Great Ajax Corp. Announces Results for the Quarter Ended March 31, 2024
First Quarter Highlights
-
Interest income of
$15.7 million ; net interest income of$1.6 million -
Net loss attributable to common stockholders of
$(74.3) million -
Operating loss of
$(4.8) million or$(0.16) per common share -
Earnings per share ("EPS") per basic common share was a loss of
$(2.41) of which$(0.50) per basic common share relates to the accrual of the manager termination fee -
Taxable loss of
$(0.67) per share attributable to common stockholders after payment of dividends on our previously issued preferred stock -
Book value per common share of
$6.87 atMarch 31, 2024 -
Collected total cash of
$80.9 million from loan payments, sales of loans, sales of real estate owned ("REO") properties and collections from investments on debt securities and beneficial interests -
As of
March 31, 2024 , held$100.1 million of cash and cash equivalents; average daily cash balance for the quarter was$65.3 million -
As of
March 31, 2024 , approximately 84.4% of our portfolio (based on unpaid principal balance ("UPB") at the time of acquisition) made at least 12 out of the last 12 payments
Selected Financial Results (Unaudited) ($ in thousands except per share amounts) |
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|
|
For the three months ended |
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Loan interest income |
|
$ |
11,823 |
|
|
$ |
12,420 |
|
|
$ |
12,696 |
|
|
$ |
12,929 |
|
|
$ |
13,281 |
|
Earnings from debt securities and beneficial interests(1) |
|
$ |
2,956 |
|
|
$ |
4,289 |
|
|
$ |
4,218 |
|
|
$ |
4,480 |
|
|
$ |
4,569 |
|
Other interest income |
|
$ |
959 |
|
|
$ |
948 |
|
|
$ |
965 |
|
|
$ |
931 |
|
|
$ |
606 |
|
Interest expense |
|
$ |
(14,106 |
) |
|
$ |
(14,484 |
) |
|
$ |
(14,838 |
) |
|
$ |
(15,039 |
) |
|
$ |
(14,925 |
) |
Net interest income |
|
$ |
1,632 |
|
|
$ |
3,173 |
|
|
$ |
3,041 |
|
|
$ |
3,301 |
|
|
$ |
3,531 |
|
Net (increase)/decrease in the net present value of expected credit losses |
|
$ |
(4,230 |
) |
|
$ |
(11,294 |
) |
|
$ |
(330 |
) |
|
$ |
2,866 |
|
|
$ |
621 |
|
Other income, income/(loss) from equity method investments, loss on joint venture refinancing on beneficial interests and mark to market loss on mortgage loans held-for-sale, net |
|
$ |
(46,783 |
) |
|
$ |
(8,132 |
) |
|
$ |
(1,658 |
) |
|
$ |
(8,581 |
) |
|
$ |
(3,612 |
) |
Total (loss)/revenue, net(2) |
|
$ |
(49,381 |
) |
|
$ |
(16,253 |
) |
|
$ |
1,053 |
|
|
$ |
(2,414 |
) |
|
$ |
540 |
|
Consolidated net loss |
|
$ |
(73,992 |
) |
|
$ |
(22,614 |
) |
|
$ |
(5,517 |
) |
|
$ |
(11,462 |
) |
|
$ |
(7,364 |
) |
Net loss per basic share |
|
$ |
(2.41 |
) |
|
$ |
(0.86 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.51 |
) |
|
$ |
(0.34 |
) |
Average equity(3) |
|
$ |
280,714 |
|
|
$ |
321,327 |
|
|
$ |
316,814 |
|
|
$ |
324,089 |
|
|
$ |
337,206 |
|
Average total assets |
|
$ |
1,311,767 |
|
|
$ |
1,358,027 |
|
|
$ |
1,384,285 |
|
|
$ |
1,424,524 |
|
|
$ |
1,463,529 |
|
Average daily cash balance |
|
$ |
65,293 |
|
|
$ |
55,195 |
|
|
$ |
53,211 |
|
|
$ |
43,609 |
|
|
$ |
50,916 |
|
Average carrying value of RPLs |
|
$ |
858,253 |
|
|
$ |
882,071 |
|
|
$ |
892,367 |
|
|
$ |
886,072 |
|
|
$ |
882,018 |
|
Average carrying value of NPLs |
|
$ |
11,974 |
|
|
$ |
42,050 |
|
|
$ |
50,439 |
|
|
$ |
68,459 |
|
|
$ |
86,494 |
|
Average carrying value of SBC loans |
|
$ |
28,116 |
|
|
$ |
8,560 |
|
|
$ |
8,349 |
|
|
$ |
10,876 |
|
|
$ |
12,159 |
|
Average carrying value of debt securities and beneficial interests |
|
$ |
319,053 |
|
|
$ |
338,572 |
|
|
$ |
346,601 |
|
|
$ |
382,502 |
|
|
$ |
401,240 |
|
Average asset backed debt balance |
|
$ |
779,768 |
|
|
$ |
800,050 |
|
|
$ |
834,507 |
|
|
$ |
870,595 |
|
|
$ |
897,279 |
|
____________________________________________________________ |
||
(1) |
Interest income on investment in debt securities and beneficial interests issued by our joint ventures is net of servicing fees. |
|
(2) |
Total loss/revenue includes net interest income, loss from equity method investments, loss on joint venture refinancing on beneficial interests and other loss/income. |
|
(3) |
Average equity includes the effect of an aggregate of |
For the quarter ended
Our net interest income for the quarter ended
We generally acquire loans and beneficial interests at a discount and record an allowance for expected credit losses at acquisition. We update the allowance quarterly based on actual cash flow results and changing cash flow expectations in accordance with the current expected credit losses accounting standard, otherwise known as CECL. During the quarter ended
During the quarter ended
During the quarter ended
Beginning in
Our expenses increased on a quarter over quarter basis by
We recorded
During the quarter ended
For the quarter ended
During the three months ended
During the three months ended
We ended the quarter with a GAAP book value of
Our taxable loss for the quarter ended
We collected
The following table provides an overview of our portfolio at
No. of loans |
|
|
4,720 |
|
|
Weighted average coupon |
|
|
4.54 |
% |
Total UPB(2) |
|
$ |
882,050 |
|
|
Weighted average LTV(6) |
|
|
52.2 |
% |
Interest-bearing balance |
|
$ |
805,459 |
|
|
Weighted average remaining term (months) |
|
|
284 |
|
Deferred balance(3) |
|
$ |
76,591 |
|
|
No. of first liens |
|
|
4,677 |
|
Market value of collateral(4) |
|
$ |
2,028,883 |
|
|
No. of second liens |
|
|
43 |
|
Current purchase price/total UPB |
|
|
81.4 |
% |
|
No. of REO held-for-sale |
|
|
24 |
|
Current purchase price/market value of collateral |
|
|
40.2 |
% |
|
Market value of REO held-for-sale(7) |
|
$ |
5,778 |
|
RPLs |
|
|
91.9 |
% |
|
Carrying value of debt securities and beneficial interests in trusts |
|
$ |
284,535 |
|
NPLs |
|
|
7.4 |
% |
|
Loans with 12 for 12 payments as an approximate percentage of acquisition UPB(8) |
|
|
84.4 |
% |
SBC loans(5) |
|
|
0.7 |
% |
|
Loans with 24 for 24 payments as an approximate percentage of acquisition UPB(9) |
|
|
81.2 |
% |
____________________________________________________________ |
||
(1) |
Includes 2,109 loans that were classified from Mortgage loans held-for investment, net to Mortgage loans held-for-sale, net with a total UPB of |
|
(2) |
Our loan portfolio consists of fixed rate (59.7% of UPB), ARM (6.0% of UPB) and Hybrid ARM (34.3% of UPB) mortgage loans. |
|
(3) |
Amounts that have been deferred in connection with a loan modification on which interest does not accrue. These amounts generally become payable at maturity. |
|
(4) |
As of the reporting date. |
|
(5) |
SBC loans includes both purchased and originated loans. |
|
(6) |
UPB as of |
|
(7) |
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. |
|
(8) |
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. |
|
(9) |
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. |
Recent Events
Our board declared a cash dividend of
On
During
Also, during
About
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 our control, including, without limitation the risk factors and other matters set forth in our Annual Report on Form 10-K for the period ended
CONSOLIDATED STATEMENTS OF OPERATIONS (Dollars in thousands except per share amounts) |
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Three months ended |
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|
|
|
|
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|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
||||||||
INCOME |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
$ |
15,738 |
|
|
$ |
17,657 |
|
|
$ |
17,879 |
|
|
$ |
18,340 |
|
Interest expense |
|
|
(14,106 |
) |
|
|
(14,484 |
) |
|
|
(14,838 |
) |
|
|
(15,039 |
) |
Net interest income |
|
|
1,632 |
|
|
|
3,173 |
|
|
|
3,041 |
|
|
|
3,301 |
|
Net (increase)/decrease in the net present value of expected credit losses |
|
|
(4,230 |
) |
|
|
(11,294 |
) |
|
|
(330 |
) |
|
|
2,866 |
|
Net interest (loss)/income after the impact of changes in the net present value of expected credit losses |
|
|
(2,598 |
) |
|
|
(8,121 |
) |
|
|
2,711 |
|
|
|
6,167 |
|
|
|
|
|
|
|
|
|
|
||||||||
Income/(loss) from equity method investments |
|
|
521 |
|
|
|
(317 |
) |
|
|
(628 |
) |
|
|
(265 |
) |
Loss on joint venture refinancing on beneficial interests |
|
|
— |
|
|
|
— |
|
|
|
(1,215 |
) |
|
|
(8,814 |
) |
Mark to market loss on mortgage loans held-for-sale, net |
|
|
(47,307 |
) |
|
|
(8,559 |
) |
|
|
— |
|
|
|
— |
|
Other income |
|
|
3 |
|
|
|
744 |
|
|
|
185 |
|
|
|
498 |
|
Total (loss)/revenue, net |
|
|
(49,381 |
) |
|
|
(16,253 |
) |
|
|
1,053 |
|
|
|
(2,414 |
) |
|
|
|
|
|
|
|
|
|
||||||||
EXPENSE |
|
|
|
|
|
|
|
|
||||||||
Related party expense - loan servicing fees |
|
|
1,734 |
|
|
|
1,773 |
|
|
|
1,809 |
|
|
|
1,827 |
|
Related party expense - management fee |
|
|
17,459 |
|
|
|
2,000 |
|
|
|
1,940 |
|
|
|
2,001 |
|
Professional fees |
|
|
705 |
|
|
|
623 |
|
|
|
611 |
|
|
|
989 |
|
Fair value adjustment on put option liability and warrants |
|
|
1,353 |
|
|
|
490 |
|
|
|
540 |
|
|
|
1,839 |
|
Other expense |
|
|
2,445 |
|
|
|
1,406 |
|
|
|
1,754 |
|
|
|
2,211 |
|
Total expense |
|
|
23,696 |
|
|
|
6,292 |
|
|
|
6,654 |
|
|
|
8,867 |
|
Loss on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
16 |
|
|
|
— |
|
Loss before provision for income taxes |
|
|
(73,077 |
) |
|
|
(22,545 |
) |
|
|
(5,617 |
) |
|
|
(11,281 |
) |
Provision for income taxes (benefit) |
|
|
915 |
|
|
|
69 |
|
|
|
(100 |
) |
|
|
181 |
|
Consolidated net loss |
|
|
(73,992 |
) |
|
|
(22,614 |
) |
|
|
(5,517 |
) |
|
|
(11,462 |
) |
Less: consolidated net (loss)/income attributable to non-controlling interests |
|
|
(14 |
) |
|
|
35 |
|
|
|
25 |
|
|
|
24 |
|
Consolidated net loss attributable to the Company |
|
|
(73,978 |
) |
|
|
(22,649 |
) |
|
|
(5,542 |
) |
|
|
(11,486 |
) |
Less: dividends on preferred stock |
|
|
341 |
|
|
|
548 |
|
|
|
547 |
|
|
|
548 |
|
Consolidated net loss attributable to common stockholders |
|
$ |
(74,319 |
) |
|
$ |
(23,197 |
) |
|
$ |
(6,089 |
) |
|
$ |
(12,034 |
) |
Basic loss per common share |
|
$ |
(2.41 |
) |
|
$ |
(0.86 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.51 |
) |
Diluted loss per common share |
|
$ |
(2.41 |
) |
|
$ |
(0.86 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.51 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares – basic |
|
|
30,700,278 |
|
|
|
26,931,750 |
|
|
|
24,001,702 |
|
|
|
23,250,725 |
|
Weighted average shares – diluted |
|
|
30,893,391 |
|
|
|
26,931,750 |
|
|
|
24,244,147 |
|
|
|
23,565,351 |
|
CONSOLIDATED BALANCE SHEETS (Dollars in thousands except per share amounts) |
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|
|
|
|
|
||||
ASSETS |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
100,054 |
|
|
$ |
52,834 |
|
Mortgage loans held-for-sale, net(1) |
|
|
368,288 |
|
|
|
55,718 |
|
Mortgage loans held-for-investment, net(1,2) |
|
|
438,698 |
|
|
|
864,551 |
|
Real estate owned properties, net(3) |
|
|
5,191 |
|
|
|
3,785 |
|
Investments in securities available-for-sale(4) |
|
|
125,126 |
|
|
|
131,558 |
|
Investments in securities held-to-maturity(5) |
|
|
54,085 |
|
|
|
59,691 |
|
Investments in beneficial interests(6) |
|
|
88,577 |
|
|
|
104,162 |
|
Receivable from servicer |
|
|
4,240 |
|
|
|
7,307 |
|
Investments in affiliates |
|
|
28,300 |
|
|
|
28,000 |
|
Prepaid expenses and other assets |
|
|
31,896 |
|
|
|
28,685 |
|
Total assets |
|
$ |
1,244,455 |
|
|
$ |
1,336,291 |
|
|
|
|
|
|
||||
LIABILITIES AND EQUITY |
|
|
|
|
||||
Liabilities: |
|
|
|
|
||||
Secured borrowings, net(1,7) |
|
$ |
399,699 |
|
|
$ |
411,212 |
|
Borrowings under repurchase transactions |
|
|
354,039 |
|
|
|
375,745 |
|
Convertible senior notes(7) |
|
|
103,516 |
|
|
|
103,516 |
|
Notes payable, net(7) |
|
|
107,059 |
|
|
|
106,844 |
|
Management fee payable |
|
|
1,951 |
|
|
|
1,998 |
|
Warrant liability |
|
|
2,054 |
|
|
|
16,644 |
|
Accrued expenses and other liabilities |
|
|
19,901 |
|
|
|
9,437 |
|
Total liabilities |
|
|
988,219 |
|
|
|
1,025,396 |
|
|
|
|
|
|
||||
Equity: |
|
|
|
|
||||
Preferred stock |
|
|
|
|
||||
Series A 7.25% Fixed-to-Floating Rate Cumulative Redeemable, |
|
|
— |
|
|
|
9,411 |
|
Series B 5.00% Fixed-to-Floating Rate Cumulative Redeemable, |
|
|
— |
|
|
|
25,143 |
|
Common stock |
|
|
380 |
|
|
|
285 |
|
Additional paid-in capital |
|
|
408,732 |
|
|
|
352,060 |
|
|
|
|
(9,557 |
) |
|
|
(9,557 |
) |
Retained deficit |
|
|
(132,400 |
) |
|
|
(54,382 |
) |
Accumulated other comprehensive loss |
|
|
(12,858 |
) |
|
|
(14,027 |
) |
Equity attributable to stockholders |
|
|
254,297 |
|
|
|
308,933 |
|
Non-controlling interests(9) |
|
|
1,939 |
|
|
|
1,962 |
|
Total equity |
|
|
256,236 |
|
|
|
310,895 |
|
Total liabilities and equity |
|
$ |
1,244,455 |
|
|
$ |
1,336,291 |
|
____________________________________________________________ |
||
(1) |
Mortgage loans held-for-sale, net and mortgage loans held-for-investment, net include |
|
(2) |
As of |
|
(3) |
Real estate owned properties, net, are presented net of valuation allowances of |
|
(4) |
Investments in securities AFS are presented at fair value. As of |
|
(5) |
On |
|
(6) |
Investments in beneficial interests includes allowance for expected credit losses of |
|
(7) |
Secured borrowings, net are presented net of deferred issuance costs of |
|
(8) |
The preferred shares issued but not outstanding are the preferred shares that were not redeemed with common stock and are pending approval by a vote of our shareholders. The obligation to redeem these shares is currently recorded as |
|
(9) |
As of |
Appendix A - Earnings per share |
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The following table sets forth the components of basic and diluted EPS ($ in thousands, except per share): |
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|
|
Three months ended |
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|
||||||||||||||||||||||||||||||||
|
|
Income
|
|
Shares
|
|
Per
|
|
Income
|
|
Shares
|
|
Per
|
|
Income
|
|
Shares
|
|
Per
|
|
Income
|
|
Shares
|
|
Per
|
||||||||||||||||
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
||||||||||||||||||||||||||||||||
Basic EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Consolidated net loss attributable to common stockholders |
|
$ |
(74,319 |
) |
|
30,700,278 |
|
|
|
$ |
(23,197 |
) |
|
26,931,750 |
|
|
|
$ |
(6,089 |
) |
|
24,001,702 |
|
|
|
$ |
(12,034 |
) |
|
23,250,725 |
|
|
||||||||
Allocation of loss to participating restricted shares |
|
|
465 |
|
|
— |
|
|
|
|
164 |
|
|
— |
|
|
|
|
62 |
|
|
— |
|
|
|
|
161 |
|
|
— |
|
|
||||||||
Consolidated net loss attributable to unrestricted common stockholders |
|
$ |
(73,854 |
) |
|
30,700,278 |
|
$ |
(2.41 |
) |
|
$ |
(23,033 |
) |
|
26,931,750 |
|
$ |
(0.86 |
) |
|
$ |
(6,027 |
) |
|
24,001,702 |
|
$ |
(0.25 |
) |
|
$ |
(11,873 |
) |
|
23,250,725 |
|
$ |
(0.51 |
) |
Effect of dilutive securities (1,2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Restricted stock grants and director fee shares(3) |
|
|
(465 |
) |
|
193,113 |
|
|
|
|
— |
|
|
— |
|
|
|
|
(62 |
) |
|
242,445 |
|
|
|
|
(161 |
) |
|
314,626 |
|
|
||||||||
Diluted EPS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Consolidated net loss attributable to common stockholders and dilutive securities |
|
$ |
(74,319 |
) |
|
30,893,391 |
|
$ |
(2.41 |
) |
|
$ |
(23,033 |
) |
|
26,931,750 |
|
$ |
(0.86 |
) |
|
$ |
(6,089 |
) |
|
24,244,147 |
|
$ |
(0.25 |
) |
|
$ |
(12,034 |
) |
|
23,565,351 |
|
$ |
(0.51 |
) |
____________________________________________________________ |
||
(1) |
Our outstanding warrants and the effect of the interest expense and assumed conversion of shares from convertible notes would have an anti-dilutive effect on diluted earnings per share for all periods shown and have not been included in the calculation. |
|
(2) |
The effect of the amortization of put option on our diluted EPS calculation for all periods shown would have been anti-dilutive and has been removed from the calculation. |
|
(3) |
The effect of restricted stock grants and manager and director fee shares on our diluted EPS calculation for the three months ended |
Appendix B - Reconciliation of Operating loss to Consolidated net loss available to common stockholders (Dollars in thousands except per share amounts) |
||||||||||||||||
|
|
Three months ended |
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
|
(Unaudited) |
||||||||
INCOME |
|
|
|
|
|
|
|
|
||||||||
Interest income |
|
$ |
15,738 |
|
|
$ |
17,657 |
|
|
$ |
17,879 |
|
|
$ |
18,340 |
|
Interest expense |
|
|
(14,106 |
) |
|
|
(14,484 |
) |
|
|
(14,838 |
) |
|
|
(15,039 |
) |
Net interest income |
|
|
1,632 |
|
|
|
3,173 |
|
|
|
3,041 |
|
|
|
3,301 |
|
|
|
|
|
|
|
|
|
|
||||||||
Other (loss)/income |
|
|
(740 |
) |
|
|
745 |
|
|
|
558 |
|
|
|
498 |
|
Total revenue, net |
|
|
892 |
|
|
|
3,918 |
|
|
|
3,599 |
|
|
|
3,799 |
|
|
|
|
|
|
|
|
|
|
||||||||
EXPENSE |
|
|
|
|
|
|
|
|
||||||||
Related party expense - loan servicing fees |
|
|
1,734 |
|
|
|
1,773 |
|
|
|
1,809 |
|
|
|
1,827 |
|
Related party expense - management fees |
|
|
1,953 |
|
|
|
2,000 |
|
|
|
1,940 |
|
|
|
2,001 |
|
Professional fees |
|
|
705 |
|
|
|
623 |
|
|
|
611 |
|
|
|
989 |
|
Other expense |
|
|
1,306 |
|
|
|
1,356 |
|
|
|
1,505 |
|
|
|
1,526 |
|
Total expense |
|
|
5,698 |
|
|
|
5,752 |
|
|
|
5,865 |
|
|
|
6,343 |
|
Consolidated operating loss |
|
$ |
(4,806 |
) |
|
$ |
(1,834 |
) |
|
$ |
(2,266 |
) |
|
$ |
(2,544 |
) |
Basic operating loss per common share |
|
$ |
(0.16 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.11 |
) |
Diluted operating loss per common share |
|
$ |
(0.16 |
) |
|
$ |
(0.07 |
) |
|
$ |
(0.09 |
) |
|
$ |
(0.11 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation to GAAP net loss |
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Consolidated operating loss |
|
$ |
(4,806 |
) |
|
$ |
(1,834 |
) |
|
$ |
(2,266 |
) |
|
$ |
(2,544 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Mark to market loss on joint venture refinancing |
|
|
— |
|
|
|
— |
|
|
|
(1,215 |
) |
|
|
(8,814 |
) |
Mark to market loss on mortgage loans held-for-sale, net |
|
|
(47,307 |
) |
|
|
(8,559 |
) |
|
|
— |
|
|
|
— |
|
Management termination fee |
|
|
(15,506 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
Realized loss on sale of securities |
|
|
— |
|
|
|
— |
|
|
|
(373 |
) |
|
|
— |
|
Net (increase)/decrease in the net present value of expected credit losses |
|
|
(4,230 |
) |
|
|
(11,294 |
) |
|
|
(330 |
) |
|
|
2,866 |
|
Fair value adjustment on put option liability and warrants |
|
|
(1,353 |
) |
|
|
(490 |
) |
|
|
(540 |
) |
|
|
(1,839 |
) |
Other adjustments |
|
|
125 |
|
|
|
(368 |
) |
|
|
(893 |
) |
|
|
(950 |
) |
Loss before provision for income taxes |
|
|
(73,077 |
) |
|
|
(22,545 |
) |
|
|
(5,617 |
) |
|
|
(11,281 |
) |
Provision for income taxes (benefit) |
|
|
915 |
|
|
|
69 |
|
|
|
(100 |
) |
|
|
181 |
|
Consolidated net loss/(income) attributable to non-controlling interest |
|
|
14 |
|
|
|
(35 |
) |
|
|
(25 |
) |
|
|
(24 |
) |
Consolidated net loss attributable to the Company |
|
|
(73,978 |
) |
|
|
(22,649 |
) |
|
|
(5,542 |
) |
|
|
(11,486 |
) |
Dividends on preferred stock |
|
|
(341 |
) |
|
|
(548 |
) |
|
|
(547 |
) |
|
|
(548 |
) |
Consolidated net loss attributable to common stockholders |
|
$ |
(74,319 |
) |
|
$ |
(23,197 |
) |
|
$ |
(6,089 |
) |
|
$ |
(12,034 |
) |
Basic loss per common share |
|
$ |
(2.41 |
) |
|
$ |
(0.86 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.51 |
) |
Diluted loss per common share |
|
$ |
(2.41 |
) |
|
$ |
(0.86 |
) |
|
$ |
(0.25 |
) |
|
$ |
(0.51 |
) |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240503798797/en/
Chief Executive Officer
Or
Chief Financial Officer
Mary.Doyle@aspencapital.com
503-444-4224
Source: