Business Wire | Nov 5, 2020 04:06PM EST

Great Ajax Corp. Announces Results for the Quarter Ended September 30, 2020

Nov. 05, 2020

NEW YORK--(BUSINESS WIRE)--Nov. 05, 2020--Great Ajax Corp. (NYSE: AJX), a Maryland corporation that is a real estate investment trust, today announces its results of operations for the quarter ended September 30, 2020. We focus primarily on acquiring, investing in and managing a portfolio of RPLs secured by single-family residences and commercial properties and, to a lesser extent, NPLs. In addition to our continued focus on residential RPLs, we also originate and acquire SBCs secured by multi-family retail/residential and mixed use properties.

Selected Financial Results (Unaudited)

($ in thousands except per share amounts)

For the three months ended

September 30, June 30, 2020 March 31, 2020 December 31, September 30, 2020 2019 2019

Loaninterest $ 18,603 $ 18,732 $ 22,121 $ 22,656 $ 23,869 income^(1,2)

Earningsfrom debtsecuritiesand $ 5,234 $ 5,028 $ 5,006 $ 4,203 $ 3,322 beneficialinterests^(2,3)

Otherinterest $ 113 $ (55 ) $ 159 $ 254 $ 532 income/(loss)

Interest $ (11,727 ) $ (13,058 ) $ (13,070 ) $ (13,884 ) $ (14,317 ) expense

Net interest $ 12,223 $ 10,647 $ 14,216 $ 13,229 $ 13,406 income

Provisionfor credit $ 4,007 $ 4,328 $ (5,109 ) $ (561 ) $ (3 ) benefit/(losses)

Otherincome, losson sale ofmortgageloans and $ 512 $ 1,352 $ (1,070 ) $ 1,048 $ 1,913 (loss)/income frominvestmentsinaffiliates

Totalrevenue, net $ 16,742 $ 16,327 $ 8,037 $ 13,716 $ 15,316 ^(1,4)

Consolidatednet income^ $ 8,892 $ 8,818 $ 1,496 $ 7,119 $ 8,223 (1)

Net incomeper basic $ 0.23 $ 0.27 $ 0.02 $ 0.31 $ 0.39 share

Average $ 503,967 $ 469,831 $ 356,539 $ 368,814 $ 348,521 equity^(1,5)

Averagetotal assets $ 1,642,090 $ 1,597,678 $ 1,559,821 $ 1,556,054 $ 1,523,956 ^(1)

Averagedaily cash $ 128,621 $ 125,739 $ 58,586 $ 66,072 $ 55,881 balance^(6,7)

Averagecarrying $ 1,055,186 $ 1,048,704 $ 1,080,453 $ 1,098,477 $ 1,121,100 value ofRPLs^(1)

Averagecarrying $ 35,665 $ 33,683 $ 32,767 $ 31,973 $ 31,447 value ofNPLs^(1)

Averagecarrying $ 6,195 $ 5,413 $ 22,116 $ 25,002 $ 27,558 value of SBCloans

Averagecarryingvalue ofdebt $ 331,009 $ 333,359 $ 298,304 $ 245,701 $ 198,320 securitiesandbeneficialinterests

Averageasset level $ 1,038,406 $ 1,041,673 $ 1,067,983 $ 1,068,164 $ 1,057,536 debt balance^(1,8)

_____________________________________

Reflects the impact of consolidating the assets, liabilities and(1) non-controlling interests of Ajax Mortgage Loan Trust 2017-D ("2017-D") and Ajax Mortgage Loan Trust 2018-C ("2018-C"), which are 50% and 37%, respectively, owned by third-party institutional investors.

All quarters for loan interest income and interest income on investment in(2) debt securities and beneficial interests have been updated to reflect gross interest income before provision for credit benefit/(losses).

(3) Interest income on investment in debt securities and beneficial interests issued by our joint ventures is net of servicing fees.

(4) Total revenue includes net interest income, income from equity method investments and other income.

Average equity includes the effect of an aggregate of $115.1 million of(5) preferred stock issued during the three months ended September 30, 2020 and June 30, 2020.

(6) Average daily cash balance includes cash and cash equivalents, and excludes cash held in trust.

For the three months ended September 30, 2020, the average daily cash balance excludes $51.0 million of funds on deposit in a non-interest(7) bearing account for a transaction that closed on September 25, 2020. Including the $51.0 million on deposit, average daily cash was $148.0 million.

(8) All quarters have been updated to reflect average asset level debt balance from total average debt balance.

Our consolidated net income attributable to common stockholders decreased $1.0 million for the quarter ended September 30, 2020 compared to the quarter ended June 30, 2020. Our gross interest income increased $0.2 million, and our interest expense declined $1.3 million. Our book value increased to $15.35 per common share from $15.20 at June 30, 2020 primarily from the effects of a $4.3 million mark to market increase in the fair value of our debt securities as prices of mortgage backed securities have continued to increase from first quarter lows.

The decrease in our earnings compared to the quarter ended June 30, 2020 was primarily driven by an increase in the amount of our earnings allocated to non-controlling interests, a decrease in earnings from our equity method investments, and an increase in the amortization expense for the put option on our outstanding warrants. The decrease in earnings from our equity method investments was primarily due to the flow through impact of the decline in share price on shares of our stock held by our manager and our servicer. Additionally, our $83.4 million of investments in joint venture debt securities and beneficial interests which were made in the third quarter were on our consolidated balance sheet for a weighted average of only five days during the quarter and therefore provided minimal benefit to our earnings for the third quarter.

Our net interest income prior to the recovery of the provision for credit losses increased $1.6 million over the prior quarter primarily driven by a decrease in our overall cost of funds by approximately 49 basis points during the third quarter and increases in the average balances of our mortgage loan and securities portfolios. We expect our cost of funds to continue to decrease materially in the current interest rate and credit environment.

Our net interest income after the recovery of the provision for credit losses increased $1.3 million over the prior quarter. We had a recovery of $4.0 million of provision for credit losses on our loan and securities portfolios on a consolidated basis, and $3.0 million after allocating $1.0 million to non-controlling interests. This compares to a recovery in the quarter ended June 30, 2020 of $4.3 million, and $4.4 million after $0.1 million of losses to non-controlling interests. The reversal of the provision for credit losses was primarily triggered by better than expected loan performance and its related impact on future cash flows as the impact of the COVID-19 pandemic on cash flow extension has not been as material thus far as we anticipated earlier in the year.

We acquired 244 RPLs for $41.2 million with UPB of $46.3 million and underlying collateral values of $65.3 million, one NPL for $0.5 million with UPB of $0.5 million and underlying collateral value of $0.7 million, and originated two SBC loans with UPB of $1.9 million and underlying collateral values of $3.9 million. These loans were acquired and included on our consolidated balance sheet for a weighted average of 67 days of the quarter. We ended the quarter with $1.1 billion of mortgage loans with an aggregate UPB of $1.2 billion.

We recorded $0.2 million in impairments on our REO held-for-sale portfolio in real estate operating expense for the quarter ended September 30, 2020 compared to $0.1 million for the quarter ended June 30, 2020. We continue to liquidate our REO properties held-for-sale at a faster rate than we acquire properties, with seven properties sold in the third quarter while five were added to REO held-for-sale through foreclosures. Our inventory of REO held-for-sale declined by 52% year-to-date through September 30, 2020 as more REO properties were acquired by third parties at foreclosure and foreclosure sales were delayed due to the continuing impact of the COVID-19 pandemic. We expect these trends to continue into the fourth quarter of 2020.

During the quarter ended September 30, 2020, we repurchased and retired $2.5 million of our senior convertible notes which carry a coupon rate of 7.25% for a total purchase price of $2.3 million.

We use securities and loan repurchase agreements, among other means, to fund our investment activities. Our securities repurchase agreements are subject to margin calls based on the fair value of the security. Due to the turmoil in the financial markets resulting from the COVID-19 outbreak, we received an unusually high volume of margin calls from our financing counterparties during the first quarter of 2020, of which the majority was recovered during the second quarter of 2020. During the quarter ended September 30, 2020, we further recovered cash collateral on a net basis in the amount of $6.6 million from lenders and had $1.0 million of cash collateral on deposit with financing counterparties at September 30, 2020. At September 30, 2020, we held $284.7 million of debt securities in our joint ventures. Of the total debt securities, $265.1 million were pledged as collateral on our repurchase borrowing lines and $19.6 million of debt securities were unencumbered at September 30, 2020. Additionally, we retained $227.2 million in securities from our secured borrowings which are not presented in our consolidated balance sheet at September 30, 2020. Of the total retained securities, $98.1 million were pledged as collateral on our repurchase lines and $129.1 million were unencumbered at September 30, 2020. Our investments in beneficial interests in the amount of $86.2 million at September 30, 2020 were unencumbered.

We collected $56.4 million of cash during the quarter as a result of loan payments, loan payoffs, sales of REO and cash collections on our securities portfolio to end the third quarter with $135.2 million in cash and cash equivalents. $44.0 million of our cash collections were derived from our mortgage loan and REO portfolios as a result of loan payments, loan payoffs and sales of REO during the quarter and $12.4 million were derived from interest and principal payments on investments in debt securities and beneficial interests. Of the $44.0 million of cash collections from mortgage loans and REO, we received $21.4 million from loans paying the full amount of principal, past due interest and charges. We also sold $38.9 million of senior debt securities previously issued by our joint ventures and held as investments and retired the corresponding repurchase agreements through which these were financed.

During the quarter we completed our fourth rated securitization, Ajax Mortgage Loan Trust 2020-B, which closed on August 6, 2020 with an aggregate of $97.2 million of AAA rated senior securities and $17.3 million of A rated securities issued with respect to $156.5 million of mortgage loans, all of which were RPLs. The AAA through A rated senior securities have a weighted average coupon of 1.874% and represent 73.2% of UPB of the underlying mortgage loans.

During the quarter ended September 30, 2020 we co-invested with two third-party institutional investors to form two joint ventures, and retained an aggregate $83.4 million of varying classes of related securities and beneficial interests, to end the quarter with $370.9 million of combined investments in securities and beneficial interests. We acquired 10.01% of each class of the securities of Ajax Mortgage Loan Trust 2020-C ("2020-C") for a net investment of $41.5 million and 10.01% of each class of Ajax Mortgage Loan Trust 2020-D ("2020-D") for a net investment of $41.9 million, which were on our Consolidated balance sheet for an average of only five days during the quarter and provided minimal benefit to our earnings.

2020-C acquired 2,564 RPLs and NPLs with UPB of $435.1 million and an aggregate property value of $693.0 million. The senior securities represent 78% of the UPB of the underlying mortgage loans and carry a 2.25% interest rate. Based on the structure of the transaction we do not consolidate 2020-C under Generally Accepted Accounting Principles ("GAAP").

2020-D acquired 2,591 RPLs and NPLs with UPB of $441.0 million and an aggregate property value of $690.4 million. The senior securities represent 75% of the UPB of the underlying mortgage loans and carry a 2.25% interest rate. Based on the structure of the transaction we do not consolidate 2020-D under GAAP.

The following table provides an overview of our portfolio at September 30, 2020 ($ in thousands):

No. of loans 6,076 Weighted average LTV^(5) 74.6 %

Total UPB $ 1,198,286 Weighted average remaining 299 term (months)

Interest-bearing $ 1,120,349 No. of first liens 6,019 balance

Deferred balance $ 77,937 No. of second liens 57 ^(1)

Market value of $ 1,898,221 No. of rental properties 6 collateral^(2)

Price/total UPB^ 82.5 % Capital invested in rental $ 710 (3) properties

Price/marketvalue of 55.4 % No. of REO held-for-sale 34 collateral

Re-performing 96.9 % Market value of REO $ 6,674 loans held-for-sale^(6)

Non-performing Carrying value of debtloans 2.6 % securities and beneficial $ 376,377 interests in trusts

SBC commercial Loans with 12 for 12 paymentsloans^(4) 0.5 % as an approximate percentage 74.5 % of UPB^(7)

Weighted average Loans with 24 for 24 paymentscoupon 4.5 % as an approximate percentage 67.8 % of UPB^(8)

______________________________

Amounts that have been deferred in connection with a loan modification on(1) which interest does not accrue. These amounts generally become payable at maturity.

(2) As of date of acquisition.

(3) Our loan portfolio consists of fixed rate (52.8% of UPB), ARM (8.7% of UPB) and Hybrid ARM (38.5% of UPB) mortgage loans.

(4) SBC loans includes both purchased and originated loans.

(5) UPB as of September 30, 2020 divided by market value of collateral and weighted by the UPB of the loan.

Market value of other REO is the estimated expected gross proceeds from the(6) sale of the REO less estimated costs to sell, including repayment of servicer advances.

Loans that have made at least 12 of the last 12 payments, or for which the(7) full dollar amount to cover at least 12 payments has been made in the last 12 months.

Loans that have made at least 24 of the last 24 payments, or for which the(8) full dollar amount to cover at least 24 payments has been made in the last 24 months.

Subsequent Events

Since quarter end we have acquired seven residential RPLs and nine residential NPLs with aggregate UPB of $3.3 million and $1.4 million, respectively, in two transactions and one transaction, respectively, from two sellers and one seller, respectively. The purchase price of the residential RPLs and NPLs equals 81.9% and 83.1%, respectively, of UPB and 66.1% and 70.0%, respectively, of the estimated market value of the underlying collateral of $4.1 million and $1.7 million, respectively.

We have also agreed to acquire, subject to due diligence, 28 residential RPLs and 71 NPLs with aggregate UPB of $3.1 million and $16.5 million, respectively, in eight transactions and two transactions, respectively, from eight sellers and two sellers, respectively. The purchase price of the residential RPLs equals 94.3% of UPB and 45.6% of the estimated market value of the underlying collateral of $6.4 million. The purchase price of the NPLs equals 87.1% of UPB and 45.8% of the estimated market value of the underlying collateral of $31.4 million. We also agreed to acquire seven SBC loans with UPB of $9.9 million. The purchase price of the SBC loans equals 102.0% of UPB and 49.6% of the estimated market value of the underlying collateral of $20.3 million.

On November 5, 2020, our board of directors declared a cash dividend of $0.17 per share, to be paid on November 30, 2020 to stockholders of record as of November 16, 2020.

Conference Call

Great Ajax Corp. will host a conference call at 5:00 p.m. EST on Thursday, November 5, 2020 to review our financial results for the quarter. A live Webcast of the conference call will be accessible from the Investor Relations section of our website www.greatajax.com. An archive of the Webcast will be available for 90 days.

About Great Ajax Corp.

Great Ajax Corp. is a Maryland corporation that is a real estate investment trust, that focuses primarily on acquiring, investing in and managing RPLs secured by single-family residences and commercial properties and, to a lesser extent, NPLs. We also originate and acquire loans secured by multi-family residential and smaller commercial mixed use retail/residential properties and acquire multi-family retail/residential and mixed use and commercial properties. We are externally managed by Thetis Asset Management LLC. Our mortgage loans and other real estate assets are serviced by Gregory Funding LLC, an affiliated entity. We have elected to be taxed as a real estate investment trust under the Internal Revenue Code.

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 the control of Great Ajax, including, without limitation, risks relating to the impact of the COVID-19 outbreak and the risk factors and other matters set forth in our Annual Report on Form 10-K for the period ended December 31, 2019 filed with the Securities and Exchange Commission (the "SEC") on March 4, 2020 and, when filed with the SEC, our Quarterly Report on Form 10-Q for the period ended September 30, 2020. The COVID-19 outbreak has caused significant volatility and disruption in the financial markets both globally and in the United States. If the COVID-19 outbreak continues to spread or the response to contain it is unsuccessful, Great Ajax could experience material adverse effects on its business, financial condition, liquidity and results of operations. Great Ajax undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law.

GREAT AJAX CORP. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(Dollars in thousands except per share amounts)

Three months ended

September 30, June 30, 2020 March 31, 2020 December 31, 2020 2019

(unaudited) (unaudited) (unaudited) (unaudited)

INCOME:

Interest income $ 23,950 $ 23,705 $ 27,286 $ 27,113

Interest (11,727 ) (13,058 ) (13,070 ) (13,884 ) expense

Net interest 12,223 10,647 14,216 13,229 income

Provision forcredit benefit/ 4,007 4,328 (5,109 ) (561 ) (losses)

Net interestincome afterprovision for 16,230 14,975 9,107 12,668 credit benefit/(losses)



(Loss)/incomefrom (25 ) 672 (1,112 ) 31 investments inaffiliates

Loss on sale ofmortgage loans^ - - (705 ) - (1)

Other income 537 680 747 1,017

Total revenue, 16,742 16,327 8,037 13,716 net



EXPENSE:

Related partyexpense - loan 1,848 1,936 2,014 2,156 servicing fees

Related partyexpense - 2,264 2,143 1,799 1,801 management fee

Loantransaction (178 ) 65 (103 ) 16 expense

Professional 576 732 805 608 fees

Real estateoperating 173 188 912 796 expenses

Other expense 2,930 2,325 1,025 985

Total expense 7,613 7,389 6,452 6,362

Loss on debt 253 - 408 247 extinguishment

Income beforeprovision for 8,876 8,938 1,177 7,107 income taxes

Provision for (16 ) 120 (319 ) (12 ) taxes (benefit)

Consolidated 8,892 8,818 1,496 7,119 net income

Less:consolidatednet incomeattributable to 1,662 735 1,096 462 thenon-controllinginterest

Consolidatednet income 7,230 8,083 400 6,657 attributable toCompany

Less: dividendson preferred 1,950 1,841 - - stock

Consolidatednet incomeattributable to $ 5,280 $ 6,242 $ 400 $ 6,657 commonstockholders

Basic earningsper common $ 0.23 $ 0.27 $ 0.02 $ 0.31 share

Dilutedearnings per $ 0.23 $ 0.27 $ 0.02 $ 0.31 common share



Weightedaverage shares 22,844,192 22,808,943 22,070,354 21,083,719 - basic

Weightedaverage shares 22,989,616 22,929,849 22,189,984 29,487,273 - diluted

_________________________________

We sold no mortgage loans during the three months ended September 30, 2020 and June 30, 2020. During the three months ended March 31, 2020, we sold 26(1) SBC mortgage loans with a carrying value of $26.1 million and UPB of $26.2 million for a loss of $0.7 million. During the three months ended December 31, 2019, we sold no mortgage loans.

GREAT AJAX CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands except per share amounts)

September 30, 2020

December 31, 2019

(unaudited)

ASSETS

Cash and cash equivalents

$

135,190

$

64,343

Cash held in trust

189

20

Mortgage loans, net(1,2)

1,102,360

1,151,469

Property held-for-sale, net(3)

6,484

13,537

Rental property, net

724

1,534

Investments at fair value(4)

284,655

231,685

Investments in beneficial interests(5)

86,241

57,954

Receivable from servicer

16,438

17,013

Investments in affiliates

28,730

30,441

Prepaid expenses and other assets

5,963

8,845

Total assets

$

1,666,974

$

1,576,841

LIABILITIES AND EQUITY

Liabilities:

Secured borrowings, net(1,2,6)

$

614,214

$

652,747

Borrowings under repurchase transactions

415,419

414,114

Convertible senior notes, net(6)

109,710

118,784

Management fee payable

2,261

1,634

Accrued expenses and other liabilities

19,024

5,478

Total liabilities

1,160,628

1,192,757

Equity:

Preferred stock, $0.01 par value, 25,000,000 shares authorized

Series A 7.25% Fixed-to-Floating Rate Cumulative Redeemable, $25.00 liquidation preference per share, 2,307,400 shares issued and outstanding at September 30, 2020 and no shares issued or outstanding at December 31, 2019

51,100

-

Series B 5.00% Fixed-to-Floating Rate Cumulative Redeemable, $25.00 liquidation preference per share, 2,892,600 shares issued and outstanding at September 30, 2020 and no shares issued and outstanding at December 31, 2019

64,044

-

Common stock $0.01 par value; 125,000,000 shares authorized, 23,034,443 shares issued and outstanding at September 30, 2020 and 22,142,143 shares issued and outstanding at December 31, 2019

231

222

Additional paid-in capital

317,295

309,395

Treasury stock

(634

)

(458

)

Retained earnings

46,441

49,446

Accumulated other comprehensive gain

401

1,277

Equity attributable to stockholders

478,878

359,882

Non-controlling interests(7)

27,468

24,202

Total equity

506,346

384,084

Total liabilities and equity

$

1,666,974

$

1,576,841

___________________________________

GREAT AJAX CORP. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands except per share amounts)

September 30, December 31, 2020 2019

(unaudited)

ASSETS

Cash and cash equivalents $ 135,190 $ 64,343

Cash held in trust 189 20

Mortgage loans, net^(1,2) 1,102,360 1,151,469

Property held-for-sale, net^(3) 6,484 13,537

Rental property, net 724 1,534

Investments at fair value^(4) 284,655 231,685

Investments in beneficial interests^(5) 86,241 57,954

Receivable from servicer 16,438 17,013

Investments in affiliates 28,730 30,441

Prepaid expenses and other assets 5,963 8,845

Total assets $ 1,666,974 $ 1,576,841



LIABILITIES AND EQUITY

Liabilities:

Secured borrowings, net^(1,2,6) $ 614,214 $ 652,747

Borrowings under repurchase transactions 415,419 414,114

Convertible senior notes, net^(6) 109,710 118,784

Management fee payable 2,261 1,634

Accrued expenses and other liabilities 19,024 5,478

Total liabilities 1,160,628 1,192,757



Equity:

Preferred stock, $0.01 par value, 25,000,000 shares authorized

Series A 7.25% Fixed-to-Floating RateCumulative Redeemable, $25.00 liquidationpreference per share, 2,307,400 shares 51,100 - issued and outstanding at September 30,2020 and no shares issued or outstanding atDecember 31, 2019

Series B 5.00% Fixed-to-Floating RateCumulative Redeemable, $25.00 liquidationpreference per share, 2,892,600 shares 64,044 - issued and outstanding at September 30,2020 and no shares issued and outstandingat December 31, 2019

Common stock $0.01 par value; 125,000,000shares authorized, 23,034,443 shares issuedand outstanding at September 30, 2020 and 231 222 22,142,143 shares issued and outstanding atDecember 31, 2019

Additional paid-in capital 317,295 309,395

Treasury stock (634 ) (458 )

Retained earnings 46,441 49,446

Accumulated other comprehensive gain 401 1,277

Equity attributable to stockholders 478,878 359,882

Non-controlling interests^(7) 27,468 24,202

Total equity 506,346 384,084

Total liabilities and equity $ 1,666,974 $ 1,576,841

___________________________________

Mortgage loans, net include $862.8 million and $908.6 million of loans at September 30, 2020 and December 31, 2019, respectively, transferred to securitization trusts that are variable interest entities ("VIEs"); these loans can only be used to settle obligations of the VIEs. Secured(1) borrowings consist of notes issued by VIEs that can only be settled with the assets and cash flows of the VIEs. The creditors do not have recourse to the primary beneficiary (Great Ajax Corp.). Mortgage loans, net include $15.2 million and $2.0 million of allowance for loan credit losses at September 30, 2020 and December 31, 2019, respectively.

As of September 30, 2020, balances for Mortgage loans, net includes $309.2 million and Secured borrowings, net of deferred costs includes $257.0(2) million from the 50% and 63% owned joint ventures. As of December 31, 2019, balances for Mortgage loans, net includes $341.8 million and Secured borrowings, net of deferred costs includes $284.8 million from a 50% and 63% owned joint ventures, all of which we consolidate under GAAP.

(3) Property held-for-sale, net, includes valuation allowances of $1.4 million and $1.8 million at September 30, 2020 and December 31, 2019, respectively.

As of September 30, 2020 and December 31, 2019 Investments at fair value(4) include amortized cost basis of $284.3 million and $230.4 million, respectively, and unrealized gains of $0.4 million and $1.3 million, respectively.

Investments in beneficial interests includes allowance for credit losses of(5) $5.9 million at September 30, 2020. No allowance for credit losses were recorded as of December 31, 2019.

(6) Secured borrowings and convertible senior notes are presented net of deferred issuance costs.

Non-controlling interests includes $25.8 million at September 30, 2020,(7) from 50% and 63% owned joint ventures. Non-controlling interests includes $22.4 million at December 31, 2019, from a 50% and 63% owned joint ventures, all of which we consolidate under GAAP.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201105006065/en/

CONTACT: Lawrence Mendelsohn Chief Executive Officer Or Mary Doyle Chief Financial Officer Mary.Doyle@aspencapital.com 503-444-4224