{ "docId": "019de518-96ec-70e9-9e32-a2739ae30037", "docSlug": "2038d51f70ed4e334524fe4254fe1c93", "documentTitle": "Great Ajax | Results Presentation Deck | 17 slides", "authorId": "great-ajax", "authorName": "Great Ajax", "documentKindSlug": "conference-presentation", "documentKindLabel": "Conference presentation", "sourceTypeSlug": "investor_relations", "sourceTypeLabel": "Investor relations", "presentationDate": "2024-10-01 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 15, "pageCount": 17, "prevPage": 14, "nextPage": 16, "slideType": "appendix_disclosure", "function": "appendix", "density": "dense", "nDataPoints": 0, "notes": null, "elementsJson": null, "metadataConfidence": 0.9, "imagePath": null, "slideHref": "/slides/019de518-96ec-70e9-9e32-a2739ae30037/15", "deckHref": "/decks/019de518-96ec-70e9-9e32-a2739ae30037", "deckJsonHref": "/decks/019de518-96ec-70e9-9e32-a2739ae30037.json", "deckAnchorHref": "/decks/019de518-96ec-70e9-9e32-a2739ae30037#slide-15", "components": [ { "bbox": { "h": 0.569, "w": 0.899, "x": 0.045, "y": 0.144 }, "kind": "list", "text": "\"Earnings available for distribution\" is a non-GAAP financial measure of the Company's operating performance, which is used by management to evaluate the Company's performance excluding: (i) net realized and unrealized gains and losses on certain assets and liabilities; (ii) other net income and losses not related to the performance of the investment portfolio; and. (iii) non-capitalized transaction related expenses.\nThe Company has three primary variables that impact its performance: (i) Net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio, including any impairment or reserve for expected credit losses; and, (iii) the Company's operating expenses and taxes.\nThe Company's definition of earnings available for distribution excludes certain realized and unrealized losses, which although they represent a part of the Company's recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance. Within other net income and losses, management primarily excludes equity-based compensation expenses.\nWith regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company's core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction-related expenses generally relate to legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments.\nManagement believes that the adjustments to compute \"earnings available for distribution\" specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company's activity, assist in comparing the core operating results between periods, and enable investors to evaluate the Company's current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company's investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. Earnings available for distribution excludes certain recurring items, such as gains and losses (including impairment and) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company's core operations for the reasons described herein. As such earnings available for distribution is not intended to reflect all of the Company's activity and should be considered as only one of the factors used by management in assessing the Company's performance, along with GAAP net income which is inclusive of all of the Company's activities.\nThe Company views earnings available for distribution as a consistent financial measure of its portfolio's ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, net income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company's calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company's board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company's taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs.", "attrs": {}, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "26884bcd-85af-4ed5-a5d3-0bfbd569e37d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.016, "x": 0.929, "y": 0.947 }, "kind": "other", "text": "15", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "718bcf69-4908-40a8-9931-e197192cfc20", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.01, "w": 0.21, "x": 0.701, "y": 0.947 }, "kind": "source-note", "text": "Detailed endnotes are included in the Appendix.", "attrs": {}, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "526e75b1-c2a5-4095-9411-684b1c41032b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.026, "w": 0.583, "x": 0.059, "y": 0.06 }, "kind": "title", "text": "Reconciliation of Non-GAAP Financial Measures", "attrs": {}, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "f5194858-603d-4125-a1bc-f75d8bc89309", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }