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Great Ajax Corp. (AJX) CEO Lawrence Mendelsohn on Q4 2019 Results - Earnings Call Transcript

Mar. 03, 2020 10:41 PM ETGreat Ajax Corp. (AJX), AJXA
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Great Ajax Corp. (NYSE:AJX) Q4 2019 Results Conference Call March 3, 2020 5:00 PM ET

Company Participants

Lawrence Mendelsohn - CEO

Conference Call Participants

Tim Hayes - B Riley FBR

Stephen Laws - Raymond James


Good day, and welcome to the Great Ajax Fourth Quarter 2019 and Year End Financial Results Conference Call. All participants will be in a listen-only mode. [Operator Instructions] Please note, this event is being recorded.

I would now like to turn the conference over to Lawrence Mendelsohn, CEO. Please go ahead.

Lawrence Mendelsohn

Thank you very much, and thank you, everybody for joining us for the Great Ajax fourth quarter 2019 conference call. Also, happy Super Tuesday to everybody. On Page 2, I just want to point out, before we get started, the safe harbor disclosure about some of the statements that we’ll be talking about.

As an introduction, Q4 2019 was a very good net asset value building quarter. We bought loans from multiple sources, primarily closing in late December and we expanded our joint venture structures pretty significantly. We continued to approve the rates and terms of our asset-based financing enclosed, including closing our third rated long-term securitized bond structure and the first AAA rated structure for loans with all non-clean pay histories. The market value of our assets continues to increase and we will discuss further when we look at loan performance migration on this call and talk about a current market conditions. Intrinsic NAV grew significantly in the fourth quarter and it continues to grow even more so in the first quarter of 2020.

And with that we'll jump to Page 3 and we'll do a brief overview and then get into the highlights of the quarter and year end.

We continued to buy and privately negotiate transactions. We've made 297

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