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Great Ajax Corp. (AJX) CEO Lawrence Mendelsohn on Q2 2021 Results - Earnings Call Transcript

Aug. 08, 2021 10:41 AM ETGreat Ajax Corp. (AJX), AJXA
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Great Ajax Corp. (NYSE:AJX) Q2 2021 Earnings Conference Call August 5, 2021 5:00 PM ET

Company Participants

Lawrence Mendelsohn - Chief Executive Officer

Conference Call Participants

Kevin Barker - Piper Sandler

Eric Hagen - BTIG

Matthew Howlett - B. Riley

Stephen Laws - Raymond James


Good day and thank you for standing by, and welcome to the Great Ajax Corporation Q2 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your speaker today, Lawrence Mendelsohn, CEO. Sir, please go ahead.

Lawrence Mendelsohn

Thank you very much. Welcome everybody to the Great Ajax Corp., Second Quarter 2021 Conference Call. Also here with me are, Mary Doyle our CFO, and Russell Schaub our President.

Before we get started, I just want to have everyone quickly take a look at page 2, the safe harbor disclosure of the presentation. And with that, we can go on to page 3 and begin. As an introduction, the second quarter of 2021 was a good quarter.

Our overall corporate cost of funds further decreased, by approximately 25 basis points. And our asset-based cost of funds decreased even more, after decreasing nearly 50 basis points in Q3 of 2020, 26 basis points in Q4, 2020 and 30 basis points in Q1 of 2021.

Our cost of funds has continued to decrease in the third quarter of 2021 as well. A significant increase in loan performance and loan cash flow velocity continued. And it's also continued into the third quarter of 2021.

This continuing increase in loan cash flow velocity has led to an additional acceleration of income on loans during Q2 of 2021 of $4.7 million, as the present value of

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