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Great Ajax's (AJX) CEO Lawrence Mendelsohn on Q3 2021 Results - Earnings Call Transcript

Nov. 06, 2021 1:31 PM ETGreat Ajax Corp. (AJX), AJXA
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Great Ajax Corp. (NYSE:AJX) Q3 2021 Earnings Conference Call November 4, 2021 5:00 PM ET

Company Participants

Lawrence Mendelsohn – Chief Executive Officer

Conference Call Participants


Good day and thank you for standing by. Welcome to the Great Ajax Corp Q3 2021 Earnings Call. At this time, all participants are in a listen-only mode. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions]

I would now like to hand the conference over to your first speaker for today, Mr. Lawrence Mendelsohn, CEO of Great Ajax. Thank you. Please, go ahead, sir.

Lawrence Mendelsohn

Thank you. Thank you, everybody, for joining us for Great Ajax’s third quarter 2021 conference call and presentation. Before we get started, I would like to point you the Safe Harbor disclosure on the second page and with that, we can jump in.

Q3 2021 was another good quarter in a lot of ways. Our overall cost of funds further decreased by almost 30 basis points. Our significant increase in loan performance and loan cash flow velocity continued and has also continued into the fourth quarter of 2021. This continuing increase in loan cash flow and loan payments in excess of our modeled expectations led to an additional acceleration of income on loans during Q3 of 2021 of $3.7 million.

We continue to be in an offensive position and in the third quarter, we purchased a significant amount of loans with certain specific characteristics in good locations and at low percentages of underlying property value. The prices we paid are materially lower than where mortgage loans are currently selling.

At September 30, 2021, we had approximately $93 million of cash and more than $300 million of unencumbered bonds, unencumbered beneficial interest and unencumbered mortgage loans combined. As of October 31, we have approximately $97 million in cash and still have approximately $300

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