | 1,430 | | | | | | 277 | | |
Real estate operating expenses
|
| | | | 542 | | | | | | 315 | | | | | | 24 | | |
Other fees and expenses
|
| | | | 1,841 | | | | | | 952 | | | | | | 273 | | |
Total expense
|
| | | | 15,213 | | | | | | 11,674 | | | | | | 2,518 | | |
Loss on debt extinguishment
|
| | | | 565 | | | | | | — | | | | | | — | | |
Income before provision for income taxes
|
| | | $ | 28,909 | | | | | $ | 25,794 | | | | | $ | 3,750 | | |
Provision for income taxes
|
| | | | 35 | | | | | | 2 | | | | | | — | | |
Consolidated net income
|
| | | $ | 28,874 | | | | | $ | 25,792 | | | | | $ | 3,750 | | |
Less: consolidated net income attributable to the non-controlling interest
|
| | | | 1,038 | | | | | | 1,038 | | | | | | 326 | | |
Consolidated net income attributable to common stockholders
|
| | | $ | 27,836 | | | | | $ | 24,754 | | | | | $ | 3,424 | | |
|
($ in thousands)
|
| |
For the year ended December 31,
|
| |||||||||
| | |
2016
|
| |
2015
|
| ||||||
Mortgage loan portfolio
|
| | | $ | 676,364 | | | | | $ | 397,370 | | |
Total debt
|
| | | $ | 493,072 | | | | | $ | 238,516 | | |
|
Other Income ($ in thousands)
|
| |
For the year ended
December 31, 2016 |
| |
For the year ended
December 31, 2015 |
| |
From Inception
(January 30, 2014) through December 31, 2014 |
| |||||||||
Late fee income
|
| | | $ | 370 | | | | | $ | 106 | | | | | $ | 14 | | |
HAMP fees *
|
| | | | 366 | | | | | | 406 | | | | | | 21 | | |
Other investment income
|
| | | | 340 | | | | | | 352 | | | | | | 39 | | |
Other income
|
| | | | 183 | | | | | | 45 | | | | | | 13 | | |
Net gain (loss) on sale of Property held-for-sale
|
| | | | 106 | | | | | | 259 | | | | | | — | | |
Impairment of Property held-for-sale
|
| | | | (2,011) | | | | | | (99) | | | | | | — | | |
Total Other Income
|
| | | $ | (646) | | | | | $ | 1,069 | | | | | $ | 87 | | |
|
Other Expense ($ in thousands)
|
| |
For the year ended
December 31, 2016 |
| |
For the year ended
December 31, 2015 |
| |
From Inception
(January 30, 2014) through December 31, 2014 |
| |||||||||
Insurance
|
| | | $ | 531 | | | | | $ | 379 | | | | | $ | 88 | | |
Employee and service provider grants
|
| | | | 285 | | | | | | — | | | | | | — | | |
Directors’ fees and grants
|
| | | | 246 | | | | | | 301 | | | | | | 135 | | |
Other expense
|
| | | | 200 | | | | | | 38 | | | | | | 12 | | |
Travel, meals, entertainment
|
| | | | 179 | | | | | | 90 | | | | | | 14 | | |
Communications
|
| | | | 132 | | | | | | 59 | | | | | | — | | |
Contract help
|
| | | | 93 | | | | | | — | | | | | | — | | |
Borrowing related expense
|
| | | | 88 | | | | | | 34 | | | | | | 1 | | |
Taxes and regulatory expense
|
| | | | 87 | | | | | | 51 | | | | | | 23 | | |
Total other expense
|
| | | $ | 1,841 | | | | | $ | 952 | | | | | $ | 273 | | |
|
($ in thousands except per share amounts)
|
| |
December 31, 2016
|
| |
December 31, 2015
|
| ||||||
Outstanding shares
|
| | | | 17,967,387 | | | | | | 15,301,946 | | |
Adjustments for: | | | | ||||||||||
Operating Partnership units
|
| | | | 624,106 | | | | | | 624,106 | | |
Unvested grants of restricted stock, and Manager and director shares
earned but not issued as of the date indicated |
| | | | 177,012 | | | | | | 16,586 | | |
Total adjusted shares outstanding
|
| | | | 18,768,505 | | | | | | 15,942,638 | | |
Total equity
|
| | | $ | 282,723 | | | | | $ | 237,813 | | |
Book value per share
|
| | | $ | 15.06 | | | | | $ | 14.92 | | |
|
Portfolio Acquisitions ($ in thousands)
|
| |
For the year ended
December 31, 2016 |
| |
For the year ended
December 31, 2015 |
| ||||||
RPLs | | | | ||||||||||
Count
|
| | | | 2,614 | | | | | | 1,907 | | |
UPB
|
| | | $ | 525,114 | | | | | $ | 427,682 | | |
Purchase price
|
| | | $ | 432,760 | | | | | $ | 327,127 | | |
Purchase price % of UPB
|
| | | | 82.4% | | | | | | 76.5% | | |
NPLs | | | | ||||||||||
Count
|
| | | | 23 | | | | | | 160 | | |
UPB
|
| | | $ | 3,590 | | | | | $ | 32,722 | | |
Purchase price
|
| | | $ | 2,022 | | | | | $ | 20,121 | | |
Purchase price % of UPB
|
| | | | 56.3% | | | | | | 61.5% | | |
Loan portfolio activity ($ in thousands)
|
| |
For the year ended
December 31, 2016 |
| |
For the year ended
December 31, 2015 |
| ||||||
Beginning carrying value
|
| | | $ | 554,877 | | | | | $ | 211,159 | | |
Mortgage loan portfolio acquisitions
|
| | | | 434,782 | | | | | | 347,104 | | |
Sale of loans to affiliate
|
| | | | (78,162) | | | | | | — | | |
Accretion recognized
|
| | | | 70,558 | | | | | | 47,700 | | |
Payments received(1)
|
| | | | (89,769) | | | | | | (43,164) | | |
Reclassifications to REO
|
| | | | (25,037) | | | | | | (7,922) | | |
Other adjustments to carrying value
|
| | | | 3,338 | | | | | | — | | |
Ending carrying value
|
| | | $ | 870,587 | | | | | $ | 554,877 | | |
|
($ in thousands)
|
| | | | ||||||||||||
December 31, 2016
|
| |
December 31, 2015
|
| ||||||||||||
No. of Loans
|
| | | | 4,910 | | | |
No. of Loans
|
| | | | 3,249 | | |
Total UPB
|
| | | $ | 1,070,193 | | | |
Total UPB
|
| | | $ | 725,709 | | |
Interest-Bearing Balance
|
| | | $ | 989,818 | | | |
Interest-Bearing Balance
|
| | | $ | 676,338 | | |
Deferred Balance(1)
|
| | | $ | 80,381 | | | |
Deferred Balance(1)
|
| | | $ | 49,371 | | |
Market Value of Collateral(2)
|
| | | $ | 1,293,611 | | | |
Market Value of Collateral(2)
|
| | | $ | 823,656 | | |
Price/Total UPB(3)
|
| | | | 77.0% | | | |
Price/Total UPB(3)
|
| | | | 73.3% | | |
Price/Market Value of Collateral
|
| | | | 64.4% | | | |
Price/Market Value of Collateral
|
| | | | 64.9% | | |
Weighted Average Coupon(4)
|
| | | | 4.41% | | | |
Weighted Average Coupon(4)
|
| | | | 4.6% | | |
Weighted Average LTV(4)
|
| | | | 97.1% | | | |
Weighted Average LTV(4)
|
| | | | 103.3% | | |
Weighted Average Remaining Term (months)
|
| | | | 323 | | | |
Weighted Average Remaining Term (months)
|
| | | | 321 | | |
No. of first liens
|
| | | | 4,886 | | | |
No. of first liens
|
| | | | 3,227 | | |
No. of second liens
|
| | | | 24 | | | |
No. of second liens
|
| | | | 22 | | |
No. of Rental Properties
|
| | | | 3 | | | |
No. of Rental Properties
|
| | | | 1 | | |
Market Value of Rental Properties
|
| | | $ | 1,263 | | | |
Market Value of Rental Properties
|
| | | $ | 70 | | |
Capital Invested in Rental Properties
|
| | | $ | 1,289 | | | |
Capital Invested in Rental Properties
|
| | | $ | 58 | | |
Price/Market Value of Rental Properties
|
| | | | 102.1% | | | |
Price/Market Value of Rental Properties
|
| | | | 82.9% | | |
No. of Other REO
|
| | | | 149 | | | |
No. of Other REO
|
| | | | 73 | | |
Market Value of Other REO
|
| | | $ | 28,286 | | | |
Market Value of Other REO
|
| | | $ | 12,581 | | |
| | |
December 31, 2016
|
| |
December 31, 2015
|
| ||||||
Re-performing loans
|
| | | | 93.1% | | | | | | 85.0% | | |
Non-performing loans
|
| | | | 6.9% | | | | | | 15.0% | | |
Total loans
|
| | | | 100.0% | | | | | | 100.0% | | |
|
| | |
Years of Origination
|
| |||||||||||||||||||||||||||
($ in thousands)
|
| |
After
2008 |
| |
2006 – 2008
|
| |
2001 – 2005
|
| |
1990 – 2000
|
| |
Prior to 1990
|
| |||||||||||||||
Number of loans
|
| | | | 461 | | | | | | 2,863 | | | | | | 1,303 | | | | | | 262 | | | | | | 21 | | |
Unpaid principal balance at 12/31/16
|
| | | $ | 94,733 | | | | | $ | 723,685 | | | | | $ | 231,093 | | | | | $ | 19,328 | | | | | $ | 1,354 | | |
Mortgage loan portfolio by year of origination
|
| | | | 8.9% | | | | | | 67.6% | | | | | | 21.6% | | | | | | 1.8% | | | | | | 0.1% | | |
Loan Attributes: | | | | | | | |||||||||||||||||||||||||
Weighted average loan age (months)
|
| | | | 74.7 | | | | | | 118.3 | | | | | | 148.8 | | | | | | 229.8 | | | | | | 365.6 | | |
Weighted Average loan-to-value (as of 12/31/16)
|
| | | | 92.9% | | | | | | 105.2% | | | | | | 88.3% | | | | | | 65.8% | | | | | | 25.6% | | |
Delinquency Performance: (as of 12/31/16) | | | | | | | |||||||||||||||||||||||||
Current
|
| | | | 49.8% | | | | | | 47.9% | | | | | | 46.8% | | | | | | 40.0% | | | | | | 19.2% | | |
30 days delinquent
|
| | | | 14.8% | | | | | | 16.0% | | | | | | 17.1% | | | | | | 18.8% | | | | | | 62.2% | | |
60 days delinquent
|
| | | | 8.3% | | | | | | 9.7% | | | | | | 9.7% | | | | | | 6.0% | | | | | | 0.0% | | |
90+ days delinquent
|
| | | | 21.3% | | | | | | 16.3% | | | | | | 15.8% | | | | | | 25.5% | | | | | | 8.9% | | |
Foreclosure
|
| | | | 5.8% | | | | | | 10.1% | | | | | | 10.6% | | | | | | 9.7% | | | | | | 9.7% | | |
| | |
Years of Origination
|
| |||||||||||||||||||||||||||
($ in thousands)
|
| |
After
2008 |
| |
2006 – 2008
|
| |
2001 – 2005
|
| |
1990 – 2000
|
| |
Prior to 1990
|
| |||||||||||||||
Number of loans
|
| | | | 186 | | | | | | 2,092 | | | | | | 761 | | | | | | 193 | | | | | | 17 | | |
Unpaid principal balance at 12/31/15
|
| | | | 36,207 | | | | | | 534,594 | | | | | | 140,528 | | | | | | 13,754 | | | | | | 626 | | |
Mortgage loan portfolio by year of origination
|
| | | | 5.0% | | | | | | 73.6% | | | | | | 19.4% | | | | | | 1.9% | | | | | | 0.1% | | |
Loan Attributes: | | | | | | | |||||||||||||||||||||||||
Weighted average loan age (months)
|
| | | | 58.9 | | | | | | 107.7 | | | | | | 136.4 | | | | | | 214.9 | | | | | | 345.5 | | |
Weighted Average loan-to-value (as of 12/31/15)
|
| | | | 94.1% | | | | | | 108.5% | | | | | | 90.5% | | | | | | 68.8% | | | | | | 23.0% | | |
Delinquency Performance: (as of 12/31/15) | | | | | | | |||||||||||||||||||||||||
Current
|
| | | | 48.0% | | | | | | 34.6% | | | | | | 32.8% | | | | | | 19.6% | | | | | | 17.4% | | |
30 days delinquent
|
| | | | 12.3% | | | | | | 17.5% | | | | | | 13.5% | | | | | | 11.9% | | | | | | 29.6% | | |
60 days delinquent
|
| | | | 4.8% | | | | | | 9.9% | | | | | | 11.8% | | | | | | 12.0% | | | | | | 11.4% | | |
90+ days delinquent
|
| | | | 23.3% | | | | | | 23.9% | | | | | | 23.7% | | | | | | 38.1% | | | | | | 29.4% | | |
Foreclosure
|
| | | | 11.6% | | | | | | 14.1% | | | | | | 18.2% | | | | | | 18.4% | | | | | | 12.2% | | |
December 31, 2016
|
| |
December 31, 2015
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State
|
| |
Count
|
| |
UPB
|
| |
% UPB
|
| |
Collateral
Value(1) |
| |
% of
Collateral Value |
| |
State
|
| |
Count
|
| |
UPB
|
| |
% UPB
|
| |
Collateral
Value(1) |
| |
% of
Collateral Value |
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CA
|
| | | | 809 | | | | | | 292,319 | | | | | | 27.3% | | | | | | 384,018 | | | | | | 29.7% | | | | CA | | | | | 484 | | | | | | 182,169 | | | | | | 25.1% | | | | | | 219,568 | | | | | | 26.7% | | |
FL
|
| | | | 685 | | | | | | 135,608 | | | | | | 12.7% | | | | | | 148,413 | | | | | | 11.5% | | | | FL | | | | | 501 | | | | | | 106,445 | | | | | | 14.7% | | | | | | 107,423 | | | | | | 13.0% | | |
NY
|
| | | | 276 | | | | | | 94,944 | | | | | | 8.9% | | | | | | 122,790 | | | | | | 9.5% | | | | NY | | | | | 210 | | | | | | 69,990 | | | | | | 9.6% | | | | | | 94,565 | | | | | | 11.5% | | |
NJ
|
| | | | 235 | | | | | | 66,023 | | | | | | 6.2% | | | | | | 71,898 | | | | | | 5.6% | | | | NJ | | | | | 192 | | | | | | 55,779 | | | | | | 7.7% | | | | | | 54,268 | | | | | | 6.6% | | |
MD
|
| | | | 188 | | | | | | 50,332 | | | | | | 4.7% | | | | | | 54,263 | | | | | | 4.2% | | | | MD | | | | | 123 | | | | | | 32,802 | | | | | | 4.5% | | | | | | 35,482 | | | | | | 4.3% | | |
MA
|
| | | | 176 | | | | | | 38,762 | | | | | | 3.6% | | | | | | 45,939 | | | | | | 3.6% | | | | IL* | | | | | 154 | | | | | | 31,666 | | | | | | 4.4% | | | | | | 30,054 | | | | | | 3.6% | | |
IL*
|
| | | | 171 | | | | | | 34,433 | | | | | | 3.2% | | | | | | 35,136 | | | | | | 2.7% | | | | MA | | | | | 95 | | | | | | 26,152 | | | | | | 3.6% | | | | | | 30,718 | | | | | | 3.7% | | |
TX
|
| | | | 296 | | | | | | 34,054 | | | | | | 3.2% | | | | | | 49,466 | | | | | | 3.8% | | | | TX | | | | | 191 | | | | | | 21,344 | | | | | | 2.9% | | | | | | 29,531 | | | | | | 3.6% | | |
VA
|
| | | | 141 | | | | | | 30,269 | | | | | | 2.8% | | | | | | 35,769 | | | | | | 2.8% | | | | GA* | | | | | 130 | | | | | | 17,899 | | | | | | 2.5% | | | | | | 17,956 | | | | | | 2.2% | | |
GA*
|
| | | | 222 | | | | | | 29,649 | | | | | | 2.8% | | | | | | 33,687 | | | | | | 2.6% | | | | VA | | | | | 69 | | | | | | 14,952 | | | | | | 2.1% | | | | | | 16,025 | | | | | | 1.9% | | |
NC
|
| | | | 183 | | | | | | 25,995 | | | | | | 2.4% | | | | | | 30,553 | | | | | | 2.4% | | | | AZ | | | | | 72 | | | | | | 14,745 | | | | | | 2.0% | | | | | | 13,734 | | | | | | 1.7% | | |
WA
|
| | | | 92 | | | | | | 22,196 | | | | | | 2.1% | | | | | | 26,001 | | | | | | 2.0% | | | | NC | | | | | 95 | | | | | | 12,064 | | | | | | 1.7% | | | | | | 13,184 | | | | | | 1.6% | | |
AZ
|
| | | | 117 | | | | | | 22,180 | | | | | | 2.1% | | | | | | 23,522 | | | | | | 1.8% | | | | WA | | | | | 49 | | | | | | 11,801 | | | | | | 1.6% | | | | | | 13,443 | | | | | | 1.6% | | |
NV
|
| | | | 101 | | | | | | 20,593 | | | | | | 1.9% | | | | | | 23,445 | | | | | | 1.8% | | | | PA | | | | | 115 | | | | | | 11,265 | | | | | | 1.6% | | | | | | 13,857 | | | | | | 1.7% | | |
PA
|
| | | | 141 | | | | | | 15,577 | | | | | | 1.5% | | | | | | 18,836 | | | | | | 1.5% | | | | OR | | | | | 39 | | | | | | 8,505 | | | | | | 1.2% | | | | | | 11,027 | | | | | | 1.3% | | |
SC
|
| | | | 102 | | | | | | 13,029 | | | | | | 1.2% | | | | | | 15,870 | | | | | | 1.2% | | | | OH | | | | | 81 | | | | | | 10,183 | | | | | | 1.4% | | | | | | 10,012 | | | | | | 1.2% | | |
OH
|
| | | | 102 | | | | | | 12,885 | | | | | | 1.2% | | | | | | 12,907 | | | | | | 1.0% | | | | MI | | | | | 58 | | | | | | 8,335 | | | | | | 1.1% | | | | | | 9,567 | | | | | | 1.2% | | |
CO
|
| | | | 59 | | | | | | 12,729 | | | | | | 1.2% | | | | | | 18,643 | | | | | | 1.4% | | | | SC | | | | | 56 | | | | | | 7,711 | | | | | | 1.1% | | | | | | 8,624 | | | | | | 1.0% | | |
OR.
|
| | | | 60 | | | | | | 12,124 | | | | | | 1.1% | | | | | | 16,495 | | | | | | 1.3% | | | | CO | | | | | 34 | | | | | | 7,536 | | | | | | 1.0% | | | | | | 9,928 | | | | | | 1.2% | | |
TN
|
| | | | 89 | | | | | | 10,150 | | | | | | 0.9% | | | | | | 12,250 | | | | | | 0.9% | | | | NV | | | | | 32 | | | | | | 6,926 | | | | | | 1.0% | | | | | | 7,132 | | | | | | 0.9% | | |
MI
|
| | | | 74 | | | | | | 9,879 | | | | | | 0.9% | | | | | | 11,117 | | | | | | 0.9% | | | | CT | | | | | 32 | | | | | | 6,525 | | | | | | 0.9% | | | | | | 6,336 | | | | | | 0.8% | | |
CT
|
| | | | 46 | | | | | | 8,789 | | | | | | 0.8% | | | | | | 10,396 | | | | | | 0.8% | | | | AL | | | | | 32 | | | | | | 5,603 | | | | | | 0.8% | | | | | | 5,507 | | | | | | 0.7% | | |
UT
|
| | | | 44 | | | | | | 7,903 | | | | | | 0.7% | | | | | | 9,841 | | | | | | 0.8% | | | | TN | | | | | 49 | | | | | | 5,367 | | | | | | 0.7% | | | | | | 6,317 | | | | | | 0.8% | | |
IN
|
| | | | 77 | | | | | | 7,234 | | | | | | 0.7% | | | | | | 8,108 | | | | | | 0.6% | | | | UT | | | | | 29 | | | | | | 5,256 | | | | | | 0.7% | | | | | | 6,050 | | | | | | 0.7% | | |
MN
|
| | | | 37 | | | | | | 6,646 | | | | | | 0.6% | | | | | | 8,432 | | | | | | 0.7% | | | | IN | | | | | 54 | | | | | | 4,876 | | | | | | 0.7% | | | | | | 5,699 | | | | | | 0.7% | | |
AL
|
| | | | 40 | | | | | | 6,428 | | | | | | 0.6% | | | | | | 6,338 | | | | | | 0.5% | | | | MN | | | | | 27 | | | | | | 4,584 | | | | | | 0.6% | | | | | | 5,694 | | | | | | 0.7% | | |
MO
|
| | | | 43 | | | | | | 5,400 | | | | | | 0.5% | | | | | | 5,789 | | | | | | 0.4% | | | | MO | | | | | 28 | | | | | | 3,860 | | | | | | 0.5% | | | | | | 3,902 | | | | | | 0.5% | | |
WI
|
| | | | 31 | | | | | | 4,688 | | | | | | 0.4% | | | | | | 5,141 | | | | | | 0.4% | | | | LA | | | | | 29 | | | | | | 3,653 | | | | | | 0.5% | | | | | | 4,277 | | | | | | 0.5% | | |
LA
|
| | | | 36 | | | | | | 4,203 | | | | | | 0.4% | | | | | | 4,889 | | | | | | 0.4% | | | | WI | | | | | 22 | | | | | | 3,249 | | | | | | 0.4% | | | | | | 3,424 | | | | | | 0.4% | | |
DE
|
| | | | 20 | | | | | | 3,988 | | | | | | 0.4% | | | | | | 5,343 | | | | | | 0.4% | | | | DE | | | | | 16 | | | | | | 3,035 | | | | | | 0.4% | | | | | | 3,929 | | | | | | 0.5% | | |
KY
|
| | | | 30 | | | | | | 3,688 | | | | | | 0.3% | | | | | | 3,942 | | | | | | 0.3% | | | | RI | | | | | 13 | | | | | | 2,942 | | | | | | 0.4% | | | | | | 2,854 | | | | | | 0.3% | | |
RI
|
| | | | 15 | | | | | | 3,274 | | | | | | 0.3% | | | | | | 3,259 | | | | | | 0.3% | | | | DC | | | | | 7 | | | | | | 2,354 | | | | | | 0.3% | | | | | | 3,885 | | | | | | 0.5% | | |
HI
|
| | | | 11 | | | | | | 2,690 | | | | | | 0.3% | | | | | | 3,989 | | | | | | 0.3% | | | | NH | | | | | 9 | | | | | | 2,019 | | | | | | 0.3% | | | | | | 2,453 | | | | | | 0.3% | | |
DC
|
| | | | 9 | | | | | | 2,661 | | | | | | 0.2% | | | | | | 4,292 | | | | | | 0.3% | | | | KY | | | | | 18 | | | | | | 1,788 | | | | | | 0.2% | | | | | | 1,986 | | | | | | 0.2% | | |
NH
|
| | | | 13 | | | | | | 2,636 | | | | | | 0.2% | | | | | | 3,131 | | | | | | 0.2% | | | | NM | | | | | 7 | | | | | | 1,680 | | | | | | 0.2% | | | | | | 2,119 | | | | | | 0.3% | | |
NM
|
| | | | 12 | | | | | | 2,511 | | | | | | 0.2% | | | | | | 3,121 | | | | | | 0.2% | | | | HI | | | | | 7 | | | | | | 1,666 | | | | | | 0.2% | | | | | | 2,535 | | | | | | 0.3% | | |
MS
|
| | | | 22 | | | | | | 2,026 | | | | | | 0.2% | | | | | | 2,432 | | | | | | 0.2% | | | | PR | | | | | 10 | | | | | | 1,285 | | | | | | 0.2% | | | | | | 1,626 | | | | | | 0.2% | | |
OK
|
| | | | 18 | | | | | | 1,844 | | | | | | 0.2% | | | | | | 2,080 | | | | | | 0.2% | | | | MS | | | | | 13 | | | | | | 1,234 | | | | | | 0.2% | | | | | | 1,330 | | | | | | 0.2% | | |
KS
|
| | | | 14 | | | | | | 1,358 | | | | | | 0.1% | | | | | | 1,615 | | | | | | 0.1% | | | | IA | | | | | 12 | | | | | | 1,055 | | | | | | 0.1% | | | | | | 1,120 | | | | | | 0.1% | | |
ID
|
| | | | 9 | | | | | | 1,296 | | | | | | 0.1% | | | | | | 2,095 | | | | | | 0.2% | | | | ME | | | | | 6 | | | | | | 925 | | | | | | 0.1% | | | | | | 863 | | | | | | 0.1% | | |
PR
|
| | | | 10 | | | | | | 1,258 | | | | | | 0.1% | | | | | | 1,626 | | | | | | 0.1% | | | | KS | | | | | 8 | | | | | | 684 | | | | | | 0.1% | | | | | | 704 | | | | | | 0.1% | | |
ME
|
| | | | 8 | | | | | | 1,210 | | | | | | 0.1% | | | | | | 1,119 | | | | | | 0.1% | | | | OK | | | | | 10 | | | | | | 680 | | | | | | 0.1% | | | | | | 811 | | | | | | 0.1% | | |
WV
|
| | | | 12 | | | | | | 1,167 | | | | | | 0.1% | | | | | | 1,342 | | | | | | 0.1% | | | | AR | | | | | 9 | | | | | | 665 | | | | | | 0.1% | | | | | | 762 | | | | | | 0.1% | | |
IA
|
| | | | 11 | | | | | | 938 | | | | | | 0.1% | | | | | | 1,052 | | | | | | 0.1% | | | | ID | | | | | 6 | | | | | | 664 | | | | | | 0.1% | | | | | | 1,107 | | | | | | 0.1% | | |
AR
|
| | | | 11 | | | | | | 905 | | | | | | 0.1% | | | | | | 1,032 | | | | | | 0.1% | | | | SD | | | | | 3 | | | | | | 630 | | | | | | 0.1% | | | | | | 787 | | | | | | 0.1% | | |
SD
|
| | | | 3 | | | | | | 618 | | | | | | 0.1% | | | | | | 787 | | | | | | 0.1% | | | | WV | | | | | 6 | | | | | | 549 | | | | | | 0.1% | | | | | | 608 | | | | | | 0.1% | | |
December 31, 2016
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December 31, 2015
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State
|
| |
Count
|
| |
UPB
|
| |
% UPB
|
| |
Collateral
Value(1) |
| |
% of
Collateral Value |
| |
State
|
| |
Count
|
| |
UPB
|
| |
% UPB
|
| |
Collateral
Value(1) |
| |
% of
Collateral Value |
| ||||||||||||||||||||||||||||||
MT
|
| | | | 2 | | | | | | 364 | | | | | | 0.0% | | | | | | 485 | | | | | | 0.0% | | | | NE | | | | | 4 | | | | | | 310 | | | | | | 0.0% | | | | | | 325 | | | | | | 0.0% | | |
NE
|
| | | | 3 | | | | | | 255 | | | | | | 0.0% | | | | | | 258 | | | | | | 0.0% | | | | MT | | | | | 1 | | | | | | 133 | | | | | | 0.0% | | | | | | 215 | | | | | | 0.0% | | |
VT
|
| | | | 1 | | | | | | 254 | | | | | | 0.0% | | | | | | 208 | | | | | | 0.0% | | | | WY | | | | | 1 | | | | | | 92 | | | | | | 0.0% | | | | | | 173 | | | | | | 0.0% | | |
ND
|
| | | | 2 | | | | | | 157 | | | | | | 0.0% | | | | | | 284 | | | | | | 0.0% | | | | ND | | | | | 1 | | | | | | 74 | | | | | | 0.0% | | | | | | 160 | | | | | | 0.0% | | |
WY
|
| | | | 1 | | | | | | 79 | | | | | | 0.0% | | | | | | 167 | | | | | | 0.0% | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 4,910 | | | | | | 1,070,193 | | | | | | 100% | | | | | | 1,293,611 | | | | | | 100% | | | | | | | | | 3,249 | | | | | | 725,709 | | | | | | 100% | | | | | | 823,655 | | | | | | 100% | | |
Issuing Trust/Issue Date
|
| |
Security
|
| |
Original Principal
|
| |
Interest Rate
|
| |||
Ajax Mortgage Loan Trust 2015-A / May 2015 | | | Class A notes due 2054 | | | $35.6 million | | | | | 3.88% | | |
| | |
Class B-1 notes due 2054(1)(3)
|
| | $8.7 million | | | | | 5.25% | | |
| | |
Class B-2 notes due 2054(1)(3)
|
| | $8.7 million | | | | | 5.25% | | |
| | | Trust certificates(2) | | | $22.8 million | | | | | — | | |
| | | Deferred issuance costs | | | $(0.8) million | | | | | — | | |
Ajax Mortgage Loan Trust 2015-B / July 2015 | | | Class A notes due 2060 | | | $87.2 million | | | | | 3.88% | | |
| | |
Class B-1 notes due 2060(1)(3)
|
| | $15.9 million | | | | | 5.25% | | |
| | |
Class B-2 notes due 2060(1)(3)
|
| | $7.9 million | | | | | 5.25% | | |
| | | Trust certificates(2) | | | $47.5 million | | | | | — | | |
| | | Deferred issuance costs | | | $(1.5) million | | | | | — | | |
Ajax Mortgage Loan Trust 2015-C / November 2015
|
| | Class A notes due 2057 | | | $82.0 million | | | | | 3.88% | | |
| | |
Class B-1 notes due 2057(1)(3)
|
| | $6.5 million | | | | | 5.25% | | |
| | |
Class B-2 notes due 2057(1)(3)
|
| | $6.5 million | | | | | 5.25% | | |
| | | Trust certificates(2) | | | $35.1 million | | | | | — | | |
| | | Deferred issuance costs | | | $(2.7) million | | | | | — | | |
Ajax Mortgage Loan Trust 2016-A/ April 2016 | | | Class A notes due 2064 | | | $101.4 million | | | | | 4.25% | | |
| | |
Class B-1 notes due 2064(1)(3)
|
| | $7.9 million | | | | | 5.25% | | |
| | |
Class B-2 notes due 2064(1)(3)
|
| | $7.9 million | | | | | 5.25% | | |
| | | Trust certificates(2) | | | $41.3 million | | | | | — | | |
| | | Deferred issuance costs | | | $(2.7) million | | | | | — | | |
Ajax Mortgage Loan Trust 2016-B/ August 2016 | | | Class A notes due 2065 | | | $84.4 million | | | | | 4.00% | | |
| | |
Class B-1 notes due 2065(1)(3)
|
| | $6.6 million | | | | | 5.25% | | |
| | |
Class B-2 notes due 2065(1)(3)
|
| | $6.6 million | | | | | 5.25% | | |
| | | Trust certificates(2) | | | $34.1 million | | | | | — | | |
| | | Deferred issuance costs | | | $(1.6) million | | | | | — | | |
Ajax Mortgage Loan Trust 2016-C/ October 2016 | | | Class A notes due 2057 | | | $102.6 million | | | | | 4.00% | | |
| | |
Class B-1 notes due 2057(1)(3)
|
| | $7.9 million | | | | | 5.25% | | |
| | |
Class B-2 notes due 2057(1)(3)
|
| | $7.9 million | | | | | 5.25% | | |
| | | Trust certificates(2) | | | $39.4 million | | | | | — | | |
| | | Deferred issuance costs | | | $(1.6) million | | | | | — | | |
($ in thousands)
|
| | | | | | | | | | |
December 31, 2016
|
| |||||||||||||||
Maturity Date
|
| |
Origination date
|
| |
Maximum
Borrowing Capacity |
| |
Amount Outstanding
|
| |
Amount
of Collateral |
| |
Interest
Rate |
| ||||||||||||
March 9, 2017 | | | September 9, 2016 | | | | $ | 10,310 | | | | | $ | 10,309 | | | | | $ | 14,728 | | | | | | 3.32% | | |
March 30, 2017 | | | September 30, 2016 | | | | | 10,797 | | | | | | 10,797 | | | | | | 15,424 | | | | | | 3.34% | | |
May 8, 2017 | | | November 9, 2016 | | | | | 14,986 | | | | | | 14,986 | | | | | | 21,409 | | | | | | 3.35% | | |
November 21, 2017 | | | November 22, 2016 | | | | | 200,000 | | | | | | 21,302 | | | | | | 36,044 | | | | | | 4.20% | | |
July 12, 2019 | | | July 15, 2016 | | | | | 200,000 | | | | | | 170,046 | | | | | | 226,192 | | | | | | 3.25% | | |
Totals | | | | | | | $ | 436,093 | | | | | $ | 227,440 | | | | | $ | 313,797 | | | | | | 3.35% | | |
|
($ in thousands)
|
| | | | | | | | | | |
December 31, 2015
|
| |||||||||||||||
Maturity Date
|
| |
Origination date
|
| |
Maximum
Borrowing Capacity |
| |
Amount Outstanding
|
| |
Amount
of Collateral |
| |
Interest
Rate |
| ||||||||||||
March 30, 2016 | | | September 30, 2015 | | | | $ | 10,838 | | | | | $ | 10,838 | | | | | $ | 15,483 | | | | | | 2.53% | | |
June 23, 2016 | | | December 23, 2015 | | | | | 9,374 | | | | | | 9,374 | | | | | | 13,391 | | | | | | 2.91% | | |
November 22, 2016 | | | November 24, 2015 | | | | | 200,000 | | | | | | 84,321 | | | | | | 135,736 | | | | | | 4.17% | | |
Totals | | | | | | | $ | 220,212 | | | | | $ | 104,533 | | | | | $ | 164,610 | | | | | | 3.91% | | |
|
($ in thousands)
|
| |
For the year ended
December 31, 2016 |
| |
For the year ended
December 31, 2015 |
| ||||||
Balance at the end of period
|
| | | $ | 227,440 | | | | | $ | 104,533 | | |
Maximum month-end balance outstanding during the period
|
| | | $ | 227,440 | | | | | $ | 153,804 | | |
Average balance
|
| | | $ | 127,890 | | | | | $ | 76,995 | | |
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
December 31, 2016 ($ in thousands)
|
| |
Total
|
| |
Less than
1 Year |
| |
1 – 3 Years
|
| |
3 – 5 Years
|
| |
More than
5 Years |
| |||||||||||||||
Borrowings under repurchase agreement
|
| | | $ | 227,440 | | | | | $ | 57,394 | | | | | $ | 170,046 | | | | | $ | — | | | | | $ | — | | |
Interest on repurchase agreement
|
| | | | 27,270 | | | | | | 11,676 | | | | | | 15,594 | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 254,710 | | | | | $ | 69,070 | | | | | $ | 185,640 | | | | | $ | — | | | | | $ | — | | |
|
| | |
Payments Due by Period
|
| |||||||||||||||||||||||||||
December 31, 2015 ($ in thousands)
|
| |
Total
|
| |
Less than
1 Year |
| |
1 – 3 Years
|
| |
3 – 5 Years
|
| |
More than
5 Years |
| |||||||||||||||
Borrowings under repurchase agreement
|
| | | $ | 104,533 | | | | | $ | 104,533 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Interest on repurchase agreement
|
| | | | 3,833 | | | | | | 3,833 | | | | | | — | | | | | | — | | | | | | — | | |
Total
|
| | | $ | 108,366 | | | | | $ | 108,366 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
|
Exhibit Number |
| |
Exhibit Description
|
|
3.1 | | | Articles of Amendment and Restatement (incorporated by reference to Exhibit 3.1 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)). | |
3.2 | | | Amended and Restated Bylaws (incorporated by reference to Exhibit 3.2 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)). | |
10.1 | | | Agreement of Limited Partnership of Great Ajax Operating Partnership LP (incorporated by reference to Exhibit 10.1 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)). | |
10.2 | | | Amended and Restated Management Agreement dated October 27, 2015; incorporated by reference to Exhibit 10.1 to the Company’s report on Form 8-K filed on November 2, 2015. | |
10.3 | | | Servicing Agreement dated as of July 8, 2014 by and among the Servicer and the registrant and its affiliates Great Ajax Operating Partnership L.P. and Little Ajax II LLC (incorporated by reference to Exhibit 10.3 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)). | |
10.4 | | | Form of Indemnification Agreement between registrant and each of its directors and officer (incorporated by reference to Exhibit 10.4 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)). | |
10.5 | | | Assignment Agreement made as of July 8, 2014, by and between the entities identified on Exhibit A thereto and the registrant with respect to Little Ajax II LLC (incorporated by reference to Exhibit 10.5 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)). | |
10.6 | | | 2014 Director Equity Plan (incorporated by reference to Exhibit 10.6 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)). | |
10.7 | | | 2016 Equity Incentive Plan (incorporated by reference to Exhibit 10.1 of the Registrant’s Current Report on Form 8-K filed with the Commission on June 7, 2016. (File No.:333-00787)). | |
10.8 | | | Form of Restricted Stock Award (incorporated by reference to Exhibit 10.7 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)). | |
10.9 | | | Registration Rights Agreement made and entered into as of July 8, 2014, by and among the registrant and FBR Capital Markets & Co., as the initial purchaser/placement agent (“FBR”) for the benefit of FBR and certain purchasers of the registrant’s common stock (incorporated by reference to Exhibit 10.8 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)). | |
Exhibit Number |
| |
Exhibit Description
|
|
10.10 | | | Trademark License Agreement dated as of July 8, 2014 between the registrant and Aspen Yo (incorporated by reference to Exhibit 10.9 to the Registration Statement on Form S-11 confidentially submitted to the SEC on September 23, 2014 (File No.:333-00787)). | |
10.11 | | | Registration Rights Agreement made and entered into as of December 16 2014, by and among the registrant and certain purchasers of the registrant’s common stock (incorporated by reference to Exhibit 10.10 to the Registration Statement on Form S-11 confidentially submitted to the SEC on December 29, 2014 (File No.:333-00787)). | |
21.1 | | | List of subsidiaries; incorporated by reference to Exhibit 21.1 to the registrant’s Annual Report on Form 10-K for the year ended December 31, 2015. | |
23.1* | | | Consent of Moss Adams LLP. | |
31.1* | | | Rule 13a-14(a) Certification of Chief Executive Officer of the Company in accordance with Section 302 of the Sarbanes-Oxley Act of 2002. | |
31.2* | | | Rule 13a-14(a) Certification of Chief Financial Officer of the Company in accordance with Section 302 of the Sarbanes-Oxley Act of 2002. | |
32.1* | | | Section 1350 Certification of Chief Executive Officer of the Company in accordance with Section 906 of the Sarbanes-Oxley Act of 2002. | |
32.2* | | | Section 1350 Certification of Chief Financial Officer of the Company in accordance with Section 906 of the Sarbanes-Oxley Act of 2002. | |
101.INS** | | | XBRL Instance Document | |
101.SCH** | | | XBRL Taxonomy Extension Schema | |
101.CAL** | | | XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF** | | | XBRL Taxonomy Definition Linkbase | |
101.LAB** | | | XBRL Taxonomy Definition Linkbase | |
101.PRE** | | | XBRL Taxonomy Extension Presentation Linkbase | |
| GREAT AJAX CORP. | | |||
| By: | | | /s/ Lawrence Mendelsohn | |
| | | | Lawrence Mendelsohn | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Lawrence Mendelsohn
Lawrence Mendelsohn
|
| |
Chairman and Chief Executive Officer
(Principal Executive Officer) |
| |
March 2, 2017
|
|
|
/s/ Mary Doyle
Mary Doyle
|
| |
Chief Financial Officer
(Principal Financial and Accounting Officer) |
| |
March 2, 2017
|
|
|
/s/ Steven L. Begleiter
Steven L. Begleiter
|
| |
Director
|
| |
March 2, 2017
|
|
|
/s/ John Condas
John Condas
|
| |
Director
|
| |
March 2, 2017
|
|
|
/s/ Paul Friedman
Paul Friedman
|
| |
Director
|
| |
March 2, 2017
|
|
|
/s/ Jonathan Bradford Handley, Jr.
Jonathan Bradford Handley, Jr.
|
| |
Director
|
| |
March 2, 2017
|
|
|
/s/ J. Kirk Ogren, Jr.
J. Kirk Ogren, Jr.
|
| |
Director
|
| |
March 2, 2017
|
|
|
/s/ Russell Schaub
Russell Schaub
|
| |
President and Director
|
| |
March 2, 2017
|
|
| | |
Page
|
||
| | | | F-2 | |
| | | | F-3 | |
| | | | F-4 | |
| | | | F-5 | |
| | | | F-6 | |
| | | | F-7 |
($ in thousands except shares and per share data)
|
| |
December 31,
2016 |
| |
December 31,
2015 |
| ||||||
ASSETS | | | | ||||||||||
Cash and cash equivalents
|
| | | $ | 35,723 | | | | | $ | 30,795 | | |
Cash held in trust
|
| | | | 1,185 | | | | | | 39 | | |
Mortgage loans, net(1)
|
| | | | 870,587 | | | | | | 554,877 | | |
Property held-for-sale
|
| | | | 23,882 | | | | | | 10,333 | | |
Rental property, net
|
| | | | 1,289 | | | | | | 58 | | |
Investment in debt securities
|
| | | | 6,323 | | | | | | — | | |
Receivable from Servicer
|
| | | | 12,481 | | | | | | 5,444 | | |
Investment in affiliates
|
| | | | 4,253 | | | | | | 2,625 | | |
Prepaid expenses and other assets
|
| | | | 1,679 | | | | | | 5,634 | | |
Total Assets
|
| | | $ | 957,402 | | | | | $ | 609,805 | | |
LIABILITIES AND EQUITY | | | | ||||||||||
Liabilities: | | | | ||||||||||
Secured borrowings(1)
|
| | | $ | 442,670 | | | | | $ | 265,006 | | |
Borrowings under repurchase transactions
|
| | | | 227,440 | | | | | | 104,533 | | |
Management fee payable
|
| | | | 750 | | | | | | 667 | | |
Accrued expenses and other liabilities
|
| | | | 3,819 | | | | | | 1,786 | | |
Total liabilities
|
| | | | 674,679 | | | | | | 371,992 | | |
Commitments and contingencies – see Note 7 | | | | ||||||||||
Equity: | | | | ||||||||||
Preferred stock $.01 par value; 25,000,000 shares authorized, none issued or outstanding
|
| | | | — | | | | | | — | | |
Common stock $.01 par value; 125,000,000 shares authorized, 18,122,387 shares
at December 31, 2016 and 15,301,946 shares at December 31, 2015 issued and outstanding |
| | | | 181 | | | | | | 152 | | |
Additional paid-in capital
|
| | | | 244,880 | | | | | | 211,729 | | |
Retained earnings
|
| | | | 27,231 | | | | | | 15,921 | | |
Equity attributable to common stockholders
|
| | | | 272,292 | | | | | | 227,802 | | |
Non-controlling interests
|
| | | | 10,431 | | | | | | 10,011 | | |
Total equity
|
| | | | 282,723 | | | | | | 237,813 | | |
Total Liabilities and Equity
|
| | | $ | 957,402 | | | | | $ | 609,805 | | |
|
($ in thousands except shares and per share data )
|
| |
Year ended
December 31, 2016 |
| |
Year ended
December 31, 2015 |
| |
Period from inception
(January 30, 2014) to December 31, 2014 |
| |||||||||
INCOME | | | | | |||||||||||||||
Loan interest income
|
| | | $ | 70,688 | | | | | $ | 47,700 | | | | | $ | 6,940 | | |
Interest expense
|
| | | | (25,573) | | | | | | (11,499) | | | | | | (771) | | |
Net interest income
|
| | | | 45,115 | | | | | | 36,201 | | | | | | 6,169 | | |
Income from investment in Manager
|
| | | | 218 | | | | | | 198 | | | | | | 12 | | |
Other income (expense
|
| | | | (646) | | | | | | 1,069 | | | | | | 87 | | |
Total income
|
| | | | 44,687 | | | | | | 37,468 | | | | | | 6,268 | | |
EXPENSE | | | | | |||||||||||||||
Related party expense – loan servicing fees
|
| | | | 6,262 | | | | | | 3,993 | | | | | | 485 | | |
Related party expense – management fee
|
| | | | 3,949 | | | | | | 3,353 | | | | | | 956 | | |
Loan transaction expense
|
| | | | 1,135 | | | | | | 1,631 | | | | | | 503 | | |
Professional fees
|
| | | | 1,484 | | | | | | 1,430 | | | | | | 277 | | |
Real estate operating expenses
|
| | | | 542 | | | | | | 315 | | | | | | 24 | | |
Other expense
|
| | | | 1,841 | | | | | | 952 | | | | | | 273 | | |
Total expense
|
| | | | 15,213 | | | | | | 11,674 | | | | | | 2,518 | | |
Loss on debt extinguishment
|
| | | | 565 | | | | | | — | | | | | | — | | |
Income before provision for income taxes
|
| | | | 28,909 | | | | | | 25,794 | | | | | | 3,750 | | |
Provision for income taxes
|
| | | | 35 | | | | | | 2 | | | | | | — | | |
Consolidated net income
|
| | | | 28,874 | | | | | | 25,792 | | | | | | 3,750 | | |
Less: consolidated net income attributable to the non-controlling interest
|
| | | | 1,038 | | | | | | 1,038 | | | | | | 326 | | |
Consolidated net income attributable to common stockholders
|
| | | $ | 27,836 | | | | | $ | 24,754 | | | | | $ | 3,424 | | |
Basic earnings per common share
|
| | | $ | 1.65 | | | | | $ | 1.68 | | | | | $ | 0.41 | | |
Diluted earnings per common share
|
| | | $ | 1.65 | | | | | $ | 1.68 | | | | | $ | 0.40 | | |
Weighted average shares – basic
|
| | | | 16,742,882 | | | | | | 14,711,610 | | | | | | 8,360,432 | | |
Weighted average shares – diluted
|
| | | | 17,451,907 | | | | | | 15,372,488 | | | | | | 8,849,055 | | |
|
($ in thousands)
|
| |
Year ended
December 31, 2016 |
| |
Year ended
December 31, 2015 |
| |
Period from inception
(January 30, 2014) to December 31, 2014 |
| |||||||||
CASH FLOWS FROM OPERATING ACTIVITIES | | | | | |||||||||||||||
Consolidated net income
|
| | | $ | 28,874 | | | | | $ | 25,792 | | | | | $ | 3,750 | | |
Adjustments to reconcile net income to net cash from operating activities
|
| | | | |||||||||||||||
Stock-based management fee and compensation expense
|
| | | | 1,468 | | | | | | 1,410 | | | | | | 560 | | |
Non-cash interest income accretion
|
| | | | (39,178) | | | | | | (30,936) | | | | | | (4,098) | | |
Gain on sale of property
|
| | | | (106) | | | | | | (460) | | | | | | — | | |
Depreciation of property
|
| | | | 20 | | | | | | 3 | | | | | | 4 | | |
Impairments of property
|
| | | | 2,011 | | | | | | 99 | | | | | | — | | |
Amortization of prepaid financing costs
|
| | | | 6,833 | | | | | | 1,846 | | | | | | 109 | | |
Net change in operating assets and liabilities
|
| | | | |||||||||||||||
Prepaid expenses and other assets
|
| | | | 1,693 | | | | | | (4,678) | | | | | | (2,178) | | |
Receivable from Servicer
|
| | | | (7,037) | | | | | | (4,104) | | | | | | (829) | | |
Undistributed income from investment in affiliate
|
| | | | (558) | | | | | | (550) | | | | | | (51) | | |
Accrued expenses and other liabilities
|
| | | | 2,116 | | | | | | 903 | | | | | | 1,550 | | |
Net cash from operating activities
|
| | | | (3,864) | | | | | | (10,675) | | | | | | (1,183) | | |
CASH FLOWS FROM INVESTING ACTIVITIES | | | | | |||||||||||||||
Purchase of mortgage loans and related balances
|
| | | | (436,804) | | | | | | (347,104) | | | | | | (209,881) | | |
Purchase of other mortgage related assets
|
| | | | (1,315) | | | | | | — | | | | | | — | | |
Proceeds from sale of mortgage loans
|
| | | | 78,162 | | | | | | — | | | | | | — | | |
Principal paydowns on mortgage loans
|
| | | | 58,388 | | | | | | 26,400 | | | | | | 2,471 | | |
Purchase of securities
|
| | | | (6,323) | | | | | | — | | | | | | — | | |
Purchase of property held-for-sale and related balances
|
| | | | — | | | | | | (2,940) | | | | | | (814) | | |
Purchase of rental property and related balances
|
| | | | — | | | | | | — | | | | | | (435) | | |
Proceeds from sale of property held-for-sale
|
| | | | 9,117 | | | | | | 2,729 | | | | | | — | | |
Renovations of rental property and property held-for-sale
|
| | | | (785) | | | | | | (294) | | | | | | (9) | | |
Investment in affiliates
|
| | | | (1,111) | | | | | | — | | | | | | (2,187) | | |
Distribution from affiliate
|
| | | | 365 | | | | | | 162 | | | | | | — | | |
Loan to affiliate
|
| | | | (3,960) | | | | | | — | | | | | | — | | |
Repayment of loan to affiliate
|
| | | | 3,636 | | | | | | — | | | | | | — | | |
Net cash from investing activities
|
| | | | (300,630) | | | | | | (321,047) | | | | | | (210,855) | | |
CASH FLOWS FROM FINANCING ACTIVITIES | | | | | |||||||||||||||
Proceeds from repurchase transactions
|
| | | | 348,602 | | | | | | 245,549 | | | | | | 15,249 | | |
Proceeds from sale or issuance of secured notes
|
| | | | 288,436 | | | | | | 204,799 | | | | | | 86,191 | | |
Repayments on repurchase transactions
|
| | | | (225,695) | | | | | | (156,265) | | | | | | — | | |
Repayments on secured notes
|
| | | | (109,263) | | | | | | (18,898) | | | | | | (1,512) | | |
Deferred financing costs on secured notes
|
| | | | (6,080) | | | | | | (5,059) | | | | | | (1,759) | | |
Sale of common stock, net of offering costs
|
| | | | 31,712 | | | | | | 51,408 | | | | | | 158,501 | | |
Sale of operating partnership units of subsidiary
|
| | | | — | | | | | | — | | | | | | 9,362 | | |
Distribution to non-controlling interest
|
| | | | (618) | | | | | | (500) | | | | | | (215) | | |
Dividends paid on common stock
|
| | | | (16,526) | | | | | | (11,577) | | | | | | (680) | | |
Net cash from financing activities
|
| | | | 310,568 | | | | | | 309,457 | | | | | | 265,137 | | |
NET CHANGE IN CASH AND CASH EQUIVALENTS
|
| | | | 6,074 | | | | | | (22,265) | | | | | | 53,099 | | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, beginning of period
|
| | | | 30,834 | | | | | | 53,099 | | | | | | — | | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, end of period
|
| | | $ | 36,908 | | | | | $ | 30,834 | | | | | $ | 53,099 | | |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | | | | | |||||||||||||||
Cash paid for interest
|
| | | $ | 18,687 | | | | | $ | 9,169 | | | | | $ | 587 | | |
Cash paid for income taxes
|
| | | | — | | | | | | — | | | | | | — | | |
SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES
|
| | | | |||||||||||||||
Transfer of loans to rental property or property held for sale
|
| | | $ | 25,037 | | | | | $ | 7,922 | | | | | $ | 349 | | |
Issuance of common stock for management fee and compensation expense
|
| | | $ | 1,468 | | | | | $ | 1,410 | | | | | $ | 560 | | |
Conversion of short-term loan to AS Ajax E to equity investment in AS Ajax E
|
| | | $ | 324 | | | | | | — | | | | | | — | | |
Exchange of membership interest in Little Ajax II for mortgage loans
|
| | | | — | | | | | | — | | | | | $ | 48,280 | | |
Loan acquisition payable
|
| | | | — | | | | | | — | | | | | $ | 11,401 | | |
|
| | |
From inception (January 30, 2014) through December 31, 2016
|
| |||||||||||||||||||||||||||||||||||||||
| | |
Common
Stock |
| |
Additional
Paid-in Capital |
| |
Retained
Earnings |
| |
Total
Stockholders’ Equity |
| |
Noncontrolling
Interest |
| |
Total
Equity |
| ||||||||||||||||||||||||
($ in thousands)
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Initial capitalization
|
| | | | 100 | | | | | | — | | | | | $ | 2 | | | | | | — | | | | | $ | 2 | | | | | | — | | | | | $ | 2 | | |
Consolidation of majority-owned
subsidiary |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | 10,598 | | | | | | 10,598 | | |
Issuance of shares
|
| | | | 11,202,012 | | | | | $ | 112 | | | | | | 158,389 | | | | | | — | | | | | | 158,501 | | | | | | — | | | | | | 158,501 | | |
Issuance of Operating Partnership units
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 9,362 | | | | | | 9,362 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | $ | 3,424 | | | | | | 3,424 | | | | | | 326 | | | | | | 3,750 | | |
Stock-based management fee expense
|
| | | | 14,621 | | | | | | — | | | | | | 477 | | | | | | — | | | | | | 477 | | | | | | — | | | | | | 477 | | |
Stock-based compensation expense
|
| | | | 7,251 | | | | | | — | | | | | | 83 | | | | | | — | | | | | | 83 | | | | | | — | | | | | | 83 | | |
Dissolution of majority-owned subsidiary
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (10,598) | | | | | | (10,598) | | |
Dividends and distributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | (680) | | | | | | (680) | | | | | | (215) | | | | | | (895) | | |
Balance at December 31, 2014
|
| | | | 11,223,984 | | | | | $ | 112 | | | | | $ | 158,951 | | | | | $ | 2,744 | | | | | $ | 161,807 | | | | | $ | 9,473 | | | | | $ | 171,280 | | |
Issuance of shares
|
| | | | 3,981,714 | | | | | $ | 40 | | | | | $ | 51,368 | | | | | | — | | | | | $ | 51,408 | | | | | | — | | | | | $ | 51,408 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | $ | 24,754 | | | | | | 24,754 | | | | | $ | 1,038 | | | | | | 25,792 | | |
Stock-based management fee expense
|
| | | | 87,801 | | | | | | — | | | | | | 1,239 | | | | | | — | | | | | | 1,239 | | | | | | — | | | | | | 1,239 | | |
Stock-based compensation expense
|
| | | | 8,447 | | | | | | — | | | | | | 171 | | | | | | — | | | | | | 171 | | | | | | — | | | | | | 171 | | |
Dividends and distributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | (11,577) | | | | | | (11,577) | | | | | | (500) | | | | | | (12,077) | | |
Balance at December 31, 2015
|
| | | | 15,301,946 | | | | | $ | 152 | | | | | $ | 211,729 | | | | | $ | 15,921 | | | | | $ | 227,802 | | | | | $ | 10,011 | | | | | $ | 237,813 | | |
Issuance of shares
|
| | | | 2,593,262 | | | | | $ | 27 | | | | | $ | 31,685 | | | | | | — | | | | | $ | 31,712 | | | | | | — | | | | | $ | 31,712 | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | $ | 27,836 | | | | | | 27,836 | | | | | $ | 1,038 | | | | | | 28,874 | | |
Stock-based management fee expense
|
| | | | 65,515 | | | | | | 2 | | | | | | 1,066 | | | | | | — | | | | | | 1,068 | | | | | | — | | | | | | 1,068 | | |
Stock-based compensation expense
|
| | | | 161,664 | | | | | | — | | | | | | 400 | | | | | | — | | | | | | 400 | | | | | | — | | | | | | 400 | | |
Dividends and distributions
|
| | | | — | | | | | | — | | | | | | — | | | | | | (16,526) | | | | | | (16,526) | | | | | | (618) | | | | | | (17,144) | | |
Balance at December 31, 2016
|
| | | | 18,122,387 | | | | | $ | 181 | | | | | $ | 244,880 | | | | | $ | 27,231 | | | | | $ | 272,292 | | | | | $ | 10,431 | | | | | $ | 282,723 | | |
|
| | |
Year ended
December 31, 2016 |
| |
Year ended
December 31, 2015 |
| ||||||||||||||||||
($ in thousands)
|
| |
Re-performing
loans(1) |
| |
Non-performing
loans |
| |
Re-performing
loans |
| |
Non-performing
loans |
| ||||||||||||
Contractually required principal and interest
|
| | | $ | 748,008 | | | | | $ | 6,387 | | | | | $ | 752,457 | | | | | $ | 67,393 | | |
Non-accretable amount
|
| | | | (284,901) | | | | | | (4,143) | | | | | | (306,722) | | | | | | (39,352) | | |
Expected cash flows to be collected
|
| | | | 463,107 | | | | | | 2,244 | | | | | | 445,735 | | | | | | 28,041 | | |
Accretable yield
|
| | | | (106,492) | | | | | | (222) | | | | | | (118,673) | | | | | | (8,281) | | |
Fair value at acquisition
|
| | | $ | 356,615 | | | | | $ | 2,022 | | | | | $ | 327,062 | | | | | $ | 19,760 | | |
|
| | |
Year ended
December 31, 2016 |
| |
Year ended December 31, 2015
|
| ||||||||||||||||||
Accretable yield ($ in thousands)
|
| |
Re-performing
loans |
| |
Non-performing
loans |
| |
Re-performing
loans |
| |
Non-performing
loans |
| ||||||||||||
Balance at beginning of period
|
| | | $ | 136,455 | | | | | $ | 18,425 | | | | | $ | 54,940 | | | | | $ | 20,686 | | |
Accretable yield additions
|
| | | | 106,492 | | | | | | 222 | | | | | | 118,673 | | | | | | 8,281 | | |
Reclassification from (to) non-accretable amount, net
|
| | | | 59,887 | | | | | | 1,001 | | | | | | — | | | | | | — | | |
Accretion
|
| | | | (62,976) | | | | | | (7,583) | | | | | | (37,158) | | | | | | (10,542) | | |
Balance at end of period
|
| | | $ | 239,858 | | | | | $ | 12,065 | | | | | $ | 136,455 | | | | | $ | 18,425 | | |
|
| | |
December 31, 2016
|
| |
December 31, 2015
|
| ||||||||||||||||||||||||||||||
($ in thousands)
|
| |
Number of
loans |
| |
Carrying
value |
| |
Unpaid
principal balance |
| |
Number of
loans |
| |
Carrying
value |
| |
Unpaid
principal balance |
| ||||||||||||||||||
Current
|
| | | | 2,306 | | | | | $ | 419,643 | | | | | $ | 510,058 | | | | | | 1,072 | | | | | $ | 196,873 | | | | | $ | 251,216 | | |
30
|
| | | | 797 | | | | | | 141,228 | | | | | | 173,482 | | | | | | 521 | | | | | | 91,502 | | | | | | 118,895 | | |
60
|
| | | | 482 | | | | | | 84,498 | | | | | | 101,727 | | | | | | 353 | | | | | | 57,344 | | | | | | 72,870 | | |
90
|
| | | | 911 | | | | | | 143,061 | | | | | | 179,718 | | | | | | 898 | | | | | | 133,386 | | | | | | 174,979 | | |
Foreclosure
|
| | | | 414 | | | | | | 82,157 | | | | | | 105,208 | | | | | | 405 | | | | | | 75,772 | | | | | | 107,749 | | |
Mortgage loans
|
| | | | 4,910 | | | | | $ | 870,587 | | | | | $ | 1,070,193 | | | | | | 3,249 | | | | | $ | 554,877 | | | | | $ | 725,709 | | |
|
| | |
For the year ended
|
| |||||||||||||||||||||
Property Held-for-sale ($ in thousands)
|
| |
December 31, 2016
|
| |
December 31, 2015
|
| ||||||||||||||||||
|
Count
|
| |
Amount
|
| |
Count
|
| |
Amount
|
| ||||||||||||||
Balance at beginning of period
|
| | | | 73 | | | | | $ | 10,333 | | | | | | 12 | | | | | $ | 1,316 | | |
Transfers from mortgage loans
|
| | | | 158 | | | | | | 24,095 | | | | | | 72 | | | | | | 7,922 | | |
Adjustments to record at lower of cost or fair value
|
| | | | — | | | | | | (2,011) | | | | | | — | | | | | | (99) | | |
Disposals
|
| | | | (82) | | | | | | (8,991) | | | | | | (23) | | | | | | (2,269) | | |
Purchase of REO
|
| | | | — | | | | | | — | | | | | | 12 | | | | | | 2,942 | | |
Other | | | | | — | | | | | | 456 | | | | | | — | | | | | | 521 | | |
Balance at end of period
|
| | | | 149 | | | | | $ | 23,882 | | | | | | 73 | | | | | $ | 10,333 | | |
|
| | | | | | | | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
December 31, 2016 ($ in thousands)
|
| |
Carrying
Value |
| |
Quoted
prices in active markets |
| |
Observable
inputs other than Level 1 prices |
| |
Unobservable
inputs |
| ||||||||||||
Not recognized on consolidated balance sheet at fair value (assets)
|
| | | | | ||||||||||||||||||||
Mortgage loans, net
|
| | | $ | 870,587 | | | | | | — | | | | | | — | | | | | $ | 930,226 | | |
Impaired REO held for sale net at NRV
|
| | | $ | 8,797 | | | | | | — | | | | | $ | 8,797 | | | | | | — | | |
Investment in securities
|
| | | $ | 6,323 | | | | | | — | | | | | $ | 6,323 | | | | | | — | | |
Not recognized on consolidated balance sheet at fair value (liabilities)
|
| | | | | ||||||||||||||||||||
Secured borrowings
|
| | | $ | 442,670 | | | | | | — | | | | | | — | | | | | $ | 436,623 | | |
Borrowings under repurchase transactions
|
| | | $ | 227,440 | | | | | | — | | | | | $ | 227,440 | | | | | | — | | |
| | | | | | | | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |||||||||
December 31, 2015 ($ in thousands)
|
| |
Carrying
Value |
| |
Quoted
prices in active markets |
| |
Observable
inputs other than Level 1 prices |
| |
Unobservable
inputs |
| ||||||||||||
Not recognized on consolidated balance sheet at fair value (assets)
|
| | | | | ||||||||||||||||||||
Mortgage loans, net
|
| | | $ | 554,877 | | | | | | — | | | | | | — | | | | | $ | 627,112 | | |
Property held for sale
|
| | | $ | 10,333 | | | | | | — | | | | | $ | 12,581 | | | | | | — | | |
Investment in securities
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Not recognized on consolidated balance sheet at fair value (liabilities)
|
| | | | | ||||||||||||||||||||
Secured borrowings
|
| | | $ | 265,006 | | | | | | — | | | | | | — | | | | | $ | 259,646 | | |
Borrowings under repurchase transactions
|
| | | $ | 104,533 | | | | | | — | | | | | $ | 104,533 | | | | | | — | | |
| | |
Range of Values
|
| |||
Input
|
| |
December 31,
2016 |
| |
December 31,
2015 |
|
Equity discount rate – Re-performing loans
|
| |
5% – 10%
|
| |
7% – 14%
|
|
Equity discount rate – Non-performing loans
|
| |
10%
|
| |
10% – 18%
|
|
Loan resolution timelines – Re-performing loans (in years)
|
| |
0.6 – 7
|
| |
4 – 7
|
|
Loan resolution timelines – Non-performing loans (in years)
|
| |
0.1 – 7
|
| |
1.4 – 4
|
|
($ in thousands)
|
| | | | |||||||||||||||
Net income at 100%
|
| |
For the year ended
December 31, 2016 |
| |
For the year ended
December 31, 2015 |
| |
For the year ended
December 31, 2014 |
| |||||||||
GA-E 2014-12
|
| | | $ | 762 | | | | | $ | 871 | | | | | $ | 97 | | |
Thetis Asset Management
|
| | | $ | 1,100 | | | | | $ | 998 | | | | | $ | 56 | | |
AS Ajax E LLC
|
| | | $ | 138 | | | | | $ | — | | | | | $ | — | | |
| | |
December 31, 2016
|
| |
December 31, 2015
|
| ||||||||||||||||||
Assets and Liabilities at 100%
|
| |
Assets
|
| |
Liabilities
|
| |
Assets
|
| |
Liabilities
|
| ||||||||||||
GA-E 2014-12
|
| | | $ | 6,259 | | | | | $ | — | | | | | $ | 5,966 | | | | | $ | — | | |
Thetis Asset Management
|
| | | $ | 4,846 | | | | | $ | 1,167 | | | | | $ | 3,028 | | | | | $ | 520 | | |
AS Ajax E LLC
|
| | | $ | 7,964 | | | | | $ | 12 | | | | | $ | — | | | | | $ | — | | |
($ in thousands)
|
| | | | |||||||||||||||
Net income at Company share
|
| |
For the year ended
December 31, 2016 |
| |
For the year ended
December 31, 2015 |
| |
For the year ended
December 31, 2014 |
| |||||||||
GA-E 2014-12
|
| | | $ | 308 | | | | | $ | 353 | | | | | $ | 39 | | |
Thetis Asset Management
|
| | | $ | 218 | | | | | $ | 198 | | | | | $ | 11 | | |
AS Ajax E LLC
|
| | | $ | 32 | | | | | $ | — | | | | | $ | — | | |
| | |
December 31, 2016
|
| |
December 31, 2015
|
| ||||||||||||||||||
Assets and Liabilities at Company share
|
| |
Assets
|
| |
Liabilities
|
| |
Assets
|
| |
Liabilities
|
| ||||||||||||
GA-E 2014-12
|
| | | $ | 2,535 | | | | | $ | — | | | | | $ | 2,416 | | | | | $ | — | | |
Thetis Asset Management
|
| | | $ | 960 | | | | | $ | 231 | | | | | $ | 600 | | | | | $ | 103 | | |
AS Ajax E LLC
|
| | | $ | 1,314 | | | | | $ | 2 | | | | | $ | — | | | | | $ | — | | |
($ in thousands)
|
| | | | | | | | | | |
December 31, 2016
|
| |||||||||||||||
Maturity Date
|
| |
Origination date
|
| |
Maximum
Borrowing Capacity |
| |
Amount
Outstanding |
| |
Amount of
Collateral |
| |
Interest Rate
|
| ||||||||||||
March 9, 2017
|
| |
September 9, 2016
|
| | | $ | 10,310 | | | | | $ | 10,309 | | | | | $ | 14,728 | | | | | | 3.32% | | |
March 30, 2017
|
| |
September 30, 2016
|
| | | | 10,797 | | | | | | 10,797 | | | | | | 15,424 | | | | | | 3.34% | | |
May 8, 2017
|
| |
November 9, 2016
|
| | | | 14,986 | | | | | | 14,986 | | | | | | 21,409 | | | | | | 3.35% | | |
November 21, 2017
|
| |
November 22, 2016
|
| | | | 200,000 | | | | | | 21,302 | | | | | | 36,044 | | | | | | 4.20% | | |
July 12, 2019
|
| | July 15, 2016 | | | | | 200,000 | | | | | | 170,046 | | | | | | 226,192 | | | | | | 3.25% | | |
Totals
|
| | | | | | $ | 436,093 | | | | | $ | 227,440 | | | | | $ | 313,797 | | | | | | 3.35% | | |
|
($ in thousands)
|
| | | | | | | | | | |
December 31, 2015
|
| |||||||||||||||
Maturity Date
|
| |
Origination date
|
| |
Maximum
Borrowing Capacity |
| |
Amount
Outstanding |
| |
Amount of
Collateral |
| |
Interest Rate
|
| ||||||||||||
March 30, 2016
|
| |
September 30, 2015
|
| | | $ | 10,838 | | | | | $ | 10,838 | | | | | $ | 15,483 | | | | | | 2.53% | | |
June 23, 2016
|
| |
December 23, 2015
|
| | | | 9,374 | | | | | | 9,374 | | | | | | 13,391 | | | | | | 2.91% | | |
November 22, 2016
|
| |
November 24, 2015
|
| | | | 200,000 | | | | | | 84,321 | | | | | | 135,736 | | | | | | 4.17% | | |
Totals
|
| | | | | | $ | 220,212 | | | | | $ | 104,533 | | | | | $ | 164,610 | | | | | | 3.91% | | |
|
($ in thousands)
|
| |
Gross amounts not offset in balance sheet
|
| | ||||||||||||||
Balance sheet date
|
| |
Gross amount of
recognized liabilities |
| |
Gross amount
pledged as collateral |
| |
Net amount
|
| |||||||||
December 31, 2016
|
| | | $ | 227,440 | | | | | $ | 313,797 | | | | | $ | 86,357 | | |
December 31, 2015
|
| | | $ | 104,533 | | | | | $ | 164,610 | | | | | $ | 60,077 | | |
|
Issuing Trust/Issue Date
|
| |
Security
|
| |
Original Principal
|
| |
Interest Rate
|
| |||
Ajax Mortgage Loan Trust 2015-A/May 2015
|
| |
Class A notes due 2054
|
| |
$35.6 million
|
| | | | 3.88% | | |
|
Class B-1 notes due 2054(1)(3)
|
| | $8.7 million | | | | | 5.25% | | | ||
|
Class B-2 notes due 2054(1)(3)
|
| | $8.7 million | | | | | 5.25% | | | ||
| Trust certificates(2) | | | $22.8 million | | | | | — | | | ||
| Deferred issuance costs | | | $(0.8) million | | | | | — | | | ||
Ajax Mortgage Loan Trust 2015-B/July 2015
|
| |
Class A notes due 2060
|
| |
$87.2 million
|
| | | | 3.88% | | |
|
Class B-1 notes due 2060(1)(3)
|
| | $15.9 million | | | | | 5.25% | | | ||
|
Class B-2 notes due 2060(1)(3)
|
| | $7.9 million | | | | | 5.25% | | | ||
| Trust certificates(2) | | | $47.5 million | | | | | — | | | ||
| Deferred issuance costs | | | $(1.5) million | | | | | — | | | ||
Ajax Mortgage Loan Trust 2015-C/November 2015
|
| |
Class A notes due 2057
|
| |
$82.0 million
|
| | | | 3.88% | | |
|
Class B-1 notes due 2057(1)(3)
|
| | $6.5 million | | | | | 5.25% | | | ||
|
Class B-2 notes due 2057(1)(3)
|
| | $6.5 million | | | | | 5.25% | | | ||
| Trust certificates(2) | | | $35.1 million | | | | | — | | | ||
| Deferred issuance costs | | | $(2.7) million | | | | | — | | | ||
Ajax Mortgage Loan Trust 2016-A/April 2016
|
| |
Class A notes due 2064
|
| |
$101.4 million
|
| | | | 4.25% | | |
|
Class B-1 notes due 2064(1)(3)
|
| | $7.9 million | | | | | 5.25% | | | ||
|
Class B-2 notes due 2064(1)(3)
|
| | $7.9 million | | | | | 5.25% | | | ||
| Trust certificates(2) | | | $41.3 million | | | | | — | | | ||
| Deferred issuance costs | | | $(2.7) million | | | | | — | | | ||
Ajax Mortgage Loan Trust 2016-B/August 2016
|
| |
Class A notes due 2065
|
| |
$84.4 million
|
| | | | 4.00% | | |
|
Class B-1 notes due 2065(1)(3)
|
| | $6.6 million | | | | | 5.25% | | | ||
|
Class B-2 notes due 2065(1)(3)
|
| | $6.6 million | | | | | 5.25% | | | ||
| Trust certificates(2) | | | $34.1 million | | | | | — | | | ||
| Deferred issuance costs | | | $(1.6) million | | | | | — | | | ||
Ajax Mortgage Loan Trust 2016-C/October 2016
|
| |
Class A notes due 2057
|
| |
$102.6 million
|
| | | | 4.00% | | |
|
Class B-1 notes due 2057(1)(3)
|
| | $7.9 million | | | | | 5.25% | | | ||
|
Class B-2 notes due 2057(1)(3)
|
| | $7.9 million | | | | | 5.25% | | | ||
| Trust certificates(2) | | | $39.4 million | | | | | — | | | ||
| Deferred issuance costs | | | $(1.6) million | | | | | — | | |
| | |
Balances at December 31, 2016
|
| |
Balances at December 31, 2015
|
| |
Original balances at
securitization cutoff date |
| |||||||||||||||||||||||||||
Class of Notes
|
| |
Carrying
value of mortgages |
| |
Bond
principal balance |
| |
Carrying
value of mortgages |
| |
Bond
principal balance |
| |
Mortgage
UPB |
| |
Bond
principal balance |
| ||||||||||||||||||
2014-A(1) | | | | $ | — | | | | | $ | — | | | | | $ | 55,098 | | | | | $ | 36,463 | | | | | $ | 81,405 | | | | | $ | 45,000 | | |
2014-B(1) | | | | | — | | | | | | — | | | | | | 66,292 | | | | | | 35,646 | | | | | | 91,535 | | | | | | 41,191 | | |
2015-A
|
| | | | 51,388 | | | | | | 29,476 | | | | | | 53,673 | | | | | | 33,674 | | | | | | 75,835 | | | | | | 35,643 | | |
2015-B
|
| | | | 104,111 | | | | | | 75,258 | | | | | | 115,395 | | | | | | 84,973 | | | | | | 158,498 | | | | | | 87,174 | | |
2015-C
|
| | | | 100,614 | | | | | | 66,979 | | | | | | 108,238 | | | | | | 79,824 | | | | | | 130,130 | | | | | | 81,982 | | |
2016-A
|
| | | | 118,189 | | | | | | 96,158 | | | | | | — | | | | | | — | | | | | | 158,485 | | | | | | 101,431 | | |
2016-B
|
| | | | 97,660 | | | | | | 80,672 | | | | | | — | | | | | | — | | | | | | 131,746 | | | | | | 84,430 | | |
2016-C
|
| | | | 126,681 | | | | | | 101,209 | | | | | | — | | | | | | — | | | | | | 157,808 | | | | | | 102,575 | | |
| | | | $ | 598,643 | | | | | $ | 449,752 | | | | | $ | 398,696 | | | | | $ | 270,580 | | | | | $ | 985,442 | | | | | $ | 579,426 | | |
|
| | |
Year ended December 31, 2016
|
| |||||||||
($ in thousands)
|
| |
Amount
|
| |
Counterparty
|
| |
Consolidated Statement of Income location
|
| |||
Loan servicing fees
|
| | | $ | 6,262 | | | | Gregory | | |
Related party expense – loan servicing fees
|
|
Management fee
|
| | | $ | 3,949 | | | | Thetis | | | Related party expense – management fee | |
Due diligence and related loan acquisition costs
|
| | | $ | 100 | | | | Gregory | | | Loan transaction expense | |
Expense reimbursements
|
| | | $ | 67 | | | | Gregory | | | Other fees and expenses | |
Expense reimbursements
|
| | | $ | 28 | | | | Thetis | | | Other fees and expenses | |
| | |
Year ended December 31, 2015
|
| |||||||||
| | |
Amount
|
| |
Counterparty
|
| |
Consolidated Statement of Income location
|
| |||
Loan servicing fees
|
| | | $ | 3,993 | | | | Gregory | | |
Related party expense – loan servicing fees
|
|
Management fee
|
| | | $ | 3,353 | | | | Thetis | | | Related party expense – management fee | |
Due diligence and related loan acquisition costs
|
| | | $ | 75 | | | | Gregory | | | Loan transaction expense | |
Expense reimbursements
|
| | | $ | — | | | | Gregory | | | Other fees and expenses | |
Expense reimbursements
|
| | | $ | — | | | | Thetis | | | Other fees and expenses | |
| | |
Period from date of inception (January 30, 2014) through December 31, 2014
|
| |||||||||
| | |
Amount
|
| |
Counterparty
|
| |
Consolidated Statement of Income location
|
| |||
Loan servicing fees
|
| | | $ | 485 | | | | Gregory | | |
Related party expense – loan servicing fees
|
|
Management fee
|
| | | $ | 956 | | | | Thetis | | | Related party expense – management fee | |
Due diligence and related loan acquisition costs
|
| | | $ | 12 | | | |
Aspen Yo
|
| | Loan transaction expense | |
Expense reimbursements
|
| | | $ | 58 | | | | Thetis | | | Professional fees | |
Expense reimbursements
|
| | | $ | — | | | | Thetis | | | Other fees | |
| | |
December 31, 2016
|
| |||||||||
($ in thousands)
|
| |
Amount
|
| |
Counterparty
|
| |
Consolidated Balance Sheet location
|
| |||
Receivables from Servicer
|
| | | $ | 12,481 | | | | Gregory | | | Receivable from Servicer | |
Investment in subordinated debt securities
|
| | | $ | 6,323 | | | | Oileus Residential Loan Trust |
| | Investment in securities | |
Management fee payable
|
| | | $ | 750 | | | | Thetis | | | Management fee payable | |
Servicing fees payable
|
| | | $ | 195 | | | | Gregory | | |
Accrued expenses and other liabilities
|
|
Insurance expense reimbursement receivable
|
| | | $ | — | | | | Thetis | | | Prepaid expenses and other assets | |
| | |
December 31, 2015
|
| |||||||||
| | |
Amount
|
| |
Counterparty
|
| |
Consolidated Balance Sheet location
|
| |||
Receivables from Servicer
|
| | | $ | 5,444 | | | | Gregory | | | Receivable from Servicer | |
Investment in subordinated debt securities
|
| | | $ | — | | | | Oileus Residential Loan Trust |
| | Investment in debt securities | |
Management fee payable
|
| | | $ | 677 | | | | Thetis | | | Management fee payable | |
Servicing fees payable
|
| | | $ | 152 | | | | Gregory | | |
Accrued expenses and other liabilities
|
|
Insurance expense reimbursement receivable
|
| | | $ | 37 | | | | Thetis | | | Prepaid expenses and other assets | |
| | |
For the year ended
December 31, 2016 |
| |
For the year ended
December 31, 2015 |
| |
For the year ended
December 31, 2014 |
| |||||||||||||||||||||||||||
($ in thousands except share amounts)
|
| |
Number
of shares |
| |
Amount of
expense recognized(1) |
| |
Number
of shares |
| |
Amount of
expense recognized(1) |
| |
Number
of shares |
| |
Amount of
expense recognized(1) |
| ||||||||||||||||||
Management fees
|
| | | | 70,957 | | | | | $ | 1,067 | | | | | | 85,497 | | | | | $ | 1,239 | | | | | | 31,835 | | | | | $ | 477 | | |
Independent director fees
|
| | | | 6,648 | | | | | | 100 | | | | | | 6,872 | | | | | | 100 | | | | | | 2,502 | | | | | | 38 | | |
| | | | | 77,605 | | | | | $ | 1,167 | | | | | | 92,369 | | | | | $ | 1,339 | | | | | | 34,337 | | | | | $ | 515 | | |
|
($ in thousands, except share and per share amounts) |
| | | | | | | | | ||||||||||||||||||||||||||||||||||||||||
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-vested shares at
December 31, 2016 |
| |
Fully-vested shares at
December 31, 2016 |
| ||||||||||||||||||
Year ended December 31, 2016
|
| |
Total
shares granted |
| |
Shares
granted during the year |
| |
Total
expected cost of grant |
| |
Grant
expense recognized for the year |
| |
Shares
|
| |
Per share
grant fair value |
| |
Shares
|
| |
Weighted
average grant date fair value |
| ||||||||||||||||||||||||
Directors’ Grants(1)
|
| | | | 10,000 | | | | | | 2,000 | | | | | $ | 28 | | | | | $ | 16 | | | | | | 2,000 | | | | | $ | 13.79 | | | | | | 8,000 | | | | | $ | 13.79 | | |
Employee and Service Provider Grant(2)
|
| | | | 153,000 | | | | | | 153,000 | | | | | | 2,053 | | | | | | 284 | | | | | | 153,000 | | | | | | 13.50 | | | | | | — | | | | | | — | | |
Totals | | | | | 163,000 | | | | | | 155,000 | | | | | $ | 2,081 | | | | | $ | 300 | | | | | | 155,000 | | | | | $ | 13.50 | | | | | | 8,000 | | | | | $ | 13.79 | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-vested shares at
December 31, 2015 |
| |
Fully-vested shares at
December 31, 2015 |
| ||||||||||||||||||
Year ended December 31, 2015
|
| |
Total
shares granted |
| |
Shares
granted during the year |
| |
Total
expected cost of grant |
| |
Grant
expense recognized for the year |
| |
Shares
|
| |
Per share
grant fair value |
| |
Shares
|
| |
Weighted
average grant date fair value |
| ||||||||||||||||||||||||
Directors’ Grants(1)
|
| | | | 8,000 | | | | | | 2,000 | | | | | $ | 29 | | | | | $ | 71 | | | | | | 2,000 | | | | | $ | 14.25 | | | | | | 6,000 | | | | | $ | 14.25 | | |
Employee and Service Provider Grant(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | | | |
Totals | | | | | 8,000 | | | | | | 2,000 | | | | | $ | 29 | | | | | $ | 71 | | | | | | 2,000 | | | | | $ | 14.25 | | | | | | 6,000 | | | | | $ | 14.25 | | |
|
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Non-vested shares at
December 31, 2014 |
| |
Fully-vested shares at
December 31, 2014 |
| ||||||||||||||||||
Period from date of inception
(January 30, 2014) through December 31, 2014 |
| |
Total
shares granted |
| |
Shares
granted during the period |
| |
Total
expected cost of grant |
| |
Grant
expense recognized for the period |
| |
Shares
|
| |
Per share
grant fair value |
| |
Shares
|
| |
Weighted
average grant date fair value |
| ||||||||||||||||||||||||
Directors’ Grants(1)
|
| | | | 6,000 | | | | | | 6,000 | | | | | $ | 90 | | | | | $ | 45 | | | | | | 6,000 | | | | | $ | 15.00 | | | | | | — | | | | | $ | — | | |
Employee and Service Provider Grant(2)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Totals | | | | | 6,000 | | | | | | 6,000 | | | | | $ | 90 | | | | | $ | 45 | | | | | | 6,000 | | | | | $ | 15.00 | | | | | | — | | | | | $ | — | | |
|
| | |
Year ended December 31, 2016
|
| |||||||||||||||
($ in thousands, except share and per share amounts)
|
| |
Income
(Numerator) |
| |
Shares
(Denominator) |
| |
Per Share
Amount |
| |||||||||
Basic EPS | | | | | |||||||||||||||
Consolidated income attributable to common stockholders
|
| | | $ | 27,836 | | | | | | 16,742,882 | | | | |||||
Allocation of earnings to participating restricted shares
|
| | | | (140) | | | | | | — | | | | |||||
Consolidated income attributable to unrestricted common stockholders
|
| | | $ | 27,696 | | | | | | 16,742,882 | | | | | $ | 1.65 | | |
Effect of dilutive securities | | | | | |||||||||||||||
Operating Partnership units
|
| | | | 1,038 | | | | | | 624,106 | | | | |||||
Restricted stock grants and Manager and director fee shares
|
| | | | 140 | | | | | | 84,919 | | | | |||||
Diluted EPS | | | | | |||||||||||||||
Consolidated income attributable to common stockholders and dilutive securities
|
| | | $ | 28,874 | | | | | | 17,451,907 | | | | | $ | 1.65 | | |
|
| | |
Year ended December 31, 2015
|
| |||||||||||||||
($ in thousands, except share and per share amounts)
|
| |
Income
(Numerator) |
| |
Shares
(Denominator) |
| |
Per Share
Amount |
| |||||||||
Basic EPS | | | | | |||||||||||||||
Consolidated income attributable to common stockholders
|
| | | $ | 24,754 | | | | | | 14,711,610 | | | | |||||
Allocation of earnings to participating restricted shares
|
| | | | (62) | | | | | | — | | | | |||||
Consolidated income attributable to unrestricted common stockholders
|
| | | $ | 24,692 | | | | | | 14,711,610 | | | | | $ | 1.68 | | |
Effect of dilutive securities | | | | | |||||||||||||||
Operating Partnership units
|
| | | | 1,038 | | | | | | 624,106 | | | | |||||
Restricted stock grants and Manager and director fee shares
|
| | | | 62 | | | | | | 36,772 | | | | |||||
Diluted EPS | | | | | |||||||||||||||
Consolidated income attributable to common stockholders and dilutive securities
|
| | | $ | 25,792 | | | | | | 15,372,488 | | | | | $ | 1.68 | | |
|
| | |
Period from Inception (January 30, 2014)
through December 31, 2014 |
| |||||||||||||||
($ in thousands, except share and per share amounts)
|
| |
Income
(Numerator) |
| |
Shares
(Denominator) |
| |
Per Share
Amount |
| |||||||||
Basic EPS | | | | | |||||||||||||||
Consolidated income attributable to common stockholders
|
| | | $ | 3,424 | | | | | | 8,360,432 | | | | |||||
Allocation of earnings to participating restricted shares
|
| | | | (11) | | | | | | — | | | | |||||
Consolidated income attributable to unrestricted common stockholders
|
| | | $ | 3,413 | | | | | | 8,360,432 | | | | | $ | 0.41 | | |
Effect of dilutive securities | | | | | |||||||||||||||
Operating Partnership units
|
| | | | 147 | | | | | | 461,964 | | | | |||||
Restricted stock grants and Manager and director fee shares
|
| | | | 11 | | | | | | 26,659 | | | | |||||
Diluted EPS | | | | | |||||||||||||||
Consolidated income attributable to common stockholders and dilutive securities
|
| | | $ | 3,571 | | | | | | 8,849,055 | | | | | $ | 0.40 | | |
|
For the year ended December 31, 2016
|
| |
First
quarter |
| |
Second
quarter |
| |
Third
quarter |
| |
Fourth
quarter |
| ||||||||||||
Total income
|
| | | $ | 11,411 | | | | | $ | 10,688 | | | | | $ | 11,619 | | | | | $ | 10,969 | | |
Income before provision for income tax
|
| | | $ | 7,960 | | | | | $ | 6,887 | | | | | $ | 7,905 | | | | | $ | 6,157 | | |
Net income attributable to common stockholders
|
| | | $ | 7,651 | | | | | $ | 6,605 | | | | | $ | 7,623 | | | | | $ | 5,957 | | |
Basic earnings common share
|
| | | $ | 0.50 | | | | | $ | 0.42 | | | | | $ | 0.42 | | | | | $ | 0.33 | | |
Diluted earnings per common share
|
| | | $ | 0.50 | | | | | $ | 0.42 | | | | | $ | 0.42 | | | | | $ | 0.33 | | |
For the year ended December 31, 2015
|
| |
First
quarter |
| |
Second
quarter |
| |
Third
quarter |
| |
Fourth
quarter |
| ||||||||||||
Total income
|
| | | $ | 6,033 | | | | | $ | 8,810 | | | | | $ | 10,936 | | | | | $ | 11,689 | | |
Income before provision for income tax
|
| | | $ | 3,815 | | | | | $ | 5,675 | | | | | $ | 7,933 | | | | | $ | 8,371 | | |
Net income attributable to common stockholders
|
| | | $ | 3,640 | | | | | $ | 5,436 | | | | | $ | 7,614 | | | | | $ | 8,064 | | |
Basic earnings common share
|
| | | $ | 0.28 | | | | | $ | 0.36 | | | | | $ | 0.50 | | | | | $ | 0.53 | | |
Diluted earnings per common share
|
| | | $ | 0.28 | | | | | $ | 0.36 | | | | | $ | 0.50 | | | | | $ | 0.53 | | |
Description (face value of loan) |
| |
Loan
Count |
| |
Interest rate
|
| |
Maturity
|
| |
Carrying
amount of mortgages(1) |
| |
Principal
amount subject to delinquent principal and interest |
| |
Amount of
balloon payments at maturity |
| ||||||||||||
$0 – 49,999
|
| | | | 418 | | | |
0.00% – 14.78%
|
| |
08/13/2008 – 10/01/2056
|
| | | $ | 11,300 | | | | | $ | 6,084 | | | | | $ | 1,361 | | |
$50,000 – 99,999
|
| | | | 822 | | | |
1.88% – 12.75%
|
| |
09/01/2009 – 08/01/2065
|
| | | | 50,820 | | | | | | 27,171 | | | | | | 5,081 | | |
$100,000 – 149,999
|
| | | | 945 | | | |
1.00% – 13.34%
|
| |
04/19/2009 – 07/01/2064
|
| | | | 96,684 | | | | | | 57,161 | | | | | | 9,184 | | |
$150,000 – 199,999
|
| | | | 691 | | | |
2.00% – 12.13%
|
| |
10/26/2005 – 11/01/2056
|
| | | | 98,137 | | | | | | 57,646 | | | | | | 10,728 | | |
$200,000 – 249,999
|
| | | | 523 | | | |
1.99% – 10.95%
|
| |
08/01/2019 – 10/01/2056
|
| | | | 93,993 | | | | | | 51,357 | | | | | | 14,628 | | |
$250,000+
|
| | | | 1,511 | | | |
1.00% – 11.39%
|
| |
01/01/2014 – 05/01/2066
|
| | | | 519,652 | | | | | | 255,508 | | | | | | 120,483 | | |
Total
|
| | | | 4,910 | | | | | | | | | | | $ | 870,587 | | | | | $ | 454,927 | | | | | $ | 161,465 | | |
|
($ in thousands)
|
| | |||||
Mortgage loans
|
| |
January 1, 2016
through December 31, 2016 |
| |||
Beginning balance
|
| | | $ | 554,877 | | |
Mortgage loan portfolio acquisitions
|
| | | | 434,782 | | |
Sale of mortgage loans
|
| | | | (78,162) | | |
Accretion recognized
|
| | | | 70,558 | | |
Mortgage loan payments
|
| | | | (89,769) | | |
Transfers of mortgage loans to REO
|
| | | | (25,037) | | |
Other | | | | | 3,338 | | |
Ending balance
|
| | | $ | 870,587 | | |
|