Great Ajax Corp. (AJX) Q3 2023 Earnings Call

Investor webinar replay

Watch the replay and follow the connected company analysis, news, and investor updates for Rithm Property Trust Inc..

Watch the replay

Replay transcript excerpt

WEBVTT 00:00:00.029 -- 00:00:03.172 Please stand by. We're about to begin. 00:00:03.172 -- 00:00:09.057 Good afternoon, ladies and gentlemen. Welcome to the Great HX Corporation Q3 2023 00:00:09.057 -- 00:00:13.380 Financial Results Conference call. At this time, all participants are in a listen-only 00:00:13.380 -- 00:00:16.863 mode, and please be advised that this call is being recorded. 00:00:16.863 -- 00:00:19.225 Now at this time, I'll turn things over to your host, Mr. 00:00:19.225 -- 00:00:21.587 Larry Middleton, Chief Executive Officer. Mr. 00:00:21.587 -- 00:00:24.328 Middleton, please go ahead. 00:00:24.570 -- 00:00:29.656 Thank you. Thank you, everyone, for joining us for the Great HX Corp third quarter 00:00:29.656 -- 00:00:34.660 call. Before we get started, I want to just point out page number two, the safe 00:00:34.660 -- 00:00:37.021 harbor disclosure. 00:00:37.403 -- 00:00:42.547 Along with me on this call are Russell Schaub, our president, and Mary Doyle, our CFO. 00:00:42.547 -- 00:00:46.260 As I'm sure you've seen, there are several corporate and strategic developments in Q3 00:00:46.260 -- 00:00:50.953 2023 and into Q4 2023, which we will discuss a bit later in this call. 00:00:54.048 -- 00:00:59.369 In Q3 2023, loan performance declined by a small amount, as did loan cash flow 00:00:59.369 -- 00:01:04.911 velocity from reinstatements on delinquent loans and from sales of homes. 00:01:04.911 -- 00:01:09.052 The slight cash collections decrease from home sales and reinstatements is primarily 00:01:09.052 -- 00:01:11.052 seasonality-based. 00:01:11.172 -- 00:01:15.053 Prepayments from borrowers refinancing their mortgages continued their slower pace, as 00:01:15.053 -- 00:01:18.394 you would expect, given current mortgage rates. 00:01:18.394 -- 00:...