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  "documentTitle": "Great Ajax | Investor Presentation Deck | 17 slides",
  "authorId": "great-ajax",
  "authorName": "Great Ajax",
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  "presentationDate": "2023-05-01 00:00:00",
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  "pageNumber": 11,
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      "text": "¹Includes the impact of the credit loss expense\n²Interest income on debt securities is net of servicing fee\n³Includes the impact of the net decrease in the net present value of expected credit losses on mortgage loans and beneficial interests\n⁴Excludes the impact of convertible and unsecured debt",
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      "text": "GAAP Consolidated\n($ in thousands)\nQ1-23\nQ4-22\nQ3-22\nQ2-22\nInterest Income on Loans\n13,281\n13,520\n14,864\n15,402\nDecrease in net present value of expected credit losses on loans\n621\n1,152\n1,935\n1,409\nInterest Income on Debt Securities\n2,486\n2,557\n2,443\n2,795\nInterest Income on Beneficial Interests\n2,083\n2,005\n2,170\n2,508\nIncrease in net present value of expected credit losses on Beneficial Interests\n-\n-\n-\n(448)\nAverage Loans\n980,671\n996,689\n1,014,320\n1,040,861\nAverage Loan Yield - Ex net present value of expected credit loss adjustments\n5.4%\n5.4%\n5.9%\n5.9%\nAverage Loan Yield - Net present value of expected credit loss adjustments\n0.3%\n0.5%\n0.8%\n0.5%\nAverage Loan Yield - Total\n5.7%\n5.9%\n6.6%\n6.5%\nAverage Debt Securities\n266,899\n296,294\n310,313\n351,377\nAverage Beneficial Interests\n134,341\n131,177\n125,536\n136,107\nAverage Debt Securities Yield\n3.7%\n3.5%\n3.1%\n3.2%\nAverage Beneficial Interests Yield - Ex net present value of expected credit loss adjustments\n6.2%\n6.1%\n6.9%\n7.4%\nAverage Debt Securities and Beneficial Interests Yield - Net present value of expected credit loss adjustments\n0.0%\n0.0%\n0.0%\n-0.4%\nAverage Debt Securities and Beneficial Interests Yield - Total\n4.6%\n4.3%\n4.2%\n4.0%\nAverage Total Asset Yield\n5.3%\n5.4%\n5.9%\n5.7%\nTotal Interest Expense\n14,925\n14,482\n11,369\n9,175\nAverage Securitization Debt Cost\n2.7%\n2.7%\n2.8%\n2.9%\nAverage Repo Debt Cost\n6.7%\n5.7%\n3.9%\n2.6%\nAsset Level Net Interest Margin\n0.7%\n1.3%\n2.6%\n3.0%\nTotal Average Debt\n1,107,588\n1,143,888\n1,133,777\n1,150,748\nAverage Asset Yield\n5.2%\n5.1%\n5.4%\n5.4%\nTotal Average Debt Cost\n5.4%\n5.0%\n4.0%\n3.2%\nNet Interest Margin Before decrease in net present value of expected credit losses\n-0.3%\n0.0%\n1.4%\n2.2%\nNet interest income after the impact of changes in the net present value of expected credit losses\n0.2%\n0.3%\n0.5%\n0.3%\nTotal Net Interest Margin\n-0.1%\n0.4%\n1.9%\n2.5%\nNon-Interest Operating Expenses/Avg Assets\n2.1%\n1.9%\n2.3%\n2.4%\nROAA - Ex net REO, loan and beneficial interests impairments, gains/losses and credit losses\n-1.9%\n-1.9%\n-0.9%\n0.4%\nROAA - Net REO, loan and beneficial interests impairments, gains/losses and credit losses\n-0.1%\n0.3%\n0.7%\n-0.7%\nROAA - Total\n-2.0%\n-1.7%\n-0.2%\n-0.3%\nROAE - Ex net REO, loan and beneficial interests impairments, gains/losses and credit losses\n-8.3%\n-8.5%\n-3.4%\n1.5%\nROAE - Net REO, loan and beneficial interests impairments, gains/losses and credit losses\n-0.4%\n1.2%\n-6.1%\n-5.6%\nROAE - Total\n-8.7%\n-7.3%\n-9.5%\n-4.1%\nAverage Leverage Ratio - Asset Backed\n2.7\n2.7\n2.5\n2.2\nAverage Leverage Ratio - Convertible and Unsecured Debt\n0.6\n0.6\n0.4\n0.2\nAverage Leverage Ratio - Total\n3.3\n3.3\n2.8\n2.5\nEnding Leverage Ratio - Asset Backed\n2.6\n2.7\n2.7\n2.3\nEnding Leverage Ratio - Convertible and Unsecured Debt\n0.6\n0.6\n0.6\n0.2\nEnding Leverage Ratio - Total\n3.3\n3.3\n3.3\n2.6",
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      "kind": "title",
      "text": "Financial Metrics",
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      "evidence": "table/data: GAAP Consolidated ($ in thousands) Q1-23 Q4-22 Q3-22 Q2-22 Interest Income on Loans 13,281 13,520 14,864 15,402",
      "confidence": 0.9
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      "arcName": "The Sequoia Pitch",
      "arcSlug": "sequoia-pitch",
      "beatName": "Financials",
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      "evidence": "Slides 11-14 provide financial metrics and balance sheets.",
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      "parentBeatName": "Evidence",
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      "name": "Cost Of Inaction",
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      "bestFor": "Urgent budget requests, compliance, risk mitigation",
      "matchId": "36743029-a6f5-4c33-aa42-cfd01e85274d",
      "evidence": "The deck implies that investing in Great Ajax is crucial for growth and returns.",
      "position": 0,
      "objective": "The cost of not investing in Great Ajax",
      "structure": "The Status Quo -> The Hidden Costs Accumulating -> The Future State of Inaction -> The Tipping Point",
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