<SEC-DOCUMENT>0001571049-15-006713.txt : 20150813
<SEC-HEADER>0001571049-15-006713.hdr.sgml : 20150813
<ACCEPTANCE-DATETIME>20150813163806
ACCESSION NUMBER:		0001571049-15-006713
CONFORMED SUBMISSION TYPE:	10-Q
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20150630
FILED AS OF DATE:		20150813
DATE AS OF CHANGE:		20150813

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Great Ajax Corp.
		CENTRAL INDEX KEY:			0001614806
		STANDARD INDUSTRIAL CLASSIFICATION:	REAL ESTATE INVESTMENT TRUSTS [6798]
		IRS NUMBER:				465211780
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		10-Q
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-36844
		FILM NUMBER:		151051198

	BUSINESS ADDRESS:	
		STREET 1:		9400 SW BEAVERTON-HILLSDALE HIGHWAY
		STREET 2:		SUITE 131
		CITY:			BEAVERTON
		STATE:			OR
		ZIP:			97005
		BUSINESS PHONE:		503-295-5800

	MAIL ADDRESS:	
		STREET 1:		9400 SW BEAVERTON-HILLSDALE HIGHWAY
		STREET 2:		SUITE 131
		CITY:			BEAVERTON
		STATE:			OR
		ZIP:			97005
</SEC-HEADER>
<DOCUMENT>
<TYPE>10-Q
<SEQUENCE>1
<FILENAME>t1501813_10q.htm
<DESCRIPTION>FORM 10-Q
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 12pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 2pt solid; border-bottom: Black 1pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>UNITED STATES</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>SECURITIES
AND EXCHANGE COMMISSION</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 10.5pt"><B>Washington,
D.C. 20549</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B></B></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FORM 10-Q</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(Mark One)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD><B>QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>For the quarterly period ended June 30, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>OR</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Wingdings">o</FONT></TD><TD><B>TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><B>For the transition period from ______________
to ______________</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>001-36844</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Commission file number)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 16pt"><B>GREAT AJAX
CORP.</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 7pt"><B>(Exact name
of registrant as specified in its charter)</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV ALIGN="CENTER" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center">Maryland</TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center">47-1271842</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>State or other jurisdiction</B><BR>
    <B>of incorporation or organization</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>(I.R.S. Employer</B><BR>
    <B>Identification No.)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 49%; text-align: center"><FONT STYLE="font-size: 10pt">9400 SW Beaverton-Hillsdale Hwy,</FONT></TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: center">97005</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Suite 131</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>(Zip Code)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 10pt">Beaverton, OR 97005</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center"><FONT STYLE="font-size: 8pt"><B>(Address of principal executive offices)</B></FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">503-505-5670</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 9pt"><B>Registrant&rsquo;s
telephone number, including area code</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the Registrant
(1) has filed all reports to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12
months (or for such shorter period that the Registrant was required to file such report(s), and (2) has been subject to such filing
requirements for the past 90 days.<BR>
Yes <FONT STYLE="font-family: Wingdings">x</FONT> No <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the Registrant
has submitted electronically and posted on its corporate Website, if any, every Interactive Data File required to be submitted
and posted pursuant to Rule&nbsp;405 of Regulation&nbsp;S-T during the preceding 12&nbsp;months (or for such shorter period that
the Registrant was required to submit and post such files). Yes <FONT STYLE="font-family: Wingdings">x</FONT> No <FONT STYLE="font-family: Wingdings">&uml;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the Registrant
is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See definition of
&ldquo;large accelerated filer,&rdquo; &ldquo;accelerated filer&rdquo; and &ldquo;smaller reporting company&rdquo; in Rule 12b-2
of the Exchange Act. (check one):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 65%">Large accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD>
    <TD STYLE="width: 35%">Accelerated filer <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Non-accelerated filer <FONT STYLE="font-family: Wingdings">x</FONT>&nbsp;&nbsp;(Do not check if a smaller reporting company)</TD>
    <TD>Smaller reporting company <FONT STYLE="font-family: Wingdings">&uml;</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Indicate by check mark whether the registrant
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes <FONT STYLE="font-family: Wingdings">&uml;</FONT> No <FONT STYLE="font-family: Wingdings">x</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of August 12, 2015, 15,909,634
shares of the Registrant&rsquo;s common stock, par value $0.01 per share, were outstanding which includes 624,106 of operating
partnership units that are redeemable on a one-for-one basis into shares of the registrant&rsquo;s common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 12pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; border-bottom: Black 2pt solid; width: 100%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: center"><FONT STYLE="text-transform: uppercase"><B><A NAME="a_015"></A>Table
of Contents</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 5.75pt; text-align: right"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: top; width: 15%; padding-right: 5.75pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: top; width: 75%; padding-right: 5.75pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 10%; border-bottom: Black 1pt solid; padding-right: 5.75pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Page</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.75pt; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.75pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top; text-indent: 0in"><A HREF="#a_001">PART I.&nbsp;&nbsp;Financial Information</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">1</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5in; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in"><A HREF="#a_002">Item 1.</A></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in"><A HREF="#a_002">Consolidated Interim Financial Statements</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;1</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-left: 0.5in"><A HREF="#a_003">Cautionary Statement Regarding Forward-Looking Statements</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">23</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in"><A HREF="#a_004">Item 2.</A></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in"><A HREF="#a_004">Management&rsquo;s Discussion and Analysis of Financial Condition and Results of Operations</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">24</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in"><A HREF="#a_005">Item 3.</A></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in"><A HREF="#a_005">Quantitative and Qualitative Disclosures About Market Risk</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">42</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in"><A HREF="#a_006">Item 4.</A></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in"><A HREF="#a_006">Controls and Procedures</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">43</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD COLSPAN="2" STYLE="vertical-align: top; text-indent: 0in"><A HREF="#a_007">PART II. Other Information</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">45</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 0.5in; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in"><A HREF="#a_008">Item 1.</A></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in"><A HREF="#a_008">Legal Proceedings</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">45</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in"><A HREF="#a_009">Item 1A.</A></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in"><A HREF="#a_009">Risk Factors</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">45</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in"><A HREF="#a_010">Item 2.</A></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in"><A HREF="#a_010">Unregistered Sales of Equity Securities and Use of Proceeds</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">45</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in"><A HREF="#a_011">Item 3.</A></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in"><A HREF="#a_011">Defaults Upon Senior Securities</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">45</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in"><A HREF="#a_012">Item 4.</A></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in"><A HREF="#a_012">Mine Safety Disclosures</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">45</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in"><A HREF="#a_013">Item 5.</A></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in"><A HREF="#a_013">Other Information</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">45</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-indent: 0in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top; padding-left: 0.5in; text-indent: 0in"><A HREF="#a_014">Item 6.</A></TD>
    <TD STYLE="vertical-align: top; text-indent: 0in"><A HREF="#a_014">Exhibits</A></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-indent: 0in">45</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in; text-indent: -0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">-<!-- Field: Sequence; Type: LowerRoman; Name: PageNo -->i<!-- Field: /Sequence -->-</TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_001"></A>PART
I. FINANCIAL INFORMATION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><A NAME="a_002"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Item
1.</FONT> Consolidated Interim Financial Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">GREAT AJAX CORP. AND SUBSIDIARIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSOLIDATED BALANCE SHEETS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(Dollars in thousands except shares and per share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>June&nbsp;30,&nbsp;2015</B><BR>
                                         <B>(unaudited)</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>December&nbsp;31,&nbsp;2014</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: underline">ASSETS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: left">Cash and cash equivalents</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">36,240</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">53,099</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Mortgage loans, net<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">444,408</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,159</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Property held-for-sale</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,018</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,316</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Rental property, net</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">290</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Receivable from servicer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,538</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,340</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Investment in affiliate</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,445</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,237</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Prepaid expenses and other assets</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,068</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,317</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 13.5pt">Total Assets</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">501,838</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">272,758</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-decoration: underline; text-align: left">LIABILITIES AND EQUITY</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-style: italic">Liabilities:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Secured borrowings<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">116,349</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">84,679</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Borrowings under repurchase agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153,804</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,249</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Management fee payable</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">441</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">258</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accrued expenses and other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,794</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,292</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 13.5pt">Total liabilities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">273,388</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">101,478</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Commitments and contingencies &ndash; see Note 7</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-style: italic">Equity:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -4.5pt; padding-left: 4.5pt">Preferred stock $.01 par value; 25,000,000 shares authorized, none issued or outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -4.5pt; padding-left: 4.5pt">Common stock $.01 par value; 125,000,000 shares authorized, 15,253,998 shares at June 30, 2015 and 11,223,984 shares at December 31, 2014 issued and outstanding</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Additional paid-in capital</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,361</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">158,951</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Retained earnings</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,279</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,744</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: 13.5pt">Equity attributable to common stockholders</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">218,792</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">161,807</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Noncontrolling interests</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,658</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,473</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 13.5pt">Total equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">228,450</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">171,280</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 13.5pt">Total Liabilities and Equity</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">501,838</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">272,758</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Mortgage loans includes $179,808 and $127,559 of loans at June 30, 2015 and December 31, 2014, respectively, transferred to
securitization trusts that are variable interest entities (&ldquo;VIEs&rdquo;); these loans can only be used to settle obligations
of the VIEs. Secured 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.). See Note 8&mdash;Debt.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20">The<FONT STYLE="letter-spacing: 0.95pt">
</FONT>accompa<FONT STYLE="letter-spacing: -0.4pt">n</FONT>ying<FONT STYLE="letter-spacing: 0.15pt"> </FONT>notes<FONT STYLE="letter-spacing: 1.25pt">
</FONT>a<FONT STYLE="letter-spacing: -0.15pt">r</FONT>e<FONT STYLE="letter-spacing: 0.9pt"> </FONT>an<FONT STYLE="letter-spacing: 1.05pt">
</FONT>integ<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.45pt">a</FONT>l<FONT STYLE="letter-spacing: 1.85pt">
</FONT>part<FONT STYLE="letter-spacing: 2pt"> </FONT>of<FONT STYLE="letter-spacing: 1.4pt"> </FONT>the<FONT STYLE="letter-spacing: 1pt">
</FONT>consolid<FONT STYLE="letter-spacing: -0.3pt">a</FONT>ted interim<FONT STYLE="letter-spacing: 0.1pt"> </FONT>financi<FONT STYLE="letter-spacing: -0.45pt">a</FONT>l
st<FONT STYLE="letter-spacing: -0.3pt">a</FONT>tements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20">&nbsp;</P>


<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->1<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">GREAT AJAX CORP. AND SUBSIDIARIES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">CONSOLIDATED STATEMENTS OF INCOME</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Unaudited)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(Dollars in thousands except shares and per share data)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Three
                                         months </B><BR> <B>ended </B><BR> <B>June 30, 2015</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Six
                                         months </B><BR> <B>ended </B><BR> <B>June 30, 2015</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline">INCOME</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: left">Loan interest income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">10,793</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">17,677</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,269</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,344</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Net interest income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,524</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,333</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">232</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">446</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">8,756</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,779</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline">EXPENSE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Related party expense &ndash; management fee</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">856</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,602</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Related party expense &ndash; loan servicing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">851</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,507</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Loan transaction expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">729</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">989</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">356</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">741</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Other expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">289</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">450</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Total expense</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,081</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,289</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Income before provision for income taxes</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,675</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,490</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Provision for income taxes</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Consolidated net income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,659</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,474</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Less: consolidated net income attributable to the non-controlling interest</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">223</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">398</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Consolidated net income attributable to common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,436</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,076</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Basic earnings per common share</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.36</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.64</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Diluted earnings per common share</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.36</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.64</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Weighted average shares - basic</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,237,739</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,129,162</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Weighted average shares - diluted</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,909,634</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,801,319</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20">The<FONT STYLE="letter-spacing: 0.95pt">
</FONT>accompa<FONT STYLE="letter-spacing: -0.4pt">n</FONT>ying<FONT STYLE="letter-spacing: 0.15pt"> </FONT>notes<FONT STYLE="letter-spacing: 1.25pt">
</FONT>a<FONT STYLE="letter-spacing: -0.15pt">r</FONT>e<FONT STYLE="letter-spacing: 0.9pt"> </FONT>an<FONT STYLE="letter-spacing: 1.05pt">
</FONT>integ<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.45pt">a</FONT>l<FONT STYLE="letter-spacing: 1.85pt">
</FONT>part<FONT STYLE="letter-spacing: 2pt"> </FONT>of<FONT STYLE="letter-spacing: 1.4pt"> </FONT>the<FONT STYLE="letter-spacing: 1pt">
</FONT>consolid<FONT STYLE="letter-spacing: -0.3pt">a</FONT>ted interim<FONT STYLE="letter-spacing: 0.1pt"> </FONT>financi<FONT STYLE="letter-spacing: -0.45pt">a</FONT>l
st<FONT STYLE="letter-spacing: -0.3pt">a</FONT>tements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20">&nbsp;</P>


<!-- Field: Page; Sequence: 4; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">GREAT AJAX CORP. AND SUBSIDIARIES</P>




<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center">CONSOLIDATED STATEMENTS
OF CASH FLOWS</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Unaudited)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(Dollars in thousands)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Six months</B><BR> <B>ended</B><BR> <B>June 30, 2015</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline; text-align: left">CASH FLOWS FROM OPERATING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 64%; text-align: left; padding-left: 0.25in">Consolidated net income</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">9,474</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Adjustments to reconcile net income to net cash from operating activities</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.5in">Stock-based management fee and compensation expense</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">921</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.5in">Non-cash interest income accretion</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,850</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.5in">Loss on sale of property</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-left: 0.5in">Depreciation of property</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.5in">Amortization of prepaid financing costs</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">435</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Net change in operating assets and liabilities</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.5in">Prepaid expenses and other assets</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,186</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.5in">Receivable from servicer</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,198</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.5in">Undistributed income from investment in affiliate</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(275</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.5in">Accrued expenses and other liabilities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,685</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.75in">Net cash from operating activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,984</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline; text-align: left">CASH FLOWS FROM INVESTING ACTIVITES</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Purchase of mortgage loans and related balances</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(233,626</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Principal paydowns on mortgage loans</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,260</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">Purchase of property held-for-sale and related balances</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,794</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Proceeds from sale of property held-for-sale</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">357</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Distribution from affiliate</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">67</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Renovations of rental property and property held for sale</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(139</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.75in">Net cash from investing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(228,875</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline; text-align: left">CASH FLOWS FROM FINANCING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Proceeds from repurchase agreement</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153,841</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Proceeds from sale or issuance of secured notes</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,213</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Repayments on repurchase agreement</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,286</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Repayments on secured notes</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,543</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Sale of common stock, net of offering costs</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,529</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Distribution to non-controlling interest</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(213</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">Dividends paid on common stock</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,541</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.75in">Net cash from financing activities</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">217,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">NET CHANGE IN CASH AND CASH EQUIVALENTS</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,859</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt">CASH AND CASH EQUIVALENTS, beginning of period</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">53,099</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">CASH AND CASH EQUIVALENTS, end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">36,240</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-decoration: underline; text-align: left">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Cash paid for interest</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,544</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Cash paid for income taxes</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-decoration: underline; text-align: left; padding-left: 9pt; text-indent: -0.125in">SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Transfer of loans to rental property or property held for sale</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">4,965</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Transfer of rental property to property held for sale</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">168</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 0.25in">Issuance of common stock for management fees</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">814</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20">The<FONT STYLE="letter-spacing: 0.95pt">
</FONT>accompa<FONT STYLE="letter-spacing: -0.4pt">n</FONT>ying<FONT STYLE="letter-spacing: 0.15pt"> </FONT>notes<FONT STYLE="letter-spacing: 1.25pt">
</FONT>a<FONT STYLE="letter-spacing: -0.15pt">r</FONT>e<FONT STYLE="letter-spacing: 0.9pt"> </FONT>an<FONT STYLE="letter-spacing: 1.05pt">
</FONT>integ<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.45pt">a</FONT>l<FONT STYLE="letter-spacing: 1.85pt">
</FONT>part<FONT STYLE="letter-spacing: 2pt"> </FONT>of<FONT STYLE="letter-spacing: 1.4pt"> </FONT>the<FONT STYLE="letter-spacing: 1pt">
</FONT>consolid<FONT STYLE="letter-spacing: -0.3pt">a</FONT>ted interim<FONT STYLE="letter-spacing: 0.1pt"> </FONT>financi<FONT STYLE="letter-spacing: -0.45pt">a</FONT>l
st<FONT STYLE="letter-spacing: -0.3pt">a</FONT>tements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20">&nbsp;</P>


<!-- Field: Page; Sequence: 5; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">GREAT AJAX CORP. AND SUBSIDIARIES<BR>
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Unaudited)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">(Dollars in thousands)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Common</B><BR>
                                         <B>Stock</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Additional&nbsp;Paid-in</B><BR>
                                         <B>Capital</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Retained</B><BR>
                                         <B>Earnings</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B><BR><B>Stockholders&rsquo;</B><BR>
                                         <B>Equity</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Noncontrolling</B><BR>
                                         <B>Interest</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B><BR>
                                         <B>Equity</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 34%; text-indent: -9.35pt; padding-left: 9.35pt">Balance at December 31, 2014</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">112</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">158,951</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">2,744</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">161,807</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">9,473</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">171,280</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.25in; padding-left: 0.25in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Issuance of shares</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,529</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">51,529</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net income</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,076</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,076</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">398</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,474</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Stock-based management fee expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">814</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">814</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">814</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Stock-based compensation expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Dividends and distributions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,541</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,541</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(213</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,754</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance at June 30, 2015</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">152</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">211,361</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">7,279</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">218, 792</P></TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,658</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">228,450</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20">The<FONT STYLE="letter-spacing: 0.95pt">
</FONT>accompa<FONT STYLE="letter-spacing: -0.4pt">n</FONT>ying<FONT STYLE="letter-spacing: 0.15pt"> </FONT>notes<FONT STYLE="letter-spacing: 1.25pt">
</FONT>a<FONT STYLE="letter-spacing: -0.15pt">r</FONT>e<FONT STYLE="letter-spacing: 0.9pt"> </FONT>an<FONT STYLE="letter-spacing: 1.05pt">
</FONT>integ<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.45pt">a</FONT>l<FONT STYLE="letter-spacing: 1.85pt">
</FONT>part<FONT STYLE="letter-spacing: 2pt"> </FONT>of<FONT STYLE="letter-spacing: 1.4pt"> </FONT>the<FONT STYLE="letter-spacing: 1pt">
</FONT>consolid<FONT STYLE="letter-spacing: -0.3pt">a</FONT>ted interim<FONT STYLE="letter-spacing: 0.1pt"> </FONT>financi<FONT STYLE="letter-spacing: -0.45pt">a</FONT>l
st<FONT STYLE="letter-spacing: -0.3pt">a</FONT>tements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; color: #231F20">&nbsp;</P>


<!-- Field: Page; Sequence: 6; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>GREAT AJAX CORP. AND SUBSIDIARIES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>June 30, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Unaudited)</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">Note 1 &mdash; Organization and basis of
presentation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Great Ajax Corp., a Maryland corporation (the
&ldquo;Company&rdquo;), is an externally managed real estate company formed on January 30, 2014 and capitalized on March 28, 2014
by its then sole stockholder, Aspen Yo LLC (&ldquo;Aspen Yo&rdquo;), a company affiliated with the Aspen Capital companies (&ldquo;Aspen
Capital&rdquo;). The Company was formed to facilitate capital raising activities and to operate as a mortgage real estate investment
trust. The Company focuses primarily on acquiring, investing in and managing a portfolio of re-performing and non-performing mortgage
loans secured by single-family residences and, to a lesser extent, single-family properties. Re-performing loans are loans on which
at least five of the seven most recent payments have been made, or the most recent payment has been made and accepted pursuant
to an agreement, or the full dollar amount to cover at least five payments has been paid in the last seven months. Non-performing
loans are those loans on which the most recent three payments have not been made. The Company also invests in loans secured by
smaller multi-family residential and commercial mixed use retail/residential properties, as well as in the properties directly.
The Company&rsquo;s manager is Thetis Asset Management LLC (the &ldquo;Manager&rdquo; or &ldquo;Thetis&rdquo;), an affiliated company.
The Company owns 19.8% of the Manager. The Company&rsquo;s mortgage loans and real properties are serviced by Gregory Funding LLC
(&ldquo;Gregory&rdquo; or &ldquo;Servicer&rdquo;), also an affiliated company. The Company expects to qualify and will elect to
be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended (the &ldquo;Code&rdquo;),
commencing with the year ended December 31, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company conducts substantially all of its
business through its operating partnership, Great Ajax Operating Partnership L.P., a Delaware limited partnership, and its subsidiaries.
The Company, through a wholly owned subsidiary, is the sole general partner of the operating partnership. GA-TRS LLC, or Thetis
TRS, is a wholly owned subsidiary of the operating partnership that owns the equity interest in the Manager. The Company elected
to treat Thetis TRS as a &ldquo;taxable REIT subsidiary&rdquo; (&ldquo;TRS&rdquo;) under the Code. In September 2014, the Company
formed Great Ajax Funding LLC, a wholly owned subsidiary of the operating partnership, to act as the depositor of mortgage loans
into securitization trusts and to hold the subordinated securities issued by such trusts and any additional trusts the Company
may form for additional securitizations. The Company generally securitizes its mortgage loans and retains subordinated securities
from the securitizations. In November 2014, the Company formed AJX Mortgage Trust I, a wholly owned subsidiary of the operating
partnership, in connection with a repurchase facility. In addition, the Company, through its operating partnership, holds real
estate owned properties (&ldquo;REO&rdquo;) acquired upon the foreclosure or other settlement of its owned non-performing loans,
as well as through outright purchases. On February 1, 2015, the Company formed GAJX Real Estate LLC, as a wholly owned subsidiary
of the operating partnership, to own, maintain, improve and sell REO properties. The Company has elected to treat GAJX Real Estate
LLC as a TRS under the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company commenced its operations following
the completion of its initial private offering in July 2014. On July 8, 2014, the Company closed a private offering, pursuant to
which the Company sold 8,213,116 shares of common stock and 453,551 Class A Units of the operating partnership (the &ldquo;OP Units&rdquo;),
which are redeemable on a 1-for-1 basis into shares of its common stock after one year of ownership. On August 1, 2014, the Company
closed the sale of an additional 263,570 shares of common stock and 14,555 OP Units pursuant to the exercise of the option to purchase
additional shares granted to the initial purchaser and placement agent. The purchase price per share and per OP Unit was $15.00.
In these offerings, which are referred to collectively as the &ldquo;Original Private Placement,&rdquo; the net proceeds, including
from the additional shares purchased pursuant to the option to purchase additional shares and OP Units, after deducting the initial
purchaser&rsquo;s discount and placement fee and estimated offering expenses payable, was approximately $128.4 million. The Original
Private Placement was made in reliance on the exemptions from registration set forth in Section 4(a)(2) of the Securities Act of
1933, as amended (the &ldquo;Securities Act&rdquo;), and Rule 506 of Regulation D thereunder and Rule 144A under the Securities
Act.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the closing of the Original Private Placement,
the Company used $48.8 million of the proceeds to acquire its initial mortgage portfolio through the acquisition of 82% of the
equity interests in Little Ajax II, LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 7; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">(&ldquo;Little Ajax II&rdquo;). Little Ajax II
was an affiliated entity that acquired primarily re-performing mortgage loans and a number of non-performing mortgage loans in
a series of transactions between December 1, 2013 and July 7, 2014. In September 2014, the Company completed a transaction to acquire
the remaining interests in this initial mortgage-related asset portfolio. The transaction initially had Little Ajax II redeem the
82% membership interest of the operating partnership by distributing to the operating partnership 82% of all Little Ajax II loans,
participation interests and real property. The operating partnership then purchased for cash the remaining 18% interest in such
real estate assets for an aggregate purchase price of approximately $11.4 million. The operating partnership also purchased from
Gregory its 5% interest in the 43 loans in which Little Ajax II held a 95% participation interest for approximately $0.2 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On December 16, 2014, the Company closed an
additional private placement (the &ldquo;Second Private Placement&rdquo;), pursuant to which it sold 2,725,326 shares of common
stock and 156,000 OP Units. The purchase price per share was $15.00. The net proceeds from the private placement after deducting
the placement fee and offering expenses paid by the Company, was approximately $41.2 million. The Company used the proceeds of
the Original Private Placement and the Second Private Placement, referred to collectively as the Private Placements, to purchase
re-performing and non-performing loans. The Company completed its initial public offering, or IPO, in February 2015 in which the
Company and selling stockholders sold an aggregate of 5,276,797 shares of common stock, including shares sold pursuant to exercise
of the option to purchase additional shares granted to the underwriters. The Company sold 3,976,464 shares of common stock and
selling stockholders sold 1,300,333 shares of common stock, in each case, including shares sold pursuant to exercise of the option
to purchase additional shares granted to the underwriters. &nbsp;The Company used the approximately $53.9 million of proceeds (after
deducting the underwriting discount but before deducting estimated offering expenses) to acquire additional mortgage loans and
mortgage-related assets.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Basis of presentation and use of estimates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">These
interim consolidated financial statements should be read in conjunction with the Company&rsquo;s consolidated financial statements
and the notes thereto for the period ended December&nbsp;31, 2014 included in the Annual Report on Form&nbsp;10-K filed with the
</FONT>Securities and Exchange Commission (the &ldquo;SEC&rdquo;) <FONT STYLE="font-family: Times New Roman, Times, Serif">on March&nbsp;26,
2015.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Interim financial statements are prepared in
accordance with accounting principles generally accepted in the United States (&ldquo; U.S. GAAP&rdquo;) for interim financial
information and pursuant to the requirements for reporting on Form&nbsp;10-Q and Regulation S-X. In the opinion of management,
all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements
for the interim period presented, have been included. The current period&rsquo;s results of operations will not necessarily be
indicative of results that ultimately may be achieved for the fiscal year ending December&nbsp;31, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The consolidated financial statements have been
prepared in accordance with U.S. GAAP, as contained within the Accounting Standards Codification (&ldquo;ASC&rdquo;) of the Financial
Accounting Standards Board (&ldquo;FASB&rdquo;) and the rules and regulations of the SEC, as applied to interim financial statements.
Comparative income statement periods have been omitted as the Company had no operations prior to July 8, 2014.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">All controlled subsidiaries are included in
the consolidated financial statements and all intercompany accounts and transactions have been eliminated in consolidation. The
operating partnership is a majority owned partnership that has a non-controlling ownership interest that is included in non-controlling
interests on the consolidated balance sheet. As of June 30, 2015, the Company owned 96.1% of the outstanding OP Units and the remaining
3.9% of the OP Units were owned by an unaffiliated holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&rsquo;s 19.8% investment in the
Manager is accounted for using the equity method because it exercises significant influence on the operations of the Manager through
common officers and directors. There is no traded or quoted price for the interests in the Manager since it is privately held.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The preparation of consolidated financial statements
in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets
and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and
the reported amounts of revenues and expenses during the reporting periods. The Company considers significant estimates to include
expected cash flows from mortgage loans and fair value measurements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 8; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Note 2 &mdash; Summary of significant accounting policies</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Cash and cash equivalents</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Highly liquid investments with an original maturity
of three months or less when purchased are considered cash equivalents. The Company maintains cash and cash equivalents at insured
banking institutions. Certain account balances exceed Federal Deposit Insurance Corporation (&ldquo;FDIC&rdquo;) insurance coverage
and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Organizational expenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Organizational expenses are expensed as incurred
or when they become reimbursable. Organizational expenses consisted mainly of legal fees.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Offering costs</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Costs associated with the Company&rsquo;s completed offering
of shares of common stock have been netted against, and are reflected as a reduction in additional paid-in capital.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Earnings per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Basic earnings per share is computed by dividing
consolidated net income attributable to common stockholders by the weighted average common stock outstanding during the period.
The Company treats unvested restricted stock issued under its stock-based compensation plan, which are entitled to non-forfeitable
dividends, as participating securities and applies the two-class method in calculating basic earnings per share. Diluted earnings
per share is computed by dividing consolidated net income attributable to common stockholders by the weighted average common stock
outstanding for the period plus other potentially dilutive securities, such as stock grants, shares that would be issued in the
event that OP Units are redeemed for shares of common stock of the Company and shares issued in respect of the stock-based portion
of the base fee payable to the Manager and directors&rsquo; fees.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Stock-based payments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Management Agreement (as defined below)
provides for the payment to the Manager of a management fee. The Company pays half of the management fee in cash, and half of the
management fee in shares of the Company&rsquo;s common stock, which are issued to the Manager in a private placement and are restricted
securities under the Securities Act. Shares issued to the Manager are determined based on the higher of the most recently reported
book value or the average of the closing prices of our common stock on the NYSE on the five business days after the date on which
the most recent regular quarterly dividend to holders of our common stock is paid. Management fees paid in common stock are expensed
in the quarter incurred and recorded in equity at quarter end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the Company&rsquo;s 2014 Director
Equity Plan (the &ldquo;Director Plan&rdquo;), the Company may make stock-based awards. The Company has issued to each of the independent
directors restricted stock awards of 2,000 shares of its common stock, which are subject to a one-year vesting period. In addition,
each of the Company&rsquo;s independent directors receives an annual retainer of $50,000, payable quarterly, half of which is paid
in shares of the Company&rsquo;s common stock on the same basis as the stock portion of the management fee payable to the Manager,
and half in cash. Stock-based expense for the directors&rsquo; annual retainer is expensed as earned, in equal quarterly amounts
during the year, and recorded in equity at quarter end.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Directors&rsquo; fees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The expense related to directors&rsquo; fees
is accrued and reflected in stockholders&rsquo; equity in the period in which it is incurred.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Management fee and expense reimbursement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the management agreement with the Manager,
the Company pays a quarterly base management fee based on its stockholders&rsquo; equity and a quarterly incentive management fee
based on its cash distributions to its stockholders. Manager fees are expensed in the quarter incurred and the portion payable
in common stock is included in stockholders&rsquo; equity at quarter-end. See &ldquo;Note 9 &mdash; Related party transactions.&rdquo;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Servicing fees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the servicing agreement, Gregory receives
servicing fees ranging from 0.65% &ndash; 1.25% annually of unpaid principal balance (&ldquo;UPB&rdquo;) (or the fair market value
or purchase price of REO that the Company owns or acquires). Gregory is reimbursed for all customary, reasonable and necessary
out-of-pocket costs and expenses incurred in the performance of its obligations, including the actual cost of any repairs and renovations
undertaken on the Company&rsquo;s behalf. The total fees incurred by the Company for these services will be dependent upon the
UPB and type of mortgage loans that Gregory services, property values, previous UPB of the relevant loan, and the number of REO
properties. The agreement will automatically renew for successive one-year terms, subject to prior written notice of non-renewal.
In certain cases, the Company may be obligated to pay a termination fee. The Management Agreement will automatically terminate
at the same time as the servicing agreement if the servicing agreement is terminated for any reason. See &ldquo;Note 9 &mdash;
Related party transactions.&rdquo;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Fair value of financial instruments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Fair value is defined as the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. A fair value hierarchy has been established which requires an entity to maximize the use of observable inputs and minimize
the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure
fair value:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Level 1</B> &mdash; Quoted prices in active markets for identical assets or liabilities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Level 2</B> &mdash; Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities;
quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data
for substantially the full term of the assets or liabilities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><B>Level 3</B> &mdash; Unobservable inputs that are supported by little or no market activity and that are significant to the
fair value of the assets or liabilities.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The degree of judgment utilized in measuring
fair value generally correlates to the level of pricing observability. Assets and liabilities with readily available actively quoted
prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability
and a lesser degree of judgment utilized in measuring fair value. Conversely, assets and liabilities rarely traded or not quoted
will generally have little or no pricing observability and a higher degree of judgment utilized in measuring fair value. Pricing
observability is impacted by a number of factors, including the type of asset or liability, whether it is new to the market and
not yet established, and the characteristics specific to the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Property held-for-sale is measured at cost at
acquisition and subsequently measured at the lower of cost or fair value less cost to sell on a nonrecurring basis. The fair value
of property held-for-sale is generally based on estimated market prices from an independently prepared appraisal, an independent
broker price opinion (&ldquo;BPO&rdquo;), or management&rsquo;s judgment as to the selling price of similar properties.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Income taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company intends to elect REIT status upon
the filing of its 2014 income tax return, and has conducted its operations in order to satisfy and maintain eligibility for REIT
status. Accordingly, the Company does not believe it will be subject to U.S. federal income tax from the year ended December 31,
2014 forward on the portion of the Company&rsquo;s REIT taxable income that is distributed to the Company&rsquo;s stockholders
as long as certain asset, income and stock ownership tests are met. If after electing to be taxed as a REIT, the Company subsequently
fails to qualify as a REIT in any taxable year, it generally will not be permitted to qualify for treatment as a REIT for U.S.
federal</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 10; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">income tax purposes for the four taxable years
following the year during which qualification is lost. The Company may also be subject to state or local income or franchise taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Thetis TRS, GAJX Real Estate LLC and any other
TRS that the Company forms, will be subject to U.S. federal and state income taxes. On January 13, 2015, the Company applied for
a private letter ruling from the Internal Revenue Service that would allow it to exclude its proportionate share of gross income
from the Manager if it held its interest in the Manager through the operating partnership. If the Company receives such a ruling,
it expects that it will hold its interest in the Manager through the operating partnership, instead of through Thetis TRS; however,
there is no assurance that such a ruling will be issued. Income taxes are provided for using the asset and liability method. A
provision for income taxes of $16,400 was recorded for both the three- and six-month periods ended June 30, 2015. Deferred tax
assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts
of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted
rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered
or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs.
Subject to the Company&rsquo;s judgment, it reduces a deferred tax asset by a valuation allowance if it is &ldquo;more&ndash;likely-than-not&rdquo;
that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations
by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and
the Company recognizes tax benefits only if it is more likely than not that a tax position will be sustained upon examination by
the appropriate taxing authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company evaluates tax positions taken in
its consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this
evaluation, the Company may recognize a tax benefit from an uncertain tax position only if it is &ldquo;more-likely-than-not&rdquo;
that the tax position will be sustained on examination by taxing authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&rsquo;s tax returns remain subject
to examination and consequently, the taxability of the distributions and other tax positions taken by the Company may be subject
to change. Distributions to stockholders generally will be taxable as ordinary income, although a portion of such distributions
may be designated as long-term capital gain or qualified dividend income, or may constitute a return of capital. The Company will
furnish annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal
income tax treatment.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Mortgage loans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Purchased mortgage loans are initially recorded
at the purchase price, net of any acquisition fees or costs at the time of acquisition and are considered asset acquisitions. As
part of the determination of the purchase price for mortgage loans, the Company uses a discounted cash flow valuation model to
model expected cash flows, and which considers alternate loan resolution probabilities, including liquidation or conversion to
real estate owned. Observable inputs to the model include current interest rates, loan amounts, status of payments and property
types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities,
resolution timelines, the value of underlying properties and other economic and demographic data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under ASC 310-30, acquired loans may be aggregated
and accounted for as a pool of loans if the loans being aggregated have some degree of credit quality deterioration since origination
and have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate
expectation of cash flows. Re-performing mortgage loans have been determined to have common risk characteristics and are accounted
for as a single loan pool for loans acquired within each three-month fiscal quarter. Similarly, non-performing mortgage loans have
been determined to have common risk characteristics and are accounted for as a single non-performing pool for loans acquired within
each three-month fiscal quarter. Under ASC 310-30, the Company estimates cash flows expected to be collected, adjusted for expected
prepayments and defaults expected to be incurred over the life of the loan pool. The Company determines the excess of the loan
pool&rsquo;s contractually required principal and interest payments over the expected cash flows as an amount that should not be
accreted, referred to as the non-accretable yield. The difference between expected cash flows and the purchase price (at acquisition)
or the present value of the expected cash flows is referred to as the accretable yield, which represents the amount that is expected
to be recorded as interest income over the remaining life of the loan pool. For the three-</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 11; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">and six-months ended June 30, 2015, the Company recognized no provision
for loan loss. For the three- and six-months ended June 30, 2015, the Company accreted $10.8 million and $17.7 million, respectively,
into interest income with respect to its loan portfolio. As of June 30, 2015, the Company&rsquo;s loan portfolio had a UPB of $596.3
million and a carrying value of $444.4 million and at December 31, 2014, a UPB of $298.6 million and carrying value of $211.2 million, which excludes one loan in which it holds a 40.5% beneficial interest through an
equity method investee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Generally, the Company acquires loans at a discount
associated with some degree of credit impairment. The Company elects to aggregate certain pools of loans with common risk characteristics
and accrue interest income thereon at a composite interest rate, based on expectations of cash flows to be collected for the pool.
Expectations of pool cash flow are reviewed quarterly. Adjustments to a pool&rsquo;s prospective composite interest rate or an
allowance for impairment are made to the extent revised expectations differ from original estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For loans that do not qualify for pool aggregation
treatment, including performing loans that are not purchased at discounts resulting from credit-related issues, interest is recognized
using the simple-interest method on daily balances of the principal amount outstanding, adjusted for the amortization or accretion
of the loan premium or discount over the contractual life of the loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Accrual of interest on individual loans is discontinued
when management believes that, after considering economic and business conditions and collection efforts, the borrower&rsquo;s
financial condition is such that collection of interest is doubtful. The Company&rsquo;s policy is to stop accruing interest when
a loan&rsquo;s delinquency exceeds 90 days. All interest accrued but not collected for loans that are placed on non-accrual status
or subsequently charged-off are reversed against interest income. Income is subsequently recognized on the cash basis until, in
management&rsquo;s judgment, the borrower&rsquo;s ability to make periodic principal and interest payments returns and future payments
are reasonably assured, in which case the loan is returned to accrual status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An individual loan is considered to be impaired
when, based on current events and conditions, it is probable the Company will be unable to collect all amounts due (both principal
and interest) according to the contractual terms of the loan agreement. Impaired loans are carried at the present value of expected
future cash flows discounted at the loan&rsquo;s effective interest rate, the loan&rsquo;s market price, or the fair value of the
collateral if the loan is collateral dependent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For individual loans, a troubled debt restructuring
is a formal restructuring of a loan where, for economic or legal reasons related to the borrower&rsquo;s financial difficulties,
a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms,
including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity
date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and
is subject to the relevant accounting for impaired loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The allowance for loan losses is established
through a provision for loan losses charged to expenses. The allowance is an amount that management believes will be adequate to
absorb probable losses on existing loans that may become uncollectible, based on evaluations of the collectability of loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Purchased non-performing loans that are accounted
for as individual loans are recorded at fair value, which is generally the purchase price. Interest income is recognized on a cash
basis and loan purchase discount is accreted to income in proportion to the actual principal paid. Loans are tested quarterly for
impairment and impairment reserves are recorded to the extent the fair market value of the underlying collateral falls below net
book value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.3pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="letter-spacing: -0.3pt">W</FONT>hile<FONT STYLE="letter-spacing: 0.55pt">
</FONT>the Compa<FONT STYLE="letter-spacing: -0.4pt">n</FONT>y gene<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.45pt">a</FONT>l<FONT STYLE="letter-spacing: -0.2pt">l</FONT>y<FONT STYLE="letter-spacing: 1pt">
</FONT>intends<FONT STYLE="letter-spacing: 1.75pt"> </FONT>to<FONT STYLE="letter-spacing: 1pt"> </FONT>hold<FONT STYLE="letter-spacing: 1.4pt">
</FONT>its<FONT STYLE="letter-spacing: 1.45pt"> </FONT>assets<FONT STYLE="letter-spacing: 0.7pt"> </FONT>as<FONT STYLE="letter-spacing: 0.5pt">
</FONT>long-te<FONT STYLE="letter-spacing: 0.2pt">r</FONT>m<FONT STYLE="letter-spacing: 2.3pt"> </FONT>i<FONT STYLE="letter-spacing: -0.4pt">n</FONT><FONT STYLE="letter-spacing: -0.15pt">v</FONT>estments,<FONT STYLE="letter-spacing: 2.3pt">
</FONT>it m<FONT STYLE="letter-spacing: -0.4pt">a</FONT>y s<FONT STYLE="letter-spacing: -0.15pt">e</FONT>ll certain of<FONT STYLE="letter-spacing: 1.4pt">
</FONT>its loans in o<FONT STYLE="letter-spacing: -0.15pt">r</FONT>der to<FONT STYLE="letter-spacing: 1pt"> </FONT>man<FONT STYLE="letter-spacing: -0.2pt">a</FONT>ge
its<FONT STYLE="letter-spacing: 1.45pt"> </FONT>inte<FONT STYLE="letter-spacing: -0.15pt">r</FONT>est <FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.3pt">a</FONT>te<FONT STYLE="letter-spacing: 1.45pt">
</FONT>risk and<FONT STYLE="letter-spacing: 1.45pt"> </FONT>liquidity needs, meet other ope<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.3pt">a</FONT>ting
object<FONT STYLE="letter-spacing: -0.15pt">iv</FONT>es and ad<FONT STYLE="letter-spacing: -0.2pt">a</FONT>pt &nbsp;to<FONT STYLE="letter-spacing: 1pt">
</FONT>ma<FONT STYLE="letter-spacing: -0.15pt">r</FONT>ket conditions. <FONT STYLE="letter-spacing: 0.2pt">&nbsp;</FONT>The timing
and<FONT STYLE="letter-spacing: 1.45pt"> </FONT>impact of<FONT STYLE="letter-spacing: 1.4pt"> </FONT>futu<FONT STYLE="letter-spacing: -0.15pt">r</FONT>e
s<FONT STYLE="letter-spacing: -0.45pt">a</FONT>les of<FONT STYLE="letter-spacing: 1.4pt"> </FONT>loans, if a<FONT STYLE="letter-spacing: -0.4pt">n</FONT>y,
cannot be p<FONT STYLE="letter-spacing: -0.15pt">r</FONT>edicted with a<FONT STYLE="letter-spacing: -0.4pt">n</FONT>y<FONT STYLE="letter-spacing: 1pt">
</FONT>certainty. &nbsp;Since<FONT STYLE="letter-spacing: 0.2pt"> </FONT>the Company <FONT STYLE="letter-spacing: -0.15pt">e</FONT>xpects<FONT STYLE="letter-spacing: 0.7pt">
</FONT>th<FONT STYLE="letter-spacing: -0.3pt">a</FONT>t its assets<FONT STYLE="letter-spacing: 0.7pt"> </FONT>will<FONT STYLE="letter-spacing: -0.3pt">
</FONT>gene<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.45pt">a</FONT>l<FONT STYLE="letter-spacing: -0.2pt">l</FONT>y<FONT STYLE="letter-spacing: 1pt">
</FONT>be <FONT STYLE="letter-spacing: 0.2pt">f</FONT>inanced, it <FONT STYLE="letter-spacing: -0.15pt">e</FONT>xpects<FONT STYLE="letter-spacing: 0.7pt">
</FONT>th<FONT STYLE="letter-spacing: -0.3pt">a</FONT>t a<FONT STYLE="letter-spacing: 0.55pt"> </FONT>signi<FONT STYLE="letter-spacing: 0.2pt">f</FONT>icant
portion of<FONT STYLE="letter-spacing: 1.4pt"> </FONT>the<FONT STYLE="letter-spacing: 1pt"> </FONT>proceeds from s<FONT STYLE="letter-spacing: -0.45pt">a</FONT>les
of<FONT STYLE="letter-spacing: 1.4pt"> </FONT>its assets<FONT STYLE="letter-spacing: 0.7pt"> </FONT>(if a<FONT STYLE="letter-spacing: -0.4pt">n</FONT>y),
p<FONT STYLE="letter-spacing: -0.15pt">r</FONT>ep<FONT STYLE="letter-spacing: -0.4pt">a</FONT>yments<FONT STYLE="letter-spacing: -0.05pt">
</FONT>and scheduled amortiz<FONT STYLE="letter-spacing: -0.3pt">a</FONT>tion will<FONT STYLE="letter-spacing: -0.3pt"> </FONT>be
used to<FONT STYLE="letter-spacing: 1pt"> </FONT><FONT STYLE="letter-spacing: -0.15pt">r</FONT>ep<FONT STYLE="letter-spacing: -0.4pt">a</FONT>y<FONT STYLE="letter-spacing: 1.4pt">
</FONT>b<FONT STYLE="letter-spacing: -0.45pt">a</FONT>lances under its <FONT STYLE="letter-spacing: 0.2pt">f</FONT>inancing sou<FONT STYLE="letter-spacing: -0.15pt">r</FONT>ces.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 12; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Residential properties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Property is recorded at cost if purchased, or
at fair value of the asset less estimated selling costs if obtained through foreclosure by the Company. Property that is currently
unoccupied and actively marketed for sale is classified as held-for-sale. Property held-for-sale is carried at the lower of cost
or fair market value. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges
to income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No depreciation or amortization expense is recognized
on properties held-for-sale, while holding costs are expensed as incurred. Rental property is property not held-for-sale. Rental
properties are intended to be held as long-term investments but may eventually be held-for-sale. Depreciation is provided for using
the straight-line method over the estimated useful lives of the assets of three to 27.5 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to residential rental properties
not held-for-sale, the Company performs an impairment analysis using estimated cash flows if events or changes in circumstances
indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental
factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed
at the property level. These cash flows are estimated based on a number of assumptions that are subject to economic and market
uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates,
costs to operate each property and expected ownership periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the carrying amount of a held-for-investment
asset exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the difference
between estimated fair value of the asset and the carrying amount. The Company generally estimates the fair value of assets held
for use by using BPOs. In some instances, appraisal information may be available and is used in addition to BPOs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company performs property renovations to
maximize the value of the property for its rental strategy. Such expenditures are part of its initial investment in a property
and, therefore, are capitalized as part of the basis of the property. Subsequently, the residential property, including any renovations
that improve or extend the life of the asset, are accounted for at cost. The cost basis is depreciated using the straight-line
method over an estimated useful life of three to 27.5 years. Interest and other carrying costs incurred during the renovation period
are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged
to expense as incurred.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Segment information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&rsquo;s primary business is acquiring,
investing in and managing a portfolio of mortgage loans. The Company operates in a single segment focused on non-performing mortgages
and re-performing mortgages.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Emerging growth company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Section 107 of the Jumpstart Our Business Startups
Act (the &ldquo;JOBS Act&rdquo;) provides that an emerging growth company can take advantage of the extended transition period
provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an
emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private
companies. The Company has elected to take advantage of the benefits of this extended transition period. Its consolidated financial
statements may, therefore, not be comparable to those of companies that comply with such new or revised accounting standards.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Reclassifications</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The December 31, 2014 amounts included in the
delinquency table in Note 3 &ndash; Mortgage loans have been reclassified from delinquent to current to reflect a correction of
an error in the presentation of the disclosure that is immaterial to the consolidated financial statements taken as a whole. Such
reclassifications did not affect cash flows, net revenues, net income, total assets, total liabilities or total equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 13; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Recently issued accounting standards</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In January 2014, FASB issued Accounting Standards
Update (&ldquo;ASU&rdquo;) 2014-04, Troubled Debt Restructurings by Creditors. It provides that if a repossession or foreclosure
has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing
a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion
of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy
that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendment
requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded
investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The amended
guidance may be applied using either a prospective transition method or a modified retrospective transition method and is effective
for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. We
adopted this standard in the first quarter of 2015 and it did not have a material impact on our financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In May 2014, the FASB issued ASU 2014-09 Revenue
from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue
to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange
for those goods or services<FONT STYLE="color: #1F497D">. </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">While
ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real
estate or equipment. </FONT>ASU 2014-09 may be applied using either a full retrospective or a modified retrospective approach and
is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is
not permitted. <FONT STYLE="font-family: Times New Roman, Times, Serif">On April 29, 2015, the FASB proposed a one-year deferral
of the effective date for ASU 2014-09. </FONT>The Company is evaluating the impact of this amendment on its financial position
and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In February 2015, the FASB issued ASU 2015-02
Amendments to the Consolidation Analysis. These amendments: (1) modify the evaluation of whether limited partnerships and similar
legal entities are variable interest entities (&ldquo;VIEs&rdquo;) or voting interest entities; (2) eliminate the presumption that
a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are
involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) provide a scope exception
from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate
in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money
market funds. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company
is evaluating the impact of this amendment on its financial position and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In April 2015, the FASB issued ASU 2015-03 Interest
&ndash; Imputation of Interest. The amendments in this update require that debt issuance costs be presented in the balance sheet
as a direct deduction from the carrying amount of a debt liability, consistent with debt discounts. This guidance is effective
for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. This guidance may be
adopted retrospectively or under a modified retrospective method where the cumulative effect is recognized at the date of initial
application. The Company is evaluating the impact of this amendment on its financial position and results of operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Note 3 &mdash; Mortgage loans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following tables present information regarding
the contractually required payments and the estimated cash flows expected to be collected as of the date of the acquisition and
changes in the balance of the accretable yield ($ in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 14; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Three&nbsp;months&nbsp;ended</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Six&nbsp;months&nbsp;ended</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Period&nbsp;from&nbsp;inception&nbsp;to</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">June&nbsp;30,&nbsp;2015</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">June&nbsp;30,&nbsp;2015</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">December&nbsp;31,&nbsp;2014</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Re-performing</B><BR>
                                         <B>loans</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Non-performing</B><BR>
                                         <B>loans</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Re-performing</B><BR>
                                         <B>loans</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Non-performing</B><BR>
                                         <B>loans</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Re-performing</B><BR>
                                         <B>loans</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Non-performing</B><BR>
                                         <B>loans</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; text-align: left">Contractually required principal and interest</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">332,571</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">31,827</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">486,603</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">65,675</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">393,657</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">257,790</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt">Non-accretable yield</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(132,557</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(18,598</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(198,704</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(38,317</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(173,502</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(184,096</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Expected cash flows to be collected</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200,014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,229</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">287,899</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">27,358</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">220,155</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,694</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Accretable yield</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(49,626</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,185</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(73,680</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(8,038</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(60,495</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(22,071</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Fair value at acquisition</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">150,388</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,044</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">214,219</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">19,320</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">159,660</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">51,623</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Accretable&nbsp;yield</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Three&nbsp;months&nbsp;ended</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Six&nbsp;months&nbsp;ended</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">Period&nbsp;from&nbsp;inception&nbsp;to</FONT></TD><TD NOWRAP STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>June&nbsp;30,&nbsp;2015</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>June&nbsp;30,&nbsp;2015</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>December&nbsp;31,&nbsp;2014</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Re-performing</B><BR>
                                         <B>loans</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Non-performing</B><BR>
                                         <B>loans</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Re-performing</B><BR>
                                         <B>loans</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Non-performing</B><BR>
                                         <B>loans</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Re-performing</B><BR>
                                         <B>loans</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Non-performing</B><BR>
                                         <B>loans</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%">Balance at beginning of period</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">74,045</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">22,604</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">54,940</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">20,686</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">&ndash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Accretable yield additions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,626</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,185</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,680</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,038</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,495</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,071</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Accretion</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,739</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,054</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(12,688</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,989</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,555</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,385</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Balance at end of period</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">115,932</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">23,735</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">115,932</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">23,735</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">54,940</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">20,686</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the three- and six-months ended June
30, 2015, the Company recognized $0.7 million and $1.0 million, respectively, for due diligence costs related to these and other
transactions in loan transaction expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth the carrying
value of its mortgage loans, and related UPB by delinquency status as of June 30, 2015 and December 31, 2014 ($ in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>June&nbsp;30,&nbsp;2015</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>December&nbsp;31,&nbsp;2014</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number&nbsp;of</B><BR>
                                         <B>loans</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Carrying</B><BR>
                                         <B>value</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Unpaid</B><BR>
                                         <B>principal</B><BR> <B>balance</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number&nbsp;of</B><BR>
                                         <B>loans</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Carrying</B><BR>
                                         <B>value</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Unpaid</B><BR>
                                         <B>principal</B><BR> <B>balance</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%">Current</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,123</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">209,046</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">267,983</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">439</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">72,727</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">94,993</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">30</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">406</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,969</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,292</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">237</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,954</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,739</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">60</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29,611</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,647</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,766</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">90</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">534</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">77,407</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,345</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">352</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,987</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,691</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">Foreclosure</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">362</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">61,375</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">94,021</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">212</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">33,642</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">55,384</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Mortgage loans</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">2,619</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">444,408</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">596,288</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">1,339</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">211,159</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">298,573</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">These balances do not include one loan in which
we hold a 40.5% beneficial interest through an equity method investee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of June 30, 2015, the Company held 34 residential
properties with a carrying value of $5.1 million that had been foreclosed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&rsquo;s mortgage loans are secured
by real estate. As such, the Company believes that the credit quality indicators for each of its mortgage loans are the timeliness
of payments and the value of the underlying real estate. The Company categorizes mortgage loans as &ldquo;re-performing&rdquo;
and as &ldquo;non-performing.&rdquo; The Company monitors the credit quality of the mortgage loans in its portfolio on an ongoing
basis, principally by considering loan payment activity or delinquency status. In addition, the Company assesses the expected cash
flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it
becomes probable that all amounts contractually due will not be collected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 15; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Note 4 &mdash; Real estate assets, net</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Real estate held for use</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of June 30, 2015, the Company had two REO
properties having an aggregate carrying value of $0.1 million held for use as rentals. Both of these properties had been rented.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Real estate held-for-sale</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of June 30, 2015, the Company classified
54 REO properties having an aggregate carrying value of $9.0 million as real estate held for sale as they do not meet its residential
rental property investment criteria.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Dispositions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the three-months ended June 30, 2015,
the Company disposed of two held-for-sale residential properties and recognized a loss of $7,000. During the six-months ended June
30, 2015, the Company disposed of three held-for-sale residential properties and recognized a loss of $9,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Note 5 &mdash; Fair value of financial instruments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following tables set forth the fair value
of financial assets and liabilities by level within the fair value hierarchy as of June 30, 2015 and December 31, 2014 ($ in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level&nbsp;1</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level&nbsp;2</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level&nbsp;3</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt"><B>June&nbsp;30,&nbsp;2015</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Carrying</B><BR>
                                         <B>Value</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Quoted&nbsp;prices</B><BR>
                                         <B>in&nbsp;active</B><BR> <B>markers</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Observable</B><BR>
                                         <B>inputs&nbsp;other&nbsp;than</B><BR> <B>Level&nbsp;1&nbsp;prices</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Unobservable</B><BR>
                                         <B>inputs</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Not recognized on consolidated balance sheet at fair value (assets)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left; padding-left: 0.25in">Mortgage loans</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">444,408</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">501,369</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Not recognized on consolidated balance sheet at fair value (liabilities)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Borrowings under repurchase agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153,804</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">153,804</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Secured borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116,349</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116,349</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level&nbsp;1</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level&nbsp;2</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Level&nbsp;3</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 8pt"><B>December&nbsp;31,&nbsp;2014</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Carrying</B><BR>
                                         <B>Value</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Quoted&nbsp;prices</B><BR>
                                         <B>in&nbsp;active</B><BR> <B>markers</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Observable</B><BR>
                                         <B>inputs&nbsp;other&nbsp;than</B><BR> <B>Level&nbsp;1&nbsp;prices</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Unobservable</B><BR>
                                         <B>inputs</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Not recognized on consolidated balance sheet at fair value (assets)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 48%; text-align: left; padding-left: 0.25in">Mortgage loans</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">211,159</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&mdash;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">235,623</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.25in; padding-left: 0.25in">Not recognized on consolidated balance sheet at fair value (liabilities)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 0.25in">Borrowings under repurchase agreement</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,249</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,249</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-left: 0.25in">Secured borrowings</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,679</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,679</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">The Company has not transferred any assets from
one level to another level during the three or six months ended June 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The carrying values of its cash and cash equivalents,
related party receivables, accounts payable and accrued liabilities, related party payables and investments in the Manager and
affiliate are equal to or approximate</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 16; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">fair value. Property held-for-sale is measured
at cost at acquisition and subsequently measured at the lower of cost or fair value less cost to sell on a nonrecurring basis.
The fair value of property held-for-sale is generally based on estimated market prices from an independently prepared appraisal,
an independent BPO, or management&rsquo;s judgment as to the selling price of similar properties. No properties held-for-sale were
measured at fair value at June 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The fair value of mortgage loans is estimated
using the Manager&rsquo;s proprietary pricing model which estimates expected cash flows with the discount rate used in the present
value calculation representing the estimated effective yield of the loan. The value of transfers of mortgage loans to real estate
owned is estimated using BPOs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The significant unobservable inputs used in
the fair value measurement of the Company&rsquo;s mortgage loans are the same as those used to calculate the acquisition price,
including discount rates and loan resolution timelines. Significant changes to any of these inputs in isolation could result in
a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value.
An increase in the loan resolution timeline in isolation would decrease the fair value. The following table sets forth quantitative
information about the significant unobservable inputs used to measure the fair value of the Company&rsquo;s mortgage loans as of
June 30, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="width: 79%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1pt solid"><B>Input</B></P></TD>
    <TD NOWRAP STYLE="width: 1%">&nbsp;</TD>
    <TD NOWRAP STYLE="width: 20%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><B>Range of
        Values</B></P></TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">Equity discount rate &ndash; Re-performing loans</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">8% - 14%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Equity discount rate &ndash; Non-performing loans</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">10% - 18%</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">Cost of debt</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">4.25%</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top">Loan resolution timelines &ndash; Re-performing loans (in years)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">4 - 7</TD></TR>
<TR STYLE="background-color: rgb(204,238,255)">
    <TD STYLE="vertical-align: top">Loan resolution timelines &ndash; Non-performing loans (in years)</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">1.4 - 4</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Note 6 &mdash; Unconsolidated affiliates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On December 5, 2014, the Company acquired a
40.5% interest in GA-E 2014-12, a Delaware trust, for $2.2 million. GA-E 2014-12 holds an economic interest in a single small-balance
commercial loan secured by a commercial property in Portland, Oregon. At December 31, 2014, GA-E 2014-12 had a basis in the loan
of $5.4 million. At June 30, 2015, GA-E 2014-12 had a basis in the loan of $5.6 million, and net income of $0.2 million for the
three months ended, and $0.4 million for the six months ended June 30, 2015, of which 40.5% is the Company&rsquo;s share. The Company
accounts for this investment using the equity method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Upon the closing of the Original Private Placement,
the Company received a 19.8% equity interest in Thetis. At December 31, 2014, Thetis had total assets of $2.2 million and liabilities
of $0.2 million. At June 30, 2015, Thetis had total assets of $2.8 million, liabilities of $0.3 million, and net income of $0.3
million for the three months ended, and $0.5 million for the six months ended June 30, 2015, of which 19.8% is the Company&rsquo;s
share. The Company accounts for its investment in Thetis using the equity method. Thetis is a privately held company and there
is no public market for its securities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Note 7 &mdash; Commitments and contingencies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company regularly enters into agreements
to acquire additional mortgage loans and mortgage-related assets, subject to continuing diligence on such assets and other customary
closing conditions. There can be no assurance that the Company will acquire any or all of the mortgage loans identified in any
acquisition agreement as of the date of these consolidated financial statements, and it is possible that the terms of such acquisitions
may change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">At June 30, 2015, we had commitments to purchase
158 re-performing mortgage loans secured by single and one-to-four family residences with aggregate UPB of $46.8 million and an
estimated purchase price of $36.0 million.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Litigation, claims and assessments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt"><FONT STYLE="font-weight: normal">From time
to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of June
30, 2015, the Company was not a party to, and its properties were not </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 17; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-weight: normal">subject to, any pending or threatened
legal proceedings that individually or in the aggregate, are expected to have a material impact on its financial condition, results
of operations or cash flows.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Note 8 &mdash; Debt</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Repurchase agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On November 25, 2014, the Company entered into
a repurchase facility pursuant to which a newly formed Delaware statutory trust wholly owned by the operating partnership, AJX
Mortgage Trust I, the &ldquo;Seller,&rdquo; will acquire, from time to time, pools of mortgage loans that are primarily secured
by first liens on one-to-four family residential properties from its affiliates and/or third party sellers. The facility was amended
on May 13, 2015 to increase the transaction limit. These mortgage loans will generally be sold from time to time by the operating
partnership as the &ldquo;Guarantor&rdquo; to the Seller pursuant to the terms of a mortgage loan purchase agreement by and between
the Guarantor, as seller, and the Seller, as purchaser, in accordance with the terms thereof. Pursuant to the Master Repurchase
Agreement (the &ldquo;MRA&rdquo;), these mortgage loans, together with the Seller&rsquo;s 100% ownership interests in its wholly
owned subsidiary, a newly formed Delaware limited liability company (&ldquo;REO I&rdquo;), and any future REO subsidiaries wholly
owned by the Seller and certain other property of the Seller, will be sold by the Seller to Nomura Corporate Funding Americas,
LLC, as Buyer, from time to time, pursuant to one or more transactions, not exceeding $200 million, with a simultaneous agreement
by the Seller to repurchase such mortgage loans and other property, as provided in the MRA. The obligations of the Seller are guaranteed
by the operating partnership. Repurchases under this facility carry interest calculated based on a spread to one-month LIBOR and
are fixed for the term of the borrowing. The purchase price for each mortgage loan or REO is generally equal to 65% of the acquisition
price for such asset or the then current BPO for the asset. The difference between the market value of the asset and the amount
of the repurchase agreement is the amount of equity the Company has in the position and is intended to provide the lender some
protection against fluctuations of value in the collateral and/or the failure by the Company to repay the borrowing at maturity.
The Company has effective control over the assets associated with this agreement and therefore it is accounted for as a financing
arrangement. The facility termination date is November 24, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Gregory services these mortgage loans and the
REO properties pursuant to the terms of a servicing agreement by and among the Servicer, the Seller, REO I and any other REO Subsidiary,
which servicing agreement has the same fees and expenses terms as the Company&rsquo;s servicing agreement described under Note
9 &mdash; Related Party Transactions. The operating partnership as Guarantor will provide to the Buyer a limited guaranty of certain
losses incurred by the Buyer in connection with certain events and/or the Seller&rsquo;s obligations under the MLPA, following
the breach of certain covenants by the Seller or an REO Subsidiary related to their status as a special purpose entity, the occurrence
of certain bad acts by the Seller Parties, the occurrence of certain insolvency events of the Seller or an REO Subsidiary or other
events specified in the Guaranty. As security for its obligations under the Guaranty, the Guarantor will pledge the Trust Certificate
representing the Guarantor&rsquo;s 100% beneficial interest in the Seller. While the Guaranty establishes a master netting arrangement, the arrangement does not meet the criteria for offsetting. The amount outstanding on the Company&rsquo;s repurchase facility and the carrying value of the Company&rsquo;s loans pledged as collateral are presented as gross amounts in the Company&rsquo;s balance sheets at June 30, 2015 and December 31, 2014. The following table sets forth the details of the repurchase
agreement ($ in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">June&nbsp;30,&nbsp;2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">December&nbsp;31,&nbsp;2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Maturity&nbsp;Date</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Maximum<BR>
    borrowing<BR> capacity</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount<BR>
    outstanding</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Carrying<BR>
    value&nbsp;of<BR> collateral</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Interest<BR>
    rate</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Amount<BR>
    outstanding</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Carrying<BR>
    value&nbsp;of<BR> collateral</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Interest<BR>
    rate</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 23%; padding-bottom: 2.5pt">November 24, 2015</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 2.5pt double; text-align: right">200,000</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 2.5pt double; text-align: right">153,804</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 2.5pt double; text-align: right">241,689</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 2.5pt double; text-align: right">4.00</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">%</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 2.5pt double; text-align: right">15,249</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="width: 8%; border-bottom: Black 2.5pt double; text-align: right">23,460</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; border-bottom: Black 2.5pt double; text-align: right">4.00</TD><TD STYLE="width: 1%; padding-bottom: 2.5pt; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Secured borrowings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">From the commencement of operations to June
30, 2015, the Company has completed three securitizations pursuant to Rule 144A under the Securities Act. The securitizations are
structured as debt financings and not REMIC sales, and the loans included in the securitizations remain on the Company&rsquo;s
balance sheet as the Company is the primary beneficiary of the securitization trusts, which are variable interest entities (&ldquo;VIEs&rdquo;).
The securitization VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages
and distribute those payments to the holders of the notes. The Company&rsquo;s exposure to the obligations of the VIEs is</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 18; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">generally limited to its investments in the entities. The notes
that are issued by the securitization trusts are secured solely by the mortgages held by the applicable trusts and not by any of
the Company&rsquo;s other assets. The mortgage loans of the applicable trusts are the only source of repayment and interest on
the notes issued by such trusts. The Company does not guarantee any of the obligations of the trusts under the terms of the agreement
governing the notes or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&rsquo;s securitizations are structured
with Class A notes, Class B notes, and a trust certificate representing the residual interests in the mortgages. For each of the
Company&rsquo;s three securitizations, the Company has retained the Class B notes and the trust certificate. The Class A notes
are senior, sequential pay, fixed rate notes. The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2
notes subordinate to the Class B-1 notes. If the Class A notes have not been redeemed by the payment date 36 months after issue,
or otherwise paid in full by that date, an amount equal to the aggregate interest payment amount that accrued and would otherwise
be paid to the Class B-1 and the Class B-2 notes will be paid as principal to the Class A notes on that date and each subsequent
payment date until the Class A notes are paid in full. After the Class A notes are paid in full, the Class B-1 and Class B-2 notes
will resume receiving their respective interest payment amounts and any interest that accrued but was not paid to the Class B notes
while the Class A notes were outstanding. As the holder of the trust certificates, the Company is entitled to receive any remaining
amounts in the trust after the Class A notes and Class B notes have been paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth the original
terms of all securitization notes at their respective cutoff dates as of June 30, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Issuing&nbsp;Trust/Issue&nbsp;Date</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid; vertical-align: bottom"><FONT STYLE="font-size: 8pt">Security</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Original<BR>
    Principal</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Interest<BR>
    Rate</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 32%; text-align: left">Ajax Mortgage Loan Trust 2014-A/ October 2014</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 32%; text-align: left; vertical-align: top">Class A notes due 2057<SUP>(1)</SUP></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 15%; text-align: right">45 million</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 14%; text-align: right">4.00</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Class B-1 notes due 2057<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8 million</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.19</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Class B-2 notes due 2057<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8 million</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.19</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Trust certificates<SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">20.4 million</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Ajax Mortgage Loan Trust 2014-B / November 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Class A notes due 2054<SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">41.2 million</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.85</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Class B-1 notes due 2054<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13.7 million</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Class B-2 notes due 2054<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">13.7 million</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Trust certificates<SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">22.9 million</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Ajax Mortgage Loan Trust 2015-A / May 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Class A notes due 2054<SUP>(1)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">35.6 million</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.88</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Class B-1 notes due 2054<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.7 million</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Class B-2 notes due 2054<SUP>(2)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">8.7 million</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; vertical-align: top">Trust certificates<SUP>(3)</SUP></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">22.8 million</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>The Class A notes are senior, sequential pay, fixed rate notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes.
We have retained the Class B notes.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>The trust certificate issued by the trust and the beneficial ownership of the trust are retained by Great Ajax Funding LLC
as the depositor. As the holder of the trust certificate, we are entitled to receive any remaining amounts in the trust after the
Class A notes and Class B notes have been paid in full.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 19; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Servicing for the mortgage loans in 2014-A,
2014-B and 2015-A is provided by the Servicer at a servicing fee rate of 0.65% annually of UPB for re-performing loans and 1.25%
annually of UPB for non-performing loans, and is paid monthly by us. The following table sets forth the status of the 2014-A, 2014-B
and 2015-A notes held by others at the securitization cutoff date, at December 31, 2014 and at June 30, 2015 ($ in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Balances&nbsp;at&nbsp;June&nbsp;30,&nbsp;2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Balances&nbsp;at&nbsp;December&nbsp;31,&nbsp;2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Original&nbsp;balances&nbsp;at&nbsp;securitization<BR>
    cutoff&nbsp;date</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Class&nbsp;of<BR>
    Notes</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Carrying<BR>
    value&nbsp;of<BR> mortgages</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Bond<BR>
    principal<BR> balance</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Carrying<BR>
    value&nbsp;of<BR> mortgages</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Bond<BR>
    principal<BR> balance</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Mortgage<BR>
    UPB</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Bond<BR>
    principal<BR> balance</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 22%; text-indent: 0in">2014-A</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">58,313</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">41,681</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">58,905</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">44,016</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">81,405</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">45,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>2014-B</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,379</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,344</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">68,654</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,663</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,535</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,191</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 1pt">2015-A</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">53,116</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,324</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">75,835</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,643</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">179,808</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">116,349</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">127,559</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">84,679</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">248,775</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">121,834</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Company&rsquo;s obligations under its secured borrowings are
not fixed, and the payments on these borrowings are predicated upon cash flows received on the underlying mortgage loans.&nbsp;
Accordingly, a projection of contractual maturities over the next five years is inapplicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Note 9 &mdash; Related party transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our consolidated statement of income included
the following significant related party transactions ($ in thousands):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid; padding-bottom: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2015</B></P>

</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="text-align: center; border-bottom: Black 1pt solid; padding-bottom: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Six&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2015</B></P>

</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid; padding-bottom: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Amount</B></P></TD><TD STYLE="padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding-bottom: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Counterparty</B></P></TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding-bottom: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Consolidated&nbsp;Statement<BR> of&nbsp;Income&nbsp;location</B></P></TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-bottom: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; border-bottom: Black 1pt solid"><B>Amount</B></P></TD><TD STYLE="padding-bottom: 0">&nbsp;</TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding-bottom: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Counterparty</B></P></TD><TD STYLE="padding-bottom: 0">&nbsp;</TD>
    <TD STYLE="text-align: center; border-bottom: Black 1pt solid; padding-bottom: 0"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Consolidated&nbsp;Statement<BR> of&nbsp;Income&nbsp;location</B></P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt; width: 14%">Management fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">856</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">Thetis</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%; text-align: left">Related party expense &ndash; management fee</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">1,602</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">Thetis</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: left">Related party expense &ndash; management fee</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">Loan servicing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">851</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Gregory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Related party expense &ndash; loan servicing fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,507</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Gregory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Related party expense &ndash; loan servicing fees</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">Due diligence and related loan acquisition costs</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Gregory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Loan transaction expense</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>Gregory</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Loan transaction expense</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt">Expense reimbursements</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">-</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Aspen Yo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Professional fees</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Aspen Yo</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">Professional fees</TD></TR>
</TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Management Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On July 8, 2014, the Company entered into a
15-year management agreement (the &ldquo;Management Agreement&rdquo;) with the Manager. Under the Management Agreement, the Manager
implements the Company&rsquo;s business strategy and manages the Company&rsquo;s business and investment activities and day-to-day
operations, subject to oversight by the Company&rsquo;s board of directors. Among other services, the Manager, directly or through
Aspen affiliates, provides the Company with a management team and necessary administrative and support personnel. The Company does
not currently have any employees and does not expect to have any employees in the foreseeable future. Each of the Company&rsquo;s
executive officers is an employee or officer, or both, of the Manager or the Company&rsquo;s Servicer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under the Management Agreement, the Company
pays both a base management fee and an incentive fee to the Manager.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Base Management Fee equals 1.5% of our stockholders&rsquo;
equity per annum and calculated and payable quarterly in arrears. For purposes of calculating the management fee, the Company&rsquo;s
stockholders&rsquo; equity means: (a) the sum of (i) the net proceeds from any issuances of common stock or other equity securities
issued by the Company or the operating partnership (without double counting) since inception (allocated on a pro rata daily basis</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 20; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">for such issuances during the fiscal quarter of
any such issuance), and (ii) the Company&rsquo;s and the operating partnership&rsquo;s (without double counting) retained earnings
calculated in accordance with U.S. GAAP at the end of the most recently completed fiscal quarter (without taking into account any
non-cash equity compensation expense incurred in current or prior periods), less (A) any amount that the Company or the operating
partnership pays to repurchase shares of common stock or OP Units since inception, (B) any unrealized gains and losses and other
non-cash items that have affected consolidated stockholders&rsquo; equity as reported in the Company&rsquo;s financial statements
prepared in accordance with U.S. GAAP, and (C) one-time events pursuant to changes in U.S. GAAP, and certain non-cash items not
otherwise described above, in each case after discussions between the Manager and the Company&rsquo;s independent directors and
approval by a majority of the Company&rsquo;s independent directors. As a result, the Company&rsquo;s stockholders&rsquo; equity,
for purposes of calculating the management fee, could be greater or less than the amount of stockholders&rsquo; equity shown on
the Company&rsquo;s consolidated financial statements. 50% of the base management fee is payable in shares of the Company&rsquo;s
common stock so long as the ownership of such additional number of shares by the Manager would not violate the 9.8% stock ownership
limit set forth in the Company&rsquo;s charter, and the balance is payable in cash. The common stock will be determined using the
higher of the most recently reported book value or the average of the closing prices of our common stock on the NYSE on the five
business days after the date on which the most recent regular quarterly dividend to holders of our common stock is paid. The Manager
has agreed to hold any shares of common stock received by it as payment of the base management fee for at least three years from
the date such shares of common stock are received by it.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Manager is also entitled to an incentive
management fee that is payable quarterly in arrears in cash in an amount equal to one-fourth of 20% of the dollar amount by which
(i) the sum of (A) the aggregate cash dividends, if any, declared out of the REIT taxable income of the Company by the Company&rsquo;s
Board of Directors payable to the holders of the Company&rsquo;s common stock and (B) the aggregate cash distributions, if any,
declared out of the REIT taxable income of the operating partnership (without duplication) by the operating partnership payable
to holders of OP Units (other than any OP Units held by the Company as a limited partner) annualized, or the Annualized Dividends
and Distributions, in respect of such calendar quarter exceeds (ii) the product of (1) the book value per share of the Company&rsquo;s
common stock as of the end of each such quarter multiplied by the number of shares of the Company&rsquo;s common stock and OP Units
(other than any OP Units held by the Company as a limited partner) outstanding as of the end of such calendar quarter and (2) 8%.
Notwithstanding the foregoing, no incentive fee will be payable to the Manager with respect to any calendar quarter unless its
cumulative core earnings, as defined in the agreement, is greater than zero for the most recently completed eight calendar quarters,
or the number of completed calendar quarters since the closing date of the Original Private Placement, whichever is less.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company also reimburses the Manager for
all third-party, out-of-pocket costs incurred by the Manager for managing its business, including third-party diligence and valuation
consultants, legal expenses, auditors and other financial services. The Company will not reimburse the Manager for lease costs
or salaries and expenses of employees of the Manager. The reimbursement obligation is not subject to any dollar limitation. Expenses
will be reimbursed in cash on a monthly basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company will be required to pay the Manager
a termination fee in the event that the Management Agreement is terminated as a result of (i) a termination by the Company without
cause, (ii) its decision not to renew the Management Agreement upon the determination of at least two thirds of the Company&rsquo;s
independent directors for reasons including the failure to agree on revised compensation, (iii) a termination by the Manager as
a result of the Company becoming regulated as an &ldquo;investment company&rdquo; under the Investment Company Act of 1940 (other
than as a result of the acts or omissions of the Manager in violation of investment guidelines approved by the Company&rsquo;s
board of directors), or (iv) a termination by the Manager if we default in the performance of any material term of the Management
Agreement (subject to a notice and cure period). The termination fee will be equal to twice the combined base fee and incentive
fees payable to the Manager during the 12-month period ended as of the end of the most recently completed fiscal quarter prior
to the date of termination.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Servicing Agreement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On July 8, 2014, the Company entered into a
15-year servicing agreement (the &ldquo;Servicing Agreement&rdquo;) with the Servicer. The Company&rsquo;s overall servicing costs
under the servicing agreement will vary based on the types of assets serviced.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 21; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Servicing fees range from 0.65% to 1.25% annually
of UPB (or the fair market value or purchase price of REO the Company owns or acquires), and are paid monthly. The total fees incurred
by us for these services depend upon the UPB and type of mortgage loans that Gregory services pursuant to the terms of the servicing
agreement. The fees are determined based on the loan&rsquo;s status at acquisition and do not change if a performing loan becomes
non-performing or vice versa.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company will also reimburse Gregory for
all customary, reasonable and necessary out-of-pocket costs and expenses incurred in the performance of its obligations, including
the actual cost of any repairs and renovations to REO properties. The total fees incurred by us for these services will be dependent
upon the property value, previous UPB of the relevant loan, and the number of REO properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the Management Agreement has been terminated
other than for cause and/or the Servicer terminates the servicing agreement, the Company will be required to pay a termination
fee equal to the aggregate servicing fees payable under the servicing agreement for the immediate preceding 12-month period.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Trademark Licenses</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Aspen Yo has granted the Company a non-exclusive,
non-transferable, non-sublicensable, royalty-free license to use the name &ldquo;Great Ajax&rdquo; and the related logo. The Company
also has a similar license to use the name &ldquo;Thetis.&rdquo; The agreement has no specified term. If the Management Agreement
expires or is terminated, the trademark license agreement will terminate within 30 days. In the event that this agreement is terminated,
all rights and licenses granted thereunder, including, but not limited to, the right to use &ldquo;Great Ajax&rdquo; in its name
will terminate. Aspen Yo also granted to the Manager a substantially identical non-exclusive, non-transferable, non-sublicensable,
royalty-free license to use of the name &ldquo;Thetis.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Note 10 &mdash; Stock-based payments and director fees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the terms of the Management Agreement,
the Company pays 50% of the base fee to the Manager in shares of its common stock with the number of shares determined based on
the higher of the most recently reported book value or the average of the closing prices of our common stock on the NYSE on the
five business days after the date on which the most recent regular quarterly dividend to holders of our common stock is paid. The
Company paid the Manager a base fee for the quarter ended June 30, 2015 of $0.9 million of which the Company paid half, or $0.4
million, in 29,790 shares of its common stock. The shares issued to the Manager are restricted securities subject to transfer restrictions,
and were issued in a private placement transaction on July 28, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In addition, each of the Company&rsquo;s independent
directors receives an annual retainer of $50,000, payable quarterly, half of which is paid in shares of the Company&rsquo;s common
stock on the same basis as the stock portion of the management fee payable to the Manager and half in cash. The following table
sets forth the Company&rsquo;s stock-based management fees and independent director fees ($ in thousands except share amounts):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Management fees and director fees</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B><BR></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>For&nbsp;the&nbsp;three&nbsp;months&nbsp;ended</B><BR>
                                         <B>June&nbsp;30,&nbsp;2015</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="6" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>For&nbsp;the&nbsp;six&nbsp;months&nbsp;ended</B><BR>
                                         <B>June&nbsp;30,&nbsp;2015</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number&nbsp;of</B><BR>
                                         <B>shares</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount&nbsp;of</B><BR>
                                         <B>expense</B><BR> <B>recognized<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number&nbsp;of</B><BR>
                                         <B>shares</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Amount&nbsp;of</B><BR>
                                         <B>expense</B><BR> <B>recognized<FONT STYLE="font-family: Times New Roman, Times, Serif"><SUP>(1)</SUP></FONT></B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 48%; text-align: left">Management fees</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">29,790</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">441</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">55,877</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">814</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Independent director fees</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,740</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">25</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,488</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">50</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">31,530</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">466</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">59,365</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">864</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">(1) All management fees and independent
director fees are fully expensed in the period in which they are incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 22; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">The Director Plan is designed to promote the Company&rsquo;s interests
by attracting and retaining qualified and experienced individuals for service as non-employee directors. The Director Plan is administered
by the Company&rsquo;s board of directors. The total number of shares of common stock or other stock-based award, including grants
of long term incentive plan (&ldquo;LTIP&rdquo;) units from the operating partnership, available for issuance under the Director
Plan is 100,000 shares. At the closing of the Original Private Placement, the Company issued to each of its three independent directors
restricted stock awards of 2,000 shares of its common stock, which are subject to a one-year vesting period. <FONT STYLE="color: #231F20">At
the time of the IPO in February 2015, the Company added an additional independent director who was also granted a restricted stock
award of 2,000 shares of </FONT>its <FONT STYLE="color: #231F20">common stock, subject to a one-year vesting period.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; color: #231F20">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth the activity
in its restricted stock plan ($ in thousands, except share and per share amounts):</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Restricted Stock</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Number</B><BR>
                                         <B>of&nbsp;shares</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Per&nbsp;share</B><BR>
                                         <B>value</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total&nbsp;cost</B><BR>
                                         <B>of&nbsp;grant</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Grant&nbsp;expense</B><BR>
                                         <B>recognized&nbsp;for&nbsp;the</B><BR><B> three&nbsp;months&nbsp;ended</B><BR><B> June&nbsp;30,&nbsp;2015</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Grant&nbsp;expense</B><BR>
                                         <B>recognized&nbsp;for&nbsp;the</B><BR><B> six&nbsp;months&nbsp;ended</B><BR><B> June&nbsp;30,&nbsp;2015</B></FONT></P></TD><TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 10pt">July 8, 2014, Directors&rsquo; Grants<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">6,000</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15.00</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">90</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">23</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">45</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 10pt">February 19, 2015 Director Grant<SUP>(1)</SUP></FONT></TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,000</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">14.25</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">8,000</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">119</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">30</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">57</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">(1) Vesting period is one year
from grant date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Note 11 &mdash; Income taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As a REIT, the Company must meet certain organizational
and operational requirements including the requirement to distribute at least 90% of its annual REIT taxable income to its stockholders.
As a REIT, the Company generally will not be subject to U.S. federal income tax to the extent the Company distributes its REIT
taxable income to its stockholders and provided the Company satisfies the REIT requirements including certain asset, income, distribution
and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions,
it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent
four taxable years following the year in which it lost its REIT qualification.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&rsquo;s consolidated financial statements
include the operations of Thetis TRS and GAJX Real Estate LLC, which are subject to U.S. federal, state and local income taxes
on the Company&rsquo;s taxable income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For the three- and six-months ended June 30,
2015, the Company&rsquo;s taxable income was $3.6 million and $5.2 million, respectively. The Company recorded $16,400 of income
tax expense for both the three- and six-months ended June 30, 2015 and the Company recognized no deferred income tax assets or
liabilities on its consolidated balance sheet at June 30, 2015 or December 31, 2014 due to immateriality. The Company also recorded
no interest or penalties for the three- or six- month periods ended June 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The Company&rsquo;s 2014 U.S. federal, state
and local tax returns remain open for examination. The Company has concluded that it had no uncertain tax positions for its 2014
tax year.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Note 12 &mdash; Earnings per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth the components
of basic and diluted earnings per share ($ in thousands, except share and per share amounts):</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 23; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Three&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2015</B></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="10" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Six&nbsp;months&nbsp;ended&nbsp;June&nbsp;30,&nbsp;2015
    </B>&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Income</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Numerator)</B></FONT></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Shares</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Denominator)</B></FONT></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Per&nbsp;Share</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amount</B></FONT></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Income</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Numerator)</B></FONT></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Shares</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>(Denominator)</B></FONT></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font: 8pt Times New Roman, Times, Serif"><B>Per&nbsp;Share</B></FONT><FONT STYLE="font-size: 8pt"><BR>
    <FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Amount</B> &nbsp;</FONT></FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; text-align: center"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Basic EPS</B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in; width: 34%">Income attributable to common stockholders</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 8%; text-align: right">5,436</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">15,237,739</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">9,076</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">14,129,162</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 8%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in">Allocation of earnings to participating restricted shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(17</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(31</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in">Income attributable to unrestricted common stockholders</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,419</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,237,739</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.36</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,045</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,129,162</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.64</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Effect of dilutive securities</B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in">Operating partnership units</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">223</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">624,106</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">398</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">624,106</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in">Restricted stock grants and Manager and director fee shares</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">47,789</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48,051</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left"><FONT STYLE="font: 10pt Times New Roman, Times, Serif"><B>Diluted EPS</B></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in">Income attributable to common stockholders and dilutive securities</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">5,659</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,909,634</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.36</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">9,474</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">14,801,319</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">0.64</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Note 13 &mdash; Subsequent events</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Dividend Declaration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On August 3, 2015, the Company declared a dividend
of $0.22 per share, to be paid on August 28, 2015, to stockholders of record as of August 14, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Management Fees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On July 28, 2015, we issued 29,790 shares of
our common stock to the Manager in payment of 50% of the management fee due for the second quarter of 2015 in a private transaction.
The management fee expense associated with these shares was recorded as an expense in the second quarter of 2015.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Directors&rsquo; Retainer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">On July 28, 2015, we issued each of Jonathan
Bradford Handley, Jr., Daniel Hoffman, J. Kirk Ogren Jr. and John Condas 435 shares of our common stock in payment of half of their
quarterly director fees for the second quarter of 2015.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Securitization</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><FONT STYLE="font-weight: normal">On July 2,
2015, we closed on our fourth securitization. An aggregate of $87.2 million of senior securities and $15.9 million of subordinated
securities were issued in private offerings to institutional investors with respect to $158.5 million UPB of mortgage loans.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; letter-spacing: 0.25pt; text-align: center">&nbsp;</P>


<!-- Field: Page; Sequence: 24; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="text-transform: uppercase; letter-spacing: 0.25pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-transform: uppercase; letter-spacing: 0.25pt; text-align: center"><A NAME="a_003"></A>CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Some of the statements under &ldquo;Management&rsquo;s
Discussion and Analysis of Financial Condition and Results of Operations&rdquo; and elsewhere in this report constitute forward-looking
statements. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events
or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking
statements by terms such as &ldquo;anticipate,&rdquo; &ldquo;believe,&rdquo; &ldquo;could,&rdquo; &ldquo;estimate,&rdquo; &ldquo;expect,&rdquo;
&ldquo;intend,&rdquo; &ldquo;may,&rdquo; &ldquo;plan,&rdquo; &ldquo;potential,&rdquo; &ldquo;should,&rdquo; &ldquo;will&rdquo;
and &ldquo;would&rdquo; or the negatives of these terms or other comparable terminology.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The forward-looking statements are based on
our beliefs, assumptions and expectations of our future performance, taking into account all information currently available to
us. These beliefs, assumptions and expectations can change as a result of many possible events or factors, not all of which are
known to us or are within our control. If a change occurs, our business, financial condition, liquidity and results of operations
may vary materially from those expressed in our forward-looking statements. You should carefully consider these risks, along with
the following factors that could cause actual results to vary from our forward-looking statements:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the factors referenced in this report, including those set forth under &ldquo;Item&nbsp;2. Management&rsquo;s Discussion and
Analysis of Financial Condition and Results of Operations&rdquo;;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to implement our business strategy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>difficulties in identifying re-performing and non-performing loans and properties to acquire;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the impact of changes to the supply of, value of and the returns on re-performing and non-performing loans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to convert non-performing loans into performing loans, or to modify or otherwise resolve such loans;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to convert non-performing loans to properties that can generate attractive returns either through sale or rental;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to compete with our competitors;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to control our costs;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the impact of changes in interest rates and the market value of the collateral underlying our re-performing and non-performing
loan portfolios or of our other real estate assets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to obtain financing arrangements on favorable terms, or at all;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our ability to retain our engagement of our Manager;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the failure of the Servicer to perform its obligations under the servicing agreement;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>general volatility of the capital markets;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the impact of adverse real estate, mortgage or housing markets and changes in the general economy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>changes in our business strategy;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our failure to qualify or maintain qualification as a real estate investment trust (&ldquo;REIT&rdquo;);</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our expectations regarding the time during which we will be an emerging growth company under the JOBS Act;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>our failure to maintain our exemption from registration under the Investment Company Act of 1940, as amended (the &ldquo;Investment
Company Act&rdquo;); and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the impact of adverse legislative or regulatory tax changes.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 25; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-style: normal"><B>Item
2.</B></FONT><B><FONT STYLE="font-style: normal"><A NAME="a_004"></A> Management&rsquo;s Discussion and Analysis of Financial Condition and Results
of Operations</FONT></B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">In this quarterly report on Form 10-Q
(&ldquo;report&rdquo;), unless the context indicates otherwise, references to &ldquo;Great Ajax,&rdquo; &ldquo;we,&rdquo; &ldquo;the
company,&rdquo; &ldquo;our&rdquo; and &ldquo;us&rdquo; refer to the activities of and the assets and liabilities of the business
and operations of Great Ajax Corp.; &ldquo;operating partnership&rdquo; refers to Great Ajax Operating Partnership L.P., a Delaware
limited partnership; &ldquo;our Manager&rdquo; refers to Thetis Asset Management LLC, a Delaware limited liability company; &ldquo;Aspen
Capital&rdquo; refers to the Aspen Capital group of companies; &ldquo;Aspen&rdquo; and &ldquo;Aspen Yo&rdquo; refers to Aspen Yo
LLC, an Oregon limited liability company that is part of Aspen Capital; &ldquo;the Servicer&rdquo; and &ldquo;Gregory&rdquo; refer
to Gregory Funding LLC, an Oregon limited liability company and our affiliate, and an indirect subsidiary of Aspen Yo.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our Management&rsquo;s Discussion and
Analysis of Financial Condition and Results of Operations should be read in conjunction with the unaudited interim Consolidated Financial Statements
and related notes included in Item&nbsp;1. Consolidated Interim Financial Statements of this report and in Item&nbsp;8. Financial Statements
and Supplementary Data in our most recent Annual Report on Form 10-K, as well as the sections entitled &ldquo;Risk Factors&rdquo;
in Item&nbsp;1A. of our most recent Annual Report on Form 10-K and Part II, Item&nbsp;1A. of this report, as well as other cautionary
statements and risks described elsewhere in this report and our most recent Annual Report on Form 10-K.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Overview</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Great Ajax Corp. is a Maryland corporation that
focuses primarily on acquiring, investing in and managing a portfolio of re-performing and non-performing mortgage loans secured
by single-family residences and, to a lesser extent, single-family properties. We also invest in loans secured by multi-family
residential and commercial mixed use retail/residential properties, as well as in the properties directly. The multi-family and
commercial mixed-use properties generally will have loan values of up to approximately $5&nbsp;million. We refer to these as &ldquo;smaller
commercial properties.&rdquo; On July 8, 2014, we closed a private offering of shares of our common stock and limited partnership
units of our operating partnership, or OP Units. On August 1, 2014, we closed the sale of additional shares of our common stock
and OP Units pursuant to the exercise of the additional allotment option we granted to the initial purchaser and placement agent
in connection with the July placement and we refer to these closings as the Original Private Placement. The Original Private Placement
resulted in net proceeds to us of approximately $128.4&nbsp;million. We commenced operations on July 8, 2014. In December 2014,
we closed an additional private placement, or the Second Private Placement, of shares of our common stock and OP Units, which resulted
in net proceeds to us of approximately $41.2&nbsp;million. We completed our IPO in February 2015, in which we and selling stockholders
sold an aggregate of 5,276,797 shares of common stock, including shares sold pursuant to exercise of the option to purchase additional
shares granted to the underwriters. We sold 3,976,464 shares of common stock and selling stockholders sold 1,300,333 shares of
common stock, in each case, including shares sold pursuant to exercise of the option to purchase additional shares granted to the
underwriters. We used the approximately $53.9 million of proceeds (after deducting the underwriting discount but before deducting
estimated offering expenses) to acquire additional mortgage loans and mortgage-related assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We are externally managed by Thetis Asset Management
LLC, an affiliated entity. We own a 19.8% interest in the Manager. Our mortgage loans and other real estate assets are serviced
by Gregory Funding LLC, an affiliated entity. We conduct substantially all of our business through our operating partnership, Great
Ajax Operating Partnership L.P., a Delaware limited partnership, and its subsidiaries. We, through a wholly owned subsidiary, are
the general partner of our operating partnership. GA-TRS LLC, or Thetis TRS, is a wholly owned subsidiary of the operating partnership
that owns the equity interest in the Manager. We elected to treat Thetis TRS as a TRS under the Code. In January 2015, we applied
for a private letter ruling from the Internal Revenue Service that would permit us to hold our interest in the Manager through
the operating partnership. In September 2014, we formed Great Ajax Funding LLC, a wholly owned subsidiary of the operating partnership,
to act as the depositor of mortgage loans into securitization trusts and to hold the subordinated securities issued by such trusts
and any additional trusts we may form for additional securitizations. In November 2014, we formed AJX Mortgage Trust I, a wholly
owned subsidiary of the operating partnership, in connection with a repurchase agreement. On February 1, 2015, we formed GAJX Real
Estate LLC, as a<FONT STYLE="color: #231F20; letter-spacing: 0.55pt"> </FONT><FONT STYLE="color: #231F20; letter-spacing: -0.2pt">w</FONT><FONT STYLE="color: #231F20">hol<FONT STYLE="letter-spacing: -0.2pt">l</FONT>y<FONT STYLE="letter-spacing: 0.65pt">
</FONT><FONT STYLE="letter-spacing: -0.25pt">o</FONT>wned<FONT STYLE="letter-spacing: 1.35pt"> </FONT>subsidiary<FONT STYLE="letter-spacing: 2.05pt">
</FONT>of<FONT STYLE="letter-spacing: 1.4pt"> </FONT>the<FONT STYLE="letter-spacing: 1pt"> </FONT>ope<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.3pt">a</FONT>ting
partnership,<FONT STYLE="letter-spacing: -0.2pt"> </FONT>to own, maintain, improve and sell REO purchased by us.<FONT STYLE="letter-spacing: -0.1pt">
</FONT>We have<FONT STYLE="letter-spacing: 0.15pt"> </FONT><FONT STYLE="letter-spacing: -0.15pt">e</FONT>lected<FONT STYLE="letter-spacing: 0.65pt">
</FONT>to<FONT STYLE="letter-spacing: 1pt"> </FONT>t<FONT STYLE="letter-spacing: -0.15pt">r</FONT>e<FONT STYLE="letter-spacing: -0.3pt">a</FONT>t<FONT STYLE="letter-spacing: 2pt">
</FONT></FONT>GAJX Real Estate LLC<FONT STYLE="color: #231F20; letter-spacing: 1.45pt"> </FONT><FONT STYLE="color: #231F20">as
a TRS under the Code.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 26; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We expect to qualify and have elected to be
taxed as a REIT for U.S. federal income tax purposes beginning with our taxable year ended December 31, 2014. Our qualification
as a REIT will depend upon our ability to meet, on a continuing basis, various complex requirements under the Code relating to,
among other things, the sources of our gross income, the composition and values of our assets, our distribution levels and the
diversity of ownership of our capital stock. We believe that we are organized in conformity with the requirements for qualification
as a REIT under the Code, and that our current intended manner of operation will enable us to meet the requirements for taxation
as a REIT for U.S. federal income tax purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>Recent Developments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 40.5pt">Through June 30, 2015, we have acquired mortgage
loans and other mortgage related assets with an aggregate unpaid principal balance, or UPB, of $598.9 million, which includes one
loan in which we hold a 40.5% beneficial interest through an equity method investee. During July 2015, we completed the acquisition
of 158 re-performing mortgage loans secured by single and one-to-four family residences with aggregate UPB of $46.8 million. The
loans were acquired at 77.0% of UPB and the estimated market value of the underlying collateral is $60.5 million. The purchase
price equaled 59.6% of the estimated market value of the underlying collateral.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Market Trends and Outlook</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The U.S. Federal Reserve estimates that as of
March 31, 2015, there was approximately $9.9 trillion of mortgage loans outstanding on U.S. one-to-four family residential properties
and approximately $1.02 trillion of mortgage loans outstanding on U.S. multi-family residential properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">While housing starts increased in 2014 over
2013, the number of building permits issued in the first quarter of 2015 indicates that starts may be leveling off for single-family
homes (a decrease of 2.5% compared to the fourth quarter of 2014). Construction starts on single-family homes were down 8% from
the previous quarter and up 6% from the first quarter of 2014, they remain significantly below historical levels. In addition to
the leveling of housing starts, a persistent price gap exists between newly built homes and existing homes with sales of existing
homes showing improvements while sales of new homes continued to lag in the first quarter of 2015. While new homes are almost always
more expensive, on average, than their older comparables, that gap has widened since the last recession. Furthermore, the U.S.
Department of Housing and Urban Development, or HUD, has noted that the listed inventories of new and of existing homes at the
end of the first quarter 2015 would support 5.1 months and 4.6 months, respectively, of sales at the current sales pace, while
historical average supply of homes on the market is 6.0 months. The Mortgage Bankers Association estimates that total one-to-four
family mortgage loan originations (including both purchase and refinance transactions) will increase from $1.4 trillion in 2015
to $1.3 trillion in 2016.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Cyclical trends are prompting a significant
realignment within the mortgage sector. These trends and their effects include:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>continuing sales of residential mortgage assets by banks and other mortgage lenders due to elevated operating costs resulting
from new regulatory requirements, delinquencies and impairments;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the continuing decline in home ownership that, conversely, has increased the demand for single-family and multi-family residential
rental properties and associated rents;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the dislocations in the residential mortgage loan origination market and the limited availability of financing for non-government
sponsored enterprise mortgages since 2008, which have made qualifying for a mortgage loan more difficult. These factors, combined
with shifting demographic trends and the need for families pushed out of their homes through foreclosure or the inability to continue
to pay their mortgage loans, are driving increased demand for loan modifications, non-GSE mortgage financing and single-family
rental properties;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>the changing regulatory landscape, leading to the reduction of the government&rsquo;s role in, and the return of private capital,
including non-bank participants, to the housing finance market; some of the changes have begun to be implemented, as evidenced
by the tightening of conforming loan limits and increases in guarantee fees; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 27; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Symbol; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>unemployment remaining relatively high, under-employment continuing to be a concern and real wages continuing to be stagnant,
which means that the ability of borrowers to continue to pay their existing mortgage loans will likely remain under pressure.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The current market landscape is also generating
new opportunities in residential mortgage-related whole loan strategies. The origination of subprime and alternative residential
mortgage loans has dramatically declined since 2008 and the new QM and ATR Rule requirements will also put pressure on new originations.
Additionally, many banks and other mortgage lenders have increased their credit standards and down payment requirements for originating
new loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The combination of these factors has also resulted
in a significant number of families that cannot qualify to obtain new residential mortgage loans. We believe new U.S. federal regulations
addressing &ldquo;qualified mortgages&rdquo; based, among other factors on employment status, debt-to-income level, impaired credit
history or lack of savings, will continue to limit mortgage loan availability from traditional mortgage lenders. In addition, we
believe that many homeowners displaced by foreclosure or who either cannot afford to own or cannot be approved for a mortgage will
prefer to live in single-family rental properties with similar characteristics and amenities to owned homes as well as smaller
multi-family residential properties. In certain demographic areas, new households are being formed at a rate that exceeds the new
homes being added to the market, which we believe favors future demand for non-federally guaranteed mortgage financing for single-family
and smaller multi-family rental properties. For all these reasons, we believe that demand for single-family and smaller multi-family
rental properties will increase in the near term and remain at heightened levels in the foreseeable future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We expect the availability of pools of re-performing
and non-performing loans, properties in foreclosure and REO to increase and remain elevated over the next several years. The single
family mortgage delinquency rate at December 31, 2014 is 6.71%, according to the Federal Reserve Board. Overall housing values
have rebounded since 2012; however, CoreLogic&reg;, a leading global property information, analytics and data-enabled services
provider, has reported that approximately 5.4&nbsp;million homes, or 10.8% of all residential properties with a mortgage, were
in a negative position as of the end of the fourth quarter 2014. Negative equity, often referred to as &ldquo;underwater&rdquo;
or &ldquo;upside down,&rdquo; means that borrowers owe more on their mortgages than their homes are worth. Negative equity can
occur because of a decline in value, an increase in mortgage debt or a combination of both. For the homes in negative equity status,
the national aggregate value of negative equity was $349&nbsp;billion at the end of the fourth quarter of 2014, up $7&nbsp;billion
from approximately $342&nbsp;billion at the end of the third quarter 2014. In addition, Corelogic&reg; reports that of the 49.9&nbsp;million
residential properties with equity, approximately 10&nbsp;million have less than 20% equity. Borrowers with less than 20% equity,
referred to as &ldquo;under-equitied,&rdquo; may have a more difficult time refinancing their existing home or obtaining new financing
to sell and buy another home due to underwriting constraints. Under-equitied mortgages accounted for 20% of all residential properties
with a mortgage nationwide in the fourth quarter of 2014, with more than 1.4&nbsp;million residential properties at less than 5%
equity, referred to as near-negative equity. Properties that are near-negative equity are considered at risk if home prices fall.
Further, a portion of the 800,000 borrowers with low interest rates under the HAMP for the past five years will begin seeing mortgage
payment increases in 2014. Generally, their interest rates will increase by one percentage point each year until their rate equals
the average 30-year, fixed-rate mortgage rate at the time of modification. 11% of HAMP borrowers have already missed at least one
payment, and we believe that wages and home prices have not improved enough for many of these borrowers to afford the monthly payment
increase. In June, September and November 2014 and July 2015, the FHA held note sales under the Distressed Asset Stabilization
Program of 2014, or DASP, as part of a broad effort by the FHA to decrease losses and market and sell non-performing loans in bulk.
Further such sales are expected. In addition, in July 2014 and February, March, April and May of 2015, Freddie Mac sold $659&nbsp;million,
$392 million, $1,038 million, $267 million and $624 million respectively, of non-performing loans, and in April 2015 Fannie Mae
sold $762 million of non-performing loans. Fannie Mae and Freddie Mac have indicated that they will have ongoing non-performing
loan sales programs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We also believe that banks and other mortgage
lenders have strengthened their capital bases and are more aggressively foreclosing on delinquent borrowers or selling these loans
to dispose of their inventory. Additionally, many non-performing loan buyers are now interested in reducing their investment duration
and have begun selling re-performing loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We also believe there are significant attractive
investment opportunities in the smaller commercial mortgage loan and property markets. We focus on densely populated urban areas
where we expect positive economic change based on certain demographic, economic and social statistical data. The primary lenders
for smaller multi-family and mixed retail/residential properties are community banks and not regional and national banks and large
institutional lenders. We believe the primary lenders and loan purchasers are less interested in these assets because they typically
require significant commercial and residential mortgage credit and underwriting expertise, special servicing capability and active
property management. It is also more difficult to create the large pools that these primary banks, lenders and portfolio acquirers
typically desire. Many community banks also remain under financial and regulatory pressure since the financial crisis and are now
beginning to sell smaller commercial mortgage loans as property values have begun to increase.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Factors That May Affect Our Operating Results</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Acquisitions</I>. Our operating results depend
heavily on sourcing re-performing and non-performing loans. We believe that there is currently a large supply of re-performing
and non-performing loans available to us for acquisition. We believe the available supply provides for a steady acquisition pipeline
of assets since we plan on targeting just a small percentage of the population. We further believe that we will be able to purchase
residential mortgage loans at lower prices than &ldquo;real estate owned&rdquo; properties, or REO, for the following reasons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We believe that buying re-performing loans is more efficient and lower risk than acquiring REO rentals directly because the
net cash flow from the re-performing loans is typically greater than rent cash flow. Re-performing loans are typically purchased
at significant discounts from UPB and underlying property values, but the borrower pays interest on the full UPB, leading to a
higher current yield. The borrower is also responsible for property taxes, insurance and maintenance, which are all costs that
the owner of the REO would otherwise have to pay. In addition, to the extent that the UPB exceeds the home&rsquo;s value, the lender
will receive all appreciation until such time as the HPA exceeds the UPB. While the return to the mortgage loan owner is thus capped,
conversely, there is also risk mitigation if the REO value decreases, until the value is less than the price the lender paid for
the loan.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>If a re-performing loan becomes a non-performing loan, or we purchase a non-performing loan, which is purchased at a deeper
discount than re-performing loans, we, through the Servicer, have a number of ways to mitigate our loss. These loss mitigation
techniques include working with the borrower to achieve performance, including through modification of the mortgage loan terms
as well as short sale, assisted deed-in-lieu of foreclosure, assisted deed-for-lease, foreclosure and other loss mitigation activities.
With each REO acquired, we assess the best potential return&mdash;either through rental, sale with carryback financing, which we
believe will increase the potential pool of purchasers, or sale without our financing the purchase.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We believe that we will be able to purchase residential mortgage loans at lower prices than REO properties because sellers
of such loans will be able to avoid paying the costs typically associated with sales of real estate, whether single-family residences
or smaller commercial properties, such as broker commissions and closing costs of up to 10% of gross proceeds of the sale. We believe
this will motivate the sellers to accept a lower price for the re-performing and non-performing loans than they would if selling
REO.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD>We believe there are fewer participants in the re-performing and non-performing loan marketplace than in the foreclosure auction
and other REO acquisition channels due to the large size of portfolios offered for sale on an &ldquo;all or none&rdquo; basis and
the required operational infrastructure and expertise involved in servicing loans and managing single-family rental properties
across various states. Additionally, as the acquirer of loans, we take the risk of delays in the foreclosure process for non-performing
loans. We will focus on smaller pools of mortgage loan assets that we can analyze on a loan-by-loan basis, and we believe that
we will be able to aggregate these smaller pools often at a greater discount than would be available for larger pools. We believe
the relatively lower level of competition for re-performing and non-performing loans, combined with growing supply, provides buyers
with the opportunity for a higher discount rate relative to the foreclosure auction and other REO acquisition channels and therefore
a relatively lower cost to acquire REO.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 29; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We expect that our residential mortgage loan
portfolio may grow at an uneven pace, as opportunities to acquire distressed residential mortgage loans may be irregularly timed
and may involve large portfolios of loans, and the timing and extent of our success in acquiring such loans cannot be predicted.
In addition, for any given portfolio of loans that we agree to acquire, we typically acquire fewer loans than originally expected,
as certain loans may be resolved prior to the closing date or may fail to meet our diligence standards. The number of unacquired
loans typically constitutes a small portion of a particular portfolio. In any case where we do not acquire the full portfolio,
we make appropriate adjustments to the applicable purchase price.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Financing</I>. Our ability to grow our business
by acquiring re-performing and non-performing loans depends on the availability of adequate financing, including additional equity
financing, debt financing or both in order to meet our objectives. We intend to leverage our investments with debt, the level of
which may vary based upon the particular characteristics of our portfolio and on market conditions. We securitize our whole loan
portfolios, primarily as a financing tool, when economically efficient to create long-term, fixed rate, non-recourse financing
with moderate leverage, while retaining one or more tranches of the subordinate MBS so created. The securitizations are structured
as debt financings and not REMIC sales, and the loans included in the securitizations remain on the Company&rsquo;s balance sheet.
In October 2014, November 2014 and May 7, 2015, we completed securitization transactions pursuant to Rule 144A under the Securities
Act of 1933, as amended, or the Securities Act, in which we issued notes primarily secured by seasoned, performing and non-performing
mortgage loans primarily secured by first liens on one-to-four family residential properties. In November 2014, we entered into a repurchase financing facility under which we nominally sell certain of our assets to a counterparty and simultaneously enter into an
agreement to repurchase the sold assets at a price equal to the loan amount plus an interest factor. Despite being legally structured
as sales and subsequent repurchases, repurchase transactions are generally accounted for as debt secured by the underlying assets.
 We describe the securitizations and the repurchase financing
facility below under &ldquo;&mdash;Liquidity and Capital Resources.&rdquo; To the extent appropriate at the relevant time, our
financing sources may also include bank credit facilities, warehouse lines of credit, structured financing arrangements and additional
repurchase agreements, among others. See &ldquo;&mdash;Liquidity and Capital Resources.&rdquo; We may also seek to raise additional
capital through public or private offerings of debt or equity securities, depending upon market conditions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">To qualify as a REIT under the Code, we generally
will need to distribute at least 90% of our taxable income each year (subject to certain adjustments) to our stockholders. This
distribution requirement limits our ability to retain earnings and thereby replenish or increase capital to support our activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Resolution Methodologies</I>. We, through
the Servicer, or our affiliates, employ various loan resolution methodologies with respect to our residential mortgage loans, including
loan modification, collateral resolution and collateral disposition. The manner in which a non-performing loan is resolved will
affect the amount and timing of revenue we will receive. Our preferred resolution methodology is to modify non-performing loans.
Once successfully modified and there is a period of continued performance, we expect that borrowers will typically refinance these
loans either with other lenders or by the Servicer at or near the estimated value of the underlying property. We believe modification
followed by refinancing generates near-term cash flows, provides the highest possible economic outcome for us and is a socially
responsible business strategy because it keeps more families in their homes. In certain circumstances, we may also consider selling
these modified loans. Though we do not actively seek to acquire REO or rental properties, through historical experience, we expect
that many of our non-performing residential mortgage loans will enter into foreclosure or similar proceedings, ultimately becoming
REO that we can convert into single-family rental properties that we believe will generate long-term returns for our stockholders.
REO property can be converted into single-family rental properties or they may be sold through REO liquidation and short sale processes.
We expect the timelines for each of the different processes to vary significantly, and final resolution could take up to 48 months
or longer from the loan acquisition date. The exact nature of resolution will depend on a number of factors that are beyond our
control, including borrower willingness, property value, availability of refinancing, interest rates, conditions in the financial
markets, regulatory environment and other factors. To avoid the 100% prohibited transaction tax on the sale of dealer property
by a REIT, we intend to dispose of any asset that may be treated as held &ldquo;primarily for sale to customers in the ordinary
course of a trade or business&rdquo; by contributing or selling the asset to a TRS prior to marketing the asset for sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The state of the real estate market and home
prices will determine proceeds from any sale of real estate. We will opportunistically and on an asset-by-asset basis determine
whether to rent any REO we acquire, whether upon</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 30; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">foreclosure or otherwise, we may determine to
sell such assets if they do not meet our investment criteria. In addition, while we seek to track real estate price trends and
estimate the effects of those trends on the valuations of our portfolios of residential mortgage loans, future real estate values
are subject to influences beyond our control. Generally, rising home prices are expected to positively affect our results. Conversely,
declining real estate prices are expected to negatively affect our results.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Conversion to rental property</I>. The key
variables that will affect our residential rental revenues over the long-term will be the extent to which we acquire REO, which,
in turn, will depend on the amount of our capital invested, average occupancy and rental rates in our owned rental properties.
We expect the timeline to convert acquired loans into rental properties will vary significantly by loan, which could result in
variations in our revenue and our operating performance from period to period. There are a variety of factors that may inhibit
our ability, through the Servicer, to foreclose upon a residential mortgage loan and get access to the real property within the
time frames we model as part of our valuation process. These factors include, without limitation: state foreclosure timelines and
the associated deferrals (including from litigation); unauthorized occupants of the property; U.S. federal, state or local legislative
action or initiatives designed to provide homeowners with assistance in avoiding residential mortgage loan foreclosures that may
delay the foreclosure process; U.S. federal government programs that require specific procedures to be followed to explore the
non-foreclosure outcome of a residential mortgage loan prior to the commencement of a foreclosure proceeding; and declines in real
estate values and high levels of unemployment and underemployment that increase the number of foreclosures and place additional
pressure on the already overburdened judicial and administrative systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Expenses</I>. Our expenses primarily consist
of the fees and expenses payable by us under the management agreement and the servicing agreement. Our Manager incurs direct, out-of-pocket
costs related to managing our business, which are contractually reimbursable by us. Depreciation and amortization is a non-cash
expense associated with the ownership of real estate and generally remains relatively consistent each year at an asset level since
we depreciate our properties on a straight-line basis over a fixed life. Interest expense consists of the costs to borrow money.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Changes in home prices</I>. As discussed
above, generally, rising home prices are expected to positively affect our results, particularly as it should result in greater
levels of re-performance of mortgage loans, faster refinancing of those mortgage loans, more re-capture of principal on greater
than 100% LTV (loan-to-value) mortgage loans and increased recovery of the principal of the mortgage loans upon sale of any REO.
Conversely, declining real estate prices are expected to negatively affect our results, particularly if the price should decline
below our purchase price for the loans and especially if borrowers determine that it is better to strategically default as their
equity in their homes decline. While home prices have risen to nearly pre-Great Recession levels in many parts of the United States,
there are still significant regions where values have not materially increased. When we analyze loan and property acquisitions
we do not take HPA into account except for rural properties for which we model negative HPA related to our expectation of worse
than expected property condition. We typically concentrate our investments in specific urban geographic locations in which we expect
stable or better property markets, although we do not use any appreciation expectation in the performance modeling.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Changes in market interest rates</I>. With
respect to our business operations, increases in interest rates, in general, may over time cause: (1) the value of our mortgage
loan and MBS portfolio to decline; (2) coupons on our ARM and hybrid ARM mortgage loans and MBS to reset, although on a delayed
basis, to higher interest rates; (3) prepayments on our mortgage loans and MBS portfolio to slow, thereby slowing the amortization
of our purchase premiums and the accretion of our purchase discounts; (4) the interest expense associated with our borrowings to
increase; and (5) to the extent we enter into interest rate swap agreements as part of our hedging strategy, the value of these
agreements to increase. Conversely, decreases in interest rates, in general, may over time cause: (a) prepayments on our mortgage
loan and MBS portfolio to increase, thereby accelerating the amortization of our purchase premiums and the accretion of our purchase
discounts; (b) the value of our mortgage loan and MBS portfolio to increase; (c) coupons on our ARM and hybrid ARM mortgage loans
and MBS to reset, although on a delayed basis, to lower interest rates; (d) the interest expense associated with our borrowings
to decrease; and (e) to the extent we enter into interest rate swap agreements as part of our hedging strategy, the value of these
agreements to decrease.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Market conditions</I>. Due to the dramatic
repricing of real estate assets during the most recent financial crisis and the continuing uncertainty in the direction and continuing
strength of the real estate markets, we believe a void</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 31; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">in the debt and equity capital available for investing
in real estate has been created as many financial institutions, insurance companies, finance companies and fund managers face insolvency
or have determined to reduce or discontinue investment in debt or equity related to real estate. We believe the dislocations in
the residential real estate market have resulted or will result in an &ldquo;over-correction&rdquo; in the repricing of real estate
assets, creating a potential opportunity for us to capitalize on these market dislocations and capital void.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We believe that in spite of the continuing uncertain
market environment for mortgage-related assets, current market conditions offer potentially attractive investment opportunities
for us, even in the face of a riskier and more volatile market environment, as the depressed trading prices of our target assets
have caused a corresponding increase in available yields. We expect that market conditions will continue to impact our operating
results and will cause us to adjust our investment and financing strategies over time as new opportunities emerge and risk profiles
of our business change.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Critical Accounting Policies and Estimates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certain of our critical accounting policies
require management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of
the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results
could differ from those estimates. We consider significant estimates to include expected cash flows from mortgage loans and fair
value measurements. We believe that all of the decisions and assessments upon which our consolidated financial statements are and
will be based were or will be reasonable at the time made based upon information available to us at that time. We have identified
our most critical accounting policies to be the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Mortgage loans, net. </I>Purchased mortgage
loans are initially recorded at the purchase price, net of any acquisition fees or costs at the time of acquisition and are considered
asset acquisitions. As part of the determination of the purchase price for mortgage loans, we use a discounted cash flow valuation
model to model expected cash flows, and which considers alternate loan resolution probabilities, including liquidation or conversion
to real estate owned. Observable inputs to the model include current interest rates, loan amounts, status of payments and property
types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities,
resolution timelines, the value of underlying properties and other economic and demographic data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Under ASC 310-30, acquired loans may be aggregated
and accounted for as a pool of loans if the loans being aggregated have some degree of credit quality deterioration since origination
and have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate
expectation of cash flows. Re-performing mortgage loans have been determined to have common risk characteristics and are accounted
for as a single loan pool for loans acquired within each three-month fiscal quarter. Similarly, non-performing mortgage loans
have been determined to have common risk characteristics and are accounted for as a single non-performing pool for loans acquired
within each three-month fiscal quarter. Under ASC 310-30, we estimate cash flows expected to be collected, adjusted for
expected prepayments and defaults expected to be incurred over the life of the loan pool. We determine the excess of the loan
pool&rsquo;s contractually required principal and interest payments over the expected cash flows as an amount that should not
be accreted, referred to as the non-accretable yield. The difference between expected cash flows and the purchase price (at acquisition)
or the present value of the expected cash flows is referred to as the accretable yield, which represents the amount that is expected
to be recorded as interest income over the remaining life of the loan pool. For the three- and six-months ended June 30, 2015,
we recognized no provision for loan loss. For the three- and six-months ended June 30, 2015, we accreted $10.8 million and $17.7
million, respectively, into interest income with respect to our loan portfolio. As of June 30, 2015, our loan portfolio had a
UPB of $596.3 million and a carrying value of $444.4 million, and at December 31, 2014, a UPB of $298.6, million and carrying
value of $211.2 million, which excludes one loan in which we hold a 40.5% beneficial interest through an equity method investee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Generally, we acquire loans at a discount associated
with some degree of credit impairment. We elect to aggregate certain pools of loans with common risk characteristics and accrue
interest income thereon at a composite interest rate, based on expectations of cash flows to be collected for the pool. Expectations
of pool cash flow are reviewed quarterly. Adjustments to a pool&rsquo;s prospective composite interest rate or an allowance for
impairment are made to the extent revised expectations differ from original estimates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 32; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For loans that do not qualify for pool aggregation
treatment, including performing loans that are not purchased at discounts resulting from credit-related issues, interest is recognized
using the simple-interest method on daily balances of the principal amount outstanding, adjusted for the amortization or accretion
of the loan premium or discount over the contractual life of the loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Accrual of interest on individual loans is discontinued
when management believes that, after considering economic and business conditions and collection efforts, the borrower&rsquo;s
financial condition is such that collection of interest is doubtful. Our policy is to stop accruing interest when a loan&rsquo;s
delinquency exceeds 90 days. All interest accrued but not collected for loans that are placed on non-accrual status or subsequently
charged-off are reversed against interest income. Income is subsequently recognized on the cash basis until, in management&rsquo;s
judgment, the borrower&rsquo;s ability to make periodic principal and interest payments returns and future payments are reasonably
assured, in which case the loan is returned to accrual status.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">An individual loan is considered to be impaired
when, based on current events and conditions, it is probable we will be unable to collect all amounts due (both principal and interest)
according to the contractual terms of the loan agreement. Impaired loans are carried at the present value of expected future cash
flows discounted at the loan&rsquo;s effective interest rate, the loan&rsquo;s market price, or the fair value of the collateral
if the loan is collateral dependent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For individual loans, a troubled debt restructuring
is a formal restructuring of a loan where, for economic or legal reasons related to the borrower&rsquo;s financial difficulties,
a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms,
including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity
date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and
is subject to the relevant accounting for impaired loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The allowance for loan losses is established
through a provision for loan losses charged to expenses. The allowance is an amount that management believes will be adequate to
absorb probable losses on existing loans that may become uncollectible, based on evaluations of the collectability of loans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Purchased non-performing loans that are accounted
for as individual loans are recorded at fair value, which is generally the purchase price. Interest income is recognized on a cash
basis and loan purchase discount is accreted to income in proportion to the actual principal paid. Loans are tested quarterly for
impairment and impairment reserves are recorded to the extent the fair market value of the underlying collateral falls below net
book value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in; color: #231F20"><FONT STYLE="letter-spacing: -0.3pt">W</FONT>hile<FONT STYLE="letter-spacing: 0.55pt">
</FONT>we gene<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.45pt">a</FONT>l<FONT STYLE="letter-spacing: -0.2pt">l</FONT>y<FONT STYLE="letter-spacing: 1pt">
</FONT>intend<FONT STYLE="letter-spacing: 1.75pt"> </FONT>to<FONT STYLE="letter-spacing: 1pt"> </FONT>hold<FONT STYLE="letter-spacing: 1.4pt">
</FONT>our<FONT STYLE="letter-spacing: 1.45pt"> </FONT>assets<FONT STYLE="letter-spacing: 0.7pt"> </FONT>as<FONT STYLE="letter-spacing: 0.5pt">
</FONT>long-te<FONT STYLE="letter-spacing: 0.2pt">r</FONT>m<FONT STYLE="letter-spacing: 2.3pt"> </FONT>i<FONT STYLE="letter-spacing: -0.4pt">n</FONT><FONT STYLE="letter-spacing: -0.15pt">v</FONT>estments,<FONT STYLE="letter-spacing: 2.3pt">
</FONT>we m<FONT STYLE="letter-spacing: -0.4pt">a</FONT>y s<FONT STYLE="letter-spacing: -0.15pt">e</FONT>ll certain of<FONT STYLE="letter-spacing: 1.4pt">
</FONT>our loans in o<FONT STYLE="letter-spacing: -0.15pt">r</FONT>der to<FONT STYLE="letter-spacing: 1pt"> </FONT>man<FONT STYLE="letter-spacing: -0.2pt">a</FONT>ge
our<FONT STYLE="letter-spacing: 1.45pt"> </FONT>inte<FONT STYLE="letter-spacing: -0.15pt">r</FONT>est <FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.3pt">a</FONT>te<FONT STYLE="letter-spacing: 1.45pt">
</FONT>risk and<FONT STYLE="letter-spacing: 1.45pt"> </FONT>liquidity needs, meet other ope<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.3pt">a</FONT>ting
object<FONT STYLE="letter-spacing: -0.15pt">iv</FONT>es and ad<FONT STYLE="letter-spacing: -0.2pt">a</FONT>pt&nbsp;to<FONT STYLE="letter-spacing: 1pt">
</FONT>ma<FONT STYLE="letter-spacing: -0.15pt">r</FONT>ket conditions. <FONT STYLE="letter-spacing: 0.2pt">&nbsp;</FONT>The timing
and<FONT STYLE="letter-spacing: 1.45pt"> </FONT>impact of<FONT STYLE="letter-spacing: 1.4pt"> </FONT>futu<FONT STYLE="letter-spacing: -0.15pt">r</FONT>e
s<FONT STYLE="letter-spacing: -0.45pt">a</FONT>les of<FONT STYLE="letter-spacing: 1.4pt"> </FONT>loans, if a<FONT STYLE="letter-spacing: -0.4pt">n</FONT>y,
cannot be p<FONT STYLE="letter-spacing: -0.15pt">r</FONT>edicted with a<FONT STYLE="letter-spacing: -0.4pt">n</FONT>y<FONT STYLE="letter-spacing: 1pt">
</FONT>certainty. &nbsp;Since<FONT STYLE="letter-spacing: 0.2pt"> </FONT>we <FONT STYLE="letter-spacing: -0.15pt">e</FONT>xpect<FONT STYLE="letter-spacing: 0.7pt">
</FONT>th<FONT STYLE="letter-spacing: -0.3pt">a</FONT>t our assets<FONT STYLE="letter-spacing: 0.7pt"> </FONT>will<FONT STYLE="letter-spacing: -0.3pt">
</FONT>gene<FONT STYLE="letter-spacing: -0.05pt">r</FONT><FONT STYLE="letter-spacing: -0.45pt">a</FONT>l<FONT STYLE="letter-spacing: -0.2pt">l</FONT>y<FONT STYLE="letter-spacing: 1pt">
</FONT>be <FONT STYLE="letter-spacing: 0.2pt">f</FONT>inanced, we <FONT STYLE="letter-spacing: -0.15pt">e</FONT>xpect<FONT STYLE="letter-spacing: 0.7pt">
</FONT>th<FONT STYLE="letter-spacing: -0.3pt">a</FONT>t a<FONT STYLE="letter-spacing: 0.55pt"> </FONT>signi<FONT STYLE="letter-spacing: 0.2pt">f</FONT>icant
portion of<FONT STYLE="letter-spacing: 1.4pt"> </FONT>the<FONT STYLE="letter-spacing: 1pt"> </FONT>proceeds from s<FONT STYLE="letter-spacing: -0.45pt">a</FONT>les
of<FONT STYLE="letter-spacing: 1.4pt"> </FONT>our assets<FONT STYLE="letter-spacing: 0.7pt"> </FONT>(if a<FONT STYLE="letter-spacing: -0.4pt">n</FONT>y),
p<FONT STYLE="letter-spacing: -0.15pt">r</FONT>ep<FONT STYLE="letter-spacing: -0.4pt">a</FONT>yments<FONT STYLE="letter-spacing: -0.05pt">
</FONT>and scheduled amortiz<FONT STYLE="letter-spacing: -0.3pt">a</FONT>tion will<FONT STYLE="letter-spacing: -0.3pt"> </FONT>be
used to<FONT STYLE="letter-spacing: 1pt"> </FONT><FONT STYLE="letter-spacing: -0.15pt">r</FONT>ep<FONT STYLE="letter-spacing: -0.4pt">a</FONT>y<FONT STYLE="letter-spacing: 1.4pt">
</FONT>b<FONT STYLE="letter-spacing: -0.45pt">a</FONT>lances under our <FONT STYLE="letter-spacing: 0.2pt">f</FONT>inancing sou<FONT STYLE="letter-spacing: -0.15pt">r</FONT>ces.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Residential properties. </I>Property is recorded
at cost if purchased, or at fair value of the asset less estimated selling costs if obtained through foreclosure by us. Property
that is currently unoccupied and actively marketed for sale is classified as held-for-sale. Property held-for-sale is carried at
the lower of cost or fair market value. Net unrealized losses due to changes in market value are recognized through a valuation
allowance by charges to income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">No depreciation or amortization expense is recognized
on properties held-for-sale, while holding costs are expensed as incurred. Rental property is property not held-for-sale. Rental
properties are intended to be held as long-term investments but may eventually be held-for-sale. Depreciation is provided for using
the straight-line method over the estimated useful lives of the assets of three to 27.5 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">With respect to residential rental properties
not held-for-sale, we perform an impairment analysis using estimated cash flows if events or changes in circumstances indicate
that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental
factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed
at the property</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 33; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">level. These cash flows are estimated based on
a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties,
competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">If the carrying amount of a held-for-investment
asset exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the difference
between estimated fair value of the asset and the carrying amount. We generally estimate the fair value of assets held for use
by using broker pricing opinions, or BPOs. In some instances, appraisal information may be available and is used in addition to
BPOs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We perform property renovations to maximize
the value of the property for our rental strategy. Such expenditures are part of our initial investment in a property and, therefore,
are capitalized as part of the basis of the property. Subsequently, the residential property, including any renovations that improve
or extend the life of the asset, are accounted for at cost. The cost basis is depreciated using the straight-line method over an
estimated useful life of three to 27.5 years. Interest and other carrying costs incurred during the renovation period are capitalized
until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Fair value of financial instruments. </I>Fair
value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date. A fair value hierarchy has been established which requires an entity to maximize
the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three
levels of inputs that may be used to measure fair value:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Level l</B>&mdash;Quoted prices in active markets for
identical assets or liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Level 2</B>&mdash;Observable inputs other than Level
1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs
that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Level 3</B>&mdash;Unobservable inputs that
are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The degree of judgment utilized in measuring
fair value generally correlates to the level of pricing observability. Assets and liabilities with readily available actively quoted
prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability
and a lesser degree of judgment utilized in measuring fair value. Conversely, assets and liabilities rarely traded or not quoted
will generally have little or no pricing observability and a higher degree of judgment utilized in measuring fair value. Pricing
observability is impacted by a number of factors, including the type of asset or liability, whether it is new to the market and
not yet established, and the characteristics specific to the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Property held-for-sale is measured at cost at
acquisition and subsequently measured at the lower of cost or fair value less cost to sell on a nonrecurring basis. The fair value
of property held-for-sale is generally based on estimated market prices from an independently prepared appraisal, an independent
BPO, or management&rsquo;s judgment as to the selling price of similar properties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Income Taxes</I>. We intend to elect REIT
status upon the filing of our 2014 income tax return, and have conducted our operations in order to satisfy and maintain eligibility
for REIT status. Accordingly, we do not believe we will be subject to U.S. federal income tax from the year ended December 31,
2014 forward on the portion of our REIT taxable income that is distributed to our stockholders as long as certain asset, income
and stock ownership tests are met. If after electing to be taxed as a REIT, we subsequently fail to qualify as a REIT in any taxable
year, we generally will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for the four taxable
years following the year during which qualification is lost. We may also be subject to state or local income or franchise taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Thetis TRS, GAJX Real Estate LLC and any other
TRS that we form, will be subject to U.S. federal and state income taxes. On January 13, 2015 we applied for a private letter ruling
from the Internal Revenue Service that would allow us to exclude our proportionate share of gross income from the Manager if we
held our interest in the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 34; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Manager through our operating partnership. If
we receive such a ruling, we expect that we will hold our interest in the Manager through our operating partnership, instead of
through Thetis TRS; however, there is no assurance that such a ruling will be issued. Income taxes are provided for using the asset
and liability method. A provision for income taxes of $16,400 was recorded for both the three- and six-month periods ended June
30, 2015. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between
the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are
measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences
to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which
the change occurs. Subject to our judgment, we reduce a deferred tax asset by a valuation allowance if it is &ldquo;more-likely-than-not&rdquo;
that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations
by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and
we recognize tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate
taxing authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We evaluate tax positions taken in our consolidated
financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, we
may recognize a tax benefit from an uncertain tax position only if it is &ldquo;more-likely-than-not&rdquo; that the tax position
will be sustained on examination by taxing authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our tax returns remain subject to examination
and consequently, the taxability of the distributions and other tax positions taken by us may be subject to change. Distributions
to stockholders generally will be taxable as ordinary income, although a portion of such distributions may be designated as long-term
capital gain or qualified dividend income, or may constitute a return of capital. The Company will furnish annually to each stockholder
a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in"><I>Emerging growth company. </I>Section&nbsp;107
of the JOBS Act provides that an emerging growth company can take advantage of the extended transition period provided in Section&nbsp;7(a)(2)(B)
of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay
the adoption of certain accounting standards until those standards would otherwise apply to private companies. We have elected
to take advantage of the benefits of this extended transition period. Our consolidated financial statements may, therefore, not
be comparable to those of companies that comply with such new or revised accounting standards.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Recent Accounting Pronouncements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Refer to the notes to our interim consolidated
financial statements for a description of relevant recent accounting pronouncements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Results of Operations for the three- and
six-months ended June 30, 2015</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We were formed on January 30, 2014 as a Maryland
corporation and were capitalized on March 28, 2014 by our then sole stockholder, Aspen Yo. We commenced operations upon the closing
of the Original Private Placement on July 8, 2014. Upon the closing of the Original Private Placement, the Company used $48.8&nbsp;million
of the proceeds to acquire its initial mortgage portfolio through the acquisition of 82% of the equity interests in Little Ajax
II, LLC. Little Ajax II was an affiliated entity that acquired primarily re-performing mortgage loans and a number of non-performing
mortgage loans in a series of transactions between December 1, 2013 and July 7, 2014. In September 2014, we completed a transaction
to acquire the remaining interests in this initial mortgage-related asset portfolio. The transaction initially had Little Ajax
II redeem the 82% membership interest of the operating partnership by distributing to the operating partnership 82% of all Little
Ajax II loans, participation interests and real property. The operating partnership then purchased for cash the remaining 18% interest
in such real estate assets for an aggregate purchase price of approximately $11.4&nbsp;million. The operating partnership also
purchased for cash from Gregory, its 5% interest in the 43 loans in which Little Ajax II held a 95% participation interest for
approximately $0.2&nbsp;million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As we commenced operations on July 8, 2014,
a comparison of the results of operations for the three and six months ended June 30, 2015 and the corresponding
periods ended June 30, 2014 is not available.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 35; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">During the three- and six- months ended June
30, 2015, we acquired 827 and 1,337 mortgage loans, respectively, secured by single and one-to-four family residences with an
aggregate UPB of $204.6 million and $306.7 million, respectively. The aggregate purchase price for the mortgage loans was $159.4
million and $233.5 million, respectively. During the three months ended June 30, 2015, re-performing loans represented $188.9
million UPB and $150.4 million purchase price and non-performing loans represented $15.7 million UPB and $9.0 million purchase
price. During the six months ended June 30, 2015, re-performing loans represented $274.9 million UPB and $213.8 million purchase
price and non-performing loans represented $31.8 million UPB and $19.6 million purchase price. For the three months ended June
30, 2015, the purchase price for re-performing loans and non-performing loans equaled 66.3% and 58.9%, respectively, of the estimated
market value of the underlying collateral. For the six months ended June 30, 2015, the purchase price as a percent of the underlying
collateral for re-performing loans and non-performing loans was 65.0% and 52.4%, respectively. Mortgage loans purchased in the
three months ended June 30, 2015 were on our balance sheet for a weighted average of 41.7 days, and 65.6 days for the six months
ended June 30, 2015. During the three months ended June 30, 2015, we also purchased one REO property for $0.1 million, which was
63.1% of the estimated market value. During the six months ended June 30, 2015, we purchased 12 REO properties for $2.7 million,
which was 64.7% of the estimated market value. Our average daily carrying values for RPLs and NPLs were $283.1 million and $72.7
million, respectively, during the three months ended June 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">From inception through June 30, 2015, we aggregated
a portfolio consisting primarily of 2,700 mortgage loans secured by single and one-to-four family residences with an aggregate
UPB of $615.1&nbsp;million, which includes one loan in which we hold a 40.5% beneficial interest through an equity method investee.
We acquired the loans at an aggregate purchase price of $447.9&nbsp;million. Re-performing loans represented $498.8&nbsp;million
UPB and a $377.7&nbsp;million purchase price and non-performing loans represented $116.3&nbsp;million UPB and a $70.2&nbsp;million
purchase price. The purchase price for re-performing loans and non-performing loans equaled 67.3% and 57.4%, respectively, of the
estimated market value of the underlying collateral. The Company also purchased 12 REO properties at an average price to estimated
market of 64.7%. The results of operations for the period presented below may not be indicative of our expected results in future
periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of June 30, 2015, our portfolio of mortgage-related
assets consisted of the following:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-size: 8pt"><B>Portfolio as of June 30, 2015<SUP>(1)</SUP></B></FONT></P>



<P STYLE="margin: 0">&nbsp;</P>
<DIV STYLE="float: left; width: 48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 82%">No. of Loans</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">2,620</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Total UPB</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">598,908,668</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Interest-Bearing Balance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">562,294,615</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Deferred Balance<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">36,614,053</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Market Value of Collateral<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">663,588,960</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Price/Total UPB<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73.4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Price/Market Value of Collateral</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66.4</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 10pt">Weighted Average Coupon<SUP>(4)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.64</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 10pt">Weighted Average LTV<SUP>(5)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">106</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Remaining Term (as of 6/30/2015)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">316.2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">No. of first liens</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,597</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">No. of second liens</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

</div>
<DIV STYLE="float: right; width: 48%">


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; width: 82%">No. of Rental Properties</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="text-align: left; width: 1%">&nbsp;</TD><TD STYLE="text-align: right; width: 15%">2</TD><TD STYLE="text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Market Value of Rental Properties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">144,900</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Capital Invested</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">122,199</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Price/Market Value of Rental</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.1in">Properties</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84.3</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Gross Rent/Month</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">1,950</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">No. of Other REO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Market Value of Other REO</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,377,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>
</div>
<DIV STYLE="clear:both;"></div>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Information reflects one loan in which we hold a 40.5% beneficial interest through an equity method investee and two loans
in which we have a 95% participation interest and are owned by the Servicer because neither we nor our subsidiaries have the necessary
licenses in certain states.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Amounts that have been deferred in connection with a loan modification on which interest does not accrue. These amounts generally
become payable at the time of maturity.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>As of date of acquisition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Our loan portfolio consists of fixed rate (47.6% of UPB), ARM (20.2% of UPB) and Hybrid ARM (32.2% of UPB) mortgage loans with
original terms to maturity of not more than 40 years.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>UPB as of June 30, 2015 divided by market value of collateral as of date of acquisition.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-indent: -0.25in">&nbsp;</P>


<!-- Field: Page; Sequence: 36; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">As of June 30, 2015, 42 mortgage loans, representing
1.3% of our ending UPB, had been repaid.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We closely monitor the status of our mortgage
loans through our Servicer, as it works with our borrowers to improve their payment records. We have not experienced material write
downs or impairments on the mortgage loans purchased since commencement of operations in July 2014. As of June 30, 2015, of the
2,620 loans in our portfolio, 80.3% were re-performing loans and 19.7% were non-performing loans. The following chart shows the
percentages of our portfolio, based on UPB, represented by non-performing loans and re-performing loans at June 30, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Loan Portfolio as of June 30, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><img src="pg38.jpg"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">The following table sets forth the years in
which our mortgage loans were originated based upon UPB:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Mortgage Loan Origination at June 30, 2015</B></P>



<P STYLE="margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 50%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Years of Origination</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Percentage of UPB</B></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 82%; text-align: left">Prior to 1990</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">0.2</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>1990&thinsp;&ndash;&thinsp;2000</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.8</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>2001&thinsp;&ndash;&thinsp;2005</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.7</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>2006&thinsp;&ndash;&thinsp;2008</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>After 2008</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.1</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 37; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left; text-indent: 0.5in">The following table identifies
the mortgage loans by state, number of loans, loan value and collateral value and percentages thereof for the assets acquired through
June 30, 2015 identified above:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in"><B>Loans by State as of
June 30, 2015</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 0.5in">&nbsp;</P>
<DIV STYLE="float: left; width: 48%">
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">State</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Loan<BR>
    Count</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">UPB&nbsp;($)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%&nbsp;of&nbsp;UPB</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;Collateral
    Value<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%
    of     Collateral<BR>     Value</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 8pt">CA</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">373</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">139,599,557</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">23.3</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">160,126,587</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">24.1</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">FL</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">427</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">94,598,302</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">15.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">91,185,064</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">NY</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">186</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">62,443,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">83,287,700</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">NJ</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">163</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45,688,551</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">45,025,184</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">MD</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">123</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">33,208,960</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">34,665,329</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">IL</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">122</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25,114,455</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">23,474,200</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">MA</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">75</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">20,986,104</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22,957,100</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">TX</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">154</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17,296,919</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">24,424,974</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">GA</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">103</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,969,394</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">14,577,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">AZ</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">64</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,835,986</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,760,589</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">VA</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">60</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12,480,083</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,763,130</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">OR</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">33</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,221,496</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">13,172,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">PA</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">97</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,339,346</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">11,915,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">NC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">69</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,949,493</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10,129,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">WA</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">36</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8,398,752</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">9,128,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">MI</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">47</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,266,833</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,933,960</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">OH</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">59</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,078,609</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,252,918</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">NV</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">27</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,414,234</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,291,250</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.9</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">CO</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">26</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,263,325</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7,553,464</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">CT</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">28</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,932,541</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6,361,020</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">UT</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">25</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,662,836</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5,214,700</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">SC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">36</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,310,518</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4,343,958</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">AL</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,856,850</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,632,410</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">TN</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">35</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,485,758</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,985,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
</TABLE>

</div>
<DIV STYLE="float: right; width: 48%">


<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">State</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Loan<BR>
    Count</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">UPB&nbsp;($)</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; padding-bottom: 1pt; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%&nbsp;of&nbsp;UPB</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt"><B>&nbsp;Collateral
    Value&nbsp;<SUP>(1)</SUP></B></FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">%
    of Collateral<BR>     Value</FONT></TD><TD STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%"><FONT STYLE="font-size: 8pt">MO</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">22</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">3,172,832</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">0.5</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">3,312,000</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 1%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="width: 10%; text-align: right"><FONT STYLE="font-size: 8pt">0.5</FONT></TD><TD STYLE="width: 1%; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">LA</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">22</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,050,883</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,366,593</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">IN</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">32</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,933,667</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,393,655</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">MN</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,856,319</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,535,800</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">RI.</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,582,325</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,921,275</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">WI</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">17</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,419,764</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,468,550</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">HI</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,961,420</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3,453,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">NM</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,721,861</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,475,300</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">DE</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,514,610</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,450,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">MS</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,337,402</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,490,550</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">KY</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,275,565</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,477,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">DC</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,190,274</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2,327,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">NH</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">4</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,067,981</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,405,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">ME</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">809,308</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">733,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">OK</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">10</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">781,286</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">898,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">ID</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">6</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">670,631</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1,104,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">AR</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">598,967</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">697,600</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">IA</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">7</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">562,231</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">614,400</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">KS</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">454,043</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">461,500</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">WV</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">427,645</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">400,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">SD</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">359,038</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">445,900</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">PR</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">2</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">358,345</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">520,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD><FONT STYLE="font-size: 8pt">NE</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">3</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">264,716</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">258,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD><FONT STYLE="font-size: 8pt">MT</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">134,753</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">215,000</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">0.0</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">Total</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt"><B>2
                                         2,620 </B></FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">598,908,668</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">663,588,960</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD STYLE="font-weight: bold; text-align: right"><FONT STYLE="font-size: 8pt">100.0</FONT></TD><TD STYLE="font-weight: bold; text-align: left"><FONT STYLE="font-size: 8pt">%</FONT></TD></TR>
</TABLE>
</div>
<DIV STYLE="clear:both;"></div>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 0; margin-bottom: 0"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">* Information reflects two loans in which we have a 95% participation
interest and are owned by the Servicer because neither we nor our subsidiaries have the necessary licenses in certain states.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">** Information reflects one loan in which we hold a 40.5% beneficial
interest through an equity method investee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(1) As of date of acquisition.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Income</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">For the three months ended June 30, 2015, our
net interest income was $8.5 million, our consolidated net income was $5.7 million, and diluted earnings per share was $0.36. For
the six months ended June 30, 2015, our net interest income was $14.3 million, our consolidated net income was $9.5 million, and
diluted earnings per share was $0.64. Our primary source of income is interest earned on our loan portfolio. Other income primarily
consists of the equity earnings of affiliates, including our Manager. Our operating income for the three- and six-months ended
June 30, 2015 included $7.6 million and $11.9 million of non-cash interest income accretion, respectively.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 38; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Management Fee</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We pay a quarterly base management fee based
on our stockholders&rsquo; equity and a quarterly incentive management fee based on our cash distributions to our stockholders.
We paid the Manager a base fee for the quarter ended June 30, 2015 of $0.9&nbsp;million of which we paid half, or $0.4&nbsp;million,
in 29,790 shares of our common stock. We paid the Manager a base fee for the six months ended June 30, 2014 of $1.6 million of
which we paid half, or $0.8 million, in 55,877 shares of our common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><I>Net Book Value</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Our net book value at June 30, 2015 and December
31, 2014 was $14.36 and $14.43, respectively, calculated by dividing equity by total adjusted shares outstanding, including OP
Units (which are redeemable on a 1-for-1 basis into shares of our common stock after one year of ownership) and Manager and director
shares not issued as of the date indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="border-collapse: collapse; width: 85%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">June&nbsp;30,&nbsp;2015</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December&nbsp;31,&nbsp;2014</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; text-indent: -9pt; padding-left: 9pt">Outstanding shares</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">15,253,998</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">11,223,984</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9pt; padding-left: 9pt">Adjustments for:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Operating partnership units</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">624,106</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">624,106</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Manager and director shares earned but not issued as of the date indicated</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,530</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,465</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; text-indent: -9pt; padding-left: 9pt">Total adjusted shares outstanding</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,909,634</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">11,866,555</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Loan Servicing Fee</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Pursuant to the servicing agreement, we paid
Gregory $0.9&nbsp;million and $1.5 million for its servicing of our mortgage loan portfolio during the three- and six-months ended
June 30, 2015, respectively.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Other Expenses</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Other expenses incurred during the period include
loan transaction expense, professional fees, directors&rsquo; fees, and other general and administrative expenses. For both the
three- and six-month periods ended June 30, 2015, our loan transaction expense included approximately $0.3 million of additional
due diligence expenses related to approximately 550 mortgage loans from new sellers which were excluded from our purchases since
these loans did not meet our acquisition criteria or quality standards. For the three- and six-months ended June 30, 2015, other
expenses, in aggregate, totaled approximately $1.4&nbsp;million and $2.2 million, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">Liquidity and Capital Resources</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">As of June 30, 2015, substantially all of our
invested capital was in re-performing and non-performing loans. We also held approximately $36.2&nbsp;million of cash and cash
equivalents. Our average daily cash balance during the quarter was $43.6 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Liquidity is a measure of our ability to meet
potential cash requirements, including ongoing commitments to repay borrowings, fund and maintain our assets and operations, make
distributions to our stockholders and other general business needs. Our primary sources of cash have consisted of proceeds from
the Private Placements and our IPO. We anticipate that our primary sources of cash in the future will generally consist of payments
of principal and interest we receive on our loan portfolio, cash generated from operations, including rental payments from our
REO and other real estate assets and profits we may earn from the sale of REO, and unused borrowing capacity under our financing
sources. Depending on market conditions, we expect that our primary sources of financing will include securitizations, warehouse
and credit facilities (including term loans and revolving facilities), repurchase agreements and private and public equity and
debt issuances in addition to transaction or asset specific funding arrangements. We expect that these sources of funds will be
sufficient to meet our short-term and long-term liquidity needs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">We use cash to purchase mortgage-related assets,
repay principal and interest on any borrowings, make distributions to our stockholders and fund operations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 39; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Cash flows from operating activities
for the six months ended June 30, 2015 were negative $5.0 million resulting primarily from consolidated net income of $9.5
million offset by increases in accrued expenses and other operating activity of $2.6 million, and non-cash interest income
accretion of $11.9 million.&nbsp; For the six months ended June 30, 2015, cash flows from investing activities were negative
$228.9 million, due to acquisitions of mortgage loans. Cash flows from financing activities for the six months ended
June 30, 2015, were positive $217.0 million due to proceeds from our repurchase agreement of $153.8 million, proceeds from
the sale of secured notes of $35.2 million and cash from our IPO of $51.5 million, offset by repayments on our repurchase
agreement and secured notes of $18.8 million and dividends and distributions of $4.8 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On July 8, 2014, we used approximately $48.8&nbsp;million
of the net proceeds from the Original Private Placement to acquire our initial portfolio of mortgage-related assets by acquiring
82% of the limited liability company interests of Little Ajax II held by certain affiliated holders. Little Ajax II owned a portfolio
of mortgage-related assets consisting of 418 mortgage loans and two single-family rental properties, which it acquired in a series
of transactions from unaffiliated parties between December 1, 2013 and July 7, 2014. The approximately $48.8&nbsp;million purchase
price paid by us for these assets equaled 82% of (a) the original capital contributions of all of the members of Little Ajax II,
minus (b) all cash distributions paid out to the members of Little Ajax II prior to the closing date of the acquisition of the
interests, plus (c) an amount equal to all interest income received by Little Ajax II on its loans from the date of acquisition
of the loan through the closing date, plus (d) an amount equal to all earned discount received by Little Ajax II on its loans from
the date of acquisition of the loan through the closing date, plus (e) an amount equal to all accrued but unpaid interest on loans
owned directly by Little Ajax II or in which Little Ajax II owned a participation interest that were not more than 60 days delinquent
on a contractual basis, up to a maximum of 59 days of interest, minus (f) an amount equal to all servicing fees paid or owed to
Little Ajax II in connection with its loans from the date of acquisition of the loan through the closing date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In September 2014, we completed a transaction
to acquire the remaining interests in this initial mortgage-related asset portfolio. The transaction initially had Little Ajax
II redeem the 82% membership interest of our operating partnership by distributing to the operating partnership 82% of all Little
Ajax II loans, participation interests and real property. Our operating partnership then purchased for cash the remaining 18% interest
in such real estate assets for an aggregate purchase price of approximately $11.4&nbsp;million. Our operating partnership also
purchased for cash from Gregory its 5% interest in the 43 loans in which Little Ajax II held a 95% participation interest for approximately
$0.2&nbsp;million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">In December 2014, we closed the Second Private
Placement, which resulted in net proceeds to us of approximately $41.2&nbsp;million. To date, we are using the proceeds of the
Private Placements to purchase re-performing and non-performing loans, as described above. While we generally intend to hold our
assets as long-term investments, we may sell certain of our investments in order to manage our interest rate risk and liquidity
needs, meet other operating objectives and adapt to market conditions. The timing and impact of future sales of investment securities,
if any, cannot be predicted with any certainty. Since we expect that our assets will generally be financed, we expect that a significant
portion of the proceeds from sales of our assets (if any), prepayments and scheduled amortization will be used to repay balances
under our financing sources. On January 21, 2015, in order to satisfy the REIT requirement that we have at least 100 stockholders
as of January 30, 2015, we sold 5,250 shares of common stock to affiliated persons at a price of $15.00 per share, the last price
at which shares were sold to unaffiliated purchasers in the Second Private Placement in December 2014, for an aggregate purchase
price of $0.1 million.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The Company completed its IPO in February
2015 in which we and selling stockholders sold an aggregate of 5,276,797 shares of common stock, including shares sold pursuant
to exercise of the option to purchase additional shares granted to the underwriters. We sold 3,976,464 shares of common stock and
selling stockholders sold 1,300,333 shares of common stock, in each case, including shares sold pursuant to exercise of the option
to purchase additional shares granted to the underwriters. We used the approximately $53.9 million of proceeds (after deducting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 40; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">the underwriting discount but before deducting
estimated offering expenses) to acquire additional mortgage loans and mortgage-related assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From the commencement of operations to June
30, 2015, the Company has completed three securitizations pursuant to Rule 144A under the Securities Act. The securitizations are
structured as debt financings and not REMIC sales, and the loans included in the securitizations remain on the Company&rsquo;s
balance sheet as the Company is the primary beneficiary of the securitization trusts, which are variable interest entities (&ldquo;VIEs&rdquo;).
The securitization VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages
and distribute those payments to the holders of the notes. Our exposure to the obligations of the VIEs is generally limited to our investments
in the entities. The notes that are issued by the securitization trusts are secured solely by the mortgages held by the applicable
trusts and not by any of our other assets. The mortgage loans of the applicable trusts are the only source of repayment and interest
on the notes issued by such trusts. We do not guarantee any of the obligations of the trusts under the terms of the agreement governing
the notes or otherwise.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Our securitizations are structured with
Class A notes, Class B notes, and a trust certificate representing the residual interests in the mortgages. For each of our three
securitizations the Company has retained the Class B notes and the trust certificate. The Class A notes are senior, sequential
pay, fixed rate notes. The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to
the Class B-1 notes. If the Class A notes have not been redeemed by the payment date 36 months after issue, or otherwise paid in
full by that date, an amount equal to the aggregate interest payment amount that accrued and would otherwise be paid to the Class
B-1 and the Class B-2 notes will be paid as principal to the Class A notes on that date and each subsequent payment date until
the Class A notes are paid in full. After the Class A notes are paid in full, the Class B-1 and Class B-2 notes will resume receiving
their respective interest payment amounts and any interest that accrued but was not paid to the Class B notes while the Class A
notes were outstanding. As the holder of the trust certificates, the Company is entitled to receive any remaining amounts in the
trust after the Class A notes and Class B notes have been paid in full.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table sets forth the original
terms of all securitization notes at their respective cutoff dates as of June 30, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Issuing Trust/Issue
    Date</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Security</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Original</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Principal</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Interest
    Rate</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 46%; text-align: left">Ajax Mortgage Loan Trust 2014-A/ October 2014</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 25%; text-align: left"><FONT STYLE="font-size: 10pt">Class A notes due 2057<SUP>(1)</SUP></FONT></TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 12%; text-align: right"><FONT STYLE="font-size: 10pt">45 million</FONT></TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">4.00</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Class B-1 notes due 2057<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8 million</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.19</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Class B-2 notes due 2057<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8 million</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.19</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trust certificates<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">20.4 million</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Ajax Mortgage Loan Trust 2014-B / November 2014</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Class A notes due 2054<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">41.2 million</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.85</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Class B-1 notes due 2054<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">13.7 million</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Class B-2 notes due 2054<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">13.7 million</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trust certificates<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22.9 million</FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left">Ajax Mortgage Loan Trust 2015-A / May 2015</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Class A notes due 2054<SUP>(1)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD NOWRAP STYLE="text-align: right"><FONT STYLE="font-size: 10pt">35.6 million </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3.88</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Class B-1 notes due 2054<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8.7 million </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left"><FONT STYLE="font-size: 10pt">Class B-2 notes due 2054<SUP>(2)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">8.7 million </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.25</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Trust certificates<SUP>(3)</SUP></FONT></TD><TD>&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="text-align: right"><FONT STYLE="font-size: 10pt">22.8 million </FONT></TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&ndash;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>The Class A notes are senior, sequential pay, fixed rate notes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes.
We have retained the Class B notes.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>The trust certificates issued by the trusts and the beneficial ownership of the trusts are retained by Great Ajax Funding LLC
as the depositor. As the holder of the trust certificates, we are entitled to receive any remaining amounts in the trusts after
the Class A notes and Class B notes have been paid in full.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 41; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Servicing for the mortgage loans in 2014-A,
2014-B and 2015-A is provided by the Servicer at a servicing fee rate of 0.65% annually of UPB for re-performing loans and 1.25%
annually of UPB for non-performing loans, and is paid monthly by us.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On November 25, 2014, we entered into a
repurchase facility pursuant to which a newly formed Delaware statutory trust wholly owned by the operating partnership, AJX Mortgage
Trust I, the &ldquo;Seller,&rdquo; will acquire, from time to time, pools of mortgage loans that are primarily secured by first
liens on one-to-four family residential properties from its affiliates and/or third party sellers. The facility was amended on
May 13, 2015 to increase the transaction limit. These mortgage loans will generally be sold from time to time by the operating
partnership, as the &ldquo;Guarantor&rdquo; to the Seller pursuant to the terms of a mortgage loan purchase agreement by and between
the Guarantor, as seller, and the Seller as purchaser, in accordance with the terms thereof. Pursuant to the Master Repurchase
Agreement, or MRA, these mortgage loans, together with the Seller&rsquo;s 100% ownership interests in its wholly owned subsidiary,
a newly formed Delaware limited liability company (&ldquo;REO I&rdquo;), and any future REO subsidiaries wholly owned by the Seller
(&ldquo;REO Subsidiaries&rdquo;) and certain other property of the Seller will be sold by the Seller to Nomura Corporate Funding
Americas, LLC, as Buyer, from time to time pursuant to one or more transactions, not exceeding $200&nbsp;million, with a simultaneous
agreement by the Seller to repurchase such mortgage loans and other property, as provided in the MRA. The obligations of the Seller
are guaranteed by the operating partnership. Repurchases under this facility carry interest calculated based on a spread to one-month
LIBOR and are fixed for the term of the borrowing. The purchase price for each mortgage loan or REO is generally equal to 65% of
the acquisition price for such asset or the then current BPO for the asset. The difference between the market value of the asset
and the amount of the repurchase agreement is the amount of equity we have in the position and is intended to provide the lender
some protection against fluctuations of value in the collateral and/or the failure by us to repay the borrowing at maturity. We
have effective control over the assets associated with this agreement and therefore has concluded this is a financing arrangement.
The facility termination date is November 24, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">As
of June 30, 2015 and December 31, 2014, we had $</FONT>153.8<FONT STYLE="font-family: Times New Roman, Times, Serif"> million
and $15.2 million outstanding under our repurchase agreement, respectively. </FONT>The maximum balance outstanding during both
the three- and six-month periods ended June 30, 2015 was $153.8 million. <FONT STYLE="font-family: Times New Roman, Times, Serif">The
following table sets forth data with respect to our repurchase agreements as of and for the three- and six-months ended June 30,
2015 and the three months ended December&nbsp;31, 2014 ($ in thousands):</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Three
                                         months </B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>ended</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>June
                                         30, 2015</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Six
                                         months </B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>ended</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>June
                                         30, 2015</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Three
                                         months ended </B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>December
                                         31, 2014</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 61%">Balance at end of period</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">153,804</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">153,804</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">15,249</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Maximum month-end balance outstanding during the period</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">153,804</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">153,804</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">15,249</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD>Average balance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">85,464</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">50,535</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">4,475</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The average balances of $85.5 million for
the three months ended June 30, 2015 and $50.5 million for the six months ended June 30, were due to the increase in borrowing
through the repurchase agreement during the second quarter, culminating in our balance at June 30, 2015 of $153.8 million. The
average balance outstanding of $4.5 million during the three months ended December 31, 2014 was due to the initial borrowing on
the line of $15.2 million outstanding for only 29 days of the quarter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Gregory services these mortgage loans and
the REO properties pursuant to the terms of a servicing agreement by and among the Servicer, the Seller, REO I and any other REO
Subsidiary, which servicing agreement has the same fees and expenses terms as the Company&rsquo;s servicing agreement with Gregory.
The operating partnership as Guarantor will provide to the Buyer a limited guaranty of certain losses incurred by the Buyer in
connection with certain events and/or the Seller&rsquo;s obligations under the MLPA, following the breach of certain covenants
by the Seller or an REO Subsidiary related to their status as a special purpose entity, the occurrence of certain bad acts by the
Seller Parties, the occurrence of certain insolvency events of the Seller or an REO Subsidiary or other events specified in the
Guaranty. As security for its obligations under the Guaranty, the Guarantor will pledge the Trust Certificate representing the
Guarantor&rsquo;s 100% beneficial interest in the Seller.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">As of June 30, 2015, we do not have any
credit facilities or other outstanding debt obligations other than the repurchase facility and secured borrowings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 42; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are not required by our investment guidelines
to maintain any specific debt-to-equity ratio, and we believe that the appropriate leverage for the particular assets we hold depends
on the credit quality and risk of those assets, as well as the general availability and terms of stable and reliable financing
for those assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">From inception through June 30, 2015, the
Company aggregated a portfolio consisting primarily of 2,700 mortgage loans secured by single and one-to-four family residences
with an aggregate UPB of $615.1 million, which includes one loan in which we hold a 40.5% beneficial interest through an equity
method investee. We acquired the loans at an aggregate purchase price of $447.9 million. Re-performing loans represented $498.8
million UPB and $377.7 million purchase price and non-performing loans represented $116.3 million UPB and $70.2 million purchase
price. The Company&rsquo;s mortgage loans are mortgage loans secured by real estate. As such, the Company believes that the credit
quality indicators for each of its mortgage loans are the timeliness of payments and the value of the underlying real estate. The
Company categorizes mortgage loans as &ldquo;re-performing&rdquo; and as &ldquo;non-performing.&rdquo; The Company monitors the
credit quality of the mortgage loans in its portfolio on an ongoing basis, principally by considering loan payment activity or
delinquency status. In addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying
collateral and other factors. The Company conducts a similar assessment for non-performing loans and evaluates whether and when
it becomes probable that all amounts contractually due will not be collected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The following table presents certain characteristics
about our mortgage loans at June 30, 2015:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Year
    of Origination</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">After
    2008</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2006-2008</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">2001-2005</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">1990-2000</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 8pt">Prior
    to 1990</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt; font-weight: bold"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Portfolio Characteristics:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 35%; text-indent: -0.1in; padding-left: 16.2pt">Number of loans</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">158</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">1,617</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">676</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">148</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">21</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">Current unpaid principal balance</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">30,251</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">426,473</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">130,214</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">11,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">935</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Loan Attributes:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.1in; padding-left: 16.2pt">Weighted average loan age (months)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54.3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">130.1</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">213.5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">464.3</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 16.2pt">Weighted average loan-to-value (as of 6/30/15)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -0.1in; padding-left: 0.1in">Delinquency Performance (as of
    6/30/15):</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">30 days delinquent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8.3</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.7</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">60 days delinquent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.4</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10.2</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -0.1in; padding-left: 16.2pt">90+ days delinquent</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17.9</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.7</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30.0</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="text-indent: -0.1in; padding-left: 16.2pt">Bankruptcy/foreclosure</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11.5</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15.1</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18.0</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.7</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We may declare dividends based on, among
other things, our earnings, our financial condition, our working capital needs, new opportunities, and distribution requirements
imposed on REITs. The declaration of dividends to our stockholders and the amount of such dividends are at the discretion of our
board of directors. On January 16, 2015, we declared a dividend of $0.16 per share, which was paid on January&nbsp;30, 2015 to
stockholders of record as of January 13, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On May 4, 2015, the Company declared a dividend
of $0.18 per share, to be paid on May 29, 2015, to stockholders of record as of May 15, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On August 3, 2015, the Company declared
a dividend of $0.22 per share, to be paid on August 28, 2015, to stockholders of record as of August 14, 2015.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that our capital resources will
be sufficient to enable us to meet anticipated short-term and long-term liquidity requirements.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Off-Balance Sheet Arrangements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Other than the securitization trusts and
equity method investments discussed elsewhere in this report, we do not have any relationships with unconsolidated entities or
financial partnerships, such as entities often referred to as structured finance or special purpose entities, which would have
been established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes.
Further, we have not guaranteed any obligations of unconsolidated entities nor do we have any commitment or intent to provide funding
to any such entities. As such, we are not materially exposed to any market, credit, liquidity or financing risk that could arise
if we had engaged in such relationships.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>


<!-- Field: Page; Sequence: 43; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Contractual Obligations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">A summary of our contractual obligations
as of June 30, 2015 and December 31, 2014 is as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">June 30, 2015</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Payments
                                         Due by Period</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Less
                                         than 1</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>1
                                         &minus; 3 Years</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>3
                                         &minus; 5 Years</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>More
                                         than</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>5
                                         Years</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">(in thousands)</FONT></TD><TD NOWRAP STYLE="font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 1pt">Borrowings under repurchase agreement</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 0pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 0pt solid; text-align: right">153,804</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 0pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 0pt solid; text-align: right">153,804</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 0pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 0pt solid; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 0pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 0pt solid; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 0pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 0pt solid; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest on repurchase agreement</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,076</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,076</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">156,880</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">156,880</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="font-weight: bold; padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">December 31, 2014</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Payments
                                         Due by Period</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Less
                                         than 1</B></FONT></P> <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>Year</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>1
                                         &minus; 3 Years</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>3
                                         &minus; 5 Years</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="2" NOWRAP STYLE="text-align: center; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 8pt"><B>More
                                         than</B></FONT><BR>
                                         <FONT STYLE="font-size: 8pt"><B>5 Years</B></FONT></P></TD><TD NOWRAP STYLE="padding-bottom: 1pt"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD NOWRAP><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD><TD NOWRAP STYLE="font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD COLSPAN="18" NOWRAP STYLE="font-style: italic; text-align: center"><FONT STYLE="font-size: 8pt">(in thousands)</FONT></TD><TD NOWRAP STYLE="font-style: italic"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 35%; text-align: left; padding-bottom: 1pt">Borrowings under repurchase agreement</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 0pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 0pt solid; text-align: right">15,249</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 0pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 0pt solid; text-align: right">15,249</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 0pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 0pt solid; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 0pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 0pt solid; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 0pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 0pt solid; text-align: right">-</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt">Interest on repurchase agreement</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">610</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">610</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">-</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="padding-bottom: 2.5pt">Total</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,859</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">15,859</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">-</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At June 30, 2015, we had securitized borrowings
with a balance of $116.3 million consisting of three tranches of $41.7 million, $39.3 million and $35.3 million with contractual
interest rates of 4.00%, 3.85% and 3.875%, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">At December 31, 2014, we had securitized
borrowings with a balance of $84.7 million consisting of two tranches of $44.0 million and $40.7 million with contractual interest
rates of 4.00% and 3.85%, respectively. Our securitized borrowings are not included in the table above, as such borrowings are
non-recourse to us and are only paid to the extent that cash flows from mortgage loans (in the securitization trust) collateralizing
the debt are received.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0">Inflation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Virtually all of our assets and liabilities
are interest-rate sensitive in nature. As a result, interest rates and other factors influence our performance far more so than
does inflation. Changes in interest rates do not necessarily correlate with inflation rates or changes in inflation rates. Our
activities and balance sheet are measured with reference to historical cost and/or fair market value without considering inflation.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="a_005"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Item
3.</FONT> Quantitative and Qualitative Disclosures About Market Risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The primary components of our market risk
are related to real estate risk, interest rate risk, prepayment risk and credit risk. We seek to actively manage these and other
risks and to acquire and hold assets at prices that we believe justify bearing those risks, and to maintain capital levels consistent
with those risks.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-style: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-style: normal"><B>Real
Estate Risk</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Residential property values are subject
to volatility and may be affected adversely by a number of factors, including, but not limited to, national, regional and local
economic conditions (which may be adversely affected by industry slowdowns and other factors); local real estate conditions (such
as an oversupply of housing); construction quality, age and design; demographic factors; and retroactive changes to building or
similar codes. Decreases in property values could cause us to suffer losses.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-style: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-style: normal"><B>Interest
Rate Risk</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We expect to continue to securitize our
whole loan portfolios, primarily as a financing tool, when economically efficient to create long-term, fixed rate, non-recourse
financing with moderate leverage, while</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 44; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">retaining one or more tranches of the subordinate
MBS so created. Interest rates are highly sensitive to many factors, including governmental monetary and tax policies, domestic
and international economic and political considerations and other factors beyond our control. Changes in interest rates may affect
the fair value of the mortgage loans and real estate underlying our portfolios as well as our financing interest rate expense.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We believe that a rising interest rate environment
could have a positive net effect on our operations to the extent we will own rental real property or seek to sell real property.
Rising interest rates could be accompanied by inflation and higher household incomes which generally correlate closely to higher
rent levels and property values. Even if our interest and operating expenses rise at the same rate as rents, our operating profit
could still increase. Despite our beliefs, it is possible that the value of our real estate assets and our net income could decline
in a rising interest rate environment to the extent that our real estate assets are financed with floating rate debt and there
is no accompanying increase in rental yield or property values.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-style: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-style: normal"><B>Prepayment
Risk</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Prepayment risk is the risk of change, whether
an increase or a decrease, in the rate at which principal is returned in respect of the mortgage loans we will own as well as the
mortgage loans underlying our retained MBS, including both through voluntary prepayments and through liquidations due to defaults
and foreclosures. This rate of prepayment is affected by a variety of factors, including the prevailing level of interest rates
as well as economic, demographic, tax, social, legal and other factors. Prepayment rates, besides being subject to interest rates
and borrower behavior, are also substantially affected by government policy and regulation. Changes in prepayment rates will have
varying effects on the different types of assets in our portfolio. We attempt to take these effects into account. We will generally
purchase re-performing and non-performing loans at significant discounts from UPB and underlying property values. An increase in
prepayments would accelerate the repayment of the discount and lead to increased yield on our assets while also causing re-investment
risk that we can find additional assets with the same interest and return levels. A decrease in prepayments would likely have the
opposite effects.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-style: normal"><B>&nbsp;</B></FONT></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in"><FONT STYLE="font-style: normal"><B>Credit
Risk</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We are subject to credit risk in connection
with our assets. While we will engage in diligence on assets we will acquire, such due diligence may not reveal all of the risks
associated with such assets and may not reveal other weaknesses in such assets, which could lead us to misprice acquisitions. Property
values are subject to volatility and may be affected adversely by a number of factors, including, but not limited to, national,
regional and local economic conditions (which may be adversely affected by industry slowdowns and other factors), local real estate
conditions (such as an oversupply of housing), changes or continued weakness in specific industry segments, construction quality,
age and design, demographic factors and retroactive changes to building or similar codes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There are many reasons borrowers will fail
to pay including but not limited to, in the case of residential mortgage loans, reductions in personal income, job loss and personal
events such as divorce or health problems, and in the case of commercial mortgage loans, reduction in market rents and occupancies
and poor property management services by borrowers. We will rely on the Servicer to mitigate our risk. Such mitigation efforts
may include loan modifications and prompt foreclosure and property liquidation following a default. If a sufficient number of re-performing
borrowers default, our results of operations will suffer and we may not be able to pay our own financing costs.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="a_006"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Item
4.</FONT> Controls and Procedures</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Evaluation of Disclosure Controls and
Procedures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">We conducted an evaluation of the effectiveness
of the design and operation of our disclosure controls and procedures as of the end of the period covered by this report on Form
10-Q. The controls evaluation was conducted under the supervision and with the participation of management, including our Chief
Executive Officer and Chief Financial Officer. Disclosure controls and procedures are controls and procedures designed to reasonably
assure that information required to be disclosed in our reports filed under the Securities Exchange Act of 1934, as amended (the
&ldquo;Exchange Act&rdquo;), such as this Report on Form 10-Q, is recorded, processed, summarized and reported within the time
periods specified in the SEC&rsquo;s rules and forms. Disclosure controls and procedures are also designed to reasonably assure
that such information is accumulated and communicated to our management, including the Chief</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 45; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Executive Officer and Chief Financial Officer,
as appropriate to allow timely decisions regarding required disclosure.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Based on the controls evaluation, our Chief
Executive Officer and Chief Financial Officer have concluded that, as of the end of the period covered by this Form 10-Q, our disclosure
controls and procedures were effective to provide reasonable assurance that information required to be disclosed in our Exchange
Act reports is recorded, processed, summarized and reported within the time periods specified by the SEC, and that material information
related to our company and our consolidated subsidiaries is made known to management, including the Chief Executive Officer and
Chief Financial Officer, particularly during the period when our periodic reports are being prepared.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Internal Control Over Financial Reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">There have been no changes in our internal
control over financial reporting that occurred during the last fiscal quarter that have materially affected, or are reasonably
likely to materially affect, our internal control over financial reporting.</P>


<!-- Field: Page; Sequence: 46; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->44<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center; text-indent: 0in"><A NAME="a_007"></A>PART
II. other information</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="a_008"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Item
1.</FONT> Legal Proceedings</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Neither we nor any of our affiliates are
the subject of any material legal or regulatory proceedings. We and our affiliates may be involved, from time to time, in legal
proceedings that arise in the ordinary course of business.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="a_009"></A>Item 1A. Risk Factors</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">For information regarding factors that could
affect our results of operations, financial condition, and liquidity, see the risk factors discussed under &ldquo;Risk Factors&rdquo;
in Part I, Item 1A of our Annual Report on Form 10-K for the year ended December 31, 2014. There have been no material changes
from these previously disclosed risk factors.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="a_010"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Item
2.</FONT> Unregistered Sales of Equity Securities and Use of Proceeds</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">Unregistered Sales of Equity Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">On April 28, 2015, we issued 26,087 shares
of our common stock to the Manager in payment of half of its quarterly management fee for the first quarter of 2015. On July 28,
2015, we issued 29,790 shares of our common stock to the Manager in payment of half of its quarterly management fee for the second
quarter of 2015. After our IPO, the management fee shares were and will be deemed to be the average of the closing prices of our
common stock on the NYSE on the five business days after the date on which the most recent regular quarterly dividend to holders
of our common stock were and is paid. These shares were issued in reliance on the exemption from registration set forth in Section
4(a)(2) of the Securities Act. The management fee expense associated with these shares was recorded as an expense in the first
and second quarters of 2015.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="a_011"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Item
3.</FONT> Defaults Upon Senior Securities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="a_012"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Item
4.</FONT> Mine Safety Disclosures.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Not applicable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="a_013"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Item
5.</FONT> Other Information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">None.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.5in"><A NAME="a_014"></A><FONT STYLE="font-family: Times New Roman, Times, Serif">Item
6.</FONT> Exhibits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The exhibits listed in the accompanying
Exhibit Index are filed or furnished as part of this Quarterly Report on Form 10-Q.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">&nbsp;</P>


<!-- Field: Page; Sequence: 47; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->45<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SIGNATURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of Section&nbsp;13 or 15(d) of
the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 35%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 45%">GREAT AJAX CORP.</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date: August 13, 2015</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Lawrence Mendelsohn</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Lawrence Mendelsohn</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chairman and Chief Executive Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Principal Executive Officer)</P></TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Date: August 13, 2015</TD>
    <TD>By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid">/s/ Glenn J. Ohl</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>Glenn J. Ohl</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Chief Financial Officer</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Principal Financial and Accounting Officer)</P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 48; Value: 1 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->46<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: left; width: 100%"><A HREF="#a_015">Table of Contents</A></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="vertical-align: bottom; width: 13%; border-bottom: Black 1pt solid"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Exhibit</B></FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><FONT STYLE="font-size: 8pt"><B>Number</B></FONT></P></TD>
    <TD STYLE="vertical-align: top; width: 2%"><FONT STYLE="font-size: 8pt">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 85%; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-size: 8pt"><B>Exhibit
    Description</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>31.1*</TD>
    <TD>&nbsp;</TD>
    <TD>Rule 13a-14(a) Certification of Chief Executive Officer of the Company in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>31.2*</TD>
    <TD>&nbsp;</TD>
    <TD>Rule 13a-14(a) Certification of Chief Financial Officer of the Company in accordance with Section 302 of the Sarbanes-Oxley Act of 2002.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>32.1*</TD>
    <TD>&nbsp;</TD>
    <TD>Section 1350 Certification of Chief Executive Officer of the Company in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>32.2*</TD>
    <TD>&nbsp;</TD>
    <TD>Section 1350 Certification of Chief Financial Officer of the Company in accordance with Section 906 of the Sarbanes-Oxley Act of 2002.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>101.INS**</TD>
    <TD>&nbsp;</TD>
    <TD>XBRL Instance Document</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>101.SCH**</TD>
    <TD>&nbsp;</TD>
    <TD>XBRL Taxonomy Extension Schema</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>101.CAL**</TD>
    <TD>&nbsp;</TD>
    <TD>XBRL Taxonomy Extension Calculation Linkbase</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>101.DEF**</TD>
    <TD>&nbsp;</TD>
    <TD>XBRL Taxonomy Definition Linkbase</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>101.LAB**</TD>
    <TD>&nbsp;</TD>
    <TD>XBRL Taxonomy Extension Label Linkbase</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>101.PRE**</TD>
    <TD>&nbsp;</TD>
    <TD>XBRL Taxonomy Extension Presentation Linkbase</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV ALIGN="LEFT" STYLE="margin-top: 3pt; margin-bottom: 3pt"><DIV STYLE="font-size: 1pt; border-top: Black 1pt solid; width: 25%">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">* Filed herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">** Furnished herewith.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 49; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->47<!-- Field: /Sequence --></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.1
<SEQUENCE>2
<FILENAME>t1501813_ex31-1.htm
<DESCRIPTION>EXHIBIT 31.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 31.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Lawrence Mendelsohn, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this Report on Form 10-Q of Great Ajax Corp.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Not used</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors
(or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial
information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: August 13, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">/s/ Lawrence Mendelsohn</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Lawrence Mendelsohn</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-31.2
<SEQUENCE>3
<FILENAME>t1501813_ex31-2.htm
<DESCRIPTION>EXHIBIT 31.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 31.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>CERTIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">I, Glenn J. Ohl, certify that:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">1.</TD><TD>I have reviewed this Report on Form 10-Q of Great Ajax Corp.;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">2.</TD><TD>Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact
necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with
respect to the period covered by this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">3.</TD><TD>Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in
all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods
presented in this report;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">4.</TD><TD>The registrant&rsquo;s other certifying officer and I are responsible for establishing and maintaining disclosure controls
and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and have:</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(a)</TD><TD>Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our
supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known
to us by others within those entities, particularly during the period in which this report is being prepared;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(b)</TD><TD>Not used</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(c)</TD><TD>Evaluated the effectiveness of the registrant&rsquo;s disclosure controls and procedures and presented in this report our conclusions
about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on
such evaluation; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.75in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in">(d)</TD><TD>Disclosed in this report any change in the registrant&rsquo;s internal control over financial reporting that occurred during
the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant&rsquo;s
internal control over financial reporting; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">5.</TD><TD>The registrant&rsquo;s other certifying officer and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the registrant&rsquo;s auditors and the audit committee of the registrant&rsquo;s board of directors
(or persons performing the equivalent functions):</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">a)</TD><TD>All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting
which are reasonably likely to adversely affect the registrant&rsquo;s ability to record, process, summarize and report financial
information; and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in">b)</TD><TD>Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant&rsquo;s
internal control over financial reporting.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: August 13, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">/s/ Glenn J. Ohl</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Glenn J. Ohl</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->



<P STYLE="margin: 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.1
<SEQUENCE>4
<FILENAME>t1501813_ex32-1.htm
<DESCRIPTION>EXHIBIT 32.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 32.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GREAT AJAX CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>CERTIFICATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Quarterly Report of Great Ajax Corp.
(the &ldquo;Company&rdquo;) on Form 10-Q for the quarter ended June 30, 2015 as filed with the Securities and Exchange Commission
(the &ldquo;Report&rdquo;), I, Lawrence Mendelsohn, Chief Executive Officer of the Company, hereby certify as of the date hereof,
solely for purposes of Title 18, Chapter 63, Section&nbsp;1350 of the United States Code, that to the best of my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">(1) the Report fully complies with
the requirements of Section&nbsp;13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">(2) the information contained in
the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates
and for the periods indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Certification has not been, and shall not be deemed, &ldquo;filed&rdquo;
with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: August 13, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">/s/ Lawrence Mendelsohn</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Lawrence Mendelsohn</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chief Executive Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-32.2
<SEQUENCE>5
<FILENAME>t1501813_ex32-2.htm
<DESCRIPTION>EXHIBIT 32.2
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXHIBIT 32.2</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>GREAT AJAX CORP.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>CERTIFICATION</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">In connection with the Quarterly Report of Great Ajax Corp.
(the &ldquo;Company&rdquo;) on Form 10-Q for the quarter ended June 30, 2015 as filed with the Securities and Exchange Commission
(the &ldquo;Report&rdquo;), I, Glenn J. Ohl, Chief Financial Officer of the Company, hereby certify as of the date hereof, solely
for the purposes of Title 18, Chapter 63, Section&nbsp;1350 of the United States Code, that to the best of my knowledge:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">(1) the Report fully complies with
the requirements of Section&nbsp;13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: 0in">(2) the information contained in
the Report fairly presents, in all material respects, the financial condition and results of operations of the Company at the dates
and for the periods indicated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">This Certification has not been, and shall not be deemed, &ldquo;filed&rdquo;
with the Securities and Exchange Commission.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Dated: August 13, 2015</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid">/s/ Glenn J. Ohl</TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Glenn J. Ohl</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD>Chief Financial Officer</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<!-- Field: Page; Sequence: 1; Options: Last -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.INS
<SEQUENCE>6
<FILENAME>ajx-20150630.xml
<DESCRIPTION>XBRL INSTANCE FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<!-- Generated using Ez-XBRL version 7.3.0.6 [08/09/2015 11:11:33 AM] -->
<!-- Based on XBRL 2.1 -->
<!--XBRL Document Modified with Ez-Editor Version 1.3.0.4 on Thursday, August 13, 2015 04:16:56 PM -->
<xbrli:xbrl xmlns:ajx="http://www.great-ajax.com/20150630" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:country="http://xbrl.sec.gov/country/2013-01-31" xmlns:currency="http://xbrl.sec.gov/currency/2014-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2014-01-31" xmlns:exch="http://xbrl.sec.gov/exch/2015-01-31" xmlns:invest="http://xbrl.sec.gov/invest/2013-01-31" xmlns:naics="http://xbrl.sec.gov/naics/2011-01-31" xmlns:sic="http://xbrl.sec.gov/sic/2011-01-31" xmlns:stpr="http://xbrl.sec.gov/stpr/2011-01-31" xmlns:us-gaap="http://fasb.org/us-gaap/2015-01-31" xmlns:us-types="http://fasb.org/us-types/2015-01-31" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:utr="http://www.xbrl.org/2009/utr">
<link:schemaRef xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:type="simple" xlink:href="ajx-20150630.xsd"/>
<!-- Context Section  -->
<xbrli:context id="Context_As_Of_08_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_LittleAjaxIiLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:LittleAjaxIiLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-07-08
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_LittleAjaxIiLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:LittleAjaxIiLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-07-01
</xbrli:startDate>
<xbrli:endDate>
2014-07-08
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_SaleOfStockAxis_PrivatePlacementMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:SaleOfStockAxis">us-gaap:PrivatePlacementMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-07-01
</xbrli:startDate>
<xbrli:endDate>
2014-07-08
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_AgreementAxis_ServicingAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_RangeAxis_MinimumMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:ServicingAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:GregoryFundingLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-07-01
</xbrli:startDate>
<xbrli:endDate>
2014-07-08
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_AgreementAxis_ManagementAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:ManagementAgreementMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-07-01
</xbrli:startDate>
<xbrli:endDate>
2014-07-08
</xbrli:endDate>
</xbrli:period>
</xbrli:context>

<xbrli:context id="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_AgreementAxis_ServicingAgreementMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:ServicingAgreementMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-07-01
</xbrli:startDate>
<xbrli:endDate>
2014-07-08
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Jul_2014T00_00_00_TO_01_Aug_2014T00_00_00_SaleOfStockAxis_PrivatePlacementMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:SaleOfStockAxis">us-gaap:PrivatePlacementMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-07-01
</xbrli:startDate>
<xbrli:endDate>
2014-08-01
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Sep_2014T00_00_00_TO_30_Sep_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_LittleAjaxIiLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:LittleAjaxIiLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-09-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Sep_2014T00_00_00_TO_30_Sep_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:GregoryFundingLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-09-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Sep_2014T00_00_00_TO_30_Sep_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_LittleAjaxIiLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:LittleAjaxIiLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-09-01
</xbrli:startDate>
<xbrli:endDate>
2014-09-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Sep_2014T00_00_00_TO_30_Sep_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:GregoryFundingLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-09-01
</xbrli:startDate>
<xbrli:endDate>
2014-09-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_25_Nov_2014T00_00_00_TO_25_Nov_2014T00_00_00_AgreementAxis_RepurchaseAgreementMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-11-25
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_25-Nov-2014T00_00_00_RangeAxis_MaximumMember_LongtermDebtTypeAxis_MortgagesMember_AgreementAxis_RepurchaseAgreementMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>

<xbrli:segment><xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-11-25
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Nov_2014T00_00_00_TO_25_Nov_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember_AgreementAxis_RepurchaseAgreementMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-11-01
</xbrli:startDate>
<xbrli:endDate>
2014-11-25
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_05_Dec_2014T00_00_00_TO_05_Dec_2014T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:DelawareTrustGaE201412Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-05
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Dec_2014T00_00_00_TO_05_Dec_2014T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:DelawareTrustGaE201412Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-12-01
</xbrli:startDate>
<xbrli:endDate>
2014-12-05
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Dec_2014T00_00_00_TO_16_Dec_2014T00_00_00_SaleOfStockAxis_SecondPrivatePlacementMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:SaleOfStockAxis">ajx:SecondPrivatePlacementMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-12-01
</xbrli:startDate>
<xbrli:endDate>
2014-12-16
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-01-01
</xbrli:startDate>
<xbrli:endDate>
2014-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_AgreementAxis_RepurchaseAgreementMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-01-01
</xbrli:startDate>
<xbrli:endDate>
2014-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">ajx:FinancingReceivablesCurrentPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-01-01
</xbrli:startDate>
<xbrli:endDate>
2014-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">us-gaap:FinancingReceivables30To59DaysPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-01-01
</xbrli:startDate>
<xbrli:endDate>
2014-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">us-gaap:FinancingReceivables60To89DaysPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-01-01
</xbrli:startDate>
<xbrli:endDate>
2014-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">ajx:FinancingReceivablesForeclosurePastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-01-01
</xbrli:startDate>
<xbrli:endDate>
2014-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-01-01
</xbrli:startDate>
<xbrli:endDate>
2014-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2014BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_AgreementAxis_RepurchaseAgreementMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:DelawareTrustGaE201412Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">ajx:FinancingReceivablesCurrentPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">us-gaap:FinancingReceivables30To59DaysPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">us-gaap:FinancingReceivables60To89DaysPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">ajx:FinancingReceivablesForeclosurePastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementBasisAxis">us-gaap:CarryingReportedAmountFairValueDisclosureMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel1Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel2Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel3Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2015Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-01-30
</xbrli:startDate>
<xbrli:endDate>
2014-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:NonperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2014-01-30
</xbrli:startDate>
<xbrli:endDate>
2014-12-31
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Feb_2015T00_00_00_TO_28_Feb_2015T00_00_00_SaleOfStockAxis_IPOMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:SaleOfStockAxis">us-gaap:IPOMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-02-01
</xbrli:startDate>
<xbrli:endDate>
2015-02-28
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Feb_2015T00_00_00_TO_28_Feb_2015T00_00_00_PlanNameAxis_LongTermIncentivePlanMember_SaleOfStockAxis_IPOMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">ajx:LongTermIncentivePlanMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="ajx:SaleOfStockAxis">us-gaap:IPOMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-02-01
</xbrli:startDate>
<xbrli:endDate>
2015-02-28
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-04-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-04-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:DelawareTrustGaE201412Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-04-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:NonperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-04-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-04-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_IncomeStatementLocationAxis_ManagementFeeMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">ajx:ManagementFeeMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-04-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_IncomeStatementLocationAxis_LoanServicingFeesMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:GregoryFundingLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">ajx:LoanServicingFeesMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-04-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_IncomeStatementLocationAxis_LoanTransactionExpenseMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:GregoryFundingLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">ajx:LoanTransactionExpenseMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-04-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_AspenYoLlcMember_IncomeStatementLocationAxis_ProfessionalFeeMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:AspenYoLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">ajx:ProfessionalFeeMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-04-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_TypeOfFeesAxis_ManagementFeeMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:TypeOfFeesAxis">ajx:ManagementFeeMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-04-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_TypeOfFeesAxis_IndependentDirectorFeeMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:TypeOfFeesAxis">ajx:IndependentDirectorFeeMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-04-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">ajx:July82014DirectorsGrantsMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">us-gaap:DirectorMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-04-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">ajx:February192015DirectorGrantMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">us-gaap:DirectorMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-04-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-04-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>

<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:DelawareTrustGaE201412Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">ajx:FinancingReceivablesCurrentPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">us-gaap:FinancingReceivables30To59DaysPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">us-gaap:FinancingReceivables60To89DaysPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">ajx:FinancingReceivablesForeclosurePastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:NonperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_ParentMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:ParentMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_NoncontrollingInterestMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:NoncontrollingInterestMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_PlanNameAxis_DirectorEquityPlan2014Member_AwardTypeAxis_RestrictedStockMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">ajx:DirectorEquityPlan2014Member</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>

<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RangeAxis_MinimumMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RangeAxis_MaximumMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_RangeAxis_MinimumMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:NonperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_RangeAxis_MaximumMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:NonperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ReperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ReperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2014BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_NonperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:NonperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_NonperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:NonperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2014BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_IncomeStatementLocationAxis_ManagementFeeMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">ajx:ManagementFeeMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_IncomeStatementLocationAxis_LoanServicingFeesMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:GregoryFundingLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">ajx:LoanServicingFeesMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_IncomeStatementLocationAxis_LoanTransactionExpenseMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:GregoryFundingLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">ajx:LoanTransactionExpenseMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_AspenYoLlcMember_IncomeStatementLocationAxis_ProfessionalFeeMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:AspenYoLlcMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:IncomeStatementLocationAxis">ajx:ProfessionalFeeMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_TypeOfFeesAxis_ManagementFeeMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:TypeOfFeesAxis">ajx:ManagementFeeMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_TypeOfFeesAxis_IndependentDirectorFeeMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:TypeOfFeesAxis">ajx:IndependentDirectorFeeMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">ajx:July82014DirectorsGrantsMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">us-gaap:DirectorMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:AwardDateAxis">ajx:February192015DirectorGrantMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:TitleOfIndividualAxis">us-gaap:DirectorMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_LongTermIncentivePlanMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">ajx:LongTermIncentivePlanMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_PlanNameAxis_LongTermIncentivePlanMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">ajx:LongTermIncentivePlanMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_PurchaseCommitmentExcludingLongtermCommitmentAxis_PurchaseCommitmentMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_SingleAndOneToFourFamilyResidencesMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>

<xbrli:segment><xbrldi:explicitMember dimension="us-gaap:PurchaseCommitmentExcludingLongtermCommitmentAxis">us-gaap:PurchaseCommitmentMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis">ajx:SingleAndOneToFourFamilyResidencesMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:AwardTypeAxis">us-gaap:RestrictedStockMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ReperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2015Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_NonperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:NonperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2015Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-01-01
</xbrli:startDate>
<xbrli:endDate>
2015-06-30
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassNotesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassB1NotesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassB2NotesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:TrustCertificateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2014Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassNotesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2014BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassB1NotesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2014BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassB2NotesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2014BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2014BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:TrustCertificateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2014BMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:RepurchaseAgreementMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:DelawareTrustGaE201412Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">ajx:FinancingReceivablesCurrentPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">us-gaap:FinancingReceivables30To59DaysPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">us-gaap:FinancingReceivables60To89DaysPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">ajx:FinancingReceivablesForeclosurePastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FairValueByMeasurementBasisAxis">us-gaap:CarryingReportedAmountFairValueDisclosureMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel1Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel2Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FairValueByFairValueHierarchyLevelAxis">us-gaap:FairValueInputsLevel3Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_PlanNameAxis_LongTermIncentivePlanMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:PlanNameAxis">ajx:LongTermIncentivePlanMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_ResidentialRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis">us-gaap:ResidentialRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30-Jun-2015T00_00_00_PurchaseCommitmentExcludingLongtermCommitmentAxis_PurchaseCommitmentMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_SingleAndOneToFourFamilyResidencesMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>

<xbrli:segment><xbrldi:explicitMember dimension="us-gaap:PurchaseCommitmentExcludingLongtermCommitmentAxis">us-gaap:PurchaseCommitmentMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis">ajx:SingleAndOneToFourFamilyResidencesMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:FinancingReceivablesPeriodPastDueAxis">us-gaap:FinancingReceivablesEqualToGreaterThan90DaysPastDueMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2015Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassNotesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2015Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassB1NotesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2015Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassB2NotesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2015Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:TrustCertificateMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2015Member</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Jul_2015T00_00_00_TO_02_Jul_2015T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-07-01
</xbrli:startDate>
<xbrli:endDate>
2015-07-02
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_03_Jul_2015T00_00_00_TO_28_Jul_2015T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_StatementEquityComponentsAxis_CommonStockMember_RelatedPartyTransactionsByRelatedPartyAxis_ManagerMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:ManagerMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-07-03
</xbrli:startDate>
<xbrli:endDate>
2015-07-28
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_03_Jul_2015T00_00_00_TO_28_Jul_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember_SubsequentEventTypeAxis_SubsequentEventMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-07-03
</xbrli:startDate>
<xbrli:endDate>
2015-07-28
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_03_Aug_2015T00_00_00_TO_03_Aug_2015T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_DividendsAxis_DividendDeclaredMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DividendsAxis">us-gaap:DividendDeclaredMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-08-03
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_Custom_01_Aug_2015T00_00_00_TO_03_Aug_2015T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_DividendsAxis_DividendDeclaredMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:SubsequentEventTypeAxis">us-gaap:SubsequentEventMember</xbrldi:explicitMember>
<xbrldi:explicitMember dimension="us-gaap:DividendsAxis">us-gaap:DividendDeclaredMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>
2015-08-01
</xbrli:startDate>
<xbrli:endDate>
2015-08-03
</xbrli:endDate>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jan_2014T00_00_00_TO_29_Jan_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-01-29
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jan_2014T00_00_00_TO_29_Jan_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:NonperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-01-29
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:NonperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>

<xbrli:context id="Context_As_Of_01_Apr_2015T00_00_00_TO_31_Mar_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-03-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Apr_2015T00_00_00_TO_31_Mar_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:NonperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-03-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:NonperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2015T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_CommonStockMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:CommonStockMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2015T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:AdditionalPaidInCapitalMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2015T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:RetainedEarningsMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2015T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_ParentMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:ParentMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_ParentMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:ParentMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2015T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_NoncontrollingInterestMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:NoncontrollingInterestMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2014-12-31
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<xbrli:context id="Context_As_Of_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_NoncontrollingInterestMember">
<xbrli:entity>
<xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier>
<xbrli:segment>
<xbrldi:explicitMember dimension="us-gaap:StatementEquityComponentsAxis">us-gaap:NoncontrollingInterestMember</xbrldi:explicitMember>
</xbrli:segment>
</xbrli:entity>
<xbrli:period>
<xbrli:instant>
2015-06-30
</xbrli:instant>
</xbrli:period>
</xbrli:context>
<!-- Unit Section  -->
<!--
I~1\FVPHexeD5678YReqi>MrlsywiI~\FVP6459c444c555cT{h>EF847:;;1665818J981=E=H17<86=<G=F4=: -->
<xbrli:unit id="shares"><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unit>
<xbrli:unit id="USD"><xbrli:measure>iso4217:USD</xbrli:measure></xbrli:unit>
<xbrli:unit id="USD_per_Share"><xbrli:divide><xbrli:unitNumerator><xbrli:measure>iso4217:USD</xbrli:measure></xbrli:unitNumerator><xbrli:unitDenominator><xbrli:measure>xbrli:shares</xbrli:measure></xbrli:unitDenominator></xbrli:divide></xbrli:unit>
<xbrli:unit id="pure"><xbrli:measure>xbrli:pure</xbrli:measure></xbrli:unit>
<xbrli:unit id="Loan"><xbrli:measure>ajx:Loan</xbrli:measure></xbrli:unit>
<xbrli:unit id="Segment"><xbrli:measure>ajx:Segment</xbrli:measure></xbrli:unit>
<xbrli:unit id="Property"><xbrli:measure>ajx:Property</xbrli:measure></xbrli:unit>
<xbrli:unit id="Director"><xbrli:measure>ajx:Director</xbrli:measure></xbrli:unit>
<!-- Element Section  --><dei:EntityRegistrantName contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">Great Ajax Corp.</dei:EntityRegistrantName>
<dei:EntityCentralIndexKey contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">0001614806</dei:EntityCentralIndexKey>
<dei:TradingSymbol contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">ajx</dei:TradingSymbol>
<dei:CurrentFiscalYearEndDate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">--12-31</dei:CurrentFiscalYearEndDate>
<dei:EntityFilerCategory contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">Non-accelerated Filer</dei:EntityFilerCategory>

<dei:DocumentType contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">10-Q</dei:DocumentType>
<dei:DocumentPeriodEndDate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">2015-06-30</dei:DocumentPeriodEndDate>
<dei:AmendmentFlag contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">false</dei:AmendmentFlag>
<dei:DocumentFiscalYearFocus contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">2015</dei:DocumentFiscalYearFocus>
<dei:DocumentFiscalPeriodFocus contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">Q2</dei:DocumentFiscalPeriodFocus>
<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">53099000</us-gaap:CashAndCashEquivalentsAtCarryingValue>
<us-gaap:CashAndCashEquivalentsAtCarryingValue contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">36240000</us-gaap:CashAndCashEquivalentsAtCarryingValue>

<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3" id="Footnote-6_2">211159000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember" unitRef="USD" decimals="-3">72727000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember" unitRef="USD" decimals="-3">36954000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember" unitRef="USD" decimals="-3">13849000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember" unitRef="USD" decimals="-3">33642000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="USD" decimals="-3">211159000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" decimals="-3">235623000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" unitRef="USD" decimals="-3">53987000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3" id="Footnote-6_1">444408000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember" unitRef="USD" decimals="-3">209046000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember" unitRef="USD" decimals="-3">66969000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember" unitRef="USD" decimals="-3">29611000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember" unitRef="USD" decimals="-3">61375000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="USD" decimals="-3">444408000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" decimals="-3">501369000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:MortgageLoansOnRealEstate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" unitRef="USD" decimals="-3">77407000</us-gaap:MortgageLoansOnRealEstate>
<us-gaap:RealEstateHeldforsale contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">1316000</us-gaap:RealEstateHeldforsale>
<us-gaap:RealEstateHeldforsale contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">9018000</us-gaap:RealEstateHeldforsale>
<us-gaap:RentalProperties contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">290000</us-gaap:RentalProperties>
<us-gaap:RentalProperties contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">121000</us-gaap:RentalProperties>
<ajx:ReceivableFromServicer contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">1340000</ajx:ReceivableFromServicer>
<ajx:ReceivableFromServicer contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">3538000</ajx:ReceivableFromServicer>
<ajx:InvestmentsInAffiliates contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">2237000</ajx:InvestmentsInAffiliates>

<ajx:InvestmentsInAffiliates contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">2445000</ajx:InvestmentsInAffiliates>

<us-gaap:PrepaidExpenseAndOtherAssets contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">3317000</us-gaap:PrepaidExpenseAndOtherAssets>
<us-gaap:PrepaidExpenseAndOtherAssets contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">6068000</us-gaap:PrepaidExpenseAndOtherAssets>
<us-gaap:Assets contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">272758000</us-gaap:Assets>
<us-gaap:Assets contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-5">2200000</us-gaap:Assets>
<us-gaap:Assets contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">501838000</us-gaap:Assets>
<us-gaap:Assets contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-5">2800000</us-gaap:Assets>
<us-gaap:SecuredDebt contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3" id="Footnote-6_4">84679000</us-gaap:SecuredDebt>
<us-gaap:SecuredDebt contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="USD" decimals="-3">84679000</us-gaap:SecuredDebt>
<us-gaap:SecuredDebt contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:SecuredDebt contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" decimals="-3">84679000</us-gaap:SecuredDebt>
<us-gaap:SecuredDebt contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:SecuredDebt contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3" id="Footnote-6_3">116349000</us-gaap:SecuredDebt>
<us-gaap:SecuredDebt contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="USD" decimals="-3">116349000</us-gaap:SecuredDebt>
<us-gaap:SecuredDebt contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:SecuredDebt contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" decimals="-3">116349000</us-gaap:SecuredDebt>
<us-gaap:SecuredDebt contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:SecuredDebtRepurchaseAgreements contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">15249000</us-gaap:SecuredDebtRepurchaseAgreements>
<us-gaap:SecuredDebtRepurchaseAgreements contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="USD" decimals="-3">15249000</us-gaap:SecuredDebtRepurchaseAgreements>
<us-gaap:SecuredDebtRepurchaseAgreements contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:SecuredDebtRepurchaseAgreements contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" decimals="-3">15249000</us-gaap:SecuredDebtRepurchaseAgreements>
<us-gaap:SecuredDebtRepurchaseAgreements contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:SecuredDebtRepurchaseAgreements contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">153804000</us-gaap:SecuredDebtRepurchaseAgreements>
<us-gaap:SecuredDebtRepurchaseAgreements contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByMeasurementBasisAxis_CarryingReportedAmountFairValueDisclosureMember" unitRef="USD" decimals="-3">153804000</us-gaap:SecuredDebtRepurchaseAgreements>
<us-gaap:SecuredDebtRepurchaseAgreements contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel1Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:SecuredDebtRepurchaseAgreements contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel2Member" unitRef="USD" decimals="-3">153804000</us-gaap:SecuredDebtRepurchaseAgreements>
<us-gaap:SecuredDebtRepurchaseAgreements contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FairValueByFairValueHierarchyLevelAxis_FairValueInputsLevel3Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:ManagementFeePayable contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">258000</us-gaap:ManagementFeePayable>
<us-gaap:ManagementFeePayable contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">441000</us-gaap:ManagementFeePayable>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">1292000</us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:AccruedLiabilitiesAndOtherLiabilities contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">2794000</us-gaap:AccruedLiabilitiesAndOtherLiabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">101478000</us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-5">200000</us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">273388000</us-gaap:Liabilities>
<us-gaap:Liabilities contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-5">300000</us-gaap:Liabilities>
<us-gaap:CommitmentsAndContingencies contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:CommitmentsAndContingencies contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:PreferredStockValue contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:PreferredStockValue contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" xsi:nil="true"/>
<us-gaap:CommonStockValue contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">112000</us-gaap:CommonStockValue>
<us-gaap:CommonStockValue contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">152000</us-gaap:CommonStockValue>
<us-gaap:AdditionalPaidInCapitalCommonStock contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">158951000</us-gaap:AdditionalPaidInCapitalCommonStock>
<us-gaap:AdditionalPaidInCapitalCommonStock contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">211361000</us-gaap:AdditionalPaidInCapitalCommonStock>
<us-gaap:RetainedEarningsAccumulatedDeficit contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">2744000</us-gaap:RetainedEarningsAccumulatedDeficit>
<us-gaap:RetainedEarningsAccumulatedDeficit contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">7279000</us-gaap:RetainedEarningsAccumulatedDeficit>
<us-gaap:StockholdersEquity contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">161807000</us-gaap:StockholdersEquity>
<us-gaap:StockholdersEquity contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">218792000</us-gaap:StockholdersEquity>
<us-gaap:MinorityInterest contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">9473000</us-gaap:MinorityInterest>
<us-gaap:MinorityInterest contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">9658000</us-gaap:MinorityInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">171280000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">228450000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2015T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD" decimals="-3">112000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD" decimals="-3">152000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2015T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">158951000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">211361000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2015T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">2744000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">7279000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2015T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">161807000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">218792000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2015T00_00_00_TO_31_Dec_2014T00_00_00_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="USD" decimals="-3">9473000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest contextRef="Context_As_Of_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="USD" decimals="-3">9658000</us-gaap:StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest>
<us-gaap:LiabilitiesAndStockholdersEquity contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">272758000</us-gaap:LiabilitiesAndStockholdersEquity>
<us-gaap:LiabilitiesAndStockholdersEquity contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">501838000</us-gaap:LiabilitiesAndStockholdersEquity>
<us-gaap:PreferredStockParOrStatedValuePerShare contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD_per_Share" decimals="2">0.01</us-gaap:PreferredStockParOrStatedValuePerShare>
<us-gaap:PreferredStockParOrStatedValuePerShare contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD_per_Share" decimals="2">0.01</us-gaap:PreferredStockParOrStatedValuePerShare>
<us-gaap:PreferredStockSharesAuthorized contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" decimals="INF">25000000</us-gaap:PreferredStockSharesAuthorized>
<us-gaap:PreferredStockSharesAuthorized contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="INF">25000000</us-gaap:PreferredStockSharesAuthorized>
<us-gaap:PreferredStockSharesIssued contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" xsi:nil="true"/>
<us-gaap:PreferredStockSharesIssued contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" xsi:nil="true"/>
<us-gaap:PreferredStockSharesOutstanding contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" xsi:nil="true"/>
<us-gaap:PreferredStockSharesOutstanding contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" xsi:nil="true"/>
<us-gaap:CommonStockParOrStatedValuePerShare contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD_per_Share" decimals="2">0.01</us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:CommonStockParOrStatedValuePerShare contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD_per_Share" decimals="2">0.01</us-gaap:CommonStockParOrStatedValuePerShare>
<us-gaap:CommonStockSharesAuthorized contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" decimals="INF">125000000</us-gaap:CommonStockSharesAuthorized>
<us-gaap:CommonStockSharesAuthorized contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="INF">125000000</us-gaap:CommonStockSharesAuthorized>
<us-gaap:CommonStockSharesIssued contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" decimals="INF">11223984</us-gaap:CommonStockSharesIssued>
<us-gaap:CommonStockSharesIssued contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="INF">15253998</us-gaap:CommonStockSharesIssued>
<us-gaap:CommonStockSharesOutstanding contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="shares" decimals="INF">11223984</us-gaap:CommonStockSharesOutstanding>
<us-gaap:CommonStockSharesOutstanding contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="INF">15253998</us-gaap:CommonStockSharesOutstanding>
<us-gaap:LoansPledgedAsCollateral contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">127559000</us-gaap:LoansPledgedAsCollateral>

<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="USD" decimals="-3">58905000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-3">68654000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember" unitRef="USD" decimals="-3">127559000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" xsi:nil="true"/>

<us-gaap:LoansPledgedAsCollateral contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">179808000</us-gaap:LoansPledgedAsCollateral>

<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="USD" decimals="-3">58313000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-3">68379000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember" unitRef="USD" decimals="-3">179808000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

<us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-3">53116000</us-gaap:MortgageLoansOnRealEstateCarryingAmountOfMortgages>

<us-gaap:InterestIncomeOperating contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">10793000</us-gaap:InterestIncomeOperating>
<us-gaap:InterestIncomeOperating contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">17677000</us-gaap:InterestIncomeOperating>
<us-gaap:InterestExpense contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">2269000</us-gaap:InterestExpense>
<us-gaap:InterestExpense contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">3344000</us-gaap:InterestExpense>
<us-gaap:InterestIncomeExpenseNet contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">8524000</us-gaap:InterestIncomeExpenseNet>
<us-gaap:InterestIncomeExpenseNet contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">14333000</us-gaap:InterestIncomeExpenseNet>
<us-gaap:OtherIncome contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">232000</us-gaap:OtherIncome>
<us-gaap:OtherIncome contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">446000</us-gaap:OtherIncome>
<us-gaap:RevenuesNetOfInterestExpense contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">8756000</us-gaap:RevenuesNetOfInterestExpense>
<us-gaap:RevenuesNetOfInterestExpense contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">14779000</us-gaap:RevenuesNetOfInterestExpense>
<ajx:RelatedPartyManagementFeeExpense contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">856000</ajx:RelatedPartyManagementFeeExpense>
<ajx:RelatedPartyManagementFeeExpense contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">1602000</ajx:RelatedPartyManagementFeeExpense>
<ajx:RelatedPartyLoanServicingFeeExpense contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">851000</ajx:RelatedPartyLoanServicingFeeExpense>
<ajx:RelatedPartyLoanServicingFeeExpense contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">1507000</ajx:RelatedPartyLoanServicingFeeExpense>
<ajx:LoanTransactionExpense contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">729000</ajx:LoanTransactionExpense>
<ajx:LoanTransactionExpense contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">989000</ajx:LoanTransactionExpense>
<us-gaap:ProfessionalFees contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">356000</us-gaap:ProfessionalFees>
<us-gaap:ProfessionalFees contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">741000</us-gaap:ProfessionalFees>
<us-gaap:OtherExpenses contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">289000</us-gaap:OtherExpenses>
<us-gaap:OtherExpenses contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">450000</us-gaap:OtherExpenses>
<us-gaap:OperatingExpenses contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">3081000</us-gaap:OperatingExpenses>
<us-gaap:OperatingExpenses contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">5289000</us-gaap:OperatingExpenses>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">5675000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">9490000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest>
<us-gaap:IncomeTaxExpenseBenefit contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">16000</us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:IncomeTaxExpenseBenefit contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">16000</us-gaap:IncomeTaxExpenseBenefit>
<us-gaap:ProfitLoss contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">5659000</us-gaap:ProfitLoss>
<us-gaap:ProfitLoss contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">9474000</us-gaap:ProfitLoss>
<us-gaap:ProfitLoss contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">9076000</us-gaap:ProfitLoss>
<us-gaap:ProfitLoss contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">9076000</us-gaap:ProfitLoss>
<us-gaap:ProfitLoss contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="USD" decimals="-3">398000</us-gaap:ProfitLoss>
<us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">223000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
<us-gaap:NetIncomeLossAttributableToNoncontrollingInterest contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">398000</us-gaap:NetIncomeLossAttributableToNoncontrollingInterest>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">5436000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member" unitRef="USD" decimals="-5">200000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-5">300000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">9076000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member" unitRef="USD" decimals="-5">400000</us-gaap:NetIncomeLoss>
<us-gaap:NetIncomeLoss contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="USD" decimals="-5">500000</us-gaap:NetIncomeLoss>
<us-gaap:EarningsPerShareBasic contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD_per_Share" decimals="2">0.36</us-gaap:EarningsPerShareBasic>
<us-gaap:EarningsPerShareBasic contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD_per_Share" decimals="2">0.64</us-gaap:EarningsPerShareBasic>
<us-gaap:EarningsPerShareDiluted contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD_per_Share" decimals="2">0.36</us-gaap:EarningsPerShareDiluted>
<us-gaap:EarningsPerShareDiluted contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD_per_Share" decimals="2">0.64</us-gaap:EarningsPerShareDiluted>
<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="0">15237739</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
<us-gaap:WeightedAverageNumberOfSharesOutstandingBasic contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="0">14129162</us-gaap:WeightedAverageNumberOfSharesOutstandingBasic>
<us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="0">15909634</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>
<us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="0">14801319</us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding>

<ajx:ShareBasedManagementFeeAndCompensationExpense contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">921000</ajx:ShareBasedManagementFeeAndCompensationExpense>

<ajx:NonCashInterestIncomeAccretion contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">-11850000</ajx:NonCashInterestIncomeAccretion>
<us-gaap:GainLossOnSaleOfProperties contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">7000</us-gaap:GainLossOnSaleOfProperties>
<us-gaap:GainLossOnSaleOfProperties contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">9000</us-gaap:GainLossOnSaleOfProperties>
<us-gaap:Depreciation contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">1000</us-gaap:Depreciation>

<us-gaap:AmortizationOfFinancingCosts contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">435000</us-gaap:AmortizationOfFinancingCosts>

<us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">-3186000</us-gaap:IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets>

<ajx:IncreaseDecreaseInReceivableFromServicer contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">-2198000</ajx:IncreaseDecreaseInReceivableFromServicer>

<ajx:IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">-275000</ajx:IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities>

<us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">1685000</us-gaap:IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities>

<us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">-4984000</us-gaap:NetCashProvidedByUsedInOperatingActivitiesContinuingOperations>

<us-gaap:PaymentsToAcquireLoansReceivable contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">233626000</us-gaap:PaymentsToAcquireLoansReceivable>

<us-gaap:ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1 contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">7260000</us-gaap:ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1>

<us-gaap:PaymentsToAcquireHeldForSaleRealEstate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">2794000</us-gaap:PaymentsToAcquireHeldForSaleRealEstate>

<us-gaap:ProceedsFromSaleOfPropertyHeldForSale contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">357000</us-gaap:ProceedsFromSaleOfPropertyHeldForSale>

<ajx:DistributionFromAffiliate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">67000</ajx:DistributionFromAffiliate>

<ajx:PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">139000</ajx:PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale>

<us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">-228875000</us-gaap:NetCashProvidedByUsedInInvestingActivitiesContinuingOperations>

<ajx:RepaymentsOnRepurchaseAgreement contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">15286000</ajx:RepaymentsOnRepurchaseAgreement>

<us-gaap:RepaymentsOfSecuredDebt contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">3543000</us-gaap:RepaymentsOfSecuredDebt>
<us-gaap:ProceedsFromIssuanceInitialPublicOffering contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">51529000</us-gaap:ProceedsFromIssuanceInitialPublicOffering>

<us-gaap:PaymentsOfDividendsCommonStock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">4541000</us-gaap:PaymentsOfDividendsCommonStock>

<us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">217000000</us-gaap:NetCashProvidedByUsedInFinancingActivitiesContinuingOperations>

<us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">-16859000</us-gaap:CashAndCashEquivalentsPeriodIncreaseDecrease>

<us-gaap:InterestPaid contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">2544000</us-gaap:InterestPaid>

<us-gaap:IncomeTaxesPaid contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" xsi:nil="true"/>

<ajx:TransferOfLoansToRentalPropertyOrPropertyHeldForSale contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">4965000</ajx:TransferOfLoansToRentalPropertyOrPropertyHeldForSale>

<us-gaap:StockIssued1 contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">814000</us-gaap:StockIssued1>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_Custom_01_Feb_2015T00_00_00_TO_28_Feb_2015T00_00_00_SaleOfStockAxis_IPOMember" unitRef="USD" decimals="-5">53900000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">51529000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember" unitRef="USD" decimals="-3">40000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">51489000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">51529000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<us-gaap:StockIssuedDuringPeriodValueNewIssues contextRef="Context_Custom_01_Jul_2015T00_00_00_TO_02_Jul_2015T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="USD" decimals="-5">87200000</us-gaap:StockIssuedDuringPeriodValueNewIssues>
<ajx:AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">814000</ajx:AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee>
<ajx:AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">814000</ajx:AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee>
<ajx:AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">814000</ajx:AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee>
<us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">107000</us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue>
<us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_AdditionalPaidInCapitalMember" unitRef="USD" decimals="-3">107000</us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue>
<us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">107000</us-gaap:AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue>
<us-gaap:Dividends contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">4754000</us-gaap:Dividends>
<us-gaap:Dividends contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_RetainedEarningsMember" unitRef="USD" decimals="-3">4541000</us-gaap:Dividends>
<us-gaap:Dividends contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_ParentMember" unitRef="USD" decimals="-3">4541000</us-gaap:Dividends>
<us-gaap:Dividends contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_StatementEquityComponentsAxis_NoncontrollingInterestMember" unitRef="USD" decimals="-3">213000</us-gaap:Dividends>
<us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="text-align: left; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Note 1 &amp;#8212; Organization and basis of presentation&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;Great Ajax Corp., a Maryland corporation (the &amp;#8220;Company&amp;#8221;), is an externally managed real estate company formed on January 30, 2014 and capitalized on March 28, 2014 by its then sole stockholder, Aspen Yo LLC (&amp;#8220;Aspen Yo&amp;#8221;), a company affiliated with the Aspen Capital companies (&amp;#8220;Aspen Capital&amp;#8221;). The Company was formed to facilitate capital raising activities and to operate as a mortgage real estate investment trust. The Company focuses primarily on acquiring, investing in and managing a portfolio of re-performing and non-performing mortgage loans secured by single-family residences and, to a lesser extent, single-family properties. Re-performing loans are loans on which at least five of the seven most recent payments have been made, or the most recent payment has been made and accepted pursuant to an agreement, or the full dollar amount to cover at least five payments has been paid in the last seven months. Non-performing loans are those loans on which the most recent three payments have not been made. The Company also invests in loans secured by smaller multi-family residential and commercial mixed use retail/residential properties, as well as in the properties directly. The Company&amp;#8217;s manager is Thetis Asset Management LLC (the &amp;#8220;Manager&amp;#8221; or &amp;#8220;Thetis&amp;#8221;), an affiliated company. The Company owns 19.8% of the Manager. The Company&amp;#8217;s mortgage loans and real properties are serviced by Gregory Funding LLC (&amp;#8220;Gregory&amp;#8221; or &amp;#8220;Servicer&amp;#8221;), also an affiliated company. The Company expects to qualify and will elect to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended (the &amp;#8220;Code&amp;#8221;), commencing with the year ended December 31, 2014.&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company conducts substantially all of its business through its operating partnership, Great Ajax Operating Partnership L.P., a Delaware limited partnership, and its subsidiaries. The Company, through a wholly owned subsidiary, is the sole general partner of the operating partnership. GA-TRS LLC, or Thetis TRS, is a wholly owned subsidiary of the operating partnership that owns the equity interest in the Manager. The Company elected to treat Thetis TRS as a &amp;#8220;taxable REIT subsidiary&amp;#8221; (&amp;#8220;TRS&amp;#8221;) under the Code. In September 2014, the Company formed Great Ajax Funding LLC, a wholly owned subsidiary of the operating partnership, to act as the depositor of mortgage loans into securitization trusts and to hold the subordinated securities issued by such trusts and any additional trusts the Company may form for additional securitizations. The Company generally securitizes its mortgage loans and retains subordinated securities from the securitizations. In November 2014, the Company formed AJX Mortgage Trust I, a wholly owned subsidiary of the operating partnership, in connection with a repurchase facility. In addition, the Company, through its operating partnership, holds real estate owned properties (&amp;#8220;REO&amp;#8221;) acquired upon the foreclosure or other settlement of its owned non-performing loans, as well as through outright purchases. On February 1, 2015, the Company formed GAJX Real Estate LLC, as a wholly owned subsidiary of the operating partnership, to own, maintain, improve and sell REO properties. The Company has elected to treat GAJX Real Estate LLC as a TRS under the Code.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company commenced its operations following the completion of its initial private offering in July 2014. On July 8, 2014, the Company closed a private offering, pursuant to which the Company sold 8,213,116 shares of common stock and 453,551 Class A Units of the operating partnership (the &amp;#8220;OP Units&amp;#8221;), which are redeemable on a 1-for-1 basis into shares of its common stock after one year of ownership. On August 1, 2014, the Company closed the sale of an additional 263,570 shares of common stock and 14,555 OP Units pursuant to the exercise of the option to purchase additional shares granted to the initial purchaser and placement agent. The purchase price per share and per OP Unit was $15.00. In these offerings, which are referred to collectively as the &amp;#8220;Original Private Placement,&amp;#8221; the net proceeds, including from the additional shares purchased pursuant to the option to purchase additional shares and OP Units, after deducting the initial purchaser&amp;#8217;s discount and placement fee and estimated offering expenses payable, was approximately $128.4 million. The Original Private Placement was made in reliance on the exemptions from registration set forth in Section 4(a)(2) of the Securities Act of 1933, as amended (the &amp;#8220;Securities Act&amp;#8221;), and Rule 506 of Regulation D thereunder and Rule 144A under the Securities Act.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Upon the closing of the Original Private Placement, the Company used $48.8 million of the proceeds to acquire its initial mortgage portfolio through the acquisition of 82% of the equity interests in Little Ajax II, LLC&amp;#160;(&amp;#8220;Little Ajax II&amp;#8221;). Little Ajax II was an affiliated entity that acquired primarily re-performing mortgage loans and a number of non-performing mortgage loans in a series of transactions between December 1, 2013 and July 7, 2014. In September 2014, the Company completed a transaction to acquire the remaining interests in this initial mortgage-related asset portfolio. The transaction initially had Little Ajax II redeem the 82% membership interest of the operating partnership by distributing to the operating partnership 82% of all Little Ajax II loans, participation interests and real property. The operating partnership then purchased for cash the remaining 18% interest in such real estate assets for an aggregate purchase price of approximately $11.4 million. The operating partnership also purchased from Gregory its 5% interest in the 43 loans in which Little Ajax II held a 95% participation interest for approximately $0.2 million.&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;On December 16, 2014, the Company closed an additional private placement (the &amp;#8220;Second Private Placement&amp;#8221;), pursuant to which it sold 2,725,326 shares of common stock and 156,000 OP Units. The purchase price per share was $15.00. The net proceeds from the private placement after deducting the placement fee and offering expenses paid by the Company, was approximately $41.2 million. The Company used the proceeds of the Original Private Placement and the Second Private Placement, referred to collectively as the Private Placements, to purchase re-performing and non-performing loans. The Company completed its initial public offering, or IPO, in February 2015 in which the Company and selling stockholders sold an aggregate of 5,276,797 shares of common stock, including shares sold pursuant to exercise of the option to purchase additional shares granted to the underwriters. The Company sold 3,976,464 shares of common stock and selling stockholders sold 1,300,333 shares of common stock, in each case, including shares sold pursuant to exercise of the option to purchase additional shares granted to the underwriters. &amp;#160;The Company used the approximately $53.9 million of proceeds (after deducting the underwriting discount but before deducting estimated offering expenses) to acquire additional mortgage loans and mortgage-related assets.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Basis of presentation and use of estimates&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;These interim consolidated financial statements should be read in conjunction with the Company&amp;#8217;s consolidated financial statements and the notes thereto for the period ended December&amp;#160;31, 2014 included in the Annual Report on Form&amp;#160;10-K filed with the&amp;#160;&lt;/font&gt;Securities and Exchange Commission (the &amp;#8220;SEC&amp;#8221;)&amp;#160;&lt;font style="font-family: 'times new roman', times, serif;"&gt;on March&amp;#160;26, 2015.&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Interim financial statements are prepared in accordance with accounting principles generally accepted in the United States (&amp;#8220; U.S. GAAP&amp;#8221;) for interim financial information and pursuant to the requirements for reporting on Form&amp;#160;10-Q and Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period&amp;#8217;s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December&amp;#160;31, 2015.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The consolidated financial statements have been prepared in accordance with U.S. GAAP, as contained within the Accounting Standards Codification (&amp;#8220;ASC&amp;#8221;) of the Financial Accounting Standards Board (&amp;#8220;FASB&amp;#8221;) and the rules and regulations of the SEC, as applied to interim financial statements. Comparative income statement periods have been omitted as the Company had no operations prior to July 8, 2014.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;All controlled subsidiaries are included in the consolidated financial statements and all intercompany accounts and transactions have been eliminated in consolidation. The operating partnership is a majority owned partnership that has a non-controlling ownership interest that is included in non-controlling interests on the consolidated balance sheet. As of June 30, 2015, the Company owned 96.1% of the outstanding OP Units and the remaining 3.9% of the OP Units were owned by an unaffiliated holder.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company&amp;#8217;s 19.8% investment in the Manager is accounted for using the equity method because it exercises significant influence on the operations of the Manager through common officers and directors. There is no traded or quoted price for the interests in the Manager since it is privately held.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company considers significant estimates to include expected cash flows from mortgage loans and fair value measurements.&lt;/div&gt;</us-gaap:OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock>
<us-gaap:SignificantAccountingPoliciesTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Note 2 &amp;#8212; Summary of significant accounting policies&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Cash and cash equivalents&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Highly liquid investments with an original maturity of three months or less when purchased are considered cash equivalents. The Company maintains cash and cash equivalents at insured banking institutions. Certain account balances exceed Federal Deposit Insurance Corporation (&amp;#8220;FDIC&amp;#8221;) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Organizational expenses&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Organizational expenses are expensed as incurred or when they become reimbursable. Organizational expenses consisted mainly of legal fees.&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Offering costs&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Costs associated with the Company&amp;#8217;s completed offering of shares of common stock have been netted against, and are reflected as a reduction in additional paid-in capital.&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Earnings per share&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Basic earnings per share is computed by dividing consolidated net income attributable to common stockholders by the weighted average common stock outstanding during the period. The Company treats unvested restricted stock issued under its stock-based compensation plan, which are entitled to non-forfeitable dividends, as participating securities and applies the two-class method in calculating basic earnings per share. Diluted earnings per share is computed by dividing consolidated net income attributable to common stockholders by the weighted average common stock outstanding for the period plus other potentially dilutive securities, such as stock grants, shares that would be issued in the event that OP Units are redeemed for shares of common stock of the Company and shares issued in respect of the stock-based portion of the base fee payable to the Manager and directors&amp;#8217; fees.&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Stock-based payments&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The Management Agreement (as defined below) provides for the payment to the Manager of a management fee. The Company pays half of the management fee in cash, and half of the management fee in shares of the Company&amp;#8217;s common stock, which are issued to the Manager in a private placement and are restricted securities under the Securities Act. Shares issued to the Manager are determined based on the higher of the most recently reported book value or the average of the closing prices of our common stock on the NYSE on the five business days after the date on which the most recent regular quarterly dividend to holders of our common stock is paid. Management fees paid in common stock are expensed in the quarter incurred and recorded in equity at quarter end.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Pursuant to the Company&amp;#8217;s 2014 Director Equity Plan (the &amp;#8220;Director Plan&amp;#8221;), the Company may make stock-based awards. The Company has issued to each of the independent directors restricted stock awards of 2,000 shares of its common stock, which are subject to a one-year vesting period. In addition, each of the Company&amp;#8217;s independent directors receives an annual retainer of $50,000, payable quarterly, half of which is paid in shares of the Company&amp;#8217;s common stock on the same basis as the stock portion of the management fee payable to the Manager, and half in cash. Stock-based expense for the directors&amp;#8217; annual retainer is expensed as earned, in equal quarterly amounts during the year, and recorded in equity at quarter end.&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Directors&amp;#8217; fees&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The expense related to directors&amp;#8217; fees is accrued and reflected in stockholders&amp;#8217; equity in the period in which it is incurred.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Management fee and expense reimbursement&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Under the management agreement with the Manager, the Company pays a quarterly base management fee based on its stockholders&amp;#8217; equity and a quarterly incentive management fee based on its cash distributions to its stockholders. Manager fees are expensed in the quarter incurred and the portion payable in common stock is included in stockholders&amp;#8217; equity at quarter-end. See &amp;#8220;Note 9 &amp;#8212; Related party transactions.&amp;#8221;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Servicing fees&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Under the servicing agreement, Gregory receives servicing fees ranging from 0.65% &amp;#8211; 1.25% annually of unpaid principal balance (&amp;#8220;UPB&amp;#8221;) (or the fair market value or purchase price of REO that the Company owns or acquires). Gregory is reimbursed for all customary, reasonable and necessary out-of-pocket costs and expenses incurred in the performance of its obligations, including the actual cost of any repairs and renovations undertaken on the Company&amp;#8217;s behalf. The total fees incurred by the Company for these services will be dependent upon the UPB and type of mortgage loans that Gregory services, property values, previous UPB of the relevant loan, and the number of REO properties. The agreement will automatically renew for successive one-year terms, subject to prior written notice of non-renewal. In certain cases, the Company may be obligated to pay a termination fee. The Management Agreement will automatically terminate at the same time as the servicing agreement if the servicing agreement is terminated for any reason. See &amp;#8220;Note 9 &amp;#8212; Related party transactions.&amp;#8221;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Fair value of financial instruments&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy has been established which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.5in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;Level 1&lt;/b&gt;&amp;#160;&amp;#8212; Quoted prices in active markets for identical assets or liabilities.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.5in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;Level 2&lt;/b&gt;&amp;#160;&amp;#8212; Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.5in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;Level 3&lt;/b&gt;&amp;#160;&amp;#8212; Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The degree of judgment utilized in measuring fair value generally correlates to the level of pricing observability. Assets and liabilities with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized in measuring fair value. Conversely, assets and liabilities rarely traded or not quoted will generally have little or no pricing observability and a higher degree of judgment utilized in measuring fair value. Pricing observability is impacted by a number of factors, including the type of asset or liability, whether it is new to the market and not yet established, and the characteristics specific to the transaction.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Property held-for-sale is measured at cost at acquisition and subsequently measured at the lower of cost or fair value less cost to sell on a nonrecurring basis. The fair value of property held-for-sale is generally based on estimated market prices from an independently prepared appraisal, an independent broker price opinion (&amp;#8220;BPO&amp;#8221;), or management&amp;#8217;s judgment as to the selling price of similar properties.&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Income taxes&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The Company intends to elect REIT status upon the filing of its 2014 income tax return, and has conducted its operations in order to satisfy and maintain eligibility for REIT status. Accordingly, the Company does not believe it will be subject to U.S. federal income tax from the year ended December 31, 2014 forward on the portion of the Company&amp;#8217;s REIT taxable income that is distributed to the Company&amp;#8217;s stockholders as long as certain asset, income and stock ownership tests are met. If after electing to be taxed as a REIT, the Company subsequently fails to qualify as a REIT in any taxable year, it generally will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for the four taxable years following the year during which qualification is lost. The Company may also be subject to state or local income or franchise taxes.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Thetis TRS, GAJX Real Estate LLC and any other TRS that the Company forms, will be subject to U.S. federal and state income taxes. On January 13, 2015, the Company applied for a private letter ruling from the Internal Revenue Service that would allow it to exclude its proportionate share of gross income from the Manager if it held its interest in the Manager through the operating partnership. If the Company receives such a ruling, it expects that it will hold its interest in the Manager through the operating partnership, instead of through Thetis TRS; however, there is no assurance that such a ruling will be issued. Income taxes are provided for using the asset and liability method. A provision for income taxes of $16,400 was recorded for both the three- and six-month periods ended June 30, 2015. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to the Company&amp;#8217;s judgment, it reduces a deferred tax asset by a valuation allowance if it is &amp;#8220;more&amp;#8211;likely-than-not&amp;#8221; that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and the Company recognizes tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The Company evaluates tax positions taken in its consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Company may recognize a tax benefit from an uncertain tax position only if it is &amp;#8220;more-likely-than-not&amp;#8221; that the tax position will be sustained on examination by taxing authorities.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The Company&amp;#8217;s tax returns remain subject to examination and consequently, the taxability of the distributions and other tax positions taken by the Company may be subject to change. Distributions to stockholders generally will be taxable as ordinary income, although a portion of such distributions may be designated as long-term capital gain or qualified dividend income, or may constitute a return of capital. The Company will furnish annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment.&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Mortgage loans&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Purchased mortgage loans are initially recorded at the purchase price, net of any acquisition fees or costs at the time of acquisition and are considered asset acquisitions. As part of the determination of the purchase price for mortgage loans, the Company uses a discounted cash flow valuation model to model expected cash flows, and which considers alternate loan resolution probabilities, including liquidation or conversion to real estate owned. Observable inputs to the model include current interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines, the value of underlying properties and other economic and demographic data.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have some degree of credit quality deterioration since origination and have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Re-performing mortgage loans have been determined to have common risk characteristics and are accounted for as a single loan pool for loans acquired within each three-month fiscal quarter. Similarly, non-performing mortgage loans have been determined to have common risk characteristics and are accounted for as a single non-performing pool for loans acquired within each three-month fiscal quarter. Under ASC 310-30, the Company estimates cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. The Company determines the excess of the loan pool&amp;#8217;s contractually required principal and interest payments over the expected cash flows as an amount that should not be accreted, referred to as the non-accretable yield. The difference between expected cash flows and the purchase price (at acquisition) or the present value of the expected cash flows is referred to as the accretable yield, which represents the amount that is expected to be recorded as interest income over the remaining life of the loan pool. For the three- and six-months ended June 30, 2015, the Company recognized no provision for loan loss. For the three- and six-months ended June 30, 2015, the Company accreted $10.8 million and $17.7 million, respectively, into interest income with respect to its loan portfolio. As of June 30, 2015, the Company&amp;#8217;s loan portfolio had a UPB of $596.3 million and a carrying value of $444.4 million&amp;#160;and at December 31, 2014, a UPB of $298.6 million and carrying value of $211.2 million, which excludes one loan in which it holds a 40.5% beneficial interest through an equity method investee.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Generally, the Company acquires loans at a discount associated with some degree of credit impairment. The Company elects to aggregate certain pools of loans with common risk characteristics and accrue interest income thereon at a composite interest rate, based on expectations of cash flows to be collected for the pool. Expectations of pool cash flow are reviewed quarterly. Adjustments to a pool&amp;#8217;s prospective composite interest rate or an allowance for impairment are made to the extent revised expectations differ from original estimates.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;For loans that do not qualify for pool aggregation treatment, including performing loans that are not purchased at discounts resulting from credit-related issues, interest is recognized using the simple-interest method on daily balances of the principal amount outstanding, adjusted for the amortization or accretion of the loan premium or discount over the contractual life of the loan.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower&amp;#8217;s financial condition is such that collection of interest is doubtful. The Company&amp;#8217;s policy is to stop accruing interest when a loan&amp;#8217;s delinquency exceeds 90 days. All interest accrued but not collected for loans that are placed on non-accrual status or subsequently charged-off are reversed against interest income. Income is subsequently recognized on the cash basis until, in management&amp;#8217;s judgment, the borrower&amp;#8217;s ability to make periodic principal and interest payments returns and future payments are reasonably assured, in which case the loan is returned to accrual status.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;An individual loan is considered to be impaired when, based on current events and conditions, it is probable the Company will be unable to collect all amounts due (both principal and interest) according to the contractual terms of the loan agreement. Impaired loans are carried at the present value of expected future cash flows discounted at the loan&amp;#8217;s effective interest rate, the loan&amp;#8217;s market price, or the fair value of the collateral if the loan is collateral dependent.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower&amp;#8217;s financial difficulties, a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The allowance for loan losses is established through a provision for loan losses charged to expenses. The allowance is an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible, based on evaluations of the collectability of loans.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Purchased non-performing loans that are accounted for as individual loans are recorded at fair value, which is generally the purchase price. Interest income is recognized on a cash basis and loan purchase discount is accreted to income in proportion to the actual principal paid. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the fair market value of the underlying collateral falls below net book value.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="letter-spacing: -0.3pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="letter-spacing: -0.3pt;"&gt;W&lt;/font&gt;hile&lt;font style="letter-spacing: 0.55pt;"&gt;&amp;#160;&lt;/font&gt;the Compa&lt;font style="letter-spacing: -0.4pt;"&gt;n&lt;/font&gt;y gene&lt;font style="letter-spacing: -0.05pt;"&gt;r&lt;/font&gt;&lt;font style="letter-spacing: -0.45pt;"&gt;a&lt;/font&gt;l&lt;font style="letter-spacing: -0.2pt;"&gt;l&lt;/font&gt;y&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;intends&lt;font style="letter-spacing: 1.75pt;"&gt;&amp;#160;&lt;/font&gt;to&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;hold&lt;font style="letter-spacing: 1.4pt;"&gt;&amp;#160;&lt;/font&gt;its&lt;font style="letter-spacing: 1.45pt;"&gt;&amp;#160;&lt;/font&gt;assets&lt;font style="letter-spacing: 0.7pt;"&gt;&amp;#160;&lt;/font&gt;as&lt;font style="letter-spacing: 0.5pt;"&gt;&amp;#160;&lt;/font&gt;long-te&lt;font style="letter-spacing: 0.2pt;"&gt;r&lt;/font&gt;m&lt;font style="letter-spacing: 2.3pt;"&gt;&amp;#160;&lt;/font&gt;i&lt;font style="letter-spacing: -0.4pt;"&gt;n&lt;/font&gt;&lt;font style="letter-spacing: -0.15pt;"&gt;v&lt;/font&gt;estments,&lt;font style="letter-spacing: 2.3pt;"&gt;&amp;#160;&lt;/font&gt;it m&lt;font style="letter-spacing: -0.4pt;"&gt;a&lt;/font&gt;y s&lt;font style="letter-spacing: -0.15pt;"&gt;e&lt;/font&gt;ll certain of&lt;font style="letter-spacing: 1.4pt;"&gt;&amp;#160;&lt;/font&gt;its loans in o&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;der to&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;man&lt;font style="letter-spacing: -0.2pt;"&gt;a&lt;/font&gt;ge its&lt;font style="letter-spacing: 1.45pt;"&gt;&amp;#160;&lt;/font&gt;inte&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;est&amp;#160;&lt;font style="letter-spacing: -0.05pt;"&gt;r&lt;/font&gt;&lt;font style="letter-spacing: -0.3pt;"&gt;a&lt;/font&gt;te&lt;font style="letter-spacing: 1.45pt;"&gt;&amp;#160;&lt;/font&gt;risk and&lt;font style="letter-spacing: 1.45pt;"&gt;&amp;#160;&lt;/font&gt;liquidity needs, meet other ope&lt;font style="letter-spacing: -0.05pt;"&gt;r&lt;/font&gt;&lt;font style="letter-spacing: -0.3pt;"&gt;a&lt;/font&gt;ting object&lt;font style="letter-spacing: -0.15pt;"&gt;iv&lt;/font&gt;es and ad&lt;font style="letter-spacing: -0.2pt;"&gt;a&lt;/font&gt;pt &amp;#160;to&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;ma&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;ket conditions.&amp;#160;&lt;font style="letter-spacing: 0.2pt;"&gt;&amp;#160;&lt;/font&gt;The timing and&lt;font style="letter-spacing: 1.45pt;"&gt;&amp;#160;&lt;/font&gt;impact of&lt;font style="letter-spacing: 1.4pt;"&gt;&amp;#160;&lt;/font&gt;futu&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;e s&lt;font style="letter-spacing: -0.45pt;"&gt;a&lt;/font&gt;les of &lt;font style="letter-spacing: 1.4pt;"&gt;&lt;/font&gt;loans, if a&lt;font style="letter-spacing: -0.4pt;"&gt;n&lt;/font&gt;y, cannot be p&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;edicted with a&lt;font style="letter-spacing: -0.4pt;"&gt;n&lt;/font&gt;y&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;certainty. &amp;#160;Since&lt;font style="letter-spacing: 0.2pt;"&gt;&amp;#160;&lt;/font&gt;the Company&amp;#160;&lt;font style="letter-spacing: -0.15pt;"&gt;e&lt;/font&gt;xpects&lt;font style="letter-spacing: 0.7pt;"&gt;&amp;#160;&lt;/font&gt;th&lt;font style="letter-spacing: -0.3pt;"&gt;a&lt;/font&gt;t its assets&lt;font style="letter-spacing: 0.7pt;"&gt;&amp;#160;&lt;/font&gt;will&lt;font style="letter-spacing: -0.3pt;"&gt;&amp;#160;&lt;/font&gt;gene&lt;font style="letter-spacing: -0.05pt;"&gt;r&lt;/font&gt;&lt;font style="letter-spacing: -0.45pt;"&gt;a&lt;/font&gt;l&lt;font style="letter-spacing: -0.2pt;"&gt;l&lt;/font&gt;y&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;be&amp;#160;&lt;font style="letter-spacing: 0.2pt;"&gt;f&lt;/font&gt;inanced, it&amp;#160;&lt;font style="letter-spacing: -0.15pt;"&gt;e&lt;/font&gt;xpects&lt;font style="letter-spacing: 0.7pt;"&gt;&amp;#160;&lt;/font&gt;th&lt;font style="letter-spacing: -0.3pt;"&gt;a&lt;/font&gt;t a&lt;font style="letter-spacing: 0.55pt;"&gt;&amp;#160;&lt;/font&gt;signi&lt;font style="letter-spacing: 0.2pt;"&gt;f&lt;/font&gt;icant portion of&lt;font style="letter-spacing: 1.4pt;"&gt;&amp;#160;&lt;/font&gt;the&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;proceeds from s&lt;font style="letter-spacing: -0.45pt;"&gt;a&lt;/font&gt;les of&lt;font style="letter-spacing: 1.4pt;"&gt;&amp;#160;&lt;/font&gt;its assets&lt;font style="letter-spacing: 0.7pt;"&gt;&amp;#160;&lt;/font&gt;(if a&lt;font style="letter-spacing: -0.4pt;"&gt;n&lt;/font&gt;y), p&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;ep&lt;font style="letter-spacing: -0.4pt;"&gt;a&lt;/font&gt;yments&lt;font style="letter-spacing: -0.05pt;"&gt;&amp;#160;&lt;/font&gt;and scheduled amortiz&lt;font style="letter-spacing: -0.3pt;"&gt;a&lt;/font&gt;tion will&lt;font style="letter-spacing: -0.3pt;"&gt;&amp;#160;&lt;/font&gt;be used to&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;ep&lt;font style="letter-spacing: -0.4pt;"&gt;a&lt;/font&gt;y&lt;font style="letter-spacing: 1.4pt;"&gt;&amp;#160;&lt;/font&gt;b&lt;font style="letter-spacing: -0.45pt;"&gt;a&lt;/font&gt;lances under its &lt;font style="letter-spacing: 0.2pt;"&gt;f&lt;/font&gt;inancing sou&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;ces.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Residential properties&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Property is recorded at cost if purchased, or at fair value of the asset less estimated selling costs if obtained through foreclosure by the Company. Property that is currently unoccupied and actively marketed for sale is classified as held-for-sale. Property held-for-sale is carried at the lower of cost or fair market value. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;No depreciation or amortization expense is recognized on properties held-for-sale, while holding costs are expensed as incurred. Rental property is property not held-for-sale. Rental properties are intended to be held as long-term investments but may eventually be held-for-sale. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of three to 27.5 years.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;With respect to residential rental properties not held-for-sale, the Company performs an impairment analysis using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. These cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;If the carrying amount of a held-for-investment asset exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the difference between estimated fair value of the asset and the carrying amount. The Company generally estimates the fair value of assets held for use by using BPOs. In some instances, appraisal information may be available and is used in addition to BPOs.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The Company performs property renovations to maximize the value of the property for its rental strategy. Such expenditures are part of its initial investment in a property and, therefore, are capitalized as part of the basis of the property. Subsequently, the residential property, including any renovations that improve or extend the life of the asset, are accounted for at cost. The cost basis is depreciated using the straight-line method over an estimated useful life of three to 27.5 years. Interest and other carrying costs incurred during the renovation period are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Segment information&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The Company&amp;#8217;s primary business is acquiring, investing in and managing a portfolio of mortgage loans. The Company operates in a single segment focused on non-performing mortgages and re-performing mortgages.&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Emerging growth company&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Section 107 of the Jumpstart Our Business Startups Act (the &amp;#8220;JOBS Act&amp;#8221;) provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to take advantage of the benefits of this extended transition period. Its consolidated financial statements may, therefore, not be comparable to those of companies that comply with such new or revised accounting standards.&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Reclassifications&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The December 31, 2014 amounts included in the delinquency table in Note 3 &amp;#8211; Mortgage loans have been reclassified from delinquent to current to reflect a correction of an error in the presentation of the disclosure that is immaterial to the consolidated financial statements taken as a whole. Such reclassifications did not affect cash flows, net revenues, net income, total assets, total liabilities or total equity.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Recently issued accounting standards&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;In January 2014, FASB issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) 2014-04, Troubled Debt Restructurings by Creditors. It provides that if a repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The amended guidance may be applied using either a prospective transition method or a modified retrospective transition method and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. We adopted this standard in the first quarter of 2015 and it did not have a material impact on our financial statements.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services&lt;font style="color: #1f497d;"&gt;.&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment.&amp;#160;&lt;/font&gt;ASU 2014-09 may be applied using either a full retrospective or a modified retrospective approach and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted.&amp;#160;&lt;font style="font-family: 'times new roman', times, serif;"&gt;On April 29, 2015, the FASB proposed a one-year deferral of the effective date for ASU 2014-09.&amp;#160;&lt;/font&gt;The Company is evaluating the impact of this amendment on its financial position and results of operations.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;In February 2015, the FASB issued ASU 2015-02 Amendments to the Consolidation Analysis. These amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (&amp;#8220;VIEs&amp;#8221;) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company is evaluating the impact of this amendment on its financial position and results of operations.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;In April 2015, the FASB issued ASU 2015-03 Interest &amp;#8211; Imputation of Interest. The amendments in this update require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of a debt liability, consistent with debt discounts. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. This guidance may be adopted retrospectively or under a modified retrospective method where the cumulative effect is recognized at the date of initial application. The Company is evaluating the impact of this amendment on its financial position and results of operations.&lt;/p&gt;</us-gaap:SignificantAccountingPoliciesTextBlock>
<ajx:MortgageLoansTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Note 3 &amp;#8212; Mortgage loans&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The following tables present information regarding the contractually required payments and the estimated cash flows expected to be collected as of the date of the acquisition and changes in the balance of the accretable yield ($ in thousands):&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/div&gt;
&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="6"&gt;&lt;font style="font-size: 8pt;"&gt;Three&amp;#160;months&amp;#160;ended&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="6"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="6"&gt;&lt;font style="font-size: 8pt;"&gt;Period&amp;#160;from&amp;#160;inception&amp;#160;to&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"&gt;&lt;font style="font-size: 8pt;"&gt;June&amp;#160;30,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"&gt;&lt;font style="font-size: 8pt;"&gt;June&amp;#160;30,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"&gt;&lt;font style="font-size: 8pt;"&gt;December&amp;#160;31,&amp;#160;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Re-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Non-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Re-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Non-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Re-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Non-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 345px;"&gt;Contractually required principal and interest&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;332,571&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td
 style="text-align: right; width: 157px;"&gt;31,827&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;486,603&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;65,675&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;393,657&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;257,790&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;Non-accretable yield&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(132,557&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(18,598&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(198,704&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(38,317&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(173,502&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(184,096&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Expected cash flows to be collected&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;200,014&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;13,229&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;287,899&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;27,358&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;220,155&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;73,694&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;Accretable yield&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(49,626&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(4,185&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(73,680&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(8,038&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(60,495&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(22,071&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;Fair value at acquisition&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;150,388&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;9,044&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;214,219&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;19,320&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;159,660&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;51,623&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white;"&gt;
&lt;td
 style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Accretable&amp;#160;yield&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three&amp;#160;months&amp;#160;ended&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Period&amp;#160;from&amp;#160;inception&amp;#160;to&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;December&amp;#160;31,&amp;#160;2014&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Re-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Non-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Re-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Non-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Re-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Non-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="width: 345px;"&gt;Balance at beginning of period&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;74,045&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td
 style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;22,604&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;54,940&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;20,686&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Accretable yield additions&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;49,626&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4,185&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;73,680&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8,038&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;60,495&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;22,071&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;Accretion&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(7,739&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(3,054&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(12,688&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(4,989&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(5,555&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(1,385&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;Balance at end of period&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;115,932&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;23,735&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;115,932&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;23,735&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;54,940&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;20,686&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;During the three- and six-months ended June 30, 2015, the Company recognized $0.7 million and $1.0 million, respectively, for due diligence costs related to these and other transactions in loan transaction expense.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The following table sets forth the carrying value of its mortgage loans, and related UPB by delinquency status as of June 30, 2015 and December 31, 2014 ($ in thousands):&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;
 font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="10"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="10"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;December&amp;#160;31,&amp;#160;2014&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Number&amp;#160;of&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Carrying&lt;/b&gt;&lt;br /&gt;&lt;b&gt;value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Unpaid&lt;/b&gt;&lt;br /&gt;&lt;b&gt;principal&lt;/b&gt;&lt;br /&gt;&lt;b&gt;balance&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Number&amp;#160;of&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Carrying&lt;/b&gt;&lt;br /&gt;&lt;b&gt;value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Unpaid&lt;/b&gt;&lt;br /&gt;&lt;b&gt;principal&lt;/b&gt;&lt;br /&gt;&lt;b&gt;balance&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="width: 345px;"&gt;Current&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;1,123&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;209,046&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;267,983&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;439&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;72,727&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;94,993&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;30&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;406&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;66,969&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;87,292&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;237&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;36,954&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;53,739&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;60&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;194&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;29,611&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;39,647&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;99&lt;/td&gt;
&lt;td style="text-align:
 left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;13,849&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;17,766&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;90&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;534&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;77,407&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;107,345&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;352&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;53,987&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;76,691&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;Foreclosure&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;362&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;61,375&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;94,021&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;212&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;33,642&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;55,384&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;Mortgage loans&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;2,619&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;444,408&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;596,288&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;1,339&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;211,159&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;298,573&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;These balances do not include one loan in which we hold a 40.5% beneficial interest through an equity method investee.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;As of June 30, 2015, the Company held 34 residential properties with a carrying value of $5.1 million that had been foreclosed.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company&amp;#8217;s mortgage loans are secured by real estate. As such, the Company believes that the credit quality indicators for each of its mortgage loans are the timeliness of payments and the value of the underlying real estate. The Company categorizes mortgage loans as &amp;#8220;re-performing&amp;#8221; and as &amp;#8220;non-performing.&amp;#8221; The Company monitors the credit quality of the mortgage loans in its portfolio on an ongoing basis, principally by considering loan payment activity or delinquency status. In
 addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected.&lt;/div&gt;</ajx:MortgageLoansTextBlock>
<us-gaap:RealEstateDisclosureTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Note 4 &amp;#8212; Real estate assets, net&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Real estate held for use&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;As of June 30, 2015, the Company had two REO properties having an aggregate carrying value of $0.1 million held for use as rentals. Both of these properties had been rented.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Real estate held-for-sale&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;As of June 30, 2015, the Company classified 54 REO properties having an aggregate carrying value of $9.0 million as real estate held for sale as they do not meet its residential rental property investment criteria.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Dispositions&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;During the three-months ended June 30, 2015, the Company disposed of two held-for-sale residential properties and recognized a loss of $7,000. During the six-months ended June 30, 2015, the Company disposed of three held-for-sale residential properties and recognized a loss of $9,000.&lt;/div&gt;</us-gaap:RealEstateDisclosureTextBlock>
<us-gaap:FairValueDisclosuresTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&lt;b&gt;Note 5 &amp;#8212; Fair value of financial instruments&lt;/b&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The following tables set forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of June 30, 2015 and December 31, 2014 ($ in thousands):&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Level&amp;#160;1&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Level&amp;#160;2&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Level&amp;#160;3&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;
&lt;p style="margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Carrying&lt;/b&gt;&lt;br /&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Quoted&amp;#160;prices&lt;/b&gt;&lt;br /&gt;&lt;b&gt;in&amp;#160;active&lt;/b&gt;&lt;br /&gt;&lt;b&gt;markers&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Observable&lt;/b&gt;&lt;br /&gt;&lt;b&gt;inputs&amp;#160;other&amp;#160;than&lt;/b&gt;&lt;br /&gt;&lt;b&gt;Level&amp;#160;1&amp;#160;prices&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Unobservable&lt;/b&gt;&lt;br /&gt;&lt;b&gt;inputs&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;"&gt;Not recognized on consolidated balance sheet at fair value (assets)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in; width: 729px;"&gt;Mortgage loans&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;444,408&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width:
 156px;"&gt;501,369&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;"&gt;Not recognized on consolidated balance sheet at fair value (liabilities)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;Borrowings under repurchase agreement&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;153,804&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;153,804&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;Secured borrowings&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;116,349&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;116,349&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Level&amp;#160;1&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Level&amp;#160;2&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Level&amp;#160;3&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;
&lt;p style="margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;December&amp;#160;31,&amp;#160;2014&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Carrying&lt;/b&gt;&lt;br /&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Quoted&amp;#160;prices&lt;/b&gt;&lt;br /&gt;&lt;b&gt;in&amp;#160;active&lt;/b&gt;&lt;br /&gt;&lt;b&gt;markers&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Observable&lt;/b&gt;&lt;br /&gt;&lt;b&gt;inputs&amp;#160;other&amp;#160;than&lt;/b&gt;&lt;br /&gt;&lt;b&gt;Level&amp;#160;1&amp;#160;prices&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Unobservable&lt;/b&gt;&lt;br /&gt;&lt;b&gt;inputs&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;"&gt;Not recognized on consolidated balance sheet at fair value (assets)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align:
 left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in; width: 729px;"&gt;Mortgage loans&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;211,159&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;235,623&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;"&gt;Not recognized on consolidated balance sheet at fair value (liabilities)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;Borrowings under repurchase agreement&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;15,249&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;15,249&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;Secured borrowings&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;84,679&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;84,679&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company has not transferred any assets from one level to another level during the three or six months ended June 30, 2015.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The carrying values of its cash and cash equivalents, related party receivables, accounts payable and accrued liabilities, related party payables and investments in the Manager and affiliate are equal to or approximate&amp;#160;fair value. Property held-for-sale is measured at cost at acquisition and subsequently measured at the lower of cost or fair value less cost to sell on a nonrecurring basis. The fair value of property held-for-sale is generally based on estimated market prices from an independently prepared appraisal, an independent BPO, or management&amp;#8217;s judgment as to the selling price of similar properties. No properties held-for-sale were measured at fair value at June 30, 2015.&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The fair value of mortgage loans is estimated using the Manager&amp;#8217;s proprietary pricing model which estimates expected cash flows with the discount rate used in the present value calculation representing the estimated effective yield of the loan. The value of transfers of mortgage loans to real estate owned is estimated using BPOs.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The significant unobservable inputs used in the fair value measurement of the Company&amp;#8217;s mortgage loans are the same
 as those used to calculate the acquisition price, including discount rates and loan resolution timelines. Significant changes to any of these inputs in isolation could result in a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value. An increase in the loan resolution timeline in isolation would decrease the fair value. The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of the Company&amp;#8217;s mortgage loans as of June 30, 2015:&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="width: 1238px;" nowrap="nowrap"&gt;
&lt;p style="border-bottom: black 1pt solid; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Input&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16px;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 313px;" nowrap="nowrap"&gt;
&lt;p style="border-bottom: black 1pt solid; text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Range of Values&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top;"&gt;Equity discount rate &amp;#8211; Re-performing loans&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; vertical-align: bottom;"&gt;8% - 14%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white;"&gt;
&lt;td style="vertical-align: top;"&gt;Equity discount rate &amp;#8211; Non-performing loans&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; vertical-align: bottom;"&gt;10% - 18%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top;"&gt;Cost of debt&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; vertical-align: bottom;"&gt;4.25%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white;"&gt;
&lt;td style="vertical-align: top;"&gt;Loan resolution timelines &amp;#8211; Re-performing loans (in years)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; vertical-align: bottom;"&gt;4 - 7&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top;"&gt;Loan resolution timelines &amp;#8211; Non-performing loans (in years)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; vertical-align: bottom;"&gt;1.4 - 4&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:FairValueDisclosuresTextBlock>
<us-gaap:InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Note 6 &amp;#8212; Unconsolidated affiliates&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;On December 5, 2014, the Company acquired a 40.5% interest in GA-E 2014-12, a Delaware trust, for $2.2 million. GA-E 2014-12 holds an economic interest in a single small-balance commercial loan secured by a commercial property in Portland, Oregon. At December 31, 2014, GA-E 2014-12 had a basis in the loan of $5.4 million. At June 30, 2015, GA-E 2014-12 had a basis in the loan of $5.6 million, and net income of $0.2 million for the three months ended, and $0.4 million for the six months ended June 30, 2015, of which 40.5% is the Company&amp;#8217;s share. The Company accounts for this investment using the equity method.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Upon the closing of the Original Private Placement, the Company received a 19.8% equity interest in Thetis. At December 31, 2014, Thetis had total assets of $2.2 million and liabilities of $0.2 million. At June 30, 2015, Thetis had total assets of $2.8 million, liabilities of $0.3 million, and net income of $0.3 million for the three months ended, and $0.5 million for the six months ended June 30, 2015, of which 19.8% is the Company&amp;#8217;s share. The Company accounts for its investment in Thetis using the equity method. Thetis is a privately held company and there is no public market for its securities.&lt;/div&gt;</us-gaap:InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock>
<us-gaap:CommitmentsAndContingenciesDisclosureTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Note 7 &amp;#8212; Commitments and contingencies&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company regularly enters into agreements to acquire additional mortgage loans and mortgage-related assets, subject to continuing diligence on such assets and other customary closing conditions. There can be no assurance that the Company will acquire any or all of the mortgage loans identified in any acquisition agreement as of the date of these consolidated financial statements, and it is possible that the terms of such acquisitions may change.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;At June 30, 2015, we had commitments to purchase 158 re-performing mortgage loans secured by single and one-to-four family residences with aggregate UPB of $46.8 million and an estimated purchase price of $36.0 million.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Litigation, claims and assessments&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 40.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&lt;font style="font-weight: normal;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 40.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&lt;font style="font-weight: normal;"&gt;From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2015, the Company was not a party to, and its properties were not &lt;/font&gt;&lt;font style="font-weight: normal;"&gt;subject to, any pending or threatened legal proceedings that individually or in the aggregate, are expected to have a material impact on its financial condition, results of operations or cash flows.&lt;/font&gt;&lt;/p&gt;</us-gaap:CommitmentsAndContingenciesDisclosureTextBlock>
<us-gaap:DebtDisclosureTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Note 8 &amp;#8212; Debt&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Repurchase agreement&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;On November 25, 2014, the Company entered into a repurchase facility pursuant to which a newly formed Delaware statutory trust wholly owned by the operating partnership, AJX Mortgage Trust I, the &amp;#8220;Seller,&amp;#8221; will acquire, from time to time, pools of mortgage loans that are primarily secured by first liens on one-to-four family residential properties from its affiliates and/or third party sellers. The facility was amended on May 13, 2015 to increase the transaction limit. These mortgage loans will generally be sold from time to time by the operating partnership as the &amp;#8220;Guarantor&amp;#8221; to the Seller pursuant to the terms of a mortgage loan purchase agreement by and between the Guarantor, as seller, and the Seller, as purchaser, in accordance with the terms thereof. Pursuant to the Master Repurchase Agreement (the &amp;#8220;MRA&amp;#8221;), these mortgage loans, together with the Seller&amp;#8217;s 100% ownership interests in its wholly owned subsidiary, a newly formed Delaware limited liability company (&amp;#8220;REO I&amp;#8221;), and any future REO subsidiaries wholly owned by the Seller and certain other property of the Seller, will be sold by the Seller to Nomura Corporate Funding Americas, LLC, as Buyer, from time to time, pursuant to one or more transactions, not exceeding $200 million, with a simultaneous agreement by the Seller to repurchase such mortgage loans and other property, as provided in the MRA. The obligations of the Seller are guaranteed by the operating partnership. Repurchases under this facility carry interest calculated based on a spread to one-month LIBOR and are fixed for the term of the borrowing. The purchase price for each mortgage loan or REO is generally equal to 65% of the acquisition price for such asset or the then current BPO for the asset. The difference between the market value of the asset and the amount of the repurchase agreement is the amount of equity the Company has in the position and is intended to provide the lender some protection against fluctuations of value in the collateral and/or the failure by the Company to repay the borrowing at maturity. The Company has effective control over the assets associated with this agreement and therefore it is accounted for as a financing arrangement. The facility termination date is November 24, 2015.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Gregory services these mortgage loans and the REO properties pursuant to the terms of a servicing agreement by and among the Servicer, the Seller, REO I and any other REO Subsidiary, which servicing agreement has the same fees and expenses terms as the Company&amp;#8217;s servicing agreement described under Note 9 &amp;#8212; Related Party Transactions. The operating partnership as Guarantor will provide to the Buyer a limited guaranty of certain losses incurred by the Buyer in connection with certain events and/or the Seller&amp;#8217;s obligations under the MLPA, following the breach of certain covenants by the Seller or an REO Subsidiary related to their status as a special purpose entity, the occurrence of certain bad acts by the Seller Parties, the occurrence of certain insolvency events of the Seller or an REO Subsidiary or other events specified in the Guaranty. As security for its obligations under the Guaranty, the Guarantor will pledge the Trust Certificate representing the Guarantor&amp;#8217;s 100% beneficial interest in the Seller.&amp;#160;While the Guaranty establishes a master netting arrangement, the arrangement does not meet the criteria for offsetting. The amount outstanding on the Company&amp;#8217;s repurchase facility and the carrying value of the Company&amp;#8217;s loans pledged as collateral are presented as gross amounts in the Company&amp;#8217;s balance sheets at June 30, 2015 and December 31, 2014.&amp;#160;The following table sets forth the details of the repurchase agreement ($ in thousands):&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;June&amp;#160;30,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;December&amp;#160;31,&amp;#160;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Maturity&amp;#160;Date&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Maximum&lt;br  /&gt;borrowing&lt;br  /&gt;capacity&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Amount&lt;br  /&gt;outstanding&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Carrying&lt;br  /&gt;value&amp;#160;of&lt;br  /&gt;collateral&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Interest&lt;br  /&gt;rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Amount&lt;br  /&gt;outstanding&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Carrying&lt;br  /&gt;value&amp;#160;of&lt;br  /&gt;collateral&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Interest&lt;br  /&gt;rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt; width: 361px;"&gt;November 24, 2015&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;"&gt;200,000&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;"&gt;153,804&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;"&gt;241,689&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;"&gt;4.00&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; width: 16px;"&gt;%&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right; width: 125px;"&gt;15,249&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right; width: 125px;"&gt;23,460&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right; width: 125px;"&gt;4.00&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; width: 15px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Secured borrowings&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;From the commencement of operations to June 30, 2015, the Company has completed three securitizations pursuant to Rule 144A under the Securities Act. The securitizations are structured as debt financings and not REMIC sales, and the loans included in the securitizations remain on the Company&amp;#8217;s balance sheet as the Company is the primary beneficiary of the securitization trusts, which are variable interest entities (&amp;#8220;VIEs&amp;#8221;). The securitization VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company&amp;#8217;s exposure to the obligations of the VIEs is generally limited to its investments in the entities. The notes that are issued by the securitization trusts are secured solely by the mortgages held by the applicable trusts and not by any of the Company&amp;#8217;s other assets. The mortgage loans of the applicable trusts are the only source of repayment and interest on the notes issued by such trusts. The Company does not guarantee any of the obligations of the trusts under the terms of the agreement governing the notes or otherwise.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The Company&amp;#8217;s securitizations are structured with Class A notes, Class B notes, and a trust certificate representing the residual interests in the mortgages. For each of the Company&amp;#8217;s three securitizations, the Company has retained the Class B notes and the trust certificate. The Class A notes are senior, sequential pay, fixed rate notes. The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. If the Class A notes have not been redeemed by the payment date 36 months after issue, or otherwise paid in full by that date, an amount equal to the aggregate interest payment amount that accrued and would otherwise be paid to the Class B-1 and the Class B-2 notes will be paid as principal to the Class A notes on that date and each subsequent payment date until the Class A notes are paid in full. After the Class A notes are paid in full, the Class B-1 and Class B-2 notes will resume receiving their respective interest payment amounts and any interest that accrued but was not paid to the Class B notes while the Class A notes were outstanding. As the holder of the trust certificates, the Company is entitled to receive any remaining amounts in the trust after the Class A notes and Class B notes have been paid in full.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The following table sets forth the original terms of all securitization notes at their respective cutoff dates as of June 30, 2015:&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Issuing&amp;#160;Trust/Issue&amp;#160;Date&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Security&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Original&lt;br  /&gt;Principal&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Interest&lt;br  /&gt;Rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 502px;"&gt;Ajax Mortgage Loan Trust 2014-A/ October 2014&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 502px; vertical-align: top;"&gt;Class A notes due 2057&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 236px;"&gt;45 million&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 219px;"&gt;4.00&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class B-1 notes due 2057&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.19&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class B-2 notes due 2057&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.19&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Trust certificates&lt;sup&gt;(3)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;20.4 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Ajax Mortgage Loan Trust 2014-B / November 2014&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class A notes due 2054&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;41.2 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3.85&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class B-1 notes due 2054&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;13.7 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.25&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class B-2 notes due 2054&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;13.7 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.25&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Trust certificates&lt;sup&gt;(3)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;22.9 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Ajax Mortgage Loan Trust 2015-A / May 2015&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class A notes due 2054&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;35.6 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3.88&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class B-1 notes due 2054&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8.7 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.25&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class B-2 notes due 2054&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8.7 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.25&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Trust certificates&lt;sup&gt;(3)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;22.8 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;div align="left" style="widows: 1; text-transform: none; margin-top: 3pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 3pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;
&lt;div style="width: 391px; font-size: 1pt; border-top: black 1pt solid;"&gt;&amp;#160;&lt;/div&gt;
&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;(1)&lt;/td&gt;
&lt;td&gt;The Class A notes are senior, sequential pay, fixed rate notes.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;(2)&lt;/td&gt;
&lt;td&gt;The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. We have retained the Class B notes.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;(3)&lt;/td&gt;
&lt;td&gt;The trust certificate issued by the trust and the beneficial ownership of the trust are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificate, we are entitled to receive any remaining amounts in the trust after the Class A notes and Class B notes have been paid in full.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Servicing for the mortgage loans in 2014-A, 2014-B and 2015-A is provided by the Servicer at a servicing fee rate of 0.65% annually of UPB for re-performing loans and 1.25% annually of UPB for non-performing loans, and is paid monthly by us. The following table sets forth the status of the 2014-A, 2014-B and 2015-A notes held by others at the securitization cutoff date, at December 31, 2014 and at June 30, 2015 ($ in thousands):&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Balances&amp;#160;at&amp;#160;June&amp;#160;30,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Balances&amp;#160;at&amp;#160;December&amp;#160;31,&amp;#160;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Original&amp;#160;balances&amp;#160;at&amp;#160;securitization&lt;br  /&gt;cutoff&amp;#160;date&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Class&amp;#160;of&lt;br  /&gt;Notes&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Carrying&lt;br  /&gt;value&amp;#160;of&lt;br  /&gt;mortgages&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Bond&lt;br  /&gt;principal&lt;br  /&gt;balance&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Carrying&lt;br  /&gt;value&amp;#160;of&lt;br  /&gt;mortgages&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Bond&lt;br  /&gt;principal&lt;br  /&gt;balance&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Mortgage&lt;br  /&gt;UPB&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Bond&lt;br  /&gt;principal&lt;br  /&gt;balance&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-indent: 0in; width: 345px;"&gt;2014-A&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;58,313&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;41,681&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;58,905&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;44,016&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;81,405&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;45,000&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;2014-B&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;68,379&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;39,344&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;68,654&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;40,663&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;91,535&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;41,191&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;2015-A&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;53,116&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;35,324&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;75,835&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;35,643&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;179,808&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;116,349&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;127,559&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;84,679&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;248,775&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;121,834&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The Company&amp;#8217;s obligations under its secured borrowings are not fixed, and the payments on these borrowings are predicated upon cash flows received on the underlying mortgage loans.&amp;#160; Accordingly, a projection of contractual maturities over the next five years is inapplicable.&lt;/p&gt;</us-gaap:DebtDisclosureTextBlock>
<us-gaap:RelatedPartyTransactionsDisclosureTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Note 9 &amp;#8212; Related party transactions&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Our consolidated statement of income included the following significant related party transactions ($ in thousands):&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center; padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;" colspan="7"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Three&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;" colspan="7"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center; padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Counterparty&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Consolidated&amp;#160;Statement&lt;br /&gt;of&amp;#160;Income&amp;#160;location&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 0px;" colspan="2"&gt;
&lt;p style="border-bottom: black 1pt solid; text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Counterparty&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Consolidated&amp;#160;Statement&lt;br /&gt;of&amp;#160;Income&amp;#160;location&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt; width: 202px;"&gt;Management fee&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;856&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 189px;"&gt;Thetis&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 251px;"&gt;Related party expense &amp;#8211; management fee&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;1,602&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 203px;"&gt;Thetis&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 235px;"&gt;Related party expense &amp;#8211; management fee&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt;"&gt;Loan servicing fees&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;851&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Gregory&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Related party expense &amp;#8211; loan servicing fees&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1,507&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Gregory&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Related party expense &amp;#8211; loan servicing fees&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt;"&gt;Due diligence and related loan acquisition costs&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Gregory&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Loan transaction expense&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;19&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Gregory&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Loan transaction expense&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt;"&gt;Expense reimbursements&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Aspen Yo&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td
 style="text-align: left;"&gt;Professional fees&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Aspen Yo&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Professional fees&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Management Agreement&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;On July 8, 2014, the Company entered into a 15-year management agreement (the &amp;#8220;Management Agreement&amp;#8221;) with the Manager. Under the Management Agreement, the Manager implements the Company&amp;#8217;s business strategy and manages the Company&amp;#8217;s business and investment activities and day-to-day operations, subject to oversight by the Company&amp;#8217;s board of directors. Among other services, the Manager, directly or through Aspen affiliates, provides the Company with a management team and necessary administrative and support personnel. The Company does not currently have any employees and does not expect to have any employees in the foreseeable future. Each of the Company&amp;#8217;s executive officers is an employee or officer, or both, of the Manager or the Company&amp;#8217;s Servicer.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Under the Management Agreement, the Company pays both a base management fee and an incentive fee to the Manager.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Base Management Fee equals 1.5% of our stockholders&amp;#8217; equity per annum and calculated and payable quarterly in arrears. For purposes of calculating the management fee, the Company&amp;#8217;s stockholders&amp;#8217; equity means: (a) the sum of (i) the net proceeds from any issuances of common stock or other equity securities issued by the Company or the operating partnership (without double counting) since inception (allocated on a pro rata daily basis&amp;#160;for such issuances during the fiscal quarter of any such issuance), and (ii) the Company&amp;#8217;s and the operating partnership&amp;#8217;s (without double counting) retained earnings calculated in accordance with U.S. GAAP at the end of the most recently completed fiscal quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less (A) any amount that the Company or the operating partnership pays to repurchase shares of common stock or OP Units since inception, (B) any unrealized gains and losses and other non-cash items that have affected consolidated stockholders&amp;#8217; equity as reported in the Company&amp;#8217;s financial statements prepared in accordance with U.S. GAAP, and (C) one-time events pursuant to changes in U.S. GAAP, and certain non-cash items not otherwise described above, in each case after discussions between the Manager and the Company&amp;#8217;s independent directors and approval by a majority of the Company&amp;#8217;s independent directors. As a result, the Company&amp;#8217;s stockholders&amp;#8217; equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders&amp;#8217; equity shown on the Company&amp;#8217;s consolidated financial statements. 50% of the base management fee is payable in shares of the Company&amp;#8217;s common stock so long as the ownership of such additional number of shares by the Manager would not violate the 9.8% stock ownership limit set forth in the Company&amp;#8217;s charter, and the balance is payable in cash. The common stock will be determined using the higher of the most recently reported book value or the average of the closing prices of our common stock on the NYSE on the five business days after the date on which the most recent regular quarterly dividend to holders of our common stock is paid. The Manager has agreed to hold any shares of common stock received by it as payment of the base management fee for at least three years from the date such shares of common stock are received by it.&lt;/div&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Manager is also entitled to an incentive management fee that is payable quarterly in arrears in cash in an amount equal to one-fourth of 20% of the dollar amount by which (i) the sum of (A) the aggregate cash dividends, if any, declared out of the REIT taxable income of the Company by the Company&amp;#8217;s Board of Directors payable to the holders of the Company&amp;#8217;s common stock and (B) the aggregate cash distributions, if any, declared out of the REIT taxable income of the operating partnership (without duplication) by the operating partnership payable to holders of
 OP Units (other than any OP Units held by the Company as a limited partner) annualized, or the Annualized Dividends and Distributions, in respect of such calendar quarter exceeds (ii) the product of (1) the book value per share of the Company&amp;#8217;s common stock as of the end of each such quarter multiplied by the number of shares of the Company&amp;#8217;s common stock and OP Units (other than any OP Units held by the Company as a limited partner) outstanding as of the end of such calendar quarter and (2) 8%. Notwithstanding the foregoing, no incentive fee will be payable to the Manager with respect to any calendar quarter unless its cumulative core earnings, as defined in the agreement, is greater than zero for the most recently completed eight calendar quarters, or the number of completed calendar quarters since the closing date of the Original Private Placement, whichever is less.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company also reimburses the Manager for all third-party, out-of-pocket costs incurred by the Manager for managing its business, including third-party diligence and valuation consultants, legal expenses, auditors and other financial services. The Company will not reimburse the Manager for lease costs or salaries and expenses of employees of the Manager. The reimbursement obligation is not subject to any dollar limitation. Expenses will be reimbursed in cash on a monthly basis.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company will be required to pay the Manager a termination fee in the event that the Management Agreement is terminated as a result of (i) a termination by the Company without cause, (ii) its decision not to renew the Management Agreement upon the determination of at least two thirds of the Company&amp;#8217;s independent directors for reasons including the failure to agree on revised compensation, (iii) a termination by the Manager as a result of the Company becoming regulated as an &amp;#8220;investment company&amp;#8221; under the Investment Company Act of 1940 (other than as a result of the acts or omissions of the Manager in violation of investment guidelines approved by the Company&amp;#8217;s board of directors), or (iv) a termination by the Manager if we default in the performance of any material term of the Management Agreement (subject to a notice and cure period). The termination fee will be equal to twice the combined base fee and incentive fees payable to the Manager during the 12-month period ended as of the end of the most recently completed fiscal quarter prior to the date of termination.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Servicing Agreement&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;On July 8, 2014, the Company entered into a 15-year servicing agreement (the &amp;#8220;Servicing Agreement&amp;#8221;) with the Servicer. The Company&amp;#8217;s overall servicing costs under the servicing agreement will vary based on the types of assets serviced.&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/div&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Servicing fees range from 0.65% to 1.25% annually of UPB (or the fair market value or purchase price of REO the Company owns or acquires), and are paid monthly. The total fees incurred by us for these services depend upon the UPB and type of mortgage loans that Gregory services pursuant to the terms of the servicing agreement. The fees are determined based on the loan&amp;#8217;s status at acquisition and do not change if a performing loan becomes non-performing or vice versa.&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company will also reimburse Gregory for all customary, reasonable and necessary out-of-pocket costs and expenses incurred in the performance of its obligations, including the actual cost of any repairs and renovations to REO properties. The total fees incurred by us for these services will be dependent upon the property value, previous UPB of the relevant loan, and the number of REO properties.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000;
 word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;If the Management Agreement has been terminated other than for cause and/or the Servicer terminates the servicing agreement, the Company will be required to pay a termination fee equal to the aggregate servicing fees payable under the servicing agreement for the immediate preceding 12-month period.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Trademark Licenses&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Aspen Yo has granted the Company a non-exclusive, non-transferable, non-sublicensable, royalty-free license to use the name &amp;#8220;Great Ajax&amp;#8221; and the related logo. The Company also has a similar license to use the name &amp;#8220;Thetis.&amp;#8221; The agreement has no specified term. If the Management Agreement expires or is terminated, the trademark license agreement will terminate within 30 days. In the event that this agreement is terminated, all rights and licenses granted thereunder, including, but not limited to, the right to use &amp;#8220;Great Ajax&amp;#8221; in its name will terminate. Aspen Yo also granted to the Manager a substantially identical non-exclusive, non-transferable, non-sublicensable, royalty-free license to use of the name &amp;#8220;Thetis.&amp;#8221;&lt;/div&gt;</us-gaap:RelatedPartyTransactionsDisclosureTextBlock>
<us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Note 10 &amp;#8212; Stock-based payments and director fees&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Pursuant to the terms of the Management Agreement, the Company pays 50% of the base fee to the Manager in shares of its common stock with the number of shares determined based on the higher of the most recently reported book value or the average of the closing prices of our common stock on the NYSE on the five business days after the date on which the most recent regular quarterly dividend to holders of our common stock is paid. The Company paid the Manager a base fee for the quarter ended June 30, 2015 of $0.9 million of which the Company paid half, or $0.4 million, in 29,790 shares of its common stock. The shares issued to the Manager are restricted securities subject to transfer restrictions, and were issued in a private placement transaction on July 28, 2015.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;In addition, each of the Company&amp;#8217;s independent directors receives an annual retainer of $50,000, payable quarterly, half of which is paid in shares of the Company&amp;#8217;s common stock on the same basis as the stock portion of the management fee payable to the Manager and half in cash. The following table sets forth the Company&amp;#8217;s stock-based management fees and independent director fees ($ in thousands&amp;#160;except share amounts):&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;b&gt;Management fees and director fees&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;b&gt;&amp;#160;&lt;/b&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;
&lt;table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6"&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;For&amp;#160;the&amp;#160;three&amp;#160;months&amp;#160;ended&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6"&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;For&amp;#160;the&amp;#160;six&amp;#160;months&amp;#160;ended&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Number&amp;#160;of&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Amount&amp;#160;of&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;expense&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;recognized&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Number&amp;#160;of&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Amount&amp;#160;of&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;expense&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;recognized&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="width: 753px; text-align: left;"&gt;Management fees&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 157px; text-align: right;"&gt;29,790&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 157px; text-align: right;"&gt;441&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 156px; text-align: right;"&gt;55,877&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 156px; text-align: right;"&gt;814&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;Independent director fees&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;1,740&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;25&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;3,488&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;50&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;31,530&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;466&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;59,365&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;864&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;div align="left" style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"&gt;
&lt;div style="width: 391.75px; font-size: 1pt; border-top-color: black; border-top-width: 1pt; border-top-style: solid;"&gt;&amp;#160;&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.25in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;(1) All management fees and independent director fees are fully expensed in the period in which they are incurred.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The Director Plan is designed to promote the Company&amp;#8217;s interests by attracting and retaining qualified and experienced individuals for service as non-employee directors. The Director Plan is administered by the Company&amp;#8217;s board of directors. The total number of shares of common stock or other stock-based award, including grants of long term incentive plan (&amp;#8220;LTIP&amp;#8221;) units from the operating partnership, available for issuance under the Director Plan is 100,000 shares. At the closing of the Original Private Placement, the Company issued to each of its three independent directors restricted stock awards of 2,000 shares of its common stock, which are subject to a one-year vesting period.&amp;#160;&lt;font style="color: #231f20;"&gt;At the time of the IPO in February 2015, the Company added an additional independent director who was also granted a restricted stock award of 2,000 shares of&amp;#160;&lt;/font&gt;its&amp;#160;&lt;font style="color: #231f20;"&gt;common stock, subject to a one-year vesting period.&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #231f20; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The following table sets forth the activity in its restricted stock plan ($ in thousands, except&amp;#160;share and&amp;#160;per share amounts):&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Restricted Stock&lt;/p&gt;
&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Number&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;of&amp;#160;shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Per&amp;#160;share&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Total&amp;#160;cost&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;of&amp;#160;grant&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Grant&amp;#160;expense&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;recognized&amp;#160;for&amp;#160;the&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;three&amp;#160;months&amp;#160;ended&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2"&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Grant&amp;#160;expense&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;recognized&amp;#160;for&amp;#160;the&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;six&amp;#160;months&amp;#160;ended&lt;/b&gt;&lt;br  /&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="width: 549px;"&gt;&lt;font style="font-size: 10pt;"&gt;July 8, 2014, Directors&amp;#8217; Grants&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 157px; text-align: right;"&gt;6,000&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 157px; text-align: right;"&gt;15.00&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 157px; text-align: right;"&gt;90&lt;/td&gt;
&lt;td style="width: 16px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 156px; text-align: right;"&gt;23&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="width: 156px; text-align: right;"&gt;45&lt;/td&gt;
&lt;td style="width: 15px; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: white;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 10pt;"&gt;February 19, 2015 Director Grant&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;2,000&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;14.25&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;29&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;7&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;"&gt;12&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom; background-color: #cceeff;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;8,000&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;119&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;30&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;"&gt;57&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.25in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;div align="left" style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;"&gt;
&lt;div style="width: 391.75px; font-size: 1pt; border-top-color: black; border-top-width: 1pt; border-top-style: solid;"&gt;&amp;#160;&lt;/div&gt;
&lt;/div&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.25in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.25in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;(1) Vesting period is one year from grant date.&lt;/p&gt;</us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock>
<us-gaap:IncomeTaxDisclosureTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Note 11 &amp;#8212; Income taxes&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;As a REIT, the Company must meet certain organizational and operational requirements including the requirement to distribute at least 90% of its annual REIT taxable income to its stockholders. As a REIT, the Company generally will not be subject to U.S. federal income tax to the extent the Company distributes its REIT taxable income to its stockholders and provided the Company satisfies the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company&amp;#8217;s consolidated financial statements include the operations of Thetis TRS and GAJX Real Estate LLC, which are subject to U.S. federal, state and local income taxes on the Company&amp;#8217;s taxable income.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;For the three- and six-months ended June 30, 2015, the Company&amp;#8217;s taxable income was $3.6 million and $5.2 million, respectively. The Company recorded $16,400 of income tax expense for both the three- and six-months ended June 30, 2015 and the Company recognized no deferred income tax assets or liabilities on its consolidated balance sheet at June 30, 2015 or December 31, 2014 due to immateriality. The Company also recorded no interest or penalties for the three- or six- month periods ended June 30, 2015.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company&amp;#8217;s 2014 U.S. federal, state and local tax returns remain open for examination. The Company has concluded that it had no uncertain tax positions for its 2014 tax year.&lt;/div&gt;</us-gaap:IncomeTaxDisclosureTextBlock>
<us-gaap:EarningsPerShareTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Note 12 &amp;#8212; Earnings per share&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The following table sets forth the components of basic and diluted earnings per share ($ in thousands, except share and per share amounts):&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/div&gt;
&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Three&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2015&amp;#160;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Income&lt;/b&gt;&lt;/font&gt;&lt;font style="font-size: 8pt;"&gt;&lt;br /&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;b&gt;(Numerator)&lt;/b&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Shares&lt;/b&gt;&lt;/font&gt;&lt;font style="font-size: 8pt;"&gt;&lt;br /&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;b&gt;(Denominator)&lt;/b&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Per&amp;#160;Share&lt;/b&gt;&lt;/font&gt;&lt;font style="font-size: 8pt;"&gt;&lt;br /&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Income&lt;/b&gt;&lt;/font&gt;&lt;font style="font-size: 8pt;"&gt;&lt;br /&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;b&gt;(Numerator)&lt;/b&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Shares&lt;/b&gt;&lt;/font&gt;&lt;font style="font-size: 8pt;"&gt;&lt;br /&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;b&gt;(Denominator)&lt;/b&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Per&amp;#160;Share&lt;/b&gt;&lt;/font&gt;&lt;font style="font-size: 8pt;"&gt;&lt;br /&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;b&gt;Amount&lt;/b&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Basic EPS&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align:
 left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in; width: 509px;"&gt;Income attributable to common stockholders&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;5,436&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;15,237,739&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;9,076&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;14,129,162&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;"&gt;Allocation of earnings to participating restricted shares&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(17&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(31&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;"&gt;Income attributable to unrestricted common stockholders&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;5,419&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;15,237,739&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;0.36&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;9,045&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;14,129,162&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;0.64&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Effect of dilutive securities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td
 style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;"&gt;Operating partnership units&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;223&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;624,106&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;398&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;624,106&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;"&gt;Restricted stock grants and Manager and director fee shares&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;17&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;47,789&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;31&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;48,051&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Diluted EPS&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;"&gt;Income attributable to common stockholders and dilutive securities&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;5,659&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;15,909,634&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;0.36&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;9,474&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black
 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;14,801,319&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;0.64&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:EarningsPerShareTextBlock>
<us-gaap:SubsequentEventsTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Note 13 &amp;#8212; Subsequent events&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Dividend Declaration&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;On August 3, 2015, the Company declared a dividend of $0.22 per share, to be paid on August 28, 2015, to stockholders of record as of August 14, 2015.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Management Fees&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;On July 28, 2015, we issued 29,790 shares of our common stock to the Manager in payment of 50% of the management fee due for the second quarter of 2015 in a private transaction. The management fee expense associated with these shares was recorded as an expense in the second quarter of 2015.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Directors&amp;#8217; Retainer&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;On July 28, 2015, we issued each of Jonathan Bradford Handley, Jr., Daniel Hoffman, J. Kirk Ogren Jr. and John Condas 435 shares of our common stock in payment of half of their quarterly director fees for the second quarter of 2015.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Securitization&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&lt;font style="font-weight: normal;"&gt;On July 2, 2015, we closed on our fourth securitization. An aggregate of $87.2 million of senior securities and $15.9 million of subordinated securities were issued in private offerings to institutional investors with respect to $158.5 million UPB of mortgage loans.&lt;/font&gt;&lt;/div&gt;</us-gaap:SubsequentEventsTextBlock>
<us-gaap:CashAndCashEquivalentsPolicyTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Cash and cash equivalents&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Highly liquid investments with an original maturity of three months or less when purchased are considered cash equivalents. The Company maintains cash and cash equivalents at insured banking institutions. Certain account balances exceed Federal Deposit Insurance Corporation (&amp;#8220;FDIC&amp;#8221;) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.&lt;/div&gt;</us-gaap:CashAndCashEquivalentsPolicyTextBlock>
<ajx:OrganizationalExpensesPolicyTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Organizational expenses&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Organizational expenses are expensed as incurred or when they become reimbursable. Organizational expenses consisted mainly of legal fees.&lt;/div&gt;</ajx:OrganizationalExpensesPolicyTextBlock>
<ajx:OfferingCostsPolicyTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Offering costs&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Costs associated with the Company&amp;#8217;s completed offering of shares of common stock have been netted against, and are reflected as a reduction in additional paid-in capital.&lt;/div&gt;</ajx:OfferingCostsPolicyTextBlock>
<us-gaap:EarningsPerSharePolicyTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Earnings per share&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Basic earnings per share is computed by dividing consolidated net income attributable to common stockholders by the weighted average common stock outstanding during the period. The Company treats unvested restricted stock issued under its stock-based compensation plan, which are entitled to non-forfeitable dividends, as participating securities and applies the two-class method in calculating basic earnings per share. Diluted earnings per share is computed by dividing consolidated net income attributable to common stockholders by the weighted average common stock outstanding for the period plus other potentially dilutive securities, such as stock grants, shares that would be issued in the event that OP Units are redeemed for shares of common stock of the Company and shares issued in respect of the stock-based portion of the base fee payable to the Manager and directors&amp;#8217; fees.&lt;/div&gt;</us-gaap:EarningsPerSharePolicyTextBlock>
<us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Stock-based payments&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Management Agreement (as defined below) provides for the payment to the Manager of a management fee. The Company pays half of the management fee in cash, and half of the management fee in shares of the Company&amp;#8217;s common stock, which are issued to the Manager in a private placement and are restricted securities under the Securities Act. Shares issued to the Manager are determined based on the higher of the most recently reported book value or the average of the closing prices of our common stock on the NYSE on the five business days after the date on which the most recent regular quarterly dividend to holders of our common stock is paid. Management fees paid in common stock are expensed in the quarter incurred and recorded in equity at quarter end.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Pursuant to the Company&amp;#8217;s 2014 Director Equity Plan (the &amp;#8220;Director Plan&amp;#8221;), the Company may make stock-based awards. The Company has issued to each of the independent directors restricted stock awards of 2,000 shares of its common stock, which are subject to a one-year vesting period. In addition, each of the Company&amp;#8217;s independent directors receives an annual retainer of $50,000, payable quarterly, half of which is paid in shares of the Company&amp;#8217;s common stock on the same basis as the stock portion of the management fee payable to the Manager, and half in cash. Stock-based expense for the directors&amp;#8217; annual retainer is expensed as earned, in equal quarterly amounts during the year, and recorded in equity at quarter end.&lt;/div&gt;</us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy>
<ajx:DirectorsFeesPolicyTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Directors&amp;#8217; fees&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The expense related to directors&amp;#8217; fees is accrued and reflected in stockholders&amp;#8217; equity in the period in which it is incurred.&lt;/div&gt;</ajx:DirectorsFeesPolicyTextBlock>
<us-gaap:ManagementAndInvestmentAdvisoryFeesPolicy contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Management fee and expense reimbursement&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Under the management agreement with the Manager, the Company pays a quarterly base management fee based on its stockholders&amp;#8217; equity and a quarterly incentive management fee based on its cash distributions to its stockholders. Manager fees are expensed in the quarter incurred and the portion payable in common stock is included in stockholders&amp;#8217; equity at quarter-end. See &amp;#8220;Note 9 &amp;#8212; Related party transactions.&amp;#8221;&lt;/div&gt;</us-gaap:ManagementAndInvestmentAdvisoryFeesPolicy>
<ajx:ServicingFeesPolicyTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Servicing fees&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Under the servicing agreement, Gregory receives servicing fees ranging from 0.65% &amp;#8211; 1.25% annually of unpaid principal balance (&amp;#8220;UPB&amp;#8221;) (or the fair market value or purchase price of REO that the Company owns or acquires). Gregory is reimbursed for all customary, reasonable and necessary out-of-pocket costs and expenses incurred in the performance of its obligations, including the actual cost of any repairs and renovations undertaken on the Company&amp;#8217;s behalf. The total fees incurred by the Company for these services will be dependent upon the UPB and type of mortgage loans that Gregory services, property values, previous UPB of the relevant loan, and the number of REO properties. The agreement will automatically renew for successive one-year terms, subject to prior written notice of non-renewal. In certain cases, the Company may be obligated to pay a termination fee. The Management Agreement will automatically terminate at the same time as the servicing agreement if the servicing agreement is terminated for any reason. See &amp;#8220;Note 9 &amp;#8212; Related party transactions.&amp;#8221;&lt;/div&gt;</ajx:ServicingFeesPolicyTextBlock>
<us-gaap:FairValueOfFinancialInstrumentsPolicy contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Fair value of financial instruments&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy has been established which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.75in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.5in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;Level 1&lt;/b&gt;&amp;#160;&amp;#8212; Quoted prices in active markets for identical assets or liabilities.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.75in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.5in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;Level 2&lt;/b&gt;&amp;#160;&amp;#8212; Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.75in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0.5in;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;&lt;font style="font-family: symbol;"&gt;&amp;#183;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&lt;b&gt;Level 3&lt;/b&gt;&amp;#160;&amp;#8212; Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The degree of judgment utilized in measuring fair value generally correlates to the level of pricing observability. Assets and liabilities with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized in measuring fair value. Conversely, assets and liabilities rarely traded or not quoted will generally have little or no pricing observability and a higher degree of judgment utilized in measuring fair value. Pricing observability is impacted by a number of factors, including the type of asset or liability, whether it is new to the market and not yet established, and the characteristics specific to the transaction.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Property held-for-sale is measured at cost at acquisition and subsequently measured at the lower of cost or fair value less cost to sell on a nonrecurring basis. The fair value of property held-for-sale is generally based on estimated market prices from an independently prepared appraisal, an independent broker price opinion (&amp;#8220;BPO&amp;#8221;), or management&amp;#8217;s judgment as to the selling price of similar properties.&lt;/div&gt;</us-gaap:FairValueOfFinancialInstrumentsPolicy>
<us-gaap:IncomeTaxPolicyTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Income taxes&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company intends to elect REIT status upon the filing of its 2014 income tax return, and has conducted its operations in order to satisfy and maintain eligibility for REIT status. Accordingly, the Company does not believe it will be subject to U.S. federal income tax from the year ended December 31, 2014 forward on the portion of the Company&amp;#8217;s REIT taxable income that is distributed to the Company&amp;#8217;s stockholders as long as certain asset, income and stock ownership tests are met. If after electing to be taxed as a REIT, the Company subsequently fails to qualify as a REIT in any taxable year, it generally will not be permitted to qualify for treatment as a REIT for U.S. federal&amp;#160;income tax purposes for the four taxable years following the year during which qualification is lost. The Company may also be subject to state or local income or franchise taxes.&lt;/div&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Thetis TRS, GAJX Real Estate LLC and any other TRS that the Company forms, will be subject to U.S. federal and state income taxes. On January 13, 2015, the Company applied for a private letter ruling from the Internal Revenue Service that would allow it to exclude its proportionate share of gross income from the Manager if it held its interest in the Manager through the operating partnership. If the Company receives such a ruling, it expects that it will hold its interest in the Manager through the operating partnership, instead of through Thetis TRS; however, there is no assurance that such a ruling will be issued. Income taxes are provided for using the asset and liability method. A provision for income taxes of $16,400 was recorded for both the three- and six-month periods ended June 30, 2015. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to the Company&amp;#8217;s judgment, it reduces a deferred tax asset by a valuation allowance if it is &amp;#8220;more&amp;#8211;likely-than-not&amp;#8221; that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and the Company recognizes tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company evaluates tax positions taken in its consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Company may recognize a tax benefit from an uncertain tax position only if it is &amp;#8220;more-likely-than-not&amp;#8221; that the tax position will be sustained on examination by taxing authorities.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company&amp;#8217;s tax returns remain subject to examination and consequently, the taxability of the distributions and other tax positions taken by the Company may be subject to change. Distributions to stockholders generally will be taxable as ordinary income, although a portion of such distributions may be designated as long-term capital gain or qualified dividend income, or may constitute a return of capital. The Company will furnish annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment.&lt;/div&gt;</us-gaap:IncomeTaxPolicyTextBlock>
<us-gaap:LoansAndLeasesReceivableMortgageBankingActivitiesPolicy contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Mortgage loans&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Purchased mortgage loans are initially recorded at the purchase price, net of any acquisition fees or costs at the time of acquisition and are considered asset acquisitions. As part of the determination of the purchase price for mortgage loans, the Company uses a discounted cash flow valuation model to model expected cash flows, and which considers alternate loan resolution probabilities, including liquidation or conversion to real estate owned. Observable inputs to the model include current interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines, the value of underlying properties and other economic and demographic data.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have some degree of credit quality deterioration since origination and have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Re-performing mortgage loans have been determined to have common risk characteristics and are accounted for as a single loan pool for loans acquired within each three-month fiscal quarter. Similarly, non-performing mortgage loans have been determined to have common risk characteristics and are accounted for as a single non-performing pool for loans acquired within each three-month fiscal quarter. Under ASC 310-30, the Company estimates cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. The Company determines the excess of the loan pool&amp;#8217;s contractually required principal and interest payments over the expected cash flows as an amount that should not be accreted, referred to as the non-accretable yield. The difference between expected cash flows and the purchase price (at acquisition) or the present value of the expected cash flows is referred to as the accretable yield, which represents the amount that is expected to be recorded as interest income over the remaining life of the loan pool. For the three- and six-months ended June 30, 2015, the Company recognized no provision for loan loss. For the three- and six-months ended June 30, 2015, the Company accreted $10.8 million and $17.7 million, respectively, into interest income with respect to its loan portfolio. As of June 30, 2015, the Company&amp;#8217;s loan portfolio had a UPB of $596.3 million and a carrying value of $444.4 million&amp;#160;and at December 31, 2014, a UPB of $298.6 million and carrying value of $211.2 million, which excludes one loan in which it holds a 40.5% beneficial interest through an equity method investee.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Generally, the Company acquires loans at a discount associated with some degree of credit impairment. The Company elects to aggregate certain pools of loans with common risk characteristics and accrue interest income thereon at a composite interest rate, based on expectations of cash flows to be collected for the pool. Expectations of pool cash flow are reviewed quarterly. Adjustments to a pool&amp;#8217;s prospective composite interest rate or an allowance for impairment are made to the extent revised expectations differ from original estimates.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;For loans that do not qualify for pool aggregation treatment, including performing loans that are not purchased at discounts resulting from credit-related issues, interest is recognized using the simple-interest method on daily balances of the principal amount outstanding, adjusted for the amortization or accretion of the loan premium or discount over the contractual life of the loan.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower&amp;#8217;s financial condition is such that collection of interest is doubtful. The Company&amp;#8217;s policy is to stop accruing interest when a loan&amp;#8217;s delinquency exceeds 90 days. All interest accrued but not collected for loans that are placed on non-accrual status or subsequently charged-off are reversed against interest income. Income is subsequently recognized on the cash basis until, in management&amp;#8217;s judgment, the borrower&amp;#8217;s ability to make periodic principal and interest payments returns and future payments are reasonably assured, in which case the loan is returned to accrual status.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;An individual loan is considered to be impaired when, based on current events and conditions, it is probable the Company will be unable to collect all amounts due (both principal and interest) according to the contractual terms of the loan agreement. Impaired loans are carried at the present value of expected future cash flows discounted at the loan&amp;#8217;s effective interest rate, the loan&amp;#8217;s market price, or the fair value of the collateral if the loan is collateral dependent.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower&amp;#8217;s financial difficulties, a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;The allowance for loan losses is established through a provision for loan losses charged to expenses. The allowance is an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible, based on evaluations of the collectability of loans.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;Purchased non-performing loans that are accounted for as individual loans are recorded at fair value, which is generally the purchase price. Interest income is recognized on a cash basis and loan purchase discount is accreted to income in proportion to the actual principal paid. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the fair market value of the underlying collateral falls below net book value.&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="letter-spacing: -0.3pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/p&gt;
&lt;p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"&gt;&lt;font style="letter-spacing: -0.3pt;"&gt;W&lt;/font&gt;hile&lt;font style="letter-spacing: 0.55pt;"&gt;&amp;#160;&lt;/font&gt;the Compa&lt;font style="letter-spacing: -0.4pt;"&gt;n&lt;/font&gt;y gene&lt;font style="letter-spacing: -0.05pt;"&gt;r&lt;/font&gt;&lt;font style="letter-spacing: -0.45pt;"&gt;a&lt;/font&gt;l&lt;font style="letter-spacing: -0.2pt;"&gt;l&lt;/font&gt;y&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;intends&lt;font style="letter-spacing: 1.75pt;"&gt;&amp;#160;&lt;/font&gt;to&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;hold&lt;font style="letter-spacing: 1.4pt;"&gt;&amp;#160;&lt;/font&gt;its&lt;font style="letter-spacing: 1.45pt;"&gt;&amp;#160;&lt;/font&gt;assets&lt;font style="letter-spacing: 0.7pt;"&gt;&amp;#160;&lt;/font&gt;as&lt;font style="letter-spacing: 0.5pt;"&gt;&amp;#160;&lt;/font&gt;long-te&lt;font style="letter-spacing: 0.2pt;"&gt;r&lt;/font&gt;m&lt;font style="letter-spacing: 2.3pt;"&gt;&amp;#160;&lt;/font&gt;i&lt;font style="letter-spacing: -0.4pt;"&gt;n&lt;/font&gt;&lt;font style="letter-spacing: -0.15pt;"&gt;v&lt;/font&gt;estments,&lt;font style="letter-spacing: 2.3pt;"&gt;&amp;#160;&lt;/font&gt;it m&lt;font style="letter-spacing: -0.4pt;"&gt;a&lt;/font&gt;y s&lt;font style="letter-spacing: -0.15pt;"&gt;e&lt;/font&gt;ll certain of&lt;font style="letter-spacing: 1.4pt;"&gt;&amp;#160;&lt;/font&gt;its loans in o&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;der to&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;man&lt;font style="letter-spacing: -0.2pt;"&gt;a&lt;/font&gt;ge its&lt;font style="letter-spacing: 1.45pt;"&gt;&amp;#160;&lt;/font&gt;inte&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;est&amp;#160;&lt;font style="letter-spacing: -0.05pt;"&gt;r&lt;/font&gt;&lt;font style="letter-spacing: -0.3pt;"&gt;a&lt;/font&gt;te&lt;font style="letter-spacing: 1.45pt;"&gt;&amp;#160;&lt;/font&gt;risk and&lt;font style="letter-spacing: 1.45pt;"&gt;&amp;#160;&lt;/font&gt;liquidity needs, meet other ope&lt;font style="letter-spacing: -0.05pt;"&gt;r&lt;/font&gt;&lt;font style="letter-spacing: -0.3pt;"&gt;a&lt;/font&gt;ting object&lt;font style="letter-spacing: -0.15pt;"&gt;iv&lt;/font&gt;es and ad&lt;font style="letter-spacing: -0.2pt;"&gt;a&lt;/font&gt;pt &amp;#160;to&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;ma&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;ket conditions.&amp;#160;&lt;font style="letter-spacing: 0.2pt;"&gt;&amp;#160;&lt;/font&gt;The timing and&lt;font style="letter-spacing: 1.45pt;"&gt;&amp;#160;&lt;/font&gt;impact of&lt;font style="letter-spacing: 1.4pt;"&gt;&amp;#160;&lt;/font&gt;futu&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;e s&lt;font style="letter-spacing: -0.45pt;"&gt;a&lt;/font&gt;les of &lt;font style="letter-spacing: 1.4pt;"&gt;&lt;/font&gt;loans, if a&lt;font style="letter-spacing: -0.4pt;"&gt;n&lt;/font&gt;y, cannot be p&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;edicted with a&lt;font style="letter-spacing: -0.4pt;"&gt;n&lt;/font&gt;y&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;certainty. &amp;#160;Since&lt;font style="letter-spacing: 0.2pt;"&gt;&amp;#160;&lt;/font&gt;the Company&amp;#160;&lt;font style="letter-spacing: -0.15pt;"&gt;e&lt;/font&gt;xpects&lt;font style="letter-spacing: 0.7pt;"&gt;&amp;#160;&lt;/font&gt;th&lt;font style="letter-spacing: -0.3pt;"&gt;a&lt;/font&gt;t its assets&lt;font style="letter-spacing: 0.7pt;"&gt;&amp;#160;&lt;/font&gt;will&lt;font style="letter-spacing: -0.3pt;"&gt;&amp;#160;&lt;/font&gt;gene&lt;font style="letter-spacing: -0.05pt;"&gt;r&lt;/font&gt;&lt;font style="letter-spacing: -0.45pt;"&gt;a&lt;/font&gt;l&lt;font style="letter-spacing: -0.2pt;"&gt;l&lt;/font&gt;y&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;be&amp;#160;&lt;font style="letter-spacing: 0.2pt;"&gt;f&lt;/font&gt;inanced, it&amp;#160;&lt;font style="letter-spacing: -0.15pt;"&gt;e&lt;/font&gt;xpects&lt;font style="letter-spacing: 0.7pt;"&gt;&amp;#160;&lt;/font&gt;th&lt;font style="letter-spacing: -0.3pt;"&gt;a&lt;/font&gt;t a&lt;font style="letter-spacing: 0.55pt;"&gt;&amp;#160;&lt;/font&gt;signi&lt;font style="letter-spacing: 0.2pt;"&gt;f&lt;/font&gt;icant portion of&lt;font style="letter-spacing: 1.4pt;"&gt;&amp;#160;&lt;/font&gt;the&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;proceeds from s&lt;font style="letter-spacing: -0.45pt;"&gt;a&lt;/font&gt;les of&lt;font style="letter-spacing: 1.4pt;"&gt;&amp;#160;&lt;/font&gt;its assets&lt;font style="letter-spacing: 0.7pt;"&gt;&amp;#160;&lt;/font&gt;(if a&lt;font style="letter-spacing: -0.4pt;"&gt;n&lt;/font&gt;y), p&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;ep&lt;font style="letter-spacing: -0.4pt;"&gt;a&lt;/font&gt;yments&lt;font style="letter-spacing: -0.05pt;"&gt;&amp;#160;&lt;/font&gt;and scheduled amortiz&lt;font style="letter-spacing: -0.3pt;"&gt;a&lt;/font&gt;tion will&lt;font style="letter-spacing: -0.3pt;"&gt;&amp;#160;&lt;/font&gt;be used to&lt;font style="letter-spacing: 1pt;"&gt;&amp;#160;&lt;/font&gt;&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;ep&lt;font style="letter-spacing: -0.4pt;"&gt;a&lt;/font&gt;y&lt;font style="letter-spacing: 1.4pt;"&gt;&amp;#160;&lt;/font&gt;b&lt;font style="letter-spacing: -0.45pt;"&gt;a&lt;/font&gt;lances under its &lt;font style="letter-spacing: 0.2pt;"&gt;f&lt;/font&gt;inancing sou&lt;font style="letter-spacing: -0.15pt;"&gt;r&lt;/font&gt;ces.&lt;/p&gt;</us-gaap:LoansAndLeasesReceivableMortgageBankingActivitiesPolicy>
<ajx:ResidentialPropertiesPolicyTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Residential properties&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Property is recorded at cost if purchased, or at fair value of the asset less estimated selling costs if obtained through foreclosure by the Company. Property that is currently unoccupied and actively marketed for sale is classified as held-for-sale. Property held-for-sale is carried at the lower of cost or fair market value. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;No depreciation or amortization expense is recognized on properties held-for-sale, while holding costs are expensed as incurred. Rental property is property not held-for-sale. Rental properties are intended to be held as long-term investments but may eventually be held-for-sale. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of three to 27.5 years.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;With respect to residential rental properties not held-for-sale, the Company performs an impairment analysis using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. These cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;If the carrying amount of a held-for-investment asset exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the difference between estimated fair value of the asset and the carrying amount. The Company generally estimates the fair value of assets held for use by using BPOs. In some instances, appraisal information may be available and is used in addition to BPOs.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company performs property renovations to maximize the value of the property for its rental strategy. Such expenditures are part of its initial investment in a property and, therefore, are capitalized as part of the basis of the property. Subsequently, the residential property, including any renovations that improve or extend the life of the asset, are accounted for at cost. The cost basis is depreciated using the straight-line method over an estimated useful life of three to 27.5 years. Interest and other carrying costs incurred during the renovation period are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/div&gt;</ajx:ResidentialPropertiesPolicyTextBlock>
<us-gaap:SegmentReportingPolicyPolicyTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Segment information&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The Company&amp;#8217;s primary business is acquiring, investing in and managing a portfolio of mortgage loans. The Company operates in a single segment focused on non-performing mortgages and re-performing mortgages.&lt;/div&gt;</us-gaap:SegmentReportingPolicyPolicyTextBlock>
<ajx:EmergingGrowthCompanyPolicyTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Emerging growth company&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Section 107 of the Jumpstart Our Business Startups Act (the &amp;#8220;JOBS Act&amp;#8221;) provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to take advantage of the benefits of this extended transition period. Its consolidated financial statements may, therefore, not be comparable to those of companies that comply with such new or revised accounting standards.&lt;/div&gt;</ajx:EmergingGrowthCompanyPolicyTextBlock>
<us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Recently issued accounting standards&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;In January 2014, FASB issued Accounting Standards Update (&amp;#8220;ASU&amp;#8221;) 2014-04, Troubled Debt Restructurings by Creditors. It provides that if a repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The amended guidance may be applied using either a prospective transition method or a modified retrospective transition method and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. We adopted this standard in the first quarter of 2015 and it did not have a material impact on our financial statements.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services&lt;font style="color: #1f497d;"&gt;.&amp;#160;&lt;/font&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment.&amp;#160;&lt;/font&gt;ASU 2014-09 may be applied using either a full retrospective or a modified retrospective approach and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted.&amp;#160;&lt;font style="font-family: 'times new roman', times, serif;"&gt;On April 29, 2015, the FASB proposed a one-year deferral of the effective date for ASU 2014-09.&amp;#160;&lt;/font&gt;The Company is evaluating the impact of this amendment on its financial position and results of operations.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;In February 2015, the FASB issued ASU 2015-02 Amendments to the Consolidation Analysis. These amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (&amp;#8220;VIEs&amp;#8221;) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company is evaluating the impact of this amendment on its financial position and results of operations.&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;In April 2015, the FASB issued ASU 2015-03 Interest &amp;#8211; Imputation of Interest. The amendments in this update require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of a debt liability, consistent with debt discounts. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. This guidance may be adopted retrospectively or under a modified retrospective method where the cumulative effect is recognized at the date of initial application. The Company is evaluating the impact of this amendment on its financial position and results of operations.&lt;/div&gt;</us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock>
<us-gaap:PriorPeriodReclassificationAdjustmentDescription contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;Reclassifications&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The December 31, 2014 amounts included in the delinquency table in Note 3 &amp;#8211; Mortgage loans have been reclassified from delinquent to current to reflect a correction of an error in the presentation of the disclosure that is immaterial to the consolidated financial statements taken as a whole. Such reclassifications did not affect cash flows, net revenues, net income, total assets, total liabilities or total equity.&lt;/div&gt;</us-gaap:PriorPeriodReclassificationAdjustmentDescription>
<ajx:ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="6"&gt;&lt;font style="font-size: 8pt;"&gt;Three&amp;#160;months&amp;#160;ended&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="6"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="6"&gt;&lt;font style="font-size: 8pt;"&gt;Period&amp;#160;from&amp;#160;inception&amp;#160;to&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"&gt;&lt;font style="font-size: 8pt;"&gt;June&amp;#160;30,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"&gt;&lt;font style="font-size: 8pt;"&gt;June&amp;#160;30,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"&gt;&lt;font style="font-size: 8pt;"&gt;December&amp;#160;31,&amp;#160;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Re-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Non-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Re-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Non-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Re-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Non-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 345px;"&gt;Contractually required principal and interest&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;332,571&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;31,827&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;486,603&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;65,675&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;393,657&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;257,790&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;Non-accretable yield&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(132,557&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td
 style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(18,598&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(198,704&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(38,317&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(173,502&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(184,096&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Expected cash flows to be collected&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;200,014&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;13,229&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;287,899&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;27,358&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;220,155&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;73,694&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;Accretable yield&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(49,626&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(4,185&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(73,680&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(8,038&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(60,495&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(22,071&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;Fair value at acquisition&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;150,388&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;9,044&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;214,219&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;19,320&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;159,660&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;51,623&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ajx:ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock>
<ajx:AccretableYieldTableTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Three&amp;#160;months&amp;#160;ended&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Six&amp;#160;months&amp;#160;ended&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Period&amp;#160;from&amp;#160;inception&amp;#160;to&lt;/font&gt;&lt;/td&gt;
&lt;td style="font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;December&amp;#160;31,&amp;#160;2014&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Re-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Non-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Re-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Non-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Re-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Non-performing&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="width: 345px;"&gt;Balance at beginning of period&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;74,045&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;22,604&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;54,940&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;20,686&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width:
 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Accretable yield additions&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;49,626&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;4,185&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;73,680&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8,038&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;60,495&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;22,071&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;Accretion&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(7,739&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(3,054&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(12,688&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(4,989&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(5,555&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(1,385&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;Balance at end of period&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;115,932&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;23,735&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;115,932&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;23,735&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;54,940&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;20,686&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ajx:AccretableYieldTableTextBlock>
<us-gaap:PastDueFinancingReceivablesTableTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="10"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="10"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;December&amp;#160;31,&amp;#160;2014&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Number&amp;#160;of&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Carrying&lt;/b&gt;&lt;br /&gt;&lt;b&gt;value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Unpaid&lt;/b&gt;&lt;br /&gt;&lt;b&gt;principal&lt;/b&gt;&lt;br /&gt;&lt;b&gt;balance&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Number&amp;#160;of&lt;/b&gt;&lt;br /&gt;&lt;b&gt;loans&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Carrying&lt;/b&gt;&lt;br /&gt;&lt;b&gt;value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Unpaid&lt;/b&gt;&lt;br /&gt;&lt;b&gt;principal&lt;/b&gt;&lt;br /&gt;&lt;b&gt;balance&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="width: 345px;"&gt;Current&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;1,123&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;209,046&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;267,983&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;439&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;72,727&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;94,993&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;30&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;406&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;66,969&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;87,292&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;237&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;36,954&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;53,739&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;60&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;194&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;29,611&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;39,647&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;99&lt;/td&gt;
&lt;td style="text-align:
 left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;13,849&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;17,766&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;90&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;534&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;77,407&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;107,345&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;352&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;53,987&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;76,691&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;Foreclosure&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;362&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;61,375&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;94,021&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;212&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;33,642&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;55,384&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;Mortgage loans&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;2,619&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;444,408&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;596,288&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;1,339&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;211,159&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;298,573&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:PastDueFinancingReceivablesTableTextBlock>
<us-gaap:FairValueByBalanceSheetGroupingTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Level&amp;#160;1&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Level&amp;#160;2&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Level&amp;#160;3&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;
&lt;p style="margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Carrying&lt;/b&gt;&lt;br /&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Quoted&amp;#160;prices&lt;/b&gt;&lt;br /&gt;&lt;b&gt;in&amp;#160;active&lt;/b&gt;&lt;br /&gt;&lt;b&gt;markers&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Observable&lt;/b&gt;&lt;br /&gt;&lt;b&gt;inputs&amp;#160;other&amp;#160;than&lt;/b&gt;&lt;br /&gt;&lt;b&gt;Level&amp;#160;1&amp;#160;prices&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Unobservable&lt;/b&gt;&lt;br /&gt;&lt;b&gt;inputs&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;"&gt;Not recognized on consolidated balance sheet at fair value (assets)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in; width: 729px;"&gt;Mortgage loans&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;444,408&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;501,369&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;"&gt;Not recognized on consolidated balance sheet at fair value (liabilities)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;Borrowings under repurchase agreement&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;153,804&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td
 style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;153,804&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;Secured borrowings&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;116,349&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;116,349&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Level&amp;#160;1&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Level&amp;#160;2&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Level&amp;#160;3&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid;"&gt;
&lt;p style="margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;December&amp;#160;31,&amp;#160;2014&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Carrying&lt;/b&gt;&lt;br /&gt;&lt;b&gt;Value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Quoted&amp;#160;prices&lt;/b&gt;&lt;br /&gt;&lt;b&gt;in&amp;#160;active&lt;/b&gt;&lt;br /&gt;&lt;b&gt;markers&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Observable&lt;/b&gt;&lt;br /&gt;&lt;b&gt;inputs&amp;#160;other&amp;#160;than&lt;/b&gt;&lt;br /&gt;&lt;b&gt;Level&amp;#160;1&amp;#160;prices&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Unobservable&lt;/b&gt;&lt;br /&gt;&lt;b&gt;inputs&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;"&gt;Not recognized on consolidated balance sheet at fair value (assets)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in; width: 729px;"&gt;Mortgage loans&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;211,159&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width:
 156px;"&gt;235,623&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;"&gt;Not recognized on consolidated balance sheet at fair value (liabilities)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;Borrowings under repurchase agreement&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;15,249&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;15,249&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-left: 0.25in;"&gt;Secured borrowings&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;84,679&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;84,679&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/div&gt;</us-gaap:FairValueByBalanceSheetGroupingTextBlock>
<us-gaap:FairValueInputsAssetsQuantitativeInformationTableTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of the Company&amp;#8217;s mortgage loans as of June 30, 2015:&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="width: 1238px;" nowrap="nowrap"&gt;
&lt;p style="border-bottom: black 1pt solid; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Input&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="width: 16px;" nowrap="nowrap"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 313px;" nowrap="nowrap"&gt;
&lt;p style="border-bottom: black 1pt solid; text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Range of Values&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top;"&gt;Equity discount rate &amp;#8211; Re-performing loans&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; vertical-align: bottom;"&gt;8% - 14%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white;"&gt;
&lt;td style="vertical-align: top;"&gt;Equity discount rate &amp;#8211; Non-performing loans&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; vertical-align: bottom;"&gt;10% - 18%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top;"&gt;Cost of debt&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; vertical-align: bottom;"&gt;4.25%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white;"&gt;
&lt;td style="vertical-align: top;"&gt;Loan resolution timelines &amp;#8211; Re-performing loans (in years)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; vertical-align: bottom;"&gt;4 - 7&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff;"&gt;
&lt;td style="vertical-align: top;"&gt;Loan resolution timelines &amp;#8211; Non-performing loans (in years)&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; vertical-align: bottom;"&gt;1.4 - 4&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:FairValueInputsAssetsQuantitativeInformationTableTextBlock>
<us-gaap:ScheduleOfRepurchaseAgreements contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;June&amp;#160;30,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;December&amp;#160;31,&amp;#160;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Maturity&amp;#160;Date&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Maximum&lt;br /&gt;borrowing&lt;br /&gt;capacity&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Amount&lt;br /&gt;outstanding&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Carrying&lt;br /&gt;value&amp;#160;of&lt;br /&gt;collateral&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Interest&lt;br /&gt;rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Amount&lt;br /&gt;outstanding&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Carrying&lt;br /&gt;value&amp;#160;of&lt;br /&gt;collateral&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Interest&lt;br /&gt;rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt; width: 361px;"&gt;November 24, 2015&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;"&gt;200,000&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;"&gt;153,804&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;"&gt;241,689&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;"&gt;4.00&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; width: 16px;"&gt;%&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right; width: 125px;"&gt;15,249&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right; width: 125px;"&gt;23,460&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right; width: 125px;"&gt;4.00&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; width:
 15px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfRepurchaseAgreements>
<ajx:StatusOfMortgageLoansTableTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Balances&amp;#160;at&amp;#160;June&amp;#160;30,&amp;#160;2015&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Balances&amp;#160;at&amp;#160;December&amp;#160;31,&amp;#160;2014&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Original&amp;#160;balances&amp;#160;at&amp;#160;securitization&lt;br /&gt;cutoff&amp;#160;date&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Class&amp;#160;of&lt;br /&gt;Notes&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Carrying&lt;br /&gt;value&amp;#160;of&lt;br /&gt;mortgages&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Bond&lt;br /&gt;principal&lt;br /&gt;balance&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Carrying&lt;br /&gt;value&amp;#160;of&lt;br /&gt;mortgages&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Bond&lt;br /&gt;principal&lt;br /&gt;balance&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Mortgage&lt;br /&gt;UPB&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Bond&lt;br /&gt;principal&lt;br /&gt;balance&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-indent: 0in; width: 345px;"&gt;2014-A&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;58,313&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;41,681&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;58,905&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;44,016&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;81,405&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;45,000&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;2014-B&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;68,379&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;39,344&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;68,654&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;40,663&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;91,535&lt;/td&gt;
&lt;td style="text-align:
 left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;41,191&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;2015-A&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;53,116&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;35,324&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#8212;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;75,835&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;35,643&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;179,808&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;116,349&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;127,559&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;84,679&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;248,775&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;121,834&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ajx:StatusOfMortgageLoansTableTextBlock>
<us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center; padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;" colspan="7"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Three&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;" colspan="7"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center; padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Counterparty&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Consolidated&amp;#160;Statement&lt;br /&gt;of&amp;#160;Income&amp;#160;location&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 0px;" colspan="2"&gt;
&lt;p style="border-bottom: black 1pt solid; text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Counterparty&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 0px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Consolidated&amp;#160;Statement&lt;br /&gt;of&amp;#160;Income&amp;#160;location&lt;/b&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt; width: 202px;"&gt;Management fee&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;856&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 189px;"&gt;Thetis&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 251px;"&gt;Related party expense &amp;#8211; management fee&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;1,602&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 203px;"&gt;Thetis&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 235px;"&gt;Related party expense &amp;#8211; management fee&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt;"&gt;Loan servicing fees&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;851&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Gregory&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Related party expense &amp;#8211; loan servicing fees&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1,507&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Gregory&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Related party expense &amp;#8211; loan servicing fees&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt;"&gt;Due diligence and related loan acquisition costs&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;1&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Gregory&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Loan transaction expense&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;19&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;Gregory&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Loan transaction expense&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt;"&gt;Expense reimbursements&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;-&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Aspen Yo&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Professional fees&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Aspen Yo&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;Professional fees&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfRelatedPartyTransactionsTableTextBlock>
<ajx:StockBasedManagementFeesAndDirectorFeesTableTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="6"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;For&amp;#160;the&amp;#160;three&amp;#160;months&amp;#160;ended&lt;/b&gt;&lt;br /&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="6"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;For&amp;#160;the&amp;#160;six&amp;#160;months&amp;#160;ended&lt;/b&gt;&lt;br /&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Number&amp;#160;of&lt;/b&gt;&lt;br /&gt;&lt;b&gt;shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Amount&amp;#160;of&lt;/b&gt;&lt;br /&gt;&lt;b&gt;expense&lt;/b&gt;&lt;br /&gt;&lt;b&gt;recognized&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Number&amp;#160;of&lt;/b&gt;&lt;br /&gt;&lt;b&gt;shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Amount&amp;#160;of&lt;/b&gt;&lt;br /&gt;&lt;b&gt;expense&lt;/b&gt;&lt;br /&gt;&lt;b&gt;recognized&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 753px;"&gt;Management fees&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;29,790&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;441&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;55,877&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;814&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;Independent director fees&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;1,740&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;25&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;3,488&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;50&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;31,530&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;466&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;59,365&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;864&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div
 align="left" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0px; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;
&lt;div style="width: 391px; font-size: 1pt; border-top: black 1pt solid;"&gt;&amp;#160;&lt;/div&gt;
&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;(1) All management fees and independent director fees are fully expensed in the period in which they are incurred.&lt;/div&gt;</ajx:StockBasedManagementFeesAndDirectorFeesTableTextBlock>
<us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Number&lt;/b&gt;&lt;br /&gt;&lt;b&gt;of&amp;#160;shares&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Per&amp;#160;share&lt;/b&gt;&lt;br /&gt;&lt;b&gt;value&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Total&amp;#160;cost&lt;/b&gt;&lt;br /&gt;&lt;b&gt;of&amp;#160;grant&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Grant&amp;#160;expense&lt;/b&gt;&lt;br /&gt;&lt;b&gt;recognized&amp;#160;for&amp;#160;the&lt;/b&gt;&lt;br /&gt;&lt;b&gt;three&amp;#160;months&amp;#160;ended&lt;/b&gt;&lt;br /&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2"&gt;
&lt;p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;font style="font-size: 8pt;"&gt;&lt;b&gt;Grant&amp;#160;expense&lt;/b&gt;&lt;br /&gt;&lt;b&gt;recognized&amp;#160;for&amp;#160;the&lt;/b&gt;&lt;br /&gt;&lt;b&gt;six&amp;#160;months&amp;#160;ended&lt;/b&gt;&lt;br /&gt;&lt;b&gt;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/p&gt;
&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="width: 549px;"&gt;&lt;font style="font-size: 10pt;"&gt;July 8, 2014, Directors&amp;#8217; Grants&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;6,000&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;15.00&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 157px;"&gt;90&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;23&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 156px;"&gt;45&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&lt;font style="font-size: 10pt;"&gt;February 19, 2015 Director Grant&lt;sup&gt;(1)&lt;/sup&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;2,000&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;14.25&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;29&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;7&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;12&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;8,000&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;119&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;30&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;57&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal;
 letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div align="left" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0px; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;
&lt;div style="width: 391px; font-size: 1pt; border-top: black 1pt solid;"&gt;&amp;#160;&lt;/div&gt;
&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&lt;/p&gt;
&lt;div style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;(1) Vesting period is one year from grant date.&lt;/div&gt;</us-gaap:NonvestedRestrictedStockSharesActivityTableTextBlock>
<us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Three&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2015&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Six&amp;#160;months&amp;#160;ended&amp;#160;June&amp;#160;30,&amp;#160;2015&amp;#160;&lt;/b&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="text-align: center;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Income&lt;/b&gt;&lt;/font&gt;&lt;font style="font-size: 8pt;"&gt;&lt;br /&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;b&gt;(Numerator)&lt;/b&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Shares&lt;/b&gt;&lt;/font&gt;&lt;font style="font-size: 8pt;"&gt;&lt;br /&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;b&gt;(Denominator)&lt;/b&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Per&amp;#160;Share&lt;/b&gt;&lt;/font&gt;&lt;font style="font-size: 8pt;"&gt;&lt;br /&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;b&gt;Amount&lt;/b&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Income&lt;/b&gt;&lt;/font&gt;&lt;font style="font-size: 8pt;"&gt;&lt;br /&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;b&gt;(Numerator)&lt;/b&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Shares&lt;/b&gt;&lt;/font&gt;&lt;font style="font-size: 8pt;"&gt;&lt;br /&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;b&gt;(Denominator)&lt;/b&gt;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Per&amp;#160;Share&lt;/b&gt;&lt;/font&gt;&lt;font style="font-size: 8pt;"&gt;&lt;br /&gt;&lt;font style="font-family: 'times new roman', times, serif;"&gt;&lt;b&gt;Amount&lt;/b&gt;&amp;#160;&amp;#160;&lt;/font&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: center;" colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td colspan="2"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Basic EPS&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in; width: 509px;"&gt;Income attributable to common stockholders&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;5,436&lt;/td&gt;
&lt;td style="text-align: left; width:
 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;15,237,739&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 126px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;9,076&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;14,129,162&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 125px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;"&gt;Allocation of earnings to participating restricted shares&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(17&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;(31&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;)&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;"&gt;Income attributable to unrestricted common stockholders&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;5,419&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;15,237,739&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;0.36&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;9,045&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;14,129,162&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;0.64&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Effect of dilutive securities&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;"&gt;Operating partnership units&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;223&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td
 style="text-align: right;"&gt;624,106&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;398&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;624,106&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;"&gt;Restricted stock grants and Manager and director fee shares&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;17&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;47,789&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;31&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: right;"&gt;48,051&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 1pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;&lt;font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"&gt;&lt;b&gt;Diluted EPS&lt;/b&gt;&lt;/font&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;"&gt;Income attributable to common stockholders and dilutive securities&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;5,659&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;15,909,634&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;0.36&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;9,474&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;14,801,319&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="border-bottom: black 2.5pt double; text-align: right;"&gt;0.64&lt;/td&gt;
&lt;td style="text-align: left; padding-bottom: 2.5pt;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</us-gaap:ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_08_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_LittleAjaxIiLlcMember" unitRef="pure" decimals="2">0.82</us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_30_Sep_2014T00_00_00_TO_30_Sep_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_LittleAjaxIiLlcMember" unitRef="pure" decimals="2">0.95</us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_30_Sep_2014T00_00_00_TO_30_Sep_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember" unitRef="pure" decimals="2">0.05</us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_05_Dec_2014T00_00_00_TO_05_Dec_2014T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member" unitRef="pure" decimals="3">0.405</us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="pure" decimals="3">0.405</us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member" unitRef="pure" decimals="3">0.405</us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:EquityMethodInvestmentOwnershipPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="pure" decimals="3">0.198</us-gaap:EquityMethodInvestmentOwnershipPercentage>
<us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_SaleOfStockAxis_PrivatePlacementMember" unitRef="shares" decimals="INF">8213116</us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction>
<us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction contextRef="Context_Custom_01_Dec_2014T00_00_00_TO_16_Dec_2014T00_00_00_SaleOfStockAxis_SecondPrivatePlacementMember" unitRef="shares" decimals="INF">2725326</us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction>
<us-gaap:PartnersCapitalAccountUnitsSoldInPrivatePlacement contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_SaleOfStockAxis_PrivatePlacementMember" unitRef="shares" decimals="INF">453551</us-gaap:PartnersCapitalAccountUnitsSoldInPrivatePlacement>
<us-gaap:PartnersCapitalAccountUnitsSoldInPrivatePlacement contextRef="Context_Custom_01_Dec_2014T00_00_00_TO_16_Dec_2014T00_00_00_SaleOfStockAxis_SecondPrivatePlacementMember" unitRef="shares" decimals="INF">156000</us-gaap:PartnersCapitalAccountUnitsSoldInPrivatePlacement>
<us-gaap:PartnersCapitalAccountDescriptionOfUnitsRedeemed contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_SaleOfStockAxis_PrivatePlacementMember">&lt;div&gt;The &amp;#8220;OP Units&amp;#8221; are redeemable on a 1-for-1 basis into shares of its common stock after one year of ownership.&amp;#160;&lt;/div&gt;</us-gaap:PartnersCapitalAccountDescriptionOfUnitsRedeemed>
<ajx:NumberOfAdditionalSharesClosedForSale contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_01_Aug_2014T00_00_00_SaleOfStockAxis_PrivatePlacementMember" unitRef="shares" decimals="INF">263570</ajx:NumberOfAdditionalSharesClosedForSale>
<ajx:NumberOfOperatingUnitsClosedForSale contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_01_Aug_2014T00_00_00_SaleOfStockAxis_PrivatePlacementMember" unitRef="shares" decimals="INF">14555</ajx:NumberOfOperatingUnitsClosedForSale>
<ajx:PurchasePricePerShareAndPerOperatingPartnershipUnit contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_01_Aug_2014T00_00_00_SaleOfStockAxis_PrivatePlacementMember" unitRef="USD_per_Share" decimals="2">15.00</ajx:PurchasePricePerShareAndPerOperatingPartnershipUnit>
<ajx:PurchasePricePerShareAndPerOperatingPartnershipUnit contextRef="Context_Custom_01_Dec_2014T00_00_00_TO_16_Dec_2014T00_00_00_SaleOfStockAxis_SecondPrivatePlacementMember" unitRef="USD_per_Share" decimals="2">15.00</ajx:PurchasePricePerShareAndPerOperatingPartnershipUnit>
<us-gaap:ProceedsFromIssuanceOfPrivatePlacement contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_01_Aug_2014T00_00_00_SaleOfStockAxis_PrivatePlacementMember" unitRef="USD" decimals="-5">128400000</us-gaap:ProceedsFromIssuanceOfPrivatePlacement>
<us-gaap:ProceedsFromIssuanceOfPrivatePlacement contextRef="Context_Custom_01_Dec_2014T00_00_00_TO_16_Dec_2014T00_00_00_SaleOfStockAxis_SecondPrivatePlacementMember" unitRef="USD" decimals="-5">41200000</us-gaap:ProceedsFromIssuanceOfPrivatePlacement>
<ajx:PercentageOfRemainingPartnershipInterest contextRef="Context_Custom_01_Sep_2014T00_00_00_TO_30_Sep_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_LittleAjaxIiLlcMember" unitRef="pure" decimals="2">0.18</ajx:PercentageOfRemainingPartnershipInterest>
<us-gaap:PaymentsToAcquireEquityMethodInvestments contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_LittleAjaxIiLlcMember" unitRef="USD" decimals="-5">48800000</us-gaap:PaymentsToAcquireEquityMethodInvestments>
<ajx:AggregatePurchasePriceOfRealEstateAssets contextRef="Context_Custom_01_Sep_2014T00_00_00_TO_30_Sep_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_LittleAjaxIiLlcMember" unitRef="USD" decimals="-5">11400000</ajx:AggregatePurchasePriceOfRealEstateAssets>
<ajx:NumberOfLoans contextRef="Context_Custom_01_Sep_2014T00_00_00_TO_30_Sep_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember" unitRef="Loan" decimals="INF">43</ajx:NumberOfLoans>
<us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates contextRef="Context_Custom_01_Sep_2014T00_00_00_TO_30_Sep_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_LittleAjaxIiLlcMember" unitRef="USD" decimals="-5">200000</us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates>
<us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates contextRef="Context_Custom_01_Dec_2014T00_00_00_TO_05_Dec_2014T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member" unitRef="USD" decimals="-5">2200000</us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates>
<us-gaap:StockIssuedDuringPeriodSharesNewIssues contextRef="Context_Custom_01_Feb_2015T00_00_00_TO_28_Feb_2015T00_00_00_SaleOfStockAxis_IPOMember" unitRef="shares" decimals="INF">5276797</us-gaap:StockIssuedDuringPeriodSharesNewIssues>
<ajx:StockIssuedDuringPeriodSharesNewIssuesByCompany contextRef="Context_Custom_01_Feb_2015T00_00_00_TO_28_Feb_2015T00_00_00_SaleOfStockAxis_IPOMember" unitRef="shares" decimals="INF">3976464</ajx:StockIssuedDuringPeriodSharesNewIssuesByCompany>
<ajx:StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders contextRef="Context_Custom_01_Feb_2015T00_00_00_TO_28_Feb_2015T00_00_00_SaleOfStockAxis_IPOMember" unitRef="shares" decimals="INF">1300333</ajx:StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders>
<ajx:PercentageOfOutstandingOperatingPartnershipUnitsOwned contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="pure" decimals="3">0.961</ajx:PercentageOfOutstandingOperatingPartnershipUnitsOwned>
<ajx:PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="pure" decimals="3">0.039</ajx:PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder>
<ajx:RedemptionOfOwnership contextRef="Context_As_Of_30_Sep_2014T00_00_00_TO_30_Sep_2014T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_LittleAjaxIiLlcMember" unitRef="pure" decimals="2">0.82</ajx:RedemptionOfOwnership>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_PlanNameAxis_DirectorEquityPlan2014Member_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="INF">2000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_PlanNameAxis_DirectorEquityPlan2014Member_AwardTypeAxis_RestrictedStockMember">P1Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_LongTermIncentivePlanMember">P1Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_AgreementAxis_ServicingAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_RangeAxis_MinimumMember" unitRef="pure" decimals="4">0.0065</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_0ME_01-Jul-2014T00_00_00_TO_08-Jul-2014T00_00_00_RangeAxis_MaximumMember_AgreementAxis_ServicingAgreementMember" unitRef="pure" decimals="4">0.0125</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>


<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ReperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="pure" decimals="4">0.0065</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ReperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="pure" decimals="4">0.0065</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_NonperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="pure" decimals="4">0.0125</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_NonperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="pure" decimals="4">0.0125</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ReperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="pure" decimals="4">0.0065</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_NonperformingMortgageLoansOnRealEstateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="pure" decimals="4">0.0125</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>

<ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_PlanNameAxis_DirectorEquityPlan2014Member_AwardTypeAxis_RestrictedStockMember" unitRef="USD" decimals="0">50000</ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="USD" decimals="-3">298573000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember" unitRef="USD" decimals="-3">94993000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember" unitRef="USD" decimals="-3">53739000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember" unitRef="USD" decimals="-3">17766000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember" unitRef="USD" decimals="-3">55384000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" unitRef="USD" decimals="-3">76691000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">596288000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember" unitRef="USD" decimals="-3">267983000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember" unitRef="USD" decimals="-3">87292000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember" unitRef="USD" decimals="-3">39647000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember" unitRef="USD" decimals="-3">94021000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>

<ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" unitRef="USD" decimals="-3">107345000</ajx:UnpaidPrincipalBalanceOnMortgageRealEstateLoans>
<ajx:LoanPercentageOfBeneficialInterestThroughAffiliate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="pure" decimals="3">0.405</ajx:LoanPercentageOfBeneficialInterestThroughAffiliate>
<us-gaap:PropertyPlantAndEquipmentDepreciationMethods contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">Straight-line method</us-gaap:PropertyPlantAndEquipmentDepreciationMethods>
<us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">27.5 years</us-gaap:PropertyPlantAndEquipmentEstimatedUsefulLives>
<us-gaap:NumberOfOperatingSegments contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="Segment" decimals="INF">1</us-gaap:NumberOfOperatingSegments>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield contextRef="Context_As_Of_30_Jan_2014T00_00_00_TO_29_Jan_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield contextRef="Context_As_Of_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">54940000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield contextRef="Context_As_Of_30_Jan_2014T00_00_00_TO_29_Jan_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield contextRef="Context_As_Of_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">20686000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield contextRef="Context_As_Of_01_Apr_2015T00_00_00_TO_31_Mar_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">74045000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield contextRef="Context_As_Of_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">115932000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield contextRef="Context_As_Of_01_Apr_2015T00_00_00_TO_31_Mar_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">22604000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield contextRef="Context_As_Of_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">23735000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions contextRef="Context_Custom_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">60495000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions>

<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions contextRef="Context_Custom_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">22071000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions>

<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">49626000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions>

<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">4185000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions>

<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">73680000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions>

<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">8038000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions>

<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion contextRef="Context_Custom_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">5555000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion contextRef="Context_Custom_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">1385000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">7739000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">3054000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">12688000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">4989000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00" unitRef="Loan" decimals="INF">1339</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember" unitRef="Loan" decimals="INF">439</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember" unitRef="Loan" decimals="INF">237</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember" unitRef="Loan" decimals="INF">99</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember" unitRef="Loan" decimals="INF">212</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" unitRef="Loan" decimals="INF">352</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="Loan" decimals="INF">2619</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesCurrentPastDueMember" unitRef="Loan" decimals="INF">1123</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables30To59DaysPastDueMember" unitRef="Loan" decimals="INF">406</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivables60To89DaysPastDueMember" unitRef="Loan" decimals="INF">194</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesForeclosurePastDueMember" unitRef="Loan" decimals="INF">362</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>

<us-gaap:MortgageLoansOnRealEstateNumberOfLoans contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_FinancingReceivablesPeriodPastDueAxis_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" unitRef="Loan" decimals="INF">534</us-gaap:MortgageLoansOnRealEstateNumberOfLoans>
<ajx:DueDiligenceCostOnMortgageLoan contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-5">700000</ajx:DueDiligenceCostOnMortgageLoan>
<ajx:DueDiligenceCostOnMortgageLoan contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-5">1000000</ajx:DueDiligenceCostOnMortgageLoan>
<ajx:NumberOfRealEstatePropertiesHeldForSale contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="Property" decimals="INF">54</ajx:NumberOfRealEstatePropertiesHeldForSale>

<ajx:NumberOfRealEstatePropertiesForeclosed contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_ResidentialRealEstateMember" unitRef="Property" decimals="INF">34</ajx:NumberOfRealEstatePropertiesForeclosed>


<us-gaap:OtherRealEstateAndForeclosedAssets contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_ResidentialRealEstateMember" unitRef="USD" decimals="-5">5100000</us-gaap:OtherRealEstateAndForeclosedAssets>
<ajx:NumberOfRealEstatePropertiesHeldForRental contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="Property" decimals="INF">2</ajx:NumberOfRealEstatePropertiesHeldForRental>
<ajx:CarryingValueOfReoProperties contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-5">100000</ajx:CarryingValueOfReoProperties>
<us-gaap:FairValueInputsDiscountRate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RangeAxis_MinimumMember" unitRef="pure" decimals="2">0.08</us-gaap:FairValueInputsDiscountRate>
<us-gaap:FairValueInputsDiscountRate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RangeAxis_MaximumMember" unitRef="pure" decimals="2">0.14</us-gaap:FairValueInputsDiscountRate>
<us-gaap:FairValueInputsDiscountRate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_RangeAxis_MinimumMember" unitRef="pure" decimals="2">0.10</us-gaap:FairValueInputsDiscountRate>
<us-gaap:FairValueInputsDiscountRate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_RangeAxis_MaximumMember" unitRef="pure" decimals="2">0.18</us-gaap:FairValueInputsDiscountRate>
<ajx:FairValueInputsCostOfDebtRate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="pure" decimals="4">0.0425</ajx:FairValueInputsCostOfDebtRate>
<ajx:FairValueInputsLoanResolutionTimelinesRate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RangeAxis_MinimumMember">P4Y</ajx:FairValueInputsLoanResolutionTimelinesRate>
<ajx:FairValueInputsLoanResolutionTimelinesRate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_RangeAxis_MaximumMember">P7Y</ajx:FairValueInputsLoanResolutionTimelinesRate>
<ajx:FairValueInputsLoanResolutionTimelinesRate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_RangeAxis_MinimumMember">P1Y4M24D</ajx:FairValueInputsLoanResolutionTimelinesRate>
<ajx:FairValueInputsLoanResolutionTimelinesRate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember_RangeAxis_MaximumMember">P4Y</ajx:FairValueInputsLoanResolutionTimelinesRate>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_25-Nov-2014T00_00_00_RangeAxis_MaximumMember_LongtermDebtTypeAxis_MortgagesMember_AgreementAxis_RepurchaseAgreementMember" unitRef="USD" decimals="-6">200000000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member" unitRef="USD" decimals="-5">5400000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="USD" decimals="-6" id="Footnote-1_1">45000000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="USD" decimals="-6" id="Footnote-2_1">8000000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="USD" decimals="-6" id="Footnote-2_2">8000000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="USD" decimals="-5" id="Footnote-3_1">20400000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-5" id="Footnote-1_2">41200000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-5" id="Footnote-2_3">13700000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-5" id="Footnote-2_4">13700000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-5" id="Footnote-3_2">22900000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LegalEntityAxis_DelawareTrustGaE201412Member" unitRef="USD" decimals="-5">5600000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-5" id="Footnote-1_3">35600000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-5" id="Footnote-2_5">8700000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-5" id="Footnote-2_6">8700000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentFaceAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-5" id="Footnote-3_3">22800000</us-gaap:DebtInstrumentFaceAmount>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_FYE_01_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_AgreementAxis_RepurchaseAgreementMember">2015-11-24</us-gaap:DebtInstrumentMaturityDate>
<us-gaap:DebtInstrumentMaturityDate contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember">2015-11-24</us-gaap:DebtInstrumentMaturityDate>
<ajx:DebtInstrumentMaximumBorrowingCapacity contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_AgreementAxis_RepurchaseAgreementMember" unitRef="USD" decimals="-3">200000000</ajx:DebtInstrumentMaximumBorrowingCapacity>
<ajx:DebtInstrumentMaximumBorrowingCapacity contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember" unitRef="USD" decimals="-3">200000000</ajx:DebtInstrumentMaximumBorrowingCapacity>
<us-gaap:DebtInstrumentCarryingAmount contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_AgreementAxis_RepurchaseAgreementMember" unitRef="USD" decimals="-3">15249000</us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCarryingAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember" unitRef="USD" decimals="-3">153804000</us-gaap:DebtInstrumentCarryingAmount>
<us-gaap:DebtInstrumentCollateralAmount contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_AgreementAxis_RepurchaseAgreementMember" unitRef="USD" decimals="-3">23460000</us-gaap:DebtInstrumentCollateralAmount>
<us-gaap:DebtInstrumentCollateralAmount contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember" unitRef="USD" decimals="-3">241689000</us-gaap:DebtInstrumentCollateralAmount>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_AgreementAxis_RepurchaseAgreementMember" unitRef="pure" decimals="4">0.0400</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="pure" decimals="2" id="Footnote-1_4">0.04</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="pure" decimals="4" id="Footnote-2_7">0.0519</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="pure" decimals="4" id="Footnote-2_8">0.0519</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="pure" xsi:nil="true" id="Footnote-3_4"/>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="pure" decimals="4" id="Footnote-1_5">0.0385</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="pure" decimals="4" id="Footnote-2_9">0.0525</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="pure" decimals="4" id="Footnote-2_10">0.0525</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="pure" xsi:nil="true" id="Footnote-3_5"/>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_AgreementAxis_RepurchaseAgreementMember" unitRef="pure" decimals="4">0.0400</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="pure" decimals="4" id="Footnote-1_6">0.0388</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB1NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="pure" decimals="4" id="Footnote-2_11">0.0525</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_ClassB2NotesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="pure" decimals="4" id="Footnote-2_12">0.0525</us-gaap:DebtInstrumentInterestRateStatedPercentage>
<us-gaap:DebtInstrumentInterestRateStatedPercentage contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_DebtInstrumentAxis_TrustCertificateMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="pure" xsi:nil="true" id="Footnote-3_6"/>
<ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="USD" decimals="-3">81405000</ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate>
<ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-3">91535000</ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate>
<ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember" unitRef="USD" decimals="-3">248775000</ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate>
<ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-3">75835000</ajx:MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate>
<ajx:BondPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="USD" decimals="-3">45000000</ajx:BondPrincipalBalanceAtCutoffDate>
<ajx:BondPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-3">41191000</ajx:BondPrincipalBalanceAtCutoffDate>
<ajx:BondPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember" unitRef="USD" decimals="-3">121834000</ajx:BondPrincipalBalanceAtCutoffDate>
<ajx:BondPrincipalBalanceAtCutoffDate contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-3">35643000</ajx:BondPrincipalBalanceAtCutoffDate>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="USD" decimals="-3">44016000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-3">40663000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember" unitRef="USD" decimals="-3">84679000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_31_Dec_2014T00_00_00_TO_31_Dec_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" xsi:nil="true"/>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member" unitRef="USD" decimals="-3">41681000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember" unitRef="USD" decimals="-3">39344000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember" unitRef="USD" decimals="-3">116349000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_LongtermDebtTypeAxis_MortgagesMember_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member" unitRef="USD" decimals="-3">35324000</us-gaap:MortgageLoansOnRealEstateFaceAmountOfMortgages>
<us-gaap:MinorityInterestOwnershipPercentageByParent contextRef="Context_As_Of_25_Nov_2014T00_00_00_TO_25_Nov_2014T00_00_00_AgreementAxis_RepurchaseAgreementMember" unitRef="pure" decimals="2">1.00</us-gaap:MinorityInterestOwnershipPercentageByParent>
<ajx:PercentageOfGuarantorsBeneficialInterest contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="pure" decimals="2">1.00</ajx:PercentageOfGuarantorsBeneficialInterest>
<ajx:PercentageOfPurchasePriceForEachMortgageLoan contextRef="Context_As_Of_25_Nov_2014T00_00_00_TO_25_Nov_2014T00_00_00_AgreementAxis_RepurchaseAgreementMember" unitRef="pure" decimals="2">0.65</ajx:PercentageOfPurchasePriceForEachMortgageLoan>
<us-gaap:DebtInstrumentDescriptionOfVariableRateBasis contextRef="Context_Custom_01_Nov_2014T00_00_00_TO_25_Nov_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember_AgreementAxis_RepurchaseAgreementMember">One-month LIBOR</us-gaap:DebtInstrumentDescriptionOfVariableRateBasis>
<ajx:PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo contextRef="Context_Custom_01_Nov_2014T00_00_00_TO_25_Nov_2014T00_00_00_LongtermDebtTypeAxis_MortgagesMember_AgreementAxis_RepurchaseAgreementMember" unitRef="pure" decimals="2">0.65</ajx:PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo>
<us-gaap:ManagementFeeExpense contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-5">900000</us-gaap:ManagementFeeExpense>
<us-gaap:ManagementFeeExpense contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_IncomeStatementLocationAxis_ManagementFeeMember" unitRef="USD" decimals="-3">856000</us-gaap:ManagementFeeExpense>
<us-gaap:ManagementFeeExpense contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_IncomeStatementLocationAxis_ManagementFeeMember" unitRef="USD" decimals="-3">1602000</us-gaap:ManagementFeeExpense>
<us-gaap:LoanPortfolioExpense contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_IncomeStatementLocationAxis_LoanServicingFeesMember" unitRef="USD" decimals="-3">851000</us-gaap:LoanPortfolioExpense>
<us-gaap:LoanPortfolioExpense contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_IncomeStatementLocationAxis_LoanServicingFeesMember" unitRef="USD" decimals="-3">1507000</us-gaap:LoanPortfolioExpense>
<ajx:DueDiligenceAndRelatedLoanAcquisitionCosts contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_IncomeStatementLocationAxis_LoanTransactionExpenseMember" unitRef="USD" decimals="-3">1000</ajx:DueDiligenceAndRelatedLoanAcquisitionCosts>
<ajx:DueDiligenceAndRelatedLoanAcquisitionCosts contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_IncomeStatementLocationAxis_LoanTransactionExpenseMember" unitRef="USD" decimals="-3">19000</ajx:DueDiligenceAndRelatedLoanAcquisitionCosts>
<us-gaap:RecoveryOfDirectCosts contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_AspenYoLlcMember_IncomeStatementLocationAxis_ProfessionalFeeMember" unitRef="USD" xsi:nil="true"/>
<us-gaap:RecoveryOfDirectCosts contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_AspenYoLlcMember_IncomeStatementLocationAxis_ProfessionalFeeMember" unitRef="USD" decimals="-3">3000</us-gaap:RecoveryOfDirectCosts>
<ajx:TermOfAgreement contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_AgreementAxis_ManagementAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember">P15Y</ajx:TermOfAgreement>
<ajx:TermOfAgreement contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_AgreementAxis_ServicingAgreementMember">P15Y</ajx:TermOfAgreement>
<ajx:PercentageOfBaseManagementFee contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_AgreementAxis_ManagementAgreementMember" unitRef="pure" decimals="3">0.015</ajx:PercentageOfBaseManagementFee>
<ajx:PercentageOfBaseManagementFeePayableInShares contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_AgreementAxis_ManagementAgreementMember" unitRef="pure" decimals="2">0.50</ajx:PercentageOfBaseManagementFeePayableInShares>
<ajx:PercentageOfStockOwnershipLimit contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_AgreementAxis_ManagementAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="pure" decimals="3">0.098</ajx:PercentageOfStockOwnershipLimit>
<ajx:DescriptionOfIncentiveManagementFeePayable contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_AgreementAxis_ManagementAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember">The Manager is also entitled to an incentive management fee that is payable quarterly in arrears in cash in an amount equal to one-fourth of 20% of the dollar amount by which (i) the sum of (A) the aggregate cash dividends, if any, declared out of the REIT taxable income of the Company by the Company's Board of Directors payable to the holders of the Company's common stock and (B) the aggregate cash distributions, if any, declared out of the REIT taxable income of the operating partnership (without duplication) by the operating partnership payable to holders of OP Units (other than any OP Units held by the Company as a limited partner) annualized, or the Annualized Dividends and Distributions, in respect of such calendar quarter exceeds (ii) the product of (1) the book value per share of the Company's common stock as of the end of each such quarter multiplied by the number of shares of the Company's common stock and OP Units (other than any OP Units held by the Company as a limited partner) outstanding as of the end of such calendar quarter and (2) 8%.</ajx:DescriptionOfIncentiveManagementFeePayable>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="INF">31530</us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_TypeOfFeesAxis_ManagementFeeMember" unitRef="shares" decimals="INF">29790</us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_TypeOfFeesAxis_IndependentDirectorFeeMember" unitRef="shares" decimals="INF">1740</us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="INF">59365</us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_TypeOfFeesAxis_ManagementFeeMember" unitRef="shares" decimals="INF">55877</us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_TypeOfFeesAxis_IndependentDirectorFeeMember" unitRef="shares" decimals="INF">3488</us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:StockIssuedDuringPeriodSharesIssuedForServices contextRef="Context_Custom_03_Jul_2015T00_00_00_TO_28_Jul_2015T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_StatementEquityComponentsAxis_CommonStockMember_RelatedPartyTransactionsByRelatedPartyAxis_ManagerMember" unitRef="shares" decimals="INF">29790</us-gaap:StockIssuedDuringPeriodSharesIssuedForServices>
<us-gaap:ShareBasedCompensation contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3" id="Footnote-4_1">466000</us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_TypeOfFeesAxis_ManagementFeeMember" unitRef="USD" decimals="-3" id="Footnote-4_2">441000</us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_TypeOfFeesAxis_IndependentDirectorFeeMember" unitRef="USD" decimals="-3" id="Footnote-4_3">25000</us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3" id="Footnote-4_4">864000</us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_TypeOfFeesAxis_ManagementFeeMember" unitRef="USD" decimals="-3" id="Footnote-4_5">814000</us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensation contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_TypeOfFeesAxis_IndependentDirectorFeeMember" unitRef="USD" decimals="-3" id="Footnote-4_6">50000</us-gaap:ShareBasedCompensation>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember" unitRef="shares" decimals="INF" id="Footnote-5_1">6000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember" unitRef="shares" decimals="INF" id="Footnote-5_2">2000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="INF">8000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember" unitRef="shares" decimals="INF" id="Footnote-5_3">6000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember" unitRef="shares" decimals="INF" id="Footnote-5_4">2000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember" unitRef="shares" decimals="INF">8000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD_per_Share" id="Footnote-5_5" decimals="2">15.00</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD_per_Share" decimals="2" id="Footnote-5_6">14.25</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD_per_Share" id="Footnote-5_7" decimals="2">15.00</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD_per_Share" decimals="2" id="Footnote-5_8">14.25</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue>
<ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD" decimals="-3" id="Footnote-5_9">90000</ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant>
<ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD" decimals="-3" id="Footnote-5_10">29000</ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant>
<ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember" unitRef="USD" decimals="-3">119000</ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant>
<ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD" decimals="-3" id="Footnote-5_11">90000</ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant>
<ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD" decimals="-3" id="Footnote-5_12">29000</ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant>
<ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember" unitRef="USD" decimals="-3">119000</ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD" decimals="-3" id="Footnote-5_13">23000</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD" decimals="-3" id="Footnote-5_14">7000</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember" unitRef="USD" decimals="-3">30000</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_July82014DirectorsGrantsMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD" decimals="-3" id="Footnote-5_15">45000</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_AwardDateAxis_February192015DirectorGrantMember_TitleOfIndividualAxis_DirectorMember" unitRef="USD" decimals="-3" id="Footnote-5_16">12000</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
<us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember" unitRef="USD" decimals="-3">57000</us-gaap:AllocatedShareBasedCompensationExpenseNetOfTax>
<ajx:ManagementFeePercentPaidInShares contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="pure" decimals="2">0.50</ajx:ManagementFeePercentPaidInShares>
<ajx:ManagementFeePercentPaidInShares contextRef="Context_Custom_03_Jul_2015T00_00_00_TO_28_Jul_2015T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_StatementEquityComponentsAxis_CommonStockMember_RelatedPartyTransactionsByRelatedPartyAxis_ManagerMember" unitRef="pure" decimals="2">0.50</ajx:ManagementFeePercentPaidInShares>
<ajx:PaymentOfManagementFee contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-5">400000</ajx:PaymentOfManagementFee>
<ajx:NumberOfSharesIssuedInLieuOfManagementFee contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="INF">29790</ajx:NumberOfSharesIssuedInLieuOfManagementFee>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant contextRef="Context_As_Of_30_Jun_2015T00_00_00_TO_30_Jun_2015T00_00_00_PlanNameAxis_LongTermIncentivePlanMember" unitRef="shares" decimals="INF">100000</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant>
<ajx:NumberOfDirector contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_PlanNameAxis_LongTermIncentivePlanMember" unitRef="Director" decimals="INF">3</ajx:NumberOfDirector>
<us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross contextRef="Context_Custom_01_Feb_2015T00_00_00_TO_28_Feb_2015T00_00_00_PlanNameAxis_LongTermIncentivePlanMember_SaleOfStockAxis_IPOMember" unitRef="shares" decimals="INF">2000</us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross>
<us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00_AwardTypeAxis_RestrictedStockMember_PlanNameAxis_LongTermIncentivePlanMember" unitRef="shares" decimals="INF">2000</us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross>
<ajx:DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="pure" decimals="2">0.90</ajx:DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-5">3600000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic>
<us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-5">5200000</us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic>
<us-gaap:UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">17000</us-gaap:UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic>
<us-gaap:UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">31000</us-gaap:UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic>
<us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">5419000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
<us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">9045000</us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic>
<ajx:DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">223000</ajx:DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits>
<ajx:DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">398000</ajx:DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits>
<us-gaap:AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">17000</us-gaap:AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits>
<us-gaap:AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">31000</us-gaap:AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits>
<us-gaap:NetIncomeLossAttributableToParentDiluted contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">5659000</us-gaap:NetIncomeLossAttributableToParentDiluted>
<us-gaap:NetIncomeLossAttributableToParentDiluted contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">9474000</us-gaap:NetIncomeLossAttributableToParentDiluted>
<us-gaap:WeightedAverageNumberOfSharesIssuedBasic contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="0">15237739</us-gaap:WeightedAverageNumberOfSharesIssuedBasic>
<us-gaap:WeightedAverageNumberOfSharesIssuedBasic contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="0">14129162</us-gaap:WeightedAverageNumberOfSharesIssuedBasic>
<us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" xsi:nil="true"/>
<us-gaap:IncrementalCommonSharesAttributableToShareBasedPaymentArrangements contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" xsi:nil="true"/>
<ajx:IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="0">624106</ajx:IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits>
<ajx:IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="0">624106</ajx:IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits>
<ajx:RestrictedStockGrantsAndManagerAndDirectorFeeShares contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="INF">47789</ajx:RestrictedStockGrantsAndManagerAndDirectorFeeShares>
<ajx:RestrictedStockGrantsAndManagerAndDirectorFeeShares contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="shares" decimals="INF">48051</ajx:RestrictedStockGrantsAndManagerAndDirectorFeeShares>
<us-gaap:DividendsPayableDateDeclaredDayMonthAndYear contextRef="Context_Custom_01_Aug_2015T00_00_00_TO_03_Aug_2015T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_DividendsAxis_DividendDeclaredMember">2015-08-03</us-gaap:DividendsPayableDateDeclaredDayMonthAndYear>
<us-gaap:DividendsPayableAmountPerShare contextRef="Context_As_Of_03_Aug_2015T00_00_00_TO_03_Aug_2015T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_DividendsAxis_DividendDeclaredMember" unitRef="USD_per_Share" decimals="2">0.22</us-gaap:DividendsPayableAmountPerShare>
<us-gaap:DividendPayableDateToBePaidDayMonthAndYear contextRef="Context_Custom_01_Aug_2015T00_00_00_TO_03_Aug_2015T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_DividendsAxis_DividendDeclaredMember">2015-08-28</us-gaap:DividendPayableDateToBePaidDayMonthAndYear>
<us-gaap:DividendsPayableDateOfRecordDayMonthAndYear contextRef="Context_Custom_01_Aug_2015T00_00_00_TO_03_Aug_2015T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember_DividendsAxis_DividendDeclaredMember">2015-08-14</us-gaap:DividendsPayableDateOfRecordDayMonthAndYear>
<us-gaap:SaleOfStockConsiderationReceivedOnTransaction contextRef="Context_Custom_01_Jul_2015T00_00_00_TO_02_Jul_2015T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="USD" decimals="-5">158500000</us-gaap:SaleOfStockConsiderationReceivedOnTransaction>
<ajx:NumberOfSharesIssuedInPaymentOfDirectorsFees contextRef="Context_Custom_03_Jul_2015T00_00_00_TO_28_Jul_2015T00_00_00_StatementEquityComponentsAxis_CommonStockMember_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="shares" decimals="INF">435</ajx:NumberOfSharesIssuedInPaymentOfDirectorsFees>

























<us-gaap:RepaymentsOfLongTermDebt contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">-153841000</us-gaap:RepaymentsOfLongTermDebt>

<us-gaap:ProceedsFromIssuanceOfSecuredDebt contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">35213000</us-gaap:ProceedsFromIssuanceOfSecuredDebt>

<us-gaap:PaymentsOfDividendsMinorityInterest contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">213000</us-gaap:PaymentsOfDividendsMinorityInterest>
<ajx:ScheduleOfDebtSecuritizationTableTextBlock contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00">&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;The following table sets forth the original terms of all securitization notes at their respective cutoff dates as of June 30, 2015:&lt;/p&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: bottom;"&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Issuing&amp;#160;Trust/Issue&amp;#160;Date&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Security&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Original&lt;br /&gt;Principal&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;Interest&lt;br /&gt;Rate&lt;/font&gt;&lt;/td&gt;
&lt;td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"&gt;&lt;font style="font-size: 8pt;"&gt;&amp;#160;&lt;/font&gt;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left; width: 502px;"&gt;Ajax Mortgage Loan Trust 2014-A/ October 2014&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 502px; vertical-align: top;"&gt;Class A notes due 2057&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;td style="width: 16px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 16px;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right; width: 236px;"&gt;45 million&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right; width: 219px;"&gt;4.00&lt;/td&gt;
&lt;td style="text-align: left; width: 15px;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class B-1 notes due 2057&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.19&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class B-2 notes due 2057&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.19&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Trust certificates&lt;sup&gt;(3)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;20.4 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Ajax Mortgage Loan Trust 2014-B / November 2014&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class A notes due 2054&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;41.2 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3.85&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class B-1 notes due 2054&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;13.7 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.25&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class B-2 notes due 2054&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;13.7 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.25&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Trust certificates&lt;sup&gt;(3)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;22.9 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: white; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align:
 top;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td style="text-align: left;"&gt;Ajax Mortgage Loan Trust 2015-A / May 2015&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class A notes due 2054&lt;sup&gt;(1)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;35.6 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;3.88&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class B-1 notes due 2054&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8.7 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.25&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Class B-2 notes due 2054&lt;sup&gt;(2)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;8.7 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;5.25&lt;/td&gt;
&lt;td style="text-align: left;"&gt;%&lt;/td&gt;
&lt;/tr&gt;
&lt;tr style="background-color: #cceeff; vertical-align: bottom;"&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left; vertical-align: top;"&gt;Trust certificates&lt;sup&gt;(3)&lt;/sup&gt;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;$&lt;/td&gt;
&lt;td style="text-align: right;"&gt;22.8 million&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;td style="text-align: right;"&gt;&amp;#8211;&lt;/td&gt;
&lt;td style="text-align: left;"&gt;&amp;#160;&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;div align="left" style="widows: 1; text-transform: none; margin-top: 3pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 3pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;"&gt;
&lt;div style="width: 391px; font-size: 1pt; border-top: black 1pt solid;"&gt;&amp;#160;&lt;/div&gt;
&lt;/div&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&lt;/p&gt;
&lt;table align="center" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;(1)&lt;/td&gt;
&lt;td&gt;The Class A notes are senior, sequential pay, fixed rate notes.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;(2)&lt;/td&gt;
&lt;td&gt;The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. We have retained the Class B notes.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;
&lt;p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"&gt;&amp;#160;&lt;/p&gt;
&lt;table align="center" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0"&gt;
&lt;tr style="vertical-align: top;"&gt;
&lt;td style="width: 0px;"&gt;&lt;/td&gt;
&lt;td style="width: 0.25in;"&gt;(3)&lt;/td&gt;
&lt;td&gt;The trust certificate issued by the trust and the beneficial ownership of the trust are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificate, we are entitled to receive any remaining amounts in the trust after the Class A notes and Class B notes have been paid in full.&lt;/td&gt;
&lt;/tr&gt;
&lt;/table&gt;</ajx:ScheduleOfDebtSecuritizationTableTextBlock>
<ajx:NumberOfHeldForSaleResidentialPropertiesDisposedOf contextRef="Context_3ME_01_Apr_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="Property" decimals="INF">2</ajx:NumberOfHeldForSaleResidentialPropertiesDisposedOf>
<ajx:NumberOfHeldForSaleResidentialPropertiesDisposedOf contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="Property" decimals="INF">3</ajx:NumberOfHeldForSaleResidentialPropertiesDisposedOf>
<ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_PurchaseCommitmentExcludingLongtermCommitmentAxis_PurchaseCommitmentMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_SingleAndOneToFourFamilyResidencesMember" unitRef="USD" decimals="-5">36000000</ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice>
<ajx:SubordinatedSecuritiesIssuedDuringPeriodValue contextRef="Context_Custom_01_Jul_2015T00_00_00_TO_02_Jul_2015T00_00_00_SubsequentEventTypeAxis_SubsequentEventMember" unitRef="USD" decimals="-5">158500000</ajx:SubordinatedSecuritiesIssuedDuringPeriodValue>

<!-- Footnote Section -->
<link:footnoteLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
<link:loc xlink:type="locator" xlink:href="#Footnote-1_1" xlink:label="lab_Footnote-1_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-1" xlink:from="lab_Footnote-1_1"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_1" xlink:label="lab_Footnote-2_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-2" xlink:from="lab_Footnote-2_1"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_2" xlink:label="lab_Footnote-2_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-2" xlink:from="lab_Footnote-2_2"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_1" xlink:label="lab_Footnote-3_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_1"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-1_2" xlink:label="lab_Footnote-1_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-1" xlink:from="lab_Footnote-1_2"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_3" xlink:label="lab_Footnote-2_3"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-2" xlink:from="lab_Footnote-2_3"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_4" xlink:label="lab_Footnote-2_4"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-2" xlink:from="lab_Footnote-2_4"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_2" xlink:label="lab_Footnote-3_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_2"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-1_3" xlink:label="lab_Footnote-1_3"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-1" xlink:from="lab_Footnote-1_3"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_5" xlink:label="lab_Footnote-2_5"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-2" xlink:from="lab_Footnote-2_5"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_6" xlink:label="lab_Footnote-2_6"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-2" xlink:from="lab_Footnote-2_6"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_3" xlink:label="lab_Footnote-3_3"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_3"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-1_4" xlink:label="lab_Footnote-1_4"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-1" xlink:from="lab_Footnote-1_4"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_7" xlink:label="lab_Footnote-2_7"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-2" xlink:from="lab_Footnote-2_7"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_8" xlink:label="lab_Footnote-2_8"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-2" xlink:from="lab_Footnote-2_8"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_4" xlink:label="lab_Footnote-3_4"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_4"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-1_5" xlink:label="lab_Footnote-1_5"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-1" xlink:from="lab_Footnote-1_5"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_9" xlink:label="lab_Footnote-2_9"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-2" xlink:from="lab_Footnote-2_9"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_10" xlink:label="lab_Footnote-2_10"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-2" xlink:from="lab_Footnote-2_10"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_5" xlink:label="lab_Footnote-3_5"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_5"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-1_6" xlink:label="lab_Footnote-1_6"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-1" xlink:from="lab_Footnote-1_6"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_11" xlink:label="lab_Footnote-2_11"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-2" xlink:from="lab_Footnote-2_11"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_12" xlink:label="lab_Footnote-2_12"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-2" xlink:from="lab_Footnote-2_12"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-3_6" xlink:label="lab_Footnote-3_6"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-3" xlink:from="lab_Footnote-3_6"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-4_1" xlink:label="lab_Footnote-4_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-4" xlink:from="lab_Footnote-4_1"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-4_2" xlink:label="lab_Footnote-4_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-4" xlink:from="lab_Footnote-4_2"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-4_3" xlink:label="lab_Footnote-4_3"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-4" xlink:from="lab_Footnote-4_3"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-4_4" xlink:label="lab_Footnote-4_4"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-4" xlink:from="lab_Footnote-4_4"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-4_5" xlink:label="lab_Footnote-4_5"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-4" xlink:from="lab_Footnote-4_5"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-4_6" xlink:label="lab_Footnote-4_6"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-4" xlink:from="lab_Footnote-4_6"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_1" xlink:label="lab_Footnote-5_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_1"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_2" xlink:label="lab_Footnote-5_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_2"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_3" xlink:label="lab_Footnote-5_3"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_3"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_4" xlink:label="lab_Footnote-5_4"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_4"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_5" xlink:label="lab_Footnote-5_5"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_5"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_6" xlink:label="lab_Footnote-5_6"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_6"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_7" xlink:label="lab_Footnote-5_7"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_7"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_8" xlink:label="lab_Footnote-5_8"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_8"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_9" xlink:label="lab_Footnote-5_9"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_9"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_10" xlink:label="lab_Footnote-5_10"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_10"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_11" xlink:label="lab_Footnote-5_11"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_11"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_12" xlink:label="lab_Footnote-5_12"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_12"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_13" xlink:label="lab_Footnote-5_13"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_13"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_14" xlink:label="lab_Footnote-5_14"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_14"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_15" xlink:label="lab_Footnote-5_15"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_15"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-5_16" xlink:label="lab_Footnote-5_16"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" order="1.0" xlink:to="Footnote-5" xlink:from="lab_Footnote-5_16"/>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-1">The Class A notes are senior, sequential pay, fixed rate notes.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-2">The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. We have retained the Class B notes.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-3">The trust certificate issued by the trust and the beneficial ownership of the trust are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificate, we are entitled to receive any remaining amounts in the trust after the Class A notes and Class B notes have been paid in full.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-4">All management fees and independent director fees are fully expensed in the period in which they are incurred.</link:footnote>
<link:footnote xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US" xlink:label="Footnote-5">Vesting period is one year from grant date.</link:footnote>
<link:footnote xlink:type="resource" xlink:label="Footnote-6" xlink:role="http://www.xbrl.org/2003/role/footnote" xml:lang="en-US">Mortgage loans includes $179,808 and $127,559 of loans at June 30, 2015 and December 31, 2014, respectively, transferred to securitization trusts that are variable interest entities ("VIEs"); these loans can only be used to settle obligations of the VIEs. Secured 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.). See Note 8-Debt.</link:footnote>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_1" xlink:label="lab_Footnote-6_1"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="lab_Footnote-6_1" xlink:to="Footnote-6" order="1.0"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_2" xlink:label="lab_Footnote-6_2"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="lab_Footnote-6_2" xlink:to="Footnote-6" order="1.0"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_3" xlink:label="lab_Footnote-6_3"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="lab_Footnote-6_3" xlink:to="Footnote-6" order="1.0"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-6_4" xlink:label="lab_Footnote-6_4"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="lab_Footnote-6_4" xlink:to="Footnote-6" order="1.0"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-1_7" xlink:label="lab_Footnote-1_7"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="lab_Footnote-1_7" xlink:to="Footnote-1" order="1.0"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-1_8" xlink:label="lab_Footnote-1_8"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="lab_Footnote-1_8" xlink:to="Footnote-1" order="1.0"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-1_9" xlink:label="lab_Footnote-1_9"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="lab_Footnote-1_9" xlink:to="Footnote-1" order="1.0"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_13" xlink:label="lab_Footnote-2_13"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="lab_Footnote-2_13" xlink:to="Footnote-2" order="1.0"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_14" xlink:label="lab_Footnote-2_14"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="lab_Footnote-2_14" xlink:to="Footnote-2" order="1.0"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_15" xlink:label="lab_Footnote-2_15"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="lab_Footnote-2_15" xlink:to="Footnote-2" order="1.0"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_16" xlink:label="lab_Footnote-2_16"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="lab_Footnote-2_16" xlink:to="Footnote-2" order="1.0"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_17" xlink:label="lab_Footnote-2_17"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="lab_Footnote-2_17" xlink:to="Footnote-2" order="1.0"/>
<link:loc xlink:type="locator" xlink:href="#Footnote-2_18" xlink:label="lab_Footnote-2_18"/>
<link:footnoteArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/fact-footnote" xlink:from="lab_Footnote-2_18" xlink:to="Footnote-2" order="1.0"/>
</link:footnoteLink>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition contextRef="Context_As_Of_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">393657000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference contextRef="Context_As_Of_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">173502000</us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition contextRef="Context_As_Of_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">220155000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferAccretableYield contextRef="Context_As_Of_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">-60495000</us-gaap:CertainLoansAcquiredInTransferAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue contextRef="Context_As_Of_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">159660000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition contextRef="Context_As_Of_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">257790000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference contextRef="Context_As_Of_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">184096000</us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition contextRef="Context_As_Of_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">73694000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferAccretableYield contextRef="Context_As_Of_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">-22071000</us-gaap:CertainLoansAcquiredInTransferAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue contextRef="Context_As_Of_30_Jan_2014T00_00_00_TO_31_Dec_2014T00_00_00_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">51623000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue>
<xbrli:context id="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_ThreeMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="ajx:ReportingPeriodAxis">ajx:ThreeMonthsEndedMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:instant>2015-06-30</xbrli:instant></xbrli:period></xbrli:context>
	<xbrli:context id="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_ThreeMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="ajx:ReportingPeriodAxis">ajx:ThreeMonthsEndedMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:NonperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:instant>2015-06-30</xbrli:instant></xbrli:period></xbrli:context>
	<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_ThreeMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">332571000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_ThreeMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">132557000</us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_ThreeMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">200014000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferAccretableYield contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_ThreeMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">-49626000</us-gaap:CertainLoansAcquiredInTransferAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_ThreeMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">150388000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_ThreeMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">31827000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_ThreeMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">18598000</us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_ThreeMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">13229000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferAccretableYield contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_ThreeMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">-4185000</us-gaap:CertainLoansAcquiredInTransferAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_ThreeMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">9044000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue>
<xbrli:context id="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_SixMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="ajx:ReportingPeriodAxis">ajx:SixMonthsEndedMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:ReperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:instant>2015-06-30</xbrli:instant></xbrli:period></xbrli:context>
	<xbrli:context id="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_SixMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="ajx:ReportingPeriodAxis">ajx:SixMonthsEndedMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:MortgageLoansOnRealEstateDescriptionLoanCategoryAxis">ajx:NonperformingMortgageLoansOnRealEstateMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:instant>2015-06-30</xbrli:instant></xbrli:period></xbrli:context>
	<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_SixMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">486603000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_SixMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">198704000</us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_SixMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">287899000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferAccretableYield contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_SixMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">-73680000</us-gaap:CertainLoansAcquiredInTransferAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_SixMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">214219000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_SixMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">65675000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_SixMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">38317000</us-gaap:CertainLoansAcquiredInTransferNonaccretableDifference>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_SixMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">27358000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition>
<us-gaap:CertainLoansAcquiredInTransferAccretableYield contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_SixMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">-8038000</us-gaap:CertainLoansAcquiredInTransferAccretableYield>
<us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue contextRef="Context_As_Of_30-Jun-2015T00_00_00_ReportingPeriodAxis_SixMonthsEndedMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_NonperformingMortgageLoansOnRealEstateMember" unitRef="USD" decimals="-3">19320000</us-gaap:CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue>
<ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="0">50000</ajx:ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount>
<us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 contextRef="Context_Custom_01_Feb_2015T00_00_00_TO_28_Feb_2015T00_00_00_PlanNameAxis_LongTermIncentivePlanMember_SaleOfStockAxis_IPOMember">P1Y</us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1>
<xbrli:context id="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member_DebtInstrumentAxis_ClassNotesMember_LongtermDebtTypeAxis_MortgagesMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2014Member</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassNotesMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2015-01-01</xbrli:startDate><xbrli:endDate>2015-06-30</xbrli:endDate></xbrli:period></xbrli:context>
	<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member_DebtInstrumentAxis_ClassNotesMember_LongtermDebtTypeAxis_MortgagesMember" id="Footnote-1_7">2057</ajx:DebtInstrumentMaturityYear>
<xbrli:context id="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member_DebtInstrumentAxis_ClassB1NotesMember_LongtermDebtTypeAxis_MortgagesMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2014Member</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassB1NotesMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2015-01-01</xbrli:startDate><xbrli:endDate>2015-06-30</xbrli:endDate></xbrli:period></xbrli:context>
	<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member_DebtInstrumentAxis_ClassB1NotesMember_LongtermDebtTypeAxis_MortgagesMember" id="Footnote-2_13">2057</ajx:DebtInstrumentMaturityYear>
<xbrli:context id="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member_DebtInstrumentAxis_ClassB2NotesMember_LongtermDebtTypeAxis_MortgagesMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2014Member</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassB2NotesMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2015-01-01</xbrli:startDate><xbrli:endDate>2015-06-30</xbrli:endDate></xbrli:period></xbrli:context>
	<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrustA2014Member_DebtInstrumentAxis_ClassB2NotesMember_LongtermDebtTypeAxis_MortgagesMember" id="Footnote-2_16">2057</ajx:DebtInstrumentMaturityYear>
<xbrli:context id="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember_LongtermDebtTypeAxis_MortgagesMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassNotesMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2014BMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2015-01-01</xbrli:startDate><xbrli:endDate>2015-06-30</xbrli:endDate></xbrli:period></xbrli:context>
	<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_DebtInstrumentAxis_ClassNotesMember_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember_LongtermDebtTypeAxis_MortgagesMember" id="Footnote-1_8">2054</ajx:DebtInstrumentMaturityYear>
<xbrli:context id="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember_DebtInstrumentAxis_ClassB1NotesMember_LongtermDebtTypeAxis_MortgagesMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2014BMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassB1NotesMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2015-01-01</xbrli:startDate><xbrli:endDate>2015-06-30</xbrli:endDate></xbrli:period></xbrli:context>
	<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember_DebtInstrumentAxis_ClassB1NotesMember_LongtermDebtTypeAxis_MortgagesMember" id="Footnote-2_14">2054</ajx:DebtInstrumentMaturityYear>
<xbrli:context id="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember_DebtInstrumentAxis_ClassB2NotesMember_LongtermDebtTypeAxis_MortgagesMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrust2014BMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassB2NotesMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2015-01-01</xbrli:startDate><xbrli:endDate>2015-06-30</xbrli:endDate></xbrli:period></xbrli:context>
	<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrust2014BMember_DebtInstrumentAxis_ClassB2NotesMember_LongtermDebtTypeAxis_MortgagesMember" id="Footnote-2_17">2054</ajx:DebtInstrumentMaturityYear>
<xbrli:context id="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member_DebtInstrumentAxis_ClassNotesMember_LongtermDebtTypeAxis_MortgagesMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2015Member</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassNotesMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2015-01-01</xbrli:startDate><xbrli:endDate>2015-06-30</xbrli:endDate></xbrli:period></xbrli:context>
	<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member_DebtInstrumentAxis_ClassNotesMember_LongtermDebtTypeAxis_MortgagesMember" id="Footnote-1_9">2054</ajx:DebtInstrumentMaturityYear>
<xbrli:context id="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member_DebtInstrumentAxis_ClassB1NotesMember_LongtermDebtTypeAxis_MortgagesMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2015Member</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassB1NotesMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2015-01-01</xbrli:startDate><xbrli:endDate>2015-06-30</xbrli:endDate></xbrli:period></xbrli:context>
	<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member_DebtInstrumentAxis_ClassB1NotesMember_LongtermDebtTypeAxis_MortgagesMember" id="Footnote-2_15">2054</ajx:DebtInstrumentMaturityYear>
<xbrli:context id="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member_DebtInstrumentAxis_ClassB2NotesMember_LongtermDebtTypeAxis_MortgagesMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="dei:LegalEntityAxis">ajx:AjaxMortgageLoanTrustA2015Member</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:DebtInstrumentAxis">ajx:ClassB2NotesMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:LongtermDebtTypeAxis">us-gaap:MortgagesMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2015-01-01</xbrli:startDate><xbrli:endDate>2015-06-30</xbrli:endDate></xbrli:period></xbrli:context>
	<ajx:DebtInstrumentMaturityYear contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_LegalEntityAxis_AjaxMortgageLoanTrustA2015Member_DebtInstrumentAxis_ClassB2NotesMember_LongtermDebtTypeAxis_MortgagesMember" id="Footnote-2_18">2054</ajx:DebtInstrumentMaturityYear>
<xbrli:context id="Context_As_Of_12-Aug-2015T00_00_00"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier></xbrli:entity><xbrli:period><xbrli:instant>2015-08-12</xbrli:instant></xbrli:period></xbrli:context>
	<dei:EntityCommonStockSharesOutstanding contextRef="Context_As_Of_12-Aug-2015T00_00_00" unitRef="shares" decimals="INF">15909634</dei:EntityCommonStockSharesOutstanding>
<ajx:TransferOfRentalPropertyToPropertyHeldForSale contextRef="Context_6ME_01_Jan_2015T00_00_00_TO_30_Jun_2015T00_00_00" unitRef="USD" decimals="-3">168000</ajx:TransferOfRentalPropertyToPropertyHeldForSale>

<ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseNumber contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_PurchaseCommitmentExcludingLongtermCommitmentAxis_PurchaseCommitmentMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_SingleAndOneToFourFamilyResidencesMember" unitRef="Loan" decimals="INF">158</ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseNumber>
<ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance contextRef="Context_As_Of_30-Jun-2015T00_00_00_PurchaseCommitmentExcludingLongtermCommitmentAxis_PurchaseCommitmentMember_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_ReperformingMortgageLoansOnRealEstateMember_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_SingleAndOneToFourFamilyResidencesMember" unitRef="USD" decimals="-5">46800000</ajx:MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance>
<xbrli:context id="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember_AgreementAxis_ManagementAgreementMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:ThetisAssetManagementLlcMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:ManagementAgreementMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2015-01-01</xbrli:startDate><xbrli:endDate>2015-06-30</xbrli:endDate></xbrli:period></xbrli:context>
	<xbrli:context id="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_RangeAxis_MinimumMember_AgreementAxis_ServicingAgreementMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:GregoryFundingLlcMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MinimumMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:ServicingAgreementMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2015-01-01</xbrli:startDate><xbrli:endDate>2015-06-30</xbrli:endDate></xbrli:period></xbrli:context>
	<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_RangeAxis_MinimumMember_AgreementAxis_ServicingAgreementMember" unitRef="pure" decimals="4">0.0065</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<xbrli:context id="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_RangeAxis_MaximumMember_AgreementAxis_ServicingAgreementMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:RelatedPartyTransactionsByRelatedPartyAxis">ajx:GregoryFundingLlcMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:ServicingAgreementMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2015-01-01</xbrli:startDate><xbrli:endDate>2015-06-30</xbrli:endDate></xbrli:period></xbrli:context>
	<ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan contextRef="Context_6ME_01-Jan-2015T00_00_00_TO_30-Jun-2015T00_00_00_RelatedPartyTransactionsByRelatedPartyAxis_GregoryFundingLlcMember_RangeAxis_MaximumMember_AgreementAxis_ServicingAgreementMember" unitRef="pure" decimals="4">0.0125</ajx:ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan>
<ajx:PercentageOfBaseManagementFee contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_AgreementAxis_ManagementAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="pure" decimals="3">0.015</ajx:PercentageOfBaseManagementFee>
<ajx:PercentageOfBaseManagementFeePayableInShares contextRef="Context_Custom_01_Jul_2014T00_00_00_TO_08_Jul_2014T00_00_00_AgreementAxis_ManagementAgreementMember_RelatedPartyTransactionsByRelatedPartyAxis_ThetisAssetManagementLlcMember" unitRef="pure" decimals="2">0.50</ajx:PercentageOfBaseManagementFeePayableInShares>
<xbrli:context id="Context_0ME_01-Jul-2014T00_00_00_TO_08-Jul-2014T00_00_00_RangeAxis_MaximumMember_AgreementAxis_ServicingAgreementMember"><xbrli:entity><xbrli:identifier scheme="http://www.sec.gov/CIK">0001614806</xbrli:identifier><xbrli:segment><xbrldi:explicitMember dimension="us-gaap:RangeAxis">us-gaap:MaximumMember</xbrldi:explicitMember><xbrldi:explicitMember dimension="ajx:AgreementAxis">ajx:ServicingAgreementMember</xbrldi:explicitMember></xbrli:segment></xbrli:entity><xbrli:period><xbrli:startDate>2014-07-01</xbrli:startDate><xbrli:endDate>2014-07-08</xbrli:endDate></xbrli:period></xbrli:context>
	</xbrli:xbrl>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>7
<FILENAME>ajx-20150630.xsd
<DESCRIPTION>XBRL SCHEMA FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<!--XBRL Document Modified with Ez-Editor Version 1.3.0.4 on Thursday, August 13, 2015 04:16:56 PM -->
<schema targetNamespace="http://www.great-ajax.com/20150630" elementFormDefault="qualified" xmlns:ajx="http://www.great-ajax.com/20150630" xmlns="http://www.w3.org/2001/XMLSchema" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xl="http://www.xbrl.org/2003/XLink" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:negated="http://www.xbrl.org/2009/role/negated" xmlns:us-gaap="http://fasb.org/us-gaap/2015-01-31" xmlns:us-gaap-att="http://fasb.org/us-gaap/attributes" xmlns:country="http://xbrl.sec.gov/country/2013-01-31" xmlns:currency="http://xbrl.sec.gov/currency/2014-01-31" xmlns:dei="http://xbrl.sec.gov/dei/2014-01-31" xmlns:exch="http://xbrl.sec.gov/exch/2015-01-31" xmlns:invest="http://xbrl.sec.gov/invest/2013-01-31" xmlns:naics="http://xbrl.sec.gov/naics/2011-01-31" xmlns:sic="http://xbrl.sec.gov/sic/2011-01-31" xmlns:us-types="http://fasb.org/us-types/2015-01-31" xmlns:stpr="http://xbrl.sec.gov/stpr/2011-01-31" xmlns:ref="http://www.xbrl.org/2006/ref" xmlns:deprecated="http://www.xbrl.org/2009/arcrole/fact-explanatoryFact" xmlns:nonnum="http://www.xbrl.org/dtr/type/non-numeric" xmlns:num="http://www.xbrl.org/dtr/type/numeric">
<annotation><appinfo>
<link:roleType roleURI="http://www.great-ajax.com/role/DocumentAndEntityInformation" id="DocumentAndEntityInformation">
<link:definition>001 - Document - Document and Entity Information</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/ConsolidatedBalanceSheets" id="ConsolidatedBalanceSheets">
<link:definition>002 - Statement - CONSOLIDATED BALANCE SHEETS</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/ConsolidatedBalanceSheetsParentheticals" id="ConsolidatedBalanceSheetsParentheticals">
<link:definition>003 - Statement - CONSOLIDATED BALANCE SHEETS (Parentheticals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/ConsolidatedStatementOfIncomeUnaudited" id="ConsolidatedStatementOfIncomeUnaudited">
<link:definition>004 - Statement - CONSOLIDATED STATEMENTS OF INCOME (Unaudited)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/ConsolidatedStatementOfCashFlowsUnaudited" id="ConsolidatedStatementOfCashFlowsUnaudited">
<link:definition>005 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/ConsolidatedStatementsOfChangesInEquityUnaudited" id="ConsolidatedStatementsOfChangesInEquityUnaudited">
<link:definition>006 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/OrganizationAndBasisOfPresentation" id="OrganizationAndBasisOfPresentation">
<link:definition>007 - Disclosure - Organization and basis of presentation</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/SummaryOfSignificantAccountingPolicies" id="SummaryOfSignificantAccountingPolicies">
<link:definition>008 - Disclosure - Summary of significant accounting policies</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/MortgageLoans" id="MortgageLoans">
<link:definition>009 - Disclosure - Mortgage loans</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/RealEstateAssetsNet" id="RealEstateAssetsNet">
<link:definition>010 - Disclosure - Real estate assets, net</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/FairValueOfFinancialInstruments" id="FairValueOfFinancialInstruments">
<link:definition>011 - Disclosure - Fair value of financial instruments</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/UnconsolidatedAffiliates" id="UnconsolidatedAffiliates">
<link:definition>012 - Disclosure - Unconsolidated affiliates</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/CommitmentsAndContingencies" id="CommitmentsAndContingencies">
<link:definition>013 - Disclosure - Commitments and contingencies</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/Debt" id="Debt">
<link:definition>014 - Disclosure - Debt</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/RelatedPartyTransactions" id="RelatedPartyTransactions">
<link:definition>015 - Disclosure - Related party transactions</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFees" id="StockBasedPaymentsAndDirectorFees">
<link:definition>016 - Disclosure - Stock based payments and director fees</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/IncomeTaxes" id="IncomeTaxes">
<link:definition>017 - Disclosure - Income taxes</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/EarningsPerShare" id="EarningsPerShare">
<link:definition>018 - Disclosure - Earnings per share</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/SubsequentEvents" id="SubsequentEvents">
<link:definition>019 - Disclosure - Subsequent events</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/SummaryofsignificantaccountingpoliciesPolicies" id="SummaryofsignificantaccountingpoliciesPolicies">
<link:definition>020 - Disclosure - Summary of significant accounting policies (Policies)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/MortgageloansTables" id="MortgageloansTables">
<link:definition>021 - Disclosure - Mortgage loans (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsTables" id="FairvalueoffinancialinstrumentsTables">
<link:definition>022 - Disclosure - Fair value of financial instruments (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/DebtTables" id="DebtTables">
<link:definition>023 - Disclosure - Debt (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/RelatedpartytransactionsTables" id="RelatedpartytransactionsTables">
<link:definition>024 - Disclosure - Related party transactions (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesTables" id="StockbasedpaymentsanddirectorfeesTables">
<link:definition>025 - Disclosure - Stock based payments and director fees (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/EarningspershareTables" id="EarningspershareTables">
<link:definition>026 - Disclosure - Earnings per share (Tables)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/Organizationandbasisofpresentationdetailstextuals" id="Organizationandbasisofpresentationdetailstextuals">
<link:definition>027 - Disclosure - Organization and basis of presentation (Details Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/SummaryOfSignificantAccountingPoliciesDetailsTextuals" id="SummaryOfSignificantAccountingPoliciesDetailsTextuals">
<link:definition>028 - Disclosure - Summary of significant accounting policies (Details Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/MortgageLoansDetails" id="MortgageLoansDetails">
<link:definition>029 - Disclosure - Mortgage loans (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/Mortgageloansdetails1" id="Mortgageloansdetails1">
<link:definition>030 - Disclosure - Mortgage loans (Details 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/MortgageLoansDetails2" id="MortgageLoansDetails2">
<link:definition>031 - Disclosure - Mortgage loans (Details 2)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/Mortgageloansdetailstextuals" id="Mortgageloansdetailstextuals">
<link:definition>032 - Disclosure - Mortgage loans (Details Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/RealEstateAssetsNetDetailsTextuals" id="RealEstateAssetsNetDetailsTextuals">
<link:definition>033 - Disclosure - Real estate assets, net (Details Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsDetails" id="FairvalueoffinancialinstrumentsDetails">
<link:definition>034 - Disclosure - Fair value of financial instruments (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsDetails1" id="FairvalueoffinancialinstrumentsDetails1">
<link:definition>035 - Disclosure - Fair value of financial instruments (Details 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/Unconsolidatedaffiliatesdetailstextuals" id="Unconsolidatedaffiliatesdetailstextuals">
<link:definition>036 - Disclosure - Unconsolidated affiliates (Details Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/Commitmentsandcontingenciesdetailtextuals" id="Commitmentsandcontingenciesdetailtextuals">
<link:definition>037 - Disclosure - Commitments and contingencies (Detail Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/DebtDetails" id="DebtDetails">
<link:definition>038 - Disclosure - Debt (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/DebtDetails1" id="DebtDetails1">
<link:definition>039 - Disclosure - Debt (Details 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/DebtDetails2" id="DebtDetails2">
<link:definition>040 - Disclosure - Debt (Details 2)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/DebtDetailsTextuals" id="DebtDetailsTextuals">
<link:definition>041 - Disclosure - Debt (Details Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/RelatedpartytransactionsDetails" id="RelatedpartytransactionsDetails">
<link:definition>042 - Disclosure - Related party transactions (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/RelatedPartyTransactionsDetailsTextuals" id="RelatedPartyTransactionsDetailsTextuals">
<link:definition>043 - Disclosure - Related party transactions (Details Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails" id="StockbasedpaymentsanddirectorfeesDetails">
<link:definition>044 - Disclosure - Stock based payments and director fees (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails1" id="StockbasedpaymentsanddirectorfeesDetails1">
<link:definition>045 - Disclosure - Stock based payments and director fees (Details 1)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFeesDetailsTextuals" id="StockBasedPaymentsAndDirectorFeesDetailsTextuals">
<link:definition>046 - Disclosure - Stock based payments and director fees (Details Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/IncomeTaxesDetailsTextuals" id="IncomeTaxesDetailsTextuals">
<link:definition>047 - Disclosure - Income taxes (Details Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/EarningspershareDetails" id="EarningspershareDetails">
<link:definition>048 - Disclosure - Earnings per share (Details)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:roleType roleURI="http://www.great-ajax.com/role/SubsequentEventsDetailsTextuals" id="SubsequentEventsDetailsTextuals">
<link:definition>049 - Disclosure - Subsequent events (Details Textuals)</link:definition>
<link:usedOn>link:presentationLink</link:usedOn>
<link:usedOn>link:definitionLink</link:usedOn>
<link:usedOn>link:calculationLink</link:usedOn>
</link:roleType>
<link:linkbaseRef xlink:type="simple" xlink:href="ajx-20150630_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase"/>
<link:linkbaseRef xlink:type="simple" xlink:href="ajx-20150630_def.xml" xlink:role="http://www.xbrl.org/2003/role/definitionLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase"/>
<link:linkbaseRef xlink:type="simple" xlink:href="ajx-20150630_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase"/>
<link:linkbaseRef xlink:type="simple" xlink:href="ajx-20150630_cal.xml" xlink:role="http://www.xbrl.org/2003/role/calculationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase"/>
</appinfo></annotation>
<import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd"/>
<import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd"/>
<import namespace="http://xbrl.org/2005/xbrldt" schemaLocation="http://www.xbrl.org/2005/xbrldt-2005.xsd"/>
<import namespace="http://fasb.org/us-gaap/2015-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd"/>
<import namespace="http://xbrl.sec.gov/invest/2013-01-31" schemaLocation="http://xbrl.sec.gov/invest/2013/invest-2013-01-31.xsd"/>
<import namespace="http://xbrl.sec.gov/country/2013-01-31" schemaLocation="http://xbrl.sec.gov/country/2013/country-2013-01-31.xsd"/>
<import namespace="http://xbrl.sec.gov/currency/2014-01-31" schemaLocation="http://xbrl.sec.gov/currency/2014/currency-2014-01-31.xsd"/>
<import namespace="http://xbrl.sec.gov/exch/2015-01-31" schemaLocation="http://xbrl.sec.gov/exch/2015/exch-2015-01-31.xsd"/>
<import namespace="http://xbrl.sec.gov/naics/2011-01-31" schemaLocation="http://xbrl.sec.gov/naics/2011/naics-2011-01-31.xsd"/>
<import namespace="http://xbrl.sec.gov/sic/2011-01-31" schemaLocation="http://xbrl.sec.gov/sic/2011/sic-2011-01-31.xsd"/>
<import namespace="http://xbrl.sec.gov/stpr/2011-01-31" schemaLocation="http://xbrl.sec.gov/stpr/2011/stpr-2011-01-31.xsd"/>
<import namespace="http://www.xbrl.org/2009/role/negated" schemaLocation="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd"/>
<import namespace="http://www.xbrl.org/2009/role/net" schemaLocation="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd"/>
<import namespace="http://www.xbrl.org/2009/arcrole/fact-explanatoryFact" schemaLocation="http://www.xbrl.org/lrr/arcrole/factExplanatory-2009-12-16.xsd"/>
<import namespace="http://xbrl.sec.gov/dei/2014-01-31" schemaLocation="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd"/>
<import namespace="http://www.xbrl.org/dtr/type/numeric" schemaLocation="http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd"/>
<import namespace="http://www.xbrl.org/dtr/type/non-numeric" schemaLocation="http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd"/>
<import namespace="http://fasb.org/us-types/2015-01-31" schemaLocation="http://xbrl.fasb.org/us-gaap/2015/elts/us-types-2015-01-31.xsd"/>
<element name="DocumentAndEntityInformationAbstract" id="ajx_DocumentAndEntityInformationAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ReceivableFromServicer" id="ajx_ReceivableFromServicer" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RelatedPartyManagementFeeExpense" id="ajx_RelatedPartyManagementFeeExpense" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RelatedPartyLoanServicingFeeExpense" id="ajx_RelatedPartyLoanServicingFeeExpense" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ShareBasedManagementFeeAndCompensationExpense" id="ajx_ShareBasedManagementFeeAndCompensationExpense" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NonCashInterestIncomeAccretion" id="ajx_NonCashInterestIncomeAccretion" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IncreaseDecreaseInReceivableFromServicer" id="ajx_IncreaseDecreaseInReceivableFromServicer" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" id="ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DistributionFromAffiliate" id="ajx_DistributionFromAffiliate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" id="ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RepaymentsOnRepurchaseAgreement" id="ajx_RepaymentsOnRepurchaseAgreement" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TransferOfLoansToRentalPropertyOrPropertyHeldForSale" id="ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee" id="ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MortgageLoansAbstract" id="ajx_MortgageLoansAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MortgageLoansTextBlock" id="ajx_MortgageLoansTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OrganizationalExpensesPolicyTextBlock" id="ajx_OrganizationalExpensesPolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OfferingCostsPolicyTextBlock" id="ajx_OfferingCostsPolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DirectorsFeesPolicyTextBlock" id="ajx_DirectorsFeesPolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ServicingFeesPolicyTextBlock" id="ajx_ServicingFeesPolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ResidentialPropertiesPolicyTextBlock" id="ajx_ResidentialPropertiesPolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="EmergingGrowthCompanyPolicyTextBlock" id="ajx_EmergingGrowthCompanyPolicyTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock" id="ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AccretableYieldTableTextBlock" id="ajx_AccretableYieldTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ScheduleOfDebtSecuritizationTableTextBlock" id="ajx_ScheduleOfDebtSecuritizationTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="StatusOfMortgageLoansTableTextBlock" id="ajx_StatusOfMortgageLoansTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="StockBasedManagementFeesAndDirectorFeesTableTextBlock" id="ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock" type="nonnum:textBlockItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OrganizationAndBasisOfPresentationTable" id="ajx_OrganizationAndBasisOfPresentationTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem"/>
<element name="SaleOfStockAxis" id="ajx_SaleOfStockAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem"/>
<element name="SecondPrivatePlacementMember" id="ajx_SecondPrivatePlacementMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ThetisAssetManagementLlcMember" id="ajx_ThetisAssetManagementLlcMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="LittleAjaxIiLlcMember" id="ajx_LittleAjaxIiLlcMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="GregoryFundingLlcMember" id="ajx_GregoryFundingLlcMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="OrganizationAndBasisOfPresentationLineItems" id="ajx_OrganizationAndBasisOfPresentationLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RedemptionOfOwnership" id="ajx_RedemptionOfOwnership" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfAdditionalSharesClosedForSale" id="ajx_NumberOfAdditionalSharesClosedForSale" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfOperatingUnitsClosedForSale" id="ajx_NumberOfOperatingUnitsClosedForSale" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PurchasePricePerShareAndPerOperatingPartnershipUnit" id="ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit" type="num:perShareItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfRemainingPartnershipInterest" id="ajx_PercentageOfRemainingPartnershipInterest" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AggregatePurchasePriceOfRealEstateAssets" id="ajx_AggregatePurchasePriceOfRealEstateAssets" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfLoans" id="ajx_NumberOfLoans" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="StockIssuedDuringPeriodSharesNewIssuesByCompany" id="ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders" id="ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfOutstandingOperatingPartnershipUnitsOwned" id="ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder" id="ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SummaryOfSignificantAccountingPoliciesTable" id="ajx_SummaryOfSignificantAccountingPoliciesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem"/>
<element name="DirectorEquityPlan2014Member" id="ajx_DirectorEquityPlan2014Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AgreementAxis" id="ajx_AgreementAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem"/>
<element name="AgreementDomain" id="ajx_AgreementDomain" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ServicingAgreementMember" id="ajx_ServicingAgreementMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SummaryOfSignificantAccountingPoliciesLineItems" id="ajx_SummaryOfSignificantAccountingPoliciesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" id="ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount" id="ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="UnpaidPrincipalBalanceOnMortgageRealEstateLoans" id="ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="LoanPercentageOfBeneficialInterestThroughAffiliate" id="ajx_LoanPercentageOfBeneficialInterestThroughAffiliate" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ReperformingMortgageLoansOnRealEstateMember" id="ajx_ReperformingMortgageLoansOnRealEstateMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NonperformingMortgageLoansOnRealEstateMember" id="ajx_NonperformingMortgageLoansOnRealEstateMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>




<element name="FinancingReceivablesCurrentPastDueMember" id="ajx_FinancingReceivablesCurrentPastDueMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FinancingReceivablesForeclosurePastDueMember" id="ajx_FinancingReceivablesForeclosurePastDueMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DueDiligenceCostOnMortgageLoan" id="ajx_DueDiligenceCostOnMortgageLoan" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfRealEstatePropertiesHeldForRental" id="ajx_NumberOfRealEstatePropertiesHeldForRental" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="CarryingValueOfReoProperties" id="ajx_CarryingValueOfReoProperties" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfHeldForSaleResidentialPropertiesDisposedOf" id="ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FairValueInputsCostOfDebtRate" id="ajx_FairValueInputsCostOfDebtRate" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="FairValueInputsLoanResolutionTimelinesRate" id="ajx_FairValueInputsLoanResolutionTimelinesRate" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="UnconsolidatedAffiliatesTable" id="ajx_UnconsolidatedAffiliatesTable" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:hypercubeItem"/>
<element name="DelawareTrustGaE201412Member" id="ajx_DelawareTrustGaE201412Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="UnconsolidatedAffiliatesLineItems" id="ajx_UnconsolidatedAffiliatesLineItems" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SingleAndOneToFourFamilyResidencesMember" id="ajx_SingleAndOneToFourFamilyResidencesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice" id="ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RepurchaseAgreementMember" id="ajx_RepurchaseAgreementMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DebtInstrumentMaximumBorrowingCapacity" id="ajx_DebtInstrumentMaximumBorrowingCapacity" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ClassNotesMember" id="ajx_ClassNotesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ClassB1NotesMember" id="ajx_ClassB1NotesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ClassB2NotesMember" id="ajx_ClassB2NotesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TrustCertificateMember" id="ajx_TrustCertificateMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AjaxMortgageLoanTrustA2014Member" id="ajx_AjaxMortgageLoanTrustA2014Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AjaxMortgageLoanTrust2014BMember" id="ajx_AjaxMortgageLoanTrust2014BMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AjaxMortgageLoanTrustA2015Member" id="ajx_AjaxMortgageLoanTrustA2015Member" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DebtInstrumentMaturityYear" id="ajx_DebtInstrumentMaturityYear" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate" id="ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="BondPrincipalBalanceAtCutoffDate" id="ajx_BondPrincipalBalanceAtCutoffDate" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="instant" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfGuarantorsBeneficialInterest" id="ajx_PercentageOfGuarantorsBeneficialInterest" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfPurchasePriceForEachMortgageLoan" id="ajx_PercentageOfPurchasePriceForEachMortgageLoan" type="num:percentItemType" abstract="false" xbrli:periodType="instant" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo" id="ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="AspenYoLlcMember" id="ajx_AspenYoLlcMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ManagementFeeMember" id="ajx_ManagementFeeMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="LoanServicingFeesMember" id="ajx_LoanServicingFeesMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="LoanTransactionExpenseMember" id="ajx_LoanTransactionExpenseMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ProfessionalFeeMember" id="ajx_ProfessionalFeeMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DueDiligenceAndRelatedLoanAcquisitionCosts" id="ajx_DueDiligenceAndRelatedLoanAcquisitionCosts" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ManagementAgreementMember" id="ajx_ManagementAgreementMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TermOfAgreement" id="ajx_TermOfAgreement" type="xbrli:durationItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfBaseManagementFee" id="ajx_PercentageOfBaseManagementFee" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfBaseManagementFeePayableInShares" id="ajx_PercentageOfBaseManagementFeePayableInShares" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PercentageOfStockOwnershipLimit" id="ajx_PercentageOfStockOwnershipLimit" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DescriptionOfIncentiveManagementFeePayable" id="ajx_DescriptionOfIncentiveManagementFeePayable" type="xbrli:stringItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="TypeOfFeesAxis" id="ajx_TypeOfFeesAxis" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrldt:dimensionItem"/>
<element name="TypeOfFeesDomain" id="ajx_TypeOfFeesDomain" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IndependentDirectorFeeMember" id="ajx_IndependentDirectorFeeMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="July82014DirectorsGrantsMember" id="ajx_July82014DirectorsGrantsMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="February192015DirectorGrantMember" id="ajx_February192015DirectorGrantMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant" id="ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="debit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="LongTermIncentivePlanMember" id="ajx_LongTermIncentivePlanMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ManagementFeePercentPaidInShares" id="ajx_ManagementFeePercentPaidInShares" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="PaymentOfManagementFee" id="ajx_PaymentOfManagementFee" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfSharesIssuedInLieuOfManagementFee" id="ajx_NumberOfSharesIssuedInLieuOfManagementFee" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfDirector" id="ajx_NumberOfDirector" type="xbrli:integerItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome" id="ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome" type="num:percentItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="EarningsPerShareIncomeNumeratorAbstract" id="ajx_EarningsPerShareIncomeNumeratorAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits" id="ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="EarningsPerShareSharesDenominatorAbstract" id="ajx_EarningsPerShareSharesDenominatorAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="BasicEarningsPerShareSharesAbstract" id="ajx_BasicEarningsPerShareSharesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract" id="ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits" id="ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="RestrictedStockGrantsAndManagerAndDirectorFeeShares" id="ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="EarningsPerShareAmountAbstract" id="ajx_EarningsPerShareAmountAbstract" type="xbrli:stringItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ManagerMember" id="ajx_ManagerMember" type="nonnum:domainItemType" abstract="true" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="NumberOfSharesIssuedInPaymentOfDirectorsFees" id="ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees" type="xbrli:sharesItemType" abstract="false" xbrli:periodType="duration" nillable="true" substitutionGroup="xbrli:item"/>
<element name="SubordinatedSecuritiesIssuedDuringPeriodValue" id="ajx_SubordinatedSecuritiesIssuedDuringPeriodValue" type="xbrli:monetaryItemType" abstract="false" xbrli:periodType="duration" xbrli:balance="credit" nillable="true" substitutionGroup="xbrli:item"/>
<element name="ReportingPeriodAxis" id="ajx_ReportingPeriodAxis" type="xbrli:stringItemType" substitutionGroup="xbrldt:dimensionItem" xbrli:periodType="duration" abstract="true" nillable="true"/>
<element name="ReportingPeriodDomain" id="ajx_ReportingPeriodDomain" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="true" nillable="true"/>
<element name="ThreeMonthsEndedMember" id="ajx_ThreeMonthsEndedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="true" nillable="true"/>
<element name="SixMonthsEndedMember" id="ajx_SixMonthsEndedMember" type="nonnum:domainItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="true" nillable="true"/>
<element name="TransferOfRentalPropertyToPropertyHeldForSale" id="ajx_TransferOfRentalPropertyToPropertyHeldForSale" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="false" nillable="true" xbrli:balance="credit"/>
<element name="InvestmentsInAffiliates" id="ajx_InvestmentsInAffiliates" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="false" nillable="true" xbrli:balance="debit"/>
<element name="LoanTransactionExpense" id="ajx_LoanTransactionExpense" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="false" nillable="true" xbrli:balance="debit"/>
<element name="NumberOfRealEstatePropertiesHeldForSale" id="ajx_NumberOfRealEstatePropertiesHeldForSale" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="false" nillable="true"/>
<element name="NumberOfRealEstatePropertiesForeclosed" id="ajx_NumberOfRealEstatePropertiesForeclosed" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="false" nillable="true"/>
<element name="MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" id="ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" type="xbrli:integerItemType" substitutionGroup="xbrli:item" xbrli:periodType="duration" abstract="false" nillable="true"/>
<element name="MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" id="ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" type="xbrli:monetaryItemType" substitutionGroup="xbrli:item" xbrli:periodType="instant" abstract="false" nillable="true" xbrli:balance="debit"/>
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.CAL
<SEQUENCE>8
<FILENAME>ajx-20150630_cal.xml
<DESCRIPTION>XBRL CALCULATION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<!--XBRL Document Modified with Ez-Editor Version 1.3.0.4 on Thursday, August 13, 2015 04:16:57 PM -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#ConsolidatedBalanceSheets" roleURI="http://www.great-ajax.com/role/ConsolidatedBalanceSheets"/>
<calculationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/ConsolidatedBalanceSheets">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue" order="10" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_MortgageLoansOnRealEstate" order="20" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateHeldforsale" xlink:label="loc_us-gaap_RealEstateHeldforsale"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_RealEstateHeldforsale" order="30" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RentalProperties" xlink:label="loc_us-gaap_RentalProperties"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_RentalProperties" order="40" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReceivableFromServicer" xlink:label="loc_ajx_ReceivableFromServicer"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_ajx_ReceivableFromServicer" order="50" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_InvestmentsInAffiliates" xlink:label="loc_ajx_InvestmentsInAffiliates"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_ajx_InvestmentsInAffiliates" order="60" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssets" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssets"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Assets" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssets" order="70" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SecuredDebt" xlink:label="loc_us-gaap_SecuredDebt"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_SecuredDebt" order="10" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SecuredDebtRepurchaseAgreements" xlink:label="loc_us-gaap_SecuredDebtRepurchaseAgreements"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_SecuredDebtRepurchaseAgreements" order="20" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ManagementFeePayable" xlink:label="loc_us-gaap_ManagementFeePayable"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_ManagementFeePayable" order="30" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:label="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_Liabilities" xlink:to="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities" order="40" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_us-gaap_PreferredStockValue"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="loc_us-gaap_PreferredStockValue" order="10" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="loc_us-gaap_CommonStockValue" order="20" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="loc_us-gaap_AdditionalPaidInCapitalCommonStock" order="30" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquity" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit" order="40" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_StockholdersEquity" order="10" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinorityInterest" xlink:label="loc_us-gaap_MinorityInterest"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="loc_us-gaap_MinorityInterest" order="20" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="loc_us-gaap_Liabilities" order="10" use="optional" weight="1"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" order="20" use="optional" weight="1"/></calculationLink>




<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#ConsolidatedStatementOfIncomeUnaudited" roleURI="http://www.great-ajax.com/role/ConsolidatedStatementOfIncomeUnaudited"/>
<calculationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/ConsolidatedStatementOfIncomeUnaudited">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestIncomeExpenseNet" xlink:label="loc_us-gaap_InterestIncomeExpenseNet"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestIncomeOperating" xlink:label="loc_us-gaap_InterestIncomeOperating"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_InterestIncomeExpenseNet" xlink:to="loc_us-gaap_InterestIncomeOperating" order="10" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestExpense" xlink:label="loc_us-gaap_InterestExpense"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_InterestIncomeExpenseNet" xlink:to="loc_us-gaap_InterestExpense" order="20" use="optional" weight="-1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RevenuesNetOfInterestExpense" xlink:label="loc_us-gaap_RevenuesNetOfInterestExpense"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_RevenuesNetOfInterestExpense" xlink:to="loc_us-gaap_InterestIncomeExpenseNet" order="10" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherIncome" xlink:label="loc_us-gaap_OtherIncome"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_RevenuesNetOfInterestExpense" xlink:to="loc_us-gaap_OtherIncome" order="20" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="loc_us-gaap_OperatingExpenses"/><loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RelatedPartyManagementFeeExpense" xlink:label="loc_ajx_RelatedPartyManagementFeeExpense"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses" xlink:to="loc_ajx_RelatedPartyManagementFeeExpense" order="10" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RelatedPartyLoanServicingFeeExpense" xlink:label="loc_ajx_RelatedPartyLoanServicingFeeExpense"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses" xlink:to="loc_ajx_RelatedPartyLoanServicingFeeExpense" order="20" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LoanTransactionExpense" xlink:label="loc_ajx_LoanTransactionExpense"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses" xlink:to="loc_ajx_LoanTransactionExpense" order="30" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="loc_us-gaap_ProfessionalFees"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses" xlink:to="loc_us-gaap_ProfessionalFees" order="40" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherExpenses" xlink:label="loc_us-gaap_OtherExpenses"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_OperatingExpenses" xlink:to="loc_us-gaap_OtherExpenses" order="50" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="loc_us-gaap_RevenuesNetOfInterestExpense" order="10" use="optional" weight="1"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="loc_us-gaap_OperatingExpenses" order="20" use="optional" weight="-1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" order="10" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_ProfitLoss" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit" order="20" use="optional" weight="-1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss" xlink:to="loc_us-gaap_ProfitLoss" order="10" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetIncomeLoss" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" order="20" use="optional" weight="-1"/></calculationLink>





<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#ConsolidatedStatementOfCashFlowsUnaudited" roleURI="http://www.great-ajax.com/role/ConsolidatedStatementOfCashFlowsUnaudited"/>
<calculationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/ConsolidatedStatementOfCashFlowsUnaudited">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProfitLoss" order="10" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ShareBasedManagementFeeAndCompensationExpense" xlink:label="loc_ajx_ShareBasedManagementFeeAndCompensationExpense"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_ajx_ShareBasedManagementFeeAndCompensationExpense" order="20" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NonCashInterestIncomeAccretion" xlink:label="loc_ajx_NonCashInterestIncomeAccretion"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_ajx_NonCashInterestIncomeAccretion" order="30" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainLossOnSaleOfProperties" xlink:label="loc_us-gaap_GainLossOnSaleOfProperties"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_GainLossOnSaleOfProperties" order="40" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaap_Depreciation"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_Depreciation" order="50" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_us-gaap_AmortizationOfFinancingCosts"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_AmortizationOfFinancingCosts" order="60" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" order="70" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_IncreaseDecreaseInReceivableFromServicer" xlink:label="loc_ajx_IncreaseDecreaseInReceivableFromServicer"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_ajx_IncreaseDecreaseInReceivableFromServicer" order="80" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" xlink:label="loc_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" order="90" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" order="100" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireLoansReceivable" xlink:label="loc_us-gaap_PaymentsToAcquireLoansReceivable"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsToAcquireLoansReceivable" order="10" use="optional" weight="-1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1" xlink:label="loc_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1" order="20" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireHeldForSaleRealEstate" xlink:label="loc_us-gaap_PaymentsToAcquireHeldForSaleRealEstate"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsToAcquireHeldForSaleRealEstate" order="30" use="optional" weight="-1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyHeldForSale" xlink:label="loc_us-gaap_ProceedsFromSaleOfPropertyHeldForSale"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProceedsFromSaleOfPropertyHeldForSale" order="40" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DistributionFromAffiliate" xlink:label="loc_ajx_DistributionFromAffiliate"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_ajx_DistributionFromAffiliate" order="50" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" xlink:label="loc_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="loc_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" order="60" use="optional" weight="-1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="loc_us-gaap_RepaymentsOfLongTermDebt"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_RepaymentsOfLongTermDebt" order="10" use="optional" weight="-1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt" order="20" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RepaymentsOnRepurchaseAgreement" xlink:label="loc_ajx_RepaymentsOnRepurchaseAgreement"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_ajx_RepaymentsOnRepurchaseAgreement" order="30" use="optional" weight="-1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfSecuredDebt" xlink:label="loc_us-gaap_RepaymentsOfSecuredDebt"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_RepaymentsOfSecuredDebt" order="40" use="optional" weight="-1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering" order="50" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsOfDividendsMinorityInterest" xlink:label="loc_us-gaap_PaymentsOfDividendsMinorityInterest"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsOfDividendsMinorityInterest" order="60" use="optional" weight="-1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="loc_us-gaap_PaymentsOfDividendsCommonStock" order="70" use="optional" weight="-1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" order="10" use="optional" weight="1"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" order="20" use="optional" weight="1"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" order="30" use="optional" weight="1"/></calculationLink>



<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#MortgageLoansDetails" roleURI="http://www.great-ajax.com/role/MortgageLoansDetails"/>
<calculationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/MortgageLoansDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition" order="10" use="optional" weight="1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference"/>
<calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" order="20" use="optional" weight="-1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" order="10" use="optional" weight="1"/><loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferAccretableYield" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferAccretableYield"/><calculationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/summation-item" xlink:from="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferAccretableYield" order="20" use="optional" weight="1"/></calculationLink>

</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.DEF
<SEQUENCE>9
<FILENAME>ajx-20150630_def.xml
<DESCRIPTION>XBRL DEFINITION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<!--XBRL Document Modified with Ez-Editor Version 1.3.0.4 on Thursday, August 13, 2015 04:16:56 PM -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" xmlns:xbrldt="http://xbrl.org/2005/xbrldt">
<arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/all" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#all"/>
<arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-default"/>
<arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#dimension-domain"/>
<arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/domain-member" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#domain-member"/>
<arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#hypercube-dimension"/>
<arcroleRef arcroleURI="http://xbrl.org/int/dim/arcrole/notAll" xlink:type="simple" xlink:href="http://www.xbrl.org/2005/xbrldt-2005.xsd#notAll"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#ConsolidatedStatementsOfChangesInEquityUnaudited" roleURI="http://www.great-ajax.com/role/ConsolidatedStatementsOfChangesInEquityUnaudited"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#Organizationandbasisofpresentationdetailstextuals" roleURI="http://www.great-ajax.com/role/Organizationandbasisofpresentationdetailstextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#SummaryOfSignificantAccountingPoliciesDetailsTextuals" roleURI="http://www.great-ajax.com/role/SummaryOfSignificantAccountingPoliciesDetailsTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#MortgageLoansDetails" roleURI="http://www.great-ajax.com/role/MortgageLoansDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#Mortgageloansdetails1" roleURI="http://www.great-ajax.com/role/Mortgageloansdetails1"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#MortgageLoansDetails2" roleURI="http://www.great-ajax.com/role/MortgageLoansDetails2"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#Mortgageloansdetailstextuals" roleURI="http://www.great-ajax.com/role/Mortgageloansdetailstextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#FairvalueoffinancialinstrumentsDetails" roleURI="http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#FairvalueoffinancialinstrumentsDetails1" roleURI="http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsDetails1"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#Unconsolidatedaffiliatesdetailstextuals" roleURI="http://www.great-ajax.com/role/Unconsolidatedaffiliatesdetailstextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#Commitmentsandcontingenciesdetailtextuals" roleURI="http://www.great-ajax.com/role/Commitmentsandcontingenciesdetailtextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#DebtDetails" roleURI="http://www.great-ajax.com/role/DebtDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#DebtDetails1" roleURI="http://www.great-ajax.com/role/DebtDetails1"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#DebtDetails2" roleURI="http://www.great-ajax.com/role/DebtDetails2"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#DebtDetailsTextuals" roleURI="http://www.great-ajax.com/role/DebtDetailsTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#RelatedpartytransactionsDetails" roleURI="http://www.great-ajax.com/role/RelatedpartytransactionsDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#RelatedPartyTransactionsDetailsTextuals" roleURI="http://www.great-ajax.com/role/RelatedPartyTransactionsDetailsTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#StockbasedpaymentsanddirectorfeesDetails" roleURI="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#StockbasedpaymentsanddirectorfeesDetails1" roleURI="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails1"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#StockBasedPaymentsAndDirectorFeesDetailsTextuals" roleURI="http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFeesDetailsTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#SubsequentEventsDetailsTextuals" roleURI="http://www.great-ajax.com/role/SubsequentEventsDetailsTextuals"/>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/ConsolidatedStatementsOfChangesInEquityUnaudited">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_StatementLineItems_0" xlink:to="loc_us-gaap_StatementTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_StatementTable_1" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_2" xlink:to="loc_us-gaap_EquityComponentDomain_8" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_8_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_2" xlink:to="loc_us-gaap_EquityComponentDomain_8_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="loc_us-gaap_NoncontrollingInterestMember_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_8" xlink:to="loc_us-gaap_NoncontrollingInterestMember_7" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ParentMember" xlink:label="loc_us-gaap_ParentMember_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_8" xlink:to="loc_us-gaap_ParentMember_6" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_8" xlink:to="loc_us-gaap_RetainedEarningsMember_5" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_8" xlink:to="loc_us-gaap_AdditionalPaidInCapitalMember_4" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_8" xlink:to="loc_us-gaap_CommonStockMember_3" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_StatementLineItems_0" xlink:to="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_9" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_9" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_10" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_9" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_11" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_9" xlink:to="loc_us-gaap_ProfitLoss_12" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee" xlink:label="loc_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_9" xlink:to="loc_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee_13" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_9" xlink:to="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_14" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Dividends" xlink:label="loc_us-gaap_Dividends_15"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_9" xlink:to="loc_us-gaap_Dividends_15" order="50" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/Organizationandbasisofpresentationdetailstextuals">
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_OrganizationAndBasisOfPresentationLineItems" xlink:label="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_OrganizationAndBasisOfPresentationTable" xlink:label="loc_ajx_OrganizationAndBasisOfPresentationTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_ajx_OrganizationAndBasisOfPresentationTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SaleOfStockAxis" xlink:label="loc_ajx_SaleOfStockAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationTable_1" xlink:to="loc_ajx_SaleOfStockAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_ajx_SaleOfStockAxis_2" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_ajx_SaleOfStockAxis_2" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="loc_us-gaap_PrivatePlacementMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain_3" xlink:to="loc_us-gaap_PrivatePlacementMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SecondPrivatePlacementMember" xlink:label="loc_ajx_SecondPrivatePlacementMember_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain_3" xlink:to="loc_ajx_SecondPrivatePlacementMember_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IPOMember" xlink:label="loc_us-gaap_IPOMember_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain_3" xlink:to="loc_us-gaap_IPOMember_6" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_7" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_7" xlink:to="loc_us-gaap_RelatedPartyDomain_8" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_8_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_7" xlink:to="loc_us-gaap_RelatedPartyDomain_8_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_8" xlink:to="loc_ajx_ThetisAssetManagementLlcMember_9" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LittleAjaxIiLlcMember" xlink:label="loc_ajx_LittleAjaxIiLlcMember_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_8" xlink:to="loc_ajx_LittleAjaxIiLlcMember_10" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_ajx_GregoryFundingLlcMember_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_8" xlink:to="loc_ajx_GregoryFundingLlcMember_11" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_12" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RedemptionOfOwnership" xlink:label="loc_ajx_RedemptionOfOwnership_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_ajx_RedemptionOfOwnership_13" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:label="loc_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_14" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement" xlink:label="loc_us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement_15"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement_15" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed" xlink:label="loc_us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed_16"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed_16" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfAdditionalSharesClosedForSale" xlink:label="loc_ajx_NumberOfAdditionalSharesClosedForSale_17"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_ajx_NumberOfAdditionalSharesClosedForSale_17" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfOperatingUnitsClosedForSale" xlink:label="loc_ajx_NumberOfOperatingUnitsClosedForSale_18"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_ajx_NumberOfOperatingUnitsClosedForSale_18" order="70" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit" xlink:label="loc_ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit_19"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit_19" order="80" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement_20"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement_20" order="90" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfRemainingPartnershipInterest" xlink:label="loc_ajx_PercentageOfRemainingPartnershipInterest_21"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_ajx_PercentageOfRemainingPartnershipInterest_21" order="100" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments_22"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments_22" order="110" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AggregatePurchasePriceOfRealEstateAssets" xlink:label="loc_ajx_AggregatePurchasePriceOfRealEstateAssets_23"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_ajx_AggregatePurchasePriceOfRealEstateAssets_23" order="120" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfLoans" xlink:label="loc_ajx_NumberOfLoans_24"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_ajx_NumberOfLoans_24" order="130" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_25"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_25" order="140" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_26"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_26" order="150" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany" xlink:label="loc_ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany_27"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany_27" order="160" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders" xlink:label="loc_ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders_28"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders_28" order="170" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_29"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_29" order="180" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned" xlink:label="loc_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned_30"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned_30" order="190" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder" xlink:label="loc_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder_31"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_0" xlink:to="loc_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder_31" order="200" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/SummaryOfSignificantAccountingPoliciesDetailsTextuals">
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SummaryOfSignificantAccountingPoliciesLineItems" xlink:label="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SummaryOfSignificantAccountingPoliciesTable" xlink:label="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="loc_us-gaap_PlanNameAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1" xlink:to="loc_us-gaap_PlanNameAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_PlanNameAxis_2" xlink:to="loc_us-gaap_PlanNameDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_PlanNameAxis_2" xlink:to="loc_us-gaap_PlanNameDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DirectorEquityPlan2014Member" xlink:label="loc_ajx_DirectorEquityPlan2014Member_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PlanNameDomain_3" xlink:to="loc_ajx_DirectorEquityPlan2014Member_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementAxis" xlink:label="loc_ajx_AgreementAxis_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1" xlink:to="loc_ajx_AgreementAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_ajx_AgreementAxis_5" xlink:to="loc_ajx_AgreementDomain_6" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_6_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_ajx_AgreementAxis_5" xlink:to="loc_ajx_AgreementDomain_6_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ServicingAgreementMember" xlink:label="loc_ajx_ServicingAgreementMember_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_AgreementDomain_6" xlink:to="loc_ajx_ServicingAgreementMember_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_8" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_8" xlink:to="loc_us-gaap_RelatedPartyDomain_9" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_9_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_8" xlink:to="loc_us-gaap_RelatedPartyDomain_9_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_ajx_GregoryFundingLlcMember_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_9" xlink:to="loc_ajx_GregoryFundingLlcMember_10" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1" xlink:to="loc_us-gaap_RangeAxis_11" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis_11" xlink:to="loc_us-gaap_RangeMember_12" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_12_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis_11" xlink:to="loc_us-gaap_RangeMember_12_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_12" xlink:to="loc_us-gaap_MinimumMember_13" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_12" xlink:to="loc_us-gaap_MaximumMember_14" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaap_AwardTypeAxis_15"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1" xlink:to="loc_us-gaap_AwardTypeAxis_15" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_16"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_AwardTypeAxis_15" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_16" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_16_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_AwardTypeAxis_15" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_16_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_us-gaap_RestrictedStockMember_17"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_16" xlink:to="loc_us-gaap_RestrictedStockMember_17" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_18"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_18" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_19"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_19" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:label="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_20"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_20" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount" xlink:label="loc_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount_21"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount_21" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestIncomeOperating" xlink:label="loc_us-gaap_InterestIncomeOperating_22"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_us-gaap_InterestIncomeOperating_22" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" xlink:label="loc_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans_23"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans_23" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate_24"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstate_24" order="70" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LoanPercentageOfBeneficialInterestThroughAffiliate" xlink:label="loc_ajx_LoanPercentageOfBeneficialInterestThroughAffiliate_25"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_ajx_LoanPercentageOfBeneficialInterestThroughAffiliate_25" order="80" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDepreciationMethods" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentDepreciationMethods_26"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentDepreciationMethods_26" order="90" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives_27"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives_27" order="100" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NumberOfOperatingSegments" xlink:label="loc_us-gaap_NumberOfOperatingSegments_28"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_us-gaap_NumberOfOperatingSegments_28" order="110" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_29"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_0" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_29" order="120" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/MortgageLoansDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" xlink:to="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" xlink:to="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition_6" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference_7" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition_8" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferAccretableYield" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferAccretableYield_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferAccretableYield_9" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue_10" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReportingPeriodAxis" xlink:label="loc_ajx_ReportingPeriodAxis"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_ajx_ReportingPeriodAxis" order="1" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReportingPeriodDomain" xlink:label="loc_ajx_ReportingPeriodDomain"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_ajx_ReportingPeriodAxis" xlink:to="loc_ajx_ReportingPeriodDomain" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ThreeMonthsEndedMember" xlink:label="loc_ajx_ThreeMonthsEndedMember"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_ReportingPeriodDomain" xlink:to="loc_ajx_ThreeMonthsEndedMember" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SixMonthsEndedMember" xlink:label="loc_ajx_SixMonthsEndedMember"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_ReportingPeriodDomain" xlink:to="loc_ajx_SixMonthsEndedMember" order="1" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReportingPeriodDomain" xlink:label="loc_ajx_ReportingPeriodDomain_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_ajx_ReportingPeriodAxis" xlink:to="loc_ajx_ReportingPeriodDomain_Default" order="1"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/Mortgageloansdetails1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" xlink:to="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" xlink:to="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward_6" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward_6" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward_6" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions_8" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward_6" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion_9" order="20" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/MortgageLoansDetails2">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis_2" xlink:to="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis_2" xlink:to="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_FinancingReceivablesCurrentPastDueMember" xlink:label="loc_ajx_FinancingReceivablesCurrentPastDueMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3" xlink:to="loc_ajx_FinancingReceivablesCurrentPastDueMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivables30To59DaysPastDueMember" xlink:label="loc_us-gaap_FinancingReceivables30To59DaysPastDueMember_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3" xlink:to="loc_us-gaap_FinancingReceivables30To59DaysPastDueMember_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:label="loc_us-gaap_FinancingReceivables60To89DaysPastDueMember_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3" xlink:to="loc_us-gaap_FinancingReceivables60To89DaysPastDueMember_6" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:label="loc_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3" xlink:to="loc_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember_7" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_FinancingReceivablesForeclosurePastDueMember" xlink:label="loc_ajx_FinancingReceivablesForeclosurePastDueMember_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3" xlink:to="loc_ajx_FinancingReceivablesForeclosurePastDueMember_8" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNumberOfLoans" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_9" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstate_10" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" xlink:label="loc_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_0" xlink:to="loc_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans_11" order="30" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/Mortgageloansdetailstextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ResidentialRealEstateMember" xlink:label="loc_us-gaap_ResidentialRealEstateMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_3" xlink:to="loc_us-gaap_ResidentialRealEstateMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfRealEstatePropertiesForeclosed" xlink:label="loc_ajx_NumberOfRealEstatePropertiesForeclosed_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_ajx_NumberOfRealEstatePropertiesForeclosed_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherRealEstateAndForeclosedAssets" xlink:label="loc_us-gaap_OtherRealEstateAndForeclosedAssets_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_us-gaap_OtherRealEstateAndForeclosedAssets_6" order="20" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_0" xlink:to="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis" xlink:label="loc_us-gaap_FairValueByMeasurementBasisAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_1" xlink:to="loc_us-gaap_FairValueByMeasurementBasisAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="loc_us-gaap_FairValueDisclosureItemAmountsDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_FairValueByMeasurementBasisAxis_2" xlink:to="loc_us-gaap_FairValueDisclosureItemAmountsDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="loc_us-gaap_FairValueDisclosureItemAmountsDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_FairValueByMeasurementBasisAxis_2" xlink:to="loc_us-gaap_FairValueDisclosureItemAmountsDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FairValueDisclosureItemAmountsDomain_3" xlink:to="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_1" xlink:to="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_5" xlink:to="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_6" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_6_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_5" xlink:to="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_6_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="loc_us-gaap_FairValueInputsLevel1Member_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_6" xlink:to="loc_us-gaap_FairValueInputsLevel1Member_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="loc_us-gaap_FairValueInputsLevel2Member_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_6" xlink:to="loc_us-gaap_FairValueInputsLevel2Member_8" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="loc_us-gaap_FairValueInputsLevel3Member_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_6" xlink:to="loc_us-gaap_FairValueInputsLevel3Member_9" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsFairValueDisclosureAbstract" xlink:label="loc_us-gaap_AssetsFairValueDisclosureAbstract_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_0" xlink:to="loc_us-gaap_AssetsFairValueDisclosureAbstract_10" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AssetsFairValueDisclosureAbstract_10" xlink:to="loc_us-gaap_MortgageLoansOnRealEstate_11" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_0" xlink:to="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_12" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SecuredDebtRepurchaseAgreements" xlink:label="loc_us-gaap_SecuredDebtRepurchaseAgreements_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_12" xlink:to="loc_us-gaap_SecuredDebtRepurchaseAgreements_13" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SecuredDebt" xlink:label="loc_us-gaap_SecuredDebt_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_12" xlink:to="loc_us-gaap_SecuredDebt_14" order="10" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsDetails1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems" xlink:label="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" xlink:to="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" xlink:to="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_RangeAxis_6" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis_6" xlink:to="loc_us-gaap_RangeMember_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_7_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis_6" xlink:to="loc_us-gaap_RangeMember_7_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_7" xlink:to="loc_us-gaap_MinimumMember_8" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_7" xlink:to="loc_us-gaap_MaximumMember_9" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsDiscountRate" xlink:label="loc_us-gaap_FairValueInputsDiscountRate_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems_0" xlink:to="loc_us-gaap_FairValueInputsDiscountRate_10" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_FairValueInputsCostOfDebtRate" xlink:label="loc_ajx_FairValueInputsCostOfDebtRate_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems_0" xlink:to="loc_ajx_FairValueInputsCostOfDebtRate_11" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_FairValueInputsLoanResolutionTimelinesRate" xlink:label="loc_ajx_FairValueInputsLoanResolutionTimelinesRate_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems_0" xlink:to="loc_ajx_FairValueInputsLoanResolutionTimelinesRate_12" order="30" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/Unconsolidatedaffiliatesdetailstextuals">
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_UnconsolidatedAffiliatesLineItems" xlink:label="loc_ajx_UnconsolidatedAffiliatesLineItems_0"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_UnconsolidatedAffiliatesTable" xlink:label="loc_ajx_UnconsolidatedAffiliatesTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_ajx_UnconsolidatedAffiliatesLineItems_0" xlink:to="loc_ajx_UnconsolidatedAffiliatesTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_ajx_UnconsolidatedAffiliatesTable_1" xlink:to="loc_dei_LegalEntityAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_2" xlink:to="loc_dei_EntityDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_2" xlink:to="loc_dei_EntityDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DelawareTrustGaE201412Member" xlink:label="loc_ajx_DelawareTrustGaE201412Member_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_3" xlink:to="loc_ajx_DelawareTrustGaE201412Member_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_ajx_UnconsolidatedAffiliatesTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_5" xlink:to="loc_us-gaap_RelatedPartyDomain_6" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_6_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_5" xlink:to="loc_us-gaap_RelatedPartyDomain_6_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_6" xlink:to="loc_ajx_ThetisAssetManagementLlcMember_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_UnconsolidatedAffiliatesLineItems_0" xlink:to="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_8" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_UnconsolidatedAffiliatesLineItems_0" xlink:to="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_9" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_UnconsolidatedAffiliatesLineItems_0" xlink:to="loc_us-gaap_DebtInstrumentFaceAmount_10" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_UnconsolidatedAffiliatesLineItems_0" xlink:to="loc_us-gaap_Assets_11" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_UnconsolidatedAffiliatesLineItems_0" xlink:to="loc_us-gaap_Liabilities_12" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_UnconsolidatedAffiliatesLineItems_0" xlink:to="loc_us-gaap_NetIncomeLoss_13" order="60" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/Commitmentsandcontingenciesdetailtextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" order="10" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SingleAndOneToFourFamilyResidencesMember" xlink:label="loc_ajx_SingleAndOneToFourFamilyResidencesMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_3" xlink:to="loc_ajx_SingleAndOneToFourFamilyResidencesMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_5" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_6" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_6_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_5" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_6_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_6" xlink:to="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_7" order="0" use="optional"/>






<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice_11" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_0" xlink:to="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" xlink:label="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" xlink:label="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" xlink:to="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PurchaseCommitmentMember" xlink:label="loc_us-gaap_PurchaseCommitmentMember"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" xlink:to="loc_us-gaap_PurchaseCommitmentMember" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" xlink:label="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" xlink:to="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain_Default" order="1"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/DebtDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_us-gaap_DebtInstrumentTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_DebtInstrumentTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementAxis" xlink:label="loc_ajx_AgreementAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_ajx_AgreementAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_ajx_AgreementAxis_2" xlink:to="loc_ajx_AgreementDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_ajx_AgreementAxis_2" xlink:to="loc_ajx_AgreementDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RepurchaseAgreementMember" xlink:label="loc_ajx_RepurchaseAgreementMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_AgreementDomain_3" xlink:to="loc_ajx_RepurchaseAgreementMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="loc_us-gaap_DebtInstrumentMaturityDate_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_DebtInstrumentMaturityDate_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DebtInstrumentMaximumBorrowingCapacity" xlink:label="loc_ajx_DebtInstrumentMaximumBorrowingCapacity_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_ajx_DebtInstrumentMaximumBorrowingCapacity_6" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_DebtInstrumentCarryingAmount_7" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentCollateralAmount" xlink:label="loc_us-gaap_DebtInstrumentCollateralAmount_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_DebtInstrumentCollateralAmount_8" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_9" order="50" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/DebtDetails1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_us-gaap_DebtInstrumentTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_DebtInstrumentTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_LongtermDebtTypeAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_2" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_2" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_3" xlink:to="loc_us-gaap_MortgagesMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaap_DebtInstrumentAxis_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_DebtInstrumentAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_DebtInstrumentAxis_5" xlink:to="loc_us-gaap_DebtInstrumentNameDomain_6" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_6_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_DebtInstrumentAxis_5" xlink:to="loc_us-gaap_DebtInstrumentNameDomain_6_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ClassNotesMember" xlink:label="loc_ajx_ClassNotesMember_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_6" xlink:to="loc_ajx_ClassNotesMember_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ClassB1NotesMember" xlink:label="loc_ajx_ClassB1NotesMember_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_6" xlink:to="loc_ajx_ClassB1NotesMember_8" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ClassB2NotesMember" xlink:label="loc_ajx_ClassB2NotesMember_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_6" xlink:to="loc_ajx_ClassB2NotesMember_9" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TrustCertificateMember" xlink:label="loc_ajx_TrustCertificateMember_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_6" xlink:to="loc_ajx_TrustCertificateMember_10" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_dei_LegalEntityAxis_11" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_11" xlink:to="loc_dei_EntityDomain_12" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_12_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_11" xlink:to="loc_dei_EntityDomain_12_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrustA2014Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2014Member_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_12" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2014Member_13" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrust2014BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014BMember_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_12" xlink:to="loc_ajx_AjaxMortgageLoanTrust2014BMember_14" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrustA2015Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2015Member_15"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_12" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2015Member_15" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DebtInstrumentMaturityYear" xlink:label="loc_ajx_DebtInstrumentMaturityYear_16"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_ajx_DebtInstrumentMaturityYear_16" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_17"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_DebtInstrumentFaceAmount_17" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_18"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_18" order="30" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/DebtDetails2">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_us-gaap_DebtInstrumentTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_DebtInstrumentTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_LongtermDebtTypeAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_2" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_2" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_3" xlink:to="loc_us-gaap_MortgagesMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_dei_LegalEntityAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_5" xlink:to="loc_dei_EntityDomain_6" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_6_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_5" xlink:to="loc_dei_EntityDomain_6_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrustA2014Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2014Member_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_6" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2014Member_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrust2014BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014BMember_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_6" xlink:to="loc_ajx_AjaxMortgageLoanTrust2014BMember_8" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrustA2015Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2015Member_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_6" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2015Member_9" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_10" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_11" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate" xlink:label="loc_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate_12" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_BondPrincipalBalanceAtCutoffDate" xlink:label="loc_ajx_BondPrincipalBalanceAtCutoffDate_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_ajx_BondPrincipalBalanceAtCutoffDate_13" order="40" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/DebtDetailsTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_us-gaap_DebtInstrumentTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_DebtInstrumentTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_LongtermDebtTypeAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_2" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_2" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_3" xlink:to="loc_us-gaap_MortgagesMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaap_DebtInstrumentAxis_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_DebtInstrumentAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_DebtInstrumentAxis_5" xlink:to="loc_us-gaap_DebtInstrumentNameDomain_6" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_6_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_DebtInstrumentAxis_5" xlink:to="loc_us-gaap_DebtInstrumentNameDomain_6_Default" order="0" use="optional"/>








<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_6" xlink:to="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_11" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_6" xlink:to="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_12" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_dei_LegalEntityAxis_13" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_dei_LegalEntityAxis_13" xlink:to="loc_dei_EntityDomain_14" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_14_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_dei_LegalEntityAxis_13" xlink:to="loc_dei_EntityDomain_14_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrustA2014Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2014Member_15"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_14" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2014Member_15" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrust2014BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014BMember_16"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_14" xlink:to="loc_ajx_AjaxMortgageLoanTrust2014BMember_16" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrustA2015Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2015Member_17"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_dei_EntityDomain_14" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2015Member_17" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementAxis" xlink:label="loc_ajx_AgreementAxis_18"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_ajx_AgreementAxis_18" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_19"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_ajx_AgreementAxis_18" xlink:to="loc_ajx_AgreementDomain_19" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_19_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_ajx_AgreementAxis_18" xlink:to="loc_ajx_AgreementDomain_19_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RepurchaseAgreementMember" xlink:label="loc_ajx_RepurchaseAgreementMember_20"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_AgreementDomain_19" xlink:to="loc_ajx_RepurchaseAgreementMember_20" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:label="loc_us-gaap_MinorityInterestOwnershipPercentageByParent_21"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_MinorityInterestOwnershipPercentageByParent_21" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfGuarantorsBeneficialInterest" xlink:label="loc_ajx_PercentageOfGuarantorsBeneficialInterest_22"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_ajx_PercentageOfGuarantorsBeneficialInterest_22" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfPurchasePriceForEachMortgageLoan" xlink:label="loc_ajx_PercentageOfPurchasePriceForEachMortgageLoan_23"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_ajx_PercentageOfPurchasePriceForEachMortgageLoan_23" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_24"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_DebtInstrumentFaceAmount_24" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_25"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_25" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo" xlink:label="loc_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo_26"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo_26" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_27"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_27" order="70" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:label="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_28"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DebtInstrumentLineItems_0" xlink:to="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_28" order="80" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_RangeAxis" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis" xlink:to="loc_us-gaap_RangeMember" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember" xlink:to="loc_us-gaap_MaximumMember" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis" xlink:to="loc_us-gaap_RangeMember_Default" order="1"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RelatedpartytransactionsDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_0" xlink:to="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_2" xlink:to="loc_us-gaap_RelatedPartyDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_2" xlink:to="loc_us-gaap_RelatedPartyDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_3" xlink:to="loc_ajx_ThetisAssetManagementLlcMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_ajx_GregoryFundingLlcMember_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_3" xlink:to="loc_ajx_GregoryFundingLlcMember_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AspenYoLlcMember" xlink:label="loc_ajx_AspenYoLlcMember_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_3" xlink:to="loc_ajx_AspenYoLlcMember_6" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_us-gaap_IncomeStatementLocationAxis_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" xlink:to="loc_us-gaap_IncomeStatementLocationAxis_7" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_IncomeStatementLocationAxis_7" xlink:to="loc_us-gaap_IncomeStatementLocationDomain_8" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain_8_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_IncomeStatementLocationAxis_7" xlink:to="loc_us-gaap_IncomeStatementLocationDomain_8_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagementFeeMember" xlink:label="loc_ajx_ManagementFeeMember_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_8" xlink:to="loc_ajx_ManagementFeeMember_9" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LoanServicingFeesMember" xlink:label="loc_ajx_LoanServicingFeesMember_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_8" xlink:to="loc_ajx_LoanServicingFeesMember_10" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LoanTransactionExpenseMember" xlink:label="loc_ajx_LoanTransactionExpenseMember_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_8" xlink:to="loc_ajx_LoanTransactionExpenseMember_11" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ProfessionalFeeMember" xlink:label="loc_ajx_ProfessionalFeeMember_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_8" xlink:to="loc_ajx_ProfessionalFeeMember_12" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ManagementFeeExpense" xlink:label="loc_us-gaap_ManagementFeeExpense_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_0" xlink:to="loc_us-gaap_ManagementFeeExpense_13" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoanPortfolioExpense" xlink:label="loc_us-gaap_LoanPortfolioExpense_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_0" xlink:to="loc_us-gaap_LoanPortfolioExpense_14" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DueDiligenceAndRelatedLoanAcquisitionCosts" xlink:label="loc_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts_15"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_0" xlink:to="loc_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts_15" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RecoveryOfDirectCosts" xlink:label="loc_us-gaap_RecoveryOfDirectCosts_16"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_0" xlink:to="loc_us-gaap_RecoveryOfDirectCosts_16" order="40" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RelatedPartyTransactionsDetailsTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_0" xlink:to="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementAxis" xlink:label="loc_ajx_AgreementAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" xlink:to="loc_ajx_AgreementAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_ajx_AgreementAxis_2" xlink:to="loc_ajx_AgreementDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_ajx_AgreementAxis_2" xlink:to="loc_ajx_AgreementDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagementAgreementMember" xlink:label="loc_ajx_ManagementAgreementMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_AgreementDomain_3" xlink:to="loc_ajx_ManagementAgreementMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ServicingAgreementMember" xlink:label="loc_ajx_ServicingAgreementMember_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_AgreementDomain_3" xlink:to="loc_ajx_ServicingAgreementMember_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" xlink:to="loc_us-gaap_RangeAxis_6" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RangeAxis_6" xlink:to="loc_us-gaap_RangeMember_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_7_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RangeAxis_6" xlink:to="loc_us-gaap_RangeMember_7_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_7" xlink:to="loc_us-gaap_MinimumMember_8" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RangeMember_7" xlink:to="loc_us-gaap_MaximumMember_9" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_10" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_10" xlink:to="loc_us-gaap_RelatedPartyDomain_11" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_11_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_10" xlink:to="loc_us-gaap_RelatedPartyDomain_11_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_11" xlink:to="loc_ajx_ThetisAssetManagementLlcMember_12" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_ajx_GregoryFundingLlcMember_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_11" xlink:to="loc_ajx_GregoryFundingLlcMember_13" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TermOfAgreement" xlink:label="loc_ajx_TermOfAgreement_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_0" xlink:to="loc_ajx_TermOfAgreement_14" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfBaseManagementFee" xlink:label="loc_ajx_PercentageOfBaseManagementFee_15"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_0" xlink:to="loc_ajx_PercentageOfBaseManagementFee_15" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfBaseManagementFeePayableInShares" xlink:label="loc_ajx_PercentageOfBaseManagementFeePayableInShares_16"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_0" xlink:to="loc_ajx_PercentageOfBaseManagementFeePayableInShares_16" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfStockOwnershipLimit" xlink:label="loc_ajx_PercentageOfStockOwnershipLimit_17"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_0" xlink:to="loc_ajx_PercentageOfStockOwnershipLimit_17" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DescriptionOfIncentiveManagementFeePayable" xlink:label="loc_ajx_DescriptionOfIncentiveManagementFeePayable_18"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_0" xlink:to="loc_ajx_DescriptionOfIncentiveManagementFeePayable_18" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:label="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_19"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_0" xlink:to="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_19" order="60" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TypeOfFeesAxis" xlink:label="loc_ajx_TypeOfFeesAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_ajx_TypeOfFeesAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TypeOfFeesDomain" xlink:label="loc_ajx_TypeOfFeesDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_ajx_TypeOfFeesAxis_2" xlink:to="loc_ajx_TypeOfFeesDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TypeOfFeesDomain" xlink:label="loc_ajx_TypeOfFeesDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_ajx_TypeOfFeesAxis_2" xlink:to="loc_ajx_TypeOfFeesDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagementFeeMember" xlink:label="loc_ajx_ManagementFeeMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_TypeOfFeesDomain_3" xlink:to="loc_ajx_ManagementFeeMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_IndependentDirectorFeeMember" xlink:label="loc_ajx_IndependentDirectorFeeMember_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_ajx_TypeOfFeesDomain_3" xlink:to="loc_ajx_IndependentDirectorFeeMember_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesIssuedForServices" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices_6" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_us-gaap_ShareBasedCompensation_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_us-gaap_ShareBasedCompensation_7" order="20" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaap_AwardTypeAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_us-gaap_AwardTypeAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_AwardTypeAxis_2" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_AwardTypeAxis_2" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_us-gaap_RestrictedStockMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3" xlink:to="loc_us-gaap_RestrictedStockMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardDateAxis" xlink:label="loc_us-gaap_AwardDateAxis_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_us-gaap_AwardDateAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardDateDomain" xlink:label="loc_us-gaap_AwardDateDomain_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_AwardDateAxis_5" xlink:to="loc_us-gaap_AwardDateDomain_6" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardDateDomain" xlink:label="loc_us-gaap_AwardDateDomain_6_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_AwardDateAxis_5" xlink:to="loc_us-gaap_AwardDateDomain_6_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_July82014DirectorsGrantsMember" xlink:label="loc_ajx_July82014DirectorsGrantsMember_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AwardDateDomain_6" xlink:to="loc_ajx_July82014DirectorsGrantsMember_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_February192015DirectorGrantMember" xlink:label="loc_ajx_February192015DirectorGrantMember_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_AwardDateDomain_6" xlink:to="loc_ajx_February192015DirectorGrantMember_8" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="loc_us-gaap_TitleOfIndividualAxis_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_us-gaap_TitleOfIndividualAxis_9" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_TitleOfIndividualAxis_9" xlink:to="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_10" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_10_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_TitleOfIndividualAxis_9" xlink:to="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_10_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DirectorMember" xlink:label="loc_us-gaap_DirectorMember_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_10" xlink:to="loc_us-gaap_DirectorMember_11" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_12" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_13" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant" xlink:label="loc_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant_14" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xlink:label="loc_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax_15"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax_15" order="40" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFeesDetailsTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaap_AwardTypeAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_us-gaap_AwardTypeAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_AwardTypeAxis_2" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_AwardTypeAxis_2" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_us-gaap_RestrictedStockMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3" xlink:to="loc_us-gaap_RestrictedStockMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="loc_us-gaap_PlanNameAxis_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_us-gaap_PlanNameAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_PlanNameAxis_5" xlink:to="loc_us-gaap_PlanNameDomain_6" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain_6_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_PlanNameAxis_5" xlink:to="loc_us-gaap_PlanNameDomain_6_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LongTermIncentivePlanMember" xlink:label="loc_ajx_LongTermIncentivePlanMember_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_PlanNameDomain_6" xlink:to="loc_ajx_LongTermIncentivePlanMember_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SaleOfStockAxis" xlink:label="loc_ajx_SaleOfStockAxis_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_ajx_SaleOfStockAxis_8" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_ajx_SaleOfStockAxis_8" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_9" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_9_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_ajx_SaleOfStockAxis_8" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_9_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IPOMember" xlink:label="loc_us-gaap_IPOMember_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain_9" xlink:to="loc_us-gaap_IPOMember_10" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagementFeePercentPaidInShares" xlink:label="loc_ajx_ManagementFeePercentPaidInShares_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_ajx_ManagementFeePercentPaidInShares_11" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ManagementFeeExpense" xlink:label="loc_us-gaap_ManagementFeeExpense_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_us-gaap_ManagementFeeExpense_12" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PaymentOfManagementFee" xlink:label="loc_ajx_PaymentOfManagementFee_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_ajx_PaymentOfManagementFee_13" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfSharesIssuedInLieuOfManagementFee" xlink:label="loc_ajx_NumberOfSharesIssuedInLieuOfManagementFee_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_ajx_NumberOfSharesIssuedInLieuOfManagementFee_14" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount" xlink:label="loc_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount_15"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount_15" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_16"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_16" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfDirector" xlink:label="loc_ajx_NumberOfDirector_17"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_ajx_NumberOfDirector_17" order="70" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_18"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_18" order="80" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_19"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_0" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_19" order="90" use="optional"/>
</definitionLink>
<definitionLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/SubsequentEventsDetailsTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_us-gaap_SubsequentEventLineItems_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="loc_us-gaap_SubsequentEventTable_1"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/all" xlink:from="loc_us-gaap_SubsequentEventLineItems_0" xlink:to="loc_us-gaap_SubsequentEventTable_1" order="0" use="optional" xbrldt:contextElement="segment" xbrldt:closed="true"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_2"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_SubsequentEventTable_1" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_3"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_2" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_3_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_2" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_3_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaap_SubsequentEventMember_4"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventTypeDomain_3" xlink:to="loc_us-gaap_SubsequentEventMember_4" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsAxis" xlink:label="loc_us-gaap_DividendsAxis_5"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_SubsequentEventTable_1" xlink:to="loc_us-gaap_DividendsAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsDomain" xlink:label="loc_us-gaap_DividendsDomain_6"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_DividendsAxis_5" xlink:to="loc_us-gaap_DividendsDomain_6" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsDomain" xlink:label="loc_us-gaap_DividendsDomain_6_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_DividendsAxis_5" xlink:to="loc_us-gaap_DividendsDomain_6_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendDeclaredMember" xlink:label="loc_us-gaap_DividendDeclaredMember_7"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_DividendsDomain_6" xlink:to="loc_us-gaap_DividendDeclaredMember_7" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_8"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_SubsequentEventTable_1" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_8" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_9"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_8" xlink:to="loc_us-gaap_EquityComponentDomain_9" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_9_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_8" xlink:to="loc_us-gaap_EquityComponentDomain_9_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_10"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_EquityComponentDomain_9" xlink:to="loc_us-gaap_CommonStockMember_10" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_11"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_SubsequentEventTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_11" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_12"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_11" xlink:to="loc_us-gaap_RelatedPartyDomain_12" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_12_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_11" xlink:to="loc_us-gaap_RelatedPartyDomain_12_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagerMember" xlink:label="loc_ajx_ManagerMember_13"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_RelatedPartyDomain_12" xlink:to="loc_ajx_ManagerMember_13" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="loc_us-gaap_SubsidiarySaleOfStockAxis_14"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/hypercube-dimension" xlink:from="loc_us-gaap_SubsequentEventTable_1" xlink:to="loc_us-gaap_SubsidiarySaleOfStockAxis_14" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_15"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-domain" xlink:from="loc_us-gaap_SubsidiarySaleOfStockAxis_14" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_15" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_15_Default"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/dimension-default" xlink:from="loc_us-gaap_SubsidiarySaleOfStockAxis_14" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_15_Default" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="loc_us-gaap_PrivatePlacementMember_16"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain_15" xlink:to="loc_us-gaap_PrivatePlacementMember_16" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="loc_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_17"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_0" xlink:to="loc_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_17" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsPayableAmountPerShare" xlink:label="loc_us-gaap_DividendsPayableAmountPerShare_18"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_0" xlink:to="loc_us-gaap_DividendsPayableAmountPerShare_18" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="loc_us-gaap_DividendPayableDateToBePaidDayMonthAndYear_19"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_0" xlink:to="loc_us-gaap_DividendPayableDateToBePaidDayMonthAndYear_19" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:label="loc_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_20"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_0" xlink:to="loc_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_20" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesIssuedForServices" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices_21"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_0" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices_21" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagementFeePercentPaidInShares" xlink:label="loc_ajx_ManagementFeePercentPaidInShares_22"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_0" xlink:to="loc_ajx_ManagementFeePercentPaidInShares_22" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees" xlink:label="loc_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees_23"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_0" xlink:to="loc_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees_23" order="70" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_24"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_0" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_24" order="80" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SubordinatedSecuritiesIssuedDuringPeriodValue" xlink:label="loc_ajx_SubordinatedSecuritiesIssuedDuringPeriodValue_25"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_0" xlink:to="loc_ajx_SubordinatedSecuritiesIssuedDuringPeriodValue_25" order="90" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockConsiderationReceivedOnTransaction" xlink:label="loc_us-gaap_SaleOfStockConsiderationReceivedOnTransaction_26"/>
<definitionArc xlink:type="arc" xlink:arcrole="http://xbrl.org/int/dim/arcrole/domain-member" xlink:from="loc_us-gaap_SubsequentEventLineItems_0" xlink:to="loc_us-gaap_SaleOfStockConsiderationReceivedOnTransaction_26" order="100" use="optional"/>
</definitionLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>10
<FILENAME>ajx-20150630_lab.xml
<DESCRIPTION>XBRL LABEL FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<!--XBRL Document Modified with Ez-Editor Version 1.3.0.4 on Thursday, August 13, 2015 04:16:57 PM -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel"/>
<labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DocumentAndEntityInformationAbstract" xlink:label="loc_839743H4G541_ajx_DocumentAndEntityInformationAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_DocumentAndEntityInformationAbstract" xml:lang="en-US">Document And Entity Information [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_DocumentAndEntityInformationAbstract" xlink:to="lab_051965J6I763_ajx_DocumentAndEntityInformationAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_FG95812277699K094F4I_dei_EntityRegistrantName"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_dei_EntityRegistrantName" xml:lang="en-US">Entity Registrant Name</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_dei_EntityRegistrantName" xlink:to="lab_HI17034499811M216H6K_dei_EntityRegistrantName"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_839743H4G541_dei_EntityCentralIndexKey"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_dei_EntityCentralIndexKey" xml:lang="en-US">Entity Central Index Key</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_dei_EntityCentralIndexKey" xlink:to="lab_051965J6I763_dei_EntityCentralIndexKey"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_TradingSymbol" xlink:label="loc_FG95812277699K094F4I_dei_TradingSymbol"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_dei_TradingSymbol" xml:lang="en-US">Trading Symbol</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_dei_TradingSymbol" xlink:to="lab_HI17034499811M216H6K_dei_TradingSymbol"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_839743H4G541_dei_CurrentFiscalYearEndDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_dei_CurrentFiscalYearEndDate" xml:lang="en-US">Current Fiscal Year End Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_dei_CurrentFiscalYearEndDate" xlink:to="lab_051965J6I763_dei_CurrentFiscalYearEndDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_FG95812277699K094F4I_dei_EntityFilerCategory"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_dei_EntityFilerCategory" xml:lang="en-US">Entity Filer Category</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_dei_EntityFilerCategory" xlink:to="lab_HI17034499811M216H6K_dei_EntityFilerCategory"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_839743H4G541_dei_EntityCommonStockSharesOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_dei_EntityCommonStockSharesOutstanding" xml:lang="en-US">Entity Common Stock, Shares Outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_dei_EntityCommonStockSharesOutstanding" xlink:to="lab_051965J6I763_dei_EntityCommonStockSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="loc_FG95812277699K094F4I_dei_DocumentType"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_dei_DocumentType" xml:lang="en-US">Document Type</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_dei_DocumentType" xlink:to="lab_HI17034499811M216H6K_dei_DocumentType"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_839743H4G541_dei_DocumentPeriodEndDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_dei_DocumentPeriodEndDate" xml:lang="en-US">Document Period End Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_dei_DocumentPeriodEndDate" xlink:to="lab_051965J6I763_dei_DocumentPeriodEndDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_FG95812277699K094F4I_dei_AmendmentFlag"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_dei_AmendmentFlag" xml:lang="en-US">Amendment Flag</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_dei_AmendmentFlag" xlink:to="lab_HI17034499811M216H6K_dei_AmendmentFlag"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_839743H4G541_dei_DocumentFiscalYearFocus"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_dei_DocumentFiscalYearFocus" xml:lang="en-US">Document Fiscal Year Focus</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_dei_DocumentFiscalYearFocus" xlink:to="lab_051965J6I763_dei_DocumentFiscalYearFocus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_FG95812277699K094F4I_dei_DocumentFiscalPeriodFocus"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_dei_DocumentFiscalPeriodFocus" xml:lang="en-US">Document Fiscal Period Focus</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_dei_DocumentFiscalPeriodFocus" xlink:to="lab_HI17034499811M216H6K_dei_DocumentFiscalPeriodFocus"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_839743H4G541_us-gaap_StatementOfFinancialPositionAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StatementOfFinancialPositionAbstract" xml:lang="en-US">Statement of Financial Position [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StatementOfFinancialPositionAbstract" xlink:to="lab_051965J6I763_us-gaap_StatementOfFinancialPositionAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_AssetsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AssetsAbstract" xml:lang="en-US">Assets [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AssetsAbstract" xml:lang="en-US">ASSETS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AssetsAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_AssetsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_839743H4G541_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and Cash Equivalents, at Carrying Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">Cash and cash equivalents</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_051965J6I763_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">CASH AND CASH EQUIVALENTS, beginning of period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_051965J6I763_us-gaap_CashAndCashEquivalentsAtCarryingValue" xml:lang="en-US">CASH AND CASH EQUIVALENTS, end of period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:to="lab_051965J6I763_us-gaap_CashAndCashEquivalentsAtCarryingValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_FG95812277699K094F4I_us-gaap_MortgageLoansOnRealEstate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstate" xml:lang="en-US">Mortgage loans, net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstate" xml:lang="en-US">Carrying value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstate" xml:lang="en-US">Mortgage loans, net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstate" xml:lang="en-US">Mortgage loans</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_MortgageLoansOnRealEstate" xlink:to="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateHeldforsale" xlink:label="loc_839743H4G541_us-gaap_RealEstateHeldforsale"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RealEstateHeldforsale" xml:lang="en-US">Real Estate Held-for-sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_RealEstateHeldforsale" xml:lang="en-US">Property held-for-sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_RealEstateHeldforsale" xml:lang="en-US">Aggregate carrying value of held for sale</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RealEstateHeldforsale" xlink:to="lab_051965J6I763_us-gaap_RealEstateHeldforsale"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RentalProperties" xlink:label="loc_FG95812277699K094F4I_us-gaap_RentalProperties"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_RentalProperties" xml:lang="en-US">Rental Properties</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_RentalProperties" xml:lang="en-US">Rental property, net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_RentalProperties" xml:lang="en-US">Aggregate carrying value of held for rental property</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_RentalProperties" xlink:to="lab_HI17034499811M216H6K_us-gaap_RentalProperties"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReceivableFromServicer" xlink:label="loc_839743H4G541_ajx_ReceivableFromServicer"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_ReceivableFromServicer" xml:lang="en-US">Receivable From Servicer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_ReceivableFromServicer" xml:lang="en-US">Receivable from servicer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_ReceivableFromServicer" xml:lang="en-US">Represents amount stands receivable in connection with service provider.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_ReceivableFromServicer" xlink:to="lab_051965J6I763_ajx_ReceivableFromServicer"/>




<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssets" xlink:label="loc_839743H4G541_us-gaap_PrepaidExpenseAndOtherAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PrepaidExpenseAndOtherAssets" xml:lang="en-US">Prepaid Expense and Other Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PrepaidExpenseAndOtherAssets" xml:lang="en-US">Prepaid expenses and other assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PrepaidExpenseAndOtherAssets" xlink:to="lab_051965J6I763_us-gaap_PrepaidExpenseAndOtherAssets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Assets" xlink:label="loc_FG95812277699K094F4I_us-gaap_Assets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_Assets" xml:lang="en-US">Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_Assets" xml:lang="en-US">Total assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_Assets" xml:lang="en-US">Total Assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_Assets" xlink:to="lab_HI17034499811M216H6K_us-gaap_Assets"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_839743H4G541_us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">Liabilities and Equity [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xml:lang="en-US">LIABILITIES AND EQUITY</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="lab_051965J6I763_us-gaap_LiabilitiesAndStockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_LiabilitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_LiabilitiesAbstract" xml:lang="en-US">Liabilities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_LiabilitiesAbstract" xml:lang="en-US">Liabilities:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_LiabilitiesAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_LiabilitiesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SecuredDebt" xlink:label="loc_839743H4G541_us-gaap_SecuredDebt"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_SecuredDebt" xml:lang="en-US">Secured Debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_SecuredDebt" xml:lang="en-US">Secured borrowings</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_SecuredDebt" xlink:to="lab_051965J6I763_us-gaap_SecuredDebt"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SecuredDebtRepurchaseAgreements" xlink:label="loc_FG95812277699K094F4I_us-gaap_SecuredDebtRepurchaseAgreements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_SecuredDebtRepurchaseAgreements" xml:lang="en-US">Secured Debt, Repurchase Agreements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_SecuredDebtRepurchaseAgreements" xml:lang="en-US">Borrowings under repurchase agreement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_SecuredDebtRepurchaseAgreements" xlink:to="lab_HI17034499811M216H6K_us-gaap_SecuredDebtRepurchaseAgreements"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ManagementFeePayable" xlink:label="loc_839743H4G541_us-gaap_ManagementFeePayable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ManagementFeePayable" xml:lang="en-US">Management Fee Payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ManagementFeePayable" xml:lang="en-US">Management fee payable</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ManagementFeePayable" xlink:to="lab_051965J6I763_us-gaap_ManagementFeePayable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:label="loc_FG95812277699K094F4I_us-gaap_AccruedLiabilitiesAndOtherLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xml:lang="en-US">Accrued Liabilities and Other Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xml:lang="en-US">Accrued expenses and other liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:to="lab_HI17034499811M216H6K_us-gaap_AccruedLiabilitiesAndOtherLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_839743H4G541_us-gaap_Liabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_Liabilities" xml:lang="en-US">Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_Liabilities" xml:lang="en-US">Total liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_Liabilities" xml:lang="en-US">Total liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_Liabilities" xlink:to="lab_051965J6I763_us-gaap_Liabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_FG95812277699K094F4I_us-gaap_CommitmentsAndContingencies"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommitmentsAndContingencies" xml:lang="en-US">Commitments and Contingencies</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommitmentsAndContingencies" xml:lang="en-US">Commitments and contingencies - see Note 7</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CommitmentsAndContingencies" xlink:to="lab_HI17034499811M216H6K_us-gaap_CommitmentsAndContingencies"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_839743H4G541_us-gaap_StockholdersEquityAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StockholdersEquityAbstract" xml:lang="en-US">Stockholders' Equity Attributable to Parent [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_StockholdersEquityAbstract" xml:lang="en-US">Equity:</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StockholdersEquityAbstract" xlink:to="lab_051965J6I763_us-gaap_StockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_FG95812277699K094F4I_us-gaap_PreferredStockValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_PreferredStockValue" xml:lang="en-US">Preferred Stock, Value, Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PreferredStockValue" xml:lang="en-US">Preferred stock $.01 par value; 25,000,000 shares authorized, none issued or outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_PreferredStockValue" xlink:to="lab_HI17034499811M216H6K_us-gaap_PreferredStockValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_839743H4G541_us-gaap_CommonStockValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CommonStockValue" xml:lang="en-US">Common Stock, Value, Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CommonStockValue" xml:lang="en-US">Common stock $.01 par value; 125,000,000 shares authorized, 15,253,998 shares at June 30, 2015 and 11,223,984 shares at December 31, 2014 issued and outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CommonStockValue" xlink:to="lab_051965J6I763_us-gaap_CommonStockValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_FG95812277699K094F4I_us-gaap_AdditionalPaidInCapitalCommonStock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional Paid in Capital, Common Stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AdditionalPaidInCapitalCommonStock" xml:lang="en-US">Additional paid-in capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AdditionalPaidInCapitalCommonStock" xlink:to="lab_HI17034499811M216H6K_us-gaap_AdditionalPaidInCapitalCommonStock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_839743H4G541_us-gaap_RetainedEarningsAccumulatedDeficit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained Earnings (Accumulated Deficit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_RetainedEarningsAccumulatedDeficit" xml:lang="en-US">Retained earnings</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="lab_051965J6I763_us-gaap_RetainedEarningsAccumulatedDeficit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_FG95812277699K094F4I_us-gaap_StockholdersEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_StockholdersEquity" xml:lang="en-US">Stockholders' Equity Attributable to Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_StockholdersEquity" xml:lang="en-US">Equity attributable to common stockholders</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_StockholdersEquity" xlink:to="lab_HI17034499811M216H6K_us-gaap_StockholdersEquity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinorityInterest" xlink:label="loc_839743H4G541_us-gaap_MinorityInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_MinorityInterest" xml:lang="en-US">Stockholders' Equity Attributable to Noncontrolling Interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_MinorityInterest" xml:lang="en-US">Noncontrolling interests</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_MinorityInterest" xlink:to="lab_051965J6I763_us-gaap_MinorityInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_FG95812277699K094F4I_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Total equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xml:lang="en-US">Balance</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="lab_HI17034499811M216H6K_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_839743H4G541_us-gaap_LiabilitiesAndStockholdersEquity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Liabilities and Equity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_LiabilitiesAndStockholdersEquity" xml:lang="en-US">Total Liabilities and Equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="lab_051965J6I763_us-gaap_LiabilitiesAndStockholdersEquity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_FG95812277699K094F4I_us-gaap_PreferredStockParOrStatedValuePerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_PreferredStockParOrStatedValuePerShare" xml:lang="en-US">Preferred Stock, Par or Stated Value Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PreferredStockParOrStatedValuePerShare" xml:lang="en-US">Preferred stock par value per share (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_PreferredStockParOrStatedValuePerShare" xlink:to="lab_HI17034499811M216H6K_us-gaap_PreferredStockParOrStatedValuePerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_839743H4G541_us-gaap_PreferredStockSharesAuthorized"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PreferredStockSharesAuthorized" xml:lang="en-US">Preferred Stock, Shares Authorized</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PreferredStockSharesAuthorized" xml:lang="en-US">Preferred stock shares authorized</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PreferredStockSharesAuthorized" xlink:to="lab_051965J6I763_us-gaap_PreferredStockSharesAuthorized"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_FG95812277699K094F4I_us-gaap_PreferredStockSharesIssued"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_PreferredStockSharesIssued" xml:lang="en-US">Preferred Stock, Shares Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PreferredStockSharesIssued" xml:lang="en-US">Preferred stock shares issued</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_PreferredStockSharesIssued" xlink:to="lab_HI17034499811M216H6K_us-gaap_PreferredStockSharesIssued"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_839743H4G541_us-gaap_PreferredStockSharesOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PreferredStockSharesOutstanding" xml:lang="en-US">Preferred Stock, Shares Outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PreferredStockSharesOutstanding" xml:lang="en-US">Preferred stock shares outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PreferredStockSharesOutstanding" xlink:to="lab_051965J6I763_us-gaap_PreferredStockSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_FG95812277699K094F4I_us-gaap_CommonStockParOrStatedValuePerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common Stock, Par or Stated Value Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockParOrStatedValuePerShare" xml:lang="en-US">Common stock par value per share (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="lab_HI17034499811M216H6K_us-gaap_CommonStockParOrStatedValuePerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_839743H4G541_us-gaap_CommonStockSharesAuthorized"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Common Stock, Shares Authorized</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CommonStockSharesAuthorized" xml:lang="en-US">Common stock shares authorized</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CommonStockSharesAuthorized" xlink:to="lab_051965J6I763_us-gaap_CommonStockSharesAuthorized"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_FG95812277699K094F4I_us-gaap_CommonStockSharesIssued"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common Stock, Shares, Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommonStockSharesIssued" xml:lang="en-US">Common stock shares issued</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CommonStockSharesIssued" xlink:to="lab_HI17034499811M216H6K_us-gaap_CommonStockSharesIssued"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_839743H4G541_us-gaap_CommonStockSharesOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common Stock, Shares, Outstanding</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CommonStockSharesOutstanding" xml:lang="en-US">Common stock shares outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CommonStockSharesOutstanding" xlink:to="lab_051965J6I763_us-gaap_CommonStockSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_FG95812277699K094F4I_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xml:lang="en-US">Mortgage Loans on Real Estate, Carrying Amount of Mortgages</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xml:lang="en-US">Mortgage loans (in dollars)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xml:lang="en-US">Carrying value of mortgages</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:to="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_839743H4G541_us-gaap_IncomeStatementAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncomeStatementAbstract" xml:lang="en-US">Income Statement [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncomeStatementAbstract" xlink:to="lab_051965J6I763_us-gaap_IncomeStatementAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SalesRevenueNetAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_SalesRevenueNetAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_SalesRevenueNetAbstract" xml:lang="en-US">Revenue, Net [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_SalesRevenueNetAbstract" xml:lang="en-US">INCOME</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_SalesRevenueNetAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_SalesRevenueNetAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestIncomeOperating" xlink:label="loc_839743H4G541_us-gaap_InterestIncomeOperating"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_InterestIncomeOperating" xml:lang="en-US">Interest Income, Operating</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_InterestIncomeOperating" xml:lang="en-US">Loan interest income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_InterestIncomeOperating" xml:lang="en-US">Interest income related to loan portfolio</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_InterestIncomeOperating" xlink:to="lab_051965J6I763_us-gaap_InterestIncomeOperating"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestExpense" xlink:label="loc_FG95812277699K094F4I_us-gaap_InterestExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_InterestExpense" xml:lang="en-US">Interest Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_InterestExpense" xml:lang="en-US">Interest expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_InterestExpense" xml:lang="en-US">Interest expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_InterestExpense" xlink:to="lab_HI17034499811M216H6K_us-gaap_InterestExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestIncomeExpenseNet" xlink:label="loc_839743H4G541_us-gaap_InterestIncomeExpenseNet"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_InterestIncomeExpenseNet" xml:lang="en-US">Interest Income (Expense), Net</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_InterestIncomeExpenseNet" xml:lang="en-US">Net interest income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_InterestIncomeExpenseNet" xml:lang="en-US">Net interest income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_InterestIncomeExpenseNet" xlink:to="lab_051965J6I763_us-gaap_InterestIncomeExpenseNet"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherIncome" xlink:label="loc_FG95812277699K094F4I_us-gaap_OtherIncome"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherIncome" xml:lang="en-US">Other Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherIncome" xml:lang="en-US">Other income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OtherIncome" xlink:to="lab_HI17034499811M216H6K_us-gaap_OtherIncome"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RevenuesNetOfInterestExpense" xlink:label="loc_839743H4G541_us-gaap_RevenuesNetOfInterestExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RevenuesNetOfInterestExpense" xml:lang="en-US">Revenues, Net of Interest Expense, Total</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_RevenuesNetOfInterestExpense" xml:lang="en-US">Total income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RevenuesNetOfInterestExpense" xlink:to="lab_051965J6I763_us-gaap_RevenuesNetOfInterestExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_CostsAndExpensesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CostsAndExpensesAbstract" xml:lang="en-US">Costs and Expenses [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CostsAndExpensesAbstract" xml:lang="en-US">EXPENSE</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CostsAndExpensesAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_CostsAndExpensesAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RelatedPartyManagementFeeExpense" xlink:label="loc_839743H4G541_ajx_RelatedPartyManagementFeeExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_RelatedPartyManagementFeeExpense" xml:lang="en-US">Related Party Management Fee Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_RelatedPartyManagementFeeExpense" xml:lang="en-US">Related party expense - management fee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_RelatedPartyManagementFeeExpense" xml:lang="en-US">Represents the amount related to management fee expense as related party expense.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_RelatedPartyManagementFeeExpense" xlink:to="lab_051965J6I763_ajx_RelatedPartyManagementFeeExpense"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RelatedPartyLoanServicingFeeExpense" xlink:label="loc_FG95812277699K094F4I_ajx_RelatedPartyLoanServicingFeeExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_RelatedPartyLoanServicingFeeExpense" xml:lang="en-US">Related Party Loan Servicing Fee Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_RelatedPartyLoanServicingFeeExpense" xml:lang="en-US">Related party expense - loan servicing fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_RelatedPartyLoanServicingFeeExpense" xml:lang="en-US">Represents the amount related to loan servicing fee expense as related party expense.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_RelatedPartyLoanServicingFeeExpense" xlink:to="lab_HI17034499811M216H6K_ajx_RelatedPartyLoanServicingFeeExpense"/>




<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="loc_FG95812277699K094F4I_us-gaap_ProfessionalFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ProfessionalFees" xml:lang="en-US">Professional Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ProfessionalFees" xml:lang="en-US">Professional fees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ProfessionalFees" xlink:to="lab_HI17034499811M216H6K_us-gaap_ProfessionalFees"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherExpenses" xlink:label="loc_839743H4G541_us-gaap_OtherExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_OtherExpenses" xml:lang="en-US">Other Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_OtherExpenses" xml:lang="en-US">Other expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_OtherExpenses" xlink:to="lab_051965J6I763_us-gaap_OtherExpenses"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="loc_FG95812277699K094F4I_us-gaap_OperatingExpenses"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingExpenses" xml:lang="en-US">Operating Expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OperatingExpenses" xml:lang="en-US">Total expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OperatingExpenses" xlink:to="lab_HI17034499811M216H6K_us-gaap_OperatingExpenses"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_839743H4G541_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xml:lang="en-US">Income (Loss) from Continuing Operations before Income Taxes, Extraordinary Items, Noncontrolling Interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xml:lang="en-US">Income before provision for income taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:to="lab_051965J6I763_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncomeTaxExpenseBenefit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Income Tax Expense (Benefit)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxExpenseBenefit" xml:lang="en-US">Provision for income taxes</label>
<label xlink:type="resource" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxExpenseBenefit" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Income tax expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncomeTaxExpenseBenefit" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncomeTaxExpenseBenefit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_839743H4G541_us-gaap_ProfitLoss"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ProfitLoss" xml:lang="en-US">Net Income (Loss), Including Portion Attributable to Noncontrolling Interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_ProfitLoss" xml:lang="en-US">Net income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ProfitLoss" xml:lang="en-US">Consolidated net income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_ProfitLoss" xml:lang="en-US">Consolidated net income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ProfitLoss" xlink:to="lab_051965J6I763_us-gaap_ProfitLoss"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="loc_FG95812277699K094F4I_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xml:lang="en-US">Net Income (Loss) Attributable to Noncontrolling Interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xml:lang="en-US">Less: consolidated net income attributable to the non-controlling interest</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:to="lab_HI17034499811M216H6K_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_839743H4G541_us-gaap_NetIncomeLoss"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_NetIncomeLoss" xml:lang="en-US">Net Income (Loss) Attributable to Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_NetIncomeLoss" xml:lang="en-US">Income attributable to common stockholders</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_NetIncomeLoss" xml:lang="en-US">Net income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_NetIncomeLoss" xml:lang="en-US">Consolidated net income attributable to common stockholders</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_NetIncomeLoss" xlink:to="lab_051965J6I763_us-gaap_NetIncomeLoss"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_FG95812277699K094F4I_us-gaap_EarningsPerShareBasic"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Earnings Per Share, Basic</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Basic earnings per common share (in dollars per share)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareBasic" xml:lang="en-US">Income attributable to unrestricted common stockholders (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EarningsPerShareBasic" xlink:to="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareBasic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_839743H4G541_us-gaap_EarningsPerShareDiluted"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Earnings Per Share, Diluted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Diluted earnings per common share (in dollars per share)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_EarningsPerShareDiluted" xml:lang="en-US">Income attributable to common stockholders and dilutive securities (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_EarningsPerShareDiluted" xlink:to="lab_051965J6I763_us-gaap_EarningsPerShareDiluted"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_FG95812277699K094F4I_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Basic</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Income attributable to unrestricted common stockholders, shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xml:lang="en-US">Weighted average shares - basic (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:to="lab_HI17034499811M216H6K_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_839743H4G541_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Weighted Average Number of Shares Outstanding, Diluted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Income attributable to common stockholders and dilutive securities, shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xml:lang="en-US">Weighted average shares - diluted (in shares)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:to="lab_051965J6I763_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_StatementOfCashFlowsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_StatementOfCashFlowsAbstract" xml:lang="en-US">Statement of Cash Flows [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_StatementOfCashFlowsAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_StatementOfCashFlowsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:label="loc_839743H4G541_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities, Continuing Operations [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xml:lang="en-US">CASH FLOWS FROM OPERATING ACTIVITIES</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:to="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xml:lang="en-US">Adjustments to reconcile net income to net cash from operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ShareBasedManagementFeeAndCompensationExpense" xlink:label="loc_839743H4G541_ajx_ShareBasedManagementFeeAndCompensationExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_ShareBasedManagementFeeAndCompensationExpense" xml:lang="en-US">Share Based Management Fee And Compensation Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_ShareBasedManagementFeeAndCompensationExpense" xml:lang="en-US">Stock-based management fee and compensation expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_ShareBasedManagementFeeAndCompensationExpense" xml:lang="en-US">Represents the non-cash amount related to share based management fee and compensation expense during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_ShareBasedManagementFeeAndCompensationExpense" xlink:to="lab_051965J6I763_ajx_ShareBasedManagementFeeAndCompensationExpense"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NonCashInterestIncomeAccretion" xlink:label="loc_FG95812277699K094F4I_ajx_NonCashInterestIncomeAccretion"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_NonCashInterestIncomeAccretion" xml:lang="en-US">Non Cash Interest Income Accretion</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_NonCashInterestIncomeAccretion" xml:lang="en-US">Non-cash interest income accretion</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_NonCashInterestIncomeAccretion" xml:lang="en-US">Represents amount related to accretion of non-cash interest income during the period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_NonCashInterestIncomeAccretion" xlink:to="lab_HI17034499811M216H6K_ajx_NonCashInterestIncomeAccretion"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainLossOnSaleOfProperties" xlink:label="loc_839743H4G541_us-gaap_GainLossOnSaleOfProperties"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_GainLossOnSaleOfProperties" xml:lang="en-US">Gain (Loss) on Sale of Properties</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_GainLossOnSaleOfProperties" xml:lang="en-US">Loss recognized on disposition of residential property</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_GainLossOnSaleOfProperties" xml:lang="en-US">Loss on sale of property</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_GainLossOnSaleOfProperties" xml:lang="en-US">Loss recognized on disposition of residential property</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_GainLossOnSaleOfProperties" xlink:to="lab_051965J6I763_us-gaap_GainLossOnSaleOfProperties"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_FG95812277699K094F4I_us-gaap_Depreciation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_Depreciation" xml:lang="en-US">Depreciation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_Depreciation" xml:lang="en-US">Depreciation of property</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_Depreciation" xlink:to="lab_HI17034499811M216H6K_us-gaap_Depreciation"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_839743H4G541_us-gaap_AmortizationOfFinancingCosts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AmortizationOfFinancingCosts" xml:lang="en-US">Amortization of Financing Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AmortizationOfFinancingCosts" xml:lang="en-US">Amortization of prepaid financing costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AmortizationOfFinancingCosts" xlink:to="lab_051965J6I763_us-gaap_AmortizationOfFinancingCosts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Increase (Decrease) in Operating Capital [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xml:lang="en-US">Net change in operating assets and liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_839743H4G541_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Increase (Decrease) in Prepaid Expense and Other Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xml:lang="en-US">Prepaid expenses and other assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:to="lab_051965J6I763_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_IncreaseDecreaseInReceivableFromServicer" xlink:label="loc_FG95812277699K094F4I_ajx_IncreaseDecreaseInReceivableFromServicer"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_IncreaseDecreaseInReceivableFromServicer" xml:lang="en-US">Increase Decrease In Receivable From Servicer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_IncreaseDecreaseInReceivableFromServicer" xml:lang="en-US">Receivable from servicer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_IncreaseDecreaseInReceivableFromServicer" xml:lang="en-US">Represents increase decrease in Receivable from servicer during reporting period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_IncreaseDecreaseInReceivableFromServicer" xlink:to="lab_HI17034499811M216H6K_ajx_IncreaseDecreaseInReceivableFromServicer"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" xlink:label="loc_839743H4G541_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" xml:lang="en-US">Increase Decrease In Undistributed Income From Investment In Managed Entities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" xml:lang="en-US">Undistributed income from investment in affiliate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" xml:lang="en-US">Represents increase decrease in undistributed income from investment in managed entities during reporting period.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" xlink:to="lab_051965J6I763_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xml:lang="en-US">Increase (Decrease) in Accrued Liabilities and Other Operating Liabilities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xml:lang="en-US">Accrued expenses and other liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_839743H4G541_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xml:lang="en-US">Net Cash Provided by (Used in) Operating Activities, Continuing Operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xml:lang="en-US">Net cash from operating activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:to="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities, Continuing Operations [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xml:lang="en-US">CASH FLOWS FROM INVESTING ACTIVITES</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireLoansReceivable" xlink:label="loc_839743H4G541_us-gaap_PaymentsToAcquireLoansReceivable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PaymentsToAcquireLoansReceivable" xml:lang="en-US">Payments to Acquire Loans Receivable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PaymentsToAcquireLoansReceivable" xml:lang="en-US">Purchase of mortgage loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_PaymentsToAcquireLoansReceivable" xml:lang="en-US">Purchase of mortgage loans and related balances</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PaymentsToAcquireLoansReceivable" xlink:to="lab_051965J6I763_us-gaap_PaymentsToAcquireLoansReceivable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1" xlink:label="loc_FG95812277699K094F4I_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1" xml:lang="en-US">Proceeds from Loan and Lease Originations and Principal Collections</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1" xml:lang="en-US">Principal paydowns on mortgage loans</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1" xlink:to="lab_HI17034499811M216H6K_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireHeldForSaleRealEstate" xlink:label="loc_839743H4G541_us-gaap_PaymentsToAcquireHeldForSaleRealEstate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PaymentsToAcquireHeldForSaleRealEstate" xml:lang="en-US">Payments to Acquire Held-for-sale Real Estate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PaymentsToAcquireHeldForSaleRealEstate" xml:lang="en-US">Purchase of property held for sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_PaymentsToAcquireHeldForSaleRealEstate" xml:lang="en-US">Purchase of property held-for-sale and related balances</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PaymentsToAcquireHeldForSaleRealEstate" xlink:to="lab_051965J6I763_us-gaap_PaymentsToAcquireHeldForSaleRealEstate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyHeldForSale" xlink:label="loc_FG95812277699K094F4I_us-gaap_ProceedsFromSaleOfPropertyHeldForSale"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ProceedsFromSaleOfPropertyHeldForSale" xml:lang="en-US">Proceeds from Sale of Property Held-for-sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ProceedsFromSaleOfPropertyHeldForSale" xml:lang="en-US">Proceeds from sale of property held-for-sale</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ProceedsFromSaleOfPropertyHeldForSale" xlink:to="lab_HI17034499811M216H6K_us-gaap_ProceedsFromSaleOfPropertyHeldForSale"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DistributionFromAffiliate" xlink:label="loc_839743H4G541_ajx_DistributionFromAffiliate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_DistributionFromAffiliate" xml:lang="en-US">Distribution From Affiliate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_DistributionFromAffiliate" xml:lang="en-US">Distribution from affiliate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_DistributionFromAffiliate" xml:lang="en-US">This element represents cash distribution from affiliates to the parent.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_ajx_DistributionFromAffiliate" xml:lang="en-US">Distribution from affiliate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_DistributionFromAffiliate" xlink:to="lab_051965J6I763_ajx_DistributionFromAffiliate"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" xlink:label="loc_FG95812277699K094F4I_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" xml:lang="en-US">Payments For Renovation Cost Of Rental Property And Property Held For Sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" xml:lang="en-US">Renovations of rental property and property held for sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" xml:lang="en-US">Cash outflow related to renovation of plants whether by repairs during the period.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" xml:lang="en-US">Renovations of rental property and property held for sale</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" xlink:to="lab_HI17034499811M216H6K_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_839743H4G541_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xml:lang="en-US">Net Cash Provided by (Used in) Investing Activities, Continuing Operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xml:lang="en-US">Net cash from investing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:to="lab_051965J6I763_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities, Continuing Operations [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xml:lang="en-US">CASH FLOWS FROM FINANCING ACTIVITIES</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="loc_839743H4G541_us-gaap_RepaymentsOfLongTermDebt"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RepaymentsOfLongTermDebt" xml:lang="en-US">Repayments of Long-term Debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_RepaymentsOfLongTermDebt" xml:lang="en-US">Proceeds from repurchase agreement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_RepaymentsOfLongTermDebt" xml:lang="en-US">Proceeds from repurchase agreement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RepaymentsOfLongTermDebt" xlink:to="lab_051965J6I763_us-gaap_RepaymentsOfLongTermDebt"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:label="loc_FG95812277699K094F4I_us-gaap_ProceedsFromIssuanceOfSecuredDebt"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ProceedsFromIssuanceOfSecuredDebt" xml:lang="en-US">Proceeds from Issuance of Secured Debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ProceedsFromIssuanceOfSecuredDebt" xml:lang="en-US">Proceeds from sale or issuance of secured notes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:to="lab_HI17034499811M216H6K_us-gaap_ProceedsFromIssuanceOfSecuredDebt"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RepaymentsOnRepurchaseAgreement" xlink:label="loc_839743H4G541_ajx_RepaymentsOnRepurchaseAgreement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_RepaymentsOnRepurchaseAgreement" xml:lang="en-US">Repayments On Repurchase Agreement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_RepaymentsOnRepurchaseAgreement" xml:lang="en-US">Repayments on repurchase agreement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_RepaymentsOnRepurchaseAgreement" xml:lang="en-US">Represents repayments on repurchase agreement.</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_ajx_RepaymentsOnRepurchaseAgreement" xml:lang="en-US">Repayments on repurchase agreement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_RepaymentsOnRepurchaseAgreement" xlink:to="lab_051965J6I763_ajx_RepaymentsOnRepurchaseAgreement"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfSecuredDebt" xlink:label="loc_FG95812277699K094F4I_us-gaap_RepaymentsOfSecuredDebt"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_RepaymentsOfSecuredDebt" xml:lang="en-US">Repayments of Secured Debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_RepaymentsOfSecuredDebt" xml:lang="en-US">Repayments on secured notes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_RepaymentsOfSecuredDebt" xml:lang="en-US">Repayments on secured notes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_RepaymentsOfSecuredDebt" xlink:to="lab_HI17034499811M216H6K_us-gaap_RepaymentsOfSecuredDebt"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_839743H4G541_us-gaap_ProceedsFromIssuanceInitialPublicOffering"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ProceedsFromIssuanceInitialPublicOffering" xml:lang="en-US">Proceeds from Issuance Initial Public Offering</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ProceedsFromIssuanceInitialPublicOffering" xml:lang="en-US">Sale of common stock, net of offering costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_ProceedsFromIssuanceInitialPublicOffering" xml:lang="en-US">Sale of common stock, net of offering costs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:to="lab_051965J6I763_us-gaap_ProceedsFromIssuanceInitialPublicOffering"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsOfDividendsMinorityInterest" xlink:label="loc_FG95812277699K094F4I_us-gaap_PaymentsOfDividendsMinorityInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_PaymentsOfDividendsMinorityInterest" xml:lang="en-US">Payments of Ordinary Dividends, Noncontrolling Interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PaymentsOfDividendsMinorityInterest" xml:lang="en-US">Distribution to non-controlling interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PaymentsOfDividendsMinorityInterest" xml:lang="en-US">Distribution to non-controlling interest</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_PaymentsOfDividendsMinorityInterest" xlink:to="lab_HI17034499811M216H6K_us-gaap_PaymentsOfDividendsMinorityInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="loc_839743H4G541_us-gaap_PaymentsOfDividendsCommonStock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PaymentsOfDividendsCommonStock" xml:lang="en-US">Payments of Ordinary Dividends, Common Stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PaymentsOfDividendsCommonStock" xml:lang="en-US">Dividends paid on common stock</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_PaymentsOfDividendsCommonStock" xml:lang="en-US">Dividends paid on common stock</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PaymentsOfDividendsCommonStock" xlink:to="lab_051965J6I763_us-gaap_PaymentsOfDividendsCommonStock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_FG95812277699K094F4I_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xml:lang="en-US">Net Cash Provided by (Used in) Financing Activities, Continuing Operations</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xml:lang="en-US">Net cash from financing activities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:to="lab_HI17034499811M216H6K_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_839743H4G541_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">Cash and Cash Equivalents, Period Increase (Decrease)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_051965J6I763_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xml:lang="en-US">NET CHANGE IN CASH AND CASH EQUIVALENTS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:to="lab_051965J6I763_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_SupplementalCashFlowInformationAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_SupplementalCashFlowInformationAbstract" xml:lang="en-US">Supplemental Cash Flow Information [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_SupplementalCashFlowInformationAbstract" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_SupplementalCashFlowInformationAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestPaid" xlink:label="loc_839743H4G541_us-gaap_InterestPaid"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_InterestPaid" xml:lang="en-US">Interest Paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_InterestPaid" xml:lang="en-US">Cash paid for interest</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_InterestPaid" xlink:to="lab_051965J6I763_us-gaap_InterestPaid"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncomeTaxesPaid"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxesPaid" xml:lang="en-US">Income Taxes Paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxesPaid" xml:lang="en-US">Cash paid for income taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncomeTaxesPaid" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncomeTaxesPaid"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="loc_839743H4G541_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xml:lang="en-US">Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xml:lang="en-US">SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="lab_051965J6I763_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale" xlink:label="loc_FG95812277699K094F4I_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale" xml:lang="en-US">Transfer Of Loans To Rental Property Or Property Held For Sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale" xml:lang="en-US">Transfer of loans to rental property or property held for sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale" xml:lang="en-US">Value of loans transferred to rental property or property held-for-sale in noncash transactions.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale" xlink:to="lab_HI17034499811M216H6K_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssued1" xlink:label="loc_839743H4G541_us-gaap_StockIssued1"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StockIssued1" xml:lang="en-US">Stock Issued</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_StockIssued1" xml:lang="en-US">Issuance of common stock for management fees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StockIssued1" xlink:to="lab_051965J6I763_us-gaap_StockIssued1"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_StatementOfStockholdersEquityAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_StatementOfStockholdersEquityAbstract" xml:lang="en-US">Statement of Stockholders' Equity [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_StatementOfStockholdersEquityAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_839743H4G541_us-gaap_StatementTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StatementTable" xml:lang="en-US">Statement [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StatementTable" xlink:to="lab_051965J6I763_us-gaap_StatementTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_FG95812277699K094F4I_us-gaap_StatementEquityComponentsAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_StatementEquityComponentsAxis" xml:lang="en-US">Equity Components [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_StatementEquityComponentsAxis" xlink:to="lab_HI17034499811M216H6K_us-gaap_StatementEquityComponentsAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_839743H4G541_us-gaap_CommonStockMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CommonStockMember" xml:lang="en-US">Common Stock [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CommonStockMember" xml:lang="en-US">Common Stock</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CommonStockMember" xlink:to="lab_051965J6I763_us-gaap_CommonStockMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_AdditionalPaidInCapitalMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AdditionalPaidInCapitalMember" xml:lang="en-US">Additional Paid-in Capital [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AdditionalPaidInCapitalMember" xml:lang="en-US">Additional Paid-in Capital</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AdditionalPaidInCapitalMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_AdditionalPaidInCapitalMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_839743H4G541_us-gaap_RetainedEarningsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RetainedEarningsMember" xml:lang="en-US">Retained Earnings [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_RetainedEarningsMember" xml:lang="en-US">Retained Earnings</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RetainedEarningsMember" xlink:to="lab_051965J6I763_us-gaap_RetainedEarningsMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ParentMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_ParentMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ParentMember" xml:lang="en-US">Parent [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ParentMember" xml:lang="en-US">Total Stockholders' Equity</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ParentMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_ParentMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="loc_839743H4G541_us-gaap_NoncontrollingInterestMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_NoncontrollingInterestMember" xml:lang="en-US">Noncontrolling Interest [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_NoncontrollingInterestMember" xml:lang="en-US">Noncontrolling Interest</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_NoncontrollingInterestMember" xlink:to="lab_051965J6I763_us-gaap_NoncontrollingInterestMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_EquityComponentDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EquityComponentDomain" xml:lang="en-US">Equity Component [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EquityComponentDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_EquityComponentDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_839743H4G541_us-gaap_StatementLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StatementLineItems" xml:lang="en-US">Statement [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StatementLineItems" xlink:to="lab_051965J6I763_us-gaap_StatementLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xml:lang="en-US">Increase (Decrease) in Stockholders' Equity [Roll Forward]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_839743H4G541_us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StockIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Issuance of shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_StockIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Senior securities issued in private offerings to institutional investors</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_StockIssuedDuringPeriodValueNewIssues" xml:lang="en-US">Net proceeds from initial public offering</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:to="lab_051965J6I763_us-gaap_StockIssuedDuringPeriodValueNewIssues"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee" xlink:label="loc_FG95812277699K094F4I_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee" xml:lang="en-US">Adjustments To Additional Paid In Capital Stock Based Management Fee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee" xml:lang="en-US">Stock-based management fee expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee" xml:lang="en-US">Amount of increase (decrease) in additional paid in capital (APIC) resulting from stock-based management fee.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee" xlink:to="lab_HI17034499811M216H6K_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="loc_839743H4G541_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xml:lang="en-US">Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xml:lang="en-US">Stock-based compensation expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xml:lang="en-US">Stock-based compensation expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:to="lab_051965J6I763_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Dividends" xlink:label="loc_FG95812277699K094F4I_us-gaap_Dividends"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_Dividends" xml:lang="en-US">Dividends</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_Dividends" xml:lang="en-US">Dividends and distributions ($0.16 per share)</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_Dividends" xml:lang="en-US">Dividends and distributions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_Dividends" xlink:to="lab_HI17034499811M216H6K_us-gaap_Dividends"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_839743H4G541_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:to="lab_051965J6I763_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xml:lang="en-US">Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xml:lang="en-US">Organization and basis of presentation</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_839743H4G541_us-gaap_AccountingPoliciesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AccountingPoliciesAbstract" xml:lang="en-US">Accounting Policies [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AccountingPoliciesAbstract" xlink:to="lab_051965J6I763_us-gaap_AccountingPoliciesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_SignificantAccountingPoliciesTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">Significant Accounting Policies [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_SignificantAccountingPoliciesTextBlock" xml:lang="en-US">Summary of significant accounting policies</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_SignificantAccountingPoliciesTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_SignificantAccountingPoliciesTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansAbstract" xlink:label="loc_839743H4G541_ajx_MortgageLoansAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_MortgageLoansAbstract" xml:lang="en-US">Mortgage Loans [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_MortgageLoansAbstract" xlink:to="lab_051965J6I763_ajx_MortgageLoansAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansTextBlock" xlink:label="loc_FG95812277699K094F4I_ajx_MortgageLoansTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_MortgageLoansTextBlock" xml:lang="en-US">Mortgage Loans [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_MortgageLoansTextBlock" xml:lang="en-US">Mortgage loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_MortgageLoansTextBlock" xml:lang="en-US">Represents entire disclosure of mortgage loans.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_MortgageLoansTextBlock" xlink:to="lab_HI17034499811M216H6K_ajx_MortgageLoansTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateAbstract" xlink:label="loc_839743H4G541_us-gaap_RealEstateAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RealEstateAbstract" xml:lang="en-US">Real Estate [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RealEstateAbstract" xlink:to="lab_051965J6I763_us-gaap_RealEstateAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateDisclosureTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_RealEstateDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_RealEstateDisclosureTextBlock" xml:lang="en-US">Real Estate Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_RealEstateDisclosureTextBlock" xml:lang="en-US">Real estate assets, net</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_RealEstateDisclosureTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_RealEstateDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_839743H4G541_us-gaap_FairValueDisclosuresAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FairValueDisclosuresAbstract" xml:lang="en-US">Fair Value Disclosures [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FairValueDisclosuresAbstract" xlink:to="lab_051965J6I763_us-gaap_FairValueDisclosuresAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_FairValueDisclosuresTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueDisclosuresTextBlock" xml:lang="en-US">Fair Value Disclosures [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueDisclosuresTextBlock" xml:lang="en-US">Fair value of financial instruments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FairValueDisclosuresTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_FairValueDisclosuresTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract" xlink:label="loc_839743H4G541_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract" xml:lang="en-US">Investments in and Advances to Affiliates, Schedule of Investments [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract" xlink:to="lab_051965J6I763_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xml:lang="en-US">Investments in and Advances to Affiliates, Schedule of Investments [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xml:lang="en-US">Unconsolidated affiliates</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_839743H4G541_us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xml:lang="en-US">Commitments and Contingencies Disclosure [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:to="lab_051965J6I763_us-gaap_CommitmentsAndContingenciesDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xml:lang="en-US">Commitments and Contingencies Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xml:lang="en-US">Commitments and contingencies</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_839743H4G541_us-gaap_DebtDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DebtDisclosureAbstract" xml:lang="en-US">Debt Disclosure [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DebtDisclosureAbstract" xlink:to="lab_051965J6I763_us-gaap_DebtDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_DebtDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DebtDisclosureTextBlock" xml:lang="en-US">Debt Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DebtDisclosureTextBlock" xml:lang="en-US">Debt</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DebtDisclosureTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_DebtDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_839743H4G541_us-gaap_RelatedPartyTransactionsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RelatedPartyTransactionsAbstract" xml:lang="en-US">Related Party Transactions [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RelatedPartyTransactionsAbstract" xlink:to="lab_051965J6I763_us-gaap_RelatedPartyTransactionsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xml:lang="en-US">Related Party Transactions Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xml:lang="en-US">Related party transactions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_RelatedPartyTransactionsDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_839743H4G541_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xml:lang="en-US">Disclosure of Compensation Related Costs, Share-based Payments [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:to="lab_051965J6I763_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xml:lang="en-US">Disclosure of Compensation Related Costs, Share-based Payments [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xml:lang="en-US">Stock based payments and director fees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_839743H4G541_us-gaap_IncomeTaxDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncomeTaxDisclosureAbstract" xml:lang="en-US">Income Tax Disclosure [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncomeTaxDisclosureAbstract" xlink:to="lab_051965J6I763_us-gaap_IncomeTaxDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncomeTaxDisclosureTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxDisclosureTextBlock" xml:lang="en-US">Income Tax Disclosure [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxDisclosureTextBlock" xml:lang="en-US">Income taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncomeTaxDisclosureTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncomeTaxDisclosureTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_839743H4G541_us-gaap_EarningsPerShareAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_EarningsPerShareAbstract" xml:lang="en-US">Earnings Per Share [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_EarningsPerShareAbstract" xlink:to="lab_051965J6I763_us-gaap_EarningsPerShareAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_EarningsPerShareTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareTextBlock" xml:lang="en-US">Earnings Per Share [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareTextBlock" xml:lang="en-US">Earnings per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EarningsPerShareTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_839743H4G541_us-gaap_SubsequentEventsAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_SubsequentEventsAbstract" xml:lang="en-US">Subsequent Events [Abstract]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_SubsequentEventsAbstract" xlink:to="lab_051965J6I763_us-gaap_SubsequentEventsAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_SubsequentEventsTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_SubsequentEventsTextBlock" xml:lang="en-US">Subsequent Events [Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_SubsequentEventsTextBlock" xml:lang="en-US">Subsequent events</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_SubsequentEventsTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_SubsequentEventsTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="loc_839743H4G541_us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xml:lang="en-US">Cash and Cash Equivalents, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xml:lang="en-US">Cash and cash equivalents</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="lab_051965J6I763_us-gaap_CashAndCashEquivalentsPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_OrganizationalExpensesPolicyTextBlock" xlink:label="loc_FG95812277699K094F4I_ajx_OrganizationalExpensesPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_OrganizationalExpensesPolicyTextBlock" xml:lang="en-US">Organizational Expenses [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_OrganizationalExpensesPolicyTextBlock" xml:lang="en-US">Organizational expenses</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_OrganizationalExpensesPolicyTextBlock" xml:lang="en-US">Disclosure of accounting policy for organizational expenses.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_OrganizationalExpensesPolicyTextBlock" xlink:to="lab_HI17034499811M216H6K_ajx_OrganizationalExpensesPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_OfferingCostsPolicyTextBlock" xlink:label="loc_839743H4G541_ajx_OfferingCostsPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_OfferingCostsPolicyTextBlock" xml:lang="en-US">Offering Costs [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_OfferingCostsPolicyTextBlock" xml:lang="en-US">Offering costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_OfferingCostsPolicyTextBlock" xml:lang="en-US">Disclosure of accounting policy for offering costs incurred pursuant to offering of shares.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_OfferingCostsPolicyTextBlock" xlink:to="lab_051965J6I763_ajx_OfferingCostsPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_EarningsPerSharePolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerSharePolicyTextBlock" xml:lang="en-US">Earnings Per Share, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerSharePolicyTextBlock" xml:lang="en-US">Earnings per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EarningsPerSharePolicyTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_EarningsPerSharePolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="loc_839743H4G541_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xml:lang="en-US">Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xml:lang="en-US">Stock-based payments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="lab_051965J6I763_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DirectorsFeesPolicyTextBlock" xlink:label="loc_FG95812277699K094F4I_ajx_DirectorsFeesPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_DirectorsFeesPolicyTextBlock" xml:lang="en-US">Directors Fees [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_DirectorsFeesPolicyTextBlock" xml:lang="en-US">Directors' fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_DirectorsFeesPolicyTextBlock" xml:lang="en-US">Disclosure of accounting policy for directors fee incurred.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_DirectorsFeesPolicyTextBlock" xlink:to="lab_HI17034499811M216H6K_ajx_DirectorsFeesPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy" xlink:label="loc_839743H4G541_us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy" xml:lang="en-US">Management and Investment Advisory Fees, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy" xml:lang="en-US">Management fee and expense reimbursement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy" xlink:to="lab_051965J6I763_us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ServicingFeesPolicyTextBlock" xlink:label="loc_FG95812277699K094F4I_ajx_ServicingFeesPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_ServicingFeesPolicyTextBlock" xml:lang="en-US">Servicing Fees [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_ServicingFeesPolicyTextBlock" xml:lang="en-US">Servicing fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_ServicingFeesPolicyTextBlock" xml:lang="en-US">Disclosure of accounting policy for servicing fee received.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_ServicingFeesPolicyTextBlock" xlink:to="lab_HI17034499811M216H6K_ajx_ServicingFeesPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:label="loc_839743H4G541_us-gaap_FairValueOfFinancialInstrumentsPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FairValueOfFinancialInstrumentsPolicy" xml:lang="en-US">Fair Value of Financial Instruments, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_FairValueOfFinancialInstrumentsPolicy" xml:lang="en-US">Fair value of financial instruments</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:to="lab_051965J6I763_us-gaap_FairValueOfFinancialInstrumentsPolicy"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncomeTaxPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxPolicyTextBlock" xml:lang="en-US">Income Tax, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeTaxPolicyTextBlock" xml:lang="en-US">Income taxes</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncomeTaxPolicyTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncomeTaxPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy" xlink:label="loc_839743H4G541_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy" xml:lang="en-US">Loans and Leases Receivable, Mortgage Banking Activities, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy" xml:lang="en-US">Mortgage loans</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy" xlink:to="lab_051965J6I763_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ResidentialPropertiesPolicyTextBlock" xlink:label="loc_FG95812277699K094F4I_ajx_ResidentialPropertiesPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_ResidentialPropertiesPolicyTextBlock" xml:lang="en-US">Residential Properties [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_ResidentialPropertiesPolicyTextBlock" xml:lang="en-US">Residential properties</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_ResidentialPropertiesPolicyTextBlock" xml:lang="en-US">Disclosure of accounting policy for residential properties.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_ResidentialPropertiesPolicyTextBlock" xlink:to="lab_HI17034499811M216H6K_ajx_ResidentialPropertiesPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:label="loc_839743H4G541_us-gaap_SegmentReportingPolicyPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_SegmentReportingPolicyPolicyTextBlock" xml:lang="en-US">Segment Reporting, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_SegmentReportingPolicyPolicyTextBlock" xml:lang="en-US">Segment information</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:to="lab_051965J6I763_us-gaap_SegmentReportingPolicyPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_EmergingGrowthCompanyPolicyTextBlock" xlink:label="loc_FG95812277699K094F4I_ajx_EmergingGrowthCompanyPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_EmergingGrowthCompanyPolicyTextBlock" xml:lang="en-US">Emerging Growth Company [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_EmergingGrowthCompanyPolicyTextBlock" xml:lang="en-US">Emerging growth company</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_EmergingGrowthCompanyPolicyTextBlock" xml:lang="en-US">Disclosure of accounting policy for emerging growth company.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_EmergingGrowthCompanyPolicyTextBlock" xlink:to="lab_HI17034499811M216H6K_ajx_EmergingGrowthCompanyPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:label="loc_839743H4G541_us-gaap_PriorPeriodReclassificationAdjustmentDescription"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PriorPeriodReclassificationAdjustmentDescription" xml:lang="en-US">Reclassification, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PriorPeriodReclassificationAdjustmentDescription" xml:lang="en-US">Reclassifications</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:to="lab_051965J6I763_us-gaap_PriorPeriodReclassificationAdjustmentDescription"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xml:lang="en-US">New Accounting Pronouncements, Policy [Policy Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xml:lang="en-US">Recently issued accounting standards</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock" xlink:label="loc_839743H4G541_ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock" xml:lang="en-US">Contractually Required Payments And Estimated Cash Flows Expected To Be Collected [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock" xml:lang="en-US">Schedule of contractually required payments and estimated cash flows expected to be collected</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock" xml:lang="en-US">Represents tabular disclosure of contractually required payments and estimated cash flows expected to be collected.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock" xlink:to="lab_051965J6I763_ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AccretableYieldTableTextBlock" xlink:label="loc_FG95812277699K094F4I_ajx_AccretableYieldTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_AccretableYieldTableTextBlock" xml:lang="en-US">Accretable Yield [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_AccretableYieldTableTextBlock" xml:lang="en-US">Schedule of accretable yield</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_AccretableYieldTableTextBlock" xml:lang="en-US">Represents tabular disclosure of accretable yield.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_AccretableYieldTableTextBlock" xlink:to="lab_HI17034499811M216H6K_ajx_AccretableYieldTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PastDueFinancingReceivablesTableTextBlock" xlink:label="loc_839743H4G541_us-gaap_PastDueFinancingReceivablesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PastDueFinancingReceivablesTableTextBlock" xml:lang="en-US">Past Due Financing Receivables [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PastDueFinancingReceivablesTableTextBlock" xml:lang="en-US">Schedule of carrying value of mortgage loans and related UPB by delinquency status</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PastDueFinancingReceivablesTableTextBlock" xlink:to="lab_051965J6I763_us-gaap_PastDueFinancingReceivablesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_FairValueByBalanceSheetGroupingTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xml:lang="en-US">Fair Value, by Balance Sheet Grouping [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xml:lang="en-US">Schedule of fair value of financial assets and liabilities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_FairValueByBalanceSheetGroupingTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock" xlink:label="loc_839743H4G541_us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock" xml:lang="en-US">Fair Value Inputs, Assets, Quantitative Information [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock" xml:lang="en-US">Schedule of quantitative information about significant unobservable inputs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock" xlink:to="lab_051965J6I763_us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfRepurchaseAgreements" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfRepurchaseAgreements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfRepurchaseAgreements" xml:lang="en-US">Schedule of Repurchase Agreements [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfRepurchaseAgreements" xml:lang="en-US">Schedule of details of repurchase agreement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ScheduleOfRepurchaseAgreements" xlink:to="lab_HI17034499811M216H6K_us-gaap_ScheduleOfRepurchaseAgreements"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ScheduleOfDebtSecuritizationTableTextBlock" xlink:label="loc_839743H4G541_ajx_ScheduleOfDebtSecuritizationTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_ScheduleOfDebtSecuritizationTableTextBlock" xml:lang="en-US">Schedule Of Debt Securitization [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_ScheduleOfDebtSecuritizationTableTextBlock" xml:lang="en-US">Schedule of securitization of notes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_ScheduleOfDebtSecuritizationTableTextBlock" xml:lang="en-US">Represents tabular disclosure of debt securitization.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_ScheduleOfDebtSecuritizationTableTextBlock" xlink:to="lab_051965J6I763_ajx_ScheduleOfDebtSecuritizationTableTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_StatusOfMortgageLoansTableTextBlock" xlink:label="loc_FG95812277699K094F4I_ajx_StatusOfMortgageLoansTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_StatusOfMortgageLoansTableTextBlock" xml:lang="en-US">Status Of Mortgage Loans [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_StatusOfMortgageLoansTableTextBlock" xml:lang="en-US">Schedule of status of mortgage loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_StatusOfMortgageLoansTableTextBlock" xml:lang="en-US">Represents tabular disclosure of status of mortgage loans.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_StatusOfMortgageLoansTableTextBlock" xlink:to="lab_HI17034499811M216H6K_ajx_StatusOfMortgageLoansTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:label="loc_839743H4G541_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xml:lang="en-US">Schedule of Related Party Transactions [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xml:lang="en-US">Schedule of consolidated statement of income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:to="lab_051965J6I763_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock" xlink:label="loc_FG95812277699K094F4I_ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock" xml:lang="en-US">Stock Based Management Fees And Director Fees [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock" xml:lang="en-US">Schedule of management fees and director fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock" xml:lang="en-US">Represents information regarding stock based management fees and director fees.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock" xlink:to="lab_HI17034499811M216H6K_ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:label="loc_839743H4G541_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xml:lang="en-US">Nonvested Restricted Stock Shares Activity [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xml:lang="en-US">Schedule of activity in restricted stock</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:to="lab_051965J6I763_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xml:lang="en-US">Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xml:lang="en-US">Components of basic and diluted earnings per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:to="lab_HI17034499811M216H6K_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_OrganizationAndBasisOfPresentationTable" xlink:label="loc_839743H4G541_ajx_OrganizationAndBasisOfPresentationTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_OrganizationAndBasisOfPresentationTable" xml:lang="en-US">Organization And Basis Of Presentation [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_OrganizationAndBasisOfPresentationTable" xml:lang="en-US">Represents disclosure about organization and basis of presentation.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_OrganizationAndBasisOfPresentationTable" xlink:to="lab_051965J6I763_ajx_OrganizationAndBasisOfPresentationTable"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SaleOfStockAxis" xlink:label="loc_FG95812277699K094F4I_ajx_SaleOfStockAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_SaleOfStockAxis" xml:lang="en-US">Sale Of Stock [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_SaleOfStockAxis" xml:lang="en-US">Information by type of sale of entity's stock.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_SaleOfStockAxis" xlink:to="lab_HI17034499811M216H6K_ajx_SaleOfStockAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_839743H4G541_us-gaap_SaleOfStockNameOfTransactionDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_SaleOfStockNameOfTransactionDomain" xml:lang="en-US">Sale of Stock [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_SaleOfStockNameOfTransactionDomain" xlink:to="lab_051965J6I763_us-gaap_SaleOfStockNameOfTransactionDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_PrivatePlacementMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_PrivatePlacementMember" xml:lang="en-US">Private Placement [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PrivatePlacementMember" xml:lang="en-US">Private Placement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PrivatePlacementMember" xml:lang="en-US">Initial private offering</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_PrivatePlacementMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_PrivatePlacementMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SecondPrivatePlacementMember" xlink:label="loc_839743H4G541_ajx_SecondPrivatePlacementMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_SecondPrivatePlacementMember" xml:lang="en-US">Second Private Placement [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_SecondPrivatePlacementMember" xml:lang="en-US">Second Private Placement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_SecondPrivatePlacementMember" xml:lang="en-US">Represents information regarding second Private Placement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_SecondPrivatePlacementMember" xlink:to="lab_051965J6I763_ajx_SecondPrivatePlacementMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IPOMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_IPOMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IPOMember" xml:lang="en-US">IPO [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IPOMember" xml:lang="en-US">Initial public offering</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IPOMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_IPOMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_839743H4G541_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xml:lang="en-US">Related Party [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="lab_051965J6I763_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_RelatedPartyDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_RelatedPartyDomain" xml:lang="en-US">Related Party [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_RelatedPartyDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_RelatedPartyDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_839743H4G541_ajx_ThetisAssetManagementLlcMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_ThetisAssetManagementLlcMember" xml:lang="en-US">Thetis Asset Management Llc [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_ajx_ThetisAssetManagementLlcMember" xml:lang="en-US">Thetis</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_ThetisAssetManagementLlcMember" xml:lang="en-US">Thetis Asset Management LLC</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_ThetisAssetManagementLlcMember" xml:lang="en-US">Represents information regarding Thetis Asset Management LLC.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_ThetisAssetManagementLlcMember" xlink:to="lab_051965J6I763_ajx_ThetisAssetManagementLlcMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LittleAjaxIiLlcMember" xlink:label="loc_FG95812277699K094F4I_ajx_LittleAjaxIiLlcMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_LittleAjaxIiLlcMember" xml:lang="en-US">Little Ajax Ii Llc [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_LittleAjaxIiLlcMember" xml:lang="en-US">Little Ajax II LLC</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_LittleAjaxIiLlcMember" xml:lang="en-US">Represents information regarding Little Ajax II, LLC.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_LittleAjaxIiLlcMember" xlink:to="lab_HI17034499811M216H6K_ajx_LittleAjaxIiLlcMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_839743H4G541_ajx_GregoryFundingLlcMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_GregoryFundingLlcMember" xml:lang="en-US">Gregory Funding Llc [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_ajx_GregoryFundingLlcMember" xml:lang="en-US">Servicer</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_GregoryFundingLlcMember" xml:lang="en-US">Gregory</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_GregoryFundingLlcMember" xml:lang="en-US">Represents information regarding Gregory Funding LLC.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_GregoryFundingLlcMember" xlink:to="lab_051965J6I763_ajx_GregoryFundingLlcMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_OrganizationAndBasisOfPresentationLineItems" xlink:label="loc_FG95812277699K094F4I_ajx_OrganizationAndBasisOfPresentationLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_OrganizationAndBasisOfPresentationLineItems" xml:lang="en-US">Organization And Basis Of Presentation [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_OrganizationAndBasisOfPresentationLineItems" xlink:to="lab_HI17034499811M216H6K_ajx_OrganizationAndBasisOfPresentationLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_839743H4G541_us-gaap_EquityMethodInvestmentOwnershipPercentage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_EquityMethodInvestmentOwnershipPercentage" xml:lang="en-US">Equity Method Investment, Ownership Percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_EquityMethodInvestmentOwnershipPercentage" xml:lang="en-US">Ownership percentage beneficial interest through equity method investee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_EquityMethodInvestmentOwnershipPercentage" xml:lang="en-US">Ownership percentage</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="lab_051965J6I763_us-gaap_EquityMethodInvestmentOwnershipPercentage"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RedemptionOfOwnership" xlink:label="loc_FG95812277699K094F4I_ajx_RedemptionOfOwnership"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_RedemptionOfOwnership" xml:lang="en-US">Redemption Of Ownership</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_RedemptionOfOwnership" xml:lang="en-US">Redemption of ownership and other transactions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_RedemptionOfOwnership" xml:lang="en-US">Represents redemption of ownership and other transactions.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_RedemptionOfOwnership" xlink:to="lab_HI17034499811M216H6K_ajx_RedemptionOfOwnership"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:label="loc_839743H4G541_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xml:lang="en-US">Sale of Stock, Number of Shares Issued in Transaction</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xml:lang="en-US">UPB of mortgage loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xml:lang="en-US">Number of shares sold in private offering</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:to="lab_051965J6I763_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement" xlink:label="loc_FG95812277699K094F4I_us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement" xml:lang="en-US">Partners' Capital Account, Units, Sold in Private Placement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement" xml:lang="en-US">Number of units Class A Units of operating partnership</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement" xlink:to="lab_HI17034499811M216H6K_us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed" xlink:label="loc_839743H4G541_us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed" xml:lang="en-US">Partners' Capital Account, Description of Units Redeemed</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed" xml:lang="en-US">Description of operating partnership units redeemed</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed" xlink:to="lab_051965J6I763_us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfAdditionalSharesClosedForSale" xlink:label="loc_FG95812277699K094F4I_ajx_NumberOfAdditionalSharesClosedForSale"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_NumberOfAdditionalSharesClosedForSale" xml:lang="en-US">Number Of Additional Shares Closed For Sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_NumberOfAdditionalSharesClosedForSale" xml:lang="en-US">Number of additional shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_NumberOfAdditionalSharesClosedForSale" xml:lang="en-US">Represents number of additional shares of common stock which are closed for sale.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_NumberOfAdditionalSharesClosedForSale" xlink:to="lab_HI17034499811M216H6K_ajx_NumberOfAdditionalSharesClosedForSale"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfOperatingUnitsClosedForSale" xlink:label="loc_839743H4G541_ajx_NumberOfOperatingUnitsClosedForSale"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_NumberOfOperatingUnitsClosedForSale" xml:lang="en-US">Number Of Operating Units Closed For Sale</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_NumberOfOperatingUnitsClosedForSale" xml:lang="en-US">Number of operating units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_NumberOfOperatingUnitsClosedForSale" xml:lang="en-US">Represents number of operating units closed for sale.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_NumberOfOperatingUnitsClosedForSale" xlink:to="lab_051965J6I763_ajx_NumberOfOperatingUnitsClosedForSale"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit" xlink:label="loc_FG95812277699K094F4I_ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit" xml:lang="en-US">Purchase Price Per Share And Per Operating Partnership Unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit" xml:lang="en-US">Purchase price per share and per OP Unit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit" xml:lang="en-US">Represents purchase Price Per Share and Per Operating Partnership Unit.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit" xlink:to="lab_HI17034499811M216H6K_ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:label="loc_839743H4G541_us-gaap_ProceedsFromIssuanceOfPrivatePlacement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xml:lang="en-US">Proceeds from Issuance of Private Placement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xml:lang="en-US">Net proceeds from the private placement</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:to="lab_051965J6I763_us-gaap_ProceedsFromIssuanceOfPrivatePlacement"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfRemainingPartnershipInterest" xlink:label="loc_FG95812277699K094F4I_ajx_PercentageOfRemainingPartnershipInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfRemainingPartnershipInterest" xml:lang="en-US">Percentage Of Remaining Partnership Interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfRemainingPartnershipInterest" xml:lang="en-US">Remaining partnership interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfRemainingPartnershipInterest" xml:lang="en-US">Represents percentage of remaining partnership interest.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_PercentageOfRemainingPartnershipInterest" xlink:to="lab_HI17034499811M216H6K_ajx_PercentageOfRemainingPartnershipInterest"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:label="loc_839743H4G541_us-gaap_PaymentsToAcquireEquityMethodInvestments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PaymentsToAcquireEquityMethodInvestments" xml:lang="en-US">Payments to Acquire Equity Method Investments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PaymentsToAcquireEquityMethodInvestments" xml:lang="en-US">Acquisition of equity interests</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:to="lab_051965J6I763_us-gaap_PaymentsToAcquireEquityMethodInvestments"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AggregatePurchasePriceOfRealEstateAssets" xlink:label="loc_FG95812277699K094F4I_ajx_AggregatePurchasePriceOfRealEstateAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_AggregatePurchasePriceOfRealEstateAssets" xml:lang="en-US">Aggregate Purchase Price Of Real Estate Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_AggregatePurchasePriceOfRealEstateAssets" xml:lang="en-US">Aggregate purchase price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_AggregatePurchasePriceOfRealEstateAssets" xml:lang="en-US">Represents aggregate purchase price of real estate assets.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_AggregatePurchasePriceOfRealEstateAssets" xlink:to="lab_HI17034499811M216H6K_ajx_AggregatePurchasePriceOfRealEstateAssets"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfLoans" xlink:label="loc_839743H4G541_ajx_NumberOfLoans"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_NumberOfLoans" xml:lang="en-US">Number Of Loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_NumberOfLoans" xml:lang="en-US">Number of loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_NumberOfLoans" xml:lang="en-US">Represents number of loans.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_NumberOfLoans" xlink:to="lab_051965J6I763_ajx_NumberOfLoans"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="loc_FG95812277699K094F4I_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xml:lang="en-US">Payments to Acquire Businesses and Interest in Affiliates</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xml:lang="en-US">Acquiring interest amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xml:lang="en-US">Value of participation interest</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:to="lab_HI17034499811M216H6K_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_839743H4G541_us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Stock Issued During Period, Shares, New Issues</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Number of common stock for resale registration statement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xml:lang="en-US">Number of shares sold in initial public offering</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:to="lab_051965J6I763_us-gaap_StockIssuedDuringPeriodSharesNewIssues"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany" xlink:label="loc_FG95812277699K094F4I_ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany" xml:lang="en-US">Stock Issued During Period Shares New Issues By Company</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany" xml:lang="en-US">Number of shares sold in initial public offering by company</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany" xml:lang="en-US">Represents stock issued during period shares new issues by company.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany" xlink:to="lab_HI17034499811M216H6K_ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders" xlink:label="loc_839743H4G541_ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders" xml:lang="en-US">Stock Issued During Period Shares New Issues By Selling Stockholders</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders" xml:lang="en-US">Number of shares sold in initial public offering by selling stockholders</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders" xml:lang="en-US">Represents stock issued during period shares new issues by selling stockholders.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders" xlink:to="lab_051965J6I763_ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned" xlink:label="loc_FG95812277699K094F4I_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned" xml:lang="en-US">Percentage Of Outstanding Operating Partnership Units Owned</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned" xml:lang="en-US">Percentage of outstanding OP units owned</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned" xml:lang="en-US">Represents percentage of outstanding operating partnership units owned.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned" xlink:to="lab_HI17034499811M216H6K_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder" xlink:label="loc_839743H4G541_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder" xml:lang="en-US">Percentage Of Outstanding Operating Partnership Units Owned By Unaffiliated Holder</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder" xml:lang="en-US">Percentage of outstanding OP owned by an unaffiliated holder</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder" xml:lang="en-US">Represents percentage of outstanding operating partnership units owned by an unaffiliated holder.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder" xlink:to="lab_051965J6I763_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SummaryOfSignificantAccountingPoliciesTable" xlink:label="loc_FG95812277699K094F4I_ajx_SummaryOfSignificantAccountingPoliciesTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_SummaryOfSignificantAccountingPoliciesTable" xml:lang="en-US">Summary Of Significant Accounting Policies [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_SummaryOfSignificantAccountingPoliciesTable" xml:lang="en-US">Represents information of summary Of significant accounting policies.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_SummaryOfSignificantAccountingPoliciesTable" xlink:to="lab_HI17034499811M216H6K_ajx_SummaryOfSignificantAccountingPoliciesTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="loc_839743H4G541_us-gaap_PlanNameAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PlanNameAxis" xml:lang="en-US">Plan Name [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PlanNameAxis" xlink:to="lab_051965J6I763_us-gaap_PlanNameAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_PlanNameDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_PlanNameDomain" xml:lang="en-US">Plan Name [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_PlanNameDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_PlanNameDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DirectorEquityPlan2014Member" xlink:label="loc_839743H4G541_ajx_DirectorEquityPlan2014Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_DirectorEquityPlan2014Member" xml:lang="en-US">Director Equity Plan 2014 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_DirectorEquityPlan2014Member" xml:lang="en-US">2014 Director Equity Plan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_DirectorEquityPlan2014Member" xml:lang="en-US">Represents information of Directors Equity Plan 2014.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_DirectorEquityPlan2014Member" xlink:to="lab_051965J6I763_ajx_DirectorEquityPlan2014Member"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementAxis" xlink:label="loc_FG95812277699K094F4I_ajx_AgreementAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_AgreementAxis" xml:lang="en-US">Agreement [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_AgreementAxis" xml:lang="en-US">Information by type of agreement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_AgreementAxis" xlink:to="lab_HI17034499811M216H6K_ajx_AgreementAxis"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementDomain" xlink:label="loc_839743H4G541_ajx_AgreementDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_AgreementDomain" xml:lang="en-US">Agreement [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_AgreementDomain" xml:lang="en-US">Represent type of different agreements.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_AgreementDomain" xlink:to="lab_051965J6I763_ajx_AgreementDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ServicingAgreementMember" xlink:label="loc_FG95812277699K094F4I_ajx_ServicingAgreementMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_ServicingAgreementMember" xml:lang="en-US">Servicing Agreement [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_ServicingAgreementMember" xml:lang="en-US">Servicing agreement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_ServicingAgreementMember" xml:lang="en-US">Represents information of servicing agreement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_ServicingAgreementMember" xlink:to="lab_HI17034499811M216H6K_ajx_ServicingAgreementMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_839743H4G541_us-gaap_RangeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RangeAxis" xml:lang="en-US">Range [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RangeAxis" xlink:to="lab_051965J6I763_us-gaap_RangeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_RangeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_RangeMember" xml:lang="en-US">Range [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_RangeMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_RangeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_839743H4G541_us-gaap_MinimumMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_MinimumMember" xml:lang="en-US">Minimum [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_MinimumMember" xml:lang="en-US">Minimum</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_MinimumMember" xlink:to="lab_051965J6I763_us-gaap_MinimumMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_MaximumMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_MaximumMember" xml:lang="en-US">Maximum [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_MaximumMember" xml:lang="en-US">Maximum</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_MaximumMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_MaximumMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_839743H4G541_us-gaap_AwardTypeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AwardTypeAxis" xml:lang="en-US">Award Type [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AwardTypeAxis" xlink:to="lab_051965J6I763_us-gaap_AwardTypeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xml:lang="en-US">Equity Award [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_839743H4G541_us-gaap_RestrictedStockMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RestrictedStockMember" xml:lang="en-US">Restricted Stock [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_RestrictedStockMember" xml:lang="en-US">Restricted stock</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RestrictedStockMember" xlink:to="lab_051965J6I763_us-gaap_RestrictedStockMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SummaryOfSignificantAccountingPoliciesLineItems" xlink:label="loc_FG95812277699K094F4I_ajx_SummaryOfSignificantAccountingPoliciesLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_SummaryOfSignificantAccountingPoliciesLineItems" xml:lang="en-US">Summary Of Significant Accounting Policies [Line Items]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_SummaryOfSignificantAccountingPoliciesLineItems" xml:lang="en-US">Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_SummaryOfSignificantAccountingPoliciesLineItems" xlink:to="lab_HI17034499811M216H6K_ajx_SummaryOfSignificantAccountingPoliciesLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod" xlink:label="loc_839743H4G541_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod" xml:lang="en-US">Number of shares issued to independent directors</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod" xlink:to="lab_051965J6I763_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_FG95812277699K094F4I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xml:lang="en-US">Vesting period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:to="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:label="loc_839743H4G541_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xml:lang="en-US">Servicing Fee Rate Of Unpaid Principal Balance For Mortgage Loan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xml:lang="en-US">Servicing fees percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xml:lang="en-US">Represents percentage related to servicing fee rate of unpaid principal balance for mortgage loans.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:to="lab_051965J6I763_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount" xlink:label="loc_FG95812277699K094F4I_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount" xml:lang="en-US">Share Based Compensation Arrangement By Share Based Payment Award Annual Retaining Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount" xml:lang="en-US">Annual retainer amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount" xml:lang="en-US">Represents share based compensation arrangement by share based payment award annual retaining amount.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount" xlink:to="lab_HI17034499811M216H6K_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" xlink:label="loc_839743H4G541_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" xml:lang="en-US">Unpaid Principal Balance On Mortgage Real Estate Loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" xml:lang="en-US">Unpaid principal balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" xml:lang="en-US">Unpaid principal balance of mortgage loans on real estate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" xml:lang="en-US">This element represents amount of unpaid principal balance on real estate mortgage loans.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" xlink:to="lab_051965J6I763_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LoanPercentageOfBeneficialInterestThroughAffiliate" xlink:label="loc_FG95812277699K094F4I_ajx_LoanPercentageOfBeneficialInterestThroughAffiliate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_LoanPercentageOfBeneficialInterestThroughAffiliate" xml:lang="en-US">Loan Percentage Of Beneficial Interest Through Affiliate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_LoanPercentageOfBeneficialInterestThroughAffiliate" xml:lang="en-US">Loan percentage of beneficial interest through equity method investee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_LoanPercentageOfBeneficialInterestThroughAffiliate" xml:lang="en-US">Represents loan percentage of beneficial interest through affiliate.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_LoanPercentageOfBeneficialInterestThroughAffiliate" xlink:to="lab_HI17034499811M216H6K_ajx_LoanPercentageOfBeneficialInterestThroughAffiliate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDepreciationMethods" xlink:label="loc_839743H4G541_us-gaap_PropertyPlantAndEquipmentDepreciationMethods"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentDepreciationMethods" xml:lang="en-US">Property, Plant and Equipment, Depreciation Methods</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentDepreciationMethods" xml:lang="en-US">Depreciation method</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_PropertyPlantAndEquipmentDepreciationMethods" xlink:to="lab_051965J6I763_us-gaap_PropertyPlantAndEquipmentDepreciationMethods"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xlink:label="loc_FG95812277699K094F4I_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xml:lang="en-US">Property, Plant and Equipment, Estimated Useful Lives</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xml:lang="en-US">Estimated useful lives of an assets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xlink:to="lab_HI17034499811M216H6K_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NumberOfOperatingSegments" xlink:label="loc_839743H4G541_us-gaap_NumberOfOperatingSegments"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_NumberOfOperatingSegments" xml:lang="en-US">Number of Operating Segments</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_NumberOfOperatingSegments" xml:lang="en-US">Number of operating segment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_NumberOfOperatingSegments" xlink:to="lab_051965J6I763_us-gaap_NumberOfOperatingSegments"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="loc_FG95812277699K094F4I_us-gaap_MortgageLoansOnRealEstateScheduleTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstateScheduleTable" xml:lang="en-US">Mortgage Loans on Real Estate Schedule [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:to="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstateScheduleTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:label="loc_839743H4G541_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xml:lang="en-US">Mortgage Loans on Real Estate, Description, Loan Category [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:to="lab_051965J6I763_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xml:lang="en-US">Mortgage Loans on Real Estate, Loan Category [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:label="loc_839743H4G541_ajx_ReperformingMortgageLoansOnRealEstateMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_ReperformingMortgageLoansOnRealEstateMember" xml:lang="en-US">Reperforming Mortgage Loans On Real Estate [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_ReperformingMortgageLoansOnRealEstateMember" xml:lang="en-US">Re-performing loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_ReperformingMortgageLoansOnRealEstateMember" xml:lang="en-US">Represents re-performing mortgage loans on real estate.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:to="lab_051965J6I763_ajx_ReperformingMortgageLoansOnRealEstateMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:label="loc_FG95812277699K094F4I_ajx_NonperformingMortgageLoansOnRealEstateMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_NonperformingMortgageLoansOnRealEstateMember" xml:lang="en-US">Nonperforming Mortgage Loans On Real Estate [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_NonperformingMortgageLoansOnRealEstateMember" xml:lang="en-US">Non-performing loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_NonperformingMortgageLoansOnRealEstateMember" xml:lang="en-US">Represents non-performing mortgage loans on real estate.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:to="lab_HI17034499811M216H6K_ajx_NonperformingMortgageLoansOnRealEstateMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_839743H4G541_us-gaap_MortgageLoansOnRealEstateLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_MortgageLoansOnRealEstateLineItems" xml:lang="en-US">Mortgage Loans on Real Estate [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_MortgageLoansOnRealEstateLineItems" xlink:to="lab_051965J6I763_us-gaap_MortgageLoansOnRealEstateLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition" xlink:label="loc_FG95812277699K094F4I_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition" xml:lang="en-US">Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Contractually Required Payments Receivable at Acquisition</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition" xml:lang="en-US">Contractually required principal and interest</label>

<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition" xlink:to="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" xlink:label="loc_839743H4G541_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" xml:lang="en-US">Certain Loans Acquired in Transfer, Nonaccretable Difference</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" xml:lang="en-US">Non-accretable yield</label>

<label xlink:type="resource" xlink:label="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Non-accretable yield</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" xlink:to="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xlink:label="loc_FG95812277699K094F4I_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xml:lang="en-US">Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, Cash Flows Expected to be Collected at Acquisition</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xml:lang="en-US">Expected cash flows to be collected</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xml:lang="en-US">Expected cash flows to be collected</label>

<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xlink:to="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions" xlink:label="loc_839743H4G541_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions" xml:lang="en-US">Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Additions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions" xml:lang="en-US">Accretable yield</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions" xml:lang="en-US">Accretable yield additions</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions" xml:lang="en-US">Accretable yield additions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions" xlink:to="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue" xlink:label="loc_FG95812277699K094F4I_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue" xml:lang="en-US">Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Acquired During Period, at Acquisition, at Fair Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue" xml:lang="en-US">Fair value at date of acquisition</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue" xml:lang="en-US">Fair value at acquisition</label>

<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue" xlink:to="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward" xlink:label="loc_839743H4G541_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward" xml:lang="en-US">Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward" xlink:to="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield" xlink:label="loc_FG95812277699K094F4I_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield" xml:lang="en-US">Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield" xml:lang="en-US">Balance at beginning of period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield" xml:lang="en-US">Balance at end of period</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield" xlink:to="lab_HI17034499811M216H6K_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion" xlink:label="loc_839743H4G541_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion" xml:lang="en-US">Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield, Accretion</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion" xml:lang="en-US">Accretion</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion" xml:lang="en-US">Accretion</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion" xlink:to="lab_051965J6I763_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:label="loc_FG95812277699K094F4I_us-gaap_FinancingReceivablesPeriodPastDueAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FinancingReceivablesPeriodPastDueAxis" xml:lang="en-US">Financing Receivables, Period Past Due [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:to="lab_HI17034499811M216H6K_us-gaap_FinancingReceivablesPeriodPastDueAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:label="loc_839743H4G541_us-gaap_FinancingReceivablesPeriodPastDueDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FinancingReceivablesPeriodPastDueDomain" xml:lang="en-US">Financing Receivables, Period Past Due [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:to="lab_051965J6I763_us-gaap_FinancingReceivablesPeriodPastDueDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_FinancingReceivablesCurrentPastDueMember" xlink:label="loc_FG95812277699K094F4I_ajx_FinancingReceivablesCurrentPastDueMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_FinancingReceivablesCurrentPastDueMember" xml:lang="en-US">Financing Receivables Current Past Due [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_FinancingReceivablesCurrentPastDueMember" xml:lang="en-US">Current</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_FinancingReceivablesCurrentPastDueMember" xml:lang="en-US">Represents financing receivables that are past due current.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_FinancingReceivablesCurrentPastDueMember" xlink:to="lab_HI17034499811M216H6K_ajx_FinancingReceivablesCurrentPastDueMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivables30To59DaysPastDueMember" xlink:label="loc_839743H4G541_us-gaap_FinancingReceivables30To59DaysPastDueMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FinancingReceivables30To59DaysPastDueMember" xml:lang="en-US">Financing Receivables, 30 to 59 Days Past Due [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_FinancingReceivables30To59DaysPastDueMember" xml:lang="en-US">30</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FinancingReceivables30To59DaysPastDueMember" xlink:to="lab_051965J6I763_us-gaap_FinancingReceivables30To59DaysPastDueMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_FinancingReceivables60To89DaysPastDueMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FinancingReceivables60To89DaysPastDueMember" xml:lang="en-US">Financing Receivables, 60 to 89 Days Past Due [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_FinancingReceivables60To89DaysPastDueMember" xml:lang="en-US">60</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_FinancingReceivables60To89DaysPastDueMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:label="loc_839743H4G541_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xml:lang="en-US">Financing Receivables, Equal to Greater than 90 Days Past Due [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xml:lang="en-US">90</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:to="lab_051965J6I763_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_FinancingReceivablesForeclosurePastDueMember" xlink:label="loc_FG95812277699K094F4I_ajx_FinancingReceivablesForeclosurePastDueMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_FinancingReceivablesForeclosurePastDueMember" xml:lang="en-US">Financing Receivables Foreclosure Past Due [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_FinancingReceivablesForeclosurePastDueMember" xml:lang="en-US">Foreclosure</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_FinancingReceivablesForeclosurePastDueMember" xml:lang="en-US">Represents financing receivable past due foreclosure.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_FinancingReceivablesForeclosurePastDueMember" xlink:to="lab_HI17034499811M216H6K_ajx_FinancingReceivablesForeclosurePastDueMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xlink:label="loc_839743H4G541_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xml:lang="en-US">Financing Receivable, Recorded Investment, Past Due [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xlink:to="lab_051965J6I763_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNumberOfLoans" xlink:label="loc_FG95812277699K094F4I_us-gaap_MortgageLoansOnRealEstateNumberOfLoans"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstateNumberOfLoans" xml:lang="en-US">Mortgage Loans on Real Estate, Number of Loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstateNumberOfLoans" xml:lang="en-US">Number of loans</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstateNumberOfLoans" xml:lang="en-US">Number of mortgage loans on real estate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_MortgageLoansOnRealEstateNumberOfLoans" xlink:to="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstateNumberOfLoans"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DueDiligenceCostOnMortgageLoan" xlink:label="loc_839743H4G541_ajx_DueDiligenceCostOnMortgageLoan"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_DueDiligenceCostOnMortgageLoan" xml:lang="en-US">Due Diligence Cost On Mortgage Loan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_DueDiligenceCostOnMortgageLoan" xml:lang="en-US">Due diligence costs related to loan transaction</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_DueDiligenceCostOnMortgageLoan" xml:lang="en-US">Represents the amount related to due diligence cost of loan transactions.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_DueDiligenceCostOnMortgageLoan" xlink:to="lab_051965J6I763_ajx_DueDiligenceCostOnMortgageLoan"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="loc_FG95812277699K094F4I_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xml:lang="en-US">Real Estate, Type of Property [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:to="lab_HI17034499811M216H6K_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_839743H4G541_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xml:lang="en-US">Real Estate [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:to="lab_051965J6I763_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ResidentialRealEstateMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_ResidentialRealEstateMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ResidentialRealEstateMember" xml:lang="en-US">Residential Real Estate [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ResidentialRealEstateMember" xml:lang="en-US">Residential properties</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ResidentialRealEstateMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_ResidentialRealEstateMember"/>




<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherRealEstateAndForeclosedAssets" xlink:label="loc_FG95812277699K094F4I_us-gaap_OtherRealEstateAndForeclosedAssets"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherRealEstateAndForeclosedAssets" xml:lang="en-US">Other Real Estate, Foreclosed Assets, and Repossessed Assets</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_OtherRealEstateAndForeclosedAssets" xml:lang="en-US">Foreclosed residential properties</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_OtherRealEstateAndForeclosedAssets" xlink:to="lab_HI17034499811M216H6K_us-gaap_OtherRealEstateAndForeclosedAssets"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfRealEstatePropertiesHeldForRental" xlink:label="loc_839743H4G541_ajx_NumberOfRealEstatePropertiesHeldForRental"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_NumberOfRealEstatePropertiesHeldForRental" xml:lang="en-US">Number Of Real Estate Properties Held For Rental</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_NumberOfRealEstatePropertiesHeldForRental" xml:lang="en-US">Number of REO properties</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_NumberOfRealEstatePropertiesHeldForRental" xml:lang="en-US">The number of real estate properties held for use as of the balance sheet date.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_NumberOfRealEstatePropertiesHeldForRental" xlink:to="lab_051965J6I763_ajx_NumberOfRealEstatePropertiesHeldForRental"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_CarryingValueOfReoProperties" xlink:label="loc_FG95812277699K094F4I_ajx_CarryingValueOfReoProperties"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_CarryingValueOfReoProperties" xml:lang="en-US">Carrying Value Of Reo Properties</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_CarryingValueOfReoProperties" xml:lang="en-US">Aggregate carrying value REO properties</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_CarryingValueOfReoProperties" xml:lang="en-US">Represents carrying value of REO properties.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_CarryingValueOfReoProperties" xlink:to="lab_HI17034499811M216H6K_ajx_CarryingValueOfReoProperties"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" xlink:label="loc_839743H4G541_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" xml:lang="en-US">Number Of Held For Sale Residential Properties Disposed Of</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" xml:lang="en-US">Represents number of held-for-sale residential properties disposed of.</label>
<label xlink:type="resource" xlink:label="lab_051965J6I763_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Number of held-for-sale residential properties</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" xlink:to="lab_051965J6I763_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="loc_FG95812277699K094F4I_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xml:lang="en-US">Fair Value Measurements, Recurring and Nonrecurring [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:to="lab_HI17034499811M216H6K_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis" xlink:label="loc_839743H4G541_us-gaap_FairValueByMeasurementBasisAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FairValueByMeasurementBasisAxis" xml:lang="en-US">Measurement Basis [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FairValueByMeasurementBasisAxis" xlink:to="lab_051965J6I763_us-gaap_FairValueByMeasurementBasisAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_FairValueDisclosureItemAmountsDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueDisclosureItemAmountsDomain" xml:lang="en-US">Fair Value Measurement [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FairValueDisclosureItemAmountsDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_FairValueDisclosureItemAmountsDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="loc_839743H4G541_us-gaap_CarryingReportedAmountFairValueDisclosureMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xml:lang="en-US">Reported Value Measurement [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xml:lang="en-US">Carrying Value</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:to="lab_051965J6I763_us-gaap_CarryingReportedAmountFairValueDisclosureMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="loc_FG95812277699K094F4I_us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueByFairValueHierarchyLevelAxis" xml:lang="en-US">Fair Value, Hierarchy [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="lab_HI17034499811M216H6K_us-gaap_FairValueByFairValueHierarchyLevelAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="loc_839743H4G541_us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xml:lang="en-US">Fair Value Hierarchy [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="lab_051965J6I763_us-gaap_FairValueMeasurementsFairValueHierarchyDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="loc_FG95812277699K094F4I_us-gaap_FairValueInputsLevel1Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueInputsLevel1Member" xml:lang="en-US">Fair Value, Inputs, Level 1 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueInputsLevel1Member" xml:lang="en-US">Level 1 Quoted prices in active markets</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FairValueInputsLevel1Member" xlink:to="lab_HI17034499811M216H6K_us-gaap_FairValueInputsLevel1Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="loc_839743H4G541_us-gaap_FairValueInputsLevel2Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FairValueInputsLevel2Member" xml:lang="en-US">Fair Value, Inputs, Level 2 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_FairValueInputsLevel2Member" xml:lang="en-US">Level 2 Observable inputs other than Level 1 prices</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FairValueInputsLevel2Member" xlink:to="lab_051965J6I763_us-gaap_FairValueInputsLevel2Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="loc_FG95812277699K094F4I_us-gaap_FairValueInputsLevel3Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueInputsLevel3Member" xml:lang="en-US">Fair Value, Inputs, Level 3 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueInputsLevel3Member" xml:lang="en-US">Level 3 Unobservable inputs</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FairValueInputsLevel3Member" xlink:to="lab_HI17034499811M216H6K_us-gaap_FairValueInputsLevel3Member"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="loc_839743H4G541_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xml:lang="en-US">Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:to="lab_051965J6I763_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsFairValueDisclosureAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_AssetsFairValueDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AssetsFairValueDisclosureAbstract" xml:lang="en-US">Assets, Fair Value Disclosure [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_AssetsFairValueDisclosureAbstract" xml:lang="en-US">Not recognized on consolidated balance sheet at fair value (assets)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AssetsFairValueDisclosureAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_AssetsFairValueDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:label="loc_839743H4G541_us-gaap_LiabilitiesFairValueDisclosureAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_LiabilitiesFairValueDisclosureAbstract" xml:lang="en-US">Liabilities, Fair Value Disclosure [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_LiabilitiesFairValueDisclosureAbstract" xml:lang="en-US">Not recognized on consolidated balance sheet at fair value (liabilities)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:to="lab_051965J6I763_us-gaap_LiabilitiesFairValueDisclosureAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems" xlink:label="loc_FG95812277699K094F4I_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems" xml:lang="en-US">Fair Value Inputs, Assets, Quantitative Information [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems" xlink:to="lab_HI17034499811M216H6K_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsDiscountRate" xlink:label="loc_839743H4G541_us-gaap_FairValueInputsDiscountRate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_FairValueInputsDiscountRate" xml:lang="en-US">Fair Value Inputs, Discount Rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_FairValueInputsDiscountRate" xml:lang="en-US">Equity discount rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_FairValueInputsDiscountRate" xlink:to="lab_051965J6I763_us-gaap_FairValueInputsDiscountRate"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_FairValueInputsCostOfDebtRate" xlink:label="loc_FG95812277699K094F4I_ajx_FairValueInputsCostOfDebtRate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_FairValueInputsCostOfDebtRate" xml:lang="en-US">Fair Value Inputs Cost Of Debt Rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_FairValueInputsCostOfDebtRate" xml:lang="en-US">Cost of debt</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_FairValueInputsCostOfDebtRate" xml:lang="en-US">Represents effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; however, because interest expense is deductible, the after-tax cost is seen most often. This is one part of the company's capital structure, which also includes the cost of equity.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_FairValueInputsCostOfDebtRate" xlink:to="lab_HI17034499811M216H6K_ajx_FairValueInputsCostOfDebtRate"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_FairValueInputsLoanResolutionTimelinesRate" xlink:label="loc_839743H4G541_ajx_FairValueInputsLoanResolutionTimelinesRate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_FairValueInputsLoanResolutionTimelinesRate" xml:lang="en-US">Fair Value Inputs Loan Resolution Timelines Rate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_FairValueInputsLoanResolutionTimelinesRate" xml:lang="en-US">Loan resolution timelines</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_FairValueInputsLoanResolutionTimelinesRate" xml:lang="en-US">Interest rate used to find the loan resolution timelines to measure fair value.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_FairValueInputsLoanResolutionTimelinesRate" xlink:to="lab_051965J6I763_ajx_FairValueInputsLoanResolutionTimelinesRate"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_UnconsolidatedAffiliatesTable" xlink:label="loc_FG95812277699K094F4I_ajx_UnconsolidatedAffiliatesTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_UnconsolidatedAffiliatesTable" xml:lang="en-US">Unconsolidated Affiliates [Table]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_UnconsolidatedAffiliatesTable" xml:lang="en-US">Information related to unconsolidated affiliates.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_UnconsolidatedAffiliatesTable" xlink:to="lab_HI17034499811M216H6K_ajx_UnconsolidatedAffiliatesTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_839743H4G541_dei_LegalEntityAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_dei_LegalEntityAxis" xml:lang="en-US">Legal Entity [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_dei_LegalEntityAxis" xlink:to="lab_051965J6I763_dei_LegalEntityAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_FG95812277699K094F4I_dei_EntityDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_dei_EntityDomain" xml:lang="en-US">Entity [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_dei_EntityDomain" xlink:to="lab_HI17034499811M216H6K_dei_EntityDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DelawareTrustGaE201412Member" xlink:label="loc_839743H4G541_ajx_DelawareTrustGaE201412Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_DelawareTrustGaE201412Member" xml:lang="en-US">Delaware Trust Ga E201412Member</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_DelawareTrustGaE201412Member" xml:lang="en-US">Delaware Trust GA-E 2014-12</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_DelawareTrustGaE201412Member" xml:lang="en-US">Represents information regarding GA-E 2014-12 a Delaware trust.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_DelawareTrustGaE201412Member" xlink:to="lab_051965J6I763_ajx_DelawareTrustGaE201412Member"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_UnconsolidatedAffiliatesLineItems" xlink:label="loc_FG95812277699K094F4I_ajx_UnconsolidatedAffiliatesLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_UnconsolidatedAffiliatesLineItems" xml:lang="en-US">Unconsolidated Affiliates [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_UnconsolidatedAffiliatesLineItems" xlink:to="lab_HI17034499811M216H6K_ajx_UnconsolidatedAffiliatesLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_839743H4G541_us-gaap_DebtInstrumentFaceAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DebtInstrumentFaceAmount" xml:lang="en-US">Debt Instrument, Face Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_DebtInstrumentFaceAmount" xml:lang="en-US">Original Principal</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DebtInstrumentFaceAmount" xml:lang="en-US">Loan amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DebtInstrumentFaceAmount" xlink:to="lab_051965J6I763_us-gaap_DebtInstrumentFaceAmount"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SingleAndOneToFourFamilyResidencesMember" xlink:label="loc_FG95812277699K094F4I_ajx_SingleAndOneToFourFamilyResidencesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_SingleAndOneToFourFamilyResidencesMember" xml:lang="en-US">Single And One To Four Family Residences [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_SingleAndOneToFourFamilyResidencesMember" xml:lang="en-US">One-to-four family residences</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_SingleAndOneToFourFamilyResidencesMember" xml:lang="en-US">Represents single and one-to-four family residences.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_SingleAndOneToFourFamilyResidencesMember" xlink:to="lab_HI17034499811M216H6K_ajx_SingleAndOneToFourFamilyResidencesMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice" xlink:label="loc_839743H4G541_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice" xml:lang="en-US">Mortgage Loans On Real Estate Commitments To Purchase Estimated Purchase Price</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice" xml:lang="en-US">Estimated purchase price of mortgage loans on real estate</label>

<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice" xlink:to="lab_051965J6I763_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice" xml:lang="en-US">Represents estimated purchase price of mortgage real estate loans.</label>

<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_FG95812277699K094F4I_us-gaap_DebtInstrumentTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DebtInstrumentTable" xml:lang="en-US">Schedule of Long-term Debt Instruments [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DebtInstrumentTable" xlink:to="lab_HI17034499811M216H6K_us-gaap_DebtInstrumentTable"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RepurchaseAgreementMember" xlink:label="loc_839743H4G541_ajx_RepurchaseAgreementMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_RepurchaseAgreementMember" xml:lang="en-US">Repurchase Agreement [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_RepurchaseAgreementMember" xml:lang="en-US">Master Repurchase Agreement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_RepurchaseAgreementMember" xml:lang="en-US">Represents information regarding repurchase agreement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_RepurchaseAgreementMember" xlink:to="lab_051965J6I763_ajx_RepurchaseAgreementMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_FG95812277699K094F4I_us-gaap_DebtInstrumentLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DebtInstrumentLineItems" xml:lang="en-US">Debt Instrument [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DebtInstrumentLineItems" xlink:to="lab_HI17034499811M216H6K_us-gaap_DebtInstrumentLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="loc_839743H4G541_us-gaap_DebtInstrumentMaturityDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DebtInstrumentMaturityDate" xml:lang="en-US">Debt Instrument, Maturity Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_DebtInstrumentMaturityDate" xml:lang="en-US">Due date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DebtInstrumentMaturityDate" xml:lang="en-US">Maturity Date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DebtInstrumentMaturityDate" xlink:to="lab_051965J6I763_us-gaap_DebtInstrumentMaturityDate"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DebtInstrumentMaximumBorrowingCapacity" xlink:label="loc_FG95812277699K094F4I_ajx_DebtInstrumentMaximumBorrowingCapacity"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_DebtInstrumentMaximumBorrowingCapacity" xml:lang="en-US">Debt Instrument Maximum Borrowing Capacity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_DebtInstrumentMaximumBorrowingCapacity" xml:lang="en-US">Maximum borrowing capacity</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_DebtInstrumentMaximumBorrowingCapacity" xml:lang="en-US">Represents amount related to maximum borrowing capacity of debt instrument.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_DebtInstrumentMaximumBorrowingCapacity" xlink:to="lab_HI17034499811M216H6K_ajx_DebtInstrumentMaximumBorrowingCapacity"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_839743H4G541_us-gaap_DebtInstrumentCarryingAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DebtInstrumentCarryingAmount" xml:lang="en-US">Long-term Debt, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_DebtInstrumentCarryingAmount" xml:lang="en-US">Amount outstanding</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DebtInstrumentCarryingAmount" xlink:to="lab_051965J6I763_us-gaap_DebtInstrumentCarryingAmount"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentCollateralAmount" xlink:label="loc_FG95812277699K094F4I_us-gaap_DebtInstrumentCollateralAmount"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DebtInstrumentCollateralAmount" xml:lang="en-US">Debt Instrument, Collateral Amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DebtInstrumentCollateralAmount" xml:lang="en-US">Carrying value of collateral</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DebtInstrumentCollateralAmount" xlink:to="lab_HI17034499811M216H6K_us-gaap_DebtInstrumentCollateralAmount"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_839743H4G541_us-gaap_DebtInstrumentInterestRateStatedPercentage"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DebtInstrumentInterestRateStatedPercentage" xml:lang="en-US">Debt Instrument, Interest Rate, Stated Percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DebtInstrumentInterestRateStatedPercentage" xml:lang="en-US">Interest Rate</label>
<label xlink:type="resource" xlink:label="lab_051965J6I763_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Interest rate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="lab_051965J6I763_us-gaap_DebtInstrumentInterestRateStatedPercentage"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_FG95812277699K094F4I_us-gaap_LongtermDebtTypeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_LongtermDebtTypeAxis" xml:lang="en-US">Long-term Debt, Type [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_LongtermDebtTypeAxis" xlink:to="lab_HI17034499811M216H6K_us-gaap_LongtermDebtTypeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_839743H4G541_us-gaap_LongtermDebtTypeDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_LongtermDebtTypeDomain" xml:lang="en-US">Long-term Debt, Type [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_LongtermDebtTypeDomain" xlink:to="lab_051965J6I763_us-gaap_LongtermDebtTypeDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_MortgagesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgagesMember" xml:lang="en-US">Mortgages [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_MortgagesMember" xml:lang="en-US">Mortgage loans</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_MortgagesMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_MortgagesMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_839743H4G541_us-gaap_DebtInstrumentAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DebtInstrumentAxis" xml:lang="en-US">Debt Instrument [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DebtInstrumentAxis" xlink:to="lab_051965J6I763_us-gaap_DebtInstrumentAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_DebtInstrumentNameDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DebtInstrumentNameDomain" xml:lang="en-US">Debt Instrument, Name [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DebtInstrumentNameDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_DebtInstrumentNameDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ClassNotesMember" xlink:label="loc_839743H4G541_ajx_ClassNotesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_ClassNotesMember" xml:lang="en-US">Class Notes Member</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_ClassNotesMember" xml:lang="en-US">Class A Notes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_ClassNotesMember" xml:lang="en-US">The name for the particular debt instrument or borrowing that distinguishes it from other debt instruments or borrowings, including draws against credit facilities.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_ClassNotesMember" xlink:to="lab_051965J6I763_ajx_ClassNotesMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ClassB1NotesMember" xlink:label="loc_FG95812277699K094F4I_ajx_ClassB1NotesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_ClassB1NotesMember" xml:lang="en-US">Class B 1 Notes [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_ClassB1NotesMember" xml:lang="en-US">Class B 1 Notes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_ClassB1NotesMember" xml:lang="en-US">Represents class B-1 notes payable.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_ClassB1NotesMember" xlink:to="lab_HI17034499811M216H6K_ajx_ClassB1NotesMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ClassB2NotesMember" xlink:label="loc_839743H4G541_ajx_ClassB2NotesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_ClassB2NotesMember" xml:lang="en-US">Class B 2 Notes [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_ClassB2NotesMember" xml:lang="en-US">Class B 2 Notes</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_ClassB2NotesMember" xml:lang="en-US">Represents class B-2 notes payable.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_ClassB2NotesMember" xlink:to="lab_051965J6I763_ajx_ClassB2NotesMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TrustCertificateMember" xlink:label="loc_FG95812277699K094F4I_ajx_TrustCertificateMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_TrustCertificateMember" xml:lang="en-US">Trust Certificate [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_TrustCertificateMember" xml:lang="en-US">Trust Certificate</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_TrustCertificateMember" xml:lang="en-US">Represents a bond or debt investment, usually in a public corporation, that is backed by other assets which serve a purpose similar to collateral. If the company experiences difficulty making payments, the assets may be seized or sold to help specific trust certificate holders recover a portion of their investment.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_TrustCertificateMember" xlink:to="lab_HI17034499811M216H6K_ajx_TrustCertificateMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrustA2014Member" xlink:label="loc_839743H4G541_ajx_AjaxMortgageLoanTrustA2014Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_AjaxMortgageLoanTrustA2014Member" xml:lang="en-US">Ajax Mortgage Loan Trust A2014Member</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_ajx_AjaxMortgageLoanTrustA2014Member" xml:lang="en-US">Ajax Mortgage Loan Trust 2014-A/ October 2014</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_AjaxMortgageLoanTrustA2014Member" xml:lang="en-US">2014-A</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_AjaxMortgageLoanTrustA2014Member" xml:lang="en-US">Represents information about Ajax Mortgage Loan Trust 2014 A.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_AjaxMortgageLoanTrustA2014Member" xlink:to="lab_051965J6I763_ajx_AjaxMortgageLoanTrustA2014Member"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrust2014BMember" xlink:label="loc_FG95812277699K094F4I_ajx_AjaxMortgageLoanTrust2014BMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_AjaxMortgageLoanTrust2014BMember" xml:lang="en-US">Ajax Mortgage Loan Trust 2014 B [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_AjaxMortgageLoanTrust2014BMember" xml:lang="en-US">Ajax Mortgage Loan Trust 2014-B / November 2014</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_AjaxMortgageLoanTrust2014BMember" xml:lang="en-US">2014-B</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_AjaxMortgageLoanTrust2014BMember" xml:lang="en-US">Represents information about Ajax Mortgage Loan Trust 2014 B.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_AjaxMortgageLoanTrust2014BMember" xlink:to="lab_HI17034499811M216H6K_ajx_AjaxMortgageLoanTrust2014BMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrustA2015Member" xlink:label="loc_839743H4G541_ajx_AjaxMortgageLoanTrustA2015Member"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_AjaxMortgageLoanTrustA2015Member" xml:lang="en-US">Ajax Mortgage Loan Trust A 2015 [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_ajx_AjaxMortgageLoanTrustA2015Member" xml:lang="en-US">Ajax Mortgage Loan Trust 2015-A / May 2015</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_AjaxMortgageLoanTrustA2015Member" xml:lang="en-US">2015-A</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_AjaxMortgageLoanTrustA2015Member" xml:lang="en-US">Represents information about Ajax Mortgage Loan Trust 2015 A.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_AjaxMortgageLoanTrustA2015Member" xlink:to="lab_051965J6I763_ajx_AjaxMortgageLoanTrustA2015Member"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DebtInstrumentMaturityYear" xlink:label="loc_FG95812277699K094F4I_ajx_DebtInstrumentMaturityYear"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_DebtInstrumentMaturityYear" xml:lang="en-US">Debt Instrument Maturity Year</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_DebtInstrumentMaturityYear" xml:lang="en-US">Notes due</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_DebtInstrumentMaturityYear" xml:lang="en-US">Represents maturity year of the debt instrument.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_DebtInstrumentMaturityYear" xlink:to="lab_HI17034499811M216H6K_ajx_DebtInstrumentMaturityYear"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xlink:label="loc_839743H4G541_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xml:lang="en-US">Mortgage Loans on Real Estate, Face Amount of Mortgages</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xml:lang="en-US">Bond principal balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xml:lang="en-US">Loan aggregate purchase price</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xlink:to="lab_051965J6I763_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate" xlink:label="loc_FG95812277699K094F4I_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate" xml:lang="en-US">Mortgage Loans On Real Estate Unpaid Principal Balance At Cutoff Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate" xml:lang="en-US">Original balances at securitization cutoff date Mortgage UPB</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate" xml:lang="en-US">Represents mortgage loans on real estate, Unpaid principal balance at cutoff date.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate" xlink:to="lab_HI17034499811M216H6K_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_BondPrincipalBalanceAtCutoffDate" xlink:label="loc_839743H4G541_ajx_BondPrincipalBalanceAtCutoffDate"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_BondPrincipalBalanceAtCutoffDate" xml:lang="en-US">Bond Principal Balance At Cutoff Date</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_BondPrincipalBalanceAtCutoffDate" xml:lang="en-US">Original balances at securitization cutoff date Bond principal balance</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_BondPrincipalBalanceAtCutoffDate" xml:lang="en-US">Represents the amount related to principal balance of bond at cutoff date.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_BondPrincipalBalanceAtCutoffDate" xlink:to="lab_051965J6I763_ajx_BondPrincipalBalanceAtCutoffDate"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:label="loc_FG95812277699K094F4I_us-gaap_MinorityInterestOwnershipPercentageByParent"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_MinorityInterestOwnershipPercentageByParent" xml:lang="en-US">Noncontrolling Interest, Ownership Percentage by Parent</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_MinorityInterestOwnershipPercentageByParent" xml:lang="en-US">Ownership interests in subsidiary</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:to="lab_HI17034499811M216H6K_us-gaap_MinorityInterestOwnershipPercentageByParent"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfGuarantorsBeneficialInterest" xlink:label="loc_839743H4G541_ajx_PercentageOfGuarantorsBeneficialInterest"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_PercentageOfGuarantorsBeneficialInterest" xml:lang="en-US">Percentage Of Guarantors Beneficial Interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_PercentageOfGuarantorsBeneficialInterest" xml:lang="en-US">Percentage of guarantors beneficial interest</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_PercentageOfGuarantorsBeneficialInterest" xml:lang="en-US">Represents percentage of guarantors beneficial interest.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_PercentageOfGuarantorsBeneficialInterest" xlink:to="lab_051965J6I763_ajx_PercentageOfGuarantorsBeneficialInterest"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfPurchasePriceForEachMortgageLoan" xlink:label="loc_FG95812277699K094F4I_ajx_PercentageOfPurchasePriceForEachMortgageLoan"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfPurchasePriceForEachMortgageLoan" xml:lang="en-US">Percentage Of Purchase Price For Each Mortgage Loan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfPurchasePriceForEachMortgageLoan" xml:lang="en-US">Percentage of purchase price for each mortgage loan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfPurchasePriceForEachMortgageLoan" xml:lang="en-US">Represents percentage of purchase price for each mortgage loan.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_PercentageOfPurchasePriceForEachMortgageLoan" xlink:to="lab_HI17034499811M216H6K_ajx_PercentageOfPurchasePriceForEachMortgageLoan"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="loc_839743H4G541_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xml:lang="en-US">Debt Instrument, Description of Variable Rate Basis</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xml:lang="en-US">Variable rate basis of borrowing</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:to="lab_051965J6I763_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo" xlink:label="loc_FG95812277699K094F4I_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo" xml:lang="en-US">Percentage Of Acquisition Price Of Asset As Purchase Price For Each Mortgage Loan Or Reo</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo" xml:lang="en-US">Percentage of purchase price for each mortgage loan or REO</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo" xml:lang="en-US">Represents the percentage of acquisition purchase price for each mortgage loan or real estate owned.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo" xlink:to="lab_HI17034499811M216H6K_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_839743H4G541_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xml:lang="en-US">Schedule of Related Party Transactions, by Related Party [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="lab_051965J6I763_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AspenYoLlcMember" xlink:label="loc_FG95812277699K094F4I_ajx_AspenYoLlcMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_AspenYoLlcMember" xml:lang="en-US">Aspen Yo Llc [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_AspenYoLlcMember" xml:lang="en-US">Aspen Yo</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_AspenYoLlcMember" xml:lang="en-US">Information of Aspen Yo LLC.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_AspenYoLlcMember" xlink:to="lab_HI17034499811M216H6K_ajx_AspenYoLlcMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_839743H4G541_us-gaap_IncomeStatementLocationAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncomeStatementLocationAxis" xml:lang="en-US">Income Statement Location [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncomeStatementLocationAxis" xlink:to="lab_051965J6I763_us-gaap_IncomeStatementLocationAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncomeStatementLocationDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeStatementLocationDomain" xml:lang="en-US">Income Statement Location [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncomeStatementLocationDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncomeStatementLocationDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagementFeeMember" xlink:label="loc_839743H4G541_ajx_ManagementFeeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_ManagementFeeMember" xml:lang="en-US">Management Fee [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_ManagementFeeMember" xml:lang="en-US">Management fee</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_ManagementFeeMember" xlink:to="lab_051965J6I763_ajx_ManagementFeeMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LoanServicingFeesMember" xlink:label="loc_FG95812277699K094F4I_ajx_LoanServicingFeesMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_LoanServicingFeesMember" xml:lang="en-US">Loan Servicing Fees [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_LoanServicingFeesMember" xml:lang="en-US">Loan servicing fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_LoanServicingFeesMember" xml:lang="en-US">Represents a fee charged for loan servicing fee.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_LoanServicingFeesMember" xlink:to="lab_HI17034499811M216H6K_ajx_LoanServicingFeesMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LoanTransactionExpenseMember" xlink:label="loc_839743H4G541_ajx_LoanTransactionExpenseMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_LoanTransactionExpenseMember" xml:lang="en-US">Loan Transaction Expense [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_LoanTransactionExpenseMember" xml:lang="en-US">Loan transaction expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_LoanTransactionExpenseMember" xlink:to="lab_051965J6I763_ajx_LoanTransactionExpenseMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ProfessionalFeeMember" xlink:label="loc_FG95812277699K094F4I_ajx_ProfessionalFeeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_ProfessionalFeeMember" xml:lang="en-US">Professional Fee [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_ProfessionalFeeMember" xml:lang="en-US">Professional fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_ProfessionalFeeMember" xml:lang="en-US">Represents a fee charged for services performed by professionals; primarily doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_ProfessionalFeeMember" xlink:to="lab_HI17034499811M216H6K_ajx_ProfessionalFeeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_839743H4G541_us-gaap_RelatedPartyTransactionLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RelatedPartyTransactionLineItems" xml:lang="en-US">Related Party Transaction [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RelatedPartyTransactionLineItems" xlink:to="lab_051965J6I763_us-gaap_RelatedPartyTransactionLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ManagementFeeExpense" xlink:label="loc_FG95812277699K094F4I_us-gaap_ManagementFeeExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ManagementFeeExpense" xml:lang="en-US">Management Fee Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ManagementFeeExpense" xml:lang="en-US">Management fee</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ManagementFeeExpense" xlink:to="lab_HI17034499811M216H6K_us-gaap_ManagementFeeExpense"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoanPortfolioExpense" xlink:label="loc_839743H4G541_us-gaap_LoanPortfolioExpense"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_LoanPortfolioExpense" xml:lang="en-US">Loan Portfolio Expense</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_LoanPortfolioExpense" xml:lang="en-US">Loan servicing fees</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_LoanPortfolioExpense" xlink:to="lab_051965J6I763_us-gaap_LoanPortfolioExpense"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DueDiligenceAndRelatedLoanAcquisitionCosts" xlink:label="loc_FG95812277699K094F4I_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts" xml:lang="en-US">Due Diligence And Related Loan Acquisition Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts" xml:lang="en-US">Due diligence and related loan acquisition costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts" xml:lang="en-US">Represents amount of expense related to due diligence and related loan acquisition costs.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts" xlink:to="lab_HI17034499811M216H6K_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RecoveryOfDirectCosts" xlink:label="loc_839743H4G541_us-gaap_RecoveryOfDirectCosts"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_RecoveryOfDirectCosts" xml:lang="en-US">Recovery of Direct Costs</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_RecoveryOfDirectCosts" xml:lang="en-US">Expense reimbursements</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_RecoveryOfDirectCosts" xlink:to="lab_051965J6I763_us-gaap_RecoveryOfDirectCosts"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagementAgreementMember" xlink:label="loc_FG95812277699K094F4I_ajx_ManagementAgreementMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_ManagementAgreementMember" xml:lang="en-US">Management Agreement [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_ManagementAgreementMember" xml:lang="en-US">Management agreement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_ManagementAgreementMember" xml:lang="en-US">Represents information of management agreement.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_ManagementAgreementMember" xlink:to="lab_HI17034499811M216H6K_ajx_ManagementAgreementMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TermOfAgreement" xlink:label="loc_839743H4G541_ajx_TermOfAgreement"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_TermOfAgreement" xml:lang="en-US">Term Of Agreement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_TermOfAgreement" xml:lang="en-US">Term of agreement</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_TermOfAgreement" xml:lang="en-US">Represents term of agreement in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_TermOfAgreement" xlink:to="lab_051965J6I763_ajx_TermOfAgreement"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfBaseManagementFee" xlink:label="loc_FG95812277699K094F4I_ajx_PercentageOfBaseManagementFee"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfBaseManagementFee" xml:lang="en-US">Percentage Of Base Management Fee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfBaseManagementFee" xml:lang="en-US">Base management fee percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfBaseManagementFee" xml:lang="en-US">Represents percentage of base management fee.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_PercentageOfBaseManagementFee" xlink:to="lab_HI17034499811M216H6K_ajx_PercentageOfBaseManagementFee"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfBaseManagementFeePayableInShares" xlink:label="loc_839743H4G541_ajx_PercentageOfBaseManagementFeePayableInShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_PercentageOfBaseManagementFeePayableInShares" xml:lang="en-US">Percentage Of Base Management Fee Payable In Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_PercentageOfBaseManagementFeePayableInShares" xml:lang="en-US">Percentage of base management fee payable in shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_PercentageOfBaseManagementFeePayableInShares" xml:lang="en-US">Represents percentage of base management fee payable in shares.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_PercentageOfBaseManagementFeePayableInShares" xlink:to="lab_051965J6I763_ajx_PercentageOfBaseManagementFeePayableInShares"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfStockOwnershipLimit" xlink:label="loc_FG95812277699K094F4I_ajx_PercentageOfStockOwnershipLimit"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfStockOwnershipLimit" xml:lang="en-US">Percentage Of Stock Ownership Limit</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfStockOwnershipLimit" xml:lang="en-US">Stock ownership limit percentage</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_PercentageOfStockOwnershipLimit" xml:lang="en-US">Represents percentage of stock ownership limit.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_PercentageOfStockOwnershipLimit" xlink:to="lab_HI17034499811M216H6K_ajx_PercentageOfStockOwnershipLimit"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DescriptionOfIncentiveManagementFeePayable" xlink:label="loc_839743H4G541_ajx_DescriptionOfIncentiveManagementFeePayable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_DescriptionOfIncentiveManagementFeePayable" xml:lang="en-US">Description Of Incentive Management Fee Payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_DescriptionOfIncentiveManagementFeePayable" xml:lang="en-US">Description of incentive management fee payable</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_DescriptionOfIncentiveManagementFeePayable" xml:lang="en-US">Represents description of incentive management fee that is payable quarterly in arrears in cash in an amount in an amount equal to one-fourth of percentage.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_DescriptionOfIncentiveManagementFeePayable" xlink:to="lab_051965J6I763_ajx_DescriptionOfIncentiveManagementFeePayable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_FG95812277699K094F4I_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xml:lang="en-US">Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="lab_HI17034499811M216H6K_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TypeOfFeesAxis" xlink:label="loc_839743H4G541_ajx_TypeOfFeesAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_TypeOfFeesAxis" xml:lang="en-US">Type Of Fees [Axis]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_TypeOfFeesAxis" xml:lang="en-US">Information by type of fees.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_TypeOfFeesAxis" xlink:to="lab_051965J6I763_ajx_TypeOfFeesAxis"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TypeOfFeesDomain" xlink:label="loc_FG95812277699K094F4I_ajx_TypeOfFeesDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_TypeOfFeesDomain" xml:lang="en-US">Type Of Fees [Domain]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_TypeOfFeesDomain" xml:lang="en-US">Represents different type of fees.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_TypeOfFeesDomain" xlink:to="lab_HI17034499811M216H6K_ajx_TypeOfFeesDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_IndependentDirectorFeeMember" xlink:label="loc_839743H4G541_ajx_IndependentDirectorFeeMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_IndependentDirectorFeeMember" xml:lang="en-US">Independent Director Fee [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_IndependentDirectorFeeMember" xml:lang="en-US">Independent director fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_IndependentDirectorFeeMember" xml:lang="en-US">Represents a fee charged for independent director services.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_IndependentDirectorFeeMember" xlink:to="lab_051965J6I763_ajx_IndependentDirectorFeeMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_FG95812277699K094F4I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesIssuedForServices" xlink:label="loc_839743H4G541_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices" xml:lang="en-US">Stock Issued During Period, Shares, Issued for Services</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices" xml:lang="en-US">Number of shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices" xml:lang="en-US">Stock issued in lieu of management fee</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices" xlink:to="lab_051965J6I763_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_FG95812277699K094F4I_us-gaap_ShareBasedCompensation"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensation" xml:lang="en-US">Share-based Compensation</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensation" xml:lang="en-US">Amount of expense recognized</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ShareBasedCompensation" xlink:to="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensation"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardDateAxis" xlink:label="loc_839743H4G541_us-gaap_AwardDateAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AwardDateAxis" xml:lang="en-US">Award Date [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AwardDateAxis" xlink:to="lab_051965J6I763_us-gaap_AwardDateAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardDateDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_AwardDateDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_AwardDateDomain" xml:lang="en-US">Award Date [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_AwardDateDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_AwardDateDomain"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_July82014DirectorsGrantsMember" xlink:label="loc_839743H4G541_ajx_July82014DirectorsGrantsMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_July82014DirectorsGrantsMember" xml:lang="en-US">July 8, 2014 Directors Grants [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_July82014DirectorsGrantsMember" xml:lang="en-US">July 8, 2014 Directors Grants</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_July82014DirectorsGrantsMember" xml:lang="en-US">Represents Directors Grants awarded on July 8, 2014.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_July82014DirectorsGrantsMember" xlink:to="lab_051965J6I763_ajx_July82014DirectorsGrantsMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_February192015DirectorGrantMember" xlink:label="loc_FG95812277699K094F4I_ajx_February192015DirectorGrantMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_February192015DirectorGrantMember" xml:lang="en-US">February 19 2015 Director Grant [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_February192015DirectorGrantMember" xml:lang="en-US">February 19, 2015 Director Grant</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_February192015DirectorGrantMember" xml:lang="en-US">Represents Director Grant awarded on February 19 2015.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_February192015DirectorGrantMember" xlink:to="lab_HI17034499811M216H6K_ajx_February192015DirectorGrantMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="loc_839743H4G541_us-gaap_TitleOfIndividualAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_TitleOfIndividualAxis" xml:lang="en-US">Title of Individual [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_TitleOfIndividualAxis" xlink:to="lab_051965J6I763_us-gaap_TitleOfIndividualAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xml:lang="en-US">Relationship to Entity [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DirectorMember" xlink:label="loc_839743H4G541_us-gaap_DirectorMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DirectorMember" xml:lang="en-US">Director [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DirectorMember" xml:lang="en-US">Director</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DirectorMember" xlink:to="lab_051965J6I763_us-gaap_DirectorMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="loc_FG95812277699K094F4I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xml:lang="en-US">Number of shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:to="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_839743H4G541_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xml:lang="en-US">Per share value (in dollars per share)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="lab_051965J6I763_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant" xlink:label="loc_FG95812277699K094F4I_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant" xml:lang="en-US">Share Based Compensation Arrangement By Share Based Payment Award, Equity Instruments Other Than Options Grants In Period, Cost Of Grant</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant" xml:lang="en-US">Total cost of grant</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant" xml:lang="en-US">Represents the amount related to cost of grant for share based awards under share-based compensation arrangements., Excludes stock and unit options.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant" xlink:to="lab_HI17034499811M216H6K_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xlink:label="loc_839743H4G541_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xml:lang="en-US">Allocated Share-based Compensation Expense, Net of Tax</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xml:lang="en-US">Grant expense recognized</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xlink:to="lab_051965J6I763_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LongTermIncentivePlanMember" xlink:label="loc_FG95812277699K094F4I_ajx_LongTermIncentivePlanMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_LongTermIncentivePlanMember" xml:lang="en-US">Long Term Incentive Plan [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_LongTermIncentivePlanMember" xml:lang="en-US">Long term incentive plan</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_LongTermIncentivePlanMember" xml:lang="en-US">Represents information related to long term incentive plan.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_LongTermIncentivePlanMember" xlink:to="lab_HI17034499811M216H6K_ajx_LongTermIncentivePlanMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagementFeePercentPaidInShares" xlink:label="loc_839743H4G541_ajx_ManagementFeePercentPaidInShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_ManagementFeePercentPaidInShares" xml:lang="en-US">Management Fee Percent Paid In Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_ManagementFeePercentPaidInShares" xml:lang="en-US">Percent of management fee payment in shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_ManagementFeePercentPaidInShares" xml:lang="en-US">Represents percentage paid in shares management fee due for the fourth quarter of 2014 in a private transaction.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_ManagementFeePercentPaidInShares" xlink:to="lab_051965J6I763_ajx_ManagementFeePercentPaidInShares"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PaymentOfManagementFee" xlink:label="loc_FG95812277699K094F4I_ajx_PaymentOfManagementFee"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_PaymentOfManagementFee" xml:lang="en-US">Payment Of Management Fee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_PaymentOfManagementFee" xml:lang="en-US">Management fee paid amount</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_PaymentOfManagementFee" xml:lang="en-US">Represents payment of management fee.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_PaymentOfManagementFee" xlink:to="lab_HI17034499811M216H6K_ajx_PaymentOfManagementFee"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfSharesIssuedInLieuOfManagementFee" xlink:label="loc_839743H4G541_ajx_NumberOfSharesIssuedInLieuOfManagementFee"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_NumberOfSharesIssuedInLieuOfManagementFee" xml:lang="en-US">Number Of Shares Issued In Lieu Of Management Fee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_NumberOfSharesIssuedInLieuOfManagementFee" xml:lang="en-US">Number of shares issuable in lieu of management fee</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_NumberOfSharesIssuedInLieuOfManagementFee" xml:lang="en-US">Represents Number of shares issued in lieu of management fee.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_NumberOfSharesIssuedInLieuOfManagementFee" xlink:to="lab_051965J6I763_ajx_NumberOfSharesIssuedInLieuOfManagementFee"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="loc_FG95812277699K094F4I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xml:lang="en-US">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xml:lang="en-US">Shares available for issuance under Director Plan</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:to="lab_HI17034499811M216H6K_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfDirector" xlink:label="loc_839743H4G541_ajx_NumberOfDirector"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_NumberOfDirector" xml:lang="en-US">Number Of Director</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_NumberOfDirector" xml:lang="en-US">Number of independent directors</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_NumberOfDirector" xml:lang="en-US">Represents the number of directors.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_NumberOfDirector" xlink:to="lab_051965J6I763_ajx_NumberOfDirector"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xlink:label="loc_FG95812277699K094F4I_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xml:lang="en-US">Stock Issued During Period, Shares, Restricted Stock Award, Gross</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xml:lang="en-US">Number of restricted stock awards issued to independent directors</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xlink:to="lab_HI17034499811M216H6K_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome" xlink:label="loc_839743H4G541_ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome" xml:lang="en-US">Distribution Percentage Of Real Estate Investment Trust Taxable Income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome" xml:lang="en-US">Distribution percentage of Real Estate Investment Trust (REIT) taxable income</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome" xml:lang="en-US">Represents rate of distributed real estate investment trust taxable income to shareholders</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome" xlink:to="lab_051965J6I763_ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:label="loc_FG95812277699K094F4I_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xml:lang="en-US">Income (Loss) from Continuing Operations before Income Taxes, Domestic</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xml:lang="en-US">Taxable income</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:to="lab_HI17034499811M216H6K_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_EarningsPerShareIncomeNumeratorAbstract" xlink:label="loc_839743H4G541_ajx_EarningsPerShareIncomeNumeratorAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_EarningsPerShareIncomeNumeratorAbstract" xml:lang="en-US">Earnings Per Share Income Numerator [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_EarningsPerShareIncomeNumeratorAbstract" xml:lang="en-US">Income (Numerator)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_EarningsPerShareIncomeNumeratorAbstract" xlink:to="lab_051965J6I763_ajx_EarningsPerShareIncomeNumeratorAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareBasicAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_EarningsPerShareBasicAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareBasicAbstract" xml:lang="en-US">Earnings Per Share, Basic [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareBasicAbstract" xml:lang="en-US">Basic EPS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EarningsPerShareBasicAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareBasicAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic" xlink:label="loc_839743H4G541_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic" xml:lang="en-US">Undistributed Earnings (Loss) Allocated to Participating Securities, Basic</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic" xml:lang="en-US">Allocation of earnings to participating restricted shares</label>
<label xlink:type="resource" xlink:label="lab_051965J6I763_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Allocation of earnings to participating restricted shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic" xlink:to="lab_051965J6I763_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_FG95812277699K094F4I_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xml:lang="en-US">Income attributable to unrestricted common stockholders, Basic</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xml:lang="en-US">Income attributable to unrestricted common stockholders</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="lab_HI17034499811M216H6K_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DilutiveSecuritiesAbstract" xlink:label="loc_839743H4G541_us-gaap_DilutiveSecuritiesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DilutiveSecuritiesAbstract" xml:lang="en-US">Dilutive Securities, Effect on Basic Earnings Per Share [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DilutiveSecuritiesAbstract" xml:lang="en-US">Effect of dilutive securities</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DilutiveSecuritiesAbstract" xlink:to="lab_051965J6I763_us-gaap_DilutiveSecuritiesAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits" xlink:label="loc_FG95812277699K094F4I_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits" xml:lang="en-US">Dilutive Securities, Effect On Basic Earnings Per Share Operating Partnership Units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits" xml:lang="en-US">Operating partnership units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits" xml:lang="en-US">Amount of increase (decrease) to net income used for calculating diluted earnings per share (EPS), resulting from operating partnership units.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits" xlink:to="lab_HI17034499811M216H6K_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits" xlink:label="loc_839743H4G541_us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits" xml:lang="en-US">Dilutive Securities, Effect on Basic Earnings Per Share, Options and Restrictive Stock Units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits" xml:lang="en-US">Restricted stock grants and Manager and director fee shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits" xlink:to="lab_051965J6I763_us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareDilutedAbstract" xlink:label="loc_FG95812277699K094F4I_us-gaap_EarningsPerShareDilutedAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareDilutedAbstract" xml:lang="en-US">Earnings Per Share, Diluted [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareDilutedAbstract" xml:lang="en-US">Diluted EPS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_EarningsPerShareDilutedAbstract" xlink:to="lab_HI17034499811M216H6K_us-gaap_EarningsPerShareDilutedAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLossAttributableToParentDiluted" xlink:label="loc_839743H4G541_us-gaap_NetIncomeLossAttributableToParentDiluted"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_NetIncomeLossAttributableToParentDiluted" xml:lang="en-US">Net Income (Loss) Attributable to Parent, Diluted</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_051965J6I763_us-gaap_NetIncomeLossAttributableToParentDiluted" xml:lang="en-US">Income attributable to common stockholders and dilutive securities</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_NetIncomeLossAttributableToParentDiluted" xml:lang="en-US">Income attributable to common stockholders and operating partners</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_NetIncomeLossAttributableToParentDiluted" xlink:to="lab_051965J6I763_us-gaap_NetIncomeLossAttributableToParentDiluted"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_EarningsPerShareSharesDenominatorAbstract" xlink:label="loc_FG95812277699K094F4I_ajx_EarningsPerShareSharesDenominatorAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_EarningsPerShareSharesDenominatorAbstract" xml:lang="en-US">Earnings Per Share Shares Denominator [Abstract]</label>
<label xlink:type="resource" xlink:label="lab_HI17034499811M216H6K_ajx_EarningsPerShareSharesDenominatorAbstract" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Shares (Denominator)</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_EarningsPerShareSharesDenominatorAbstract" xlink:to="lab_HI17034499811M216H6K_ajx_EarningsPerShareSharesDenominatorAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_BasicEarningsPerShareSharesAbstract" xlink:label="loc_839743H4G541_ajx_BasicEarningsPerShareSharesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_BasicEarningsPerShareSharesAbstract" xml:lang="en-US">Basic Earnings Per Share, Shares [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_BasicEarningsPerShareSharesAbstract" xml:lang="en-US">Basic EPS</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_BasicEarningsPerShareSharesAbstract" xlink:to="lab_051965J6I763_ajx_BasicEarningsPerShareSharesAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesIssuedBasic" xlink:label="loc_FG95812277699K094F4I_us-gaap_WeightedAverageNumberOfSharesIssuedBasic"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_WeightedAverageNumberOfSharesIssuedBasic" xml:lang="en-US">Weighted Average Number of Shares Issued, Basic</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_WeightedAverageNumberOfSharesIssuedBasic" xml:lang="en-US">Income attributable to common stockholders, shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_WeightedAverageNumberOfSharesIssuedBasic" xlink:to="lab_HI17034499811M216H6K_us-gaap_WeightedAverageNumberOfSharesIssuedBasic"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:label="loc_839743H4G541_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xml:lang="en-US">Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xml:lang="en-US">Allocation of earnings to participating restricted shares, shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:to="lab_051965J6I763_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract" xlink:label="loc_FG95812277699K094F4I_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract" xml:lang="en-US">Earnings Per Share Effect Of Dilutive Securities Shares [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract" xml:lang="en-US">Effect of dilutive securities, shares</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract" xlink:to="lab_HI17034499811M216H6K_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits" xlink:label="loc_839743H4G541_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits" xml:lang="en-US">Incremental Common Shares Attributable To Dilutive Effect Of Operating Partnership Units</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits" xml:lang="en-US">Operating partnership units, shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits" xml:lang="en-US">Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of operating partnership units.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits" xlink:to="lab_051965J6I763_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares" xlink:label="loc_FG95812277699K094F4I_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares" xml:lang="en-US">Restricted Stock Grants And Manager And Director Fee Shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares" xml:lang="en-US">Restricted stock grants and Manager and director fee shares, shares</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares" xml:lang="en-US">Represents restricted stock grants and Manager and director fee shares.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares" xlink:to="lab_HI17034499811M216H6K_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_EarningsPerShareAmountAbstract" xlink:label="loc_839743H4G541_ajx_EarningsPerShareAmountAbstract"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_EarningsPerShareAmountAbstract" xml:lang="en-US">Earnings Per Share Amount [Abstract]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_EarningsPerShareAmountAbstract" xml:lang="en-US">Per Share Amount</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_EarningsPerShareAmountAbstract" xlink:to="lab_051965J6I763_ajx_EarningsPerShareAmountAbstract"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="loc_FG95812277699K094F4I_us-gaap_SubsequentEventTable"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_SubsequentEventTable" xml:lang="en-US">Subsequent Event [Table]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_SubsequentEventTable" xlink:to="lab_HI17034499811M216H6K_us-gaap_SubsequentEventTable"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_839743H4G541_us-gaap_SubsequentEventTypeAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_SubsequentEventTypeAxis" xml:lang="en-US">Subsequent Event Type [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_SubsequentEventTypeAxis" xlink:to="lab_051965J6I763_us-gaap_SubsequentEventTypeAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_FG95812277699K094F4I_us-gaap_SubsequentEventTypeDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_SubsequentEventTypeDomain" xml:lang="en-US">Subsequent Event Type [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_SubsequentEventTypeDomain" xlink:to="lab_HI17034499811M216H6K_us-gaap_SubsequentEventTypeDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_839743H4G541_us-gaap_SubsequentEventMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_SubsequentEventMember" xml:lang="en-US">Subsequent Event [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_SubsequentEventMember" xml:lang="en-US">Subsequent events</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_SubsequentEventMember" xlink:to="lab_051965J6I763_us-gaap_SubsequentEventMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsAxis" xlink:label="loc_FG95812277699K094F4I_us-gaap_DividendsAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DividendsAxis" xml:lang="en-US">Dividends [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DividendsAxis" xlink:to="lab_HI17034499811M216H6K_us-gaap_DividendsAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsDomain" xlink:label="loc_839743H4G541_us-gaap_DividendsDomain"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DividendsDomain" xml:lang="en-US">Dividends [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DividendsDomain" xlink:to="lab_051965J6I763_us-gaap_DividendsDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendDeclaredMember" xlink:label="loc_FG95812277699K094F4I_us-gaap_DividendDeclaredMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DividendDeclaredMember" xml:lang="en-US">Dividend Declared [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DividendDeclaredMember" xml:lang="en-US">Dividend declared</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DividendDeclaredMember" xlink:to="lab_HI17034499811M216H6K_us-gaap_DividendDeclaredMember"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagerMember" xlink:label="loc_839743H4G541_ajx_ManagerMember"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_ManagerMember" xml:lang="en-US">Manager [Member]</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_ManagerMember" xml:lang="en-US">Manager</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_ManagerMember" xml:lang="en-US">Represents manager of the company.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_ManagerMember" xlink:to="lab_051965J6I763_ajx_ManagerMember"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="loc_FG95812277699K094F4I_us-gaap_SubsidiarySaleOfStockAxis"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_SubsidiarySaleOfStockAxis" xml:lang="en-US">Sale of Stock [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_SubsidiarySaleOfStockAxis" xlink:to="lab_HI17034499811M216H6K_us-gaap_SubsidiarySaleOfStockAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_839743H4G541_us-gaap_SubsequentEventLineItems"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_SubsequentEventLineItems" xml:lang="en-US">Subsequent Event [Line Items]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_SubsequentEventLineItems" xlink:to="lab_051965J6I763_us-gaap_SubsequentEventLineItems"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="loc_FG95812277699K094F4I_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xml:lang="en-US">Dividends Payable, Date Declared</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xml:lang="en-US">Dividend declared date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:to="lab_HI17034499811M216H6K_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsPayableAmountPerShare" xlink:label="loc_839743H4G541_us-gaap_DividendsPayableAmountPerShare"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DividendsPayableAmountPerShare" xml:lang="en-US">Dividends Payable, Amount Per Share</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DividendsPayableAmountPerShare" xml:lang="en-US">Dividends payable, amount per share</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DividendsPayableAmountPerShare" xlink:to="lab_051965J6I763_us-gaap_DividendsPayableAmountPerShare"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="loc_FG95812277699K094F4I_us-gaap_DividendPayableDateToBePaidDayMonthAndYear"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xml:lang="en-US">Dividends Payable, Date to be Paid</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xml:lang="en-US">Dividend paid date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:to="lab_HI17034499811M216H6K_us-gaap_DividendPayableDateToBePaidDayMonthAndYear"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:label="loc_839743H4G541_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xml:lang="en-US">Dividends Payable, Date of Record</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xml:lang="en-US">Dividend record date</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:to="lab_051965J6I763_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees" xlink:label="loc_FG95812277699K094F4I_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees" xml:lang="en-US">Number Of Shares Issued In Payment Of Directors Fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="lab_HI17034499811M216H6K_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees" xml:lang="en-US">Number of shares issued in payment of half of their quarterly director fees</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_HI17034499811M216H6K_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees" xml:lang="en-US">Number of common stock issued in payment of half of their quarterly director fees for the first quarter of 2015.</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees" xlink:to="lab_HI17034499811M216H6K_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SubordinatedSecuritiesIssuedDuringPeriodValue" xlink:label="loc_839743H4G541_ajx_SubordinatedSecuritiesIssuedDuringPeriodValue"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_051965J6I763_ajx_SubordinatedSecuritiesIssuedDuringPeriodValue" xml:lang="en-US">Subordinated Securities Issued During Period Value</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_051965J6I763_ajx_SubordinatedSecuritiesIssuedDuringPeriodValue" xml:lang="en-US">Subordinated securities issued in private offerings to institutional investors</label>

<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_839743H4G541_ajx_SubordinatedSecuritiesIssuedDuringPeriodValue" xlink:to="lab_051965J6I763_ajx_SubordinatedSecuritiesIssuedDuringPeriodValue"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_051965J6I763_ajx_SubordinatedSecuritiesIssuedDuringPeriodValue" xml:lang="en-US">Represents value of subordinated securities issued during the period.</label>

<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockConsiderationReceivedOnTransaction" xlink:label="loc_FG95812277699K094F4I_us-gaap_SaleOfStockConsiderationReceivedOnTransaction"/>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="lab_HI17034499811M216H6K_us-gaap_SaleOfStockConsiderationReceivedOnTransaction" xml:lang="en-US">Sale of Stock, Consideration Received on Transaction</label>
<label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="lab_HI17034499811M216H6K_us-gaap_SaleOfStockConsiderationReceivedOnTransaction" xml:lang="en-US">UPB of mortgage loans</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_FG95812277699K094F4I_us-gaap_SaleOfStockConsiderationReceivedOnTransaction" xlink:to="lab_HI17034499811M216H6K_us-gaap_SaleOfStockConsiderationReceivedOnTransaction"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReportingPeriodAxis" xlink:label="loc_ajx_ReportingPeriodAxis_1"/>
<label xlink:type="resource" xlink:label="lab_ajx_ReportingPeriodAxis" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Reporting Period [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ajx_ReportingPeriodAxis_1" xlink:to="lab_ajx_ReportingPeriodAxis"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ajx_ReportingPeriodAxis" xml:lang="en-US">Information by financial information on report date.</label>

<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReportingPeriodDomain" xlink:label="loc_ajx_ReportingPeriodDomain_1"/>
<label xlink:type="resource" xlink:label="lab_ajx_ReportingPeriodDomain" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Reporting Period [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ajx_ReportingPeriodDomain_1" xlink:to="lab_ajx_ReportingPeriodDomain"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ajx_ReportingPeriodDomain" xml:lang="en-US">Information by financial information on report date.</label>

<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ThreeMonthsEndedMember" xlink:label="loc_ajx_ThreeMonthsEndedMember_1"/>
<label xlink:type="resource" xlink:label="lab_ajx_ThreeMonthsEndedMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Three Months Ended [Member]</label>
<label xlink:type="resource" xlink:label="lab_ajx_ThreeMonthsEndedMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Three months ended</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ajx_ThreeMonthsEndedMember_1" xlink:to="lab_ajx_ThreeMonthsEndedMember"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ajx_ThreeMonthsEndedMember" xml:lang="en-US">Represents context period.</label>

<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SixMonthsEndedMember" xlink:label="loc_ajx_SixMonthsEndedMember_1"/>
<label xlink:type="resource" xlink:label="lab_ajx_SixMonthsEndedMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Six Months Ended [Member]</label>
<label xlink:type="resource" xlink:label="lab_ajx_SixMonthsEndedMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Six months ended</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ajx_SixMonthsEndedMember_1" xlink:to="lab_ajx_SixMonthsEndedMember"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ajx_SixMonthsEndedMember" xml:lang="en-US">Represents context period.</label>

<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferAccretableYield" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferAccretableYield"/>
<label xlink:type="resource" xlink:label="lab_us-gaap_CertainLoansAcquiredInTransferAccretableYield" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Certain Loans Acquired in Transfer, Accretable Yield</label>
<label xlink:type="resource" xlink:label="lab_us-gaap_CertainLoansAcquiredInTransferAccretableYield" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Accretable yield</label>
<label xlink:type="resource" xlink:label="lab_us-gaap_CertainLoansAcquiredInTransferAccretableYield" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Accretable yield additions</label>
<label xlink:type="resource" xlink:label="lab_us-gaap_CertainLoansAcquiredInTransferAccretableYield" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xml:lang="en-US">Accretable yield additions</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_CertainLoansAcquiredInTransferAccretableYield" xlink:to="lab_us-gaap_CertainLoansAcquiredInTransferAccretableYield"/>









<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TransferOfRentalPropertyToPropertyHeldForSale" xlink:label="loc_ajx_TransferOfRentalPropertyToPropertyHeldForSale"/>
<label xlink:type="resource" xlink:label="lab_ajx_TransferOfRentalPropertyToPropertyHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Transfer Of Rental Property To Property Held For Sale</label>
<label xlink:type="resource" xlink:label="lab_ajx_TransferOfRentalPropertyToPropertyHeldForSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">Represents transfer of rental property to property held for sale.</label>
<label xlink:type="resource" xlink:label="lab_ajx_TransferOfRentalPropertyToPropertyHeldForSale" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Transfer of rental property to property held for sale</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ajx_TransferOfRentalPropertyToPropertyHeldForSale" xlink:to="lab_ajx_TransferOfRentalPropertyToPropertyHeldForSale"/>




<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_InvestmentsInAffiliates" xlink:label="loc_ajx_InvestmentsInAffiliates_1_1"/>
<label xlink:type="resource" xlink:label="lab_ajx_InvestmentsInAffiliates" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Investments In Affiliates</label>

<label xlink:type="resource" xlink:label="lab_ajx_InvestmentsInAffiliates" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Investment in affiliate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ajx_InvestmentsInAffiliates_1_1" xlink:to="lab_ajx_InvestmentsInAffiliates"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ajx_InvestmentsInAffiliates" xml:lang="en-US">Represents value of the investment in affiliates at close of period.</label>


<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoansPledgedAsCollateral" xlink:label="loc_us-gaap_LoansPledgedAsCollateral"/>
<label xlink:type="resource" xlink:label="lab_us-gaap_LoansPledgedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Loans Pledged as Collateral</label>
<label xlink:type="resource" xlink:label="lab_us-gaap_LoansPledgedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xml:lang="en-US">Mortgage loans (in dollars)</label>
<label xlink:type="resource" xlink:label="lab_us-gaap_LoansPledgedAsCollateral" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Carrying value of mortgages</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_LoansPledgedAsCollateral" xlink:to="lab_us-gaap_LoansPledgedAsCollateral"/>




<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LoanTransactionExpense" xlink:label="loc_ajx_LoanTransactionExpense"/>
<label xlink:type="resource" xlink:label="lab_ajx_LoanTransactionExpense" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Loan Transaction Expense</label>
<label xlink:type="resource" xlink:label="lab_ajx_LoanTransactionExpense" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">Represents costs of performing due diligence on existing loans under review for purchase.</label>
<label xlink:type="resource" xlink:label="lab_ajx_LoanTransactionExpense" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Loan transaction expense</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ajx_LoanTransactionExpense" xlink:to="lab_ajx_LoanTransactionExpense"/>




<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfRealEstatePropertiesHeldForSale" xlink:label="loc_ajx_NumberOfRealEstatePropertiesHeldForSale"/>
<label xlink:type="resource" xlink:label="lab_ajx_NumberOfRealEstatePropertiesHeldForSale" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Number Of Real Estate Properties Held For Sale</label>
<label xlink:type="resource" xlink:label="lab_ajx_NumberOfRealEstatePropertiesHeldForSale" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">Represents number of real estate properties held for sale as of the balance sheet date.</label>
<label xlink:type="resource" xlink:label="lab_ajx_NumberOfRealEstatePropertiesHeldForSale" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Number of REO properties</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ajx_NumberOfRealEstatePropertiesHeldForSale" xlink:to="lab_ajx_NumberOfRealEstatePropertiesHeldForSale"/>




<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfRealEstatePropertiesForeclosed" xlink:label="loc_ajx_NumberOfRealEstatePropertiesForeclosed"/>
<label xlink:type="resource" xlink:label="lab_ajx_NumberOfRealEstatePropertiesForeclosed" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Number Of Real Estate Properties Foreclosed</label>
<label xlink:type="resource" xlink:label="lab_ajx_NumberOfRealEstatePropertiesForeclosed" xlink:role="http://www.xbrl.org/2003/role/documentation" xml:lang="en-US">Represents the number of real estate properties closed as of the balance sheet date.</label>
<label xlink:type="resource" xlink:label="lab_ajx_NumberOfRealEstatePropertiesForeclosed" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Number of REO properties foreclosed</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ajx_NumberOfRealEstatePropertiesForeclosed" xlink:to="lab_ajx_NumberOfRealEstatePropertiesForeclosed"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber_1"/>
<label xlink:type="resource" xlink:label="lab_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Mortgage Loans On Real Estate Commitments To Purchase Number</label>
<label xlink:type="resource" xlink:label="lab_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Number of mortgage loans on real estate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber_1" xlink:to="lab_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xml:lang="en-US">Represents the number of re-performing mortgage loans.</label>


<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance_1"/>
<label xlink:type="resource" xlink:label="lab_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Mortgage Loans On Real Estate Commitments To Purchase Or Sell Unpaid Principal Balance</label>
<label xlink:type="resource" xlink:label="lab_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Aggregate unpaid principal balance of mortgage loans on real estate</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance_1" xlink:to="lab_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance"/><label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="lab_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xml:lang="en-US">Represents amount of unpaid principal balance of mortgage loans.</label>


<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" xlink:label="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis"/>
<label xlink:type="resource" xlink:label="lab_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Purchase Commitment, Excluding Long-term Commitment [Axis]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" xlink:to="lab_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" xlink:label="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain"/>
<label xlink:type="resource" xlink:label="lab_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Purchase Commitment, Excluding Long-term Commitment [Domain]</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" xlink:to="lab_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PurchaseCommitmentMember" xlink:label="loc_us-gaap_PurchaseCommitmentMember"/>
<label xlink:type="resource" xlink:label="lab_us-gaap_PurchaseCommitmentMember" xlink:role="http://www.xbrl.org/2003/role/label" xml:lang="en-US">Purchase Commitment [Member]</label>
<label xlink:type="resource" xlink:label="lab_us-gaap_PurchaseCommitmentMember" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xml:lang="en-US">Purchase commitment</label>
<labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="loc_us-gaap_PurchaseCommitmentMember" xlink:to="lab_us-gaap_PurchaseCommitmentMember"/>
</labelLink></linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>11
<FILENAME>ajx-20150630_pre.xml
<DESCRIPTION>XBRL PRESENTATION FILE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="UTF-8"?>
<!--XBRL Document Modified with Ez-Editor Version 1.3.0.4 on Thursday, August 13, 2015 04:16:56 PM -->
<linkbase xmlns="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#DocumentAndEntityInformation" roleURI="http://www.great-ajax.com/role/DocumentAndEntityInformation"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#ConsolidatedBalanceSheets" roleURI="http://www.great-ajax.com/role/ConsolidatedBalanceSheets"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#ConsolidatedBalanceSheetsParentheticals" roleURI="http://www.great-ajax.com/role/ConsolidatedBalanceSheetsParentheticals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#ConsolidatedStatementOfIncomeUnaudited" roleURI="http://www.great-ajax.com/role/ConsolidatedStatementOfIncomeUnaudited"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#ConsolidatedStatementOfCashFlowsUnaudited" roleURI="http://www.great-ajax.com/role/ConsolidatedStatementOfCashFlowsUnaudited"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#ConsolidatedStatementsOfChangesInEquityUnaudited" roleURI="http://www.great-ajax.com/role/ConsolidatedStatementsOfChangesInEquityUnaudited"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#OrganizationAndBasisOfPresentation" roleURI="http://www.great-ajax.com/role/OrganizationAndBasisOfPresentation"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#SummaryOfSignificantAccountingPolicies" roleURI="http://www.great-ajax.com/role/SummaryOfSignificantAccountingPolicies"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#MortgageLoans" roleURI="http://www.great-ajax.com/role/MortgageLoans"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#RealEstateAssetsNet" roleURI="http://www.great-ajax.com/role/RealEstateAssetsNet"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#FairValueOfFinancialInstruments" roleURI="http://www.great-ajax.com/role/FairValueOfFinancialInstruments"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#UnconsolidatedAffiliates" roleURI="http://www.great-ajax.com/role/UnconsolidatedAffiliates"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#CommitmentsAndContingencies" roleURI="http://www.great-ajax.com/role/CommitmentsAndContingencies"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#Debt" roleURI="http://www.great-ajax.com/role/Debt"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#RelatedPartyTransactions" roleURI="http://www.great-ajax.com/role/RelatedPartyTransactions"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#StockBasedPaymentsAndDirectorFees" roleURI="http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFees"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#IncomeTaxes" roleURI="http://www.great-ajax.com/role/IncomeTaxes"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#EarningsPerShare" roleURI="http://www.great-ajax.com/role/EarningsPerShare"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#SubsequentEvents" roleURI="http://www.great-ajax.com/role/SubsequentEvents"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#SummaryofsignificantaccountingpoliciesPolicies" roleURI="http://www.great-ajax.com/role/SummaryofsignificantaccountingpoliciesPolicies"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#MortgageloansTables" roleURI="http://www.great-ajax.com/role/MortgageloansTables"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#FairvalueoffinancialinstrumentsTables" roleURI="http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsTables"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#DebtTables" roleURI="http://www.great-ajax.com/role/DebtTables"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#RelatedpartytransactionsTables" roleURI="http://www.great-ajax.com/role/RelatedpartytransactionsTables"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#StockbasedpaymentsanddirectorfeesTables" roleURI="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesTables"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#EarningspershareTables" roleURI="http://www.great-ajax.com/role/EarningspershareTables"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#Organizationandbasisofpresentationdetailstextuals" roleURI="http://www.great-ajax.com/role/Organizationandbasisofpresentationdetailstextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#SummaryOfSignificantAccountingPoliciesDetailsTextuals" roleURI="http://www.great-ajax.com/role/SummaryOfSignificantAccountingPoliciesDetailsTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#MortgageLoansDetails" roleURI="http://www.great-ajax.com/role/MortgageLoansDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#Mortgageloansdetails1" roleURI="http://www.great-ajax.com/role/Mortgageloansdetails1"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#MortgageLoansDetails2" roleURI="http://www.great-ajax.com/role/MortgageLoansDetails2"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#Mortgageloansdetailstextuals" roleURI="http://www.great-ajax.com/role/Mortgageloansdetailstextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#RealEstateAssetsNetDetailsTextuals" roleURI="http://www.great-ajax.com/role/RealEstateAssetsNetDetailsTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#FairvalueoffinancialinstrumentsDetails" roleURI="http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#FairvalueoffinancialinstrumentsDetails1" roleURI="http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsDetails1"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#Unconsolidatedaffiliatesdetailstextuals" roleURI="http://www.great-ajax.com/role/Unconsolidatedaffiliatesdetailstextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#Commitmentsandcontingenciesdetailtextuals" roleURI="http://www.great-ajax.com/role/Commitmentsandcontingenciesdetailtextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#DebtDetails" roleURI="http://www.great-ajax.com/role/DebtDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#DebtDetails1" roleURI="http://www.great-ajax.com/role/DebtDetails1"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#DebtDetails2" roleURI="http://www.great-ajax.com/role/DebtDetails2"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#DebtDetailsTextuals" roleURI="http://www.great-ajax.com/role/DebtDetailsTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#RelatedpartytransactionsDetails" roleURI="http://www.great-ajax.com/role/RelatedpartytransactionsDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#RelatedPartyTransactionsDetailsTextuals" roleURI="http://www.great-ajax.com/role/RelatedPartyTransactionsDetailsTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#StockbasedpaymentsanddirectorfeesDetails" roleURI="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#StockbasedpaymentsanddirectorfeesDetails1" roleURI="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails1"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#StockBasedPaymentsAndDirectorFeesDetailsTextuals" roleURI="http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFeesDetailsTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#IncomeTaxesDetailsTextuals" roleURI="http://www.great-ajax.com/role/IncomeTaxesDetailsTextuals"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#EarningspershareDetails" roleURI="http://www.great-ajax.com/role/EarningspershareDetails"/>
<roleRef xlink:type="simple" xlink:href="ajx-20150630.xsd#SubsequentEventsDetailsTextuals" roleURI="http://www.great-ajax.com/role/SubsequentEventsDetailsTextuals"/>
<roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel"/> <roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel"/>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/DocumentAndEntityInformation">
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DocumentAndEntityInformationAbstract" xlink:label="loc_ajx_DocumentAndEntityInformationAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityRegistrantName" xlink:label="loc_dei_EntityRegistrantName_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DocumentAndEntityInformationAbstract_0" xlink:to="loc_dei_EntityRegistrantName_1" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCentralIndexKey" xlink:label="loc_dei_EntityCentralIndexKey_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DocumentAndEntityInformationAbstract_0" xlink:to="loc_dei_EntityCentralIndexKey_2" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_TradingSymbol" xlink:label="loc_dei_TradingSymbol_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DocumentAndEntityInformationAbstract_0" xlink:to="loc_dei_TradingSymbol_3" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_CurrentFiscalYearEndDate" xlink:label="loc_dei_CurrentFiscalYearEndDate_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DocumentAndEntityInformationAbstract_0" xlink:to="loc_dei_CurrentFiscalYearEndDate_4" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityFilerCategory" xlink:label="loc_dei_EntityFilerCategory_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DocumentAndEntityInformationAbstract_0" xlink:to="loc_dei_EntityFilerCategory_5" order="40" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="loc_dei_EntityCommonStockSharesOutstanding_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DocumentAndEntityInformationAbstract_0" xlink:to="loc_dei_EntityCommonStockSharesOutstanding_6" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentType" xlink:label="loc_dei_DocumentType_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DocumentAndEntityInformationAbstract_0" xlink:to="loc_dei_DocumentType_7" order="60" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentPeriodEndDate" xlink:label="loc_dei_DocumentPeriodEndDate_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DocumentAndEntityInformationAbstract_0" xlink:to="loc_dei_DocumentPeriodEndDate_8" order="70" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_AmendmentFlag" xlink:label="loc_dei_AmendmentFlag_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DocumentAndEntityInformationAbstract_0" xlink:to="loc_dei_AmendmentFlag_9" order="80" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalYearFocus" xlink:label="loc_dei_DocumentFiscalYearFocus_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DocumentAndEntityInformationAbstract_0" xlink:to="loc_dei_DocumentFiscalYearFocus_10" order="90" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_DocumentFiscalPeriodFocus" xlink:label="loc_dei_DocumentFiscalPeriodFocus_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_DocumentAndEntityInformationAbstract_0" xlink:to="loc_dei_DocumentFiscalPeriodFocus_11" order="100" use="optional"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/ConsolidatedBalanceSheets">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsAbstract" xlink:label="loc_us-gaap_AssetsAbstract_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_0" xlink:to="loc_us-gaap_AssetsAbstract_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_1" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstate_3" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateHeldforsale" xlink:label="loc_us-gaap_RealEstateHeldforsale_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_1" xlink:to="loc_us-gaap_RealEstateHeldforsale_4" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RentalProperties" xlink:label="loc_us-gaap_RentalProperties_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_1" xlink:to="loc_us-gaap_RentalProperties_5" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReceivableFromServicer" xlink:label="loc_ajx_ReceivableFromServicer_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_1" xlink:to="loc_ajx_ReceivableFromServicer_6" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_InvestmentsInAffiliates" xlink:label="loc_ajx_InvestmentsInAffiliates_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_1" xlink:to="loc_ajx_InvestmentsInAffiliates_7" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PrepaidExpenseAndOtherAssets" xlink:label="loc_us-gaap_PrepaidExpenseAndOtherAssets_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_1" xlink:to="loc_us-gaap_PrepaidExpenseAndOtherAssets_8" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsAbstract_1" xlink:to="loc_us-gaap_Assets_9" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_0" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_10" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAbstract" xlink:label="loc_us-gaap_LiabilitiesAbstract_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_10" xlink:to="loc_us-gaap_LiabilitiesAbstract_11" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SecuredDebt" xlink:label="loc_us-gaap_SecuredDebt_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_11" xlink:to="loc_us-gaap_SecuredDebt_12" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SecuredDebtRepurchaseAgreements" xlink:label="loc_us-gaap_SecuredDebtRepurchaseAgreements_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_11" xlink:to="loc_us-gaap_SecuredDebtRepurchaseAgreements_13" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ManagementFeePayable" xlink:label="loc_us-gaap_ManagementFeePayable_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_11" xlink:to="loc_us-gaap_ManagementFeePayable_14" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccruedLiabilitiesAndOtherLiabilities" xlink:label="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_11" xlink:to="loc_us-gaap_AccruedLiabilitiesAndOtherLiabilities_15" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAbstract_11" xlink:to="loc_us-gaap_Liabilities_16" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="loc_us-gaap_CommitmentsAndContingencies_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_10" xlink:to="loc_us-gaap_CommitmentsAndContingencies_17" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityAbstract" xlink:label="loc_us-gaap_StockholdersEquityAbstract_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_10" xlink:to="loc_us-gaap_StockholdersEquityAbstract_18" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockValue" xlink:label="loc_us-gaap_PreferredStockValue_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_18" xlink:to="loc_us-gaap_PreferredStockValue_19" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockValue" xlink:label="loc_us-gaap_CommonStockValue_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_18" xlink:to="loc_us-gaap_CommonStockValue_20" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdditionalPaidInCapitalCommonStock" xlink:label="loc_us-gaap_AdditionalPaidInCapitalCommonStock_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_18" xlink:to="loc_us-gaap_AdditionalPaidInCapitalCommonStock_21" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="loc_us-gaap_RetainedEarningsAccumulatedDeficit_22"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_18" xlink:to="loc_us-gaap_RetainedEarningsAccumulatedDeficit_22" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="loc_us-gaap_StockholdersEquity_23"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StockholdersEquityAbstract_18" xlink:to="loc_us-gaap_StockholdersEquity_23" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinorityInterest" xlink:label="loc_us-gaap_MinorityInterest_24"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_10" xlink:to="loc_us-gaap_MinorityInterest_24" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_25"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_10" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_25" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="loc_us-gaap_LiabilitiesAndStockholdersEquity_26"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesAndStockholdersEquityAbstract_10" xlink:to="loc_us-gaap_LiabilitiesAndStockholdersEquity_26" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/ConsolidatedBalanceSheetsParentheticals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfFinancialPositionAbstract" xlink:label="loc_us-gaap_StatementOfFinancialPositionAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_PreferredStockParOrStatedValuePerShare_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_0" xlink:to="loc_us-gaap_PreferredStockParOrStatedValuePerShare_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockSharesAuthorized" xlink:label="loc_us-gaap_PreferredStockSharesAuthorized_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_0" xlink:to="loc_us-gaap_PreferredStockSharesAuthorized_2" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockSharesIssued" xlink:label="loc_us-gaap_PreferredStockSharesIssued_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_0" xlink:to="loc_us-gaap_PreferredStockSharesIssued_3" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PreferredStockSharesOutstanding" xlink:label="loc_us-gaap_PreferredStockSharesOutstanding_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_0" xlink:to="loc_us-gaap_PreferredStockSharesOutstanding_4" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="loc_us-gaap_CommonStockParOrStatedValuePerShare_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_0" xlink:to="loc_us-gaap_CommonStockParOrStatedValuePerShare_5" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="loc_us-gaap_CommonStockSharesAuthorized_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_0" xlink:to="loc_us-gaap_CommonStockSharesAuthorized_6" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="loc_us-gaap_CommonStockSharesIssued_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_0" xlink:to="loc_us-gaap_CommonStockSharesIssued_7" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="loc_us-gaap_CommonStockSharesOutstanding_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_0" xlink:to="loc_us-gaap_CommonStockSharesOutstanding_8" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoansPledgedAsCollateral" xlink:label="loc_us-gaap_LoansPledgedAsCollateral_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfFinancialPositionAbstract_0" xlink:to="loc_us-gaap_LoansPledgedAsCollateral_9" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/ConsolidatedStatementOfIncomeUnaudited">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeStatementAbstract" xlink:label="loc_us-gaap_IncomeStatementAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SalesRevenueNetAbstract" xlink:label="loc_us-gaap_SalesRevenueNetAbstract_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_SalesRevenueNetAbstract_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestIncomeOperating" xlink:label="loc_us-gaap_InterestIncomeOperating_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SalesRevenueNetAbstract_1" xlink:to="loc_us-gaap_InterestIncomeOperating_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestExpense" xlink:label="loc_us-gaap_InterestExpense_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SalesRevenueNetAbstract_1" xlink:to="loc_us-gaap_InterestExpense_3" order="10" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestIncomeExpenseNet" xlink:label="loc_us-gaap_InterestIncomeExpenseNet_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SalesRevenueNetAbstract_1" xlink:to="loc_us-gaap_InterestIncomeExpenseNet_4" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherIncome" xlink:label="loc_us-gaap_OtherIncome_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_OtherIncome_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RevenuesNetOfInterestExpense" xlink:label="loc_us-gaap_RevenuesNetOfInterestExpense_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_RevenuesNetOfInterestExpense_6" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CostsAndExpensesAbstract" xlink:label="loc_us-gaap_CostsAndExpensesAbstract_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_CostsAndExpensesAbstract_7" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RelatedPartyManagementFeeExpense" xlink:label="loc_ajx_RelatedPartyManagementFeeExpense_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CostsAndExpensesAbstract_7" xlink:to="loc_ajx_RelatedPartyManagementFeeExpense_8" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RelatedPartyLoanServicingFeeExpense" xlink:label="loc_ajx_RelatedPartyLoanServicingFeeExpense_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CostsAndExpensesAbstract_7" xlink:to="loc_ajx_RelatedPartyLoanServicingFeeExpense_9" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LoanTransactionExpense" xlink:label="loc_ajx_LoanTransactionExpense_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CostsAndExpensesAbstract_7" xlink:to="loc_ajx_LoanTransactionExpense_10" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProfessionalFees" xlink:label="loc_us-gaap_ProfessionalFees_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CostsAndExpensesAbstract_7" xlink:to="loc_us-gaap_ProfessionalFees_11" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherExpenses" xlink:label="loc_us-gaap_OtherExpenses_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CostsAndExpensesAbstract_7" xlink:to="loc_us-gaap_OtherExpenses_12" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OperatingExpenses" xlink:label="loc_us-gaap_OperatingExpenses_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CostsAndExpensesAbstract_7" xlink:to="loc_us-gaap_OperatingExpenses_13" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_14" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_15" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_ProfitLoss_16" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLossAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest_17" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_NetIncomeLoss_18" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_us-gaap_EarningsPerShareBasic_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_EarningsPerShareBasic_19" order="90" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_us-gaap_EarningsPerShareDiluted_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_EarningsPerShareDiluted_20" order="100" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_21" order="110" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_22"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementAbstract_0" xlink:to="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_22" order="120" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/ConsolidatedStatementOfCashFlowsUnaudited">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="loc_us-gaap_StatementOfCashFlowsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfCashFlowsAbstract_0" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_1" xlink:to="loc_us-gaap_ProfitLoss_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract_1" xlink:to="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ShareBasedManagementFeeAndCompensationExpense" xlink:label="loc_ajx_ShareBasedManagementFeeAndCompensationExpense_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" xlink:to="loc_ajx_ShareBasedManagementFeeAndCompensationExpense_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NonCashInterestIncomeAccretion" xlink:label="loc_ajx_NonCashInterestIncomeAccretion_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" xlink:to="loc_ajx_NonCashInterestIncomeAccretion_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainLossOnSaleOfProperties" xlink:label="loc_us-gaap_GainLossOnSaleOfProperties_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" xlink:to="loc_us-gaap_GainLossOnSaleOfProperties_6" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Depreciation" xlink:label="loc_us-gaap_Depreciation_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" xlink:to="loc_us-gaap_Depreciation_7" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AmortizationOfFinancingCosts" xlink:label="loc_us-gaap_AmortizationOfFinancingCosts_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" xlink:to="loc_us-gaap_AmortizationOfFinancingCosts_8" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" xlink:to="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_9" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets" xlink:label="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_9" xlink:to="loc_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_10" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_IncreaseDecreaseInReceivableFromServicer" xlink:label="loc_ajx_IncreaseDecreaseInReceivableFromServicer_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_9" xlink:to="loc_ajx_IncreaseDecreaseInReceivableFromServicer_11" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities" xlink:label="loc_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_9" xlink:to="loc_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities_12" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities" xlink:label="loc_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_9" xlink:to="loc_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities_13" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" xlink:to="loc_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations_14" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_15" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireLoansReceivable" xlink:label="loc_us-gaap_PaymentsToAcquireLoansReceivable_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_15" xlink:to="loc_us-gaap_PaymentsToAcquireLoansReceivable_16" order="0" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1" xlink:label="loc_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_15" xlink:to="loc_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1_17" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireHeldForSaleRealEstate" xlink:label="loc_us-gaap_PaymentsToAcquireHeldForSaleRealEstate_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_15" xlink:to="loc_us-gaap_PaymentsToAcquireHeldForSaleRealEstate_18" order="20" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyHeldForSale" xlink:label="loc_us-gaap_ProceedsFromSaleOfPropertyHeldForSale_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_15" xlink:to="loc_us-gaap_ProceedsFromSaleOfPropertyHeldForSale_19" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DistributionFromAffiliate" xlink:label="loc_ajx_DistributionFromAffiliate_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_15" xlink:to="loc_ajx_DistributionFromAffiliate_20" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale" xlink:label="loc_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_15" xlink:to="loc_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale_21" order="50" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_22"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract_15" xlink:to="loc_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations_22" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_23"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_23" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="loc_us-gaap_RepaymentsOfLongTermDebt_24"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_23" xlink:to="loc_us-gaap_RepaymentsOfLongTermDebt_24" order="0" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceOfSecuredDebt" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt_25"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_23" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfSecuredDebt_25" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RepaymentsOnRepurchaseAgreement" xlink:label="loc_ajx_RepaymentsOnRepurchaseAgreement_26"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_23" xlink:to="loc_ajx_RepaymentsOnRepurchaseAgreement_26" order="20" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RepaymentsOfSecuredDebt" xlink:label="loc_us-gaap_RepaymentsOfSecuredDebt_27"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_23" xlink:to="loc_us-gaap_RepaymentsOfSecuredDebt_27" order="30" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceInitialPublicOffering" xlink:label="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_28"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_23" xlink:to="loc_us-gaap_ProceedsFromIssuanceInitialPublicOffering_28" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsOfDividendsMinorityInterest" xlink:label="loc_us-gaap_PaymentsOfDividendsMinorityInterest_29"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_23" xlink:to="loc_us-gaap_PaymentsOfDividendsMinorityInterest_29" order="50" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsOfDividendsCommonStock" xlink:label="loc_us-gaap_PaymentsOfDividendsCommonStock_30"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_23" xlink:to="loc_us-gaap_PaymentsOfDividendsCommonStock_30" order="60" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations" xlink:label="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_31"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract_23" xlink:to="loc_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations_31" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease" xlink:label="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_32"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" xlink:to="loc_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease_32" order="90" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_33"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_33" order="100" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsAtCarryingValue" xlink:label="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_34"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" xlink:to="loc_us-gaap_CashAndCashEquivalentsAtCarryingValue_34" order="110" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="loc_us-gaap_SupplementalCashFlowInformationAbstract_35"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" xlink:to="loc_us-gaap_SupplementalCashFlowInformationAbstract_35" order="120" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestPaid" xlink:label="loc_us-gaap_InterestPaid_36"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SupplementalCashFlowInformationAbstract_35" xlink:to="loc_us-gaap_InterestPaid_36" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="loc_us-gaap_IncomeTaxesPaid_37"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SupplementalCashFlowInformationAbstract_35" xlink:to="loc_us-gaap_IncomeTaxesPaid_37" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_38"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_3" xlink:to="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_38" order="130" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale" xlink:label="loc_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale_39"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_38" xlink:to="loc_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale_39" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssued1" xlink:label="loc_us-gaap_StockIssued1_40"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_38" xlink:to="loc_us-gaap_StockIssued1_40" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TransferOfRentalPropertyToPropertyHeldForSale" xlink:label="loc_ajx_TransferOfRentalPropertyToPropertyHeldForSale"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_38" xlink:to="loc_ajx_TransferOfRentalPropertyToPropertyHeldForSale" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/ConsolidatedStatementsOfChangesInEquityUnaudited">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="loc_us-gaap_StatementOfStockholdersEquityAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementTable" xlink:label="loc_us-gaap_StatementTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementOfStockholdersEquityAbstract_0" xlink:to="loc_us-gaap_StatementTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_2" xlink:to="loc_us-gaap_CommonStockMember_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="loc_us-gaap_AdditionalPaidInCapitalMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_2" xlink:to="loc_us-gaap_AdditionalPaidInCapitalMember_4" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="loc_us-gaap_RetainedEarningsMember_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_2" xlink:to="loc_us-gaap_RetainedEarningsMember_5" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ParentMember" xlink:label="loc_us-gaap_ParentMember_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_2" xlink:to="loc_us-gaap_ParentMember_6" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="loc_us-gaap_NoncontrollingInterestMember_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_2" xlink:to="loc_us-gaap_NoncontrollingInterestMember_7" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_2" xlink:to="loc_us-gaap_EquityComponentDomain_8" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementLineItems" xlink:label="loc_us-gaap_StatementLineItems_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementTable_1" xlink:to="loc_us-gaap_StatementLineItems_9" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementLineItems_9" xlink:to="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_10" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_10" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_11" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_10" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_12" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProfitLoss" xlink:label="loc_us-gaap_ProfitLoss_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_10" xlink:to="loc_us-gaap_ProfitLoss_13" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee" xlink:label="loc_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_10" xlink:to="loc_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee_14" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_10" xlink:to="loc_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_15" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Dividends" xlink:label="loc_us-gaap_Dividends_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_10" xlink:to="loc_us-gaap_Dividends_16" order="50" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_10" xlink:to="loc_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_17" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/OrganizationAndBasisOfPresentation">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_0" xlink:to="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/SummaryOfSignificantAccountingPolicies">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SignificantAccountingPoliciesTextBlock" xlink:label="loc_us-gaap_SignificantAccountingPoliciesTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_us-gaap_SignificantAccountingPoliciesTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/MortgageLoans">
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansAbstract" xlink:label="loc_ajx_MortgageLoansAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansTextBlock" xlink:label="loc_ajx_MortgageLoansTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_MortgageLoansAbstract_0" xlink:to="loc_ajx_MortgageLoansTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RealEstateAssetsNet">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateAbstract" xlink:label="loc_us-gaap_RealEstateAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateDisclosureTextBlock" xlink:label="loc_us-gaap_RealEstateDisclosureTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateAbstract_0" xlink:to="loc_us-gaap_RealEstateDisclosureTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/FairValueOfFinancialInstruments">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueDisclosuresTextBlock" xlink:label="loc_us-gaap_FairValueDisclosuresTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_0" xlink:to="loc_us-gaap_FairValueDisclosuresTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/UnconsolidatedAffiliates">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract_0" xlink:to="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/CommitmentsAndContingencies">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureTextBlock" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_0" xlink:to="loc_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/Debt">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtDisclosureTextBlock" xlink:label="loc_us-gaap_DebtDisclosureTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtDisclosureAbstract_0" xlink:to="loc_us-gaap_DebtDisclosureTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RelatedPartyTransactions">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract_0" xlink:to="loc_us-gaap_RelatedPartyTransactionsDisclosureTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFees">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0" xlink:to="loc_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/IncomeTaxes">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxDisclosureTextBlock" xlink:label="loc_us-gaap_IncomeTaxDisclosureTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_0" xlink:to="loc_us-gaap_IncomeTaxDisclosureTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/EarningsPerShare">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_us-gaap_EarningsPerShareAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareTextBlock" xlink:label="loc_us-gaap_EarningsPerShareTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareAbstract_0" xlink:to="loc_us-gaap_EarningsPerShareTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/SubsequentEvents">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaap_SubsequentEventsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventsTextBlock" xlink:label="loc_us-gaap_SubsequentEventsTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventsAbstract_0" xlink:to="loc_us-gaap_SubsequentEventsTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/SummaryofsignificantaccountingpoliciesPolicies">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_us-gaap_CashAndCashEquivalentsPolicyTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_OrganizationalExpensesPolicyTextBlock" xlink:label="loc_ajx_OrganizationalExpensesPolicyTextBlock_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_ajx_OrganizationalExpensesPolicyTextBlock_2" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_OfferingCostsPolicyTextBlock" xlink:label="loc_ajx_OfferingCostsPolicyTextBlock_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_ajx_OfferingCostsPolicyTextBlock_3" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerSharePolicyTextBlock" xlink:label="loc_us-gaap_EarningsPerSharePolicyTextBlock_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_us-gaap_EarningsPerSharePolicyTextBlock_4" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_5" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DirectorsFeesPolicyTextBlock" xlink:label="loc_ajx_DirectorsFeesPolicyTextBlock_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_ajx_DirectorsFeesPolicyTextBlock_6" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy" xlink:label="loc_us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy_7" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ServicingFeesPolicyTextBlock" xlink:label="loc_ajx_ServicingFeesPolicyTextBlock_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_ajx_ServicingFeesPolicyTextBlock_8" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueOfFinancialInstrumentsPolicy" xlink:label="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_us-gaap_FairValueOfFinancialInstrumentsPolicy_9" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="loc_us-gaap_IncomeTaxPolicyTextBlock_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_us-gaap_IncomeTaxPolicyTextBlock_10" order="90" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy" xlink:label="loc_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy_11" order="100" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ResidentialPropertiesPolicyTextBlock" xlink:label="loc_ajx_ResidentialPropertiesPolicyTextBlock_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_ajx_ResidentialPropertiesPolicyTextBlock_12" order="110" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SegmentReportingPolicyPolicyTextBlock" xlink:label="loc_us-gaap_SegmentReportingPolicyPolicyTextBlock_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_us-gaap_SegmentReportingPolicyPolicyTextBlock_13" order="120" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_EmergingGrowthCompanyPolicyTextBlock" xlink:label="loc_ajx_EmergingGrowthCompanyPolicyTextBlock_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_ajx_EmergingGrowthCompanyPolicyTextBlock_14" order="130" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:label="loc_us-gaap_PriorPeriodReclassificationAdjustmentDescription_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_us-gaap_PriorPeriodReclassificationAdjustmentDescription_15" order="140" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock" xlink:label="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock_16" order="150" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/MortgageloansTables">
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansAbstract" xlink:label="loc_ajx_MortgageLoansAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock" xlink:label="loc_ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_MortgageLoansAbstract_0" xlink:to="loc_ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AccretableYieldTableTextBlock" xlink:label="loc_ajx_AccretableYieldTableTextBlock_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_MortgageLoansAbstract_0" xlink:to="loc_ajx_AccretableYieldTableTextBlock_2" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PastDueFinancingReceivablesTableTextBlock" xlink:label="loc_us-gaap_PastDueFinancingReceivablesTableTextBlock_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_MortgageLoansAbstract_0" xlink:to="loc_us-gaap_PastDueFinancingReceivablesTableTextBlock_3" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsTables">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:label="loc_us-gaap_FairValueByBalanceSheetGroupingTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_0" xlink:to="loc_us-gaap_FairValueByBalanceSheetGroupingTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock" xlink:label="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_0" xlink:to="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock_2" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/DebtTables">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfRepurchaseAgreements" xlink:label="loc_us-gaap_ScheduleOfRepurchaseAgreements_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtDisclosureAbstract_0" xlink:to="loc_us-gaap_ScheduleOfRepurchaseAgreements_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ScheduleOfDebtSecuritizationTableTextBlock" xlink:label="loc_ajx_ScheduleOfDebtSecuritizationTableTextBlock_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtDisclosureAbstract_0" xlink:to="loc_ajx_ScheduleOfDebtSecuritizationTableTextBlock_2" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_StatusOfMortgageLoansTableTextBlock" xlink:label="loc_ajx_StatusOfMortgageLoansTableTextBlock_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtDisclosureAbstract_0" xlink:to="loc_ajx_StatusOfMortgageLoansTableTextBlock_3" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RelatedpartytransactionsTables">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract_0" xlink:to="loc_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesTables">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock" xlink:label="loc_ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0" xlink:to="loc_ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock" xlink:label="loc_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0" xlink:to="loc_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock_2" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/EarningspershareTables">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_us-gaap_EarningsPerShareAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock" xlink:label="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareAbstract_0" xlink:to="loc_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/Organizationandbasisofpresentationdetailstextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract" xlink:label="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_OrganizationAndBasisOfPresentationTable" xlink:label="loc_ajx_OrganizationAndBasisOfPresentationTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract_0" xlink:to="loc_ajx_OrganizationAndBasisOfPresentationTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SaleOfStockAxis" xlink:label="loc_ajx_SaleOfStockAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationTable_1" xlink:to="loc_ajx_SaleOfStockAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SaleOfStockAxis_2" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="loc_us-gaap_PrivatePlacementMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain_3" xlink:to="loc_us-gaap_PrivatePlacementMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SecondPrivatePlacementMember" xlink:label="loc_ajx_SecondPrivatePlacementMember_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain_3" xlink:to="loc_ajx_SecondPrivatePlacementMember_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IPOMember" xlink:label="loc_us-gaap_IPOMember_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain_3" xlink:to="loc_us-gaap_IPOMember_6" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_7" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_7" xlink:to="loc_us-gaap_RelatedPartyDomain_8" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_8" xlink:to="loc_ajx_ThetisAssetManagementLlcMember_9" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LittleAjaxIiLlcMember" xlink:label="loc_ajx_LittleAjaxIiLlcMember_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_8" xlink:to="loc_ajx_LittleAjaxIiLlcMember_10" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_ajx_GregoryFundingLlcMember_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_8" xlink:to="loc_ajx_GregoryFundingLlcMember_11" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_OrganizationAndBasisOfPresentationLineItems" xlink:label="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationTable_1" xlink:to="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_13" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RedemptionOfOwnership" xlink:label="loc_ajx_RedemptionOfOwnership_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_ajx_RedemptionOfOwnership_14" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction" xlink:label="loc_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction_15" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement" xlink:label="loc_us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement_16" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed" xlink:label="loc_us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed_17" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfAdditionalSharesClosedForSale" xlink:label="loc_ajx_NumberOfAdditionalSharesClosedForSale_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_ajx_NumberOfAdditionalSharesClosedForSale_18" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfOperatingUnitsClosedForSale" xlink:label="loc_ajx_NumberOfOperatingUnitsClosedForSale_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_ajx_NumberOfOperatingUnitsClosedForSale_19" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit" xlink:label="loc_ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit_20" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ProceedsFromIssuanceOfPrivatePlacement" xlink:label="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_us-gaap_ProceedsFromIssuanceOfPrivatePlacement_21" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfRemainingPartnershipInterest" xlink:label="loc_ajx_PercentageOfRemainingPartnershipInterest_22"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_ajx_PercentageOfRemainingPartnershipInterest_22" order="90" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireEquityMethodInvestments" xlink:label="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments_23"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_us-gaap_PaymentsToAcquireEquityMethodInvestments_23" order="100" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AggregatePurchasePriceOfRealEstateAssets" xlink:label="loc_ajx_AggregatePurchasePriceOfRealEstateAssets_24"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_ajx_AggregatePurchasePriceOfRealEstateAssets_24" order="110" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfLoans" xlink:label="loc_ajx_NumberOfLoans_25"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_ajx_NumberOfLoans_25" order="120" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_26"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_26" order="130" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_27"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesNewIssues_27" order="140" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany" xlink:label="loc_ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany_28"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany_28" order="150" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders" xlink:label="loc_ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders_29"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders_29" order="160" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_30"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_30" order="170" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned" xlink:label="loc_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned_31"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned_31" order="180" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder" xlink:label="loc_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder_32"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_OrganizationAndBasisOfPresentationLineItems_12" xlink:to="loc_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder_32" order="190" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/SummaryOfSignificantAccountingPoliciesDetailsTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AccountingPoliciesAbstract" xlink:label="loc_us-gaap_AccountingPoliciesAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SummaryOfSignificantAccountingPoliciesTable" xlink:label="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AccountingPoliciesAbstract_0" xlink:to="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="loc_us-gaap_PlanNameAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1" xlink:to="loc_us-gaap_PlanNameAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PlanNameAxis_2" xlink:to="loc_us-gaap_PlanNameDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DirectorEquityPlan2014Member" xlink:label="loc_ajx_DirectorEquityPlan2014Member_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PlanNameDomain_3" xlink:to="loc_ajx_DirectorEquityPlan2014Member_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementAxis" xlink:label="loc_ajx_AgreementAxis_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1" xlink:to="loc_ajx_AgreementAxis_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_AgreementAxis_5" xlink:to="loc_ajx_AgreementDomain_6" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ServicingAgreementMember" xlink:label="loc_ajx_ServicingAgreementMember_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_AgreementDomain_6" xlink:to="loc_ajx_ServicingAgreementMember_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_8" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_8" xlink:to="loc_us-gaap_RelatedPartyDomain_9" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_ajx_GregoryFundingLlcMember_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_9" xlink:to="loc_ajx_GregoryFundingLlcMember_10" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1" xlink:to="loc_us-gaap_RangeAxis_11" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_11" xlink:to="loc_us-gaap_RangeMember_12" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_12" xlink:to="loc_us-gaap_MinimumMember_13" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_12" xlink:to="loc_us-gaap_MaximumMember_14" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaap_AwardTypeAxis_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1" xlink:to="loc_us-gaap_AwardTypeAxis_15" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardTypeAxis_15" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_16" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_us-gaap_RestrictedStockMember_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_16" xlink:to="loc_us-gaap_RestrictedStockMember_17" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SummaryOfSignificantAccountingPoliciesLineItems" xlink:label="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesTable_1" xlink:to="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_18" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_18" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod_19" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_18" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_20" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:label="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_18" xlink:to="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_21" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount" xlink:label="loc_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount_22"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_18" xlink:to="loc_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount_22" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InterestIncomeOperating" xlink:label="loc_us-gaap_InterestIncomeOperating_23"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_18" xlink:to="loc_us-gaap_InterestIncomeOperating_23" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" xlink:label="loc_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans_24"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_18" xlink:to="loc_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans_24" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate_25"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_18" xlink:to="loc_us-gaap_MortgageLoansOnRealEstate_25" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LoanPercentageOfBeneficialInterestThroughAffiliate" xlink:label="loc_ajx_LoanPercentageOfBeneficialInterestThroughAffiliate_26"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_18" xlink:to="loc_ajx_LoanPercentageOfBeneficialInterestThroughAffiliate_26" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentDepreciationMethods" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentDepreciationMethods_27"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_18" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentDepreciationMethods_27" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives" xlink:label="loc_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives_28"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_18" xlink:to="loc_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives_28" order="90" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NumberOfOperatingSegments" xlink:label="loc_us-gaap_NumberOfOperatingSegments_29"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_18" xlink:to="loc_us-gaap_NumberOfOperatingSegments_29" order="100" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_30"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SummaryOfSignificantAccountingPoliciesLineItems_18" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_30" order="110" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/MortgageLoansDetails">
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansAbstract" xlink:label="loc_ajx_MortgageLoansAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_MortgageLoansAbstract_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" xlink:to="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" xlink:to="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLineItems_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLineItems_6" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_6" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_6" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference_8" order="10" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_6" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition_9" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferAccretableYield" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferAccretableYield_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_6" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferAccretableYield_10" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_6" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue_11" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/totalLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReportingPeriodAxis" xlink:label="loc_ajx_ReportingPeriodAxis"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_ajx_ReportingPeriodAxis" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReportingPeriodDomain" xlink:label="loc_ajx_ReportingPeriodDomain"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_ReportingPeriodAxis" xlink:to="loc_ajx_ReportingPeriodDomain" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ThreeMonthsEndedMember" xlink:label="loc_ajx_ThreeMonthsEndedMember"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_ReportingPeriodDomain" xlink:to="loc_ajx_ThreeMonthsEndedMember" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SixMonthsEndedMember" xlink:label="loc_ajx_SixMonthsEndedMember"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_ReportingPeriodDomain" xlink:to="loc_ajx_SixMonthsEndedMember" order="1" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/Mortgageloansdetails1">
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansAbstract" xlink:label="loc_ajx_MortgageLoansAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_MortgageLoansAbstract_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" xlink:to="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" xlink:to="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLineItems_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLineItems_6" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_6" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward_7" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield_8" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodStartLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward_7" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions_9" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward_7" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion_10" order="20" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield" xlink:label="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward_7" xlink:to="loc_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield_11" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/periodEndLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/MortgageLoansDetails2">
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansAbstract" xlink:label="loc_ajx_MortgageLoansAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_MortgageLoansAbstract_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueAxis" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivablesPeriodPastDueDomain" xlink:label="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueAxis_2" xlink:to="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_FinancingReceivablesCurrentPastDueMember" xlink:label="loc_ajx_FinancingReceivablesCurrentPastDueMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3" xlink:to="loc_ajx_FinancingReceivablesCurrentPastDueMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivables30To59DaysPastDueMember" xlink:label="loc_us-gaap_FinancingReceivables30To59DaysPastDueMember_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3" xlink:to="loc_us-gaap_FinancingReceivables30To59DaysPastDueMember_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivables60To89DaysPastDueMember" xlink:label="loc_us-gaap_FinancingReceivables60To89DaysPastDueMember_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3" xlink:to="loc_us-gaap_FinancingReceivables60To89DaysPastDueMember_6" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember" xlink:label="loc_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3" xlink:to="loc_us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember_7" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_FinancingReceivablesForeclosurePastDueMember" xlink:label="loc_ajx_FinancingReceivablesForeclosurePastDueMember_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancingReceivablesPeriodPastDueDomain_3" xlink:to="loc_ajx_FinancingReceivablesForeclosurePastDueMember_8" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems" xlink:label="loc_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_9" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNumberOfLoans" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_9" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateNumberOfLoans_10" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_9" xlink:to="loc_us-gaap_MortgageLoansOnRealEstate_11" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans" xlink:label="loc_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems_9" xlink:to="loc_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans_12" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/Mortgageloansdetailstextuals">
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansAbstract" xlink:label="loc_ajx_MortgageLoansAbstract_0"/>




<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DueDiligenceCostOnMortgageLoan" xlink:label="loc_ajx_DueDiligenceCostOnMortgageLoan_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_MortgageLoansAbstract_0" xlink:to="loc_ajx_DueDiligenceCostOnMortgageLoan_3" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_MortgageLoansAbstract_0" xlink:to="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_4" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_MortgageLoansAbstract_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_5" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_5" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_6" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_6" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ResidentialRealEstateMember" xlink:label="loc_us-gaap_ResidentialRealEstateMember_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_7" xlink:to="loc_us-gaap_ResidentialRealEstateMember_8" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLineItems_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_5" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLineItems_9" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfRealEstatePropertiesForeclosed" xlink:label="loc_ajx_NumberOfRealEstatePropertiesForeclosed_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_9" xlink:to="loc_ajx_NumberOfRealEstatePropertiesForeclosed_10" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_OtherRealEstateAndForeclosedAssets" xlink:label="loc_us-gaap_OtherRealEstateAndForeclosedAssets_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_9" xlink:to="loc_us-gaap_OtherRealEstateAndForeclosedAssets_11" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RealEstateAssetsNetDetailsTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateAbstract" xlink:label="loc_us-gaap_RealEstateAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfRealEstatePropertiesHeldForRental" xlink:label="loc_ajx_NumberOfRealEstatePropertiesHeldForRental_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateAbstract_0" xlink:to="loc_ajx_NumberOfRealEstatePropertiesHeldForRental_1" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_CarryingValueOfReoProperties" xlink:label="loc_ajx_CarryingValueOfReoProperties_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateAbstract_0" xlink:to="loc_ajx_CarryingValueOfReoProperties_2" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfRealEstatePropertiesHeldForSale" xlink:label="loc_ajx_NumberOfRealEstatePropertiesHeldForSale_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateAbstract_0" xlink:to="loc_ajx_NumberOfRealEstatePropertiesHeldForSale_3" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RealEstateHeldforsale" xlink:label="loc_us-gaap_RealEstateHeldforsale_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateAbstract_0" xlink:to="loc_us-gaap_RealEstateHeldforsale_4" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_GainLossOnSaleOfProperties" xlink:label="loc_us-gaap_GainLossOnSaleOfProperties_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateAbstract_0" xlink:to="loc_us-gaap_GainLossOnSaleOfProperties_5" order="60" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf" xlink:label="loc_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RealEstateAbstract_0" xlink:to="loc_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf_6" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_0" xlink:to="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis" xlink:label="loc_us-gaap_FairValueByMeasurementBasisAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_1" xlink:to="loc_us-gaap_FairValueByMeasurementBasisAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="loc_us-gaap_FairValueDisclosureItemAmountsDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueByMeasurementBasisAxis_2" xlink:to="loc_us-gaap_FairValueDisclosureItemAmountsDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosureItemAmountsDomain_3" xlink:to="loc_us-gaap_CarryingReportedAmountFairValueDisclosureMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_1" xlink:to="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueByFairValueHierarchyLevelAxis_5" xlink:to="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_6" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="loc_us-gaap_FairValueInputsLevel1Member_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_6" xlink:to="loc_us-gaap_FairValueInputsLevel1Member_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="loc_us-gaap_FairValueInputsLevel2Member_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_6" xlink:to="loc_us-gaap_FairValueInputsLevel2Member_8" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsLevel3Member" xlink:label="loc_us-gaap_FairValueInputsLevel3Member_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueMeasurementsFairValueHierarchyDomain_6" xlink:to="loc_us-gaap_FairValueInputsLevel3Member_9" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems" xlink:label="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisTable_1" xlink:to="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_10" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AssetsFairValueDisclosureAbstract" xlink:label="loc_us-gaap_AssetsFairValueDisclosureAbstract_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_10" xlink:to="loc_us-gaap_AssetsFairValueDisclosureAbstract_11" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstate" xlink:label="loc_us-gaap_MortgageLoansOnRealEstate_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AssetsFairValueDisclosureAbstract_11" xlink:to="loc_us-gaap_MortgageLoansOnRealEstate_12" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/positiveLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LiabilitiesFairValueDisclosureAbstract" xlink:label="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems_10" xlink:to="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_13" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SecuredDebtRepurchaseAgreements" xlink:label="loc_us-gaap_SecuredDebtRepurchaseAgreements_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_13" xlink:to="loc_us-gaap_SecuredDebtRepurchaseAgreements_14" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SecuredDebt" xlink:label="loc_us-gaap_SecuredDebt_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LiabilitiesFairValueDisclosureAbstract_13" xlink:to="loc_us-gaap_SecuredDebt_15" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsDetails1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueDisclosuresAbstract" xlink:label="loc_us-gaap_FairValueDisclosuresAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueDisclosuresAbstract_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_2" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" xlink:to="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_3" xlink:to="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_RangeAxis_6" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_6" xlink:to="loc_us-gaap_RangeMember_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_7" xlink:to="loc_us-gaap_MinimumMember_8" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_7" xlink:to="loc_us-gaap_MaximumMember_9" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems" xlink:label="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems_10" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_FairValueInputsDiscountRate" xlink:label="loc_us-gaap_FairValueInputsDiscountRate_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems_10" xlink:to="loc_us-gaap_FairValueInputsDiscountRate_11" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_FairValueInputsCostOfDebtRate" xlink:label="loc_ajx_FairValueInputsCostOfDebtRate_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems_10" xlink:to="loc_ajx_FairValueInputsCostOfDebtRate_12" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_FairValueInputsLoanResolutionTimelinesRate" xlink:label="loc_ajx_FairValueInputsLoanResolutionTimelinesRate_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems_10" xlink:to="loc_ajx_FairValueInputsLoanResolutionTimelinesRate_13" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/Unconsolidatedaffiliatesdetailstextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract" xlink:label="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_UnconsolidatedAffiliatesTable" xlink:label="loc_ajx_UnconsolidatedAffiliatesTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract_0" xlink:to="loc_ajx_UnconsolidatedAffiliatesTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_UnconsolidatedAffiliatesTable_1" xlink:to="loc_dei_LegalEntityAxis_2" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_2" xlink:to="loc_dei_EntityDomain_3" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DelawareTrustGaE201412Member" xlink:label="loc_ajx_DelawareTrustGaE201412Member_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_3" xlink:to="loc_ajx_DelawareTrustGaE201412Member_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_UnconsolidatedAffiliatesTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_5" xlink:to="loc_us-gaap_RelatedPartyDomain_6" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_6" xlink:to="loc_ajx_ThetisAssetManagementLlcMember_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_UnconsolidatedAffiliatesLineItems" xlink:label="loc_ajx_UnconsolidatedAffiliatesLineItems_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_UnconsolidatedAffiliatesTable_1" xlink:to="loc_ajx_UnconsolidatedAffiliatesLineItems_8" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_UnconsolidatedAffiliatesLineItems_8" xlink:to="loc_us-gaap_EquityMethodInvestmentOwnershipPercentage_9" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates" xlink:label="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_UnconsolidatedAffiliatesLineItems_8" xlink:to="loc_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates_10" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_UnconsolidatedAffiliatesLineItems_8" xlink:to="loc_us-gaap_DebtInstrumentFaceAmount_11" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Assets" xlink:label="loc_us-gaap_Assets_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_UnconsolidatedAffiliatesLineItems_8" xlink:to="loc_us-gaap_Assets_12" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_Liabilities" xlink:label="loc_us-gaap_Liabilities_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_UnconsolidatedAffiliatesLineItems_8" xlink:to="loc_us-gaap_Liabilities_13" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_UnconsolidatedAffiliatesLineItems_8" xlink:to="loc_us-gaap_NetIncomeLoss_14" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/Commitmentsandcontingenciesdetailtextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommitmentsAndContingenciesDisclosureAbstract" xlink:label="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateScheduleTable" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_CommitmentsAndContingenciesDisclosureAbstract_0" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis_2" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SingleAndOneToFourFamilyResidencesMember" xlink:label="loc_ajx_SingleAndOneToFourFamilyResidencesMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateNamePropertyTypeDomain_3" xlink:to="loc_ajx_SingleAndOneToFourFamilyResidencesMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_5" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis_5" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_6" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLoanCategoryDomain_6" xlink:to="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>


<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateLineItems" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateLineItems_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateLineItems_9" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>




<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_9" xlink:to="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice_12" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_9" xlink:to="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" xlink:label="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateLineItems_9" xlink:to="loc_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" xlink:label="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_MortgageLoansOnRealEstateScheduleTable_1" xlink:to="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" xlink:label="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis" xlink:to="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PurchaseCommitmentMember" xlink:label="loc_us-gaap_PurchaseCommitmentMember"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentDomain" xlink:to="loc_us-gaap_PurchaseCommitmentMember" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/DebtDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_us-gaap_DebtInstrumentTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtDisclosureAbstract_0" xlink:to="loc_us-gaap_DebtInstrumentTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementAxis" xlink:label="loc_ajx_AgreementAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_ajx_AgreementAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_AgreementAxis_2" xlink:to="loc_ajx_AgreementDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RepurchaseAgreementMember" xlink:label="loc_ajx_RepurchaseAgreementMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_AgreementDomain_3" xlink:to="loc_ajx_RepurchaseAgreementMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_DebtInstrumentLineItems_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentMaturityDate" xlink:label="loc_us-gaap_DebtInstrumentMaturityDate_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_5" xlink:to="loc_us-gaap_DebtInstrumentMaturityDate_6" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DebtInstrumentMaximumBorrowingCapacity" xlink:label="loc_ajx_DebtInstrumentMaximumBorrowingCapacity_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_5" xlink:to="loc_ajx_DebtInstrumentMaximumBorrowingCapacity_7" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="loc_us-gaap_DebtInstrumentCarryingAmount_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_5" xlink:to="loc_us-gaap_DebtInstrumentCarryingAmount_8" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentCollateralAmount" xlink:label="loc_us-gaap_DebtInstrumentCollateralAmount_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_5" xlink:to="loc_us-gaap_DebtInstrumentCollateralAmount_9" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_5" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_10" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/DebtDetails1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_us-gaap_DebtInstrumentTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtDisclosureAbstract_0" xlink:to="loc_us-gaap_DebtInstrumentTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_LongtermDebtTypeAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_2" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_3" xlink:to="loc_us-gaap_MortgagesMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaap_DebtInstrumentAxis_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_DebtInstrumentAxis_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentAxis_5" xlink:to="loc_us-gaap_DebtInstrumentNameDomain_6" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ClassNotesMember" xlink:label="loc_ajx_ClassNotesMember_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_6" xlink:to="loc_ajx_ClassNotesMember_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ClassB1NotesMember" xlink:label="loc_ajx_ClassB1NotesMember_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_6" xlink:to="loc_ajx_ClassB1NotesMember_8" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ClassB2NotesMember" xlink:label="loc_ajx_ClassB2NotesMember_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_6" xlink:to="loc_ajx_ClassB2NotesMember_9" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TrustCertificateMember" xlink:label="loc_ajx_TrustCertificateMember_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_6" xlink:to="loc_ajx_TrustCertificateMember_10" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_dei_LegalEntityAxis_11" order="20" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_11" xlink:to="loc_dei_EntityDomain_12" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrustA2014Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2014Member_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_12" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2014Member_13" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrust2014BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014BMember_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_12" xlink:to="loc_ajx_AjaxMortgageLoanTrust2014BMember_14" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrustA2015Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2015Member_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_12" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2015Member_15" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_DebtInstrumentLineItems_16" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DebtInstrumentMaturityYear" xlink:label="loc_ajx_DebtInstrumentMaturityYear_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_16" xlink:to="loc_ajx_DebtInstrumentMaturityYear_17" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_16" xlink:to="loc_us-gaap_DebtInstrumentFaceAmount_18" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_16" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_19" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/DebtDetails2">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_us-gaap_DebtInstrumentTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtDisclosureAbstract_0" xlink:to="loc_us-gaap_DebtInstrumentTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_LongtermDebtTypeAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_2" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_3" xlink:to="loc_us-gaap_MortgagesMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_dei_LegalEntityAxis_5" order="10" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_5" xlink:to="loc_dei_EntityDomain_6" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrustA2014Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2014Member_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_6" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2014Member_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrust2014BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014BMember_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_6" xlink:to="loc_ajx_AjaxMortgageLoanTrust2014BMember_8" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrustA2015Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2015Member_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_6" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2015Member_9" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_DebtInstrumentLineItems_10" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_10" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages_11" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages" xlink:label="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_10" xlink:to="loc_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages_12" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate" xlink:label="loc_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_10" xlink:to="loc_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate_13" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_BondPrincipalBalanceAtCutoffDate" xlink:label="loc_ajx_BondPrincipalBalanceAtCutoffDate_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_10" xlink:to="loc_ajx_BondPrincipalBalanceAtCutoffDate_14" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/DebtDetailsTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtDisclosureAbstract" xlink:label="loc_us-gaap_DebtDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="loc_us-gaap_DebtInstrumentTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtDisclosureAbstract_0" xlink:to="loc_us-gaap_DebtInstrumentTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeAxis" xlink:label="loc_us-gaap_LongtermDebtTypeAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_LongtermDebtTypeAxis_2" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LongtermDebtTypeDomain" xlink:label="loc_us-gaap_LongtermDebtTypeDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeAxis_2" xlink:to="loc_us-gaap_LongtermDebtTypeDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MortgagesMember" xlink:label="loc_us-gaap_MortgagesMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_LongtermDebtTypeDomain_3" xlink:to="loc_us-gaap_MortgagesMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="loc_us-gaap_DebtInstrumentAxis_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_DebtInstrumentAxis_5" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="loc_us-gaap_DebtInstrumentNameDomain_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentAxis_5" xlink:to="loc_us-gaap_DebtInstrumentNameDomain_6" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>








<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ReperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_6" xlink:to="loc_ajx_ReperformingMortgageLoansOnRealEstateMember_11" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NonperformingMortgageLoansOnRealEstateMember" xlink:label="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentNameDomain_6" xlink:to="loc_ajx_NonperformingMortgageLoansOnRealEstateMember_12" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_LegalEntityAxis" xlink:label="loc_dei_LegalEntityAxis_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_dei_LegalEntityAxis_13" order="30" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2014/dei-2014-01-31.xsd#dei_EntityDomain" xlink:label="loc_dei_EntityDomain_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_LegalEntityAxis_13" xlink:to="loc_dei_EntityDomain_14" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrustA2014Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2014Member_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_14" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2014Member_15" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrust2014BMember" xlink:label="loc_ajx_AjaxMortgageLoanTrust2014BMember_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_14" xlink:to="loc_ajx_AjaxMortgageLoanTrust2014BMember_16" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AjaxMortgageLoanTrustA2015Member" xlink:label="loc_ajx_AjaxMortgageLoanTrustA2015Member_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_dei_EntityDomain_14" xlink:to="loc_ajx_AjaxMortgageLoanTrustA2015Member_17" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementAxis" xlink:label="loc_ajx_AgreementAxis_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_ajx_AgreementAxis_18" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_AgreementAxis_18" xlink:to="loc_ajx_AgreementDomain_19" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RepurchaseAgreementMember" xlink:label="loc_ajx_RepurchaseAgreementMember_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_AgreementDomain_19" xlink:to="loc_ajx_RepurchaseAgreementMember_20" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="loc_us-gaap_DebtInstrumentLineItems_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_DebtInstrumentLineItems_21" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:label="loc_us-gaap_MinorityInterestOwnershipPercentageByParent_22"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_21" xlink:to="loc_us-gaap_MinorityInterestOwnershipPercentageByParent_22" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfGuarantorsBeneficialInterest" xlink:label="loc_ajx_PercentageOfGuarantorsBeneficialInterest_23"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_21" xlink:to="loc_ajx_PercentageOfGuarantorsBeneficialInterest_23" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfPurchasePriceForEachMortgageLoan" xlink:label="loc_ajx_PercentageOfPurchasePriceForEachMortgageLoan_24"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_21" xlink:to="loc_ajx_PercentageOfPurchasePriceForEachMortgageLoan_24" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="loc_us-gaap_DebtInstrumentFaceAmount_25"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_21" xlink:to="loc_us-gaap_DebtInstrumentFaceAmount_25" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_26"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_21" xlink:to="loc_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_26" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo" xlink:label="loc_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo_27"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_21" xlink:to="loc_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo_27" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_28"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_21" xlink:to="loc_us-gaap_DebtInstrumentInterestRateStatedPercentage_28" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:label="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_29"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentLineItems_21" xlink:to="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_29" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DebtInstrumentTable_1" xlink:to="loc_us-gaap_RangeAxis" order="50" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis" xlink:to="loc_us-gaap_RangeMember" order="0" use="optional"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember" xlink:to="loc_us-gaap_MaximumMember" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RelatedpartytransactionsDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract_0" xlink:to="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_2" xlink:to="loc_us-gaap_RelatedPartyDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_3" xlink:to="loc_ajx_ThetisAssetManagementLlcMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_ajx_GregoryFundingLlcMember_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_3" xlink:to="loc_ajx_GregoryFundingLlcMember_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AspenYoLlcMember" xlink:label="loc_ajx_AspenYoLlcMember_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_3" xlink:to="loc_ajx_AspenYoLlcMember_6" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="loc_us-gaap_IncomeStatementLocationAxis_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" xlink:to="loc_us-gaap_IncomeStatementLocationAxis_7" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="loc_us-gaap_IncomeStatementLocationDomain_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationAxis_7" xlink:to="loc_us-gaap_IncomeStatementLocationDomain_8" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagementFeeMember" xlink:label="loc_ajx_ManagementFeeMember_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_8" xlink:to="loc_ajx_ManagementFeeMember_9" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LoanServicingFeesMember" xlink:label="loc_ajx_LoanServicingFeesMember_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_8" xlink:to="loc_ajx_LoanServicingFeesMember_10" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LoanTransactionExpenseMember" xlink:label="loc_ajx_LoanTransactionExpenseMember_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_8" xlink:to="loc_ajx_LoanTransactionExpenseMember_11" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ProfessionalFeeMember" xlink:label="loc_ajx_ProfessionalFeeMember_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeStatementLocationDomain_8" xlink:to="loc_ajx_ProfessionalFeeMember_12" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionLineItems_13" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ManagementFeeExpense" xlink:label="loc_us-gaap_ManagementFeeExpense_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_13" xlink:to="loc_us-gaap_ManagementFeeExpense_14" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_LoanPortfolioExpense" xlink:label="loc_us-gaap_LoanPortfolioExpense_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_13" xlink:to="loc_us-gaap_LoanPortfolioExpense_15" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DueDiligenceAndRelatedLoanAcquisitionCosts" xlink:label="loc_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_13" xlink:to="loc_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts_16" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RecoveryOfDirectCosts" xlink:label="loc_us-gaap_RecoveryOfDirectCosts_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_13" xlink:to="loc_us-gaap_RecoveryOfDirectCosts_17" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/RelatedPartyTransactionsDetailsTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="loc_us-gaap_RelatedPartyTransactionsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsAbstract_0" xlink:to="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementAxis" xlink:label="loc_ajx_AgreementAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" xlink:to="loc_ajx_AgreementAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_AgreementDomain" xlink:label="loc_ajx_AgreementDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_AgreementAxis_2" xlink:to="loc_ajx_AgreementDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagementAgreementMember" xlink:label="loc_ajx_ManagementAgreementMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_AgreementDomain_3" xlink:to="loc_ajx_ManagementAgreementMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ServicingAgreementMember" xlink:label="loc_ajx_ServicingAgreementMember_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_AgreementDomain_3" xlink:to="loc_ajx_ServicingAgreementMember_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeAxis" xlink:label="loc_us-gaap_RangeAxis_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" xlink:to="loc_us-gaap_RangeAxis_6" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RangeMember" xlink:label="loc_us-gaap_RangeMember_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeAxis_6" xlink:to="loc_us-gaap_RangeMember_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MinimumMember" xlink:label="loc_us-gaap_MinimumMember_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_7" xlink:to="loc_us-gaap_MinimumMember_8" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_MaximumMember" xlink:label="loc_us-gaap_MaximumMember_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RangeMember_7" xlink:to="loc_us-gaap_MaximumMember_9" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_10" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_10" xlink:to="loc_us-gaap_RelatedPartyDomain_11" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ThetisAssetManagementLlcMember" xlink:label="loc_ajx_ThetisAssetManagementLlcMember_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_11" xlink:to="loc_ajx_ThetisAssetManagementLlcMember_12" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_GregoryFundingLlcMember" xlink:label="loc_ajx_GregoryFundingLlcMember_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_11" xlink:to="loc_ajx_GregoryFundingLlcMember_13" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="loc_us-gaap_RelatedPartyTransactionLineItems_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionLineItems_14" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TermOfAgreement" xlink:label="loc_ajx_TermOfAgreement_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_14" xlink:to="loc_ajx_TermOfAgreement_15" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfBaseManagementFee" xlink:label="loc_ajx_PercentageOfBaseManagementFee_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_14" xlink:to="loc_ajx_PercentageOfBaseManagementFee_16" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfBaseManagementFeePayableInShares" xlink:label="loc_ajx_PercentageOfBaseManagementFeePayableInShares_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_14" xlink:to="loc_ajx_PercentageOfBaseManagementFeePayableInShares_17" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PercentageOfStockOwnershipLimit" xlink:label="loc_ajx_PercentageOfStockOwnershipLimit_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_14" xlink:to="loc_ajx_PercentageOfStockOwnershipLimit_18" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DescriptionOfIncentiveManagementFeePayable" xlink:label="loc_ajx_DescriptionOfIncentiveManagementFeePayable_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_14" xlink:to="loc_ajx_DescriptionOfIncentiveManagementFeePayable_19" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan" xlink:label="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionLineItems_14" xlink:to="loc_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan_20" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0" xlink:to="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TypeOfFeesAxis" xlink:label="loc_ajx_TypeOfFeesAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_ajx_TypeOfFeesAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_TypeOfFeesDomain" xlink:label="loc_ajx_TypeOfFeesDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_TypeOfFeesAxis_2" xlink:to="loc_ajx_TypeOfFeesDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagementFeeMember" xlink:label="loc_ajx_ManagementFeeMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_TypeOfFeesDomain_3" xlink:to="loc_ajx_ManagementFeeMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_IndependentDirectorFeeMember" xlink:label="loc_ajx_IndependentDirectorFeeMember_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_TypeOfFeesDomain_3" xlink:to="loc_ajx_IndependentDirectorFeeMember_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_6" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesIssuedForServices" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_6" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="loc_us-gaap_ShareBasedCompensation_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_6" xlink:to="loc_us-gaap_ShareBasedCompensation_8" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails1">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0" xlink:to="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaap_AwardTypeAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_us-gaap_AwardTypeAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardTypeAxis_2" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_us-gaap_RestrictedStockMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3" xlink:to="loc_us-gaap_RestrictedStockMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardDateAxis" xlink:label="loc_us-gaap_AwardDateAxis_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_us-gaap_AwardDateAxis_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardDateDomain" xlink:label="loc_us-gaap_AwardDateDomain_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardDateAxis_5" xlink:to="loc_us-gaap_AwardDateDomain_6" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_July82014DirectorsGrantsMember" xlink:label="loc_ajx_July82014DirectorsGrantsMember_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardDateDomain_6" xlink:to="loc_ajx_July82014DirectorsGrantsMember_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_February192015DirectorGrantMember" xlink:label="loc_ajx_February192015DirectorGrantMember_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardDateDomain_6" xlink:to="loc_ajx_February192015DirectorGrantMember_8" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TitleOfIndividualAxis" xlink:label="loc_us-gaap_TitleOfIndividualAxis_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_us-gaap_TitleOfIndividualAxis_9" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_TitleOfIndividualWithRelationshipToEntityDomain" xlink:label="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TitleOfIndividualAxis_9" xlink:to="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_10" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DirectorMember" xlink:label="loc_us-gaap_DirectorMember_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_TitleOfIndividualWithRelationshipToEntityDomain_10" xlink:to="loc_us-gaap_DirectorMember_11" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_12" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_12" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_13" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_12" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_14" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant" xlink:label="loc_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_12" xlink:to="loc_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant_15" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax" xlink:label="loc_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_12" xlink:to="loc_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax_16" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFeesDetailsTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract" xlink:label="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract_0" xlink:to="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="loc_us-gaap_AwardTypeAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_us-gaap_AwardTypeAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_AwardTypeAxis_2" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RestrictedStockMember" xlink:label="loc_us-gaap_RestrictedStockMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_3" xlink:to="loc_us-gaap_RestrictedStockMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PlanNameAxis" xlink:label="loc_us-gaap_PlanNameAxis_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_us-gaap_PlanNameAxis_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PlanNameDomain" xlink:label="loc_us-gaap_PlanNameDomain_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PlanNameAxis_5" xlink:to="loc_us-gaap_PlanNameDomain_6" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_LongTermIncentivePlanMember" xlink:label="loc_ajx_LongTermIncentivePlanMember_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_PlanNameDomain_6" xlink:to="loc_ajx_LongTermIncentivePlanMember_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SaleOfStockAxis" xlink:label="loc_ajx_SaleOfStockAxis_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_ajx_SaleOfStockAxis_8" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_SaleOfStockAxis_8" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_9" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IPOMember" xlink:label="loc_us-gaap_IPOMember_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain_9" xlink:to="loc_us-gaap_IPOMember_10" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_1" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_11" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagementFeePercentPaidInShares" xlink:label="loc_ajx_ManagementFeePercentPaidInShares_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_11" xlink:to="loc_ajx_ManagementFeePercentPaidInShares_12" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ManagementFeeExpense" xlink:label="loc_us-gaap_ManagementFeeExpense_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_11" xlink:to="loc_us-gaap_ManagementFeeExpense_13" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_PaymentOfManagementFee" xlink:label="loc_ajx_PaymentOfManagementFee_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_11" xlink:to="loc_ajx_PaymentOfManagementFee_14" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfSharesIssuedInLieuOfManagementFee" xlink:label="loc_ajx_NumberOfSharesIssuedInLieuOfManagementFee_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_11" xlink:to="loc_ajx_NumberOfSharesIssuedInLieuOfManagementFee_15" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount" xlink:label="loc_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_11" xlink:to="loc_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount_16" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_11" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_17" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfDirector" xlink:label="loc_ajx_NumberOfDirector_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_11" xlink:to="loc_ajx_NumberOfDirector_18" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_11" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross_19" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_11" xlink:to="loc_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_20" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/IncomeTaxesDetailsTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxDisclosureAbstract" xlink:label="loc_us-gaap_IncomeTaxDisclosureAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome" xlink:label="loc_ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_0" xlink:to="loc_ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic" xlink:label="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_0" xlink:to="loc_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic_2" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncomeTaxExpenseBenefit" xlink:label="loc_us-gaap_IncomeTaxExpenseBenefit_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_IncomeTaxDisclosureAbstract_0" xlink:to="loc_us-gaap_IncomeTaxExpenseBenefit_3" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/EarningspershareDetails">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareAbstract" xlink:label="loc_us-gaap_EarningsPerShareAbstract_0"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_EarningsPerShareIncomeNumeratorAbstract" xlink:label="loc_ajx_EarningsPerShareIncomeNumeratorAbstract_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareAbstract_0" xlink:to="loc_ajx_EarningsPerShareIncomeNumeratorAbstract_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareBasicAbstract" xlink:label="loc_us-gaap_EarningsPerShareBasicAbstract_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_EarningsPerShareIncomeNumeratorAbstract_1" xlink:to="loc_us-gaap_EarningsPerShareBasicAbstract_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLoss" xlink:label="loc_us-gaap_NetIncomeLoss_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareBasicAbstract_2" xlink:to="loc_us-gaap_NetIncomeLoss_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic" xlink:label="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareBasicAbstract_2" xlink:to="loc_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic_4" order="10" use="optional" preferredLabel="http://www.xbrl.org/2009/role/negatedLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareBasicAbstract_2" xlink:to="loc_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_5" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DilutiveSecuritiesAbstract" xlink:label="loc_us-gaap_DilutiveSecuritiesAbstract_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_EarningsPerShareIncomeNumeratorAbstract_1" xlink:to="loc_us-gaap_DilutiveSecuritiesAbstract_6" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits" xlink:label="loc_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DilutiveSecuritiesAbstract_6" xlink:to="loc_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits" xlink:label="loc_us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DilutiveSecuritiesAbstract_6" xlink:to="loc_us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits_8" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareDilutedAbstract" xlink:label="loc_us-gaap_EarningsPerShareDilutedAbstract_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_EarningsPerShareIncomeNumeratorAbstract_1" xlink:to="loc_us-gaap_EarningsPerShareDilutedAbstract_9" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_NetIncomeLossAttributableToParentDiluted" xlink:label="loc_us-gaap_NetIncomeLossAttributableToParentDiluted_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareDilutedAbstract_9" xlink:to="loc_us-gaap_NetIncomeLossAttributableToParentDiluted_10" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_EarningsPerShareSharesDenominatorAbstract" xlink:label="loc_ajx_EarningsPerShareSharesDenominatorAbstract_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareAbstract_0" xlink:to="loc_ajx_EarningsPerShareSharesDenominatorAbstract_11" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_BasicEarningsPerShareSharesAbstract" xlink:label="loc_ajx_BasicEarningsPerShareSharesAbstract_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_EarningsPerShareSharesDenominatorAbstract_11" xlink:to="loc_ajx_BasicEarningsPerShareSharesAbstract_12" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesIssuedBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesIssuedBasic_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_BasicEarningsPerShareSharesAbstract_12" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesIssuedBasic_13" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements" xlink:label="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_BasicEarningsPerShareSharesAbstract_12" xlink:to="loc_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements_14" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfSharesOutstandingBasic" xlink:label="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_BasicEarningsPerShareSharesAbstract_12" xlink:to="loc_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic_15" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract" xlink:label="loc_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_EarningsPerShareSharesDenominatorAbstract_11" xlink:to="loc_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract_16" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits" xlink:label="loc_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract_16" xlink:to="loc_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits_17" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares" xlink:label="loc_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract_16" xlink:to="loc_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares_18" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding" xlink:label="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract_16" xlink:to="loc_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding_19" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_EarningsPerShareAmountAbstract" xlink:label="loc_ajx_EarningsPerShareAmountAbstract_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EarningsPerShareAbstract_0" xlink:to="loc_ajx_EarningsPerShareAmountAbstract_20" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareBasic" xlink:label="loc_us-gaap_EarningsPerShareBasic_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_EarningsPerShareAmountAbstract_20" xlink:to="loc_us-gaap_EarningsPerShareBasic_21" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EarningsPerShareDiluted" xlink:label="loc_us-gaap_EarningsPerShareDiluted_22"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_ajx_EarningsPerShareAmountAbstract_20" xlink:to="loc_us-gaap_EarningsPerShareDiluted_22" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
<presentationLink xlink:type="extended" xlink:role="http://www.great-ajax.com/role/SubsequentEventsDetailsTextuals">
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventsAbstract" xlink:label="loc_us-gaap_SubsequentEventsAbstract_0"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventTable" xlink:label="loc_us-gaap_SubsequentEventTable_1"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventsAbstract_0" xlink:to="loc_us-gaap_SubsequentEventTable_1" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="loc_us-gaap_SubsequentEventTypeAxis_2"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_1" xlink:to="loc_us-gaap_SubsequentEventTypeAxis_2" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventTypeDomain" xlink:label="loc_us-gaap_SubsequentEventTypeDomain_3"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeAxis_2" xlink:to="loc_us-gaap_SubsequentEventTypeDomain_3" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="loc_us-gaap_SubsequentEventMember_4"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTypeDomain_3" xlink:to="loc_us-gaap_SubsequentEventMember_4" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsAxis" xlink:label="loc_us-gaap_DividendsAxis_5"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_1" xlink:to="loc_us-gaap_DividendsAxis_5" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsDomain" xlink:label="loc_us-gaap_DividendsDomain_6"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DividendsAxis_5" xlink:to="loc_us-gaap_DividendsDomain_6" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendDeclaredMember" xlink:label="loc_us-gaap_DividendDeclaredMember_7"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_DividendsDomain_6" xlink:to="loc_us-gaap_DividendDeclaredMember_7" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="loc_us-gaap_StatementEquityComponentsAxis_8"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_1" xlink:to="loc_us-gaap_StatementEquityComponentsAxis_8" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="loc_us-gaap_EquityComponentDomain_9"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_StatementEquityComponentsAxis_8" xlink:to="loc_us-gaap_EquityComponentDomain_9" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_CommonStockMember" xlink:label="loc_us-gaap_CommonStockMember_10"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_EquityComponentDomain_9" xlink:to="loc_us-gaap_CommonStockMember_10" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_11"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_1" xlink:to="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_11" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="loc_us-gaap_RelatedPartyDomain_12"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_11" xlink:to="loc_us-gaap_RelatedPartyDomain_12" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagerMember" xlink:label="loc_ajx_ManagerMember_13"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_RelatedPartyDomain_12" xlink:to="loc_ajx_ManagerMember_13" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsidiarySaleOfStockAxis" xlink:label="loc_us-gaap_SubsidiarySaleOfStockAxis_14"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_1" xlink:to="loc_us-gaap_SubsidiarySaleOfStockAxis_14" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockNameOfTransactionDomain" xlink:label="loc_us-gaap_SaleOfStockNameOfTransactionDomain_15"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsidiarySaleOfStockAxis_14" xlink:to="loc_us-gaap_SaleOfStockNameOfTransactionDomain_15" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_PrivatePlacementMember" xlink:label="loc_us-gaap_PrivatePlacementMember_16"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SaleOfStockNameOfTransactionDomain_15" xlink:to="loc_us-gaap_PrivatePlacementMember_16" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="loc_us-gaap_SubsequentEventLineItems_17"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventTable_1" xlink:to="loc_us-gaap_SubsequentEventLineItems_17" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/label"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsPayableDateDeclaredDayMonthAndYear" xlink:label="loc_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_18"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_17" xlink:to="loc_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear_18" order="0" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsPayableAmountPerShare" xlink:label="loc_us-gaap_DividendsPayableAmountPerShare_19"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_17" xlink:to="loc_us-gaap_DividendsPayableAmountPerShare_19" order="10" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendPayableDateToBePaidDayMonthAndYear" xlink:label="loc_us-gaap_DividendPayableDateToBePaidDayMonthAndYear_20"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_17" xlink:to="loc_us-gaap_DividendPayableDateToBePaidDayMonthAndYear_20" order="20" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_DividendsPayableDateOfRecordDayMonthAndYear" xlink:label="loc_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_21"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_17" xlink:to="loc_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear_21" order="30" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesIssuedForServices" xlink:label="loc_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices_22"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_17" xlink:to="loc_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices_22" order="40" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_ManagementFeePercentPaidInShares" xlink:label="loc_ajx_ManagementFeePercentPaidInShares_23"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_17" xlink:to="loc_ajx_ManagementFeePercentPaidInShares_23" order="50" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees" xlink:label="loc_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees_24"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_17" xlink:to="loc_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees_24" order="60" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueNewIssues" xlink:label="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_25"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_17" xlink:to="loc_us-gaap_StockIssuedDuringPeriodValueNewIssues_25" order="70" use="optional" preferredLabel="http://www.xbrl.org/2003/role/terseLabel"/>
<loc xlink:type="locator" xlink:href="ajx-20150630.xsd#ajx_SubordinatedSecuritiesIssuedDuringPeriodValue" xlink:label="loc_ajx_SubordinatedSecuritiesIssuedDuringPeriodValue_26"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_17" xlink:to="loc_ajx_SubordinatedSecuritiesIssuedDuringPeriodValue_26" order="80" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
<loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2015/elts/us-gaap-2015-01-31.xsd#us-gaap_SaleOfStockConsiderationReceivedOnTransaction" xlink:label="loc_us-gaap_SaleOfStockConsiderationReceivedOnTransaction_27"/>
<presentationArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/parent-child" xlink:from="loc_us-gaap_SubsequentEventLineItems_17" xlink:to="loc_us-gaap_SaleOfStockConsiderationReceivedOnTransaction_27" order="90" use="optional" preferredLabel="http://www.xbrl.org/2003/role/verboseLabel"/>
</presentationLink>
</linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>12
<FILENAME>pg38.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 pg38.jpg
M_]C_X  02D9)1@ ! @  9 !D  #_[  11'5C:WD  0 $    9   _^X #D%D
M;V)E &3      ?_; (0  0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$! 0$!
M 0$! 0$! 0$! 0$! 0(" @(" @(" @(" P,# P,# P,# P$! 0$! 0$" 0$"
M @(! @(# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,# P,#
M P,# P,# P,#_\  $0@ C0$M P$1  (1 0,1 ?_$ +(  0 !! (# 0
M       !!@@)"@4' @,$"P$!  (" P$               $'!08#! @"$
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MIQ[3JW<V+O;]-83;8WD:SC_+UC-D><6R36)D,DD@I>7;QM6<M+3%.$$&QB+
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MS;UU]9$9%=-Z=D5%1Z5=0JHGYS )C<XQQGCB+<PSV-Q_2(YY792W3E?=L:I
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M6?\ 4>X!'UV![>;?]PU/M&EM.Y;RI]-3*J")0Q3EJ$KM3_*.UZOJ^IL3  .
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MI/CO2.$1W,QJZLQTGXEK5FG*RIRV"\]SS?:N50H1"GIQ#4=A2E/24.JLUIA
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M/\?5UZNN+S-3SR^[K=U,>6'$G=_P66WV^RH]3OF:)SJ*)Q\>FH;M',"*)0<
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MMM?Y/O=%Q/99W%^*I*YP';55%I"I@((4K-.6'PCII>!$%V8V':ZKD6Z2M^Y
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M?(!]3<?5OZMQZV7UO*[O-W<KY8<2]V_;V6U6NRM^;OV;9[F528,$E![1Q!!
M"+D44:2[[AZ-P>.XF-75F.D_$I2LTY5B4C!8(@E+R_:^5>'93TXAJ.PI2GI*
M'4YK3!P,@'U5Q]6WJV_)EI3RF[W=Y*^6^IAE_P!O9;1:+*WX]_S;/\RJ3%BD
MH/:.(-T (N111I'@>C\&^0MJZLQTGXE*5FG*B$I!N6!Q!*7E^U\K\2RGIQ#4
M=A2E/24.IS6F#@0!]7<?5KZMAXY5'R>[W=Y)^6'$PRW[>RV:S65OQ_D&;I_B
MJDR9)*#VCB#=N!%B**,W@^C<'\^VKJS'2?!2E*S3E6  W; X@E+R_;.5^)93
MTXAJ.PI2GI*'4YK3!P4 /K'CZM?5M^F3P\EN]W>R7EAQ0,M^VLMDLEE;<?Y!
MF^P<54F;-)3Q'Z-VX$6(JHSGPO1N#>=;5U9CI/Q*4H8IRH@ &Y8F()2\KVSE
M?BV4].(:CL(2GI*'4YK3 CNDO^VW'U:^K3\>2D_([O=WLCY8<4#+?MK+8;#9
M6W^H<X6'BJBT:(J^(_1NW BQ%5&;PO1N#>;;5U9CI/@I2E#%.5$  W+ X@E,
M>3[7ROQK*>G$-1V$!/24+2<UI@X* 'UUQ]6GJT_#D5'R&[[=[(>6^J1EOVUE
MGY^S-O\ 46<;%^5%JT14'M/Z-FP$5(JJS>'Z-P;S!&KJS'2?!2E*&*<J( &&
MP.()2\GVSE?C64].(:CL("<LH6DG%:8.!Y6"@Y>$F8[U)^I6/<O<LOW:8[J]
MUBA.\N,:.9L1:V2:F[*V$"S^;;  +)HHD5 D*F HH](Z2RS/KU=53;+33.)<
M26F4922NMK51$D9E*4,4]5B4B*2Y"1W/[>>GIY^YST<BY$@S-17;2TJ8&:<H
M"<LI-I)@1>5"W=5]9'K@PIZS]N<1AG%D61S9IA1*Q98R)(<CRV9&N[A']],V
M&9,0'#\4E#G*B41!-,##TRD*(%"BM[W*GJYJ:7;4J1M,EX0%8UDXITT]9DPA
MYZ)2$H$ \VQM5#.II9J*TI5N,UW>1A0!AERQT0CIU47J,2X9%]8-LLS1C-&,
MT8S1C-&,T8S1C-&,T8S1C-&,T8S1C-&,T8S1C-&,T8S1C-&,T8S1C-&-CO\
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MWXN,R./+[O-WDOY?ZC&7XH62VVVRH<>^YLGN*J3!@DH/:.(((%(N111F^/\
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M_/V9M_J+.5C_ "HM&B*GB?T;-@353559O#]&X-Y@C5U9CI/Q*4H8IRH@ 8;
MX@E,O^\^V<L\:RGIQ#4=%(">DH6DG%:7AP54]-I=H)8&?J+]0<,[D\M+'^=N
MYW:*E"5)B-*4$&MJM-KMZ(D;R>8IH!422("Y4X8.#9OTUB**-.CN>Y[?QRC7
MQ7C$U,G3C65BHZ9.*(C,J%Q"4)>4V)<XE';H:"KWNI3R#?I:IO?"FI4P[P+(
M&")*8%2C VE[P%;DGK(]7N"/6CA6+QYCB.3F;N^2&0OV1Y,A7=CMMF?$(::F
M9"453*Z=O)%P'Y%3<OXRE23(DB0J84[O>_RZJG3L^T)5)V.6KN<2^9/F=9T]
M0Q+.5.&6(!Y>396U[.NGGJW/<5)F[LM+GC!*1TER@;$CJK$LQ/0#)MK5VS[-
M&,T8S1C-&,T8S1C-&,T8S1C-&,T8S1C-&,T8S1C-&,T8S1C-&,T8S1C-&,T8
MS1C-&-TSG3 ]!W"8^LV/KPE*QZ=A@)>#97*HR 5[(--5EF#EB2?I%K207=P,
M_%&<]=JJ!54BKD**B2A0$HY7:M[W;8YJYVU3YDA<Q!2KM,""#:+"0]Z3:DQ!
M!;'[AM6W;K+3+W"4B:A"@I/<+#]1M<7.(L(@7MJJ[C_3-NQV4[>JGMR]5D)'
M6%AE>V/V^=-TEOGHTV;\?L'[8J]ARI.5[ILWV3;Q,H'6:L%X@W-&'(0$6+<#
MD<-[*V/FM-*V:1QO9DHV_<ZB8Z?5S5O2'B].[G=W>J(2%."( *B"-&W7BT^9
MN<W>]S4JLH9*'RJ>6EQ+C=E]MG8FTD15:1T.)-VQ>X0<K>JCUD,GK7.0B$KO
M#W7VAFY</<.C,E*G8K9<II1))Q,YLL)#G)',"&#M)1*BW BQ3J,]W0I%&D<*
MX$H+K5#NJJQ_<)85:M2Q!<Y0P@&[8F+RG5E)54J/*.7 II4EU/382LIL2$G#
M+3F)%ZTP@KY@#ZFX^K7U;#ULOK#W7=YN\EO+_4@RW[>RVNUV5OQ[_FZ?_*DP
M8)*>(_1!N!%R**,OKP/1N#1W"VKJS'2?B4M6:<J(2D&Y8'$$ICS/:^5>%93T
MXAJ.PI2GI*'4YK3!P5(!]5<?5KZM>*F6E/*;O=WLIY8<2]W_ &]EM%HLK?\
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MH<O4[[^3EX]/\>J45_=ON)[M?^W:A[L6GJ=>_+J?S7G?4UH)_MWWL=NE]][
MZSO[.G;U[/Y;K9:]8YN\S1C-&,T8S1C-&,T8S1C-&,T8S1C-&,T8S1C-&,T8
#W__9

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>13
<FILENAME>R39.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054165811344">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Debt (Details 1) - Jun. 30, 2015 - Mortgage loans - USD ($)<br> $ in Millions</strong></div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Class A Notes | Ajax Mortgage Loan Trust 2014-A/ October 2014</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DebtInstrumentMaturityYear', window );">Notes due</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">2057<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 45.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">4.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Class A Notes | Ajax Mortgage Loan Trust 2014-B / November 2014</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DebtInstrumentMaturityYear', window );">Notes due</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">2054<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 41.2<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3.85%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Class A Notes | Ajax Mortgage Loan Trust 2015-A / May 2015</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DebtInstrumentMaturityYear', window );">Notes due</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">2054<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 35.6<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">3.88%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Class B 1 Notes | Ajax Mortgage Loan Trust 2014-A/ October 2014</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DebtInstrumentMaturityYear', window );">Notes due</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">2057<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 8.0<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">5.19%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Class B 1 Notes | Ajax Mortgage Loan Trust 2014-B / November 2014</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DebtInstrumentMaturityYear', window );">Notes due</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">2054<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 13.7<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">5.25%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Class B 1 Notes | Ajax Mortgage Loan Trust 2015-A / May 2015</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DebtInstrumentMaturityYear', window );">Notes due</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">2054<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 8.7<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">5.25%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Class B 2 Notes | Ajax Mortgage Loan Trust 2014-A/ October 2014</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DebtInstrumentMaturityYear', window );">Notes due</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">2057<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 8.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">5.19%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Class B 2 Notes | Ajax Mortgage Loan Trust 2014-B / November 2014</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DebtInstrumentMaturityYear', window );">Notes due</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">2054<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 13.7<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">5.25%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Class B 2 Notes | Ajax Mortgage Loan Trust 2015-A / May 2015</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DebtInstrumentMaturityYear', window );">Notes due</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="text">2054<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">$ 8.7<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[2]</sup></td>
<td class="nump">5.25%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Trust Certificate | Ajax Mortgage Loan Trust 2014-A/ October 2014</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">$ 20.4<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Trust Certificate | Ajax Mortgage Loan Trust 2014-B / November 2014</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">$ 22.9<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Trust Certificate | Ajax Mortgage Loan Trust 2015-A / May 2015</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Original Principal</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="nump">$ 22.8<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[3]</sup></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%">
<tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">The Class A notes are senior, sequential pay, fixed rate notes.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[2]</td>
<td style="vertical-align: top;" valign="top">The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. We have retained the Class B notes.</td>
</tr>
<tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[3]</td>
<td style="vertical-align: top;" valign="top">The trust certificate issued by the trust and the beneficial ownership of the trust are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificate, we are entitled to receive any remaining amounts in the trust after the Class A notes and Class B notes have been paid in full.</td>
</tr>
</table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_DebtInstrumentMaturityYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents maturity year of the debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_DebtInstrumentMaturityYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentFaceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face (par) amount of debt instrument at time of issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34725769&amp;loc=d3e28878-108400<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28551-108399<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentFaceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateStatedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=ajx_ClassNotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=ajx_ClassNotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrustA2014Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrustA2014Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrust2014BMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrust2014BMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrustA2015Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrustA2015Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=ajx_ClassB1NotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=ajx_ClassB1NotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=ajx_ClassB2NotesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=ajx_ClassB2NotesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=ajx_TrustCertificateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=ajx_TrustCertificateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>14
<FILENAME>R48.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054169081600">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Earnings per share (Details) - Jun. 30, 2015 - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasicAbstract', window );"><strong>Basic EPS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Income attributable to common stockholders</a></td>
<td class="nump">$ 5,436<span></span>
</td>
<td class="nump">$ 9,076<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic', window );">Allocation of earnings to participating restricted shares</a></td>
<td class="num">(17)<span></span>
</td>
<td class="num">(31)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic', window );">Income attributable to unrestricted common stockholders</a></td>
<td class="nump">5,419<span></span>
</td>
<td class="nump">9,045<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DilutiveSecuritiesAbstract', window );"><strong>Effect of dilutive securities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits', window );">Operating partnership units</a></td>
<td class="nump">223<span></span>
</td>
<td class="nump">398<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits', window );">Restricted stock grants and Manager and director fee shares</a></td>
<td class="nump">17<span></span>
</td>
<td class="nump">31<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDilutedAbstract', window );"><strong>Diluted EPS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToParentDiluted', window );">Income attributable to common stockholders and dilutive securities</a></td>
<td class="nump">$ 5,659<span></span>
</td>
<td class="nump">$ 9,474<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_BasicEarningsPerShareSharesAbstract', window );"><strong>Basic EPS</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesIssuedBasic', window );">Income attributable to common stockholders, shares</a></td>
<td class="nump">15,237,739<span></span>
</td>
<td class="nump">14,129,162<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements', window );">Allocation of earnings to participating restricted shares, shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Income attributable to unrestricted common stockholders, shares</a></td>
<td class="nump">15,237,739<span></span>
</td>
<td class="nump">14,129,162<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract', window );"><strong>Effect of dilutive securities, shares</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits', window );">Operating partnership units, shares</a></td>
<td class="nump">624,106<span></span>
</td>
<td class="nump">624,106<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares', window );">Restricted stock grants and Manager and director fee shares, shares</a></td>
<td class="nump">47,789<span></span>
</td>
<td class="nump">48,051<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Income attributable to common stockholders and dilutive securities, shares</a></td>
<td class="nump">15,909,634<span></span>
</td>
<td class="nump">14,801,319<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_EarningsPerShareAmountAbstract', window );"><strong>Per Share Amount</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Income attributable to unrestricted common stockholders (in dollars per share)</a></td>
<td class="nump">$ 0.36<span></span>
</td>
<td class="nump">$ 0.64<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Income attributable to common stockholders and dilutive securities (in dollars per share)</a></td>
<td class="nump">$ 0.36<span></span>
</td>
<td class="nump">$ 0.64<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_BasicEarningsPerShareSharesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_BasicEarningsPerShareSharesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) to net income used for calculating diluted earnings per share (EPS), resulting from operating partnership units.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_DilutiveSecuritiesEffectOnBasicEarningsPerShareOperatingPartnershipUnits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_EarningsPerShareAmountAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_EarningsPerShareAmountAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_EarningsPerShareEffectOfDilutiveSecuritiesSharesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of operating partnership units.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_IncrementalCommonSharesAttributableToDilutiveEffectOfOperatingPartnershipUnits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents restricted stock grants and Manager and director fee shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_RestrictedStockGrantsAndManagerAndDirectorFeeShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) to net income used for calculating diluted earnings per share (EPS), resulting from the assumed exercise of stock options or restrictive stock units (RSUs).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DilutiveSecuritiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DilutiveSecuritiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 52<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.23)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasicAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasicAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDilutedAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDilutedAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Additional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1500-109256<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAttributableToParentDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent, and includes adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAttributableToParentDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Net income after adjustments for dividends on preferred stock (declared in the period) and/or cumulative preferred stock (accumulated for the period).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1377-109256<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of undistributed earnings (loss) allocated to participating securities for the basic earnings (loss) per share or per unit calculation under the two-class method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 60B<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=SL5780133-109256<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesIssuedBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the weighted average total number of shares issued throughout the period including the first (beginning balance outstanding) and last (ending balance outstanding) day of the period before considering any reductions (for instance, shares held in treasury) to arrive at the weighted average number of shares outstanding. Weighted average relates to the portion of time within a reporting period that common shares have been issued and outstanding to the total time in that period. Such concept is used in determining the weighted average number of shares outstanding for purposes of calculating earnings per share (basic).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e2646-109256<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesIssuedBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EXCEL
<SEQUENCE>15
<FILENAME>Financial_Report.xlsx
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 Financial_Report.xlsx
M4$L#!!0````(`.Z0#4<P0O^NY`$``)(>```3````6T-O;G1E;G1?5'EP97-=
M+GAM;,V9S4[C,!2%7Z7*%C6N?V`81-D`6T""%_`DMXW5.+9L4\K;8Z>`9JHR
M@ADJG4U^>J[O.<EUODW/'YX]Q<G&]D.<5UU*_HRQV'1D=:R=IR$K"Q>L3ODV
M+)G7S4HOB8G9[(0U;D@TI&DJ/:J+\]LUA6!:FEQNA=)[7FGO>]/H9-S`UD.[
MTW7J%@O34.N:1YN7U"E;TU'6J\F=#NE&V]R";7HV"MLCKXO.OL<P^D"ZC1U1
MLGT=TW-/<9__5GESOJ*%?NS3EXQ?WUT=J!]K8F?\J]7U)G>)^;=YE=7X*8?=
MA7]+9FP9FA^6?ZPH]__X+#LO<6W[JZ"?S([!^F!C*N?::C/L&]63"ZM?SJV^
M<YM0>:J6VJD/N3`DLV>7Y.*[K$:66_^7]]M.:5R@3QF6P@-^%)T.U-ZGD.>[
M_]OXO>!P.<I<Q^N/ACZ*D8VG`T+B2SD$2`X)DD.!Y#@&R7$"DN,'2(Y3D!P_
M07+P&4H0%*)R%*1R%*9R%*AR%*IR%*QR%*YR%+!R%+(*%+(*%+(*%+(*%+(*
M%+(*%+(*%+(*%+(*%+(*%+)*%+)*%+)*%+)*%+)*%+)*%+)*%+)*%+)*%+)*
M%+(J%+(J%+(J%+(J%+(J%+(J%+(J%+(J%+(J%+*J=[*R\:_HBQ=02P,$%```
M``@`[I`-1TAU!>[%````*P(```L```!?<F5L<R\N<F5L<ZV2RV["0`Q%?R6:
M?7%*)1818<6&'4+\@#OC/)3,>.0Q(OW[CMB`PD.MQ-*O>X^NO`ZIK`XTHO8<
M4M?'5$Q^#*G*_=ITJK$"2+8CCVG!D4*>-BP>-9?20D0[8$NP+,L5R*V.V:SG
MVL7.U49V[M,41Y26M#;3"&>6X9MY6&3I//B)]!=C;IK>TI;MR5/0!_ZS#0//
M>997'L=V+YRO+0O]C^AY%.!)T:'B1?4C9@,2[2F]@OIZ`(4QOCLEFI2"(S>C
M@KN_V/P"4$L#!!0````(`.Z0#4=AI.76UP$``"`>```:````>&PO7W)E;',O
M=V]R:V)O;VLN>&UL+G)E;'/%V<UNFT`8A>%;L;B`#-^/[<2*L\HFVZ8W@.RQ
ML6(#8J9J??>A7E1NDCG*PM+9@`#IFW?U@(;'+M6K'_'8Y$/?I?8PI-F?T[%+
MJ^G^NFIS'E8AI$T;3TVZZX?834]W_7AJ\G0Y[L/0;-Z:?0Q:UXLP7L^IGAX_
MSIZ];-?5^+*5:O:S&?<QKZO?_?B6VAAS"I>3W$T+3(_/0_S.\OUN=]C$YW[S
MZQ2[_$5%^+=`%<I!6@Y22I"5@XP2Y.4@IP3-RT%S2M"B'+2@!"W+04M*T'TY
MZ)X2]%`.>J`$20UDK#E)"&N.U@*X%H[7`L`6CM@"R!:.V0+0%H[:`M@6CML"
MX!:.W`+H%H[=`O`6CMX*]%:.W@KT5M*W-OK8YNBM0&_EZ*U`;^7HK4!OY>BM
M0&_EZ*U`;^7HK4!OY>BM0&_EZ&U`;^/H;4!OX^AM0&\C[96@S1*.W@;T-H[>
M!O0VCMX&]#:.W@;T-H[>!O0VCMX&]#:.W@[T=H[>#O1VCMX.]':.W@[T=M)>
M-]KLYNCM0&_GZ.U`;^?H[4!OY^CM0&_GZ.U`;^?H/;_2.[7-&+>O>3QT^W3K
MFO^&PZ(KO%,^'^/M4RY38<.5UGE:*8;+\>:OCLO4OR'AT\_@IW=02P,$%```
M``@`[I`-1^<251`5`P``=@P``!````!D;V-0<F]P<R]A<'`N>&ULO5==;^(P
M$/PK%D\]Z:ZA*?=11"-Q0`52"ZBAO><EV8#5Q,[9#BK]];=)"B5MDA(>KB]U
M[!GO>F:],CVAV]VYDC$JPU&SYR@4NDN3UZVU,7'7LK2WQ@CT.4$$K09216#H
M4ZTL&03<PZ'TD@B%L>QV^X>%SP:%C_ZW>+]IR^FE4?IQ''(/#)?"N>.>DEH&
MAHV>/0Q[UGM`QJ"=7?02Q<W6:>>8PZD,XWH0XH!B.0&$&G/4VV2&&<@H!K&U
M\J];+I[T0[R00S!XR"HNY+NO0:%/00N[[R<SS'A+YPQ3[F`-8H7^(?;CXDZ+
M1U0Z/>F%?=ZFO[T$N_E\;P2?B]4<N-).;V.Z&_2,5*\V;<RI+OG22TW7CPO*
M3[?8$C2FP^O6!A0'85I,\Q?ZM%MYV'PV&X>Q-LKY(]637B,:W;/VD]GP$'LX
MYAVG<Y4A:%1$6ON3.:^R%<Z=SBRX"5'/@CDH\Y^DR,ZT$Z)SU3HX_6X+!L)G
M(V&H'-E$Y*'(O$-)]J/!;.K.;B?#_F(T9+_[M_WI8,3<\6BT<)OBV=D</N>X
M"_IW-YH2?G;#)M/!K"EGT'?'C3GC_K24,U,K$/PE$RC3C93FFLF`Q0K3^U+"
M<9,H`K5-09JO!"?[(%7=\V1"JI=R[J0R*U@A"R4(70JY1P@9:D/WG('65,1?
MF4!3BKVA&F0;"!-,LPBX`.%QHG-!JTE4RGD0GA1:AMRG"#X#*KN0T[`\&VI/
M$3=I.>E,%^(:*GZD.!6,(2[+D[W',(L8TRW9,J-(`/!2P<OW<8WTGK**3RG;
MMQ1\KNAVE7(F=+8(F8'GBN1&H`2EKQEU/J;37EEA[5+CWR2]1+A)`S<O`+M]
M1`&PLP4LJ75\:>ZN;5>J7[]KM0T9K[D7]O<CI:[/J_8*VC]/<.#740X,T0`/
M*Y*J`+.+9G"[&7Q!#Y4$PB;M84=N7DB7G1,XY997MI8\N^8-AIW5%'FM<05(
ME5U%4(5)1="K-2?<K6%%#Z_E="Z;W\=.N:'UG')#ZSD_/NW!Q^I6UBMJ[?W0
MH(N1/CS[#M]O[UYK5O%7AO,/4$L#!!0````(`.Z0#4<XO<$D/P$``&D#```1
M````9&]C4')O<',O8V]R92YX;6S-DTU/PS`,AO\*ZKU+NVDP55T/@#@Q"8DA
M$+>0>%M8\Z'$4]=_3^9U+0,NNW&K:[^/7\=)*5PAK(<G;QUX5!"N]KHVH1!N
MGFP07<%8$!O0/(QBA8G)E?6:8PS]FCDNMGP-;)QEUTP#<LF1LP,P=3TQJ4HI
M"N&!H_4=7HH>[W:^)I@4#&K08#"P?)2SI'HQ6V,;4[)!7Y71<<T#+JQ4*P7R
MMAW*?J=B9P2OPU$.LF]/?__T0!F6=)7[H/JJIFE&S83JXL`Y>UL\/M/9I,H$
MY$9`5`558.M@GIPZOT[N[I</237.\FF:S=)\LLQG1793C*?OA\G._`V&=3?$
MOW5\,DC;184U7+A;TDA:+GT22$(07CE4UER$(\PW,<'"[N,3!%X.ZH1TV;;0
M-M;+4-']&J+#RXDK6UO?'E,_HK-757T!4$L#!!0````(`.Z0#4>97)PC$`8`
M`)PG```3````>&PO=&AE;64O=&AE;64Q+GAM;.U:6W/:.!1^[Z_0>&?V;0O&
M-H&VM!-S:7;;M)F$[4X?A1%8C6QY9)&$?[]'-A#+E@WMDDVZFSP$+.G[SD5'
MY^@X>?/N+F+HAHB4\GA@V2_;UKNW+][@5S(D$4$P&:>O\,`*I4Q>M5II`,,X
M?<D3$L/<@HL(2W@4R]9<X%L:+R/6ZK3;W5:$:6RA&$=D8'U>+&A`T%116F]?
M(+3E'S/X%<M4C66C`1-702:YB+3R^6S%_-K>/F7/Z3H=,H%N,!M8('_.;Z?D
M3EJ(X53"Q,!J9S]6:\?1TDB`@LE]E`6Z2?:CTQ4(,@T[.IU8SG9\]L3MGXS*
MVG0T;1K@X_%X.+;+THMP'`3@4;N>PIWT;+^D00FTHVG09-CVVJZ1IJJ-4T_3
M]WW?ZYMHG`J-6T_3:W?=TXZ)QJW0>`V^\4^'PZZ)QJO0=.MI)B?]KFNDZ19H
M0D;CZWH2%;7E0-,@`%AP=M;,T@.67BGZ=90:V1V[W4%<\%CN.8D1_L;%!-9I
MTAF6-$9RG9`%#@`WQ-%,4'RO0;:*X,*2TER0UL\IM5`:")K(@?5'@B'%W*_]
M]9>[R:0S>IU].LYKE']IJP&G[;N;SY/\<^CDGZ>3UTU"SG"\+`GQ^R-;88<G
M;CL3<CH<9T)\S_;VD:4E,L_O^0KK3CQG'U:6L%W/S^2>C'(CN]WV6'WV3T=N
M(]>IP+,BUY1&)$6?R"VZY!$XM4D-,A,_")V&F&I0'`*D"3&6H8;XM,:L$>`3
M?;>^",C?C8CWJV^:/5>A6$G:A/@01AKBG'/F<]%L^P>E1M'V5;S<HY=8%0&7
M&-\TJC4LQ=9XE<#QK9P\'1,2S90+!D&&ER0F$JDY?DU($_XKI=K^G--`\)0O
M)/I*D8]ILR.G=";-Z#,:P4:O&W6':-(\>OX%^9PU"AR1&QT"9QNS1B&$:;OP
M'J\DCIJMPA$K0CYB&38:<K46@;9QJ81@6A+&T7A.TK01_%FL-9,^8,CLS9%U
MSM:1#A&27C="/F+.BY`1OQZ&.$J:[:)Q6`3]GE[#2<'H@LMF_;A^AM4S;"R.
M]T?4%TKD#R:G/^DR-`>CFED)O816:I^JAS0^J!XR"@7QN1X^Y7IX"C>6QKQ0
MKH)[`?_1VC?"J_B"P#E_+GW/I>^Y]#VATK<W(WUGP=.+6]Y&;EO$^ZXQVM<T
M+BAC5W+-R,=4KY,IV#F?P.S]:#Z>\>WZV22$KYI9+2,6D$N!LT$DN/R+RO`J
MQ`GH9%LE"<M4TV4WBA*>0AMNZ5/U2I77Y:^Y*+@\6^3IKZ%T/BS/^3Q?Y[3-
M"S-#MW)+ZK:4OK4F.$KTL<QP3A[+##MG/)(=MG>@'37[]EUVY".E,%.70[@:
M0KX#;;J=W#HXGIB1N0K34I!OP_GIQ7@:XCG9!+E]F%=MY]C1T?OGP5&PH^\\
MEAW'B/*B(>ZAAIC/PT.'>7M?F&>5QE`T%&ULK"0L1K=@N-?Q+!3@9&`MH`>#
MKU$"\E)58#%;Q@,KD*)\3(Q%Z'#GEUQ?X]&2X]NF9;5NKREW&6TB4CG":9@3
M9ZO*WF6QP54=SU5;\K"^:CVT%4[/_EFMR)\,$4X6"Q)(8Y07IDJB\QE3ON<K
M2<15.+]%,[82EQB\X^;'<4Y3N!)VM@\",KF[.:EZ93%GIO+?+0P)+%N(61+B
M35WMU>>;G*YZ(G;ZEW?!8/+]<,E'#^4[YU_T74.N?O;=X_INDSM(3)QYQ1$!
M=$4"(Y4<!A87,N10[I*0!A,!S93)1/`"@F2F'("8^@N]\@RY*17.K3XY?T4L
M@X9.7M(E$A2*L`P%(1=RX^_ODVIWC-?Z+(%MA%0R9-47RD.)P3TS<D/85"7S
MKMHF"X7;XE3-NQJ^)F!+PWING2TG_]M>U#VT%SU&\Z.9X!ZSAW.;>KC"1:S_
M6-8>^3+?.7#;.MX#7N83+$.D?L%]BHJ`$:MBOKJO3_DEG#NT>_&!()O\UMND
M]MW@#'S4JUJE9"L1/TL'?!^2!F.,6_0T7X\48JVFL:W&VC$,>8!8\PRA9CC?
MAT6:&C/5BZPYC0IO0=5`Y3_;U`UH]@TT')$%7C&9MC:CY$X*/-S^[PVPPL2.
MX>V+OP%02P,$%`````@`[I`-1W>EJ)1&`@``W`D```T```!X;"]S='EL97,N
M>&ULS59M:]LP$/XK0AVCA1';*4W9:AM&(3#8RJ#YT&]%MF5'H!=/EC.GOWXG
MR;&30)8VZTK]1:='=\\].LEGQXU9<WJ_I-2@3G#9)'AI3/TE")I\205I)JJF
M$E9*I04Q,-55T-2:DJ*Q08('TS"<!8(PB=-8MF(N3(-RU4J3X,L!0C[^5A4T
MP8_G'W^URMQ\0'X\^W1V%CY>W.SCYV[A`B//\:U(<#2[PL'S22?A85Y8VZ.>
MO8SZ+\Q[Q->6..B+D\:EDF.-IM@#:=P\H17AX!]9]UQQI9&!0P`%#I%$4.]Q
M2SC+-+-@203C:P]/+>#.K?<33"KM<OL,^WDFX9A)5UF"P_YY?KIL9'>#W1[C
M?'=[`*1Q38RA6LYA@GI[L:YA<U))ZD4ZOR/>E2;K:'JU%>`&R)LI75`]9([P
M!DIC3DL#`9I52SL:55OIRA@EP"@8J90DW%)N(GH#:'/*^;U]2Q[*'>ZN1-['
MGG&(D56Q,:$0O3E>`U?48)O-<V_3AB?QHJX<$D`TJ6N^_LI9)07U8CTT5_WL
M&'UT@#Z-R885+95F3^!O+T(.`-48K:@V+-]&?FM2+VAG^AL<=.4AA:=N^7]J
M>OVJC6K@"KYU>4Y.[J"[5F14SUU;?+FDR^OC1^;>3KPG\VUOS0D27J$X]J/V
M;J7-WJ^T?[U30=]^MWK\3H<?4)2UC!LF-QJ(_2;?6=U\I_F.W1TXBVYL[&[5
MD`Q^M7:R`%E!2])R\Y.ME'&+"1[M[U9^-!N\%@-%@D?[!RU8*SX[!>/_7/H'
M4$L#!!0````(`.Z0#4>[P4U'0@0``.4/```/````>&PO=V]R:V)O;VLN>&UL
ME9=;;^(X%(#_BI6GKK1:B&.8MAI&ZA2Z16IA5-C99Y,8L.K8K.WT]NOG.)3M
M\>#2\I2KOYQC?SZQO[KS1V/O%\;<DZ=::7=N!]G:^\UYI^/*M:BY^\MLA(9G
M2V-K[N'2KCIFN92E&)JRJ87V'=KM]CM6*.ZET6XM-RY[I;G/T-S&"EZYM1"^
M5EM8S:7.OGUUYTNIQ$]A'8`)WVPFO!:#[$EE1''G1Y7THAID#"[-HXANV&;S
MO9$J7/2ZO:P38+M4?UA2FDIL8?.U=/^^/LA()9:\47X.P>Z^.\ARRBCM;QGA
MM9]2/#H,##<(+[U\$'.^&&3=C/#&FRNIO+!#[L7?UC0;J5?`RLA26N=G(=WV
MS5IJ6<N7$#=<N;5YO#96OACMN9J5UBC5M@H/VD;P!??_'8C1RS)ZT?/%71B)
M0=;O`O!!.KF02OKG0=:>*Q$RZ?R62MO];V=$MYVS&V+"=45&V@.%C/5V\*!K
M0@SP\KAJ/VS/)9S8<95ONPJ#+J>3V?1F/+R8CX;D^\7-Q>1R1&;7H]%\AB`4
M0>A1$'+R@R-0@4#%!Z#9'`ZWHPE`IE=D/+F<(A!#('84Z/)B=HU`/03J'0>Z
MOI@@4!^!^ON@J5UQ+5_:X6E';<&==,0L"<PR)Q#H"P)]V0?-FKKF]CFT='*E
M)<QX'D0H2].`"`ATBD"G^Z!;8_V*KP3,4:X=:G>&VIWMM[L37!&8U#!]"'<.
M[/R3:.&Q<UTL77<?<<6E)0]<-2*DL92:ZU("56KG;5-C5.1O0N!_=`FUS2A9
M03P5X5`!E813G%"._<U3`INZECY,*->.#2`]5`4!4<4@[&^>$'@H%E%'8$WS
MA*=WH3A#V!MN809["P,1RI6)QB/'CN8)26?>E/=!J);T_)9'):THHX"PI7E"
MTS%T9RV@5CW%B6,I\X25(VXU])@C&V&A&;?8Z!R;F"=4G#4+)_YK0D$3#R%Z
MW!CKF"=\/#@A:!>7,>PE37@93PER`B5="?<'1F`?:<+'@VI3BE%154U8&61*
MQH`MI`D+W[>JQ6$4%I0F!#VH%NUA%+:4)BS=5R29'#:4'EM(Z1>,PM+28TLI
M/<4H;##]L)B2DZ'P7*HX,RPR38C\#H/DF%)@AXM/.+RCT(B"-2X2&K]'F8LG
MWW"%45CC(J'Q._^+'1.CHN5!0NR#DZM@&(7%+A)B'T9AL0LL=I$0^]U?T#9%
MC,)R%PFY#_Z(R`E&8;F+A-S;ZI'PL,`N%PF7HY:_V8<=+A(.QVTCYQ@VER7,
MC=N^FA:%SK"V+*'MH<HWC-8H#&O+DMH>0+$"H["V+*'MP2+*L+8L6M<>6X\9
MUI9A;=FQJP;6QRBL+?M@U?#!"&)MV:<6$DF)&9:8?69)$<>%4=AI=O:Z"7O;
M=\'64VI1A5VI:S\#V[HR;%7AL%U=LEY8I(3K6]B^#K*PQX3M9*/4)=R;ZAO#
MVYW8EKS;G'[[!5!+`P04````"`#ND`U';HS4OE$"``#T!P``&````'AL+W=O
M<FMS:&5E=',O<VAE970Q+GAM;'U5VXZ;,!#]%<0'K+&Y)$0$*4E5M0^55OO0
M/CO$"6@!4]L)V[^O+X0U*^,7?.&<.9[QS+@8*7OG-2$B^.C:GN_#6HAA!P"O
M:M)A_D('TLL_5\HZ+.22W0`?&,$73>I:@*(H`QUN^K`L]-XK*PMZ%VW3DU<6
M\'O78?;O2%HZ[D,8/C?>FELMU`8H"S#S+DU'>M[0/F#DN@\/<'>"B8)HQ.^&
MC-R:!^KP9TK?U>+G91]&Z@RD)950)K`<'N1$VE99DLI_)Z.?FHIHSY_6OVMW
MY?'/F),3;?\T%U'+TT9A<"%7?&_%&QU_D,F'5!FL:,OU-ZCN7-#N20F##G^8
ML>GU.)H_23S1W`0T$=!,0,A+B"="/!-,Z(`YF?;K&Q:X+!@=`V8N8\#JSN$N
MEI&K`ND,#]4O'2Z%*(M'&17@H<PL$$>#0!H!9P20MF<!M"YP1!8=N01.-B)V
M"\0>#V)-CS4]<=,3#SW1]$334V<`;$3F%D@]`JE%WRP%>B-@$*F)<`:3;;0B
MDWED,DMFZ_3#1N1N@8U'8&/1H3M5%I"57-EZ)+8VWYDLQP5D)5MRCT1N\Q/7
M=9QR^SK2/,JS>"6O5)M8KZS(EG*GUA*S<NO06[_0MK!QJRPPVQ453Q$?(+(M
MY&X5&X.B%15?)</8M@"=M3)ATDG%BNM2QU?RT*YHY,ZS"9,9S-=$`U:3[0B[
MZ<>'!Q6]]\)TTWEW?N`.NJN#3WA9#/A&?F%V:WH>G*F0K5XWZRNE@LA#1"^R
M,]3R"9X7+;D*-=W(.3./DED(.CS?V/FA+_\#4$L#!!0````(`.Z0#4?I6(4R
MRP,``,<0```8````>&PO=V]R:W-H965T<R]S:&5E=#(N>&ULC9C;CN,H$(9?
MQ?(#C$T!QFZE(VT[&LU>K#2:B]UK=T(2:VR3M9W.[-LO/B139`HT?=$^_04_
M!7Q`-C?3?Q_.6H_1C[;IAM?X/(Z7ER09]F?=5L,G<]&=_7(T?5N-]K$_)<.E
MU]5A#FJ;!-(T2]JJ[N+M9G[WM=]NS'5LZDY_[:/AVK95_]^;;LSM-6;Q_<6W
M^G0>IQ?)=I,\X@YUJ[NA-EW4Z^-K_`=[V4$^26;%W[6^#>@^FLR_&_-]>OCS
M\!JGDP?=Z/TX%5'9RX<N==-,)=F:_UT+_5GG%(CO[Z5_GIMK[;]7@RY-\T]]
M&,_6;1I'!WVLKLWXS=R^Z+4-<BIP;YIA_A_MK\-HVGM('+75C^5:=_/UMGS)
MTS6,#H`U`'XW@*\!_!'`1#!`K`'B*2!9FC(G8E>-U7;3FUO4+[UWJ:9!PEZ$
M3?4^LJT?XNG3G-])L=U\;$%LDH^I'$=2+A)8))1BYRCD0Y+8^A\F(&`"YGB^
MQ&=T/`_$\SE>+/'*M=@MC5@D:I;P#$1*J798)7E:%+07$?`BL)><2M>;(RE(
MNXM$SA)A_]*<](MEP!B3'L,R8%@B-YQ,2RE1-47*:"]8Q#CS=&,6<))A)XQT
MDN%*@-3LL`:*E/:A`CX4]@&D#X7JX)+3&5%.1H3'21YPDF,GG'22X]8*(4DG
MC@BXHIT4`2<%=B)()P6J)$LS.B=8Q#GS.)F`[4=6BKV0#2Y7S5*/M$/6TT6.
M#A0HF7L<!2'*$,"X9^2S$`$9X#8I$AN.QL.-5;...99Q0>IVCBX7F?*`@X6P
MRS!WZ027JV8U9&=*2@Z>W9,.A,]0B+T,DY5[,N2BE4:((P+OF`AAE6&NTLM-
MR:0S^@I/:ARR0@$>-R&T,LQ6NM'EJE&K&\YSSYS!.I8RH7SY"4&68<H*7YM"
M<&0YFG6">TH(08UAJ@E!EP`A%@%F$0W?<M6H^]`FD^J*F"<?$*(0,.PEH[TP
M=\?`,WH".#HF\T(RCZ/@O@X32]`;,\`DL@"F>>6H0'G[*H0KP+@2-*Z`._G)
M5>'I+@=7&<M3STH&(5X!YA5-ZA(PBHI,TG/250GEF0T0(A9@8DF:6.`0"W)!
MZW:.CBD&N6?W`R%J`::6I*D%F$:!E1Y<NOE7>B"IU:V.IOA?0T*8`KR)>UZV
MUZ7=T<CGR9^@(UVK^]-\-AZBO;EVX\*_Q]O'^?MM/BT_OP?U4MHF_/K%.K!?
MYB-[\K.*[>92G?1?57^JNR%Z-Z,]C,['R:,QH[;&TT^VG\^Z.CP>&GT<IUME
M[_OEG+T\C.9R_]G@\=O%]G]02P,$%`````@`[I`-1RU*D64P`@``F0<``!@`
M``!X;"]W;W)K<VAE971S+W-H965T,RYX;6R-E<N.FS`4AE\%\0"Q,2%`1)":
M5%6[J#2:1;MV$B>@,9C:3IB^?7TAU(P<:[((OOS_\7=L.*Y&QM]$0XB,WCO:
MBUW<2#EL`1"GAG18K-A`>C5S8;S#4G7Y%8B!$WPVIHX"!.$&=+CMX[HR8R^\
MKMA-TK8G+SP2MZ[#_.^>4#;NXB1^#+RVUT;J`5!78/:=VX[THF5]Q,EE%W])
MMH?$2(SB5TM&X;0C#7]D[$UW?IQW,=0,A)*3U"&P>MS)@5"J(ZF5_TQ!_Z^I
MC6[[$?V;25?A'[$@!T9_MV?9*%H81V=RP3<J7]GXG4PY9#K@B5%A_J/334C6
M/2QQU.%W^VQ[\QSM3`XGF]^`)@.:#<DZ:$@G0_K!`"R9R>LKEKBN.!LC;@]C
MP/K,DVVJ=NX4J61$K*?,=FE%7=WK+*W`7<=92/96@HP$^12'A2*;)4"M/T.@
M``0R_M1"K/W^-.!/C7]M_=D2L;=)6$EA)'`%$Y_H\%2T(%D'2-8NR<9+8B79
MM%G0_+PT0>&"*`L092Y1[O=O`OZ-ZR_\_CS@SUU_Z=V1_#-G\U2T("D")(5#
MLO%N^;YPMCP)'DY8N6`J`TRER^1-?%^Z*V4H2\NR\"(MA`E":5D\^99T>7M>
M$:#+A+Q,D^834$MEF"I8IQ*7*O5364UNU\K+`CYA6NA0GCGOI24"3A$=\)7\
MQ/S:]B(Z,JGJL:FH%\8D4='@2GUAC;HGYPXE%ZF;N6IS>W/8CF3#XR*<;^/Z
M'U!+`P04````"`#ND`U',>M19U$#``!L#@``&````'AL+W=O<FMS:&5E=',O
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M_?,TW`'_N>CTUE0_RWU_&FA9&.SUH;A4_7=S_:*7,21C@SM3==-OL+MTO:EO
MEC"HB[?Y6#;3\3K_H]ABHPU\,?"[`?P&L1C$.T,TDTWC^E3TQ6;5FFO0SI-Q
M+L8YAT<Q5&X7#(/IPO&OJ5RC8K-ZW:3Q*GH=V[$D^2SALR2A)%N')!H`[A3<
M0\$GOYC]*>T7'K^8_/'LES9B,X]BELA)`DQF@E)M+95,I:198@]+C%D4R3)+
MDDGR@?,T(UDLE1!Q3+,D'I8$LY"]Y`GJ124\)E&P"&(A!(V2>E!2A"(9B9*B
M7KC@)`G6Q+%CJ4@/A\0<0')(7!*9I"2(M$HB94:C*`^*0JM><MJ?>?P9'@JY
MGO/,FEUZ)%@#*7.`C)'H3A&&4<@UE"^:&PM9^JTE@H0YGC_P1AI@F(2&`=2/
MY/0#:(DRY9AA\`4;<,Q"UC]?-',WPC%)EDC&X&#QA23@E)1T2BZ:Y1E4CKI@
M49PP!XLO)`&GI*13$G``"J8<*P:K$NZ<)5],`LY)2><DX`Q,4GI=;2U5%F>N
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MP=S\`5!+`P04````"`#ND`U'/R:K0,(#```:$@``&````'AL+W=O<FMS:&5E
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MV`;]I3D[^N<?H_^^3'<*_Z4>[&?7_M,<Q_,4;1I'1WNJW]KQF[O]8;<Y9/.`
M!]<.RV]T>!M&UWVXQ%%7_UR/S64YWM9_RG1SXQUP<\"[0[7$O>HL47ZIQWJ_
MZ]TMZM>EO=;S#L(C3NMPB*;0AGC^:YG\;+'?O>_+<I>\S^,$)L^K"2XF>78W
M2:;1[Q*H2.#B3ZM$Q?N3XD^+OUG](0SQLH:XFA2+264*PXL81<1X058I[Y\I
M_ID79,4'N9IDJPD"KY$K&KFO@:Q&[FD\`)29,)5"D2E\&6)E"G\JO$*I*)2^
M@F$52D]!6*I*4:A\A8Q5J#P%0T)>SUC+[*1^TN3"""I]X,5)_$IL-MN>$I22
MD,8@H"_$Y\YFLPDA5*4@I,$*/JU5P0M1(%1(:Z_Q"L;3,2FO8_PDRDM)1^,:
M`K!+7L<G^\%4I5!_0(,;<C^9!*A`XQ9\<"$5UJ0(UIXH1RF?-(*A#+3X@@<^
MQ`7F0BT"#62H`B$A<ZLPH2IA`U"C&=-`B2]\F]&J1%DAZ&C,(P0Z//3H0Y]+
M,FK7Q4"&KX$8(`\DI!UJQ",%0CDO%"*/92E1CQKUZ+=I2*5UT8#&+`B7)QI]
MHB&CT@@]"#6D,0^D*EXJ#S(*@00E#7T,T`<>?0S0APRE3H(:^1B0#SSYZ)/_
M0)F1)J6ACP'ZP*.//OK9-"GI`5-#GP+T@4>?TB"%I7TBC7T*V`>>?0H:OLFD
MW",-?PKP!QY_\O%'*-)4*-&D/I\'!0#X`D!!`9B;L;11&O]D`BG^\8+\MI]1
M*C53TLH$!64"^#)!?IF8.JF1ED^K$N0W?@`I6`U_"O!''O_-:'U)PLP(/9(T
M^"F`7WJ'(8UJJOSI(O)#&`U7$^"*/*Z;T3I=4TDOKD;#U02X(H^K\7&=$EO0
MT6`U`:S(P[H9%=M[\/^W+_'>^Z_UJ_VK[E^;RQ"]N'%TW?(1X.3<:*>ATD]3
MWIYM?;Q?M/8TSJ?%=-ZOGR[6B]%=/[[$W#\'[?\#4$L#!!0````(`.Z0#4<=
M!K1<NP(``*`*```8````>&PO=V]R:W-H965T<R]S:&5E=#8N>&ULC99-;YLP
M&,>_"N*^@HV-H2)(R^MVF%3UL)W=Q$E0`6?@--VWGPV$V-43E`O8\/L_K[8A
MN\CFO3T*H;S/JJS;F7]4ZO0<!.WV*"K>/LF3J/6;O6PJKO2T.03MJ1%\UXFJ
M,L!A&`<5+VH_S[IG+TV>R;,JBUJ\-%Y[KBK>_)N+4EYF/O*O#UZ+PU&9!T&>
M!:-N5U2B;@M9>XW8S_SOZ'F3&J(#?A?BTEICS\3^)N6[F?S<S?S0A"!*L57&
M`M>W#[$096D,:<=_!YLWET9HCZ_6UUVV.OHWWHJ%+/\4.W74P8:^MQ-[?B[5
MJ[S\$$,*U!C<RK+MKM[VW"I9726^5_'/_E[4W?W2OTG"008+\"#`HP!%DX)H
M$$2C`+-)`1D$Y.8AF13004`?]1`/@O@F(),"-@C8+:2^6WUUN]XLN>)YULB+
MU_3KZ<3-LD7/3'=_Z^F&M+YYU;7<$'GVD2,<9\&',>0P\Y[!`\,@9N$R"<0L
M72:%F)7#1"'$K%T&0<S&9F(Z(H$NR5@7/%$7W.G)X`.[/NJ^+CW#>@:!S,)A
M:))2!&%+&\.,$`A:.;9BE(0,PM8VEA(60=#&L<5TQT*X1M%$C:+.1C34*((-
MD`D#Q"DRF/2\9VC'D!"LL8U01)(4K)Y+T:_K;ZC+?<K)BDYD19VL*-AO:KE)
M0Q:#$3\"K6TH2A,P*<<0803.*9[(*79R`B-9Q):7!,%+^`%F<X]Q@F43P3(G
M6'"3+)CE!,$;:?4`L[G'.,$F$\$F3K!@_Y:)Y>0;H00\0U8/46N'P@@^'5Q3
MC-YI0CJ15^KD!6ZV>>H<CO`!:C,8Z;4''Z`VQC"#CP#75L)2T.7:QM*8PGO*
ML8430K\>H('U(3[Q@_C%FT-1M]Z;5/J;WGV5]U(JH8V%3WJ''O7OXC@IQ5Z9
M(=/CIO^#ZB=*GJ[_@^-/:?X?4$L#!!0````(`.Z0#4>MBO%>G@$``+$#```8
M````>&PO=V]R:W-H965T<R]S:&5E=#<N>&UL?5/+;MLP$/P5@A\0RK32%H8L
M($Y0M(<"00[MF996$A&2JY*4E?Y]^9`5)TA\(;G+F=E9/JH9[;,;`#QYT<JX
M/1V\'W>,N68`+=P-CF#"3H=6"Q]"VS,W6A!M(FG%>%%\85I(0^LJY1YM7>'D
ME33P:(F;M!;VWP$4SGNZH>?$D^P''Q.LKMC*:Z4&XR0:8J';T[O-[E!&1`+\
MEC"[BS6)WH^(SS'XV>YI$2V`@L9'!1&F$]R#4E$H%/Z[:+Z6C,3+]5G]>^HV
MN#\*!_>H_LC6#\%L04D+G9B4?\+Y!RPMW$;!!I5+(VDFYU&?*91H\9)G:=(\
MYYUOQ4+[F,`7`G]'8+E0LOD@O*@KBS.Q^6A'$6]PL^/A(!H2O#D:MU+W$5%7
MIWI3%A4[1:$WF$/&\(Q9$2RHKR7XYR4._(+./Z9OKSC<)OIV<?A)_?**0)D$
MRJLMOL6\=\DNSE2#[=/3<:3!R?A\>&MV?9UW/-W)*[RN1M'#+V%[:1PYH@\W
MF^ZF0_003!0WMY0,X?^L@8+.Q^77L+;Y2>7`XWC^(.LOK?\#4$L#!!0````(
M`.Z0#4=J+G.=H@$``+$#```8````>&PO=V]R:W-H965T<R]S:&5E=#@N>&UL
M?5/+;MLP$/P5@A\0RI+<%H8L($X1M(<"00[MF996$A&2JY"4E?Y]^9`5)W!]
M(;G+F=E9/JH9S8L=`!QY4U+;/1V<&W>,V68`Q>T=CJ#]3H=&<>=#TS,[&N!M
M)"G)\BS[PA07FM95S#V9NL+)2:'AR1`[*<7-WP-(G/=T0\^)9]$/+B187;&5
MUPH%V@K4Q$"WI_>;W:$,B`CX+6"V%VL2O!\17T+PL]W3+%@`"8T+"MQ/)W@`
M*8.0+_RZ:+Z7#,3+]5G],7;KW1^YA0>4?T3K!F\VHZ2%CD_2/>/\`Y86MD&P
M06GC2)K).E1G"B6*OZ59Z#C/::<L%MIU0KX0\I7P+8O&4Z%H\SMWO*X,SL2D
MHQUYN,'-+O<'T1#OS=*P%;L/B+HZU9NRJ-@I"'W`'!(F3Y@5P;SZ6B+_?XE#
M?D'/K].+&PZ+2"\6A^5U@?*&0!D%RILM?L1L/Q5A%V>JP/3QZ5C2X*1=.KPU
MN[[.^SS>R3N\KD;>PR]N>J$M.:+S-QOOID-TX$UD=UM*!O]_UD!"Y\+RJU^;
M]*12X'`\?Y#UE];_`%!+`P04````"`#ND`U'HYKY^*(!``"Q`P``&````'AL
M+W=O<FMS:&5E=',O<VAE970Y+GAM;'U3VV[C(!#]%<0'%(>X:14YEIJN5MN'
M2E4?VF=BCVU4\'@!Q]V_7RZ.FZZR>0%F..?,&2[%A.;#=@".?&K5VQWMG!NV
MC-FJ`RWL#0[0^YT&C1;.AZ9E=C`@ZDC2BO$LVS`M9$_+(N9>3%G@Z)3LX<40
M.VHMS)\]*)QV=$5/B5?9=BXD6%FPA5=+#;V5V!,#S8X^K+;[/"`BX$W"9,_6
M)'@_('Z$X*G>T2Q8``65"PK"3T=X!*6"D"_\>];\*AF(Y^N3^L_8K7=_$!8>
M4;W+VG7>;$9)#8T8E7O%Z1?,+=P&P0J5C2.I1NM0GRB4:/&99MG'>4H[?#/3
M+A/X3.`+X3Z+QE.A:/.'<*(L#$[$I*,=1+C!U9;[@ZB(]V9IV(K=!T19',M5
MOBG8,0A]P^P3AB?,@F!>?2G!_U]BS\_H_#)]?<7A.M+7L\.[RP+Y%8$\"N17
M6_R.N?^G"#L[4PVFC4_'D@K'WJ7#6[++ZWS@\4Z^X&4QB!:>A6EE;\D!G;_9
M>#<-H@-O(KNYI:3S_V<)%#0N+._\VJ0GE0*'P^F#++^T_`M02P,$%`````@`
M[I`-1[-%G76B`0``L0,``!D```!X;"]W;W)K<VAE971S+W-H965T,3`N>&UL
M?5/+;MLP$/P5@A\0RK3<AR$+B!,4[:%`D$-[IJ651(3D*B1EI7]?/FS%*5Q?
M^)R9G=TEJQGMBQL`/'G3RK@=';P?MXRY9@`MW!V.8,)-AU8+'[:V9VZT(-I$
MTHKQHOC$M)"&UE4Z>[)UA9-7TL"3)6[26M@_>U`X[^B*G@^>93_X>,#JBBV\
M5FHP3J(A%KH=O5]M]V5$),`O";.[6)/H_8#X$C<_VATMH@50T/BH(,)TA`=0
M*@J%P*\GS?>0D7BY/JM_2]D&]P?AX`'5;]GZ(9@M*&FA$Y/RSSA_AU,*FRC8
MH')I),WD/.HSA1(MWO(L39KG?,/+$^TZ@9\(?"%\*9+Q'"C9?!1>U)7%F=A<
MVE'$#JZV/!2B(<&;H_$J91\1=76L5^77BAVCT`?,/F-XQBP(%M27$/S_(?;\
M@LZOT]<W'*X3?9VC;XKK`N4-@3()E#=3_(#9_)LDNZBI!MNGI^-(@Y/QN7C+
MZ?(Z[WGJR3N\KD;1PT]A>VD<.:`/G4V]Z1`]!!/%W8:2(?R?9:.@\W'Y.:QM
M?E)YXW$\?Y#EE]9_`5!+`P04````"`#ND`U'SH,PTJ$!``"Q`P``&0```'AL
M+W=O<FMS:&5E=',O<VAE970Q,2YX;6Q]4\MNVS`0_!6"'Q#*E)P6ABP@3E"T
MAP)!#NV9EE8/A.0J)&6E?U\^9,4I7%]([G)F=I:/<D;S:GL`1]Z5U'9/>^?&
M'6.V[D$)>X<C:+_3HE'"^=!TS(X&1!-)2C*>9?=,B4'3JHRY9U.5.#DY:'@V
MQ$Y*"?/G`!+G/=W0<^)EZ'H7$JPJV<IK!@7:#JB)@79/'S:[0Q$0$?!K@-E>
MK$GP?D1\#<&/9D^S8`$DU"XH"#^=X!&D#$*^\-NB^5$R$"_79_5OL5OO_B@L
M/*+\/32N]V8S2AIHQ23="\[?86EA&P1KE#:.I)ZL0W6F4*+$>YH''><Y[>3W
M"^TZ@2\$OA*^9M%X*A1M/@DGJM+@3$PZVE&$&]SLN#^(FGAOEH:MV'U`5.6I
MVFQYR4Y!Z!/FD#`\858$\^IK"?[_$@=^0>?7Z?D-AWFDYXO#_+I`<4.@B`+%
MS18_8XI_BK"+,U5@NOAT+*EQTBX=WII=7^<#CW?R`:_*473P4YANT)8<T?F;
MC7?3(CKP)K*[+26]_S]K(*%U8?G%KTUZ4BEP.)X_R/I+J[]02P,$%`````@`
M[I`-1Q7%Y,FB`0``L0,``!D```!X;"]W;W)K<VAE971S+W-H965T,3(N>&UL
M?5/;3N,P$/T5RQ^`T[2EJ$HC41""!R3$P^ZSFTP2"]L3;*=A_WY]24-9=?MB
M>\;GG#GC2S&B^;`=@"-?2FJ[HYUS_98Q6W6@N+W!'K3?:=`H[GQH6F9[`[R.
M)"59GF6W3'&A:5G$W)LI"QR<%!K>#+&#4MS\V8/$<4<7])1X%VWG0H*5!9MY
MM5"@K4!-##0[>K_8[E<!$0&_!(SV;$V"]P/B1PA>ZAW-@@604+F@P/UTA`>0
M,@CYPI^3YG?)0#Q?G]2?8K?>_8%;>$#Y6]2N\V8S2FIH^"#=.X[/,+6P#H(5
M2AM'4@W6H3I1*%'\*\U"QWE,.YN[B7:9D$^$?";<9=%X*A1M/G+'R\+@2$PZ
MVIZ'&UQL<W\0%?'>+`U;L?N`*(MCN5BO"W8,0C\P^X3)$V9&,*\^E\C_7V*?
MG]'SR_3E%8?+2%].#F\O"ZRN"*RBP.IJBS\QFW^*L+,S56#:^'0LJ7#0+AW>
MG)U?YWT>[^0;7A8];^&5FU9H2P[H_,W&NVD0'7@3V<V:DL[_GSF0T+BPW/BU
M24\J!0[[TP>9?VGY%U!+`P04````"`#ND`U'25?V2J,!``"Q`P``&0```'AL
M+W=O<FMS:&5E=',O<VAE970Q,RYX;6Q]4\MNVS`0_!6"'Q#*M)VFABP@3E&T
MAP)!#NV9EE82$9*KDI25_GWYD!6G<'TAN<N9V5D^R@GMJ^L!/'G3RK@][;T?
M=HRYN@<MW!T.8,).BU8+'T+;,3=8$$TB:<5X4=PS+:2A59ERS[8J<?1*&GBV
MQ(U:"_OG``JG/5W1<^)%=KV/"5:5;.$U4H-Q$@VQT.[IXVIWV$1$`OR4,+F+
M-8G>CXBO,?C>[&D1+8""VD<%$:83/(%242@4_CUKOI>,Q,OU6?UKZC:X/PH'
M3ZA^R<;WP6Q!20.M&)5_P>D;S"ULHV"-RJ61U*/SJ,\42K1XR[,T:9[RSI;/
MM.L$/A/X0G@HDO%<*-G\(KRH2HL3L?EH!Q%O<+7CX2!J$KPY&K=2]Q%1E:=J
MM7THV2D*?<`<,H9GS()@07TIP?]?XL`OZ/PZ?7W#X3K1U[/#S]<%-C<$-DE@
M<[/%#YC[XI\B[.),-=@N/1U':AR-SX>W9)?7^9@ND;W#JW(0'?P0MI/&D2/Z
M<+/I;EI$#\%$<;>EI`__9PD4M#XN/X6US4\J!QZ'\P=9?FGU%U!+`P04````
M"`#ND`U'^\*Q^:$!``"Q`P``&0```'AL+W=O<FMS:&5E=',O<VAE970Q-"YX
M;6Q]4\MNVS`0_!6"'Q!*M),4ABP@3E&TAP)!#NV9EE82$9*KDI25_GWYD!6G
M2'PAN<N9V5D^JAGMBQL`/'G5RK@]';P?=XRY9@`MW`V.8,).AU8+'T+;,S=:
M$&TB:<5X4=PQ+:2A=95R3[:N</)*&GBRQ$U:"_OW``KG/2WI.?$L^\''!*LK
MMO):J<$XB898Z/;TH=P=MA&1`+\DS.YB3:+W(^)+#'ZT>UI$"Z"@\5%!A.D$
MCZ!4%`J%_RR:;R4C\7)]5O^6N@WNC\+!(ZK?LO5#,%M0TD(G)N6?<?X.2PNW
M4;!!Y=)(FLEYU&<*)5J\YEF:-,]YA]\OM(\)?"'PE?"E2,9SH63SJ_"BKBS.
MQ.:C'46\P7+'PT$T)'AS-&ZE[B.BKDYU>5=6[!2%WF$.&<,S9D6PH+Z6X)^7
M./`+.O^8OKGB<)/HF\7A)P+;*P+;)+"]VN)[S.:_(NSB3#78/CT=1QJ<C,^'
MMV;7U_G`TYV\P>MJ%#W\%+:7QI$C^G"SZ6XZ1`_!1'%S2\D0_L\:*.A\7-Z'
MM<U/*@<>Q_,'67]I_0]02P,$%`````@`[I`-1T[?`*RB`0``L0,``!D```!X
M;"]W;W)K<VAE971S+W-H965T,34N>&UL?5/+;MLP$/P5@A\0RK+L!H8L($X1
MM(<"00[MF996$A&2JY"4E?Y]^9`5)W!](;G+F=E9/LH)S:OM`1QY5U+;/>V=
M&W:,V;H'Q>T=#J#]3HM&<>=#TS$[&.!-)"G)\BS;,L6%IE49<\^F*G%T4FAX
M-L2.2G'S]P`2ISU=T7/B172]"PE6E6SA-4*!M@(U,=#NZ<-J=R@"(@)^"YCL
MQ9H$[T?$UQ#\;/8T"Q9`0NV"`O?3"1Y!RB#D"[_-FA\E`_%R?59_BMUZ]T=N
MX1'E']&XWIO-*&F@Y:-T+SC]@+F%31"L4=HXDGJT#M690HGB[VD6.LY3VEG?
MS[3KA'PFY`OA/HO&4Z%H\SMWO"H-3L2DHQUXN,'5+O<'41/OS=*P%;L/B*H\
M5:MM4;)3$/J$.21,GC`+@GGUI43^_Q*'_(*>7Z>O;SA<1_IZ=KBY+E#<$"BB
M0'&SQ<^8[9<B[.),%9@N/AU+:ARU2X>W9)?7^9#'._F`5^7`._C%32>T)4=T
M_F;CW;2(#KR)[&Y#2>__SQ)(:%U8?O-KDYY4"AP.YP^R_-+J'U!+`P04````
M"`#ND`U'?'GVT:,!``"Q`P``&0```'AL+W=O<FMS:&5E=',O<VAE970Q-BYX
M;6Q]4\MNVS`0_!6"'Q#*LA*GABP@3A&TAP)!#NV9EE82$9*KD)25_GWYD!4G
M<'TAN<N9V5D^R@G-J^T!''E74ML=[9T;MHS9N@?%[0T.H/U.BT9QYT/3,3L8
MX$TD*<GR++MCB@M-JS+FGDU5XNBDT/!LB!V5XN;O'B1..[JBI\2+Z'H7$JPJ
MV<)KA`)M!6IBH-W1A]5V7P1$!/P6,-FS-0G>#XBO(?C9[&@6+("$V@4%[J<C
M/(*40<@7?ILU/TH&XOGZI/X4N_7N#]S"(\H_HG&]-YM1TD#+1^E></H!<PNW
M0;!&:>-(ZM$Z5"<*)8J_IUGH.$]I9U/,M,N$?";D"^$^B\93H6CS.W>\*@U.
MQ*2C'7BXP=4V]P=1$^_-TK`5NP^(JCQ6J[M-R8Y!Z!-FGS!YPBP(YM67$OG_
M2^SS,WI^F;Z^XG`=Z>O9X?UE@>**0!$%BJLM?L9\^U*$G9VI`M/%IV-)C:-V
MZ?"6[/(Z'_)X)Q_PJAQX![^XZ82VY(#.WVR\FQ;1@3>1W=Q2TOO_LP026A>6
M&[\VZ4FEP.%P^B#++ZW^`5!+`P04````"`#ND`U'W@'+/J`!``"Q`P``&0``
M`'AL+W=O<FMS:&5E=',O<VAE970Q-RYX;6Q]4\MNVS`0_!6"'Q#*E-,4ABP@
M3E&TAP)!#NV9EE82$9*KDI25_GWYD!4G2'PAN<N9V5D^JAGMLQL`/'G1RK@]
M';P?=XRY9@`MW`V.8,).AU8+'T+;,S=:$&TB:<5X47QA6DA#ZRKE'FU=X>25
M-/!HB9NT%O;?`13.>[JAY\23[`<?$ZRNV,IKI0;C)!IBH=O3^\WNL(V(!/@M
M8787:Q*]'Q&?8_"SW=,B6@`%C8\*(DPG>`"EHE`H_'?1?"T9B9?KL_KWU&UP
M?Q0.'E#]D:T?@MF"DA8Z,2G_A/,/6%JXC8(-*I=&TDS.HSY3*-'B)<_2I'G.
M.V6YT#XF\(7`5\+7(AG/A9+-;\*+NK(X$YN/=A3Q!C<['@ZB(<&;HW$K=1\1
M=76J-W=%Q4Y1Z`WFD#$\8U8$"^IK"?YYB0._H/./Z>45AV6BEXO#3^IOKPAL
MD\#V:HMO,>]=LHLSU6#[]'0<:7`R/A_>FEU?YSU/=_(*KZM1]/!+V%X:1X[H
MP\VFN^D0/003Q<TM)4/X/VN@H/-Q>1?6-C^I''@<SQ]D_:7U?U!+`P04````
M"`#ND`U':7#+<*$!``"Q`P``&0```'AL+W=O<FMS:&5E=',O<VAE970Q."YX
M;6Q]4\MNVS`0_!6"'Q#*DMP4ABP@3E"TAP)!#NV9EE82$9*KD)25_GWYD!6G
M<'TAN<N9V5D^JAG-JQT`''E74ML]'9P;=XS99@#%[1V.H/U.AT9QYT/3,SL:
MX&TD*<GR+/O"%!>:UE7,/9NZPLE)H>'9$#LIQ<V?`TB<]W1#SXD7T0\N)%A=
ML977"@7:"M3$0+>G#YO=H0R("/@E8+87:Q*\'Q%?0_"CW=,L6``)C0L*W$\G
M>`0I@Y`O_+9H?I0,Q,OU6?U;[-:[/W(+CRA_B]8-WFQ&20L=GZ1[P?D[+"UL
M@V"#TL:1-)-UJ,X42A1_3[/0<9[33I$MM.N$?"'D*^%K)+!4*-I\XH[7E<&9
MF'2T(P\WN-GE_B`:XKU9&K9B]P%15Z=Z<U]4[!2$/F$."9,GS(I@7GTMD?^_
MQ"&_H.?7Z<4-AT6D%XO#\KI`>4.@C`+ES18_8[;_%&$79ZK`]/'I6-+@I%TZ
MO#6[OLZ'/-[)![RN1M[#3VYZH2TYHO,W&^^F0W3@361W6TH&_W_60$+GPO+>
MKTUZ4BEP.)X_R/I+Z[]02P,$%`````@`[I`-1S.XA\>B`0``L0,``!D```!X
M;"]W;W)K<VAE971S+W-H965T,3DN>&UL?5/;;N,@$/T5Q`<4AZ1--W(L-:VJ
M]F&EJ@^[S\0>VZC`N(#C[M\O8,=-JS0OP`SGG#G#)1_0OKD6P),/K8S;TM;[
M;L.8*UO0PEUA!R;LU&BU\"&T#7.=!5$EDE:,9]D-TT(:6N0I]V*+''NOI($7
M2UROM;#_=J!PV-(%/29>9=/ZF&!%SF9>)348)]$0"_66WBTVNU5$),`?"8,[
M69/H?8_X%H/G:DNS:`$4E#XJB#`=X!Z4BD*A\/ND^5DR$D_71_7'U&UPOQ<.
M[E']E95O@]F,D@IJT2O_BL,33"U<1\$2E4LC*7OG41\IE&CQ,<[2I'D8=_BO
MB7:>P"<"GPFW63(^%DHV'X0716YQ('8\VD[$&UQL>#B(D@1OCL:MU'U$%/FA
M6*QO<G:(0E\PNQ'#1\R,8$%]+L%_+K'C)W1^GKZ\X'"9Z,O)X?J\P.J"P"H)
MK"ZV^!5S^ZT(.SE3#;9)3\>1$GOCQ\.;L_/KO./I3C[A1=Z)!GX+VTCCR!Y]
MN-ET-S6BAV`BN[JFI`W_9PX4U#XNUV%MQR<U!AZ[XP>9?VGQ'U!+`P04````
M"`#ND`U'J$UMBGD"``"Z"0``&0```'AL+W=O<FMS:&5E=',O<VAE970R,"YX
M;6Q]5MN.FS`0_17$!RR82X"(("5;5>U#I=4^M,\.<0):P-1VPO;O:YN$92+;
M+_&%,^>,G9GQE!-E'[PA1'B??3?PG=\(,6Z#@-<-Z3%_H2,9Y)<S93T6<LDN
M`1\9P2=MU'=!%(:;H,?MX%>EWGMC54FOHFL'\L8\?NU[S/X=2$>GG8_\Q\9[
M>VF$V@BJ,ECL3FU/!M[2P6/DO//W:'M`A8)HQ.^63'PU]Y3S1TH_U.+G:>>'
MR@?2D5HH"BR'&WDE7:>8I/+?.^F7IC)<SQ_LW_5QI?M'S,DK[?ZT)]%(;T/?
M.Y$SOG;BG4X_R/T,J2*L:<?UKU=?N:#]P\3W>OPYC^V@QVG^DB9W,[-!=#>(
M%H,\U([/0MK-;UC@JF1T\MA\MR-6?R':1O(B:D_ZQGWU29]>(:KR5J&L*(.;
M(@*8PXR)9LR"""3[(A'9)0[1RCPRF\<.#V-M'L_J26(F2!P$B29(9OW,>,(U
M!.6A62-U:*2``!E%(,9R$QN'R`80Q$81B+'<5N80R=8$F5D$8/+4+)([1')`
ML#&*0$QF%BD<(@4@R(TB$%.8151RVQ,H7%,4H3F#(,B21,B9J`A01&8="(HM
M.HYLW:-H39%:=`"HL(09<J4UBD&@6>X-@`I+I"%7]B.0VXDYUB"HV%AT7!4`
M@?0NS'7F"91;=%Q%`($,+RP5>PV2[[!%QU4'4`8HS"7M"62I:<A5"E`.*,P%
MYPEDBS=7-4`%H$C-.A#T'`?!ZFWM";OH%H)[-;T.8GY$E]VE3=E'^FW^@E?E
MB"_D%V:7=N#>D0KYPNLW^DRI(-*+\$5&22,;J671D;-0TTS.V=Q:S`M!QT>G
MM+1KU7]02P,$%`````@`[I`-1QVD&D6^`0``>P0``!D```!X;"]W;W)K<VAE
M971S+W-H965T,C$N>&UL?51;;ZP@$/XKA!]0E+WU;%R3;INF?3A)TX>>9U;'
M2PIB`=>>?U\NKM7&[HLP\%UF<"#II7K7%8!!GX(W^H`K8]H](3JK0#!](UMH
M[$XAE6#&AJHDNE7`<D\2G-`HVA+!Z@:GB5][46DB.\/K!EX4TIT03/T_`I?]
M`<?XLO!:EY5Q"R1-R,C+:P&-KF6#%!0'?!?OCUN'\("W&GH]F2.7^TG*=Q<\
MYP<<N12`0V:<`K/#&>Z!<R=DC3\&S6]+1YS.+^J/OEJ;_8EIN)?\7YV;RB8;
M891#P3IN7F7_!$,)&R>82:[]%V6=-E)<*!@)]AG&NO%C'W9NHX&V3*`#@?X@
MD&#DTWQ@AJ6)DCU2X6A;YOY@O*?V(#)D<]/8;?GJ'2)-SBF-=@DY.Z$9YA@P
MU&/B$4&L^FA!?[<XT@F=+M-75S)<>?HJN*]WRP+K*P)K+[`>2KQ=+'&.^;-L
MLKEBLID*Q-&BR1SSRTENKYAL9P)TT62.6?TP(9/N$*!*?PDTRF37F-`&X^IX
MS^ZH[ZYO>)JTK(2_3)5UH]%)&MNCOLL**0W8)*(;6VIE7X(QX%`8-]W9N0J7
M(P1&MI>K/KXWZ1=02P,$%`````@`[I`-1U71">"Q`0``%@0``!D```!X;"]W
M;W)K<VAE971S+W-H965T,C(N>&UL?53;;ILP&'X5RP]0@Q/:*B)(3:MINYA4
M]6*[=N`'K/I`;1.ZMY\/@283RTU\^DX__IURTN;=]@`.?4JA[![WS@T[0FS=
M@V3V3@^@_$FKC63.+TU'[&"`-9$D!:%9=D\DXPI79=Q[-56I1R>X@E>#["@E
M,W\.(/2TQSF>-]YXU[NP0:J2++R&2U"6:X4,M'O\E.\.14!$P"\.D[V8HY#]
MJ/5[6/QH]C@+$4!`[8("\\,)GD&((.2-/\Z:7Y:!>#F?U;_%:GWZ([/PK,5O
MWKC>A\TP:J!EHW!O>OH.YQ)BPEH+&W]1/5JGY4S!2++/-'(5QRF=/,RT=0(]
M$^A">,QB\&048[XPQZK2Z`F9]&D'%FXPWU'_(6KDLUD<CF+U`5&5IXKFVY*<
M@M`5YI`P-&+R!4&\^F)!_V]QH!=TND[?W$BXB?1-<B\VZP+;&P+;*+`]EUBL
MEGB-N5\W*6Z8%%<"#ZLFUYC'?TS(Q<5),%WL3XMJ/2J7;FC979[`$XT7_P6O
MRH%U\).9CBN+CMKY]HD-T&KMP(?([GR*WC_292&@=6'JNPZ9U+=IX?0PO\+E
MKZ#Z"U!+`P04````"`#ND`U'WZT!IKX!``![!```&0```'AL+W=O<FMS:&5E
M=',O<VAE970R,RYX;6Q]5-MNFS`8?A6+!ZC!(6R+"%+3J=HN)E6]V*X=^`&K
M/E#;A.[MYT-"PT1R@T_?Z8??E)/2;Z8'L.A#<&GV26_ML,/8U#T(:A[4`-*=
MM$H+:MU2=]@,&F@32()CDJ8%%I3)I"K#WHNN2C5:SB2\:&1&(:C^>P"NIGV2
M)9>-5];UUF_@JL0SKV$"I&%*(@WM/GG,=H?"(P+@-X/)7,V1SWY4ZLTO?C;[
M)/41@$-MO0)UPPF>@',OY(S?SYJ?EIYX/;^H/X=J7?HC-?"D^!_6V-Z%31/4
M0$M';E_5]`/.)6R]8*VX"4]4C\8J<:$D2-"/.#(9QBF>Y/F9MDX@9P*9"5_3
M$#P:A9C?J:55J=6$='RU`_5?,-L1]R)JY+*9Q!^%ZCVB*D\5R;Z5^.2%%IA#
MQ)"`R68$=NJS!;EM<2!7=+).W]Q)N`GT370O;@CD=P3R()!'?Y*NEKC$W"AR
M>\=DNQ`@JR9+S&;=I+AC4BP$\E63)6;[GPF^Z@X!N@N7P*!:C=+&-IAWYWOV
M2$)W?<*K<J`=_**Z8]*@H[*N1T.7M4I9<"'2!U=J[_X$\X)#:_WTBYOK>#GB
MPJKA<M7G_TWU#U!+`P04````"`#ND`U'2Z/9]J4!``"Q`P``&0```'AL+W=O
M<FMS:&5E=',O<VAE970R-"YX;6Q]4\MNVS`0_!6"'Q#*M.P$ABP@3E$TAP!!
M#LF9EE82$5*KDI25_GWYL!2G<'/A<V9V=I<L)C3OM@-PY$.KWNYIY]RP8\Q6
M'6AA;W"`WM\T:+1P?FM:9@<#HHXDK1C/LBW30O:T+.+9LRD+')V2/3P;8D>M
MA?ES`(73GJ[H?/`BV\Z%`U86;.'54D-O)?;$0+.G]ZO=(0^("'B5,-F+-0G>
MCXCO8?-8[VD6+(""R@4%X:<3/(!20<@'_GW6_`P9B)?K6?UGS-:[/PH+#ZC>
M9.TZ;S:CI(9&C,J]X/0+SBEL@F"%RL:15*-UJ&<*)5I\I%GV<9[233[3KA/X
MF<`7PET6C:=`T>8/X419&)R(2:4=1.C@:L=](2KBO5D:KF+V`5$6IY+S;<%.
M0>@+YI`P/&)6"X)Y]24$_W^(`[^@\^OT]3<.UY&^3M&WF^L"^3<">13(SRG>
M7DWQ*^;NGR#LHJ8:3!N?CB45CKU+Q5M.E]=YSV-//N%E,8@6GH1I96_)$9WO
M;.Q-@^C`F\AN-I1T_O\L&P6-"\M;OS;I2:6-PV'^(,LO+?\"4$L#!!0````(
M`.Z0#4?H7\\5L0$``!8$```9````>&PO=V]R:W-H965T<R]S:&5E=#(U+GAM
M;'U4VVZ;,!A^%<L/4!.3M%U$D)I.TW8QJ>K%=NW`#UBU^9EM0O?V\R&AR41S
M@T_?Z?>!8D+S9CL`1]ZUZNV.=LX-6\9LU8$6]@X'Z/U*@T8+YX>F978P(.I(
MTHKQ++MG6LB>ED6<>S%E@:-3LH<70^RHM3!_]Z!PVM$5/4^\RK9S88*5!9MY
MM=306XD],=#LZ--JN]\$1`3\DC#9BSX)V0^(;V'PH][1+$0`!94+"L(W1W@&
MI8*0-_YSTORP#,3+_EG]6ZS6IS\("\^H?LO:=3YL1DD-C1B5>\7I.YQ*B`DK
M5#9^235:A_I,H42+]]3*/K936GE8GVC+!'XB\)GPF,7@R2C&_"J<*`N#$S%I
M:P<13G"UY7XC*N*S61J68O4!41;'DO,O!3L&H2O,/F%XQ*QF!//JLP7_W&+/
M+^A\F9[?2)A'>I[<[Q^7!=8W!-918)W\\VRQQ&O,)T5N;IALK@3XHLDU)O_/
MA%T<G`;3QOMI285C[]()S;/S$WCB\>`_X&4QB!9^"M/*WI(#.G]]X@5H$!WX
M$-F=3]'Y1SH/%#0N=!]\WZ1[FP8.A_,KG'\%Y3]02P,$%`````@`[I`-1X%=
M[O:E`0``L0,``!D```!X;"]W;W)K<VAE971S+W-H965T,C8N>&UL?5/+;MLP
M$/P5@A\02K2<%(8L($X1M(<"00[MF996$A%2JY"4E?Y]^9`5)W!SX7-F=G:7
M+&<T+[8'<.1-J\'N:>_<N&/,UCUH86]PA,'?M&BT<'YK.F9'`Z*))*T8S[);
MIH4<:%7&LR=3E3@Y)0=X,L1.6@OS]P`*YSW-Z?G@67:]"P>L*MG*:Z2&P4H<
MB(%V3^_SW:$(B`CX+6&V%VL2O!\17\+F9[.G6;``"FH7%(2?3O``2@4A'_AU
MT7P/&8B7Z[/Z8\S6NS\*"P^H_LC&]=YL1DD#K9B4>\;Y!RPI;(-@C<K&D=23
M=:C/%$JT>$NS'.(\IYMMOM"N$_A"X"OA6Q:-IT#1YG?A1%4:G(E)I1U%Z&"^
MX[X0-?'>+`U7,?N`J,I3Q3=%R4Y!Z`/FD#`\8O(5P;SZ&H+_/\2!7]#Y=?KF
M"X>;2-^DZ'?%=8'B"X$B"A1+BMNK*7[$W'X*PBYJJL%T\>E84N,TN%2\]71]
MG?<\]N0=7I6CZ."7,)T<+#FB\YV-O6D1'7@3V<V6DM[_GW6CH'5A>>?7)CVI
MM'$XGC_(^DNK?U!+`P04````"`#ND`U'LC5F+,P#```]$P``&0```'AL+W=O
M<FMS:&5E=',O<VAE970R-RYX;6R-F-MRHS@0AE^%X@$&I)80I!Q7C0_)[L56
M3<W%[C6QY9@:L#Q`XIFW'PZR0V>E-C?F]'?_0NI/DEE<3/VC.6K=!K^J\M0\
MAL>V/3]$4;,[ZBIOOIBS/G5/#J:N\K:[K%^CYESK?#\$567$XSB)JKPXA<O%
M<.];O5R8M[8L3OI;'31O5977OU>Z-)?'D(77&]^+UV/;WXB6B^@6MR\J?6H*
M<PIJ?7@,O[*'9\%[R:#XM]"79G(>](U_,>9'?_'W_C&,^S;H4N_:/D7>'=[U
M6I=EGZES_FF3?GCV@=/S:_:GX76[YK_DC5Z;\K]BWQZ[UL9AL->'_*ULOYO+
M7]J^@^P3[DS9#+_![JUI374-"8,J_S4>B]-PO(Q/TMB&N0.X#>!S`\`&P"V`
M*S)`V`!Q"P`Z0-H`^>$@R8#$!B1S'90-4!\.XVB-O3N,S29O\^6B-I>@'@OJ
MG/=URQY4-_J[H!N0)NP?#4/>*Y:+]R4'M8C>^T1(LQHUW&I2EV:--9E+LT$:
M$;LT6ZQA+LT3UG"7YAEKX*:)NCZY=0PG.H8/"<`F$.X$0"2`(8&P":2SE5B3
MN$T$82)0@D_#=QI-1HT:-)))GKEM)&$CD8VS`IZQQF.2$";)-(%TEL<SUC"W
MB2),%$K`W0E2(D$ZIRXR(D$VHRZ01GJJMY]H_5S'*(6GG8R<&MB<5V441(S?
M?]D5%DFG:/M)Y$&%44`R1)MTSG7;3R+I\:&89`A*Z:1E^TGDP8514#)$7!*[
MX%]9T4B_2-,X]CA19#*$7<)<3ELK&IT8$UXG"D^&^$RXVTE-G+C7AZ*8I<C'
M1QC%,<OFX,$I2'E\'X\M%B4^'XIDSE`*Z>Q5*Y)CI?A63'+)1(PF'D8YQ2B'
M69U*X<<168ES35Q9T?BR*6?`F*^Y%((<(YBZO>2T8R5(W[K%*08Y9M"YPUIA
MD?*0P2D".2)0.5E_LB)YQ4=ZK2@(.8)0.6%_LJ+1B@GIFY(YQ2I'"ZH"MU,V
MG<`\-D#Q#`A5)9PV5F1M>.J=*(%"&A#2RM=:"E>8M\4E][APG[6-%<GK,$O@
M'M:`XAK$?=8V,.6:R23V=BZ%-<C[Y;(!.:=<**0AN5\N&Y@NJX)YESN@H`8,
MM:_[*5AAUL87*`H!4^BLEK45C2,HN[:J3+F]!(6BP"@ZJV5M1:,79"H1ON55
M4"P*S&+F]IHNKPSB&,"SQ@H*6H%WU.X^M"+[EP^R_]5,-/E(<,Y?]3]Y_5J<
MFN#%M*VIAB\&!V-:W26+OW1U?M3Y_G91ZD/;GZKNO!Z_[HP7K3E?/U;=OI@M
M_P!02P,$%`````@`[I`-1P4F31!(`P``?`X``!D```!X;"]W;W)K<VAE971S
M+W-H965T,C@N>&ULC5?!<ILP$/T5A@\(2"`P'LQ,X]C3'CJ3R:$]$UNVF0!R
M08[3OZ\D9(*(M+4/!J2W^]X*[;+*KZQ[ZT^4<N^CJ=M^Y9\X/R^#H-^=:%/V
M#^Q,6S%S8%U3<O'8'8/^W-%RKXR:.L!AF`1-6;5^D:NQYZ[(V87754N?.Z^_
M-$W9_7VD-;NN?.3?!EZJXXG+@:#(@]%N7S6T[2O6>AT]K/QO:+G%J80HQ*^*
M7OO)O2?%OS+V)A]^[%=^*#70FNZX=%&*RSM=T[J6G@3S'^WTDU,:3N]OWK<J
M7"'_M>SIFM6_JST_";6A[^WIH;S4_(5=OU,=`Y$.=ZSNU;^WN_2<-3<3WVO*
MC^%:M>IZ'6;24)O9#;`VP*/!`C:(M$$T&J`8-(BU03P:8`0:$&U`1H,(9DBT
M03)C"(;%4DO]5/*RR#MV];IA?YQ+N0W1,A$O<^>)]>U].:7>H$04^7N!%V$>
MO$M'!F8]8+#&(!OFR<#$D0VS,?U@&V9K8C[]!"*6,2`,!(25@T@[B.T.(L!!
MI!S$V@$Q5;9#)`,F51@2BI^=)@9H8H,FL=$\Q1,:%*99-&6:ZAF`9`"F29HZ
M)1%`$C$DI59)9,)$L@0O%BY-=R.W9!(FSA8DC9SR$T!^8LBW[:Y'`Y)9`TPF
MLF/Q"YT!)A/9('([16*$$,F<`:9`@*D1H#7"C8&)$SO)`B!9&"29E<3`9(Y(
M,H`D,QQ8*\K&Q&`[B?QVN&M;:+B(K&]1@W3N.%C`"HHF+/,*JC>5QNA,3EP[
M"H"9>J`"B+`1M:,"(J@$HNB>(HJ@\H:,^I81VRM>ST".W8J@FH6,HI6E#A=0
MW4#)7=%"F8G2>Z(U0?;\=8),,5`&(S,],X<+*#]1=L^28"CY</C_)=G,0(X-
M@*'TP]/TBUP9@\&6X:Z>`4,9@R-#!;*FMP8-I08[LQM#>85C@\C:1&UF(%<7
M!>45-IL!>QN$IU]NH`_"UO1K-9,<^&H"I1LVD\3ZJ3<P9/[Y""9=<D.[HSK0
M]-Z.75H^[(1Q=#PT/:HN>SZ.D^5&A/!U1B@0,^J<%7Q2%/FY/-*?97>LVMY[
M95ST]ZI#/S#&J1`>/HA%/8FCX/A0TP.7MZFX[X;#T?#`V?EVUAL/G,4_4$L#
M!!0````(`.Z0#4<[>MISP`,``'@2```9````>&PO=V]R:W-H965T<R]S:&5E
M=#(Y+GAM;(V838^C.!"&_PK*O0>[RGRXE8ZTL%KM'D8:S6'F3"=.!PW@+-"=
MV7\_!IRL&>&"2_.1JGI=\#ZVF_U-MS^ZBU)]\+.NFNYE=^G[ZW,8=L>+JHON
MD[ZJQOQRUFU=].:R?0N[:ZN*TYA45R$P%H=U43:[PWZ\]Z4][/5[7Y6-^M(&
MW7M=%^U_F:KT[67'=_<;7\NW2S_<"`_[\)%W*FO5=*5N@E:=7W9_\.=<X!`R
M1GPKU:USSH-A\*]:_Q@N_CF][-@P!E6I8S^4*,SA0^6JJH9*1OE?6_1_S2'1
M/;]7_VMLUPS_M>A4KJOOY:F_F-&R77!2Y^*]ZK_JV]_*]A`-!8^ZZL:_P?&]
MZW5]3]D%=?%S.I;->+Q-OT3,IBTG@$V`1P(79`+:!/PM(9Q&-O;U9]$7AWVK
M;T$[O8QK,;QS_HSFR1T#TTRW&WX:']<0<=A_')")??@Q%)K%9%,,C#&P%)'/
M(J)'2&@&\!@%$*.`,5_847@*(%$`QP)H"\3+!0110,Q&D,R[;*8NIYADBI$8
M1\FR3D3H1#.==%%GBHG&F">>8,1@62@FA.*9D%P4BATA`,8CSY-/")W$U>%L
M42=Q&XJ9D!Z=E-!)9SI\42=U='@DXY@MZTA"1\YT/`]^F!_\2+$M9N0DE7S=
MCID-LGY$B!+ND:+0X[#NR,P&W2UIM'S>YQ2E'-=-F=D@ZTK&&!<>*8IG+M9]
MF=D@VY:0,?A>%H4TC]:MF?%HYDV&:>J1HJ#F,ZHY>DI0O/)DDSLI%'FZQ9TN
MC"(U+/I&2]'(Y19WRID[99HPCV6`XA;8!G?:(.O.-$FE]$A1?`/?X$X;9-M*
M,$X]TQF02RML<">X?`,7P'U=47C##&\?MD!A"V*+.X'"$:)U=^;@XFAFSD3Z
MGBV%(\3K[LPAGKDS%4SZVJ*XA63=G3FX*ZUQC/2]`PIO2-?-F8.+]Y/9//@6
M'Z#P!KENSMP&3>M<Q&/P3"1(P8TSN+EOBTE!BWR+-Y&"$6'=FQFZ,")/P;/4
M(KDAQG5K9HAS:T;2LR@AQ2R*=6=FZ"ZU9@,!G@D&*;0Q6G=FAK/MLS!=>90H
MLC%>-V:&+MF2"0]L2&&-\_VSSU04KYAN\B7%(<HMOG27V3B*$\^#%12'@FWP
MI7`7V2=,D7L0$!2O@F_PI7`763#_:WD($!36`C;X4LSVT*G9`7J4**P%;O"E
M#9HF3"X1?E_;0N<;P;5X4Y^+]JULNN!5][VNQP\&9ZU[98JQ3P:GBRI.CXM*
MG?OA-#'G[?1A9+KH]?7^G>?QL>GP"U!+`P04````"`#ND`U'0JI00[\"``!A
M"@``&0```'AL+W=O<FMS:&5E=',O<VAE970S,"YX;6R-EDV/FS`0AO\*XM[%
M7X!9$:3=H*H]5%KMH3U[$R=!"SC%SF;[[VL;AT!E*#D$VSPS?CUXQLZOHGN7
M)\Y5\-G4K=R$)Z7.CU$D=R?>,/D@SKS5;PZB:YC2W>X8R7/'V=X:-76$`$BB
MAE5M6.1V[*4K<G%1==7RERZ0EZ9AW9]G7HOK)H3A;>"U.IZ4&8B*/!KL]E7#
M6UF)-NCX81,^P<<2$H-8XF?%KW+4#HSX-R'>3>?[?A,"HX'7?*>,"Z8?'WS+
MZ]IXTC/_=D[O<QK#<?OF_:M=KI;_QB3?BOI7M5<GK1:$P9X?V*56K^+ZC;LU
MQ,;A3M32_@>[BU2BN9F$0<,^^V?5VN>U?T.!,_,;(&>`!H-A'K\!=@9XK0%Q
M!N1ND-C0]$NQ@2B98D7>B6O0]5_OS,PF@8]$AWH7Z-7+T+RR\35$D7\4&*9Y
M]&$<39CGGD&.H3YF.V:@CRBG7K*!B;3*02J:E_J,1@Z05\1_B7)"Q'X->"%<
MV-J3?A%@Q@%9<$"L`]P[0,#O(%YP$(\5H']"W?:1ZIG4,BD!)/91VS$5DXS,
MB$D6Q"03,<@KIF=BRY`L08E7S)A*<4*!CRJ3D>0$D&SF`Z0+DM.)9.R5G([$
M?$E3G'DE3RB($DJ]FB=8K']^S71!,YUH)E[-=#0-A'&&O5]CNPXKZ;J]D2V(
MSL:B(?$[,)5YOC:!-<D"%\L;7)$N#NJ#@I#>6-[033&0T&1&T$(1>X)H1<HX
MR.4,I/[\G5`48/_V<U3J%@=2.*-ZJ>Q!O")K'.1VNJZ.,V&<8"2CWNPJIQC$
M="9OX%*UA61%YCC(10BG>";<J[!RBGEV230ZH!O>'>U-1P8[<6E5?Q(/H\-M
MZ@G9`_Z.%_F9'?D/UAVK5@9O0NEK@CWH#T(HKG6`!UW>3_J^-W1J?E"FF>IV
MU]^`^HX2Y]N%;KA5%G\!4$L#!!0````(`.Z0#4=/HV$MO@,``),1```9````
M>&PO=V]R:W-H965T<R]S:&5E=#,Q+GAM;(V8VXZC.!"&7P7Q``.N,C9NI2-M
M)UKM7JPTFHO=:SIQ$C2`LT`ZLV^_YI",W6-;[HOF]%?Y=U%\P6SNJO\^7*0<
MDQ]MTPVOZ64<KR]9-APNLJV&+^HJ.WWEI/JV&O5A?\Z&:R^KXQS4-AGD.<O:
MJN[2[68^][7?;M1M;.I.?NV3X=:V5?_?FVS4_34EZ>/$M_I\&:<3V7:3/>..
M=2N[H59=TLO3:_H;>=DC3I)9\7<M[X.QGTSFWY7Z/AW\>7Q-\\F#;.1AG%)4
M>O,A=[)IIDQZY'_7I#_'G`+-_4?VW^?I:OOOU2!WJOFG/HX7[39/DZ,\5;=F
M_*;N?\AU#L64\*":8?Z?'&[#J-I'2)JTU8]E6W?S]KY<88\P=P"L`?`,*/-@
M`*X!^`R`\`AT#:"?`K)E*G,A]M58;3>]NB?]<O>NU=0DY(7J4A\2/?LAG2[-
M]9T4V\W'%J'89!]3(DNS6S0P:XA+L3<5".RIR;2#IPWPV]B!E8`[![$UI7L0
M#,P5YP2X)A#N!#20@,X)Z)P`V*=B=<M,%DVQ:HAPB?:FB"!ZK!0!*X5A!3%W
M%>S-U(#3R&Z1\%E"]5]>.OV:,B"$%!['+."868Z)TPXSQBD$@])MQY2!*`N.
M;CL\8(=;=L"=H`PD*&.Z2002B(AN$F:C$$!G.4P1]373Q$`_!?)0.ZU>5M%:
M]ESDE#GM6#H.W'B<;4=!+I&(=EE%JR/&1>DND*435`A/OQ`GHKK5$1AE-DID
M9PCQAT0!B(0(1&(01$R\T-QSERQ0H>\>A1A$@A!ZF#'9P9A@;B):,F2BH!Y#
M(<20&,80DQXE!P%N0Q:+D'N?*R=D'CW#C2(S7\^$*$.B,$-"G"$QH"$6:01U
MU\04"8\7"($&8D`#%F@$(\X;N;=D!$OJ,Q3B#,1P!DQ^H&"4NPV9,L(Y\[T(
MA3`#)F:$IV4@A!F(P@R$,`,QF`&3(`6Z6\828>'YG8409B`&,V#R@W.:>VY1
M83W5HO1P#T*8@1C,@,D/DG.DSBKN+9UN&4$\CD(O,V"_S7A^WB`$&H@"#81`
M`S&@`9,AR-SPM41`/%V#(=)@#&G01`@CR-WWR)(A,NHS%"(-QI`&[3>5'-SH
MLV1%H=GG,10B#4Y+J5]#@BLH#"PIUE6'I?GE@<^,Y6DK^_.\SA^2@[IUX])]
MS[//;PEO,"UO/Y]'>-FAZXIVH*_,GQ^RGT-L-]?J+/^J^G/=#<F[&O7">EX:
MGY0:I3:>?]%LN,CJ^#QHY&F<=KG>[Y=O!LO!J*Z/3R#/[S#;_P%02P,$%```
M``@`[I`-1X#*:'WM`0``RP4``!D```!X;"]W;W)K<VAE971S+W-H965T,S(N
M>&UL?93;CILP$(9?Q>(!8LZ0B"!UJ:KVHM)J+]IK!TQ`:V-J.V'[]O6!I+`R
MW,2G?WZ^F8E=3(R_BPYC"3XH&<39ZZ0<3Q"*NL,4B0,;\:!.6L8IDFK)KU",
M'*/&!%$"0]]/(47]X)6%V7OE9<%NDO0#?N5`W"A%_.\+)FPZ>X'WV'CKKYW4
M&[`LX#.NZ2D>1,\&P'%[]KX$IRK7"B/XU>-)+.9`LU\8>]>+'\W9\S4")KB6
MV@&IX8XK3(@V4A_^,WO^_Z0.7,X?[M],MHK^@@2N&/G=-[)3L+X'&MRB&Y%O
M;/J.YQ02;5@S(LPOJ&]",OH(\0!%'W;L!S-.]B0+YS!W0#@'A,^`(-T-B.:`
MZ%,`M&0FKZ](HK+@;`+<]F)$NN7!*5*5JX%*1GCZR)1+*\KB7D917,"[-EII
M7JPFG#6)2U-M::!B>(*$.R"A,8B,01!G;H-HQR`R!O%,D*XI!YN)U1R-QC]D
M+DUE-9D%<6/$.QCQ"B-S%G2I">/46=`MS0HDV0%)%@;!<:.@Z8Y!NNA(Y&\0
M9#L&V:H4N;,C5I-83>QLR(9DA9'O8.0KC*,3(U_\,9)#X.38TE@0N+AW([KB
MGXA?^T&`"Y/J"IM+V#(FL7+R#ZHWG7I9GPN"6ZFGF9IS^]C8A63CX^E\OM_E
M/U!+`P04````"`#ND`U'$P;UMC8"``!+!P``&0```'AL+W=O<FMS:&5E=',O
M<VAE970S,RYX;6R-E<ENVS`0AE]%T+W1OAFR@,A&T1X*!#FT9UJF+2&DJ))T
ME+Y]N<@R%="*+^:B_Y_YAB:&Y4CH&VLAY,X'1CW;NBWGP\;S6--"#-@3&6`O
MOIP(Q8"+)3U[;*`0')4)(R_T_=3#H.O=JE1[+[0JR86CKH<OU&$7C`']5T-$
MQJT;N->-U^[<<KGA5:4W^XX=ACWK2.]0>-JZS\%F7TB%$OSNX,B,N2/9#X2\
MR<7/X];U)0)$L.$R`A##.]Q!A&0@D?CO%/.64AK-^37Z=U6MH#\`!G<$_>F.
MO!6PONL<X0E<$'\EXP\XE9#(@`U!3/TZS85Q@J\6U\'@0X]=K\91?TGRR68W
MA),AG`UAL6J()D/TJ"&>#/'-H(]&EZ(.8@\XJ$I*1H?J/V\`\HX$FU@<=>.(
MZIDK/ZGSE8JJ?*^BV"^]=QEHH:FU)M2:(+=I=J8FF!6>()@QPOL8=6BFB`-K
MB@<T>U,3YI$=)%HYCT@%B'0=B6\/$*\$B%6`>*(,EY2]KD1K$DUI3Y&LI$@6
M*2);BEIK,EV'[ULQ[FD6(.D*2/IUK75JU)K$5HX[D@5&MH*1+3"L.>K,J+7P
M/U_B">01T=X4!5&0VGGS%=Y\P9M8>7/K%3%A3<6=BUZL0!0+B-0*41BE?LNL
M%`M)\0G#,WH1AO2LFCIS&G+IN6XZ\^[\;CR'JI?=Y%4Y@#/\!>BYZYES(%QT
M1-733H1P*!C\)W&16_&RS0L$3UQ.,S&GNMGK!2?#]>F:W\_J/U!+`P04````
M"`#ND`U'_/M)'RX#``"F#@``&0```'AL+W=O<FMS:&5E=',O<VAE970S-"YX
M;6R-5]N.FS`0_17$!RQXS"T106H25>U#I=4^M,]LXB1H`:?@;+9_7]L0UL["
MA#P$L,\,QS-SC">]\N:M/3$FG(^JK-N5>Q+BO/2\=G=B5=X^\3.KY<R!-U4N
MY&-S]-ISP_*]-JI*#WP_\JJ\J-TLU6//39;RBRB+FCTW3GNIJKSYMV8EOZY<
MXMX&7HKC2:@!+TN]P6Y?5*QN"UX[#3NLW&]DN:6@(!KQNV#7UKAW%/E7SM_4
MP\_]RO45!U:RG5`N<GEY9QM6ELJ3?//?WNGG.Y6A>7_S_ETO5])_S5NVX>6?
M8B].DJWO.GMVR"^E>.'7'ZQ?0Z@<[GC9ZG]G=VD%KVXFKE/E']VUJ/7UVLW$
MM#<;-X#>``:#Q$<-:&]`!P,2H`9!;Q#<&7C=4G0@MKG(L[3A5Z?ILG?.59&0
M92!#O7/DZEM73>GX*D26OF<TB%/O73FR,)L.`QH#8XBMA0@'B"<)#"P`80':
MGO8LDG$'%'%`M8-`.R!!-$9R;6)@84/J;J4=)-:00/[\9`RV-6%`"`D7XXP#
MA'%@+7G"08@X"(WET%&>FPX2=E$):>('H\NQ83!%)D+(1":9T2I:1X_#'QEQ
M)20RPV+R-6%)$,43?&.$;VSR#?UQ!PGB()E3L0O$P6*B8BT':N.:EJX_IX0(
MJGXR7D2V!TRY!,8S;WO`I$NHE0LRX0+3$@GF9(-@:B+AK'Q@&B#1K'Q@94GB
MQZ+N,?$C5=_A)F5-L#(G"2+L&Z'$W#^F96OA$-T23#9D854+3'QK,-V`/Z=:
M`-,-D(EJ,>/2@[H$A#ZAT7A<+!S0,`(Z00G]A,*<Z@-,B4!G[`:`"1&"&;L!
M8#H$Z[,63D4"TR%$L_*+Z1#B.?DU!8:<%BP<=EP`3(F0S,HOIAU8/-Y=>LS#
M,\,=;G)WH9@2J?]X=^DQ#P\%%@[97>BHKNN>D#H(?S7!=$?-#^#]N>9V\C0Q
M7_8LSSBQ5ZPYZM:G=7;\4HLNX</HT%ZM=3-T/T[)<D/'9B0#.:,[,N_S%5EZ
MSH_L5]X<B[IU7KF0O8;N%@Z<"R:)^T]2C2?9-`X/)3L(=1O+^Z9KH[H'P<^W
MKG!H3;/_4$L#!!0````(`.Z0#4><#[W4)`(``(,(```9````>&PO=V]R:W-H
M965T<R]S:&5E=#,U+GAM;(U6VXZ;,!3\%<0'+-C<0D20FJU6[4.EU3ZTSPXX
M`:W!K.V$[=_7-H3&*[#\@F]S9LXY,#+%2-D[;S`6WF='>G[P&R&&?1#PJL$=
MXD]TP+T\.5/6(2&7[!+P@6%4ZZ".!#`,TZ!#;>^7A=Y[965!KX*T/7YE'K]V
M'6)_CYC0\>`#_[[QUEX:H3:"L@B6N+KM<,];VGL,GP_^-[`_@EQ!-.)WBT?^
M,/=4\B=*W]7B9WWP0Y4#)K@2B@+)X8:?,2&*22I_S*3_-57@X_S._J++E>F?
M$,?/E/QI:]'(;$/?J_$978EXH^,//->0*,**$JZ?7G7E@G;W$-_KT.<TMKT>
MQ^DDR^>P]0`X!\`E`,8Z\4E(I_D="506C(X>FWH[(/4*P1[*1E2>S(W[ZDA7
MKQ!E<2NC)"Z"FR(R,,<)`S4F319((.D7#6C1@#H^FC4V""(+0:0)XID@74W2
MQ&3K(K%%)#8(=NL$B84@<2DSM1"D1@;Y:ID&)@W713*+2&80@%41$P/71786
MD9U!$*T3Y!:"W*67RG3;'W;HT$T3E,8;.E8#`8>&?@%MU6,S$8`&1;I!8;,1
MB)RZ:C,)B%VZ:H#2#2\"FY=`XM)5$[1A66"S'##]E&]0V`P%,J>NVNP"=BY=
M?03!9"M5FZM`[M+5W.K^X.%^&=`%_T+LTO;<.U$AKRI]V9PI%5A2A4_R!37R
MCV!9$'P6:IK).9ONR&DAZ'"_\I?_CO(?4$L#!!0````(`.Z0#4<<[1.=PP(`
M`"\,```9````>&PO=V]R:W-H965T<R]S:&5E=#,V+GAM;(V749.;(!#'OXKC
M!SA%1+T;XTR3V&D?.G-S#^TS24CBG$JJ)+E^^X*2%*Y`>#E!?[O\EUTV7'FE
MP_MX)(0%'UW;CXOPR-CI)8K&[9%T>'RB)]+S+WLZ=)CQZ7"(QM-`\&XRZMHH
MB>,LZG#3AU4YO7L=JI*>6=OTY'4(QG/7X>'/DK3TN@A!>'OQUAR.3+R(JC*Z
MV^V:CO1C0_M@(/M%^`6\U*`0R$3\;,AU5,:!$+^A]%U,ON\682PTD)9LF7"!
M^>-"5J1MA2>^\F_I]-^:PE`=W[Q_G<+E\C=X)"O:_FIV[,C5QF&P(WM\;MD;
MO7XC,@8D'&YI.TY_@^UY9+2[F81!AS_F9]-/S^O\)8^EF=D@D0;)W0"D3@,H
M#:"O02H-4E\#)`W0)X-HCGW:N35FN"H'>@V&.=TG+*H*O"">FVW`MVL,Q:<I
M(8*HRDL%\[B,+L*1QBQG)I$,,#$KE4E,Q/HA46L$NB,1#^,>2^*()9GLH=29
MF!U`AP,X.4AG`2DR!JHSF3%4&Z,)21U"4L4!S*&^2#\+F9E\8E`,"EB8L+4?
M5JM8DB<Y*LRJD4,U4E2GP"AZ1I!<!L+"+-H/JU4,Q"#-+:(SA^A,$0T@,JK.
MU#U,86;4K$+/<6[)>NZ0DJME@RSU6S@<%#X'X-GAX-GC`&@,@L8#8&,T(:*-
MV_M2['$$)"2KMHAC8V*\J%I2LN82A=)%.YLI>'P")#.O`VV2/:!:@^R"71T3
M)![5+Z'<K3C1^HQ-C*O[`JBE/+6X</5-D/J<`.!J8@`]/@/+3Y#Q5V#E`ZVM
MD*[8U<%`INV;,8E+H+8G1WF[^A/(M86,;7`E(5D(F:U<?*A:IU*K:%=/!(5/
MB1?J[M@TJ]#_8B+EXG7"!_(##X>F'X,-9?P.-]W"]I0RPEW%3SSK1WY[OT]:
MLF=BF//Q,-]GYPFCI]OU_/X_0O474$L#!!0````(`.Z0#4<OK/IDJ`$```,$
M```9````>&PO=V]R:W-H965T<R]S:&5E=#,W+GAM;'U3VT[",!A^E:8/0+?!
M`,E8(AJC%R;&"[TNVS_6V,-L"].WMX<QP2`WZ_^WWZGM6O1*?Y@6P*(OP:59
MX];:;D6(J5H0U$Q4!]*M-$H+:EVK=\1T&F@=2(*3+$GF1%`F<5F$N1==%FIO
M.9/PHI'9"T'U]P:XZM<XQ<>)5[9KK9\@94%&7LT$2,.41!J:-;Y-5YO<(P+@
MC4%O3FKDLV^5^O#-4[W&B8\`'"KK%:@;#G`'G'LA9_PY:/Y:>N)I?51_"+MU
MZ;?4P)WB[ZRVK0N;8%1#0_?<OJK^$88MA(25XB9\4;4W5HDC!2-!O^+(9!C[
MN+),!MIE0C80LI&09B%X-`HQ[ZFE9:%5CW0\VH[Z&TQ7F3N("KEL!ONEL'N/
M*(M#.5TL"G+P0F>83<1D`V8Y8HC3'TVR*R99$)A&@61^66!Z16`:!&9#@IOS
ME#*FC)@\8-+\GY2S*R:S4Y-E<M$D8FX"9C:?_..27W')SUS2BRX1LXB8O\=%
M3BZXHSMXIGK'I$%;9=V_$FZ[4<J"$THF3JEU+W)L.#36EPM7Z_B3QL:J[OCD
MQG=?_@!02P,$%`````@`[I`-1P\%7*<<`@``@08``!D```!X;"]W;W)K<VAE
M971S+W-H965T,S@N>&UL?97+CILP%(9?Q>(!QMPA(X(TH:K:1:71+-JU0YR`
MQL;4=L+T[>L+8?#((8OX]O_'WS'F4$V,OXL.8PD^*!G$/NBD')\A%&V'*1)/
M;,2#6CDS3I%40WZ!8N08G8R)$AB'80XIZH>@KLS<*Z\K=I6D'_`K!^)**>+_
M#IBP:1]$P7WBK;]T4D_`NH*+[]13/(B>#8#C\SYXB9Z;4BN,X'>/)['J`\U^
M9.Q=#WZ>]D&H$3#!K=01D&INN,&$Z$!JX[]SS,\MM7'=OT?_;K)5]$<D<,/(
MG_XD.P4;!N"$S^A*Y!N;?N`YA4P';!D1YA^T5R$9O5L"0-&';?O!M)-=*<+9
MYC?$LR%>#%&^:4AF0_+%`"V9R>L;DJBN.)L`M\]B1/J11\^).KD6J&1$H)?,
M<6E%7=WJI(PK>-.!',W!:F*CB7R*9JU(XGS10$6P8,2/,0[Q*H`7HG$4F7^'
M9"/1Q/B3.='$'R#=")":`.D<(/6>E*O)O(D\TC@@V09(Y@3(W4T&"V(UA3VM
M4/]\LF9#YN#D&SBY@U-X<:PFLS<H2\HP]>*XLCC=^6F*#9K"H2F]-,4ZZS3*
MRYV7QI$E:?[@;,H-FM*AV7GOC*/9A=X[\TAC0>#JE:>87TPI%*!EUT':=WN9
M7:KM2VQ*QJ>\KD9TP;\0O_2#`$<F5>$QI>/,F,0*(GQ2MZ53WX-E0/!9ZFZA
M^MR62#N0;+P7_.6K4_\'4$L#!!0````(`.Z0#4>\?]&8?`0``(X<```9````
M>&PO=V]R:W-H965T<R]S:&5E=#,Y+GAM;(V9VX[;.`R&7\7(`\262#GQ(!.@
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M'M-KWGQSMR]V?`;3&=R[O.[_!_MKW;CBWF01%.F/X3<K^]_;<&>%8[/Y!GIL
MH!\-UA';`,8&\&B0]`\Z.-8_UA]IDVXWE;L%U3`6E[0;<O4";>#V0?LL]:*[
MU4>K4VPW'UM(U";\Z`QYFK=!HWM-;!Z2L#7_Z$,S?>B^/8Y]Z'D#P!B`W@`,
M!M8P;P`9`^AY`'-/N9MJ=.)+RB$0@\0,DLBLYATQC"/&<P1G'3&_=V20K'H)
M$B,2,V[$GAMFUHV8<6-,#-],-._'BO%CY1F(YPVL&0-K268DC(%$D!G)[P<D
M\3,#YQWIJ$)78B3(#4]$^#)JDB$[U)(H.,5B00DRQ!,1*?)DB"@9Q>%#^?Q8
M$R8X@"@1012'$"5AB!)`1*$L5SB,*`E'E``DHV;(%3!+H@05!Q,EH8D2X.3)
M4$+XP@%%38F"$8$DQ2%%B9BB.*@H"54\$49J?GR>P$+4C^;`HB5@\424-Z-H
MF'>(.M0<5K0$*Y[H%U?&7'D2$8S3[+)$>R:(@=8<5[2(*YKCBI9PQ1.1HR,#
MB^;`HB5@\42D-U.R*%A2F<N114O(XHG(=/%%5&@XM&@?+=0ZF$.+%J%%<VC1
M$K1H"5JT;,T"'%I`@A:0H`6FBY;U,DZ\/\(U#C4@00U(4/,DHN+$H09\U!"S
M++#O0"+4`(<:D*`&)*@!V9L0<*@!"6I`@AJ8O@X1TQ)PG`$)9T#"F2<1]:[+
M<09\SE"AY3@#(LX`QQF0<`8DG`$99Y#C#$HX@Q+.X)0S]+2$'%I0@A:4H`5%
M:$$.+>BCA4A_Y-""LN\K[`<6T1<6"5I0MHI!#BTH00M*T(+358QP6D(.-2A!
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M;O\'4$L#!!0````(`.Z0#4?&`.9)Y@(``#(,```9````>&PO=V]R:W-H965T
M<R]S:&5E=#0P+GAM;(U7RV[;,!#\%4$?$''Y$*7`-E"[*-I#@2"']JS8M"U$
M$EV)B=._+RG)+A60!"_6:W9WEIP=T*NK[%^'LQ`J^6B;;EBG9Z4NCUDV[,^B
MK88'>1&=_G*4?5LI_=B?LN'2B^HP!K5-AA'*L[:JNW2S&M\]]9N5?%--W8FG
M/AG>VK;J_VY%(Z_K%-+;B^?Z=%;F1;999?>X0]V*;JAEE_3BN$Z_P.,.4P,9
M$;]J<1VL^\20?Y'RU3S\.*Q39#B(1NR525'IR[O8B:8QF73E/W/2_S5-H'U_
MR_YM;%?3?ZD&L9/-[_J@SIHM2I.#.%9OC7J6U^]B[H&9A'O9#.-OLG\;E&QO
M(6G25A_3M>[&ZW7ZPF$.<P?@.0#?`X`&`\@<0#X%9!.SL:^OE:HVJUY>DW[:
MC$ME]AP>B5ZY?:*;&5+S:5PN@]BLWC<4\E7V;A(M,-L)@T<,=B%V"P2[0S)-
MX,X"!UC@,9Z,\:0@[@0DD(",">C<!E^2[*8V)@P?,<#+`A4NV&X!PYRQTDV'
M!NC0!1UGG>V$85,=R`DMG71L6$%S[F'#`FS8@HVSS)9993`M./?L8AZHD]MU
M,'+6R>VN,12$NNOP0!V^J`/N!$4@01$CMS*0H(R06VEUR@H"Q+F]2U2)/,MN
M#,D_PRA";C.(W2:]`">?)8PBRQ*6A(*F`A&*FT&SLH%Z6P\9!^`(S<V@N2>&
M$/)4"CD,+"P&8T^*D"L`C=$=A$896(3RP![FO"#<[2R?8#GSC"*$9A[R&.W9
M4T]*0JF;4&Y9+T5Y[ENAD#D`C]$>MPB5P(A/>R$7@2)&>\5B[*#TV!6$[`86
M?H,]RX)#'H%1C/9P:*HQ1&@/VU/-"/C\`P>/`SA"5-B>:L((]L@7AZ8:DPBU
MS*"I$M=>[COAA(8?TPBUS"`^]Y33S_N46:>[2W42/ZO^5'=#\B*5/BB.1[VC
ME$KH9.A!S_=9'^#O#XTX*G/+]7T_'6FG!R4OMQ/Z_6_"YA]02P,$%`````@`
M[I`-1V>"(;;S`@``+`X``!D```!X;"]W;W)K<VAE971S+W-H965T-#$N>&UL
MC9?+;J,P%(9?!?$`!5^`I")(3:/1S&*DJHN9-4F<!!5PBIVF\_:##2$XLH^\
M";?_7'[CC]CYE7<?XL28#+Z;NA6K\"3E^3F*Q.[$FE(\\3-K^R<'WC6E["^[
M8R3.'2OW.JBI(QS':=2451L6N;[WUA4YO\BZ:ME;%XA+TY3=OS6K^745HO!V
MX[TZGJ2Z$15Y-,7MJX:UHN)MT+'#*GQ!SQM"E40K_E3L*F;G@6I^R_F'NOBU
M7X6QZH'5;"=5BK(_?+%75M<J4U_Y<TQZKZD"Y^>W[#^TW;[];2G8*Z__5GMY
MZKN-PV#/#N6EEN_\^I.-'A*5<,=KH7^#W45(WMQ"PJ`IOX=CU>KC=7B2+,<P
M>P`>`_`4@%(P@(P!Y!Z0@`%T#*#W`#W6T6!%#\2FE&61=_P:=,/;.Y=JDJ!G
MV@_U+NC=BU`]TN.K%$7^55!,\^A+)3(TZT&#1TUBT[S.-6A21'T'4QO8W<8:
M&R52:XFY!ML4&T.1V+L@P&`0'4]T/%D0>P(*)*`Z`1UM9%8;IF9A+Y(`11(C
MP=*>(`42I#XV,R!!-N^`Q-9)D_G87`!%%D819"UB:K"]R!(HLIPE($O[U#8U
M5K<;E\9H1'V&W"#&AA?'6T$@R\CGQ2*`PQ>$C2X<WP-3Y``-0:0A8J2P`K]^
M$#E>+X*`1`9M)'.D@'!#B=>H0L"A=#X]L@>W[>AV$&7#URMVS2&(2V2"Z8`.
M0=2AA9=;B"DTAP$[H'H0.5K%$#'8),;Q(<00,=B+&`P1@[&'VP>1RRU$##9@
MH([I@2$8,/5R"\&`$Q^WB9=;B!B<&FY=*PH(!IQYN85@P`L?MZ8H==2!B,%+
MPZWC0T<@&$CLXY9`,!#DX?9!Y'!+(&*(\?=!7:V""S6OE1J!8"#4QRT%W4:S
MM7;#NJ/>M(A@QR^M'!;5T]UI8_2"]5K]+B_R<WEDO\ON6+4BV'+9K_CUFOW`
MN61]%_%3S].IW[I-%S4[2'6:]>?=L)D9+B0_W_9FTP:Q^`]02P,$%`````@`
M[I`-1U3/=QXJ`@``GP<``!D```!X;"]W;W)K<VAE971S+W-H965T-#(N>&UL
MC57;CILP%/P5Q`<L&#"7B"`U5%7[4&FU#^VSDS@!K<'4=L+V[VL;A\+*6'G!
MMSGC.6..78Z4O?,&8^%]=*3G>[\18M@%`3\UN$/\A0ZXERL7RCHDY)!=`SXP
MC,XZJ"-!%(9IT*&V]ZM2S[VRJJ0W0=H>OS*/W[H.L;\'3.BX]X'_F'AKKXU0
M$T%5!G/<N>UPSUO:>PQ?]OX7L*L!5!"-^-7BD2_ZGA)_I/1=#7Z<]WZH-&""
M3T)1(-G<<8T)44QRYS^&]/^>*G#9?[!_T^E*^4?$<4W)[_8L&JDV]+TSOJ`;
M$6]T_(Y-#EKAB1*NO][IQ@7M'B&^UZ&/J6U[W8[32I:;,'M`9`*B.<"-CPT^
MGO&%SG/2I;/ZB@2J2D9'CTU',2!UXF`72]].GDR%^VI)FZ4057FODB0I@[LB
M6F$.$R;2F!3:(/4&))`*9AF10T:DXV,C8X,@=A#$FB`Q!.E:9#_E,6$RC2G"
MT+Y)XM@D66V2V0F@@P`^DV;J($B?2'/"0(W)H153IPLK0!I&=B690TFV4I+;
M"7('0?Z,%X6#H%@I**Q>%"LO@-6+)0;`<.-8U86P747A4@O<^+6`LQ#!,WX`
M5Q&!:*7"FNW!@,S16PTQ$.-(L:'$58U@58YPX_<"KEH#R5-^N*H-P)6*V)XL
M7/@1?]HE6%RF`[KBGXA=VYY[1RKDM:QOU@NE`DNB\$42-?*UG`<$7X3J9K+/
MIO=C&@@Z/)[#^4VN_@%02P,$%`````@`[I`-1S/(^292`@``A0D``!D```!X
M;"]W;W)K<VAE971S+W-H965T-#,N>&ULC59=CZ,@%/TKQA\P"G[T(]9DQ\UD
M]V&3R3SL/M.65C,H#M`Z^^\7T+JE`<:7"GKNN>=>.(5BH.R=UQB+X+,E'=^%
MM1#]-HKXH<8MXD^TQYW\<J*L14).V3GB/</HJ(-:$L$XSJ,6-5U8%OK=*RL+
M>A&DZ?`K"_BE;1'[^XP)'78A"&\OWIIS+=2+J"RB.>[8M+CC#>T"AD^[\!O8
M5C!6$(WXW>"!WXT#)7Y/Z;N:_#SNPEAIP`0?A*)`\G'%%29$,<G,'Q/I_YPJ
M\'Y\8W_1Y4KY>\1Q1<F?YBAJJ38.@R,^H0L1;W3X@:<:,D5XH(3KW^!PX8*V
MMY`P:-'G^&PZ_1S&+QF<PNP!<`J`<\`Z]@8D4T`R!X!45SHJTW5]1P*5!:-#
MP,;%Z)%:<[!-9.<.@2R&A^J3;I="E,6U3+.TB*Z*R,`\CQBH,7`-;)C*P,R(
M2"J894"/#*C#TTE&9B=(/`2))DA&@M1!D'H(4D-!;FV$B5G9DV2>))E!L+8F
M,3$;:[==&$-([A&2WQ/DL56(B;$ONPMC"%EYA*P,`F@58F(2>Y*U)\G:(+!O
M<A/CV$`;3Y*-09#;"=0?B]N+\9)-#+QV!@NV\0/(L8^!SZ_`,&SNHO`Y%BRR
M+/!Y%MP;$FXR>[4FR&JZR@DRQ?B\#3*#(G50^%P)\D4M\?D)K):TQ`2Y]JK/
M4L#TBZMA/L.`S9)JH<\Q,/ZZVNH!]%AM='=@]NB,?R%V;CH>[*F09Z\^/4^4
M"BRIXB>YQK6\$\T3@D]"#5=RS,9;PC@1M+]=>N:;5_D/4$L#!!0````(`.Z0
M#4=6W_H7?@(``!8)```9````>&PO=V]R:W-H965T<R]S:&5E=#0T+GAM;(U6
MV8Z;,!3]%<0'C%G,%A&D)E'5/E0:S4/[[!`GH`%,;2=,_[Y>2`8:X_(2O)Q[
M.->'W.M\(/2=51ASYZ-M.K9U*\[[#0"LK'"+V`OI<2=VSH2VB(LIO0#64XQ.
M*JAM0.!Y,6A1W;E%KM9>:9&3*V_J#K]2AUW;%M$_.]R08>OZ[GWAK;Y47"Z`
M(@>/N%/=XH[5I',H/F_=+_[FX$,)48B?-1[89.Q(\4="WN7D^VGK>E(#;G#)
M)042CQO>XZ:13.+-OT?2SW?*P.GXSOY5I2OD'Q'#>]+\JD^\$FH]USGA,[HV
M_(T,W_"80R0)2](P]>N45\9)>P]QG19]Z&?=J>>@=U)O##,'!&-`L#8@'`/"
MSP`K'HYX.,<#G8@ZA@/BJ,@I&1RJO>N1_$3\#10'73HB=^;*+76Z$E'DMP+&
M60YNDFB&V6M,H#!Q9((<%B!`*'C(""PR`A4?:AF)9R8(+02A(H`C@3\7V>D\
M-"92F-"/0L^$.DQ1418N90,M8N!,3&`ZL=T4$V1&O1J2C-[$1K533!I#L];(
MHC6::H6QF2"V$,1KK$LL!,D*ZY*)*4&69&;KIJ@H2I/$+":UB$E76)?^W[IT
M:ATTYG288E)_P;K,HC6;:0W-!++R+?_[O37F^=8"XJ^P;P1I9_P$FNV;H4*8
MI@MR;(7$#U88.`,M.#ABM#U!9!8\Q41+IV<L6]TH5Q[]<XBMN/BVRG%/<%Z!
M_OVVP*1'M)A>5*ME3DFN'==?PV/UT<YWJOD^K8>;O<CA>4=($#OJ!@`^7U'D
M/;K@'XA>ZHXY1\)%<U/]Z4P(QT*Y]R+J424N*8])@\]<#A,QIKIMZPDG_?T6
M\K@*%7\!4$L#!!0````(`.Z0#4>A7I*.X@(``(`,```9````>&PO=V]R:W-H
M965T<R]S:&5E=#0U+GAM;(V7VW*;,!"&7X7A`0("<?)@9AI[.NU%9S*Y:*]E
M6[:9`'*1'*=O7QTPD1))X<:`]._JD]A=UO6-C"_TC#$+WOINH.OPS-AE%45T
M?\8]H@_D@@<^<R1CCQA_'$\1O8P8':11WT5)'.=1C]HA;&HY]C0V-;FRKAWP
MTQC0:]^C\=\C[LAM'8+P/O#<GLY,#$1-'<UVA[;'`VW)$(SXN`Z_@=465$(B
M%;];?*/:?2#@=X2\B(>?AW48"P;<X3T3+A"_O.(-[CKAB:_\=W+ZOJ8PU._O
MWK_+[7+\':)X0[H_[8&=.6T<!@=\1->./9/;#SSM(1,.]Z2C\C?87RDC_=TD
M#'KTIJ[M(*\W-5/&DYG=()D,DMD`0J]!.AFDLP'PKP`G`_C!(%);D0>Q10PU
M]4ANP:C>W@6)(`$KR(]Z'_#=TU!,R?,5BJ9^;6"1U=&K<&1H-DJ32$UNE6P=
MDH@3S!B)!R.1]NF$$=L=I!X'J70`)P?`A!S4/I0FDYHRCF.;:.L4&2C0@P(-
ME-R*HC2%U`!064E<&@,D\X!D!DAA!<FT15+[B>B2K+!CY!Z,W,`H[0X*CX-B
M27"4'@>E+SB4YE'7)-87LBFUT,A=\>,4&;25A[8R:"LK;?4U;:6'3V9E=4@,
M4E$[W=4C]L7ZQ&J('+"31J%4]I-U:4Q<;[$#OHRXXX(%N$!#25([KJZ!KM/U
M%460Z+BE:\>^L@C2);D#?.4,P`798XA<AP:UU$A<^>-6F<B^P@>R!2EDB%S(
M2E.J#($/B3V//#(3VE<F0;XDE_(%T+D>G/9OBTMCXOJ*,BB6Y%*Q`+?04*P?
MJ:TA`8F#UOH%&"9:\6X^F_C*,/#5V/O^C%I=@@]DD=:+]7@\R::6!GMR'9A*
MRGET;IP?99O[:;Q<;?@>/L]P!#XC>^WH?8FFOJ`3_H7&4SO08$<8[R)E'W@D
MA&%.'C_PD#WSOP/S0X>/3-P6_'Y4#;)Z8.1R[_?G/QW-?U!+`P04````"`#N
MD`U'[3.<9:8"``!O"@``&0```'AL+W=O<FMS:&5E=',O<VAE970T-BYX;6R-
M5MMNXR`4_!7+'U`;?*\<2TVCU>[#2E4?=I])0A*KMDF!--V_7RZ."Q70YB$&
M>\Z9.6..H;T2^L).&//H?1PFMHI/G)_ODX3M3GA$[(Z<\22>'`@=$1=3>DS8
MF6*T5T'CD,`T+9,1]5/<M>K>$^U:<N%#/^$G&K'+."+Z;XT'<EW%(+[=>.Z/
M)RYO)%V;+''[?L03Z\D447Q8Q0_@?@-3"5&(/SV^,F,<2?%;0E[DY-=^%:=2
M`Q[PCLL42%S>\",>!IE),+_.23\X9:`YOF7_H<H5\K>(X4<R_.WW_"34IG&T
MQP=T&?@SN?[$<PV%3+@C`U/_T>[".!EO(7$THG=][2=UO>HG53.'N0/@'`"7
M`.V$-R";`[*/@"H8D,\!^1*0J4H278HR8H,XZEI*KA'5;^^,Y"(!][FP>A>)
MZEDL'RE_):)KW[J\AFWR)A-9F+7&0(V!A0OS:&(R4+LP&Q,#%D0B5"Y2H5_J
M&IHRZLPIP\;D3ADVIG`+R0*>92I!IA-4J3M!'DB0JP3YK*!TJK0PI<>N(D!2
M6"2533)INS2F4I@FE3\W3QG@*2V>VLE3&CQY@*<*\%063^/DT9A"86!3-1Z:
M.D!3FS1&`H-F4QOE%/YJF@!-8]%X7J_\;OD[-_W.,@3!Y@>6"NCT=`9I4X']
M\DQ30CA;4J#)'P"T)&5N*FA091Z64`>#S&+)/2E"/0SR;]D?ZE!@M6A3N&I=
MSZ!Y3?M-#;4H,'LT2SU?>1ODLS74HL#JT:;TI`BU'ZB_96NHM4#SM:V;&?25
MK3#4@3#]VM;-)]!G6Q-CNQXQ/:IS#XMVY#)QO2\O=Y>SU0-4V_T'O&O/Z(A_
M(WKL)Q9M"1>'!K7M'PCA6*A([\0J.HG3WS(9\('+827&5)^'](23\^UXMYPQ
MN_]02P,$%`````@`[I`-1V`8H;'``0``G`0``!D```!X;"]W;W)K<VAE971S
M+W-H965T-#<N>&UL?93+;J,P&(5?Q?(#U%Q":"*"-&4TFEF,5'71KAWX":@V
M9FPG=-Z^OA`*$F43W[YS_F/C.!N$?%<-@$8?G'7JA!NM^R,AJFR`4_4@>NC,
M2BTDI]H,Y86H7@*MG(@S$@7!GG#:=CC/W-RSS#-QU:SMX%DB=>6<RO]/P,1P
MPB&^3[RTET;;"9)G9-)5+8=.M:)#$NH3_A$>B\02#GAM85"S/K+9ST*\V\&?
MZH0#&P$8E-HZ4-/<H`#&K)$I_&_T_"IIA?/^W?V7VZU)?Z8*"L'>VDHW)FR`
M404UO3+](H;?,&[!)2P%4^X7E5>E!;]+,.+TP[=MY]K!KZ2/HVQ=$(V":!(<
M-OEXY.,E3WPNMZN?5-,\DV)`TG^)GMH/'AYC<VXE,EM1V"ZYP[)$GMWRW2'-
MR,T:+9@GST2.V2=K2/$-0DR"*4:T$2-R^MCIPS1<-X@W#&)GL!OW\;@:<LD<
MUHOL-HKL9@9)$"R+=/ZP/),Z)MZO0\4<2J(9M(B2;$1)%E'"U2C)K$JX7PWR
M#>)CD-E5ZND%_E)Y:3N%SD*;2^GN52V$!F,4/!BGQCP5TX!!K6TW-7WI_SU^
MH$5_?PNF!RG_!%!+`P04````"`#ND`U'!#.[W=X"``#Y"P``&0```'AL+W=O
M<FMS:&5E=',O<VAE970T."YX;6R-EDN/FS`4A?\*8M_!UP\>(X+44%7MHM*H
MBW;-)$Z"!G`*SF3Z[VL,2>W*=F<37N=>OF/C$Y=7,;Y,)\YE]-9WP[2)3U*>
M'Y-DVIUXWTP/XLP']>0@QKZ1ZG(\)M-YY,U>%_5=@A%*D[YIA[@J];VGL2K%
M17;MP)_&:+KT?3/^WO).7#<QQ+<;W]OC2<XWDJI,[G7[MN?#U(HA&OEA$W^$
MQQIKB5;\:/EU,LZC&?Y9B)?YXNM^$Z.9@7=\)^<6C3J\\IIWW=Q)O?G7VO3O
M.^="\_S6_;.VJ_"?FXG7HOO9[N5)T:(XVO-#<^GD=W']PE</;&ZX$]VD?Z/=
M99*BOY7$4=^\+<=VT,?K\B1':YF[`*\%^%Y0!/5DU1-;GRQ<VM6G1C95.8IK
M-"Y3<6[F&8='HL9M%RDK4SP_TH,U*ZKRM6((E\GKW,C2;!<-UIJ4N22U1Y(H
M@CL&#F!@74]6#.)N0`(-B&Y`UP;4AAP6'XLF6S24I"Y1;8H*E*5N%!I`H18*
M<Z(L&J8U'R!SDE@:`FX0%@!A%HC3[I89+V$4"B>)*2H0]<QO&D!)K?G-W`VR
M0(/,\I([O60&)L;$:<74D")W@^0!D-P"<8[7-C=>XIE<4^*;VR*`49@#"LC=
M8`XQ_\I'IA,`IY-5M*Z9E+F_#TM5T(QZ<()!!.^)``B%"&#+$78[PN;D,$RR
MC'A<64H*N(`4>[!"T016-H'/62A2P,H4<,<;T'<[H^]W%@H88-97Z,D%"`4#
MI)8S=TBMHH4WQ13<85:'=#92*&K`RAKW^MV"&20TRW+/2%NR'#'/4H=0Y("5
M.>`./[!"AQ6H2(GS.ZEMI8("8N2^C16*(+`SR-,"AS((6QF$D=/9*LJU"#UX
M_K?_4:6>#,*A#,)@X;@C<17]#P?".(FQ33LW1_ZM&8_M,$7/0JH-G]ZS'820
M7/5"#VJ9G=0^_'[1\8.<3S-U/BX[T^5"BO-MHWW?[5=_`%!+`P04````"`#N
MD`U'.!\NRM\"``"5#```&0```'AL+W=O<FMS:&5E=',O<VAE970T.2YX;6R-
M5]V2FR`8?17'!U@%Q)\=XTR3--->=&9G+]IK-B&)LRJIDLWV[0M"LI(!XDW\
M.^<[WX$<T/+"^O?A2"D//MNF&Q;AD?/3<Q0-VR-MR?#$3K033_:L;PD7E_TA
M&DX]);N1U#81C.,T:DG=A54YWGOIJY*=>5-W]*4/AG/;DO[?DC;LL@A!>+WQ
M6A^.7-Z(JC*Z\79U2[NA9EW0T_TB_`:>-S"5D!'QNZ:787(>R.;?&'N7%S]W
MBS"6/="&;KDL0<3A@ZYHT\A*0OFO+OJE*8G3\VOUS6A7M/]&!KIBS9]ZQX^B
MVS@,=G1/S@U_99<?5'O`LN"6-</X&VS/`V?ME1(&+?E4Q[H;CQ?U)(\US4Z`
MF@!O!)!Z"4@3T!<A\1(234CF$K`FX+F$5!/2.T*D!FL<ZC7AI"I[=@EZ]?\X
M$?DW!,^IF,QM(,9W".6C<08EHBH_*@QA&7W(0@9FJ3!08Y`-LS(QB0VS-C'8
MAOD^Q5B[V=@1D?!Z,PP]AN%(1[J)U%X`>0J@L4"B"V1FCYURH3!XQ""`46Q#
M;:8H7*`4VYM)/,TDDV:2/+4.F(%)@5T$>T2PX3BW>E&83&$`AH5=)O7(I!,9
M,!E8HT#F*9#-F=K<4R"?832?&$UBNT;AT2BF+C-'DW))=$<VGN,3>%,/'CM=
M:9"RFF=B2W(H^>(&H*%4V)7@)`D`Y]@IY0LF,))IS]Q*@[+'4K[8@<20<F0*
M^$(%\*Q9]`4&I$87T&9XK4%J;!/D6&.`+U<@,W20HX0O62"?Y=87'%"$#Q?>
MM08IM[#("L?L0E_`8/QX55V;(->R"GTIA$8*4>(HX=W-9FUGT!<;:,;&NBTO
M[T`N'5]FH)D9Z_PM-2@?0?$3=&WPOF1!8[]"N=V0"7)L5]`7/VC$+XGM.B;H
M_F\23=[63N1`?Y'^4'=#\,:X>/$;7]WVC'$J2L5/HN6C^$:X731TS^5I)LY[
M]=:L+C@[73\";E\BU7]02P,$%`````@`[I`-1S[?!H2RA0``#OL!`!0```!X
M;"]S:&%R9613=')I;F=S+GAM;.R]6W,;V94F^CS\%1D..4:*2*)P)V%W=P1U
M*[-:)=&B9+>CXSPD@029+@!)9R9(T4_^#STO)Z+G=\S[_!3_DK.N>Z^],Q.D
M5'9WGW/FH4H@D)=]67M=O[76/]1UD^QWQ9_V^:MROVO^\1>SZ?@7R9?M9E?_
MXR]NFN;V5]]]5R]O\FU6#\K;?`>_K,MJFS7P9W7]77U;Y=FJOLGS9KOY;CP<
MSK_;9L7N%__T#W7Q3__0_-/K<KG?YKLFR7:KY,VN*9J'Y'S'3RC*77*<U#=9
ME=?_\%WS3__P'=[#]\V3'\M=<U/#/:M\%?_ZPWXW2";#-!D/1[/XQ[/]]2`9
MC;M_=.,YZQ[/OYY=U4V5+9O_*[Y3+OZ87Q=X!3SB?;;-XZN^A^6`A_\Q^Y*\
M*JO;0<]37L$0JFP#KU[E7Y)_SA_BZSY5V:K872>7#]NK<A/_FOWQ2_S5JWU5
MX;S>%O42'OR'/*MP[9+76=,:Y/'Q:'P\&?6,[6VQR:OD%=QW75:M@;TO=\?9
M<IG#-7#%BJ_NFV6YW<*:7C;E\J<TN:2-3C[LF[H!:H#9]6[.IX?;UJ!'P^/?
M]MYPD5=%N>J=L-++T7_[;YT4`\]8T7/>;K+6J-;9IFX]T;W9KO=;^+)%R?&5
M,M3.:W\[;FWKA_>7']Z=OS[[].9U\O+LW=G[5V^2R]^\>?/I$L[.Y\O7R?-G
M+Y)G2;%+/MV4^QH6MCV"?`FS']&!F+;F?GD)SVJ]-JMOZ,@N\4/^IWUQEVU@
M$JUG_UA6S75VG2>;,MO5:;++F_B2?QVUSM)%!:RD`@JYR3>K8SA]QS4\/K[J
M([P0%NQ6+NY\^,=\F</8KC9YLJ[*;5+GU5VQ;%/D^>XNKQO:!UBJ;+TN-D4'
MH5Q4^6U6K)+\"["Z&J@5UZ!L;N!`9'6=M^?_J<0AGG7^]J[(KN`U39'7OXI_
MN\R7^PJ.SU595>4]G(76W2_=+\"?5S``&-J^6MYD=9YDUU6>XV1:VY'M8#-H
MFNL\3VZS!UR:UIXOE]4^[YSEQH^Y>ZH'+L#C7M`:\Q.7P,%A_/EN"1<CIX<1
MO2^;/#EI\0L@L.:AM4BP&^N\PF6JD84DSP;#$<RI2H`8]_FOD_$L'0Z'^)](
MD23;-S=E5?PY7P&UE+L\*>H:9UI62=G/=X1/=;]D=/@MHUDZGDW2Q>+4_=HD
MP&]R)Y]H+4:C=#R&RTZGYC(XF/GV"E9=#Z<.E_:C?[QGJU6!T@H/!U#K,5#T
M,KLM8'O:QZ,!:8Q;G56[+BKCE8?!-%5QM6_H(#4E;)U?D9MR`^37NA,$`6YP
M56XV**B*79/#M/I.2$[OZ?[-G!-6$SJO#3D-O&^YV:_@CF>CDT5Z.CRE6Y^-
MQB?I;+9(RK5<U[D;K85/X735M_FR*>[R#7`:%/"UT!XL1XVG%0;X9U82FFH/
M$TV:&W@X["502E70RNDB)#D*0)S/\U_\[OQ-_8L7OX:K\UH'O\QV2;G;/"17
M>;*O]1U-`X\HKS;%-;VFQDG`70D^89"T.08>L!J4$;QN!^>J5O*Y>J![>(#V
M7?R.57)?-#?T:&9JGM.O-^5]]-Y/\&D)+RZ:LJJ358FO2FZRNQR6;%GNJYH(
M!J^_K8IM5N&+=OFZ6!;X^7FL$+W`F0@?.#U^G5\U+1WID,Q[?I&AFG.3-P4(
MT_K%DX7@90/LGA@CS.YML<N`*Z$T+NOB$<4OYD*.-R0@EO@T)\_AU2LX"1DL
MD?OVQ6-/:K&3)][`V_S$BY_*][Y]6L%C'IU3U]7=$^JZ\L!L(@9AQMX>L:6P
MRT_PSX]OW@-U?7B;G+]_]>''-\GSS[ML#S2?KY#$`GOCR21'W*VEB-#S6ZH"
M#-ES#^!M9=NT.'?,A<5VBR'GS6./^$`ROOLWYL7=O[WYEXLW[R];H_Z8;\@&
M`-(!&2+#@N79!EK(4^_";1/]#04*W-G6J/`2XLUP4/'4]BP%Z)?KO*Y91'8]
MB!>BYVZ16-T_GM,"`8\#K1597GE7X'L2^%,6+VFR+^TW7CSYRE?`U<M-L:)%
MVN5]>_D.)O@K$@$=%[<$.O)G4(B.NT3V$P?P+4K"RZPNED[Y(!ZB=WT%@WE=
M;/:-46*^]3F_SXOK&WP02*\*.84PE>/DBL:)3^&OON+6E0SNP,T'V,VKL\O?
M)&_???C]Y=^$Y9C'O?WXX<?DP\6;CV>?SM]_GYR]^G3^N_-/YV]:MM[9ZH_[
M6M1VV%64ZB`;88O-UL/W^!?K"&AGH4F6H7:?X$F\Z[0'R.X_AJ6%U0E9@I@'
M6SQAV:&#C-X&>FG$V."MH)/@G6T648.4@*W(4)E:.^NQ;13?PDP+?ON!Z\ZV
M(%94\:/KV$)<LPH!"[`L.[1>9,9@JX'U@_ME5LLK7`<LJ<\@X&H^;+!V,F5:
M]^)I=NS[K]ZLF'+.W__NS:6EG#;A7*@Y"LNR#84OSJ\2/G^5;6"ENC@B3*RX
M)2/F857>[VC?P@<=>N5MIQ/AB:\NEWF^JL5G$)'*8:_$:]T9XN5X?^\N?,QW
MY9W7Y:O0GT$C#=Y)HJ'KG>%V,@U\W7:^/7\/:O1A1A"NRE/<#5WK6)$VA\N.
M<Z[%:B'[I+T^L//,>&`MG_+"\(Z##[^47;52BEQ(^&6Y!E6Y]_`&6XRL[XF"
M\S5LQBH'MDQF.8[0OOSPIGI^TK^I[]]\2E[]YNS]]V_@>++H.'O_FC^\^>WG
M\]^=O4.YTDD+71>FH,9<%SN4J43_Y)G\BKMS=%/TW7?Y^>+B'0FZLW?)Z_/+
M5^\^7'[^^"80>C"-MQ\^_@@2ZL/[3A<DLUI2F'ITE>BJ?K7JP'C>?WA/0S(\
M#^;[E"/S2?P$WM]`$C0\YS"PIQUS^[3X(?#<ISWDW)P^2WYT0RB&VUSC@*)"
M='>)A(<T\.D/D;XR!\Y-`9L<`S;?JKZ8@,$!I]>%.+U>/>+T>M/C]&(%_]+H
MK?^]Q^D4.;G.>ZCP)<L9\>GU.]O!>*AR9'#/X3+Z]`+7HVLDR;]^A)<F;\OJ
M/JM6+:>$W>7N"-K[7LOA@%[6HX;9.YZBMGE&B#)N9=AIAX7@ENY@5.]#=9WM
M5`_#IZ+*7HM&5N-AZ=(&[5UIX@T;?<B%N3=T##E_47W`-41>K%'RU[_\C^1I
MXTMB=UB:9,F/6?6P88VXNBTKOO`Y6FQ__<N_PY&XS78/?_W+_WR1@F2%1\.B
M`Q7".=@\R/:APH,6:XUCI@V"._"\;W.20C]DNSTZXV1MI^+OH\.#+AJ\!@:Q
MO$G&IW+%U4-2D(LS!_91@B0U5EZ:G-6P[<D?RN3=NU?)<QBE?L'#S-P8G&ID
M?(Y\K9Q=N9)<I>XY\AL^C/V/L@C)?5;KM(`?KK,EZL\T9WE:E8&-'<A0FBM<
MS#HP>CQA>$[)M.MF5&MR\(:O7F.\#A['3LX"UA[W>0EG%?6(U"AE!>\_;0V-
M)8%-;=9`>"4S]F,8"LZ"?MRM2+TP7T6JM"HYL",XM4U^O,ZV^'X@*SQD2YYC
MBI/,DDT.!D9%)+)KTN@.$2"P*H/D8S`,T=HK?2G,[?ZF`((`8MT`GP+N4-SE
MZABN\[L<-77X&FPH7#"GE9%C^"K'G[-5GJ+LPSLZKH5+:W\E+03&E6_)-;2O
MD+TU-*>=5P?=\]9[X(UL\"?9%H$+[)"XPT!=,&0S,GD=:0NP2?B<#5ZGTT'Q
M-4C>A[OA5Z:Y*>O6^L23:VZJ/(^6`QWF;J(A566;NA32P9!&QY9OX9S#I+;[
M35-$.]\@GQ)+>IM7Q+:VQ1>X$2@5+@(IN/G.7NOW/\5S<)_#(F:UKH7_%3@V
M3*?9/`2#_>M?_N]:&`[J^/A3`_]0[#,Q@4?B"<*]^.L*3C+N''S!-PF;V%G^
M("PC7!^R"D>+P>DOE?;DB1TCZ[)`@TG3+DJ`F!87F#%"')*W>W(H.VXFW_M1
M7TI46<:-F_:$P:-P7+)3Y4][X+1K-OGN"UCV?`,_X2]7K*ZNF#$=XD=$_!_?
MG']*)2",RT$:">I$'Y&(]_CR%9W3T>)T3KN<;5DC\P)EE?,\B&S8YG#,^0%Q
M#'Q#*T@6S@[THM4>IU?OK]`ECQ2V08K>X.M1>%SM@?T`/\)#4>ZO;^A+[XM`
M_^\.-)Z;XC:U<O&#N^+"7Y&\&UR0L'P-IOT],:IB6Z@;V3T&U[>0,16K`AAU
M7@?#3MU@,CC!)8X8:`QC)GK'`XE98G,H]ZYS>#CY*.@U2H:=TQ@DWY\=?_IX
MB81$NR5'!+YBV=WWRH-/Y3`>G02\AB.IUB'6>RZ8REA8-K3`?D!,;T`/0'WD
MT$7*,D-"XL>S`)<BM1B20P(:`.$EE\BLB4(XA-H$XI*DM-E6<\C2;UP)EG%P
M;C)>BE5^B^&[LNKP0,'Z],5M12-`98;W>7]55C`V.LEZ2Q!-K??(ZOW=Q+J]
M/>+BP7[^VXS7@*PN<VDXHI`VE=9@6=QE.(RFA[FAE5/WCIZ\"BRMHU?"UKT'
M27EXY\Y^^)?$1=0^X023\V_?-T0HE+M=SE$;XC:9=?B(*O=`@]/E"L:5/H6+
MX);6`1/E<1H9@#3]\<T'HFE6WU!>WI9\BC"HL]R4-8A?PHQ0F(BCYAH[IM?3
M4W<=FD(@6'7$Y1[LG^N;)M'YPB9\V"5O\ZN*]'+FK[/N$X0;\1%G](9GQ.?G
M6YD)'2&X(TT0IHD4!)NSQ3`6JV`U#AW6)]`5+8VB&M5B*UV#Y#$BIXE91RA%
M2`;E*[NMZ"\%?7E#,`>Z$>7K)E<KK2!EJ1"=IKBCC5:/'I#:#WM8%I98'^2O
MT[2#U'&G4?*V'I(&&JC7]/3&&EG':3H>3=+1:.YBTY'#!==S.INDL]DH>06:
M)NA*R><=S?,0NU=!_>&"KV9A+>IXA8K="K1AXMEH@B0C<E6/Q.!DON<&A&\+
M![5N4(KM1-2C+_3>B2]8K;/]-9[UT8'U(J8BWM5L9[G;>`ZS/1D>6A!XYFPV
M2W1RP4*3>/N"FFR=^S52+ZSW#AMVRB^Z1CRN$.1-[FE#[JC8U;[)EGR*@:7M
MQ+QS#P426%KH`]T!?\E`R?1\-IH-AD/B48SF47JIP_WQP*$E4+&BBE1JX=8"
M.RC(DR6$=Z%C2U'N4K`6E.I;<:^G@G:BL+BR]?8JZ%Q6K45]TB+BC'5;4J$3
MT`-!Q]-3V%I74KQ71;TD"RQ<9`WSH56\)>'DCJC#'0H^,:75S6YAOE_H6EBL
M9Z/QZ6`*]LP&[.8=;U;_LM$#R(XL,)``6CGYQG9*4MM;X2H<V6`(-ZT)&B]P
M?IH;<L2)@)H^SUX\'[]0&KST4O5LV;!V/9ET:M?AI6KGK)*/>S@OL^$<;_Z8
M7^\W_/;7^/PJ9P[IKAM-IV>&:X;/'"2?55KA>13??7-P><)C3(BS9]/3P:DN
MKSY!"8[U+!*.`;-U:HCW:*B,(Y+$6P1/!4\\'3NK+5):R>9\5Q#@C93#<]`M
MU/H*OV<G4/@=DTM@@.6,.&=(GHIU[ZL)G2X=VE26[/:D$!&6[I`_!MT[:$46
MS.`,&@7]"\T]&OK.=&(V.J%7D!PZ45/J$?U9!!Y))PMX,1N#EU<YBO$`?\D&
M0='>M&.-BE(,VF\AGRW[$KES@])^%:\]BQ]Z.V[PEF9`@LN9)`?%&ZC3WB&,
MC*4\<+&0$!J5T3!$V\*+"XPBR\!U$6+S7TSS/@,+W4*.>Z+*3H&Y<(5'I[\,
MK"XR"JRN*;%]TOC1:74-C`:_CV0,SB=B=:.8TW6/DQP/9IS(S-2'@<=T]LN6
M63B=>+)E$16M(\62LF0!]W:O)<\G'/!P,/;C_6#I?7Y(SPIT!=6YO,0P/+0D
MWWS$Q9B;MC4SD,ZDD(W3D_$LG8P/*F2CV9R@W"KI'E$#K-C_%(EE+XO;<^D2
MGVW9V"41"[(X`\NG0SI.1W8+/L7</6#FCXH'MHA9TG2N?/JH4M.ZI4X#=>-1
MKS=1:<LV$!X8*/S[JTVQ-*HZD.?YQ0>R,9U%15''8M>ANJN1@^^TR#4FH>#<
MPKK-TO')/#U9G/20E-7,Y`IZCB72OX5&2\K`/2@!,-)PD>AUDW0!PYS.IX<H
MOW_6HW0R'*:3R>3`+),\@Y4$MIC_Y\_9D7AT*&:3P<*J-.X$/.\ZCN[Y^(53
M8D$J*;C37WY`AWUA1;*94X>.T2V(86XO.T.%>,N>EU#?3T[W6O(,BFV(_ER[
MV&7M8Y?U3;F'O;FB4-=*_#!_W.^,(\:<#M+G'W^HL@M..B`-%L-Q$IMA.$B?
M$UD3-UP(YFRWVY/_&A425-G?HMML-#S^9WAYD*S@HY0L968#=G\7VYYA$D`W
M!['&;\N6R[):D67`'J@E;3E)6<:B;9`*G1/.A:-DI"@OX"^*#+,C*?D\N$2G
M[]D%^9,<4"4846'22\E$BHRS*B?BX3'C(RI:"E+L_6K\ELT#;SI<'O^+6J)P
MO(`[,LW[@'Y*:E/FT9VI)HS0R2TW>&9(W871;3"`M:\J#IXN@8MN)+\$#@G!
M@)=Y72-KU6U>9T45$BP\JW,?]`Y=&B$0N1>3J'S44*E#\DXDJ97O(.J$F_8;
M=J$8;Q'%5##.IN,L..&EV*V*9=9([%+O)2L!`VK".-!9>X7FRTV1WXD"2%/D
MC$V-B>#:Q/0\DX$^>F;\%`^1I*,G,BX1>L)(%OQ1SXNGVDO,A,@J8'"ORE6Q
MIIDB=``#Z9>OB"2%_WI<0^?M+TOXA^Y[>W;YDGVC<L:K_297=5IISZD4EV_$
M%WE[NRF8<[?IWR_"@/E,Q1LB8"WWL^RR7:IR"\HJQ\:L#$>K9%?:_8?SBWM6
M!LZ^07*VV22*W[$^4@T&QKSH::P/CQ5-TZ$<>$V%,5J#T$\EQW@5.^F9"7LD
MRB&5GZ)&V^R/987FK7BSX]C0#;E:8Y2B\^MY59ZN+NI@WGW@QEK=)\&B"*(V
MH8Q_6&`BA2#!+E3]><2+^6#D?`$FA<>[`1VY.7,+9+F[Q5UVGU?JT[]"70Z$
MN'$"L%+3#@US`#F$3IN8&2TR;Z$<_GVM2H(X+K9Y<U.B&%UF*)*+QFDX(&*+
MZQT=/GKP>K//C>_)T&@8P':.$U&T0+'`"+,BIC#^7HK>@X1:(\$#::TXF?5/
M^[)A!\<R#_FK=P'X5\%LEC3HHE939<,H0K%^B",Y)O[X*6`*)M4=%B?D7"K/
MPB,+1W.;_90;389.4EWOU37'KAM0KS`N3I2`4A`/_Y8/%]K-G>AY!9FYP,W:
MIQXWO?>X#5F)KO]T!M`WO(IC\'R1,^E6^TJIR4MVX76MD#K)VY"F_)(1>Z63
M*]B"/$C;)'.T0^\D2<VI?=L\PR5B;MQ"^>VW6XD?V?=;-0G69MD!3#9"Y4(N
M>0PU-R;4W--?F?26)$A^4US?`#UO"OAN98YY+6H>$+6:OK".>^:D:X'J"&H5
MCA!"I\!@#%Q!*"2,%A2_.MP^C:C5?%WG6)'_[FI&]V2[GYCAP@8W>PG.OLHK
M?(8N@4MA@!U'6P9,W!7A$5YS[!LT0'@:L>17%CV(HOSU.>L`A;N$`%)('`08
M$\0)ZD0I:_$L;C#_A^J3.(9`Z;])5=0_N=0*M'J4\G<:B2<[\0MJ8`2FA`%T
MO'P08"5]IEW=^SWN@ORQ8L`2*8;$"6G#8/"HP9$^4>7%]@I4;`PL]+]*-&%"
MP!8[5H0W8/9SNB#<%R0(P-J24[&NRV6$9@PM)W58.#/1P7-;)KE7#78Y*SG7
M2#L-QPLDD"2!5MDI,D?)-1<XTL(2``,'>S9NK(X\//ZAX%%3GA%Y9N^*%4_[
MFW,`U7UU'Z?,!=.W6H#AD,P7PW-%,6:L@H$'F\"NZ#ZFA>%G"5"#(R8$_^G#
M*]_"8;*Q.@H;;)B<41$"D;;."Y[=2D',=%*,<Q2M)Q^2H=TB_9<E7G-?'B\I
MVBM*`VW-9DFZ,]QZU;,5@Z0SS?&_T#9%!O[M9E\+0N*V;'(%@%$^).KW?HU2
M]I5GLC'LZ,%O^620Y+]7/X5LIJ@P*%%%;_6ZH@N"B[K6<\)$I@>>/YMOSK%"
M*OO@D*V&<$A4^]C8%>%4?%$5-=]5R0KT-F`'PD@L=-[!0C^Y^[@6E>);D^>P
M1JM\33;?50Y2_06G&&.A"[?\@I^-WH_J403G#X\1W(<&R6:M,XJP_T2G]0WS
MG\/7^07O8('&;>@/FJQX-&:*I74XSQT#]`?='[C^P.AEL+OQ_I!'#S3D+:\N
M[8AHZ3=P!#RVS^!Y*70HBMY56?XD:I3LA)X851XE'$M:.7LH]E5$DOR^]W^X
M?*.?":7LH)(KW"3V5GK=M`]LS!8Y6@/`G/)J\^!XEN+;\)QWC:/@2,,@"0L&
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M=2P%B/1TL$:!;HD+\414>W>>5`,L0N&--SA,A17*+N95J*.'3F=\T*V%ZC1F
M_O6S8Z]FCUP&AE=\W1[9`T@R)C-K25(SVFS'>IVJUIX58S+\<PHR29!5'GH8
MF5M!NAG9S-%K!DXFT)H_F;O1,@L9*\'&K#)RKO7-SE',,5$,5D0"[D:&\8(,
MX[!(BO4I#A`A=AF423%[YNNGF*09Q0@X[A!664G@Z=<.6S8<S&>_A#'\6S(:
MC.$3GR.VD/8[8@JW+G-?W8%H;WZ^8,_Q<QL@`.O^)U!+G=AL8R$0;$KZ7>0V
M))M<`FOUBX$'.M2>8%G]0W_L<@]+O27T/N95@F%T);4`?.0"=-GC<GU\"UN"
MJ=>EXD2<4>AVVY\I"MU(GB4A-WUY+AL')6U@V>PIH8T1,#@-JA51J?O<%P,@
M%:8!0;53MFG9ZE6.+$]@.92JRKQ!1Q?"`Y3[U2ZW1<(A5P20%Q'A$,ZP2TS,
M#[==A1MH)W2I]7FI3SVFC:0O\KNB!`,`GR<\'3A;?H>B'1^5^BBA`U9UX8HM
M9\%PU1ZWD8I[D>ZUR^]9Q=\O<1LID*-R$W4YLBV<4.4P`,9T&[2KRT9H#$T[
M>A::QR!>E^)DP7!VW58AKEP9-N;3<-@1AD6J(]N13KGNU.([9J(W4Z*KDY--
ML<V=F&R?W*18]_]4^V?*,2""0]K_!H;RUOL(@S`>>B2J/5LMYIK"FRDR?#[/
MH2DG_$;*V^&:[`1\AIP`.0DAR"7I/7/^V0?.H4Q0T"+SM]@TA=@)8W%FN3C7
M2&YY)R<IT(/DS/I`;PK0VH$+/?B40`1PP8;7-^C9(?'IG-B8;RO80G1A?RFV
MQ9\9>R>Q^?(*MT>$`5CH$NLO=JTK][OVM>2^X@$3!W;#9/*J)40'JUTO0:B1
MM8QN2SAI^8;U37X0K;P0KY84E(4P3_W5T?_^7\D[O#<9^8]C_W%"KUWE2&?X
M]#_N5]>TD"!..5>XZ!ZOB9N#@L1*3JWZ'(V6`0Y,Q[H0DO1QUNVC)UT#<0L8
MS<WNLF+#7%VQ1S8*0N)B30Y!W#\S,"R`>.6H0F!S/<_PDZ`S3#ZZ3,U#ORJ=
MTQ"=13)POV$),3RZ`Y.RIA*4/7$+(-V<CX2$@C#J+9.@,?LIT.@W#/>C"P^.
MNS7)KQCW1>=S41<"IKH4IY6%V*XSTGMC$:I"R3$)QQ'0BLK)U\2*+<H%(2[A
M!(PI:T!5;^QY]G((]`X,1X">#.;6$I2@VWR)`0=]CN$R.*/.XD)%[>DH8QTB
M4<2Q`)_)S;2'A?C3GAT(]@8Z#.4]+P)K"I6E58I!T/?*,BG%`^27AV>0<<7L
M81UP[9Z"2(4E:Z<N>TB3<E(^`7PZ=M:^I,QQP2P@XBHKX+EI=%%R594_H2N0
M]3H!I*!>^/+B`UOJ0?T1TG0<B66.52A*S>F'-?!1=')8Q>'<U'D)['H,@>X8
MO\X9MIS5V&0-J"H^RZO8B&\>53I%)<D3T6+<5SNU/6M-=,U;*4J%2"C:*_BN
ME@1?C0-AS/^ZD,.PEN1=&<R`@!B8MW=-]6;-'%9E7DO.^`;Q*$CQJM`978<"
MKFN)!IGA.U#JH51>'`YZ,%3]C*QSJXW2H#5)5-\C.`);I:S#GQ.XFV$E-R55
M0'/J%QWSU/FL=^I<\<B%AL'<%;+O!O9]+;XQVEQ!CX<9U)P@;=<S.(QP8C9A
M1K;>Q#K'@YLJF_RP]I%,X)U!VT#`*>9AI(ICM$*)6AZ-W_?M%UA$MV5M_+MK
M]-;94<3)<+2QXIQ@:<?O5_Q/@2L=UZ]`U8#PXR$5298D<-IRZ<>%3`F#=C<(
MX:13-@ARF;OS_20QED,"F/C7,NO0FL)<J4>HF2F!<^#]0>=D/BEE,IITH4T4
MAT3JL',L;S"^5B&2*4B@:J7.2Y:_56(S7'<D`L*T<NB=LM:`&?&1P1=PC`;.
MSG6%U0=MO;[`VXW\A@'W#&CNS.!.;$9-3YKY>1C9\'8]A5EDIBG#5*0&`9U8
M8224^?RSAI"288"(4@ZDT]6>0GX-K[B'5:U,7!G4#X1[<"R8AA.,UA$%NV4C
M'I]IK=55"Z'#NH)5DQ2N@WI_?X%6\H>.YNET."2`O7/LX857I7BY2-L^9HHL
MOAP36L`!U5RI*X]^&@"O5:0\'.X^\$G%U;.O=Z17N9._;U!=QQLQL$=,B\J[
M1-&\58'A9?Y-[2'2<+*J>B`ST6-2\B\"^#R`G8%[B\I40*<17'&>\E.GX[0<
MWIE\QWI?16:`0ZN@XQO.*!E3D4P1$F2&Y]R8QMOG21GKL#3Y%M$.U4.P&BP.
M<&GO<@$(2,USYH8YXXL(L>#GQ<20F8*=I`=D7%+=[E2QBX8;NUU%T<3'E$O0
MV#`"Z+E<+"!5_Z&C2O%]7,U@;$+?I#^CIB<X8N1+=)*8J<`H0=/:EE7^U[_\
MVZ;X"4R$8SACNV.05IQ1BN=-6+N4Z""/>?M-5LAA=A/.&Q8/?M]D][4@8A#G
M\$5579V=;H24H;Y%U[ODQ;''"EYRFSU(K-20VS7NUF[+%>_@(B)7+B#.^MZE
MP08YG9%V1C+]4-F2U4&V@&)5"KO7W@`P[)+WLV9"IW+UA&-!1[.N)RYFPDN)
MRT?N)%['+'B!D6:UH'5)T<R_9,Y=)/.G=`602B@SHFG&I6-X,C)"-Y>$?8:%
M>+L?!:OY4&FX(RP@/<B*..I.U#)VOX22]\Q#A9AT,)KBR+'M07-++(LE:^RL
M"_>R<"G#'1"*/NZC9R&I0SO1L0\=Y/4I.I;>"J@%D&K)W#Y0VIPX_3+50:DD
MTG,6Q"1\NY6NW8W<N^+3,0-@_H)QIBC0$>C;D=IZE3N&B]!'JAA2/<@V8ZH`
MK`>7Q3&V`$GH<.PRG%6.>#W)8B'%_AC=D:X0&V*9&*A*FFF^\J%I?269@PQZ
M)/Q;3B2&JT[&L:*9[+&@F:SABH+P=1*8T`BNF3ZFZ#I<.4H`H?(FG@YY(2W^
M"'4I\D>0ENVE8Y_Z[M3]01(U(+AP*,(8DUFY5/K-@]<[A*+#"(FK6,LX<^]F
MH)``)JIR&$-.`_J3\>+('Q'!&$5E\A?Q"4?]S@L&Z^[6]/`P>$,%1:/^3Y9R
MJ5Y>YE*K+%C5B+)MN<HWY*VD#QW`5N;@+%\]1!8H%M7WAE^-S*G<<,5>8+)7
M3CFQ+B9&B,J4<.G(VR:)::VJ,6!OM-RUZG*BH2H65[-4G#9-FD/*XQ)5+%4G
M!/II%`84%(!&WQ?LP^<.)W'G6UW&FKR-2M=D''L21?(&B93].NG3U\O\@O2T
M06`*;ZSS-)%<V3RPG\:75W-L#=-(RVVQ9%!4OBVOJ^P6]@_=\=E`PI5GEZ^2
MR6AXC*JS2]GG$Z().9J*N=+R@`:C3];U;5F2+B,YSFMQL&64B\\!$_<(<H>2
M#N1]G()L)2X%>T!47RB(EF'S@AUV9XD>(S%?0L1&?D6R.G!8K:P"&C%79'2Z
M%A5"DN]0K4)9D(>4)(:U24SE,^+AN>ZDQ&4=(\;C(:<&"(5(H4>FY'A(_WR(
MIFC::W(F$)_3397L)6+2;%"Q'27Y51(*1S6/7'TH1@_78/@[3B1Z\<^=4IO4
M+8?TT'X#X[?&TE6NV=;DR:9</AFTNXQ\LX:C@$Z?49I;]""/FKX3I1`DLP.O
MN0T,):Y;7RD^Y\#=P3V:-TIX_[V(-5^$0\`"5)Q/*=O7<=?1=*4T2)T/J?!)
M1@PGM(J!PFT@<&UL@KJ$)'?<JA*57G*E%2[AQ9N,SG[N?+N"/D*Y]SST^+]0
M.*`D-'HVV3<KLEQ:PXV'FKI0I#Q8+C.+4;0VV6L3@7>'O7JZTC[)JH<"WLJ,
MNKP?G6Z/D*R-P4Q!)^N"H;=LRKK^V6_1O4^>C8:FE$U&;>!.!B?Z3=S;C2ID
MQ6LCH48&`PMF2!;$E4EY+-F-3D%X$Z4J9@J2>#9;S`>38*29=]HXLGDVG4Y]
M01"^K*-98&H>/%Z<#N;!'1V/'8],T0BE+O%JUE02;,-MJ#R$C`OJ9<ET.)C]
MTC=VV]B40BFGN8MRY3@/!W$2WZLE$N^?A-A=H[[,U)**4BVZY3:&%XMJZZIY
M!74ON8J1$YIJ<"*%UUYGH*<_*C((D]<B&O)MXGHW4O*Z0WJG)N3FQ78=RNV8
MU7NL-QW'-]&-))2\+LW>Q+LBOX<['60.Z#5L[)-Y5@U'TCE?^K0.J6+C'$WD
M/W7KS3X_++CEZK8U#$F&LR[03#=D9K?2BT93L9SL8T9@X$?28]`&56C&NI=<
MRE/,+JO?M\HVNPZ-^#R3U=4X0M.$<A<98,IR)1K(&TU&A&Y]X`_T;NBZ0)_8
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M2EI9S+Q<@*6HPP<9ZM8$<.0T#.E&?^&&0-,]D?R.;5)7F*8`L\L<".`QS5!=
M<)3#RA:M5W1IB@+T?.#(DL"YQ5&`^IH[&(4^332N8"UACUJ$SAE7SF,B&C2Q
M/R%ZP]C5`4#)2J[W\4K]SYIXC5;V)@]DH+KF]CN?J444P;4['!`=E$X*274O
MV0NI(V'*J=G#3CC)@$\X&"%0@<[)^Z90=2B,0RI6:YW**9MBY)CQ]3BTBQP2
M#KUPX8=`/@9763"*K_8?P%QX>AODS^2+6P?;;'YQV!26,#$K2ZFT'C`"S/];
MY5<-9WGLEPV[`RD7=JW%4>PO%"RB%]ZC!I"R/:9\C5*)K^DFI,_:(OX/\#`4
MDL4211%Y:S@+MV;OE`]((],@'\L]AN:O`K=>T2JAI*]R14KTB>)@T<OAU&`/
M8\3S2HC>"%4*NY(OA5/2CF6/HFV,$E3=GBA$7(06Y]WQG80A(L6A#E)#)$=[
M1<^E4#YPJJO0&5GGG<?6U<-@Q?N1_>T_X72\:NMU;RS".8J=%,$A$F!SH#DY
MLX=#BA9PZ@O2]UA*Z!Y@[L[A!T:KQV\I6J9REU16A@.:VY_V%(<";GA5E]65
M9U#R3M)8)7AL)!.3#HF._4XE+!5Q]8JN\^[6]L"B0NC#(K)4WDO>51#."\.6
MQZ:EF6A079WIGFND/JG)1T7:AOW`]7=R0=XZ$H>9%884!B>U2Q_CE"[)X\GE
M+/J8L0>.*$T)D_:<G1/SWOF^(YSU['-A8DT<2=7_B=RZNLNC]0BU=,=4P_0,
MWBKCW#7,=`V+5C,#H)"$SX8<)+]/P'9"E@C_!TX"GW+ZNY+_9TEQY_[<T46Y
M_``/IL]K^263[_&;*OG8V;S$@S.+.MAQ`DZ"/'":/G./ID.`L/^5X)8>":G8
M0XZI%(CMECBBGE%;'SZ,TQG(J+IF1"V`'=OO$`QP6SA'MH"/>?ESW\R-;L/D
M<8Z9(1^S6,Y#N-1(:G>C3.U^#Q)L$;;?:9!?SSUJ&R[*6+.N9Z@DPJYX[M6%
M3KA2Q;3VQP!;[*!L-NU7J]"^T<2TUO$S-!#,GP[X)B=WA=_`OK(1Z"4/F^NQ
M>L:?J;U]N.CAY;YX5,,^*A8=7$C5QD)M)1)4^)%SDHK('E*YQ[PGZ$G+8^I"
M/&%9%<S9/\;0C#,TG1O5D?.^SL'$`5OOSIN=@N!QY4]@[..3P8QA-W"2(S>8
M[1Y4M5:AM511,B`S<Y)+`;_*-@]D3-1A;47K(5VK,HUQ.D^)RZ):[K=H)R]S
M%@%+$F(*!XB\7J+FJ'CV=0A@$KA/\-*[;`D/0[<@S=.!**F4'GJ!N!3@BJPI
M4>Q0V]O=%56IF!4'9S=#=5JR1[,*6(@TFA7P$=R^^'A)QRL6XQONGI/MB*)1
MXI/8D?4K:EUBJZP+&5/*Q4#J15J?=F5)Q(EL"\YO5V4*4Y<#"UX&[]$C15Y[
M[3'%F:#&C"HKK,\JWY(U1U4.(W)*N51'4SB$"B?UY='"RAOE?HE^\HDW?=XH
M,A.TVNW=D-H!*B,`'2OZCL)-`3$6'VKKTZ%$MPL#RK'1C3.#Q$8R+9@9^\2:
M2QCDMJ=D0TC2");8],0NW'[V"3J7`Q%.L*_]C"DYU3*_A(.X'J28W'3U((?Y
MY<4';C!3L[XC)S7U>0.)+8>I<5Z?VL-J]UY2<34-'C>6'_VIB[^X;;8YEG&Z
M5K`J[@[2I<C70-1$;0'RZP=$[9%S'"W(`G=0,*@"D;`%B:.6W`'1"?X5U894
M;&O?=3$+(1>N8:0=(,$'(WA11TNW!VNQ<0C&K`3I(]+DI93F@*M6!%#0^!W*
M=N/83\[JA+0:J;T8#WVAO0(JVW7))QU#AT!R&KD'%S@:%C5-PYI!G36=O?+<
M>.W)D162`AVV;.5IP@GX/1J;;RPMX"4.0T7Y'OF.VYC2Z9:LWRKO,-Q"3>0R
M%S"C.14MER2U,7CPSM)"`]'%5W6>#(/H4:,]9IO:WH!CX;4,CGM?.D]D1UQ>
M4YP[?X.U`R9.([JNRGN.M]!;M=_&:'BB5/@#B![@&G`L/NRKY*5.^1*_VM]R
M`PZM!O+#AY>7VF;#U\EAD06$UO-2S`=$I!T*=;#E30$7/ABYU/`L+/TX5<QT
M"3GA+B'/7_8U"B$9AEC9!P:XPR`P;XV$'X=)C!]!4SV9?S*IWP.-L60X-)E5
MOLD$8+J20MNH]X>%Y()7./)')+7_EEU,WKWDH-J:2;'49JV'>T)U+JZ'V2I^
MM'>U806>!&\%\1$P6`$%++G(K*LG4M;:#%LZS4IP`#=&HHO([)^T-1]S-<^6
MPEUQ(=KY5>JZC2O,VE!!HQ4D*$U[0C47?NP#NE2YL0LI4N4>Q:!0\4&3TKYF
M%S)GXKH`"))159$GU#IV`XB?*:/IBL5N51$VSN5'=H:1K*Y+62[RM&JMWJI@
MGZ84_K3ZT(Z4/*ZHF9KB9JD416!%1/^R^0A4"AB_Y(@T[1H;XE+SI_-,G/OL
M(@ZO8RUDO:.S;/+G6ZK/Q/66/Q,7PCN/AW#S)_4\OD;/XT?K>20\_"N*,U*)
MU_,F8E[%FKOCD3U>BX5L70]XX"B]H-($UTP"EV75]FL2$;E<_-L;,!X0HV0?
MOXXL/0^%=.+1^X**/[-PP;?LMWD$`DT%_EX0!WL^>L$DHZ-CEPHY^,B6HOI[
MWK_ZR"#HT<N@&5P6-^W#QDW6^<TX3]9Z;2Q.3L&C[U2BUQF8;$_:+?$[NVJ^
MP=A6.9_]39'O"9D9CM5[3S3-E5?%!&A\WWO5_ZCGE/CZ!$(15K^E4)&NO#=E
M]-WYZO%)DWHO'BXW<R0T75U3!\FJOQ%0SQ)-3@]\?+G5XO1MB15S9A9/O-_2
M?>L:8;VH?JE!(7F`XF%@4LP"V(,1.JJ@5M09?,4LMLJ;@U>+I>*C6BCL3<%X
M02V'->]K7\@=A9)<=Y6#9*<CP=%RWTUGID@?DE)Y1M6I5,:[#-1!\GL1_>2/
MP["%EHTH-.&YJGV1*BQ:AOU1:'R-8\%2[,`Q>\[=1Z4/$U*[Z[F?8TN&!]/R
M)^"9EY^%'RY<CB5)KE<2G!3TS2LU\P?!+5*+%NR6_`8C1-A)&T2TB`3U#!H,
M.9\&Y4VN[K3/1=%;&_(_%E)HVA4@P03.$C>)LL:DE`X!9]01D;!F*4=*Y*P:
M'<ITQ7UG$M9*Y;[L%Y+\,#;HD0[:;X4M)8>F70^M5R#P2I?SM@Q7TSA-"O8Y
M.C5.54+)/;&%ZM4Q1N:;]'8,$/$5"=-;YDD?=LD9Z(2;9+RP.#C:?(IP<%M-
M5ZF'T\PREW;F3PT)4%P),U,BJZ"53R]MS8Z'X^1,^:%#RK^RY?63,W&8J3?,
M\<_Z5\0EZ<PSJ_.1*RZ%QR4G.EI-UP)7M$R;ZL2H=QCCJ:+?B;QQ/Z.^\+OS
M-S4W:*B2N[()X"5ZX:^)V;K&`4YG$^><<,I6AVI!R!HEC4KKM*8`CY^\L!77
M@Z8$WLU(E*!UR]TD#)N^*S=WBM/#>6E7MCUAN87&)3![QS54P83',^!!RU50
MGHC^0KK$E?XURYVI,_%06BY!6I#_C9>"H5O!^)U,"%NJN`G0<(.2^=$NNADZ
M*#,7TG56`VHSXFWL:.41M'7Q;E2A&&>8P)W4\W&<'3L;^-R+5#6Q7-_)Z5`F
MA#TL2</;PC'34%*RWN]6GH_2\6A)*95)G%<@51*CPO2/"J59:`*:?$!AARH^
MQ-KS2HO4ZO,"Q>7OB6NTW=^%.()PG$?8P<2[C-">.L>BR>Y`ZT]&>W`-#6B4
M>];H9>]XVP@Z@.^1*N9(+5?.>O*F7=`:@VT?+O"HC:243GL]S?0F4_)&BY1K
MV47ZW2$7)1S@Z/SOM,^/*A_A*%0#$W4D4*.PB&`E2:F]JI;H5X2LX:7:;ZEV
M]IU+WP[C@A+YT#8.ZI8E'7!I&JS\!Y%JW.T@M.A[?^5X_R--$R94RBWR$>#<
M3($0%#JU`VU9OR*"9ZN545<ZTS5L*DD83WQ"CDI/6XTX']%$<^S)<5>'B1#)
M\V=\9;FOX>[ZQ:^./MG>#6P#7!9?PB\NV'-'1PXSN;0%W5&`X`_Q_&U/SE&8
M445+?O2^`ZKR=[CPU5=EU#Q+)I-Q.CL9X:=1>CH^@0_3TWDZ!Z;X+)G/TOG)
M#'];3-+Y#'\<ST[2D\607MY>]!$^#:Y[`1]/T]GBE#XM3M.3X10_3D[3R8A_
M/IFD,Y`T=.4T'2[FR8NC-QV)+S&UC(?#%+UEHTDZ'B^2\>E)>KJ`?T_2R>PT
M&8^'Z6@V2^#I\\7TZ*PUPNDBG8_G^-II.CJ=X0>\]G2(GT[3X82&/!^FTP7]
M.!ZG0UB>%T>FDF%4O>L9\+UA.CD]A4^+=#B=XC*!<3,>+?"W13H9#^DB>/4<
M/\U&,(9)>W!_.PJ-_OHO1:$OY>1FC1$DF*'`,WN6G``Y3)'J8.WG0US-V31%
M)0:^&<)6S>$#RFGZ?WL5-0!8)[+7O-&RR[S%LK^\N?((JCT&Q#U9$*6FPQF1
M[`@&<7K*!+,XI=]FU(X>?X-=AP]V2CFU:/63&8$T7$S&./8)/'O6_54\P=<^
M+O7S\ZF>#7UBDZ0Z#89]F4ZH!"":9P7ZQ'7NM9<0D%KGMB"!-0I1)R;GEJF_
M*5&L09?82;3_L13/:><@H32-4\:M^H_Y3-C?PGC)!>^>M9.OZ,ZVZ[TM+1X[
M0.\=]$'X;C#NH\\]58^_^;Y7XJL?I:/QA`@%60T>A?'\!`ASDDPGR&Y.L*,Q
M,NH%D-1B<C09)M/A/)G/T\5\D0"S'"_&0'<GR02^`0J?(0DNCH`O@9V`MOE\
M-`)VG\ZG)PFP5>"RIU/X!\[%?'ZT&,+UT^3D))T.3S`"ET[@H$YF8WS,XO0D
M.0')L1@=O34>R\E\G,SAH(`<@2$-QR/@C6,0._`&N&T&)VAZ%&DG<.*(=4ZG
M4W@1LM798IZ.X13"<VB6XQ&LPXP^@7"9G4S$3'<9,Y(/I(GO[42U>T9^_=P\
MM4>;V9%3%-:L(P#O+,K.A+[98.0.K1C"*P[K>)]L.Q6EHVP$M<%01ZKSSM#0
MT8,3#C=(Q3&>7)?N+OBILN*`MK8::!]2QJ'>Y+X@0+N000MC87"DP5BM+H[H
MK>NRHEH\\2NI`$P04L;*+]PV#G\*0]%4Q=@^&I@KQ5>Z)JY(\_"-4E;'Q,RY
M"O'NNG1U-U-_G!'"YWNVJ4QT[5D(Y$DOJSKX&5JT1[[+@]VVC,(R+N&ZI\];
M>_QI!UBG'\_K6;X#KQ%(RA4>4N<7U][(R:/)N.\@ER4+4U5"JP*%CZTGY32_
MEI7TT?@:-;"WRYO.RZ3FX".VTE3*7G<^-_@^@#(]S@3@Z#;W953,'%U;C+VQ
M*:=M3C`TG"!X;Z88).P'C?$;37,(7[+2:/"N82!K.`V/"'YT'B:<#*+CVV:S
M\+H'3Z!C46DT[%E^4%:^10\)PZ[Z\*4/-K"TI"[@148UCWR]I)9F]52%:D5/
MR;EZ(>QEN'0][%V[?ZC;@2%ZN`PGV%1E8(?S-=I=,!BR&G[F<!8TG/A0/*'"
M>^<MOZ-;7KL`XZ-.BAD=O*<4E._T7"!<T:N0ZY[']%0BO!+@JVV8W%GZ_>>H
MDUH_78NG2^7T2,UTRB`MX-%O@SKCY"^6=B;53WE5'[5K#8E"CNA?>:/<?=11
M(PC,LR8"R_?W[8U2(I[S8KZ(53>OM.&&XG^@O`U!;9LO?M;KS(:!N451>D)%
ML&.PRETZC>]V,`*=]'0XE4&8OXXN52/RSQF-YJ#+<ML#\[EWW]H&P?\7]D[5
M:K]WX\F,?!7_X7N7CF4WGID_NG;N=)K.3_A2\S&&FE$A1@G:<J[>@_(#+C&P
MTXX#!*;GO>`O5I'$H*!K[):)"KI^:EFROL]77Y_7M!70PO@O,;C4MPO7)D*^
MQ$3`S>*'R.6UN/U\<DE4O9<>IUVQ&?!/':X0'5]Q$<HOY-*-:OC_GXKW7U?Q
M_N7%A[]E4?OW96]^$_<]M\NZ#CR8'10;+E1LZ=0!#%N/A!"0E@B!T>8-AN"U
M;03#+*1NC$L1Z#)17)>PH$J=P_4;]*%KTB$=4BE.(;_IN/Q8?8"+_8-!"8M/
M@04J#*+NF'Y7M;^N-?$I![8Y=5<;%SNQ[G;;.M1'#'S&7VSSHTP+'6LS%UVA
MO!51D61YGP`0E@;T>:I=E?W"XKH:F"'&^>!M$)DF6LCP"-ZF)<$,I"BLP,;C
M)^D!Z%X3+)5G\J#:]!*\C]'),$O,J\^CQTHRN/QF\\\[)MWU7!A']W,?\7/^
M"9M9%DTFE0U\M"V[*O?2ZNDIQ&/:]72;\8<(IZW,_NKH'!]^])%+4:]9DZF/
MI*EFN,SH@.]P^2>GOTR.D]'TE_UW=04%DM&0[CO]Y=$KZ85&@>LIMI,[>M='
MB+VC>`Z[14BY%V#3'R<GCSRB<TCF&:,!/F4:FRZ?=X$2Y.1GRR@Z#P4O'JXS
MQ+H+6.S,W9@FE\N;?+5G,)6][1$#:DY:3^^`$'WE5%:'$`P\2%JE4!VB%O/Z
M_=GQ&T9:C<98M>$UZ!CWQ'JJ/99D0)O]V=@7"AL$=VA%L)W/`K0/]ZDC6Q"^
MQZI*8GVMO"+#C<ZD<6-F]D=C^R<70.,;2J'Z@.WHL$119Q&T<'14]4'2DPP3
M8"?LU,_IK(E-\J]XSMP'7+C#H"^Q1RX>MW8N::]I10/Y5KAXVKKXL$*:,C(-
M9;!L;MWB#])0_%-`$Z)T\EMH7LZ_XE6`P#<^2#YKRQSM;2S,Z(-6\;J0S)`+
M;=[<BEPQZCQ+1HL!\!/7M-33S"=J&]&WO?PK>]T,[)\+VIF5CCT!T4YT[?CA
M1Y_Z36X_=_((!4R^A@)FWTX!O*C?0`&<WV:1V[(:O:0@OQ,J5_*!-A(24;"M
MA`%<OX_;_=4&&(1"T^2UOI5WRT<%0]T6C8\I<)DQ#%T6;48<7_S*7FP<5H^Q
MVQ-BMP=?':RC=-W&-%FD8LH3++V]R\H3<V`7OP;BBF7VSM<%=]7FU$-MB[US
MI356ZS2,B\6)&;#KO&"2&ZEM4-V!]86H:`LKUP^OW8_%'EQN8:FSV#U$?2-B
M>T)RYR5K-RI5[ET!G>B@^@D)1:F"U3'GO:SKP@4?Z&QI@2M>%%/7G"O,2[W\
M-@?`P&%&].OV'K/=U(<QFIWVY#3*O(T<T[K.N!6[_+@ICZF/TSK;%AN7];!T
M44+G5=<*GM-Y5,,T2)5MM\U]-IE[Y_L@>0?SO99F#,M-5FRE<"7%DJ1])X6-
ML$(\*N7%-JK6H+42%,YK:D*9!TIZB@`$X/=:$D_Q42XC%AA-Q4EWFK/ZA.CJ
MO;AV,NU16NJNUT&4-9=ZCOZ0I`FG@U/Q1$FKR6'=T*SC`5,2"=7UUQ0K5SV(
M08DR`[<OJ:L>HC"W_O2($"+H#ES:#1"DBA:^8G?,DC!=K.N[KV!H[*^5O+,.
MA]P'S#B\8T$[[E0@B;$1#5#Z@W'KK;,E5W"";Q`12SQ*&MQC>@:7)]I2WIOH
ME13P;+"?,&F8E!"X>1"K6U*,>II,89LQY]C\1'>?\TC_^I=_O\PWF[Q*,>YK
MN54J\=&`T%W1UZYVQ]Q<"G.L\:B:,\UI,YLBWU$UK/YS'<=F&-&%G-EK[4#*
MW['J5:E#KZ89.,^6K"R>`TUL*CF_1KN=21$=;ZA:9`Y!_#7'(9IGU!D4^XD@
M8**U4@?W0_-#8.V_WV=8.JZLJ!D+V_B\'P%A!,PY"P>5=%#F%>L0MJ>5>Q-V
M1)45\RU]+O7OVCVN2KO0^'XDI*"4:ZH\%@STQPP!]?;(^([.FG'^X\<S[F79
M=*PRIJ)><]#<O9,'2"K9:`AVL:\]$J0>%-0*V)P+]*<6JX(:FO<=+,WI\'W/
M5!'##!.,Z)[S8+4SG]0BP5_<\XFE=IQ(V4U2A8*T(6>CN9QWW@+7?*?<Q`^!
M!7Y?;D'5``938=<N8%)O]\RMS\#V*X`?IMA#D#;RY?X!G]=UBLV.H9.?^X\$
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M%R,]@/=\YZNG;MKUZH2\I7"$V]&$*CQR`<Z.(@_._4XX'^R]HF7'U!2)ZK9S
M0H4W`-1"1-R;Z/,=O3A$F\+A^$2Q2$S:_D1D3<"CO%HSU5C(]^@\JAY,0F>7
M?-1]CV`P!V09/X^&&(LO+GG%IYM>RFTP':<DSNR8,C,0_.[2\'Q6J;I><N.R
M-+<Y=X'2XE8[`HW1$+,.CT#'L[2K_$KX"*F/"P%.,<NX($WED^&PPLOZ-`0G
ML%DB.-KF%23F;O(1A>D]V(HE6B95"_L(X?*M!46K=W(L..-5[O/EEY7TC?2U
MO->WQ?OQW<59&K77O:H4"*D/QFZ20)!-'4D(+I$?;ET$KBXJ`V#..(<7=45N
M^LO)AI+6+P4=)!%&WWV54;W(^-6X+87V9>J^LT";^HZ+DDLMO?6CH\><1B)(
MN462CKTPD^U]8,PINW)\R:3N5=9[TE"C$P+9Y*MKYGVLX;_"P[?FPGZM4*!1
M/%6EZD+[RF!YIII,;8=B*O#69-61[K>33G&&ZTC)!?^%[\]-*#;BNP)/X[)0
MZ[4TG-,LP[B\O]95MZ>SR\1J%6WKC0<Q$^.5)'BLE025S57,:FE2[`O4M)X6
M`$#J5GRY&R?UI(2`5=Y0_^U#<O41^'Y'AM:/6C#Z-9+,CUCT;;\%Q9+6W4%Y
M7%IHWP]'+>E!T/PAHND,Z`B^FX[2^>DBF0[@AU]Z4`OE@$SG0_VA`^#RUN5_
M8M!CMW2A8>,?`,9Q$'Y::Y$1JO:`7F7UJ/Y9GF#%%B47CZ;3,W,>PS)5$N&.
MGL&6.]>L8;JA()Z3S"QV\!A\?//C^2N">9I>JXJH#JL?Q2^1YIH=YZ&53&O7
M0%0O5Q=-&4#EC)+P1>QXJ%6J?D5Z?M?:4(Y[Q_K<9E2LD],,PBQR+?_0D[DG
M\S=`[;"NFFM9B3P,Q88#WHM4U9Z?,GO8E:ZVIJ`C2&4GOJO#'*&I!2JZ"FKI
MB=0!.]*I\@OIW=ZO(OG9(KPZMR5(;`"1E3.PWKJ9ZZ`>C63VD@M8GB"D2`K8
M0Q>'9*'&2BH/--(`U0QH/ULB\M2;MBZ!84EQ#`?T[]A*7@4_>>Y)0@^,^JNI
M,''6GYU!QP[)J/QA#KH[>#;*/955;/)X5+AC<;<V>3S"`;A4"X+&DS-^7BI_
MOM0_N1`5>_F6AZ2XJW\:.$&"'>>>#:J)Q=O9R??:C!*3":5^=QX.UC&JUFAE
M8>Q$A4)W!7JA!.9&6AS6GV,SF7P:]MR%+^,"NNP?1^?R8P^QJ_WR>"Q?FD>X
M2B=RR4A?+I5LP_&3[YIS,"AY8(5$XLZ3$C)949.Y1AZY'@#1<!J0#C?-A0U;
M[]'E(R6;N%N#KX[C;/O&^M7]27''QW0L4!`DY9Q$Q0BOY+VMB>M.QJNE#BFZ
MB]PRRGR#1^@::6K62EMN<D]AAVL,E\G7#VU3BET>4)-I&1^_,NV85N>4J`*,
M%G23$U54)O6S;XUK9W.:K#BSZEBC7(,P'4NM8W"Z=#@?BLL8+9<,!"^<`OYE
MSUMT;!&&MZ.B<"M;.(D#K]JV,%)>^9E9WT+[A;3'@8Y"N%5/T&!=^S+O"H`M
MB>2:O+=I[\QRWV"#IA5'!#IA6W#>\.UD"WV'?^6LUUZJK>6P%TYQ/?MC]B4)
M*DF(*45PEK/OD@_+IB3%%A,:PM7!%*WQ<'9"E9">)5,/1F`M]BCB,.:&,=[@
M@Y:SP6AAKA\_\?I/+8*@ND2H>AML#&6''YSFR^0[X__IG>A4)VIZ(2:3P>FL
M?ZI3&?IH8G*O9X/QK'^VAV[IG_!XL'CRA&?'9S!A*;XV.SS7B8$LX5Q/'Y_K
MZ5=/M>..0S,]#6:*X_R98O<(A_&?*GI_GVNIS3ZM`P8YX4&VE:104Q:6)J+-
MN#A\`"E@J%RG2MX+S_@>`^`)$9!&6MZ]>Z6&U"HG=W19/95)$U2"(N+_6;SY
MTKDOU<_?SMYE=I<J/\"'RTFQS32<(XU]L]R]TWM'L3Q9)>B4X0`#$UP[:4-:
M.<(UN/Y6&V2*[QLAR+7SCJ[V1JE&`VBNI'>Q\;.OGR2-?$]Y_*M_^K*T8D-Q
M,P9-SHADEY%0:6?;658B8I]0VVOS4M/W6]?:7]J/=^+MREP6#E)8$4S;.7%>
MEDA)P5^.<>)?1[PXF,&&96LF)`'2^>F(OUD,9Y3NE@Y'6(;A=)1.^9L9>G^.
M9$7G<.O)`BLJ3*93_&L.W&\Z3.?S2;(8I;/)#!\Z6HR.9-UGDW0$#YS,TLEX
MZC*Q3F;IZ01++:3SZ>0(A,3)(CVET@B:K0:?QB?IC(HB2"(4NIU.TQ.JX#,:
MC^`)TY8%U_:^.KQ=Z(;2EJC$^[S3QO?DWDF8)+KG%M/HEYPA095X?<:'0WKV
M.S.T[OR9-BO<4'`;#N8??9%JV[A0`E$$N]0XTR[_@N.^D^JI'$KS5GM'8KE-
MH;*1XKXKVQ&/QP`W8<2D_28J91]@W!RRC2N627<P<98UP<&WV0-5_RN>5",K
MS%!MU2,*?V8_Z=$K"LY5],JC5W82ESJ)K[GT1]^4#CDMT/=LKMC2<`6U7P*"
M^K?Q77!VA^.OO8\S!P)67\/[1RY(V/^@3<>=<.*')]]V[]'KH"R/+8'##3I-
M$)QK]OA!ONLIR9.`.OW8-525"Z^M\F)[A2`]/O#'H`?`#\D?2LP#7'-9<&QL
MA/.<'/K1[.>919C]L`=)=OH$<!DP2JH1:[8J:^-N.MY"Y5,=T$9RUP;)9Q_<
MZ[@IM1<GU+-9*W1&#FCM/*$M81+76B,_<'68FJE%0#1??Y4](((,_C$._P#N
MBWRNQMXI4;B>WU)B36?,IZ&ZDE0\_LSW5W(Q[F"2J5S-.$?U3_..9B99Q92@
MMS!@PLN8O6GR;"N8=RS+C3[W;`4:34'KQ.H@PI=NL8P*ELZJ,5J[Z?%Z^A9Y
M#*]$\H`]*1\TKNVN9"BF!V(&5VKF78ENQIPT)<8Z#9(W/1[$_`N(11IOB7U7
M<Q8EU&F#GYIP+(_#]_`9BZJG^B0E(%%%[8-5KWP:);I>1ME#S77;*>TDCSF>
M((*Q2MR."WSFN0>N">GC$K_$F\W[WN:2_@LL9,`H&\0OUDVY_$G"!C!L!:_<
M$N1KM]]*5K-##N&?FJ[L.U$BT`XVD#KUH+M6PMK2W5XR.L7G&TXH;:U;SXBV
M.3"Q7R7/,RX[+VVVGA<O1!MH%-OK$GD?7+%6'D>YW2)>'A]OPMO\=)^+$-E?
MKB\.;V`WVN$Y'@_,\EM1KX=$6T2\0#3X,C<U_9YC2T16G$KI$85&1N::PV.B
MD<,Y^?&;?'6I+6^*N./X@NL%ZO>\D-6QRZLZ7N=,Z(K^V3C#$G9Z1\J@H8P.
ML.7GP25FC9U=J(TAA?38:JLY'L9=RUTD,YJ>&TR3_<0(<V[;3;YBG#B:4R[K
M7J"/(-FB!I(*(2D\5`S)M"KP_UP!%Q:-<M"?G[W@S`7CCWXR)=#QC0"#F('3
M28$?+H`UD&8>4DF:8"LA?)=IRDFX+TGA)5B,!QVZ)2A`MY*8&S-'@FGEJUCG
M[#Q@%"9!9NW#M)9N.MN[N.3X0YLOQ/CJ!0.G$<DIH!(;GS:E8*,[%<<233/L
M@.T13-D5R$["_I+CGOJ_L]L!TU;WI+34`0S0UDN(IVWS_)VT92Z,]1/NL@TG
M+VZS/Y:5*2GVZ#/(XY)):L!3N2!G97X-=^7D;&KQC9D0%7<EUVZ2%))QP,4>
MPJAOROO.V/RCV3J#9#9T>,XN:5;XVA>P7_ZDM-]D3DY=4F]5]6$%CC"&A_ID
M*]_,4AXN;%VWW#=3ORM*EU1/R71R3-W3*0!NJA)UG!%L\M986+JB%\)Y(A%K
M$STS+XU3K7*&-`8E&6Y`%_1^N9!YNF/K>S$KEP(N4)G>6YH,)A4O1`<(^1)/
MZ_T?+M_H9[*RG6:[0A;G_7B<P*45&*/!:8Z<414HW8;:#I86KM`:ASC#>)UT
MNS"62T:!NYV%7S>+=:X(V/2B86C&@ZW!T$62TNAPDV=<+#)7!X.KMD<S)D+K
M>:]T1C;O#F>!^N4&J-CZ4`.=+AJ2-N`ZI'<I77'>72OVBIP7\U6XGMS8G\H5
M`L0JO1X&R_NH>I6J66<OHO`MO4OW$EN,D!J24AD'D@@HL^4=']^<?P+Y_47H
M7]-CK5#M,')>JI'SVK%=78!NM$LOPR#Q\[)G!H*H80/L&V?QF%:X=Q7H7QQ.
MK#$3]),[<GK"<U-."E?-_6!1,;Y\9+O=QPOQ2*-&D2J/.'-?P5++AC*V+UJ<
MG48P':==8I6CE3_?KA.N4SU!1F+/`R*BD?;C<ESJEMJ49%4GF#'<0[?-HD-*
M5'YYX]Z-J1P%]WN2I6AQ_Z=0RM]RM2W8LS6#[A74WEJGO\1*0`W2D'N$VK94
MAQ037"([T",=@G/BA%W4U)L+KT;OW^](/:"J5K[APA)A^JKUIXP"7).(<@F3
MSIQ%V)@H&[1V?\[!R/'!FFZU/R=?1SR:VA&IWTI_3^MJ4:2MI+/=!PX5*R"V
ME]\Q=]Y0HJIU5!"_=KZR.EC6M:1$4T;?,;G]4MSYXW)]?`M4E3=QA]I("5EK
M[2@R<!KO1;*U?,S3(X>A;U5$C?@PGPDQCM+%1O(!8,_VW&?0&`Y&9Q./43AK
M5[+5S;PU[@VE(/+\N,@GIY(%N0AX7)V/)O2<\`L#+Z0)7W#]`)OBF[#;B(06
M'3=I[/%&WZ5GP#URY40C6=PNN.9KB073O0K[_&ABC+,1@GP3TF$%_7B76VNQ
MTQU:U.YNAHJJ_J^NC/#I$8M1<;+,]C5H]L1BD5I`6!6UP$W8]L3V:+V#V&LI
M#]4S75<<K_;<ETQOG1RSVR3B8&A6EP[NZSB6Y!UI<82$2GMQ<U5KK=.4^A;!
MK7^X:($.@46)N<KTM7JKR)/WU[_\NZTAJU/YGP8\^4BGI4`4M$=`>1GH4MH6
M8EY&[D',H2^TSA1%>MSKL&&.5"UBB[+E>^IQ^;X@WOB\N'MDQ4"GN<?-7F=2
MGXO$,@>@M=L*Y_UK<U>3X==)0<_M<42J*X0387Q1W"F"F(X/BQXQ#PJ\+Y1C
ME]LK1BU0\H/X.@,!U](`=8[&/38:2Q*C=&O@B%9+^'Z%"XJ]1/)&)T_\Q"PF
MX>>%/KI2LS3RT?&.,/#A_<V?(MK!6`*CT_01S*\]^7>]F+;JCG#UFBV*ES8/
MM\S$)=%/),<J0&;@5E7<W!"M)H9/P%2[41'/?8)B%>5D5AT5+S!3*7#(W7,Q
M!<G[KS7167&5PO&%(*G`SSJ/\LKV6@\)@]TN19#YG.>8.%@R[6$-^HH(M/(,
M>W,'>Q9>`!^Y8):,-R#8!WRE>(HXK:Q=BU.*;$L%/FHF'`%/7"'W")2"S0AQ
MM3$(E74(R5`=<G-63<A5GTE%)+CJICY8U*4@!4J#]=EVL*PHRRR-A(X@!Y92
M>(ZA24`.E1;,WI5W/L\F3/?\!DKQOAN5C(YH7)X\D33&UT#V8;ZY5'QI2/_9
MY-@F71HGJ_O(*[WQ`,\/L&=TDA!PRN@:1GY1,_ILS]U>?(*D@*#</74??4;%
M6GITIK:>U(,#CV+IRN`/\R:U)HKM-E]1==M;Y..T^Y$`&"""8Y4C6TG>P12)
MMEP<^X;RX+)=DP>N7RX\>PS6[&:/#6=3^E-+B>(`^9N:"ENA`D-?5>5#MFD>
MCM>HY?`/)*KVHCCO,%47JV8X4)YVLA`BD,#_==EA?=QPXJAV&NU_^B>NHZ9]
M,,*,8;`9?2HG;M%A6H+32'VEN9VX)R@F@L:MK`XG$A_N!JW#/AF2_Y#Z.+:T
MYB!#/'H=LI4*;42M]2X[:3:ORHEH#"=("<J./-!G+_'(Z5&Z>*T=D4(<M*#A
M/`:>=&A3W.M#?22C?`$TQ`H2=%P;!I6*OS59::97:^]C@-(E.3A8A`3]6E2A
MI//7JC@4]!-_96-KBG/!VIY8XQ(]+,?\_`M]_B-XJ=&0`%,TM./'AM:JTQ((
MTB=&UN-X1#MZ'@8BR`T2.NE%W6KYEOH$]?^_/?=^]8M5=$3<!B@W=T[$-@B-
M*IT-#2R^7)MQ!R^YR39K,HUL34WR7HX7V.7PP.Y*EB?_+CB`^&23;Q_]HA18
M-;@!8Q2Y3N)Z)6LHE,V4^V3(8N=+*":WZHL*X%JE6!'C4ZUC`8S3MPOJ2XOK
M-M$E)D$VL>L#2Q%](L]G,TIQ3MMQAI06U:^Y`I6?'K,3>J1:%0QRT.H5]#,U
MH^5=)3H,XQ\]1A\N)XTK"*D]@I1NQ5B%[X2O5/Q6>Q7YUPAD*0VHQ94MP/<7
MO[),R3TT>!`V56->]AA&4R\\7!'4=*+CC1%$)GG@'.+/=7QX/GKQ#7?$LY)C
MA;#I$39_.STY(>CT].B\=P%'Z<ETF(QGR22=GIX"6SZ:(&Z:GC*?)[-%.IDC
MPOET/J6<D+/-YBNWB"H7[:FX$$_#&A(%]7OS'.1!.IBSFL^$I&$G]!*3(W*5
M(P375>K9EA(M#@^>YK$B*J`AV<<-E%9RUO`O:C]&&IA:/%6![MR5*4<H,"#6
MRY.,332'23,P@LZQ*A0O-^[FQQ"$WNCIBIMTPZ?L$<)B9"MKAY%R1#=3O)[\
M2MZ?<XM#Q1S[=Y_.+\B5L:?HBHNS]M0"S.XRT(`)VE=6OA^W-QA:BS&2V@T\
M&:K_:47J$Z(#5LAXN6#[Y/$![N.[7EYPF`E7BA9F;`;6)9%LJ8+`ZX8!7?(9
MH2.1UDBL'9D<P6QD9N<7'Y#:W^97U1Y-[W8Q"9`H1(P6.M%YM.YO2JY+:)7?
MK&>&71,,)_>T*3V!K;LF>Z*ZMP;$U!:R[33BVPAM=`%)S\4_^F>1IMIFF1?N
M+F[X^8E.D?H>:)F.OL?_=['4_L+0$6]_]`F/R(;0'>FBZHCT^9Y/*G+:N2MS
M,J!_B;-3=](I2"$EH=%"J[`H9?#H\`F\Y2,L\P^R(3D!B_SH5)]*/4")S\].
MB+/_+MAL/*Y8T8_H@#@!K1[IJJV4CG,.PC?9EZ[J_/3;I^S+5Q1,'8W('K'/
M9906QOZC*KF8S4:%?UQ5Q.HZVTEBDO955&PW:5KD(-&*&=9797["DV"J?+B(
MS(+M%BHERII;%QQ!:G-8'->@;P*^LH=MS&@.)*'PUOF*B@<5;DE4"\N_-&RZ
M!PWL9.`</W[B$/G@:5:>?2!:FO6Z$%\4/:YG&743R"F=RLO2`-[!>/0(U-7D
M5(GC/(PDK:DX$0R5!;5$]WD-`S"Z_DX^-1F"+W-;8=_5-4^M%B=EX^MC=B]U
MFDB32D)Z+H.U%Z5'*C2CRXL3A>B@R%@$:L##]:S!ER^@LK6Z*P)M"NJ>T=ES
MVE&!3LFZ\1LJRLM28A]QL.%14*#F-UD9+R$S]EXDGSY>TCR_Q[*_MM,G50;M
M%(A?L8(=0,:01AG"[ECR5[?I[G@DR<QG$Y-]327_9S[U/&S9'=K.R.HK?.>S
MT3R=`A_UN6)X(%4BK"4YX>N&'J->K6#9E1@WS,4+[UZH[1&JL"'"3K270RWD
M(J.^ZLC[Q'1RY!);#4BV*E!*]$$6A5`P6G4'T=S`;;GX<KB+W.'M.+'.X0.=
MWNQFTK@.DQBN"RCX^\I4L[KEOLZP09F/%=J)<`TOG^Z',#_N"0V3VN^4H^"S
M?;-3+;%'@\*?\+RV9.,;1>@[C:;W"M1>R'O7+QZ3+]O-K^I;T(?_\1=4PJ>Z
MRW\A,G-,,K/]OB<UAH>%`'$O5@(Z!I9B)&_VC<TS\$_])AWNT1S(Y)$<2%$)
MGH/JAPRKK%[PDH'.]#K']C<[_M*OI9C1WWKCT4M:C#<7E_INM"91E*DKQ&K2
M*DE!JTJGDSD5HIN<8!/X9)$.3^"+:3H".WTT'Q^=<0:*N%O<"E/<IFH*K(S3
M,(K"J]`RXM%)\B)Y/ADE+_H&A0D+[K;>$8(2:$;X+!D.)IAM#4.=SLQ0Z9?Y
M].@-I3&PM;KA7"WO=SOZT(FD9%MR#(KK?`P/',Z3R>)4/Q]]C,T#,561?*Q[
MR;H4=!5@$:8P\-,%L*QD"HKM;'3T6NCU*[?+D7HX)5JD^8P6:3%<I//)U"[2
M]&2*BW2*'5A'"UFDI.7O]Q*?LRT.7/#F[DG>^@E[Z^,'.]0H,O--QO(<\0]G
M^VO4DB>=S8X589MYOS+[>,=C?X*QDKHKW52Z)ZHWE'X.5I0*LJ%@$,2'W#!R
M98##C+C:P33\(^^=?[;E+VZYNMNA`X,P-[&&R*&)(LYI9M@_:V73N8@?!;YA
MXQ&6FG7A\U0#:!==SGT"TCTE^(C09&"43X\Z,)1!:"I^5(_QH953S\@/8/I0
MT/EEE:W6N"V_`9K?Y`]I\D,U`",4+*9\D_RF7*^W&/C^89#\<U']E'RXKD!V
MPB5T1'XH;W;8U6<%HYY.9H<V)-P!]5HW5'[)1C*LI_#P3@Q<E<P_.\+F>9MI
MHWW)$1_J"<%`^[!6!34F]&%OI/73$U-Z"+T)5.+&,@+2$F$,0=S#E*`)`A!1
M:$&)I\32Y\KBL79XT>R=BP==+>BBBJ'!\-)3TX]*H`I1`8<V1]ENI?:F+58@
MV7K$H4$SI#Y*SR_DTXM6-Z>^5KK);XKK&RI$"=^%?6\Y.WGGBW)IY7+>?"/Z
M-?OI'HO&*[2(L4*HN`(?JO+VJT.M#96[AK+Q>MO^)M19AINT7F4[R5QT2P\/
M?*4&JZ0RNB(GC*`'YL2&]VNNT`-ZA+9HTM8)E$[ZU[_\^]O7YZ_(?5JX2Y:E
M!`\S;)MG`(LIQ\FY>1=JGOFNJ9PNL,2J'DU2%?5/MGJU%O+!^NHR&DRN^X)(
M'KP-!]#Q\A9Y?`@=)`KT>>)E2=_WVI^'7/R9`>N0NY)3_`0<ZE'!5"*D]Y%$
M"C5W""YV#%1C.#4RC/;$Y(0QBNGPKQPN[^+4<?!,P(AZ?`]XXWVI)*Q;C:O`
M30(\#J[*UQO.!!5BP)P,PE<'+E\4L\<43;LMFFSS!*,B836U0T\O>!*D%EU)
M\%CZD'G[T/3+>XJ^)(&,>TH6P,D(F8>Q"9-S87"AUIFL)[E!U`?B()&5Y*NV
MUUBXJ:FA8^(=0:8Q^I>M;\+F=F'D!H3,.B]X=B9MBG+2K-8=,7\J:"/^K^:^
M/%Y2P2-NQ<=Q3Y_^>=6S%2C`>\VI_Q+;I!)8?,"WF[T6ZKTMFUQ!-!V:<JK]
M0`(U/M6#0A;UO6;`>M$8(8]<8@\?%2F*2N&WGO!7Z"XD)TL`&@A3I5R<6S$N
M8;3;X2`.Q+E75@7K9$)=()JG7&,R$V.8M\GRN<K!C'_A:X.X'1-E*QIRN0Z+
MA<"(8SC(0VW5LU9B,(?T4Q_D[[WN:0@$>S:[D1T]:`S/0KM`'_VUU"\?0Y'\
M'[Q0C!>*@06*,6DEU\81?579G>CG<+O8.JBL2(F#QF*,VIV_6CX_%]V2QM<4
M459$?A!G=MW`@CZ*V^RG\.ASY+?M!6P'E?%1_P7"R?\';N3*)[7Q1I:?6B\\
MG1;+L>/I%W6@LJ)<SE>I4*I//=D\..7;:#*X3^D32;R-YY11_?<>N&<D9HA0
M?<C9V00M>20-G%S5;J]Q%J%V8`I+].!QN!N4`^/$8XP*QYF<@3"-\%OO,^6:
M.DN1Q97&.E"FF=G`KAH#CM_'H5!;CH5JZ-M4_Y[J`,'#VDGMW4%AE\*9QQ;4
M(99*NR5GQ]:SB+BY[?;1-SM'IL?$B2]S8JE/JJ+8B6X.L@@._VHVN#.]0;-9
M'/^JVXE-](=/;<+J?NW<IOV.V):O-Z_A,#3;/U^\)*O]FY*?XI)$<0:4;W=6
MU#83]O^="3JD9#4@2KL[Q.3(E`_F[`2Q_:]*WOF6C*\T2OFI_T8Y/SC!*+\B
MV^,V4F8!:8>8^"O5PW`;J:J=2G:"RP>0*TYLO`>MM<EWFL<)+T9[E9Z5;4@!
M<.W/LCJNTB]0!-GG`^D_@WX[HV,F/F]$BQ.C)"=,6]:;F(09;KT_!9G7=`R(
MX)#V?S[W>8MGUS7E\J`'=,)4>S:SS#6%MZLRU\%(FZ\[<]55D,$81XY+M/.-
M+UU;!D6:9Z;[*Y>`0<T`!8>%DVO5*^$SSO4@+DN2>;`F>P$CK3CCA7D3C_VF
M`#,#F-*#3S/S'=16(L$%I,,Q!NILAV/=8D.NXL\,_)#<E?(*=TL$R>U>6`QB
M5^,K][OVM>3>XP$30W;#%"`_^A<0AZC%P12F"0<OY^YC\B!:>:'E?<UK+@MA
MGOJKH__]OY)W>&\R\A_'_N.$FXWFG.6^3OZX7UUSSGU3<(&5HGN\!HT%&AWK
M6:ZI$XT6'X=40IY`68B"H1%GTG%SMPKP&.+2SU986-"#9C.!F(#\+8G"Q4#D
M<@Z\?V9@2TH2U<40J%'/,R)(F31*%WO6KTKG-$3?0>=\</&3EW"`$2+,5\VI
MFG3WF@#IYGPD5NP@9A!7R7[8H#4VC1YN:S8Y7WAPW*U)?L6X+SJ?BWH4=99G
M$989P;#.2/6.):K**,<D'$=`LX_[4;-N3?4A2E%QB1-HXZP'^&S.LQ=+6-H,
M!U.!;EDL73_(I4O&LB'*"Y5_6"D'79_'V!4.W^SH*&.5HBMMV6/5-@_!#708
MRGLM`\-X'T.K%-FA[Y5E4L4/$&<5.F<J=9*Z1NN6:]_VCMFT2U=5&XWD;<8!
M`N:D?`*D\J@UB.$V5R41"SQD18WXH?"BY*HJ?^)2`RB";X'_273GY<4'=BV4
MMC(R*3Z.Q#+'*G#2SNO#<3A.%S5ZQ"$4;>"7X,[$].P<;3F&_TFZN=.0L'`P
M1R<<*,E`Q1@2I;8S158P](#'`=5#C_XK1&#1UA'L4PLM<[`-AE!<%W(VUM1#
MV@TFJB0?P`P4J7F%6,R[_`D`3#M\EXM`&A0#@]J(-1@.P]VUPW/@7;"Z:B<B
M5JJ[>?3LJLL?%0)':E<"L1/YVH]U)6-OBWVQS]?BVZ/-)29"6`LDA)5%O`:(
M7'LV^V&RK((\!#!3`K]VHXYO435K9.(64TL!&J5Q`VGMVR]7&5.],$\#NXIS
MA85?@&^E:E#`4>((L(`00RIB3"`R7HLZ11Z%D=$;+%-*IVQ@@*YI)\HUT09=
M'`5!0&S+Z$-;"UM9/D+-3`G<<<T?]`'!&+(=@_D[$3H<>A)EV3G&-QAAK))J
MOW$F,-Y$+:@PA/@1XRI[5U#`ZK18^O@>B0`9RA?&`!=41+:4(T/U`+0<'+>G
ME4&[%YFJ-@B5Q$ILW(XR;/BKEVF9\\9CC4.@6`O[[:U^BBS)3(EXN?1X[8":
MK.64/W<(*=D)H*@)6H&N]A3R:WC%/58F,\%[T$;@O$O`G883C-81!;N5!V%&
M`S?P$+@][JZO,LJJ@]6:'B38B&:``[(S!C4`5:\=.#G`&3V*23X,Q'VMZ&,#
M.XYU.JFV&2?#<-UWNA%CF<2TN(E,&,!<%1A@Y]]L46#7;-G!'S`ALF#O>-]0
M6%D*6[WA"%!QJ)\^':?T\,[D.U8#*[(*F`H%F@%GE&RK2*8("3YH95#F;,9Q
MZ$D9V\@V^18A)=5#L!HL#G!I[W+!4V!#ZXTF2.8"R]QYD+@CALQ5G6'X,@^]
MJ.U.46MR.]R.Q$Q]#'4VAQ6\-$G6D8!4=8B.*B$<<#6#L0E]DSKMJ^817^(R
MO6M1D$'QVI95_M>__-NF^`DLAF,$L1V#M,+J$'S>A+6C-TT$?<>;K)#32MX#
M2DK:9/>UP(X0Z?%%-5^=G6Y$PWSE%D,'K"EI8[#LRVWV(.%A0V[<[Q47@E'I
M1*Y[V.=*FO->&FB64R%I9Z2""RI;LCJ$VS;@<V\/M+(%:B9T:E!&8"'T6>MZ
MXF(FO)0)X0&I5!WUG`Q>8*19+:7F2=$T"'K3_!?D1D7%7Z)I1ND",AD9H0?2
MLT>QZ$A;Z$Q;\:'><$=80'J,&W%4Q>Y+1F(@>4W=;R8=C`8Y<FS[U]P2RV+)
M&CMCHSM1(-H!H>CC/GH6DCJT$QW[T$%>GZ)CV9$88<C</I"`=,JJ&]7DB;.Q
M)-)S%H0W?#7+KMV-G+_BXC$#8/XR"&O=MF#%D=IZE3N&BS!C`F-6#R[K+-M@
M>L(URF-C"Y"$#L<NP^'$<BU8B(K],>5*"PR+2O\CK_%IXRZTKJ\DZ_"!EH]`
MACF1&*XZV<J"YVH7\EK#%06!&"5LH1%H,WVL9N/:5*$$$"IOXNF04])"KEQ-
M)M*RO73L32U4=;\=]`O][A<.N1DYY#F-OQ#$D(<[,X&'X924<$T2>[!."(H?
M8$8?QSS"A.K86Q%!1T6#\A?Q@4=US\N)J.YF>VA<$C:86L@7]C4+MZ(FOJ.8
M56S!9B3;MESE5'*+/SC-P;=KDZ(D)&YU%IC=3=I\PZ]&7E5N.(<2>.Z5TU6L
M`XI1N3(E:G)&#8S0)"Y)])%;J>%R_2`#/[2<N>J0HJ%JCJ`VZW#*=<5-BK@Y
M%FMFJ6E_&)0/<BX=JEF(?7C:+N3.M^JRZMNPYO(RXT"5Z)4W2+/L]4F?OE[F
M%Z0G*OO)&^O\4*9?GG?:&"Z'(/5RJWE2^;:\KK);V#]TUF?::^CL\E4R&0V/
M49.6H.!*3HCP'(=$Y\BNR"\U]VIB7>6&:S=05\VUN-\R:I[!T17W"'*6DDKD
M/:"")B:FA36+D>H+!2YSH6;!:[NS1(^1:#*AD".O(QDA."P&&\0C1F5YDSO5
MBWHHR7>4:`8',@\I2>QL@\OG,^(AT>ZD#,"TM242(\;C,;@&UZ5-J@Y,R?&0
M_OD03=&TJ>`R\SG=5*FK1CR;[2LVJ\(:IJCUD2,0I6I4Z_$_;B+1BW_NE-JD
M;CFDNFAKVYS2VDY7.)T-@U3@E*S^N*]UT.XR\MS:@F1<1;?U((\YU_:4(*@=
M%L]M8-3\3->78X`>4!_<HTG5V@R3Q)JLE$<6<"V<L-N[:9;9P?DE!<AV.:IO
M7#>4*]K'*J>UJ9QA4VK`$K>2+V#/6I%OQ"KT%J0SISO?KG"24.X]#^,!+Q3=
M2$FGN\:SR;Y9D2'3&FX\U-0%*N7!<IE9C**UR39YRCA[V,FG*^W['_=0P,_+
M+8^RLT./#+T%NT/][+?HWB?/1D/3H9O3D4Y\@^\P:QWU@:9LK4V<6X3FEBQ(
MU:S!Z"I)1<)TL<,Y]>%-E">=*:+BV6PQ'TR"D6;>A^/(YMET.C7=Y.FRCN;#
MJ7GP>'$:Y>UW/'8\&ME<?J8N<7)R11,:O,6XH7*-S'$ZQ'9\IK.W6S_U!68[
MWP1/@/^4L`!FR_=JF,3[)P%X8:V-T15;N2?=<AN#CT7E"Q([OKIAQU%I6ZF(
M_8D47GN=@9[^J,@@T&"+:,C5B>O=4*92I_1.34#.B^TZE-LQJ_?0=3J.;Z(;
M22AY79J=BW=%?I^O/!@/Z)7$A70,+45;(B*%(^E\,7U:!\%/C-^)W*ENO=D%
MF*T<`E5*K6C-_&"NS&[9%^#2WYSL8T9@L$I2$MK&6&C&NI>DF:H59O7[5I-S
M]MY(_VB32=<X0JO%R>$"!4Q9QPHC)><T&1&Z]8%[T'NE:VK/>NRNDU.`CD?I
MFKAQ71X%3:-B46K9^5R32-(+UZ]<=B?[<H#Y&=N,^0YP]@*[(57^)#FN;YM5
MQWR?HI,5_D)X$ZU40?%?J?6F.G;-CT8_TI[`-`35<4Y;B6'RVJ<2O5.KC1S%
MUC9P,'Z,N1;>62(G@=HCKM&,%PN$6WSG5=3MS]V-PR,?!NV\>8J=%DZAW%\U
MZ_VF[0JB[$]"-K!_Y98//R='R@-HSIFO;DZ]$<AW_^":"RVTB#!6!71W*OI8
M2_Z&)SXB6LKO(!)2368OWKX]]S&Q<4YD6]?YZKA<KY4AY`2GE#R[F'FY>`NM
MF'F0H>Y2HPS`:1BACN[##6'`>^+\'=NDGC%"5_VD'G0@@,<T0_7(X:]BT7I%
MEZ8HJ-`'#C0).ET<!9E4G&:9ID\3C2M82\IZC@B=<\Z<QT0T:&)_0O2&L:L#
M0$H-B(]PI>YH=FZRE;T)RC$Z3]U^YW/5B"+(9^]Q]:!T4H2J>\E>2%]+B8_'
MASVH0<Q."5_'_USGY'U3J#H4QB$5J[5.Y91-,7+,^'H<%D8."4=B4.)$\C&X
MRD)57%^E$`3#T]L@?R;7W#K89O.+0ZZPA(E9&>I/347M8]%HNFHX:66_;-@[
M2/G'!!;>1+]0[(A>>(\:`#>\='R-TK>OZ2;N-&-2$@[P,!22Q7*_82>,9#[7
M[)WR\>FPH>A5X-8KZKC4M[Y*&SFZ)XJ#12_'UB]91>!?B=@;H4I16/*E<(;=
ML>Q1M(U1QJ[;$\63B]#BS$.^,^7Z#J`XU$&FB^3%K^BY%-E?4M\5ZXRL\\YC
M*WUE:U&\']G?_A-.QRNLEVSAT%$HI0@.D:"@`\W)F3T<8;1P5*=!]UE*>:W<
MG:,1#&V/WU*T3.4NJ:P,!S2W/^TI+`7<\*HNJRO/H.2=I+%*+-E()B8=$AW[
MG4I8*@'O%5WGW:WM@46%T$=)9*F\ESSRO$3"L.6Q:6DF&F-79[KG&JG/T?)!
MDK9A/V"$B%'P0V6/@'I&&')AK<S7:/!*ER0:Y7(6?0C9XTA<EPEFTIZS<Y[A
M.S>GAO.^?99-K(DCJ?H_I?)5M![M@H@=N1R\5<:Y:YCI&A:M9@9`(0F?W#E(
M?I^`[80L$?X/G`0^Y?1W)?_/DN+._;FCBW+Y`1Y,G]?R2R;?XS=5'&#YF-?<
MI(#62_W.3RH#UGVK!X$6=4`[!-`$R>)L!N9#38<H8D\NP3H]XE(QCM)3#S'D
M$J#4TT[N>JGX&08`#315G3RB8&RPV3:B#&ZU++,#.?-&RNE04"@EXDL-YSK$
MC!["OT;ROQO-:BEGD+R'CZ8/N'`0J9)GNF8']!:!8CP?[((]7*F*6_L#A<TG
M4<K#0PIO&5E+R14/B@^RH8%@_L0J-MRVU6]@7_D.]+<3AN'6T)'[C+(Z6O3P
M<H72,(C5"2$"C`5!5EM'!DT'Y,&D;+*O5>XQ[WEM%X7'U`6EPDI:6/_@&(,\
MSF1U#EE'SOLZ!V,)K,8[;\!J@44M7@-C'Y\,9HSG`9X0.=0J<P"KUBJTEBI*
M6&2Q0!(NX'S9YH',$H8@N?%:7^M:U7*,^'E*7!;5<K]%BWN9LS!9<F=MH?K(
M?R8*DPIZ7],!)H'[E&.+RR4\#!V,-$^'SL2,+*D2B9;*BNPR41%1;]S=%56I
M8!@'FS=#=?JVA\D*"HET(ZQ2AML7'Z^F-`J!;Z>^%*0H"3!9OZ+6);9JOY`Q
MI7:0ME$'NCX="K?D3OC;)``TR[:W`E=026Z1%=87((/WL)0B-]5S4YP)ZMZH
M_-;8_7A+=F%9M<DIY;(G3>&@+YQ+F$<+*V^4^R6.RB<>!L<XR)QC/&XU-+NP
M<T-\E=X(F<<F@Z-PTUJ1Q8=Z#>A0<COK@N$\WJ`2:\O#,P54Q3I0&"ZWIV1#
M$-4([]CT1$'<?O8).I=K$4XP]+]Z+<M'N-J&G'`08G?,EW)N7H:/?7GQ@3LP
MU:PYR4E-?7X"?$G666,,&I-"Q`K\7M*%M3X`;BP_^E,7?W';'/5>"]+"@E5Q
M=VC)4Z$F9*U-?OV`<$!RLZ,M6N`."KA5P!:,RB4PB&'SB13Z\$0GP%I4&U*Q
MT@DO0P(M"\$;K)Y&`QR8HHCJBJ_:6M&#M?TXF&-6@O21+74`)=Z%ZN2J%4L4
MF'^'VMXX]L/]>&6HE&PH$BOTJO8*J&S7)9]T#!T"R>GV'J;@:#AJ?6S@07[V
MRG/CM2>76$@*=-BRE:<))^#W:+:^L;2`ESAP%B62Y+M,NR:[9.,J[S`!0TVD
MG4\NJ$E_2IYP2=L?6A54+\]Y:@N-@C/B?*?%.(J=<''I$9V9*%B[+%]P_(33
MUDSU$HBO97#K<KFOO1NT`Q2@R=B=O[7K@X$8H`%>5^4]QWYP$$^\#$OHT#J-
MAB=*[C^`C`/V!.?OP[Y*7NI"7>)7^ULJM>/JL?SPX>4E?D%I]:Y2$<M&H.B>
MEV*"(V(%47O(@+U<F_"RJHZ8VU980G4Z'ZRJCOKD>?;B^?C%\Y<O]`%A22`6
MEHCV?6"(/@P"$_%(RG)DQ[@^-'>5&36?J7L@9A9!AR:SRC?2LSI;E;<.R!+6
M&PQ>X<X98L']M^P5\QXQ!S;77!!^:XSZ)!=1OG&1\^[%]4!A1<#VKC:LP),`
MNB"G`DXN.`8:9>4KNI2<3^P&K_$,W!@)B*)4><K6M(UH-0M9/VT5HFA=P-U[
M6AEEZIVVE308.NBC(8V6WZ"T]0G5H/BQ#\M3Y<9@I6"<>Q3#8,7-3M;$FKWD
MG(KL8CQ(=E5%SE[KNPY0C"O?:D/M:U_'W?C/']E)QNX2=.@>K,5<!'W56KU5
MP6[;C%,1K**V(^V3DI'D+\7*<I$(UI#TKZ"0?25?<M"]:Y?982!%F[I(XUON
MP8.N*5D,0GA[=OE2[SCS=URZ.S[?4E$N3!0]N_Q,C`_O/!["S9_4/_L:_;,?
MK7^6D@A>4326.C^=-Q&_I%[!6&P,?0VU6/_6K8)GG'(R*DT2SB2\2SV9(N\O
MT:&K9W![`X81(KGLX]>1%>L!HT[T>X]9\6>6@O@6K*L>2L!4<@8*8IK88X:H
M3D?'[B)R@Y*=2'4:O1?ZD4'0HZ4ZIQZ,8&7@#2`%@A`!HV%9H[<12SE(C[Y3
MSXW.P*3(TFZ)=YY=//'85CFSCTV1[PF_&H[5>X9<9UE:%1/&.G,%0E6WS>"'
ME7A$!6BR"AJ%4D!-5]Z;:?KN?/7XI,ET$>^=FSD2FJZN*7YE5?L(SFB))J<'
M/K[<:DT[1E<J,L\LGL0(MBRTKA'\C*JE&DN2/"G>$R;%+`"'&#FGRC=>LBU7
MS*6KO#EXM5AA/O:'^H5@)$DO3WT@L]BZ/#M!5[(<E.NN<E`FZ$@PIL`))$1A
M,2LBP9AG5)),U0J7MCM(?B_:!OD:B]J7WB@T2[RJFU:1<QI?X[BX%(QP\H+K
M'[BJVAV2@I2C'S/EE_BF@&=>?A9^N'")J23\7DD(5S!*K]2%,0AND2K)8)/E
M-QA'@]&A5B!21;V>!FG/IT%YD]28+4T"C][:D&^U6$IJ@19QP:S7$C>IK'QU
M(H(7J9,E8656CI2(:C6HE.F*:])D^97*?=GG)4EU[*Q`.FB_%;:4G+5V/;3F
M@X!07:+@,EQ-XQ`JV)_J-$?7*XO.@RVKXYQ^9)JBMYQ$@LD;J$@>WS)/^K!+
MSD`-W6"-?H,6I,VG.!#I;+[X$>?F92Y7SY\:$J"X$F:F1%8=[?(Z:&MV/!PG
M9\H/73[!*Z?CX%:<B3-0/7V.?]:_(BY)9YY9G8_O<?U#+MNA[:M-UG`MH$[+
MM*G6CGJ^,>HL*J+(&_<SZ@N_.W]3D\(`4[\KFP"$HQ?^FIAMCF_?9=+M$M4^
M<3P*IU27E(Y.<<1&SZ/R1*TIP.,G+U1W"S5#AEJ*"Y4H@4)[E`PKDS!L^J[<
MW"F:$>>52F6C/2'>A<8E?'W'M7:S"LNXY1[:7045G^@OI$M<Z5^SW)DZJQ*E
MY1*DA?2>(4\H`=R"\3N9P([4U@1HN+YA*,KH<!?=#!W@FPLN.T,%M1GQI(II
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M6+]S.>]AS%.B.BOIZZ$N9](!.]KD_;U)]9'<R>>?4"JT&V]<+F^`2C;B'.G.
M-[&Y,)TAP;X$FR<!"3J:=+7:<EVP`X[(&'/(1!"51V$[K_"OEH/E*,SEHH4Y
M>M\!DOD[7/CJJW)YGB63R3B=G8SPTR@]'6-O[>GI/)T/L2?K?);.3[!1]F0Q
M2><S_'$\.\&V1?3R..\%M`U\VHSZ>(U.T]GBE#XM3M.3X92:>YVF$V[S-3J9
MI#/@WG3E-!TNYLF+HS<=*3<QP'Z,[99'4RPK,QXODO'I27JZ@']/TLGL-!F/
MA^EH-DO@Z?/%].BL-<+I(IV/Y_C::3HZG>$'O/9TB)].T^&$ACP?IM,%_3@>
MI\,3;$EF*BQ&5<6PF^TPG9R>2I,Q;*<U!H-A3.VS1HMT,N:6M_#J.?6F'<$8
M)FV_OSDB\=+^!U-X]-=_*0I_*7(H:PQSQ]P*GMFSY&1*G=Y@$\9`Q[@;LVF*
MB@5\,X2MQCYG*#OI_VT2T8!CG0BM,*$(E3")"'TP<<@CJ*8:]YQ#2D^',R+Y
M$0SB])0);G%*O\W@C!!QC8!JX(.=DG0J<Y,989>VR9BZ),.S9]U?Q1,\R'U;
M^45QEKO15S%-"1MW&,\P0Z^?1)"/49%O=2W,*QC:T>>>"L???-\K\4./TA'U
MG!X/\;PB/8SG)[`[DV1*'0-/QND)L<(%K.MB<C09)M/A/)G/T\5\D0#'&2_&
ML/@GR02^@6V>X3XLCN!P@P*+1N-\-`*>F<ZG)PGP)F!5IU/X!XAC/C]:#.'Z
M:7)RDDZ')QB-2B=`K9/9&!^S.#U)3H#]+D9';XTK;3(?)W.@%F#&,*3A>`0,
M9@R\&]X`M\V`C*9'D2`&LB/^,YU.X47(FV:+>3H&4H3GT"S'(UB'&7T"#CT[
M:7.DIU2>?8K`7_<\I[M(T9-(2PNE:I54*9$:,2Y'&+\CPOAM4%"4C!JI>0[&
MQ?_3WM7]MG'D\.?JK]B'!+4!6=%J5U_W4$!.W,*%4_ML)T!1W(,2VX$.MIRS
MK%P#^(\_DO,]Y,SNRL;=X7`/32UIA\OA<&8X'/+'ATV/PP9H5P*&W^@WZM8]
M(=T?UJO'*%HM7Z_6D\N>DL5^/(QN`!$X&/^#@<3:C)/YLU[GR1O6'W(ED^M>
M6:]@1YO(6(=R7()^SF`]54QXGWIT%8EO='3*<@)ZK>".O;][J7'CB\/_PMB9
M*>;&;E2-<?/_]X]=?Z1'XY7W01HYL,8F4_6H]V=N>O\#JYRL'I<Z1\2%)"P_
MW6\?@VI]`LYRJ^G>5.ZW@065YY=E@R$SR_DK?H1%O&_R+.._](Z1>.]<P8S=
M*%W>]'3!EP`)A&P2P0HJ9J^+@Z*L7Z=;2782["S4;O:Z]U:CX-/YNL9"`KV3
M"$G$XH4DN=B#*4<._?VB!KK3!A(B2QZ-<H!4:E8B!%ELLZ5<8;&36^.]8PH?
M-VTZL;TWJ2OO4*;O,6AL>V>J+-N5R+I>4C_`M/ZF*(]T35BR,J@4C;=FPG<U
MG`'`&JP'\,-K-R?)IJO!D%`_Y"00%@#%;]:P0K*[X8:)@SIM,WMMOAE>)$;T
MB;AV1H00A)^WCYB[>$6!0/(DV&PH#_/R8;MY?(.?KI6@=0S+]^+4L&`EN?C[
M\D\7<4#*1LV5%WWQICC]_'A/DL;3X%NJ7+?07&+X^F@(YU!T?\,.ZDJ-*K'V
MU..'!R5K,,(&#I-@/``CRCT_:OF\XA3O(U0X`7K%JWW2!0\?@(X?V6X>%F\*
MIU+)CM:FHQY,0%$-X&R1[&JM62\KA[<`W(_&Z=[FFJ0[//+*RS9U>'RP@`[K
M&[=QOJ_5V,--@+[.FOLZZ]Q5H46NI[.@I\@G.>:";I"7G$KQ]@L=U$F>-PPO
MNEDA.#(MZ_3PH(=L.!J'/@U7I[>9D+Z(C#KKD;`W2Z$$Z>I5QU?8-)B(&V"R
M4DP^QJ(Q[FL#*DF_FSAD#Y/"16/K758_^>"]%VC\@M`!!2G0SUM5VY'0C#<Z
M>HF\E_</A/>!WVB`N8"FQQW55HZK:9J;3!5`:]!67,24SYZM71>-,'0P'"\7
M*64JC=UL;WD!U&!UMZ!CH971REHZ-)`%(*YPY_-_X8%A=A7^Y#T6[@-ZQ@!?
M=O,[Q+K6X2<[O_%33ZW8>'!!]U]%"Q7L?J7Z9CX<TRFG/RSQ)#XKX;1#WXQQ
MU^SI=7`"3<$4A4-U5=?X:0*3M![V)Y.JF)?]<35&HB6<F_4Z`ELMG#M@F>A7
MH]H:X--Q?U;A:1M.SE4/UK+I'';D&7E5U"$%_AI-^V,Z%VO[%[?K67]*GM!R
M5`*%FMG#Z9(N;5WBSOAW>(CD[\>X,KZK,U=?>/)ECK_P9V7`@&6X);119+KW
MUN?APO#0Y=&H"!H(<#PQ6-.A@$P@-)J*=W$K4([AJ&L[98]&Q;1FX](64$H3
MNA5:@DH-I[NU[;W;8JSB[>K+M0L'5^U5#K_G.U;7;8Y)ZH1?4\>\"\R*IF?(
M?<X*SFW`S%Z`K;8N?K_'U,$;%1-G"EE5F1_%`J]%5.#5KQ^K2+;1][NH&">C
MPEQ1/N143K/-@YO\!'`N1%7T4:NY04E08K3'<]C*=V@15QP=S?'JA!:[$KUV
ML^F4%KP:3HF\Q*71PVD]+,#R@&,!V#CC8:_"U8ZH3";%&-;#":Y+LTE-!@>"
MEDC"E8IHNOI\N!U]=XF2:<3L[SHF(E$],;S"@-.!+A@5%Q6-VS'9GMD2TLJE
M>TDALZ:<&Z$?]'[!?R79W[35E48*#4KTZQ:D-C-!;$%Y2R*](5MU8D]_`_H_
MJ0#YGVM05Q,'5,[-X=2,CN(.*:C"JR4>W4&)BBGL0KV9H4I>7E*(\914X&-0
M9!7O@Q$AC`*5Z-J'I*>J;[4HP9Z:S>@(`;H:NUY5!U>S.%4-?-<[K-"":=C8
M-#;.WF\8N;L$,>Z;6LE[[ZXQ97&MOD0%HQ_,67[7ACU5H_[H[,*\NTT1<QBL
M?EU-Z-A?J4NC>7\XA2_J?@GK1#D9]6`JW[M,5"M/JH'G%W7W)Y?F6-VQ5GAO
MF6`*<[YMLR2'H%L>AZ^*X:":Z%O.L<<J_0(+T)'&[+^1JJGW3J7R%,`(5?:!
M^3`9`<$AF&SSF?F[=QY7(U8UV$G3I`KF9$%H*8`0:F!\!E9C68`!-QR7/5.K
MON-P6<4.NT1"FHQ)2//AO#^I:E](];1&(<W075_.M9"8Y7CZ\&6Y-EX6@M8R
M28!!#@1HH?)X75[_B;?[&SQSOK&5X=>JR'P?OEQA+MC]=@.TV#;Z*R)G#?62
M]>'B7;'W:E^18!ON]:=!,5)/CK-/PCEB4(#U[--TK,EM+JZ_#LRD-6W0KHF?
M6VR_`+]E)]JP(%C:AO.LT!<@]$,2^ND-6$&>T/\XP>S%8S!O-W]C)/P48LR_
M`&6,GT'TQ2'SXOU&.$GW*G%8W\2KH)ZOVT^W"$2$Z;TX49Z*5W'C,_LR"LQQ
MV'/%Z9F>3`2"';>;3P8E9R5+C>A0/0LL`["\P6)<"I"9ID5,JQK,^0NT%4]5
M!/T"G7!PCQ\MYX,9)W"BBN31J?_X6&HW&\&^RMK-Q]*WY]=7UW<V;<WY'3R<
M?^_HQEL;AX"_@IEH&M:?F<3!PK/^<5DWQ:I-H*8PY`L+A1GAV0K/?K05Y]P>
M0;A.VG,M--'GBOAK47[1S3N0DV;ML5%GG<IG]+G)["LV5.YHW:&ATGCC@/FP
M7@4!:^%(\84+"W<Z;<CL3V#LXL5"VS@<RAB%&43\8!4,Y<I"&K3-$-I"28@"
MI<FD1G!;5X!>50WQ*E\K;Y.UY'SMY2G$3CY+FUY3R*NE>]3UG_K,EHI0]YR%
M2&#X\$GW%U7,KM#-2Y^*^E;#3;B)M#P(:GJ!F!-76,^2GCTSSR:5+UQ+6^M>
M8BU^;GO"P9$SEG<A97"*?#.%26Q[1QG@2-B[_/2R`PDS<Z5LW,BZR%H.;;9<
MG:.>L1FJ<%]/L0^;LE]5R$M5/#/LY_;IA0D-)D?R@_;E<JT)`<0\Z+\0&#IN
MF`HV$@*K$*C8Y9RPC8Y>$^S'.=AF&;.9R]F#$U+/<J\.1VI@Y\(DH)`I&\U&
MV"$XM%EQ#&;`4Z'5AL]^7G;[R5S4IA\F#T?:/BOQ,KS=JXSW#5Z*]:/Y2\&X
MWX&6W`'RQEM'@+[WAQ5O#4WB(U'C:J(O80A\BSN!<`^7YVCH1V"BH\%MB@;7
MR\I^<5#H6=YP0!%"#Y+O.#&SRJ]OF5L*.@5',[D*$<]LGC0','-[,$\R&7?<
M0G(PM-R?TJY=[&:1I-$T4&(,2!N6$@V;>$HH7U&V5[^J>*]><"2]H"RS/[_5
M^8=*+Q>?7<6[2Y.#B6%?BQ@0DX)>')Q'O_!TXG>*27Z/,0`X:ZV#]8]S4"A$
MQ\7:P$S1\S'232KH0J#E)P7E2T4PMQVB4=/`E*.LZ"4#1#J92':']-S/*D85
MI'9.%\)+PDD]-TGA+H.M7YQAZ2:\\LFN/$&$<EL;@E%1\<O"W8B)%&XK;^=$
M.B@"V:EA>*_"&-@H:(D9!$HFW>#B2]UMQ8:4=[YNXU%Y`1O(;8CG1Z<^=J$'
M&/!4I/KTLXPJD$0Q_>G<2RLV,"`($"(Z\/*^.J[3*2Z3?4QWS'D5HHR`D$+K
M9O!N"PB'*=9I%D/<4EFJ&<9/$!8OC)V]6FU<9<H;B20?US:Q[9W-EQ>((GY)
MDGZD,!.CCHG.!E9SNUX';@LE]I+QUC*)2JJ8EUPW/TKK9I<Q5%;`A-T=N2DF
M4E?^-(KBQ8U9S^>_^N'&QUZX<=[Z=&&XS%$L'41DRRQQ_)""@YFG5'+I)>-X
M&8_R<2[!I7RP*6N)A6GBH"B;@0D!E$.)M#JF%+49]U%-U3W:ODKNQ8=U,`6M
M9SRQP;9;.L@T&8YE!TOTQH5[8T[C+CTL*OZZV^4_T7VG`AI_61P<J9C3<B2Z
MK!\"#`?9B7+BZF9RY;^[6SVZD!%5AP8-!<_]E#%+#HK3]?7!XSWL&XC6LKQ;
MW5JP'5RW#L2@]0.+4D_.5,5`*Q-',@K=#I9U["2<XF[CW+Z4R\BY9:*+@:Z$
M5-B]M]N]7R+Z`LC4$EY8_T5[A?Z$U^IF*<YJ:A!_SR?GMP$&U/=^^$%:ITVT
MOLUA093/Y>>58/*P@DUY.UU%YAF(IZ3+4%IJQ74N$+/:D&(MCPSV2-8II37W
M'[]1N.E3T2EX7C`X5"0TL\]->.B9T=RD2,X%D71CDH6^LZ/Z8,:WS"[O"*/-
M!?*S!/E#L&Q>1-)_C-A$P`2"9[^V479CR=SH]I:\]`RMT<L(JBNY1@%T(YCO
MJWKLK1?V_ERUJ/A.WOD=C2+H2K)!",]+=$B3^^_,>9#X_7_ZP_/2'\+=<;3?
MN!LF+0^^BUM4:>:XO%^W<+RU2(SPT^`<WQ_.#I]+JQV':ET1OV4<J,F<%W_R
M_)(R0?*N<67")0XW81#2E^T28_SP9DKP_?%3GWCLR]BO::]C@):&I1575ZLE
M#XP)V8TL;RHHAW4G`OL[)C$1@VLB;7_*6>%QVX\&CX\60!M":&UBUNNU*7Q^
M<GQX>OX"?43LJ_.CT^=T*GWB9E1DKX,\"[HT9I.E?6-A3K'&"3]#2[YSK9L9
M3[<6.,_E,WGGQ/CXTO:25Q$_(^*77BI+_HSHIS4(.S`&&CX5^<?<U;N0+R3Z
M,_*/1/2$M)S\)4ES=A`[Q)I\G:?FC!TY(VB'L4['!7GB]D,<U'"P0<*:6!@U
MDEK&RD3,R"&N$U&B6"ZL0XBZ#9>T3Q+!Y7>#>B]'1(S%O4:E13DCCK!(,]R)
M8:Y1+")"<ZVU&U[B4;(_33P\0OS=;NX#NXZJPR=(&BQ]TWU7KQ`O`QX><#RH
M\!;&-%"Q$(/JB)4H"7@?D7#1,8>HH8B^_-I"]J/WQ,1<H1&K,HGV5OM^Q:2]
MA<;R]NZ6X%U4)O)ZC54I$#)^_;U/);.6>*F.J![Z'>='QY?%X_)//784OA6B
M=41U^GX$T_0>X:/A*9NT8[NO3P4F]#^D]&,<E8G0K8<)[C<JL4#7$MZM!W)0
MZAZ>;9#`U=:B0.Z;7LI-O.YY73,QJL6>=WN#$K,_^$CI1IP$_AE![NYK#$Z\
MI++U?Q?V*Q"T'DR2V;M(.&M;<0[CEK94!OKV&D&^+:RWJ;2UM]+*\_7A'G%'
M28%*@XEO:EMZ\:D-(VB'6`<ND&5#+)@WWV%M7X6XK@6QCF.LFK7D)27MQ^DS
M_F7I&6S[V6N>M,=CU%H\XBYB*&B/@+U9.%@V:B_7KF6FZ;,M$<KD.E`O0IG#
M;JES0AR",XZ)_]R98JA88.A-UF*)0_%2_F@I@Y2[5A,)G(SH?S8#M-O(R4YP
MEO7E#V?GG"<A=Y1;<7(B:/R<G_#I;1TZV?/)?B78'GXZ*P$AJ:W1RX]DIE5C
M;FCZA<_(`>TZ@DG+,,@@:Y^JU?Y).P!B"VWO\6QSTZNTG1?A&`C)".]CBJLK
M8^0(3XLAN<;4-*53[K+G%CF*77K9"1;;U,5GC<7W]9;[('1VJRN\2)C:!@=<
M8<E9?3L3"+A>I>**4]J98A&:=,[>B%/+"[S5OFJ,>N9GH(@,'NC:"5+GD8+]
ME@H`V&UO\FVD*#'`#WCVT/25KWX/S<G]R)YDAQ#Q*'.9;>,ZFCK;2OGCK?;H
MSHNZS;I.,-DBJU?8.'?+MV[)0E/*-1-F+IN:^?/2R6N-JMX^IYJKJ$VGWGT<
M4MG5NU/LI^RM74<X17#'D4Z1RXYXJE%FY%--GJ$!'2718;A3E&/`A1<:@Y8V
MV`N`!+1[D:OQ:\J>-]S%=%XR52Y])0<[JO2^4>9'8\EE&#_ZUA3GHXQ+O3>W
M-GXNZ!K9EZFC$*<*;]26#^;OXU8GOJK`<&'3OW"7P5<O3QVQTYOPVX1A?\*#
M*"K719?L+N15F[488;V\O=%N@=6#Y]#+'AR;6+&^=7Y<%UH:?X]U>/&](WJ`
MCB.BTE:IT"_G5-+NK;XQC%.H,^ZU9+,G7PG:WO!.72(P3:(4(M;>;#://_T+
M4$L!`A0#%`````@`[I`-1S!"_Z[D`0``DAX``!,``````````````(`!````
M`%M#;VYT96YT7U1Y<&5S72YX;6Q02P$"%`,4````"`#ND`U'2'4%[L4````K
M`@``"P``````````````@`$5`@``7W)E;',O+G)E;'-02P$"%`,4````"`#N
MD`U'8:3EUM<!```@'@``&@``````````````@`$#`P``>&PO7W)E;',O=V]R
M:V)O;VLN>&UL+G)E;'-02P$"%`,4````"`#ND`U'YQ)5$!4#``!V#```$```
M````````````@`$2!0``9&]C4')O<',O87!P+GAM;%!+`0(4`Q0````(`.Z0
M#4<XO<$D/P$``&D#```1``````````````"``54(``!D;V-0<F]P<R]C;W)E
M+GAM;%!+`0(4`Q0````(`.Z0#4>97)PC$`8``)PG```3``````````````"`
M`<,)``!X;"]T:&5M92]T:&5M93$N>&UL4$L!`A0#%`````@`[I`-1W>EJ)1&
M`@``W`D```T``````````````(`!!!```'AL+W-T>6QE<RYX;6Q02P$"%`,4
M````"`#ND`U'N\%-1T($``#E#P``#P``````````````@`%U$@``>&PO=V]R
M:V)O;VLN>&UL4$L!`A0#%`````@`[I`-1VZ,U+Y1`@``]`<``!@`````````
M`````(`!Y!8``'AL+W=O<FMS:&5E=',O<VAE970Q+GAM;%!+`0(4`Q0````(
M`.Z0#4?I6(4RRP,``,<0```8``````````````"``6L9``!X;"]W;W)K<VAE
M971S+W-H965T,BYX;6Q02P$"%`,4````"`#ND`U'+4J193`"``"9!P``&```
M````````````@`%L'0``>&PO=V]R:W-H965T<R]S:&5E=#,N>&UL4$L!`A0#
M%`````@`[I`-1S'K46=1`P``;`X``!@``````````````(`!TA\``'AL+W=O
M<FMS:&5E=',O<VAE970T+GAM;%!+`0(4`Q0````(`.Z0#4<_)JM`P@,``!H2
M```8``````````````"``5DC``!X;"]W;W)K<VAE971S+W-H965T-2YX;6Q0
M2P$"%`,4````"`#ND`U''0:T7+L"``"@"@``&```````````````@`%1)P``
M>&PO=V]R:W-H965T<R]S:&5E=#8N>&UL4$L!`A0#%`````@`[I`-1ZV*\5Z>
M`0``L0,``!@``````````````(`!0BH``'AL+W=O<FMS:&5E=',O<VAE970W
M+GAM;%!+`0(4`Q0````(`.Z0#4=J+G.=H@$``+$#```8``````````````"`
M`18L``!X;"]W;W)K<VAE971S+W-H965T."YX;6Q02P$"%`,4````"`#ND`U'
MHYKY^*(!``"Q`P``&```````````````@`'N+0``>&PO=V]R:W-H965T<R]S
M:&5E=#DN>&UL4$L!`A0#%`````@`[I`-1[-%G76B`0``L0,``!D`````````
M`````(`!QB\``'AL+W=O<FMS:&5E=',O<VAE970Q,"YX;6Q02P$"%`,4````
M"`#ND`U'SH,PTJ$!``"Q`P``&0``````````````@`&?,0``>&PO=V]R:W-H
M965T<R]S:&5E=#$Q+GAM;%!+`0(4`Q0````(`.Z0#4<5Q>3)H@$``+$#```9
M``````````````"``7<S``!X;"]W;W)K<VAE971S+W-H965T,3(N>&UL4$L!
M`A0#%`````@`[I`-1TE7]DJC`0``L0,``!D``````````````(`!4#4``'AL
M+W=O<FMS:&5E=',O<VAE970Q,RYX;6Q02P$"%`,4````"`#ND`U'^\*Q^:$!
M``"Q`P``&0``````````````@`$J-P``>&PO=V]R:W-H965T<R]S:&5E=#$T
M+GAM;%!+`0(4`Q0````(`.Z0#4=.WP"LH@$``+$#```9``````````````"`
M`0(Y``!X;"]W;W)K<VAE971S+W-H965T,34N>&UL4$L!`A0#%`````@`[I`-
M1WQY]M&C`0``L0,``!D``````````````(`!VSH``'AL+W=O<FMS:&5E=',O
M<VAE970Q-BYX;6Q02P$"%`,4````"`#ND`U'W@'+/J`!``"Q`P``&0``````
M````````@`&U/```>&PO=V]R:W-H965T<R]S:&5E=#$W+GAM;%!+`0(4`Q0`
M```(`.Z0#4=I<,MPH0$``+$#```9``````````````"``8P^``!X;"]W;W)K
M<VAE971S+W-H965T,3@N>&UL4$L!`A0#%`````@`[I`-1S.XA\>B`0``L0,`
M`!D``````````````(`!9$```'AL+W=O<FMS:&5E=',O<VAE970Q.2YX;6Q0
M2P$"%`,4````"`#ND`U'J$UMBGD"``"Z"0``&0``````````````@`$]0@``
M>&PO=V]R:W-H965T<R]S:&5E=#(P+GAM;%!+`0(4`Q0````(`.Z0#4<=I!I%
MO@$``'L$```9``````````````"``>U$``!X;"]W;W)K<VAE971S+W-H965T
M,C$N>&UL4$L!`A0#%`````@`[I`-1U71">"Q`0``%@0``!D`````````````
M`(`!XD8``'AL+W=O<FMS:&5E=',O<VAE970R,BYX;6Q02P$"%`,4````"`#N
MD`U'WZT!IKX!``![!```&0``````````````@`'*2```>&PO=V]R:W-H965T
M<R]S:&5E=#(S+GAM;%!+`0(4`Q0````(`.Z0#4=+H]GVI0$``+$#```9````
M``````````"``;]*``!X;"]W;W)K<VAE971S+W-H965T,C0N>&UL4$L!`A0#
M%`````@`[I`-1^A?SQ6Q`0``%@0``!D``````````````(`!FTP``'AL+W=O
M<FMS:&5E=',O<VAE970R-2YX;6Q02P$"%`,4````"`#ND`U'@5WN]J4!``"Q
M`P``&0``````````````@`&#3@``>&PO=V]R:W-H965T<R]S:&5E=#(V+GAM
M;%!+`0(4`Q0````(`.Z0#4>R-68LS`,``#T3```9``````````````"``5]0
M``!X;"]W;W)K<VAE971S+W-H965T,C<N>&UL4$L!`A0#%`````@`[I`-1P4F
M31!(`P``?`X``!D``````````````(`!8E0``'AL+W=O<FMS:&5E=',O<VAE
M970R."YX;6Q02P$"%`,4````"`#ND`U'.WK:<\`#``!X$@``&0``````````
M````@`'A5P``>&PO=V]R:W-H965T<R]S:&5E=#(Y+GAM;%!+`0(4`Q0````(
M`.Z0#4="JE!#OP(``&$*```9``````````````"``=A;``!X;"]W;W)K<VAE
M971S+W-H965T,S`N>&UL4$L!`A0#%`````@`[I`-1T^C82V^`P``DQ$``!D`
M`````````````(`!SEX``'AL+W=O<FMS:&5E=',O<VAE970S,2YX;6Q02P$"
M%`,4````"`#ND`U'@,IH?>T!``#+!0``&0``````````````@`'#8@``>&PO
M=V]R:W-H965T<R]S:&5E=#,R+GAM;%!+`0(4`Q0````(`.Z0#4<3!O6V-@(`
M`$L'```9``````````````"``>=D``!X;"]W;W)K<VAE971S+W-H965T,S,N
M>&UL4$L!`A0#%`````@`[I`-1_S[21\N`P``I@X``!D``````````````(`!
M5&<``'AL+W=O<FMS:&5E=',O<VAE970S-"YX;6Q02P$"%`,4````"`#ND`U'
MG`^]U"0"``"#"```&0``````````````@`&Y:@``>&PO=V]R:W-H965T<R]S
M:&5E=#,U+GAM;%!+`0(4`Q0````(`.Z0#4<<[1.=PP(``"\,```9````````
M``````"``11M``!X;"]W;W)K<VAE971S+W-H965T,S8N>&UL4$L!`A0#%```
M``@`[I`-1R^L^F2H`0```P0``!D``````````````(`!#G```'AL+W=O<FMS
M:&5E=',O<VAE970S-RYX;6Q02P$"%`,4````"`#ND`U'#P5<IQP"``"!!@``
M&0``````````````@`'M<0``>&PO=V]R:W-H965T<R]S:&5E=#,X+GAM;%!+
M`0(4`Q0````(`.Z0#4>\?]&8?`0``(X<```9``````````````"``4!T``!X
M;"]W;W)K<VAE971S+W-H965T,SDN>&UL4$L!`A0#%`````@`[I`-1\8`YDGF
M`@``,@P``!D``````````````(`!\W@``'AL+W=O<FMS:&5E=',O<VAE970T
M,"YX;6Q02P$"%`,4````"`#ND`U'9X(AMO,"```L#@``&0``````````````
M@`$0?```>&PO=V]R:W-H965T<R]S:&5E=#0Q+GAM;%!+`0(4`Q0````(`.Z0
M#4=4SW<>*@(``)\'```9``````````````"``3I_``!X;"]W;W)K<VAE971S
M+W-H965T-#(N>&UL4$L!`A0#%`````@`[I`-1S/(^292`@``A0D``!D`````
M`````````(`!FX$``'AL+W=O<FMS:&5E=',O<VAE970T,RYX;6Q02P$"%`,4
M````"`#ND`U'5M_Z%WX"```6"0``&0``````````````@`$DA```>&PO=V]R
M:W-H965T<R]S:&5E=#0T+GAM;%!+`0(4`Q0````(`.Z0#4>A7I*.X@(``(`,
M```9``````````````"``=F&``!X;"]W;W)K<VAE971S+W-H965T-#4N>&UL
M4$L!`A0#%`````@`[I`-1^TSG&6F`@``;PH``!D``````````````(`!\HD`
M`'AL+W=O<FMS:&5E=',O<VAE970T-BYX;6Q02P$"%`,4````"`#ND`U'8!BA
ML<`!``"<!```&0``````````````@`'/C```>&PO=V]R:W-H965T<R]S:&5E
M=#0W+GAM;%!+`0(4`Q0````(`.Z0#4<$,[O=W@(``/D+```9````````````
M``"``<:.``!X;"]W;W)K<VAE971S+W-H965T-#@N>&UL4$L!`A0#%`````@`
M[I`-1S@?+LK?`@``E0P``!D``````````````(`!VY$``'AL+W=O<FMS:&5E
M=',O<VAE970T.2YX;6Q02P$"%`,4````"`#ND`U'/M\&A+*%```.^P$`%```
M````````````@`'QE```>&PO<VAA<F5D4W1R:6YG<RYX;6Q02P4&`````#H`
,.@#(#P``U1H!````
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>16
<FILENAME>R46.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054171478368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Stock based payments and director fees (Details Textuals)<br></strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Feb. 28, 2015 </div>
<div>shares</div>
</th>
<th class="th">
<div>Jun. 30, 2015 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Jun. 30, 2015 </div>
<div>USD ($) </div>
<div>Director </div>
<div>shares</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ManagementFeePercentPaidInShares', window );">Percent of management fee payment in shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ManagementFeeExpense', window );">Management fee | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 900,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_PaymentOfManagementFee', window );">Management fee paid amount | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 400,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_NumberOfSharesIssuedInLieuOfManagementFee', window );">Number of shares issuable in lieu of management fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">29,790<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount', window );">Annual retainer amount | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 50,000<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=ajx_LongTermIncentivePlanMember', window );">Long term incentive plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant', window );">Shares available for issuance under Director Plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
<td class="nump">100,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_NumberOfDirector', window );">Number of independent directors | Director</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=ajx_LongTermIncentivePlanMember', window );">Long term incentive plan | Initial public offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross', window );">Number of restricted stock awards issued to independent directors</a></td>
<td class="nump">2,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">Restricted stock | Long term incentive plan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross', window );">Number of restricted stock awards issued to independent directors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ManagementFeePercentPaidInShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage paid in shares management fee due for the fourth quarter of 2014 in a private transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ManagementFeePercentPaidInShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_NumberOfDirector">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of directors.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_NumberOfDirector</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_NumberOfSharesIssuedInLieuOfManagementFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents Number of shares issued in lieu of management fee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_NumberOfSharesIssuedInLieuOfManagementFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_PaymentOfManagementFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents payment of management fee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_PaymentOfManagementFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents share based compensation arrangement by share based payment award annual retaining amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ManagementFeeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expenses related to the managing member or general partner for management of the day-to-day business functions of the limited liability company (LLC) or limited partnership (LP).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ManagementFeeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The difference between the maximum number of shares (or other type of equity) authorized for issuance under the plan (including the effects of amendments and adjustments), and the sum of: 1) the number of shares (or other type of equity) already issued upon exercise of options or other equity-based awards under the plan; and 2) shares (or other type of equity) reserved for issuance on granting of outstanding awards, net of cancellations and forfeitures, if applicable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of shares issued during the period, including shares forfeited, as a result of Restricted Stock Awards.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesRestrictedStockAwardGross</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=ajx_LongTermIncentivePlanMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=ajx_LongTermIncentivePlanMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_SaleOfStockAxis=us-gaap_IPOMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_SaleOfStockAxis=us-gaap_IPOMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>17
<FILENAME>R33.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054160939360">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Real estate assets, net (Details Textuals)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th">
<div>Jun. 30, 2015 </div>
<div>USD ($) </div>
<div>Property</div>
</th>
<th class="th">
<div>Jun. 30, 2015 </div>
<div>USD ($) </div>
<div>Property</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateAbstract', window );"><strong>Real Estate [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_NumberOfRealEstatePropertiesHeldForRental', window );">Number of REO properties | Property</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_CarryingValueOfReoProperties', window );">Aggregate carrying value REO properties</a></td>
<td class="nump">$ 100<span></span>
</td>
<td class="nump">$ 100<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_NumberOfRealEstatePropertiesHeldForSale', window );">Number of REO properties | Property</a></td>
<td class="nump">54<span></span>
</td>
<td class="nump">54<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateHeldforsale', window );">Aggregate carrying value of held for sale</a></td>
<td class="nump">$ 9,018<span></span>
</td>
<td class="nump">$ 9,018<span></span>
</td>
<td class="nump">$ 1,316<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf', window );">Number of held-for-sale residential properties | Property</a></td>
<td class="nump">2<span></span>
</td>
<td class="nump">3<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfProperties', window );">Loss recognized on disposition of residential property</a></td>
<td class="num">$ (7)<span></span>
</td>
<td class="num">$ (9)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_CarryingValueOfReoProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents carrying value of REO properties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_CarryingValueOfReoProperties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of held-for-sale residential properties disposed of.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_NumberOfHeldForSaleResidentialPropertiesDisposedOf</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_NumberOfRealEstatePropertiesHeldForRental">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of real estate properties held for use as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_NumberOfRealEstatePropertiesHeldForRental</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_NumberOfRealEstatePropertiesHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of real estate properties held for sale as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_NumberOfRealEstatePropertiesHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfProperties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateHeldforsale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of investments in land and buildings held for sale, excluding real estate considered to be inventory of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(f))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateHeldforsale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>18
<FILENAME>report.css
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/* Updated 2009-11-04 */
/* v2.2.0.24 */

/* DefRef Styles */
..report table.authRefData{
	background-color: #def;
	border: 2px solid #2F4497;
	font-size: 1em;
	position: absolute;
}

..report table.authRefData a {
	display: block;
	font-weight: bold;
}

..report table.authRefData p {
	margin-top: 0px;
}

..report table.authRefData .hide {
	background-color: #2F4497;
	padding: 1px 3px 0px 0px;
	text-align: right;
}

..report table.authRefData .hide a:hover {
	background-color: #2F4497;
}

..report table.authRefData .body {
	height: 150px;
	overflow: auto;
	width: 400px;
}

..report table.authRefData table{
	font-size: 1em;
}

/* Report Styles */
..pl a, .pl a:visited {
	color: black;
	text-decoration: none;
}

/* table */
..report {
	background-color: white;
	border: 2px solid #acf;
	clear: both;
	color: black;
	font: normal 8pt Helvetica, Arial, san-serif;
	margin-bottom: 2em;
}

..report hr {
	border: 1px solid #acf;
}

/* Top labels */
..report th {
	background-color: #acf;
	color: black;
	font-weight: bold;
	text-align: center;
}

..report th.void	{
	background-color: transparent;
	color: #000000;
	font: bold 10pt Helvetica, Arial, san-serif;
	text-align: left;
}

..report .pl {
	text-align: left;
	vertical-align: top;
	white-space: normal;
	width: 200px;
	white-space: normal; /* word-wrap: break-word; */
}

..report td.pl a.a {
	cursor: pointer;
	display: block;
	width: 200px;
	overflow: hidden;
}

..report td.pl div.a {
	width: 200px;
}

..report td.pl a:hover {
	background-color: #ffc;
}

/* Header rows... */
..report tr.rh {
	background-color: #acf;
	color: black;
	font-weight: bold;
}

/* Calendars... */
..report .rc {
	background-color: #f0f0f0;
}

/* Even rows... */
..report .re, .report .reu {
	background-color: #def;
}

..report .reu td {
	border-bottom: 1px solid black;
}

/* Odd rows... */
..report .ro, .report .rou {
	background-color: white;
}

..report .rou td {
	border-bottom: 1px solid black;
}

..report .rou table td, .report .reu table td {
	border-bottom: 0px solid black;
}

/* styles for footnote marker */
..report .fn {
	white-space: nowrap;
}

/* styles for numeric types */
..report .num, .report .nump {
	text-align: right;
	white-space: nowrap;
}

..report .nump {
	padding-left: 2em;
}

..report .nump {
	padding: 0px 0.4em 0px 2em;
}

/* styles for text types */
..report .text {
	text-align: left;
	white-space: normal;
}

..report .text .big {
	margin-bottom: 1em;
	width: 17em;
}

..report .text .more {
	display: none;
}

..report .text .note {
	font-style: italic;
	font-weight: bold;
}

..report .text .small {
	width: 10em;
}

..report sup {
	font-style: italic;
}

..report .outerFootnotes {
	font-size: 1em;
}
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>19
<FILENAME>R25.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054162798176">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Stock based payments and director fees (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>Disclosure of Compensation Related Costs, Share-based Payments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock', window );">Schedule of management fees and director fees</a></td>
<td class="text"><table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="6">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>For&#160;the&#160;three&#160;months&#160;ended</b><br /><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="6">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>For&#160;the&#160;six&#160;months&#160;ended</b><br /><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number&#160;of</b><br /><b>shares</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount&#160;of</b><br /><b>expense</b><br /><b>recognized<font style="font-family: 'times new roman', times, serif;"><sup>(1)</sup></font></b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number&#160;of</b><br /><b>shares</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount&#160;of</b><br /><b>expense</b><br /><b>recognized<font style="font-family: 'times new roman', times, serif;"><sup>(1)</sup></font></b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; width: 753px;">Management fees</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 157px;">29,790</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">441</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 156px;">55,877</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">814</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;">Independent director fees</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">1,740</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">25</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">3,488</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">50</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">31,530</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">466</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">59,365</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">864</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div
 align="left" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0px; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">
<div style="width: 391px; font-size: 1pt; border-top: black 1pt solid;">&#160;</div>
</div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"></p>
<div style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">(1) All management fees and independent director fees are fully expensed in the period in which they are incurred.</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock', window );">Schedule of activity in restricted stock</a></td>
<td class="text"><table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number</b><br /><b>of&#160;shares</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Per&#160;share</b><br /><b>value</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Total&#160;cost</b><br /><b>of&#160;grant</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Grant&#160;expense</b><br /><b>recognized&#160;for&#160;the</b><br /><b>three&#160;months&#160;ended</b><br /><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Grant&#160;expense</b><br /><b>recognized&#160;for&#160;the</b><br /><b>six&#160;months&#160;ended</b><br /><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 549px;"><font style="font-size: 10pt;">July 8, 2014, Directors&#8217; Grants<sup>(1)</sup></font></td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 157px;">6,000</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">15.00</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">90</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">23</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">45</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt;"><font style="font-size: 10pt;">February 19, 2015 Director Grant<sup>(1)</sup></font></td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">2,000</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: right; padding-bottom: 1pt;">14.25</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">29</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">7</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">12</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">8,000</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: right; padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">119</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">30</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">57</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal;
 letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div align="left" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 0px; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">
<div style="width: 391px; font-size: 1pt; border-top: black 1pt solid;">&#160;</div>
</div>
<p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"></p>
<div style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">(1) Vesting period is one year from grant date.</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents information regarding stock based management fees and director fees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_StockBasedManagementFeesAndDirectorFeesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the changes in outstanding nonvested restricted stock shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NonvestedRestrictedStockSharesActivityTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>20
<FILENAME>R42.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054166138080">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Related party transactions (Details) - Jun. 30, 2015 - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ManagementFeeExpense', window );">Management fee</a></td>
<td class="nump">$ 900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_ThetisAssetManagementLlcMember', window );">Thetis | Management fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ManagementFeeExpense', window );">Management fee</a></td>
<td class="nump">856<span></span>
</td>
<td class="nump">$ 1,602<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_GregoryFundingLlcMember', window );">Gregory | Loan servicing fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoanPortfolioExpense', window );">Loan servicing fees</a></td>
<td class="nump">851<span></span>
</td>
<td class="nump">1,507<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_GregoryFundingLlcMember', window );">Gregory | Loan transaction expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts', window );">Due diligence and related loan acquisition costs</a></td>
<td class="nump">$ 1<span></span>
</td>
<td class="nump">19<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_AspenYoLlcMember', window );">Aspen Yo | Professional fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RecoveryOfDirectCosts', window );">Expense reimbursements</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 3<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_DueDiligenceAndRelatedLoanAcquisitionCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount of expense related to due diligence and related loan acquisition costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_DueDiligenceAndRelatedLoanAcquisitionCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoanPortfolioExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The loan servicing fees paid to third parties that relate to loan expenses for a portfolio containing the entire group of loans owned by the company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LoanPortfolioExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ManagementFeeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of expenses related to the managing member or general partner for management of the day-to-day business functions of the limited liability company (LLC) or limited partnership (LP).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ManagementFeeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RecoveryOfDirectCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Return of or reimbursements received in relation to direct costs and expenses previously paid or incurred.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RecoveryOfDirectCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_ThetisAssetManagementLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_ThetisAssetManagementLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=ajx_ManagementFeeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=ajx_ManagementFeeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_GregoryFundingLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_GregoryFundingLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=ajx_LoanServicingFeesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=ajx_LoanServicingFeesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=ajx_LoanTransactionExpenseMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=ajx_LoanTransactionExpenseMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_AspenYoLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_AspenYoLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeStatementLocationAxis=ajx_ProfessionalFeeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeStatementLocationAxis=ajx_ProfessionalFeeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>21
<FILENAME>R37.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054178985888">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Commitments and contingencies (Detail Textuals) - Jun. 30, 2015 - One-to-four family residences - Re-performing loans - Purchase commitment<br> $ in Millions</strong></div></th>
<th class="th">
<div>USD ($) </div>
<div>Loan</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateLineItems', window );"><strong>Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber', window );">Number of mortgage loans on real estate | Loan</a></td>
<td class="nump">158<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance', window );">Aggregate unpaid principal balance of mortgage loans on real estate</a></td>
<td class="nump">$ 46.8<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice', window );">Estimated purchase price of mortgage loans on real estate</a></td>
<td class="nump">$ 36.0<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents estimated purchase price of mortgage real estate loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseEstimatedPurchasePrice</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of re-performing mortgage loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount of unpaid principal balance of mortgage loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_MortgageLoansOnRealEstateCommitmentsToPurchaseOrSellUnpaidPrincipalBalance</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=ajx_SingleAndOneToFourFamilyResidencesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=ajx_SingleAndOneToFourFamilyResidencesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_ReperformingMortgageLoansOnRealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_ReperformingMortgageLoansOnRealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis=us-gaap_PurchaseCommitmentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PurchaseCommitmentExcludingLongtermCommitmentAxis=us-gaap_PurchaseCommitmentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>22
<FILENAME>R47.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054166075120">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Income taxes (Details Textuals) - Jun. 30, 2015 - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income Tax Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome', window );">Distribution percentage of Real Estate Investment Trust (REIT) taxable income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">90.00%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic', window );">Taxable income</a></td>
<td class="nump">$ 3,600<span></span>
</td>
<td class="nump">$ 5,200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Income tax expense</a></td>
<td class="nump">$ 16<span></span>
</td>
<td class="nump">$ 16<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents rate of distributed real estate investment trust taxable income to shareholders</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_DistributionPercentageOfRealEstateInvestmentTrustTaxableIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of earnings or loss from continuing operations before income taxes that is attributable to domestic operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h)(1)(i))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesDomestic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a),(b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Income Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>23
<FILENAME>R9.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054181049136">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Mortgage loans<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_MortgageLoansAbstract', window );"><strong>Mortgage Loans [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_MortgageLoansTextBlock', window );">Mortgage loans</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Note 3 &#8212; Mortgage loans</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The following tables present information regarding the contractually required payments and the estimated cash flows expected to be collected as of the date of the acquisition and changes in the balance of the accretable yield ($ in thousands):</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</div>
<table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;">Three&#160;months&#160;ended</font></td>
<td style="font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;">Six&#160;months&#160;ended</font></td>
<td style="font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;">Period&#160;from&#160;inception&#160;to</font></td>
<td style="font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;">June&#160;30,&#160;2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;">June&#160;30,&#160;2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;">December&#160;31,&#160;2014</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Re-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Non-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Re-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Non-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Re-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Non-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; width: 345px;">Contractually required principal and interest</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">332,571</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td
 style="text-align: right; width: 157px;">31,827</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">486,603</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">65,675</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">393,657</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">257,790</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">Non-accretable yield</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(132,557</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(18,598</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(198,704</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(38,317</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(173,502</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(184,096</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Expected cash flows to be collected</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">200,014</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">13,229</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">287,899</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">27,358</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">220,155</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">73,694</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;">Accretable yield</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(49,626</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(4,185</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(73,680</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(8,038</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(60,495</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(22,071</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt;">Fair value at acquisition</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">150,388</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">9,044</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">214,219</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">19,320</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">159,660</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">51,623</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
<tr style="background-color: white;">
<td
 style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">Accretable&#160;yield</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three&#160;months&#160;ended</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Period&#160;from&#160;inception&#160;to</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>December&#160;31,&#160;2014</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Re-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Non-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Re-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Non-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Re-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Non-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 345px;">Balance at beginning of period</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">74,045</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td
 style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">22,604</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">54,940</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">20,686</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">&#8211;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">&#8211;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Accretable yield additions</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">49,626</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4,185</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">73,680</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">8,038</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">60,495</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">22,071</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">Accretion</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(7,739</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(3,054</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(12,688</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(4,989</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(5,555</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(1,385</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;">Balance at end of period</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">115,932</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">23,735</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">115,932</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">23,735</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">54,940</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">20,686</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">During the three- and six-months ended June 30, 2015, the Company recognized $0.7 million and $1.0 million, respectively, for due diligence costs related to these and other transactions in loan transaction expense.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The following table sets forth the carrying value of its mortgage loans, and related UPB by delinquency status as of June 30, 2015 and December 31, 2014 ($ in thousands):</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;
 font-stretch: normal;">&#160;</p>
<table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="10">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="10">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>December&#160;31,&#160;2014</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number&#160;of</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Carrying</b><br /><b>value</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Unpaid</b><br /><b>principal</b><br /><b>balance</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number&#160;of</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Carrying</b><br /><b>value</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Unpaid</b><br /><b>principal</b><br /><b>balance</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 345px;">Current</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 157px;">1,123</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">209,046</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">267,983</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 157px;">439</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">72,727</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">94,993</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">30</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">406</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">66,969</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">87,292</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">237</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">36,954</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">53,739</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">60</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">194</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">29,611</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">39,647</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">99</td>
<td style="text-align:
 left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">13,849</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">17,766</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">90</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">534</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">77,407</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">107,345</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">352</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">53,987</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">76,691</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">Foreclosure</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">362</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">61,375</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">94,021</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">212</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">33,642</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">55,384</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt;">Mortgage loans</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">2,619</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">444,408</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">596,288</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">1,339</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">211,159</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">298,573</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">These balances do not include one loan in which we hold a 40.5% beneficial interest through an equity method investee.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">As of June 30, 2015, the Company held 34 residential properties with a carrying value of $5.1 million that had been foreclosed.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company&#8217;s mortgage loans are secured by real estate. As such, the Company believes that the credit quality indicators for each of its mortgage loans are the timeliness of payments and the value of the underlying real estate. The Company categorizes mortgage loans as &#8220;re-performing&#8221; and as &#8220;non-performing.&#8221; The Company monitors the credit quality of the mortgage loans in its portfolio on an ongoing basis, principally by considering loan payment activity or delinquency status. In
 addition, the Company assesses the expected cash flows from the mortgage loans, the fair value of the underlying collateral and other factors, and evaluates whether and when it becomes probable that all amounts contractually due will not be collected.</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_MortgageLoansAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_MortgageLoansAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_MortgageLoansTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents entire disclosure of mortgage loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_MortgageLoansTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>24
<FILENAME>R43.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054159508912">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party transactions (Details Textuals)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jul. 08, 2014</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_AgreementAxis=ajx_ManagementAgreementMember', window );">Management agreement | Thetis</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_TermOfAgreement', window );">Term of agreement</a></td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_PercentageOfBaseManagementFee', window );">Base management fee percentage</a></td>
<td class="nump">1.50%<span></span>
</td>
<td class="nump">1.50%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_PercentageOfBaseManagementFeePayableInShares', window );">Percentage of base management fee payable in shares</a></td>
<td class="nump">50.00%<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_PercentageOfStockOwnershipLimit', window );">Stock ownership limit percentage</a></td>
<td class="nump">9.80%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DescriptionOfIncentiveManagementFeePayable', window );">Description of incentive management fee payable</a></td>
<td class="text">The Manager is also entitled to an incentive management fee that is payable quarterly in arrears in cash in an amount equal to one-fourth of 20% of the dollar amount by which (i) the sum of (A) the aggregate cash dividends, if any, declared out of the REIT taxable income of the Company by the Company's Board of Directors payable to the holders of the Company's common stock and (B) the aggregate cash distributions, if any, declared out of the REIT taxable income of the operating partnership (without duplication) by the operating partnership payable to holders of OP Units (other than any OP Units held by the Company as a limited partner) annualized, or the Annualized Dividends and Distributions, in respect of such calendar quarter exceeds (ii) the product of (1) the book value per share of the Company's common stock as of the end of each such quarter multiplied by the number of shares of the Company's common stock and OP Units (other than any OP Units held by the Company as a limited partner) outstanding as of the end of such calendar quarter and (2) 8%.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_AgreementAxis=ajx_ServicingAgreementMember', window );">Servicing agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_TermOfAgreement', window );">Term of agreement</a></td>
<td class="text">15 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_AgreementAxis=ajx_ServicingAgreementMember', window );">Servicing agreement | Minimum | Servicer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan', window );">Servicing fees percentage</a></td>
<td class="nump">0.65%<span></span>
</td>
<td class="nump">0.65%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_AgreementAxis=ajx_ServicingAgreementMember', window );">Servicing agreement | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan', window );">Servicing fees percentage</a></td>
<td class="nump">1.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_AgreementAxis=ajx_ServicingAgreementMember', window );">Servicing agreement | Maximum | Servicer</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionLineItems', window );"><strong>Related Party Transaction [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan', window );">Servicing fees percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.25%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_DescriptionOfIncentiveManagementFeePayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents description of incentive management fee that is payable quarterly in arrears in cash in an amount in an amount equal to one-fourth of percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_DescriptionOfIncentiveManagementFeePayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_PercentageOfBaseManagementFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of base management fee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_PercentageOfBaseManagementFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_PercentageOfBaseManagementFeePayableInShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of base management fee payable in shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_PercentageOfBaseManagementFeePayableInShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_PercentageOfStockOwnershipLimit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of stock ownership limit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_PercentageOfStockOwnershipLimit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage related to servicing fee rate of unpaid principal balance for mortgage loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_TermOfAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents term of agreement in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_TermOfAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_AgreementAxis=ajx_ManagementAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_AgreementAxis=ajx_ManagementAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_ThetisAssetManagementLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_ThetisAssetManagementLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_AgreementAxis=ajx_ServicingAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_AgreementAxis=ajx_ServicingAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_GregoryFundingLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_GregoryFundingLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>25
<FILENAME>R29.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054159621568">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Mortgage loans (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_ReperformingMortgageLoansOnRealEstateMember', window );">Re-performing loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateLineItems', window );"><strong>Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition', window );">Contractually required principal and interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 393,657<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference', window );">Non-accretable yield</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(173,502)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition', window );">Expected cash flows to be collected</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">220,155<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferAccretableYield', window );">Accretable yield</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(60,495)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue', window );">Fair value at acquisition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">159,660<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_ReperformingMortgageLoansOnRealEstateMember', window );">Re-performing loans | Three months ended</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateLineItems', window );"><strong>Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition', window );">Contractually required principal and interest</a></td>
<td class="nump">$ 332,571<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference', window );">Non-accretable yield</a></td>
<td class="num">(132,557)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition', window );">Expected cash flows to be collected</a></td>
<td class="nump">200,014<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferAccretableYield', window );">Accretable yield</a></td>
<td class="num">(49,626)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue', window );">Fair value at acquisition</a></td>
<td class="nump">150,388<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_ReperformingMortgageLoansOnRealEstateMember', window );">Re-performing loans | Six months ended</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateLineItems', window );"><strong>Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition', window );">Contractually required principal and interest</a></td>
<td class="nump">486,603<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference', window );">Non-accretable yield</a></td>
<td class="num">(198,704)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition', window );">Expected cash flows to be collected</a></td>
<td class="nump">287,899<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferAccretableYield', window );">Accretable yield</a></td>
<td class="num">(73,680)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue', window );">Fair value at acquisition</a></td>
<td class="nump">214,219<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_NonperformingMortgageLoansOnRealEstateMember', window );">Non-performing loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateLineItems', window );"><strong>Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition', window );">Contractually required principal and interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">257,790<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference', window );">Non-accretable yield</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(184,096)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition', window );">Expected cash flows to be collected</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">73,694<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferAccretableYield', window );">Accretable yield</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(22,071)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue', window );">Fair value at acquisition</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 51,623<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_NonperformingMortgageLoansOnRealEstateMember', window );">Non-performing loans | Three months ended</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateLineItems', window );"><strong>Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition', window );">Contractually required principal and interest</a></td>
<td class="nump">31,827<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference', window );">Non-accretable yield</a></td>
<td class="num">(18,598)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition', window );">Expected cash flows to be collected</a></td>
<td class="nump">13,229<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferAccretableYield', window );">Accretable yield</a></td>
<td class="num">(4,185)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue', window );">Fair value at acquisition</a></td>
<td class="nump">9,044<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_NonperformingMortgageLoansOnRealEstateMember', window );">Non-performing loans | Six months ended</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateLineItems', window );"><strong>Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition', window );">Contractually required principal and interest</a></td>
<td class="nump">65,675<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference', window );">Non-accretable yield</a></td>
<td class="num">(38,317)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition', window );">Expected cash flows to be collected</a></td>
<td class="nump">27,358<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferAccretableYield', window );">Accretable yield</a></td>
<td class="num">(8,038)<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue', window );">Fair value at acquisition</a></td>
<td class="nump">$ 19,320<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CertainLoansAcquiredInTransferAccretableYield">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate excess of a loan's cash flows expected to be collected over the investor's initial investment in the loan. This relates to loans with deteriorating of credit quality since origination that were acquired by completion of a transfer for which it is probable, at acquisition, that the investor will be unable to collect all contractually required payments receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CertainLoansAcquiredInTransferAccretableYield</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of the loan's contractually required payments receivable in excess of the amount of its cash flows expected to be collected. This relates to loans with deteriorating of credit quality since origination that were acquired by completion of a transfer for which it is probable, at acquisition, that the investor will be unable to collect all contractually required payments receivable.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CertainLoansAcquiredInTransferNonaccretableDifference</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Fair value at acquisition of acquired loans not accounted for as debt securities with evidence of deterioration of credit quality.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 15<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27045933&amp;loc=d3e13503-111538<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)(3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodAtAcquisitionAtFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash flows expected to be collected at acquisition of acquired loans not accounted for as debt securities with evidence of deterioration of credit quality.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)(3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 15<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27045933&amp;loc=d3e13503-111538<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodCashFlowsExpectedToBeCollectedAtAcquisition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of contractually required payments receivable at acquisition of acquired loans not accounted for as debt securities with evidence of deterioration of credit quality.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)(3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 15<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27045933&amp;loc=d3e13503-111538<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAcquiredDuringPeriodContractuallyRequiredPaymentsReceivableAtAcquisition</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_ReperformingMortgageLoansOnRealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_ReperformingMortgageLoansOnRealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ReportingPeriodAxis=ajx_ThreeMonthsEndedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ReportingPeriodAxis=ajx_ThreeMonthsEndedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ReportingPeriodAxis=ajx_SixMonthsEndedMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ReportingPeriodAxis=ajx_SixMonthsEndedMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_NonperformingMortgageLoansOnRealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_NonperformingMortgageLoansOnRealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>26
<FILENAME>R28.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054159692368">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Summary of significant accounting policies (Details Textuals)<br></strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jul. 08, 2014</div></th>
<th class="th">
<div>Jun. 30, 2015 </div>
<div>USD ($)</div>
</th>
<th class="th">
<div>Jun. 30, 2015 </div>
<div>USD ($) </div>
<div>Segment </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount', window );">Annual retainer amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 50,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeOperating', window );">Interest income related to loan portfolio</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 10,793,000<span></span>
</td>
<td class="nump">17,677,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans', window );">Unpaid principal balance of mortgage loans on real estate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">596,288,000<span></span>
</td>
<td class="nump">596,288,000<span></span>
</td>
<td class="nump">$ 298,573,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Mortgage loans, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">444,408,000<span></span>
</td>
<td class="nump">$ 444,408,000<span></span>
</td>
<td class="nump">$ 211,159,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_LoanPercentageOfBeneficialInterestThroughAffiliate', window );">Loan percentage of beneficial interest through equity method investee</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentDepreciationMethods', window );">Depreciation method</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">Straight-line method<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives', window );">Estimated useful lives of an assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">27.5 years<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NumberOfOperatingSegments', window );">Number of operating segment | Segment</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Provision for income taxes</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 16,000<span></span>
</td>
<td class="nump">$ 16,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_AgreementAxis=ajx_ServicingAgreementMember', window );">Servicing agreement | Maximum</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan', window );">Servicing fees percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_AgreementAxis=ajx_ServicingAgreementMember', window );">Servicing agreement | Gregory | Minimum</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan', window );">Servicing fees percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">0.65%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.65%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_AgreementAxis=ajx_ServicingAgreementMember', window );">Servicing agreement | Gregory | Maximum</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan', window );">Servicing fees percentage</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PlanNameAxis=ajx_DirectorEquityPlan2014Member', window );">2014 Director Equity Plan | Restricted stock</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_SummaryOfSignificantAccountingPoliciesLineItems', window );"><strong>Summary Of Significant Accounting Policies [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod', window );">Number of shares issued to independent directors | shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1', window );">Vesting period</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">1 year<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount', window );">Annual retainer amount</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 50,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr><td colspan="5"></td></tr>
<tr><td colspan="5"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Mortgage loans includes $179,808 and $127,559 of loans at June 30, 2015 and December 31, 2014, respectively, transferred to securitization trusts that are variable interest entities ("VIEs"); these loans can only be used to settle obligations of the VIEs. Secured 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.). See Note 8-Debt.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_LoanPercentageOfBeneficialInterestThroughAffiliate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents loan percentage of beneficial interest through affiliate.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_LoanPercentageOfBeneficialInterestThroughAffiliate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage related to servicing fee rate of unpaid principal balance for mortgage loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents share based compensation arrangement by share based payment award annual retaining amount.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardAnnualRetainingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_SummaryOfSignificantAccountingPoliciesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_SummaryOfSignificantAccountingPoliciesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents amount of unpaid principal balance on real estate mortgage loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a),(b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Income Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeOperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1(e))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeOperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total carrying amount of mortgage loans as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29.6)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NumberOfOperatingSegments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of operating segments. An operating segment is a component of an enterprise: (a) that engages in business activities from which it may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the same enterprise), (b) whose operating results are regularly reviewed by the enterprise's chief operating decision maker to make decisions about resources to be allocated to the segment and assess its performance, and (c) for which discrete financial information is available. An operating segment may engage in business activities for which it has yet to earn revenues, for example, start-up operations may be operating segments before earning revenues.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NumberOfOperatingSegments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentDepreciationMethods">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of the methodology for computing depreciation for classes of depreciable assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6391035&amp;loc=d3e2868-110229<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentDepreciationMethods</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Describes the periods of time over which an entity anticipates to receive utility from its property, plant and equipment (that is, the periods of time over which an entity allocates the initial cost of its property, plant and equipment).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 360<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51661791&amp;loc=d3e1205-110223<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PropertyPlantAndEquipmentEstimatedUsefulLives</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Period which an employee's right to exercise an award is no longer contingent on satisfaction of either a service condition, market condition or a performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of share instruments newly issued under a share-based compensation plan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesIssuedInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_AgreementAxis=ajx_ServicingAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_AgreementAxis=ajx_ServicingAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_GregoryFundingLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_GregoryFundingLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PlanNameAxis=ajx_DirectorEquityPlan2014Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PlanNameAxis=ajx_DirectorEquityPlan2014Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>27
<FILENAME>R44.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054171583872">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Stock based payments and director fees (Details) - Jun. 30, 2015 - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices', window );">Number of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">31,530<span></span>
</td>
<td class="nump">59,365<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Amount of expense recognized</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 466<span></span>
</td>
<td class="nump">$ 864<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_TypeOfFeesAxis=ajx_ManagementFeeMember', window );">Management fee</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices', window );">Number of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">29,790<span></span>
</td>
<td class="nump">55,877<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Amount of expense recognized</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 441<span></span>
</td>
<td class="nump">$ 814<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_TypeOfFeesAxis=ajx_IndependentDirectorFeeMember', window );">Independent director fees</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices', window );">Number of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,740<span></span>
</td>
<td class="nump">3,488<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensation', window );">Amount of expense recognized</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 25<span></span>
</td>
<td class="nump">$ 50<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">All management fees and independent director fees are fully expensed in the period in which they are incurred.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued in lieu of cash for services contributed to the entity. Number of shares includes, but is not limited to, shares issued for services contributed by vendors and founders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesIssuedForServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_TypeOfFeesAxis=ajx_ManagementFeeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_TypeOfFeesAxis=ajx_ManagementFeeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_TypeOfFeesAxis=ajx_IndependentDirectorFeeMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_TypeOfFeesAxis=ajx_IndependentDirectorFeeMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>28
<FILENAME>R30.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054171651216">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Mortgage loans (Details 1) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1">11 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_ReperformingMortgageLoansOnRealEstateMember', window );">Re-performing loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward', window );"><strong>Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield', window );">Balance at beginning of period</a></td>
<td class="nump">$ 74,045<span></span>
</td>
<td class="nump">$ 54,940<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions', window );">Accretable yield additions</a></td>
<td class="nump">49,626<span></span>
</td>
<td class="nump">73,680<span></span>
</td>
<td class="nump">$ 60,495<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion', window );">Accretion</a></td>
<td class="num">(7,739)<span></span>
</td>
<td class="num">(12,688)<span></span>
</td>
<td class="num">(5,555)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield', window );">Balance at end of period</a></td>
<td class="nump">115,932<span></span>
</td>
<td class="nump">115,932<span></span>
</td>
<td class="nump">$ 54,940<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_NonperformingMortgageLoansOnRealEstateMember', window );">Non-performing loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward', window );"><strong>Certain Loans Acquired in Transfer Not Accounted for as Debt Securities, Accretable Yield Movement Schedule [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield', window );">Balance at beginning of period</a></td>
<td class="nump">22,604<span></span>
</td>
<td class="nump">20,686<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions', window );">Accretable yield additions</a></td>
<td class="nump">4,185<span></span>
</td>
<td class="nump">8,038<span></span>
</td>
<td class="nump">$ 22,071<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion', window );">Accretion</a></td>
<td class="num">(3,054)<span></span>
</td>
<td class="num">(4,989)<span></span>
</td>
<td class="num">(1,385)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield', window );">Balance at end of period</a></td>
<td class="nump">$ 23,735<span></span>
</td>
<td class="nump">$ 23,735<span></span>
</td>
<td class="nump">$ 20,686<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the excess of a loan's cash flows expected to be collected over the investor's initial investment in acquired loans not accounted for as debt securities with evidence of deterioration of credit quality.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 15<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27045933&amp;loc=d3e13503-111538<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYield</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of decrease from accretion of the excess of a loan's cash flows expected to be collected over the investor's initial investment in acquired loans not accounted for as debt securities with evidence of deterioration of credit quality.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 15<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27045933&amp;loc=d3e13503-111538<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAccretion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of additions to the excess of a loan's cash flows expected to be collected over the investor's initial investment in acquired loans not accounted for as debt securities with evidence of deterioration of credit quality.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 15<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27045933&amp;loc=d3e13503-111538<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)(2)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6379141&amp;loc=d3e15032-111544<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldAdditions</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CertainLoansAcquiredInTransferNotAccountedForAsDebtSecuritiesAccretableYieldMovementScheduleRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_ReperformingMortgageLoansOnRealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_ReperformingMortgageLoansOnRealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_NonperformingMortgageLoansOnRealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_NonperformingMortgageLoansOnRealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>29
<FILENAME>R31.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054171555008">
<tr>
<th class="tl" colspan="2" rowspan="2"><div style="width: 200px;"><strong>Mortgage loans (Details 2)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jun. 30, 2015 </div>
<div>USD ($) </div>
<div>Loan</div>
</th>
<th class="th">
<div>Dec. 31, 2014 </div>
<div>USD ($) </div>
<div>Loan</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems', window );"><strong>Financing Receivable, Recorded Investment, Past Due [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateNumberOfLoans', window );">Number of loans | Loan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,619<span></span>
</td>
<td class="nump">1,339<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 444,408<span></span>
</td>
<td class="nump">$ 211,159<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans', window );">Unpaid principal balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 596,288<span></span>
</td>
<td class="nump">$ 298,573<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivablesPeriodPastDueAxis=ajx_FinancingReceivablesCurrentPastDueMember', window );">Current</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems', window );"><strong>Financing Receivable, Recorded Investment, Past Due [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateNumberOfLoans', window );">Number of loans | Loan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">1,123<span></span>
</td>
<td class="nump">439<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 209,046<span></span>
</td>
<td class="nump">$ 72,727<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans', window );">Unpaid principal balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 267,983<span></span>
</td>
<td class="nump">$ 94,993<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivablesPeriodPastDueAxis=us-gaap_FinancingReceivables30To59DaysPastDueMember', window );">30</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems', window );"><strong>Financing Receivable, Recorded Investment, Past Due [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateNumberOfLoans', window );">Number of loans | Loan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">406<span></span>
</td>
<td class="nump">237<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 66,969<span></span>
</td>
<td class="nump">$ 36,954<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans', window );">Unpaid principal balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 87,292<span></span>
</td>
<td class="nump">$ 53,739<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivablesPeriodPastDueAxis=us-gaap_FinancingReceivables60To89DaysPastDueMember', window );">60</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems', window );"><strong>Financing Receivable, Recorded Investment, Past Due [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateNumberOfLoans', window );">Number of loans | Loan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">194<span></span>
</td>
<td class="nump">99<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 29,611<span></span>
</td>
<td class="nump">$ 13,849<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans', window );">Unpaid principal balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 39,647<span></span>
</td>
<td class="nump">$ 17,766<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivablesPeriodPastDueAxis=us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember', window );">90</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems', window );"><strong>Financing Receivable, Recorded Investment, Past Due [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateNumberOfLoans', window );">Number of loans | Loan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">534<span></span>
</td>
<td class="nump">352<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 77,407<span></span>
</td>
<td class="nump">$ 53,987<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans', window );">Unpaid principal balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 107,345<span></span>
</td>
<td class="nump">$ 76,691<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivablesPeriodPastDueAxis=ajx_FinancingReceivablesForeclosurePastDueMember', window );">Foreclosure</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems', window );"><strong>Financing Receivable, Recorded Investment, Past Due [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateNumberOfLoans', window );">Number of loans | Loan</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">362<span></span>
</td>
<td class="nump">212<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Carrying value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 61,375<span></span>
</td>
<td class="nump">$ 33,642<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans', window );">Unpaid principal balance</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 94,021<span></span>
</td>
<td class="nump">$ 55,384<span></span>
</td>
</tr>
<tr><td colspan="3"></td></tr>
<tr><td colspan="3"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Mortgage loans includes $179,808 and $127,559 of loans at June 30, 2015 and December 31, 2014, respectively, transferred to securitization trusts that are variable interest entities ("VIEs"); these loans can only be used to settle obligations of the VIEs. Secured 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.). See Note 8-Debt.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents amount of unpaid principal balance on real estate mortgage loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_UnpaidPrincipalBalanceOnMortgageRealEstateLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancingReceivableRecordedInvestmentPastDueLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total carrying amount of mortgage loans as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29.6)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateNumberOfLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicates the number of mortgages under each classification.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29.3)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateNumberOfLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancingReceivablesPeriodPastDueAxis=ajx_FinancingReceivablesCurrentPastDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancingReceivablesPeriodPastDueAxis=ajx_FinancingReceivablesCurrentPastDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancingReceivablesPeriodPastDueAxis=us-gaap_FinancingReceivables30To59DaysPastDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancingReceivablesPeriodPastDueAxis=us-gaap_FinancingReceivables30To59DaysPastDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancingReceivablesPeriodPastDueAxis=us-gaap_FinancingReceivables60To89DaysPastDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancingReceivablesPeriodPastDueAxis=us-gaap_FinancingReceivables60To89DaysPastDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancingReceivablesPeriodPastDueAxis=us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancingReceivablesPeriodPastDueAxis=us-gaap_FinancingReceivablesEqualToGreaterThan90DaysPastDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FinancingReceivablesPeriodPastDueAxis=ajx_FinancingReceivablesForeclosurePastDueMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FinancingReceivablesPeriodPastDueAxis=ajx_FinancingReceivablesForeclosurePastDueMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>30
<FILENAME>R8.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054178542560">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of significant accounting policies<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SignificantAccountingPoliciesTextBlock', window );">Summary of significant accounting policies</a></td>
<td class="text"><p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Note 2 &#8212; Summary of significant accounting policies</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Cash and cash equivalents</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Highly liquid investments with an original maturity of three months or less when purchased are considered cash equivalents. The Company maintains cash and cash equivalents at insured banking institutions. Certain account balances exceed Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Organizational expenses</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Organizational expenses are expensed as incurred or when they become reimbursable. Organizational expenses consisted mainly of legal fees.</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Offering costs</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Costs associated with the Company&#8217;s completed offering of shares of common stock have been netted against, and are reflected as a reduction in additional paid-in capital.</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Earnings per share</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Basic earnings per share is computed by dividing consolidated net income attributable to common stockholders by the weighted average common stock outstanding during the period. The Company treats unvested restricted stock issued under its stock-based compensation plan, which are entitled to non-forfeitable dividends, as participating securities and applies the two-class method in calculating basic earnings per share. Diluted earnings per share is computed by dividing consolidated net income attributable to common stockholders by the weighted average common stock outstanding for the period plus other potentially dilutive securities, such as stock grants, shares that would be issued in the event that OP Units are redeemed for shares of common stock of the Company and shares issued in respect of the stock-based portion of the base fee payable to the Manager and directors&#8217; fees.</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Stock-based payments</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Management Agreement (as defined below) provides for the payment to the Manager of a management fee. The Company pays half of the management fee in cash, and half of the management fee in shares of the Company&#8217;s common stock, which are issued to the Manager in a private placement and are restricted securities under the Securities Act. Shares issued to the Manager are determined based on the higher of the most recently reported book value or the average of the closing prices of our common stock on the NYSE on the five business days after the date on which the most recent regular quarterly dividend to holders of our common stock is paid. Management fees paid in common stock are expensed in the quarter incurred and recorded in equity at quarter end.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Pursuant to the Company&#8217;s 2014 Director Equity Plan (the &#8220;Director Plan&#8221;), the Company may make stock-based awards. The Company has issued to each of the independent directors restricted stock awards of 2,000 shares of its common stock, which are subject to a one-year vesting period. In addition, each of the Company&#8217;s independent directors receives an annual retainer of $50,000, payable quarterly, half of which is paid in shares of the Company&#8217;s common stock on the same basis as the stock portion of the management fee payable to the Manager, and half in cash. Stock-based expense for the directors&#8217; annual retainer is expensed as earned, in equal quarterly amounts during the year, and recorded in equity at quarter end.</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Directors&#8217; fees</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The expense related to directors&#8217; fees is accrued and reflected in stockholders&#8217; equity in the period in which it is incurred.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Management fee and expense reimbursement</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Under the management agreement with the Manager, the Company pays a quarterly base management fee based on its stockholders&#8217; equity and a quarterly incentive management fee based on its cash distributions to its stockholders. Manager fees are expensed in the quarter incurred and the portion payable in common stock is included in stockholders&#8217; equity at quarter-end. See &#8220;Note 9 &#8212; Related party transactions.&#8221;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Servicing fees</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Under the servicing agreement, Gregory receives servicing fees ranging from 0.65% &#8211; 1.25% annually of unpaid principal balance (&#8220;UPB&#8221;) (or the fair market value or purchase price of REO that the Company owns or acquires). Gregory is reimbursed for all customary, reasonable and necessary out-of-pocket costs and expenses incurred in the performance of its obligations, including the actual cost of any repairs and renovations undertaken on the Company&#8217;s behalf. The total fees incurred by the Company for these services will be dependent upon the UPB and type of mortgage loans that Gregory services, property values, previous UPB of the relevant loan, and the number of REO properties. The agreement will automatically renew for successive one-year terms, subject to prior written notice of non-renewal. In certain cases, the Company may be obligated to pay a termination fee. The Management Agreement will automatically terminate at the same time as the servicing agreement if the servicing agreement is terminated for any reason. See &#8220;Note 9 &#8212; Related party transactions.&#8221;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Fair value of financial instruments</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy has been established which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;">&#183;</font></td>
<td><b>Level 1</b>&#160;&#8212; Quoted prices in active markets for identical assets or liabilities.</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;">&#183;</font></td>
<td><b>Level 2</b>&#160;&#8212; Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.75in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;">&#183;</font></td>
<td><b>Level 3</b>&#160;&#8212; Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The degree of judgment utilized in measuring fair value generally correlates to the level of pricing observability. Assets and liabilities with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized in measuring fair value. Conversely, assets and liabilities rarely traded or not quoted will generally have little or no pricing observability and a higher degree of judgment utilized in measuring fair value. Pricing observability is impacted by a number of factors, including the type of asset or liability, whether it is new to the market and not yet established, and the characteristics specific to the transaction.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Property held-for-sale is measured at cost at acquisition and subsequently measured at the lower of cost or fair value less cost to sell on a nonrecurring basis. The fair value of property held-for-sale is generally based on estimated market prices from an independently prepared appraisal, an independent broker price opinion (&#8220;BPO&#8221;), or management&#8217;s judgment as to the selling price of similar properties.</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Income taxes</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company intends to elect REIT status upon the filing of its 2014 income tax return, and has conducted its operations in order to satisfy and maintain eligibility for REIT status. Accordingly, the Company does not believe it will be subject to U.S. federal income tax from the year ended December 31, 2014 forward on the portion of the Company&#8217;s REIT taxable income that is distributed to the Company&#8217;s stockholders as long as certain asset, income and stock ownership tests are met. If after electing to be taxed as a REIT, the Company subsequently fails to qualify as a REIT in any taxable year, it generally will not be permitted to qualify for treatment as a REIT for U.S. federal income tax purposes for the four taxable years following the year during which qualification is lost. The Company may also be subject to state or local income or franchise taxes.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Thetis TRS, GAJX Real Estate LLC and any other TRS that the Company forms, will be subject to U.S. federal and state income taxes. On January 13, 2015, the Company applied for a private letter ruling from the Internal Revenue Service that would allow it to exclude its proportionate share of gross income from the Manager if it held its interest in the Manager through the operating partnership. If the Company receives such a ruling, it expects that it will hold its interest in the Manager through the operating partnership, instead of through Thetis TRS; however, there is no assurance that such a ruling will be issued. Income taxes are provided for using the asset and liability method. A provision for income taxes of $16,400 was recorded for both the three- and six-month periods ended June 30, 2015. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to the Company&#8217;s judgment, it reduces a deferred tax asset by a valuation allowance if it is &#8220;more&#8211;likely-than-not&#8221; that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and the Company recognizes tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company evaluates tax positions taken in its consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Company may recognize a tax benefit from an uncertain tax position only if it is &#8220;more-likely-than-not&#8221; that the tax position will be sustained on examination by taxing authorities.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company&#8217;s tax returns remain subject to examination and consequently, the taxability of the distributions and other tax positions taken by the Company may be subject to change. Distributions to stockholders generally will be taxable as ordinary income, although a portion of such distributions may be designated as long-term capital gain or qualified dividend income, or may constitute a return of capital. The Company will furnish annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment.</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Mortgage loans</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Purchased mortgage loans are initially recorded at the purchase price, net of any acquisition fees or costs at the time of acquisition and are considered asset acquisitions. As part of the determination of the purchase price for mortgage loans, the Company uses a discounted cash flow valuation model to model expected cash flows, and which considers alternate loan resolution probabilities, including liquidation or conversion to real estate owned. Observable inputs to the model include current interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines, the value of underlying properties and other economic and demographic data.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have some degree of credit quality deterioration since origination and have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Re-performing mortgage loans have been determined to have common risk characteristics and are accounted for as a single loan pool for loans acquired within each three-month fiscal quarter. Similarly, non-performing mortgage loans have been determined to have common risk characteristics and are accounted for as a single non-performing pool for loans acquired within each three-month fiscal quarter. Under ASC 310-30, the Company estimates cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. The Company determines the excess of the loan pool&#8217;s contractually required principal and interest payments over the expected cash flows as an amount that should not be accreted, referred to as the non-accretable yield. The difference between expected cash flows and the purchase price (at acquisition) or the present value of the expected cash flows is referred to as the accretable yield, which represents the amount that is expected to be recorded as interest income over the remaining life of the loan pool. For the three- and six-months ended June 30, 2015, the Company recognized no provision for loan loss. For the three- and six-months ended June 30, 2015, the Company accreted $10.8 million and $17.7 million, respectively, into interest income with respect to its loan portfolio. As of June 30, 2015, the Company&#8217;s loan portfolio had a UPB of $596.3 million and a carrying value of $444.4 million&#160;and at December 31, 2014, a UPB of $298.6 million and carrying value of $211.2 million, which excludes one loan in which it holds a 40.5% beneficial interest through an equity method investee.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Generally, the Company acquires loans at a discount associated with some degree of credit impairment. The Company elects to aggregate certain pools of loans with common risk characteristics and accrue interest income thereon at a composite interest rate, based on expectations of cash flows to be collected for the pool. Expectations of pool cash flow are reviewed quarterly. Adjustments to a pool&#8217;s prospective composite interest rate or an allowance for impairment are made to the extent revised expectations differ from original estimates.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">For loans that do not qualify for pool aggregation treatment, including performing loans that are not purchased at discounts resulting from credit-related issues, interest is recognized using the simple-interest method on daily balances of the principal amount outstanding, adjusted for the amortization or accretion of the loan premium or discount over the contractual life of the loan.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower&#8217;s financial condition is such that collection of interest is doubtful. The Company&#8217;s policy is to stop accruing interest when a loan&#8217;s delinquency exceeds 90 days. All interest accrued but not collected for loans that are placed on non-accrual status or subsequently charged-off are reversed against interest income. Income is subsequently recognized on the cash basis until, in management&#8217;s judgment, the borrower&#8217;s ability to make periodic principal and interest payments returns and future payments are reasonably assured, in which case the loan is returned to accrual status.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">An individual loan is considered to be impaired when, based on current events and conditions, it is probable the Company will be unable to collect all amounts due (both principal and interest) according to the contractual terms of the loan agreement. Impaired loans are carried at the present value of expected future cash flows discounted at the loan&#8217;s effective interest rate, the loan&#8217;s market price, or the fair value of the collateral if the loan is collateral dependent.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower&#8217;s financial difficulties, a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The allowance for loan losses is established through a provision for loan losses charged to expenses. The allowance is an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible, based on evaluations of the collectability of loans.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Purchased non-performing loans that are accounted for as individual loans are recorded at fair value, which is generally the purchase price. Interest income is recognized on a cash basis and loan purchase discount is accreted to income in proportion to the actual principal paid. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the fair market value of the underlying collateral falls below net book value.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="letter-spacing: -0.3pt;">&#160;</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="letter-spacing: -0.3pt;">W</font>hile<font style="letter-spacing: 0.55pt;">&#160;</font>the Compa<font style="letter-spacing: -0.4pt;">n</font>y gene<font style="letter-spacing: -0.05pt;">r</font><font style="letter-spacing: -0.45pt;">a</font>l<font style="letter-spacing: -0.2pt;">l</font>y<font style="letter-spacing: 1pt;">&#160;</font>intends<font style="letter-spacing: 1.75pt;">&#160;</font>to<font style="letter-spacing: 1pt;">&#160;</font>hold<font style="letter-spacing: 1.4pt;">&#160;</font>its<font style="letter-spacing: 1.45pt;">&#160;</font>assets<font style="letter-spacing: 0.7pt;">&#160;</font>as<font style="letter-spacing: 0.5pt;">&#160;</font>long-te<font style="letter-spacing: 0.2pt;">r</font>m<font style="letter-spacing: 2.3pt;">&#160;</font>i<font style="letter-spacing: -0.4pt;">n</font><font style="letter-spacing: -0.15pt;">v</font>estments,<font style="letter-spacing: 2.3pt;">&#160;</font>it m<font style="letter-spacing: -0.4pt;">a</font>y s<font style="letter-spacing: -0.15pt;">e</font>ll certain of<font style="letter-spacing: 1.4pt;">&#160;</font>its loans in o<font style="letter-spacing: -0.15pt;">r</font>der to<font style="letter-spacing: 1pt;">&#160;</font>man<font style="letter-spacing: -0.2pt;">a</font>ge its<font style="letter-spacing: 1.45pt;">&#160;</font>inte<font style="letter-spacing: -0.15pt;">r</font>est&#160;<font style="letter-spacing: -0.05pt;">r</font><font style="letter-spacing: -0.3pt;">a</font>te<font style="letter-spacing: 1.45pt;">&#160;</font>risk and<font style="letter-spacing: 1.45pt;">&#160;</font>liquidity needs, meet other ope<font style="letter-spacing: -0.05pt;">r</font><font style="letter-spacing: -0.3pt;">a</font>ting object<font style="letter-spacing: -0.15pt;">iv</font>es and ad<font style="letter-spacing: -0.2pt;">a</font>pt &#160;to<font style="letter-spacing: 1pt;">&#160;</font>ma<font style="letter-spacing: -0.15pt;">r</font>ket conditions.&#160;<font style="letter-spacing: 0.2pt;">&#160;</font>The timing and<font style="letter-spacing: 1.45pt;">&#160;</font>impact of<font style="letter-spacing: 1.4pt;">&#160;</font>futu<font style="letter-spacing: -0.15pt;">r</font>e s<font style="letter-spacing: -0.45pt;">a</font>les of <font style="letter-spacing: 1.4pt;"></font>loans, if a<font style="letter-spacing: -0.4pt;">n</font>y, cannot be p<font style="letter-spacing: -0.15pt;">r</font>edicted with a<font style="letter-spacing: -0.4pt;">n</font>y<font style="letter-spacing: 1pt;">&#160;</font>certainty. &#160;Since<font style="letter-spacing: 0.2pt;">&#160;</font>the Company&#160;<font style="letter-spacing: -0.15pt;">e</font>xpects<font style="letter-spacing: 0.7pt;">&#160;</font>th<font style="letter-spacing: -0.3pt;">a</font>t its assets<font style="letter-spacing: 0.7pt;">&#160;</font>will<font style="letter-spacing: -0.3pt;">&#160;</font>gene<font style="letter-spacing: -0.05pt;">r</font><font style="letter-spacing: -0.45pt;">a</font>l<font style="letter-spacing: -0.2pt;">l</font>y<font style="letter-spacing: 1pt;">&#160;</font>be&#160;<font style="letter-spacing: 0.2pt;">f</font>inanced, it&#160;<font style="letter-spacing: -0.15pt;">e</font>xpects<font style="letter-spacing: 0.7pt;">&#160;</font>th<font style="letter-spacing: -0.3pt;">a</font>t a<font style="letter-spacing: 0.55pt;">&#160;</font>signi<font style="letter-spacing: 0.2pt;">f</font>icant portion of<font style="letter-spacing: 1.4pt;">&#160;</font>the<font style="letter-spacing: 1pt;">&#160;</font>proceeds from s<font style="letter-spacing: -0.45pt;">a</font>les of<font style="letter-spacing: 1.4pt;">&#160;</font>its assets<font style="letter-spacing: 0.7pt;">&#160;</font>(if a<font style="letter-spacing: -0.4pt;">n</font>y), p<font style="letter-spacing: -0.15pt;">r</font>ep<font style="letter-spacing: -0.4pt;">a</font>yments<font style="letter-spacing: -0.05pt;">&#160;</font>and scheduled amortiz<font style="letter-spacing: -0.3pt;">a</font>tion will<font style="letter-spacing: -0.3pt;">&#160;</font>be used to<font style="letter-spacing: 1pt;">&#160;</font><font style="letter-spacing: -0.15pt;">r</font>ep<font style="letter-spacing: -0.4pt;">a</font>y<font style="letter-spacing: 1.4pt;">&#160;</font>b<font style="letter-spacing: -0.45pt;">a</font>lances under its <font style="letter-spacing: 0.2pt;">f</font>inancing sou<font style="letter-spacing: -0.15pt;">r</font>ces.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Residential properties</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Property is recorded at cost if purchased, or at fair value of the asset less estimated selling costs if obtained through foreclosure by the Company. Property that is currently unoccupied and actively marketed for sale is classified as held-for-sale. Property held-for-sale is carried at the lower of cost or fair market value. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">No depreciation or amortization expense is recognized on properties held-for-sale, while holding costs are expensed as incurred. Rental property is property not held-for-sale. Rental properties are intended to be held as long-term investments but may eventually be held-for-sale. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of three to 27.5 years.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">With respect to residential rental properties not held-for-sale, the Company performs an impairment analysis using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. These cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">If the carrying amount of a held-for-investment asset exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the difference between estimated fair value of the asset and the carrying amount. The Company generally estimates the fair value of assets held for use by using BPOs. In some instances, appraisal information may be available and is used in addition to BPOs.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company performs property renovations to maximize the value of the property for its rental strategy. Such expenditures are part of its initial investment in a property and, therefore, are capitalized as part of the basis of the property. Subsequently, the residential property, including any renovations that improve or extend the life of the asset, are accounted for at cost. The cost basis is depreciated using the straight-line method over an estimated useful life of three to 27.5 years. Interest and other carrying costs incurred during the renovation period are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Segment information</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company&#8217;s primary business is acquiring, investing in and managing a portfolio of mortgage loans. The Company operates in a single segment focused on non-performing mortgages and re-performing mortgages.</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Emerging growth company</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Section 107 of the Jumpstart Our Business Startups Act (the &#8220;JOBS Act&#8221;) provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to take advantage of the benefits of this extended transition period. Its consolidated financial statements may, therefore, not be comparable to those of companies that comply with such new or revised accounting standards.</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Reclassifications</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The December 31, 2014 amounts included in the delinquency table in Note 3 &#8211; Mortgage loans have been reclassified from delinquent to current to reflect a correction of an error in the presentation of the disclosure that is immaterial to the consolidated financial statements taken as a whole. Such reclassifications did not affect cash flows, net revenues, net income, total assets, total liabilities or total equity.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Recently issued accounting standards</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In January 2014, FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2014-04, Troubled Debt Restructurings by Creditors. It provides that if a repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The amended guidance may be applied using either a prospective transition method or a modified retrospective transition method and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. We adopted this standard in the first quarter of 2015 and it did not have a material impact on our financial statements.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services<font style="color: #1f497d;">.&#160;</font><font style="font-family: 'times new roman', times, serif;">While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment.&#160;</font>ASU 2014-09 may be applied using either a full retrospective or a modified retrospective approach and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted.&#160;<font style="font-family: 'times new roman', times, serif;">On April 29, 2015, the FASB proposed a one-year deferral of the effective date for ASU 2014-09.&#160;</font>The Company is evaluating the impact of this amendment on its financial position and results of operations.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In February 2015, the FASB issued ASU 2015-02 Amendments to the Consolidation Analysis. These amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (&#8220;VIEs&#8221;) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company is evaluating the impact of this amendment on its financial position and results of operations.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In April 2015, the FASB issued ASU 2015-03 Interest &#8211; Imputation of Interest. The amendments in this update require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of a debt liability, consistent with debt discounts. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. This guidance may be adopted retrospectively or under a modified retrospective method where the cumulative effect is recognized at the date of initial application. The Company is evaluating the impact of this amendment on its financial position and results of operations.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SignificantAccountingPoliciesTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for all significant accounting policies of the reporting entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18861-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18726-107790<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18743-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18854-107790<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SignificantAccountingPoliciesTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>31
<FILENAME>R32.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054178446224">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Mortgage loans (Details Textuals) - Jun. 30, 2015<br> $ in Millions</strong></div></th>
<th class="th">
<div>USD ($) </div>
<div>Property</div>
</th>
<th class="th">
<div>USD ($) </div>
<div>Property</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_MortgageLoansAbstract', window );"><strong>Mortgage Loans [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DueDiligenceCostOnMortgageLoan', window );">Due diligence costs related to loan transaction</a></td>
<td class="nump">$ 0.7<span></span>
</td>
<td class="nump">$ 1.0<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage beneficial interest through equity method investee</a></td>
<td class="nump">40.50%<span></span>
</td>
<td class="nump">40.50%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_ResidentialRealEstateMember', window );">Residential properties</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateLineItems', window );"><strong>Mortgage Loans on Real Estate [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_NumberOfRealEstatePropertiesForeclosed', window );">Number of REO properties foreclosed | Property</a></td>
<td class="nump">34<span></span>
</td>
<td class="nump">34<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherRealEstateAndForeclosedAssets', window );">Foreclosed residential properties</a></td>
<td class="nump">$ 5.1<span></span>
</td>
<td class="nump">$ 5.1<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_DueDiligenceCostOnMortgageLoan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to due diligence cost of loan transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_DueDiligenceCostOnMortgageLoan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_MortgageLoansAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_MortgageLoansAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_NumberOfRealEstatePropertiesForeclosed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the number of real estate properties closed as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_NumberOfRealEstatePropertiesForeclosed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (a)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherRealEstateAndForeclosedAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of other real estate and foreclosed assets. Other real estate may include real estate investments, real estate loans that qualify as investments in real estate, and premises that are no longer used in operations may also be included in real estate owned. Foreclosed assets include all assets obtained in full or partial satisfaction of a debt arrangement through foreclosure proceedings.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.10(4))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherRealEstateAndForeclosedAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_ResidentialRealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionTypeOfPropertyAxis=us-gaap_ResidentialRealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>32
<FILENAME>R40.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054162837456">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Debt (Details 2) - Mortgage loans - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Carrying value of mortgages</a></td>
<td class="nump">$ 179,808<span></span>
</td>
<td class="nump">$ 127,559<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages', window );">Bond principal balance</a></td>
<td class="nump">116,349<span></span>
</td>
<td class="nump">84,679<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate', window );">Original balances at securitization cutoff date Mortgage UPB</a></td>
<td class="nump">248,775<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_BondPrincipalBalanceAtCutoffDate', window );">Original balances at securitization cutoff date Bond principal balance</a></td>
<td class="nump">121,834<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">2014-A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Carrying value of mortgages</a></td>
<td class="nump">58,313<span></span>
</td>
<td class="nump">58,905<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages', window );">Bond principal balance</a></td>
<td class="nump">41,681<span></span>
</td>
<td class="nump">44,016<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate', window );">Original balances at securitization cutoff date Mortgage UPB</a></td>
<td class="nump">81,405<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_BondPrincipalBalanceAtCutoffDate', window );">Original balances at securitization cutoff date Bond principal balance</a></td>
<td class="nump">45,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">2014-B</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Carrying value of mortgages</a></td>
<td class="nump">68,379<span></span>
</td>
<td class="nump">68,654<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages', window );">Bond principal balance</a></td>
<td class="nump">39,344<span></span>
</td>
<td class="nump">$ 40,663<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate', window );">Original balances at securitization cutoff date Mortgage UPB</a></td>
<td class="nump">91,535<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_BondPrincipalBalanceAtCutoffDate', window );">Original balances at securitization cutoff date Bond principal balance</a></td>
<td class="nump">41,191<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">2015-A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages', window );">Carrying value of mortgages</a></td>
<td class="nump">53,116<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages', window );">Bond principal balance</a></td>
<td class="nump">35,324<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate', window );">Original balances at securitization cutoff date Mortgage UPB</a></td>
<td class="nump">75,835<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_BondPrincipalBalanceAtCutoffDate', window );">Original balances at securitization cutoff date Bond principal balance</a></td>
<td class="nump">$ 35,643<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_BondPrincipalBalanceAtCutoffDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to principal balance of bond at cutoff date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_BondPrincipalBalanceAtCutoffDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents mortgage loans on real estate, Unpaid principal balance at cutoff date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_MortgageLoansOnRealEstateUnpaidPrincipalBalanceAtCutoffDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The carrying amount of the outstanding balance due under the mortgage loan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateCarryingAmountOfMortgages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the contractual principal due at the origination of the mortgage loan (face amount).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateFaceAmountOfMortgages</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrustA2014Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrustA2014Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrust2014BMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrust2014BMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrustA2015Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrustA2015Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>33
<FILENAME>R2.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054161006048">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsAbstract', window );"><strong>ASSETS</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">Cash and cash equivalents</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 36,240<span></span>
</td>
<td class="nump">$ 53,099<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Mortgage loans, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">444,408<span></span>
</td>
<td class="nump">211,159<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateHeldforsale', window );">Property held-for-sale</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,018<span></span>
</td>
<td class="nump">1,316<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RentalProperties', window );">Rental property, net</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">121<span></span>
</td>
<td class="nump">290<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ReceivableFromServicer', window );">Receivable from servicer</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">3,538<span></span>
</td>
<td class="nump">1,340<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_InvestmentsInAffiliates', window );">Investment in affiliate</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,445<span></span>
</td>
<td class="nump">2,237<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PrepaidExpenseAndOtherAssets', window );">Prepaid expenses and other assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">6,068<span></span>
</td>
<td class="nump">3,317<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total Assets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">501,838<span></span>
</td>
<td class="nump">272,758<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAbstract', window );"><strong>Liabilities:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDebt', window );">Secured borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">116,349<span></span>
</td>
<td class="nump">84,679<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDebtRepurchaseAgreements', window );">Borrowings under repurchase agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">153,804<span></span>
</td>
<td class="nump">15,249<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ManagementFeePayable', window );">Management fee payable</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">441<span></span>
</td>
<td class="nump">258<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccruedLiabilitiesAndOtherLiabilities', window );">Accrued expenses and other liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">2,794<span></span>
</td>
<td class="nump">1,292<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 273,388<span></span>
</td>
<td class="nump">$ 101,478<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingencies', window );">Commitments and contingencies - see Note 7</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityAbstract', window );"><strong>Equity:</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockValue', window );">Preferred stock $.01 par value; 25,000,000 shares authorized, none issued or outstanding</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockValue', window );">Common stock $.01 par value; 125,000,000 shares authorized, 15,253,998 shares at June 30, 2015 and 11,223,984 shares at December 31, 2014 issued and outstanding</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 152<span></span>
</td>
<td class="nump">$ 112<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdditionalPaidInCapitalCommonStock', window );">Additional paid-in capital</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">211,361<span></span>
</td>
<td class="nump">158,951<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RetainedEarningsAccumulatedDeficit', window );">Retained earnings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">7,279<span></span>
</td>
<td class="nump">2,744<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquity', window );">Equity attributable to common stockholders</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">218,792<span></span>
</td>
<td class="nump">161,807<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterest', window );">Noncontrolling interests</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">9,658<span></span>
</td>
<td class="nump">9,473<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Total equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">228,450<span></span>
</td>
<td class="nump">171,280<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesAndStockholdersEquity', window );">Total Liabilities and Equity</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 501,838<span></span>
</td>
<td class="nump">$ 272,758<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Mortgage loans includes $179,808 and $127,559 of loans at June 30, 2015 and December 31, 2014, respectively, transferred to securitization trusts that are variable interest entities ("VIEs"); these loans can only be used to settle obligations of the VIEs. Secured 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.). See Note 8-Debt.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_InvestmentsInAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents value of the investment in affiliates at close of period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_InvestmentsInAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ReceivableFromServicer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount stands receivable in connection with service provider.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ReceivableFromServicer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccruedLiabilitiesAndOtherLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of obligations incurred and payable, pertaining to costs that are statutory in nature, incurred on contractual obligations, or accumulate over time and for which invoices have not yet been received or will not be rendered. Examples include, but not limited to, taxes, interest, rent and utilities. Also includes the aggregate carrying amount of liabilities not separately disclosed.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccruedLiabilitiesAndOtherLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdditionalPaidInCapitalCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.30(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 31<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdditionalPaidInCapitalCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingencies">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.(a),19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14326-108349<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.17)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingencies</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesAndStockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.32)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 25<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesAndStockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ManagementFeePayable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of the unpaid portion of the fee payable to the managing member or general partner for management of the fund or trust.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ManagementFeePayable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (that is, noncontrolling interest, previously referred to as minority interest).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 27<br><br><br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total carrying amount of mortgage loans as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29.6)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate par or stated value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PrepaidExpenseAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PrepaidExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateHeldforsale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of investments in land and buildings held for sale, excluding real estate considered to be inventory of the entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(f))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateHeldforsale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RentalProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount of income producing properties held for rental.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.1(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RentalProperties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RetainedEarningsAccumulatedDeficit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cumulative amount of the reporting entity's undistributed earnings or deficit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.31(a)(3))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Article 3<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RetainedEarningsAccumulatedDeficit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuredDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20, 22<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecuredDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuredDebtRepurchaseAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value, as of the balance sheet date, of securities sold under agreements to repurchase where the transferor maintains effective control over the assets, accounting for them as secured debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(m)(1)(i))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 860<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 51<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51816387&amp;loc=d3e101761-111710<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecuredDebtRepurchaseAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SAB TOPIC 4.E)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27010918&amp;loc=d3e74512-122707<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29-31)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 4<br><br><br><br> -Section E<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4I<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4590271-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568740-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568447-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>34
<FILENAME>R45.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054178988512">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Stock based payments and director fees (Details 1) - Jun. 30, 2015 - Restricted stock - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Number of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">8,000<span></span>
</td>
<td class="nump">8,000<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant', window );">Total cost of grant</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 119<span></span>
</td>
<td class="nump">$ 119<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax', window );">Grant expense recognized</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 30<span></span>
</td>
<td class="nump">$ 57<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">July 8, 2014 Directors Grants | Director</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Number of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">6,000<span></span>
</td>
<td class="nump">6,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Per share value (in dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 15.00<span></span>
</td>
<td class="nump">$ 15.00<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant', window );">Total cost of grant</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 90<span></span>
</td>
<td class="nump">$ 90<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax', window );">Grant expense recognized</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 23<span></span>
</td>
<td class="nump">$ 45<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember', window );">February 19, 2015 Director Grant | Director</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems', window );"><strong>Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod', window );">Number of shares</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">2,000<span></span>
</td>
<td class="nump">2,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue', window );">Per share value (in dollars per share)</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 14.25<span></span>
</td>
<td class="nump">$ 14.25<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant', window );">Total cost of grant</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 29<span></span>
</td>
<td class="nump">$ 29<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax', window );">Grant expense recognized</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 7<span></span>
</td>
<td class="nump">$ 12<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Vesting period is one year from grant date.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to cost of grant for share based awards under share-based compensation arrangements., Excludes stock and unit options.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodCostOfGrant</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense, net of income tax, recognized during the period arising from equity-based compensation arrangements (for example, shares of stock, unit, stock options or other equity instruments) with employees, directors and certain consultants qualifying for treatment as employees.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AllocatedShareBasedCompensationExpenseNetOfTax</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (c)(2)(iii)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (c)(2)(iii)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardTypeAxis=us-gaap_RestrictedStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardDateAxis=ajx_July82014DirectorsGrantsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardDateAxis=ajx_July82014DirectorsGrantsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_TitleOfIndividualAxis=us-gaap_DirectorMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_TitleOfIndividualAxis=us-gaap_DirectorMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AwardDateAxis=ajx_February192015DirectorGrantMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AwardDateAxis=ajx_February192015DirectorGrantMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>35
<FILENAME>R6.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054169069008">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited) - 6 months ended Jun. 30, 2015 - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Common Stock</div></th>
<th class="th"><div>Additional Paid-in Capital</div></th>
<th class="th"><div>Retained Earnings</div></th>
<th class="th"><div>Total Stockholders' Equity</div></th>
<th class="th"><div>Noncontrolling Interest</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Dec. 31, 2014</a></td>
<td class="nump">$ 112<span></span>
</td>
<td class="nump">$ 158,951<span></span>
</td>
<td class="nump">$ 2,744<span></span>
</td>
<td class="nump">$ 161,807<span></span>
</td>
<td class="nump">$ 9,473<span></span>
</td>
<td class="nump">$ 171,280<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward', window );"><strong>Increase (Decrease) in Stockholders' Equity [Roll Forward]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Issuance of shares</a></td>
<td class="nump">40<span></span>
</td>
<td class="nump">51,489<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51,529<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">51,529<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">9,076<span></span>
</td>
<td class="nump">9,076<span></span>
</td>
<td class="nump">398<span></span>
</td>
<td class="nump">9,474<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee', window );">Stock-based management fee expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">814<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">814<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">814<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue', window );">Stock-based compensation expense</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">107<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">107<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">107<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Dividends', window );">Dividends and distributions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="num">(4,541)<span></span>
</td>
<td class="num">(4,541)<span></span>
</td>
<td class="num">(213)<span></span>
</td>
<td class="num">(4,754)<span></span>
</td>
</tr>
<tr class="rc">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest', window );">Balance at Jun. 30, 2015</a></td>
<td class="nump">$ 152<span></span>
</td>
<td class="nump">$ 211,361<span></span>
</td>
<td class="nump">$ 7,279<span></span>
</td>
<td class="nump">$ 218,792<span></span>
</td>
<td class="nump">$ 9,658<span></span>
</td>
<td class="nump">$ 228,450<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in additional paid in capital (APIC) resulting from stock-based management fee.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_AdjustmentsToAdditionalPaidInCapitalStockBasedManagementFee</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the amount of recognized equity-based compensation during the period, that is, the amount recognized as expense in the income statement (or as asset if compensation is capitalized). Alternate captions include the words "stock-based compensation".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 35<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415241&amp;loc=d3e4534-113899<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=32706628&amp;loc=d3e11149-113907<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 13<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=32706628&amp;loc=d3e11178-113907<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Dividends">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of paid and unpaid cash, stock, and paid-in-kind (PIK) dividends declared, for example, but not limited to, common and preferred stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 405<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957935&amp;loc=d3e64057-112817<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Dividends</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInStockholdersEquityRollForward">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInStockholdersEquityRollForward</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4K<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (a),(c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4J<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of stockholders' equity (deficit), net of receivables from officers, directors, owners, and affiliates of the entity, attributable to both the parent and noncontrolling interests. Amount excludes temporary equity. Alternate caption for the concept is permanent equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4I<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4590271-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568740-111683<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4568447-111683<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_AdditionalPaidInCapitalMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_RetainedEarningsMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_ParentMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_ParentMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_NoncontrollingInterestMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_NoncontrollingInterestMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>36
<FILENAME>R35.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054178959856">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Fair value of financial instruments (Details 1) - 6 months ended Jun. 30, 2015<br></strong></div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems', window );"><strong>Fair Value Inputs, Assets, Quantitative Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_FairValueInputsCostOfDebtRate', window );">Cost of debt</a></td>
<td class="nump">4.25%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_ReperformingMortgageLoansOnRealEstateMember', window );">Re-performing loans | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems', window );"><strong>Fair Value Inputs, Assets, Quantitative Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsDiscountRate', window );">Equity discount rate</a></td>
<td class="nump">8.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_FairValueInputsLoanResolutionTimelinesRate', window );">Loan resolution timelines</a></td>
<td class="text">4 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_ReperformingMortgageLoansOnRealEstateMember', window );">Re-performing loans | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems', window );"><strong>Fair Value Inputs, Assets, Quantitative Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsDiscountRate', window );">Equity discount rate</a></td>
<td class="nump">14.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_FairValueInputsLoanResolutionTimelinesRate', window );">Loan resolution timelines</a></td>
<td class="text">7 years<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_NonperformingMortgageLoansOnRealEstateMember', window );">Non-performing loans | Minimum</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems', window );"><strong>Fair Value Inputs, Assets, Quantitative Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsDiscountRate', window );">Equity discount rate</a></td>
<td class="nump">10.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_FairValueInputsLoanResolutionTimelinesRate', window );">Loan resolution timelines</a></td>
<td class="text">1 year 4 months 24 days<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_NonperformingMortgageLoansOnRealEstateMember', window );">Non-performing loans | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems', window );"><strong>Fair Value Inputs, Assets, Quantitative Information [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsDiscountRate', window );">Equity discount rate</a></td>
<td class="nump">18.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_FairValueInputsLoanResolutionTimelinesRate', window );">Loan resolution timelines</a></td>
<td class="text">4 years<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_FairValueInputsCostOfDebtRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents effective rate that a company pays on its current debt. This can be measured in either before- or after-tax returns; however, because interest expense is deductible, the after-tax cost is seen most often. This is one part of the company's capital structure, which also includes the cost of equity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_FairValueInputsCostOfDebtRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_FairValueInputsLoanResolutionTimelinesRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest rate used to find the loan resolution timelines to measure fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_FairValueInputsLoanResolutionTimelinesRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:durationItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueInputsAssetsQuantitativeInformationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueInputsDiscountRate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Interest rate used to find the present value of an amount to be paid or received in the future as an input to measure fair value.  For example, but not limited to, weighted average cost of capital (WACC), cost of capital, cost of equity and cost of debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 820<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (bbb)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueInputsDiscountRate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_ReperformingMortgageLoansOnRealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_ReperformingMortgageLoansOnRealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MinimumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MinimumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_NonperformingMortgageLoansOnRealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstateDescriptionLoanCategoryAxis=ajx_NonperformingMortgageLoansOnRealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>37
<FILENAME>R22.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054171897296">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair value of financial instruments (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Disclosures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByBalanceSheetGroupingTextBlock', window );">Schedule of fair value of financial assets and liabilities</a></td>
<td class="text"><table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level&#160;1</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level&#160;2</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level&#160;3</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;">
<p style="margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Carrying</b><br /><b>Value</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Quoted&#160;prices</b><br /><b>in&#160;active</b><br /><b>markers</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Observable</b><br /><b>inputs&#160;other&#160;than</b><br /><b>Level&#160;1&#160;prices</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Unobservable</b><br /><b>inputs</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;">Not recognized on consolidated balance sheet at fair value (assets)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in; width: 729px;">Mortgage loans</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">444,408</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 157px;">&#8212;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 156px;">&#8212;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">501,369</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;">Not recognized on consolidated balance sheet at fair value (liabilities)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in;">Borrowings under repurchase agreement</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">153,804</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td
 style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">153,804</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in;">Secured borrowings</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">116,349</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">116,349</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level&#160;1</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level&#160;2</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level&#160;3</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;">
<p style="margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>December&#160;31,&#160;2014</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Carrying</b><br /><b>Value</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Quoted&#160;prices</b><br /><b>in&#160;active</b><br /><b>markers</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Observable</b><br /><b>inputs&#160;other&#160;than</b><br /><b>Level&#160;1&#160;prices</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Unobservable</b><br /><b>inputs</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;">Not recognized on consolidated balance sheet at fair value (assets)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in; width: 729px;">Mortgage loans</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">211,159</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 157px;">&#8212;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 156px;">&#8212;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width:
 156px;">235,623</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;">Not recognized on consolidated balance sheet at fair value (liabilities)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in;">Borrowings under repurchase agreement</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">15,249</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">15,249</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in;">Secured borrowings</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">84,679</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">84,679</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock', window );">Schedule of quantitative information about significant unobservable inputs</a></td>
<td class="text"><div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of the Company&#8217;s mortgage loans as of June 30, 2015:</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="width: 1238px;" nowrap="nowrap">
<p style="border-bottom: black 1pt solid; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Input</b></p>
</td>
<td style="width: 16px;" nowrap="nowrap">&#160;</td>
<td style="width: 313px;" nowrap="nowrap">
<p style="border-bottom: black 1pt solid; text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Range of Values</b></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top;">Equity discount rate &#8211; Re-performing loans</td>
<td>&#160;</td>
<td style="text-align: center; vertical-align: bottom;">8% - 14%</td>
</tr>
<tr style="background-color: white;">
<td style="vertical-align: top;">Equity discount rate &#8211; Non-performing loans</td>
<td>&#160;</td>
<td style="text-align: center; vertical-align: bottom;">10% - 18%</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top;">Cost of debt</td>
<td>&#160;</td>
<td style="text-align: center; vertical-align: bottom;">4.25%</td>
</tr>
<tr style="background-color: white;">
<td style="vertical-align: top;">Loan resolution timelines &#8211; Re-performing loans (in years)</td>
<td>&#160;</td>
<td style="text-align: center; vertical-align: bottom;">4 - 7</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top;">Loan resolution timelines &#8211; Non-performing loans (in years)</td>
<td>&#160;</td>
<td style="text-align: center; vertical-align: bottom;">1.4 - 4</td>
</tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByBalanceSheetGroupingTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13476-108611<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 820<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 11<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13467-108611<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6447952&amp;loc=d3e13220-108610<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 30<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 10<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13433-108611<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByBalanceSheetGroupingTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueDisclosuresAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueDisclosuresAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of quantitative information about the inputs used in the fair value measurement of assets. This disclosure may include, but is not limited to, the fair value of the asset, valuation technique used to measure fair value, the inputs used to measure fair value, the ranges of the inputs, and the weighted averages of the inputs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 820<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (bbb)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueInputsAssetsQuantitativeInformationTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>38
<FILENAME>R36.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054175988368">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Unconsolidated affiliates (Details Textuals) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Dec. 05, 2014</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_UnconsolidatedAffiliatesLineItems', window );"><strong>Unconsolidated Affiliates [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40.50%<span></span>
</td>
<td class="nump">40.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 501,838<span></span>
</td>
<td class="nump">$ 501,838<span></span>
</td>
<td class="nump">$ 272,758<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">273,388<span></span>
</td>
<td class="nump">273,388<span></span>
</td>
<td class="nump">101,478<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,436<span></span>
</td>
<td class="nump">$ 9,076<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_ThetisAssetManagementLlcMember', window );">Thetis Asset Management LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_UnconsolidatedAffiliatesLineItems', window );"><strong>Unconsolidated Affiliates [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19.80%<span></span>
</td>
<td class="nump">19.80%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Assets', window );">Total assets</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 2,800<span></span>
</td>
<td class="nump">$ 2,800<span></span>
</td>
<td class="nump">2,200<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Liabilities', window );">Total liabilities</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">300<span></span>
</td>
<td class="nump">300<span></span>
</td>
<td class="nump">200<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 300<span></span>
</td>
<td class="nump">$ 500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_LegalEntityAxis=ajx_DelawareTrustGaE201412Member', window );">Delaware Trust GA-E 2014-12</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_UnconsolidatedAffiliatesLineItems', window );"><strong>Unconsolidated Affiliates [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="nump">40.50%<span></span>
</td>
<td class="nump">40.50%<span></span>
</td>
<td class="nump">40.50%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates', window );">Acquiring interest amount</a></td>
<td class="nump">$ 2,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Loan amount</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 5,600<span></span>
</td>
<td class="nump">$ 5,600<span></span>
</td>
<td class="nump">$ 5,400<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Net income</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 200<span></span>
</td>
<td class="nump">$ 400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_UnconsolidatedAffiliatesLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_UnconsolidatedAffiliatesLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Assets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 12<br><br><br><br> -Article 7<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Assets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentFaceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face (par) amount of debt instrument at time of issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34725769&amp;loc=d3e28878-108400<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28551-108399<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentFaceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (a)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Liabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Sum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19-26)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Liabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of a controlling interest in another entity or an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, joint venture or equity method investment).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_ThetisAssetManagementLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_ThetisAssetManagementLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ajx_DelawareTrustGaE201412Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ajx_DelawareTrustGaE201412Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>39
<FILENAME>R24.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054171780592">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party transactions (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock', window );">Schedule of consolidated statement of income</a></td>
<td class="text"><table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; padding-bottom: 0px;">&#160;</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;" colspan="7">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Three&#160;months&#160;ended&#160;June&#160;30,&#160;2015</b></p>
</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;" colspan="7">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Six&#160;months&#160;ended&#160;June&#160;30,&#160;2015</b></p>
</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; padding-bottom: 0px;">&#160;</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Amount</b></p>
</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Counterparty</b></p>
</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Consolidated&#160;Statement<br />of&#160;Income&#160;location</b></p>
</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="text-align: center; padding-bottom: 0px;" colspan="2">
<p style="border-bottom: black 1pt solid; text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Amount</b></p>
</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Counterparty</b></p>
</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Consolidated&#160;Statement<br />of&#160;Income&#160;location</b></p>
</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt; width: 202px;">Management fee</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">856</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 189px;">Thetis</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 251px;">Related party expense &#8211; management fee</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">1,602</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="width: 203px;">Thetis</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 235px;">Related party expense &#8211; management fee</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt;">Loan servicing fees</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">851</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td>Gregory</td>
<td>&#160;</td>
<td style="text-align: left;">Related party expense &#8211; loan servicing fees</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1,507</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td>Gregory</td>
<td>&#160;</td>
<td style="text-align: left;">Related party expense &#8211; loan servicing fees</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt;">Due diligence and related loan acquisition costs</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td>Gregory</td>
<td>&#160;</td>
<td style="text-align: left;">Loan transaction expense</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">19</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td>Gregory</td>
<td>&#160;</td>
<td style="text-align: left;">Loan transaction expense</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt;">Expense reimbursements</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Aspen Yo</td>
<td>&#160;</td>
<td style="text-align: left;">Professional fees</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Aspen Yo</td>
<td>&#160;</td>
<td style="text-align: left;">Professional fees</td>
</tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of related party transactions. Examples of related party transactions include, but are not limited to, transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfRelatedPartyTransactionsTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>40
<FILENAME>Show.js
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
/**
 * Rivet Software Inc.
 *
 * @copyright Copyright (c) 2006-2011 Rivet Software, Inc. All rights reserved.
 * Version 2.4.0.3
 *
 */

var Show = {};
Show.LastAR = null,

Show.hideAR = function(){
	Show.LastAR.style.display = 'none';
};

Show.showAR = function ( link, id, win ){
	if( Show.LastAR ){
		Show.hideAR();
	}

	var ref = link;
	do {
		ref = ref.nextSibling;
	} while (ref && ref.nodeName != 'TABLE');

	if (!ref || ref.nodeName != 'TABLE') {
		var tmp = win ?
			win.document.getElementById(id) :
			document.getElementById(id);

		if( tmp ){
			ref = tmp.cloneNode(true);
			ref.id = '';
			link.parentNode.appendChild(ref);
		}
	}

	if( ref ){
		ref.style.display = 'block';
		Show.LastAR = ref;
	}
};

Show.toggleNext = function( link ){
	var ref = link;

	do{
		ref = ref.nextSibling;
	}while( ref.nodeName != 'DIV' );

	if( ref.style &&
		ref.style.display &&
		ref.style.display == 'none' ){
		ref.style.display = 'block';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '+', '-' );
		}else{
			link.innerText = link.innerText.replace( '+', '-' );
		}
	}else{
		ref.style.display = 'none';

		if( link.textContent ){
			link.textContent = link.textContent.replace( '-', '+' );
		}else{
			link.innerText = link.innerText.replace( '-', '+' );
		}
	}
};
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>41
<FILENAME>R7.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054178492752">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization and basis of presentation<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract', window );"><strong>Organization, Consolidation and Presentation of Financial Statements [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock', window );">Organization and basis of presentation</a></td>
<td class="text"><p style="text-align: left; widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Note 1 &#8212; Organization and basis of presentation</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</div>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;Great Ajax Corp., a Maryland corporation (the &#8220;Company&#8221;), is an externally managed real estate company formed on January 30, 2014 and capitalized on March 28, 2014 by its then sole stockholder, Aspen Yo LLC (&#8220;Aspen Yo&#8221;), a company affiliated with the Aspen Capital companies (&#8220;Aspen Capital&#8221;). The Company was formed to facilitate capital raising activities and to operate as a mortgage real estate investment trust. The Company focuses primarily on acquiring, investing in and managing a portfolio of re-performing and non-performing mortgage loans secured by single-family residences and, to a lesser extent, single-family properties. Re-performing loans are loans on which at least five of the seven most recent payments have been made, or the most recent payment has been made and accepted pursuant to an agreement, or the full dollar amount to cover at least five payments has been paid in the last seven months. Non-performing loans are those loans on which the most recent three payments have not been made. The Company also invests in loans secured by smaller multi-family residential and commercial mixed use retail/residential properties, as well as in the properties directly. The Company&#8217;s manager is Thetis Asset Management LLC (the &#8220;Manager&#8221; or &#8220;Thetis&#8221;), an affiliated company. The Company owns 19.8% of the Manager. The Company&#8217;s mortgage loans and real properties are serviced by Gregory Funding LLC (&#8220;Gregory&#8221; or &#8220;Servicer&#8221;), also an affiliated company. The Company expects to qualify and will elect to be taxed as a real estate investment trust, or REIT, under the Internal Revenue Code of 1986, as amended (the &#8220;Code&#8221;), commencing with the year ended December 31, 2014.</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company conducts substantially all of its business through its operating partnership, Great Ajax Operating Partnership L.P., a Delaware limited partnership, and its subsidiaries. The Company, through a wholly owned subsidiary, is the sole general partner of the operating partnership. GA-TRS LLC, or Thetis TRS, is a wholly owned subsidiary of the operating partnership that owns the equity interest in the Manager. The Company elected to treat Thetis TRS as a &#8220;taxable REIT subsidiary&#8221; (&#8220;TRS&#8221;) under the Code. In September 2014, the Company formed Great Ajax Funding LLC, a wholly owned subsidiary of the operating partnership, to act as the depositor of mortgage loans into securitization trusts and to hold the subordinated securities issued by such trusts and any additional trusts the Company may form for additional securitizations. The Company generally securitizes its mortgage loans and retains subordinated securities from the securitizations. In November 2014, the Company formed AJX Mortgage Trust I, a wholly owned subsidiary of the operating partnership, in connection with a repurchase facility. In addition, the Company, through its operating partnership, holds real estate owned properties (&#8220;REO&#8221;) acquired upon the foreclosure or other settlement of its owned non-performing loans, as well as through outright purchases. On February 1, 2015, the Company formed GAJX Real Estate LLC, as a wholly owned subsidiary of the operating partnership, to own, maintain, improve and sell REO properties. The Company has elected to treat GAJX Real Estate LLC as a TRS under the Code.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company commenced its operations following the completion of its initial private offering in July 2014. On July 8, 2014, the Company closed a private offering, pursuant to which the Company sold 8,213,116 shares of common stock and 453,551 Class A Units of the operating partnership (the &#8220;OP Units&#8221;), which are redeemable on a 1-for-1 basis into shares of its common stock after one year of ownership. On August 1, 2014, the Company closed the sale of an additional 263,570 shares of common stock and 14,555 OP Units pursuant to the exercise of the option to purchase additional shares granted to the initial purchaser and placement agent. The purchase price per share and per OP Unit was $15.00. In these offerings, which are referred to collectively as the &#8220;Original Private Placement,&#8221; the net proceeds, including from the additional shares purchased pursuant to the option to purchase additional shares and OP Units, after deducting the initial purchaser&#8217;s discount and placement fee and estimated offering expenses payable, was approximately $128.4 million. The Original Private Placement was made in reliance on the exemptions from registration set forth in Section 4(a)(2) of the Securities Act of 1933, as amended (the &#8220;Securities Act&#8221;), and Rule 506 of Regulation D thereunder and Rule 144A under the Securities Act.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Upon the closing of the Original Private Placement, the Company used $48.8 million of the proceeds to acquire its initial mortgage portfolio through the acquisition of 82% of the equity interests in Little Ajax II, LLC&#160;(&#8220;Little Ajax II&#8221;). Little Ajax II was an affiliated entity that acquired primarily re-performing mortgage loans and a number of non-performing mortgage loans in a series of transactions between December 1, 2013 and July 7, 2014. In September 2014, the Company completed a transaction to acquire the remaining interests in this initial mortgage-related asset portfolio. The transaction initially had Little Ajax II redeem the 82% membership interest of the operating partnership by distributing to the operating partnership 82% of all Little Ajax II loans, participation interests and real property. The operating partnership then purchased for cash the remaining 18% interest in such real estate assets for an aggregate purchase price of approximately $11.4 million. The operating partnership also purchased from Gregory its 5% interest in the 43 loans in which Little Ajax II held a 95% participation interest for approximately $0.2 million.</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">On December 16, 2014, the Company closed an additional private placement (the &#8220;Second Private Placement&#8221;), pursuant to which it sold 2,725,326 shares of common stock and 156,000 OP Units. The purchase price per share was $15.00. The net proceeds from the private placement after deducting the placement fee and offering expenses paid by the Company, was approximately $41.2 million. The Company used the proceeds of the Original Private Placement and the Second Private Placement, referred to collectively as the Private Placements, to purchase re-performing and non-performing loans. The Company completed its initial public offering, or IPO, in February 2015 in which the Company and selling stockholders sold an aggregate of 5,276,797 shares of common stock, including shares sold pursuant to exercise of the option to purchase additional shares granted to the underwriters. The Company sold 3,976,464 shares of common stock and selling stockholders sold 1,300,333 shares of common stock, in each case, including shares sold pursuant to exercise of the option to purchase additional shares granted to the underwriters. &#160;The Company used the approximately $53.9 million of proceeds (after deducting the underwriting discount but before deducting estimated offering expenses) to acquire additional mortgage loans and mortgage-related assets.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Basis of presentation and use of estimates</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-family: 'times new roman', times, serif;">These interim consolidated financial statements should be read in conjunction with the Company&#8217;s consolidated financial statements and the notes thereto for the period ended December&#160;31, 2014 included in the Annual Report on Form&#160;10-K filed with the&#160;</font>Securities and Exchange Commission (the &#8220;SEC&#8221;)&#160;<font style="font-family: 'times new roman', times, serif;">on March&#160;26, 2015.</font></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Interim financial statements are prepared in accordance with accounting principles generally accepted in the United States (&#8220; U.S. GAAP&#8221;) for interim financial information and pursuant to the requirements for reporting on Form&#160;10-Q and Regulation S-X. In the opinion of management, all adjustments, consisting solely of normal recurring accruals considered necessary for the fair presentation of financial statements for the interim period presented, have been included. The current period&#8217;s results of operations will not necessarily be indicative of results that ultimately may be achieved for the fiscal year ending December&#160;31, 2015.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The consolidated financial statements have been prepared in accordance with U.S. GAAP, as contained within the Accounting Standards Codification (&#8220;ASC&#8221;) of the Financial Accounting Standards Board (&#8220;FASB&#8221;) and the rules and regulations of the SEC, as applied to interim financial statements. Comparative income statement periods have been omitted as the Company had no operations prior to July 8, 2014.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">All controlled subsidiaries are included in the consolidated financial statements and all intercompany accounts and transactions have been eliminated in consolidation. The operating partnership is a majority owned partnership that has a non-controlling ownership interest that is included in non-controlling interests on the consolidated balance sheet. As of June 30, 2015, the Company owned 96.1% of the outstanding OP Units and the remaining 3.9% of the OP Units were owned by an unaffiliated holder.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company&#8217;s 19.8% investment in the Manager is accounted for using the equity method because it exercises significant influence on the operations of the Manager through common officers and directors. There is no traded or quoted price for the interests in the Manager since it is privately held.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The preparation of consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. The Company considers significant estimates to include expected cash flows from mortgage loans and fair value measurements.</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35735333&amp;loc=d3e288-107754<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 272<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6373374&amp;loc=d3e70478-108055<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=d3e5614-111684<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>42
<FILENAME>R3.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054162911888">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED BALANCE SHEETS (Parentheticals) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementOfFinancialPositionAbstract', window );"><strong>Statement of Financial Position [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockParOrStatedValuePerShare', window );">Preferred stock par value per share (in dollars per share)</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesAuthorized', window );">Preferred stock shares authorized</a></td>
<td class="nump">25,000,000<span></span>
</td>
<td class="nump">25,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesIssued', window );">Preferred stock shares issued</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PreferredStockSharesOutstanding', window );">Preferred stock shares outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockParOrStatedValuePerShare', window );">Common stock par value per share (in dollars per share)</a></td>
<td class="nump">$ 0.01<span></span>
</td>
<td class="nump">$ 0.01<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesAuthorized', window );">Common stock shares authorized</a></td>
<td class="nump">125,000,000<span></span>
</td>
<td class="nump">125,000,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesIssued', window );">Common stock shares issued</a></td>
<td class="nump">15,253,998<span></span>
</td>
<td class="nump">11,223,984<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommonStockSharesOutstanding', window );">Common stock shares outstanding</a></td>
<td class="nump">15,253,998<span></span>
</td>
<td class="nump">11,223,984<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansPledgedAsCollateral', window );">Mortgage loans (in dollars)</a></td>
<td class="nump">$ 179,808<span></span>
</td>
<td class="nump">$ 127,559<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of common stock.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of common shares permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.29)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoansPledgedAsCollateral">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying amount as of the balance sheet date of loans that have been pledged as collateral for borrowings. If the secured party has the right by contract or custom to sell or re-pledge the collateral, then the debtor reclassifies that asset and report that asset in its statement of financial position separately from other assets not so encumbered.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 860<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6467456&amp;loc=d3e113888-111728<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e5086-111524<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LoansPledgedAsCollateral</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockParOrStatedValuePerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face amount or stated value per share of preferred stock nonredeemable or redeemable solely at the option of the issuer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockParOrStatedValuePerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesAuthorized">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The maximum number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) permitted to be issued by an entity's charter and bylaws.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesAuthorized</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesIssued">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total number of nonredeemable preferred shares (or preferred stock redeemable solely at the option of the issuer) issued to shareholders (includes related preferred shares that were issued, repurchased, and remain in the treasury). May be all or portion of the number of preferred shares authorized. Excludes preferred shares that are classified as debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesIssued</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PreferredStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Aggregate share number for all nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) held by stockholders. Does not include preferred shares that have been repurchased.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PreferredStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementOfFinancialPositionAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementOfFinancialPositionAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>43
<FILENAME>R17.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054162847776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Income taxes<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureAbstract', window );"><strong>Income Tax Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxDisclosureTextBlock', window );">Income taxes</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Note 11 &#8212; Income taxes</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">As a REIT, the Company must meet certain organizational and operational requirements including the requirement to distribute at least 90% of its annual REIT taxable income to its stockholders. As a REIT, the Company generally will not be subject to U.S. federal income tax to the extent the Company distributes its REIT taxable income to its stockholders and provided the Company satisfies the REIT requirements including certain asset, income, distribution and stock ownership tests. If the Company fails to qualify as a REIT, and does not qualify for certain statutory relief provisions, it will be subject to U.S. federal, state and local income taxes and may be precluded from qualifying as a REIT for the subsequent four taxable years following the year in which it lost its REIT qualification.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company&#8217;s consolidated financial statements include the operations of Thetis TRS and GAJX Real Estate LLC, which are subject to U.S. federal, state and local income taxes on the Company&#8217;s taxable income.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">For the three- and six-months ended June 30, 2015, the Company&#8217;s taxable income was $3.6 million and $5.2 million, respectively. The Company recorded $16,400 of income tax expense for both the three- and six-months ended June 30, 2015 and the Company recognized no deferred income tax assets or liabilities on its consolidated balance sheet at June 30, 2015 or December 31, 2014 due to immateriality. The Company also recorded no interest or penalties for the three- or six- month periods ended June 30, 2015.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company&#8217;s 2014 U.S. federal, state and local tax returns remain open for examination. The Company has concluded that it had no uncertain tax positions for its 2014 tax year.</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32559-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 15<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32718-109319<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32537-109319<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>44
<FILENAME>R1.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054166137600">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Document and Entity Information - shares<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Aug. 12, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DocumentAndEntityInformationAbstract', window );"><strong>Document And Entity Information [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">Great Ajax Corp.<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001614806<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ajx<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_CurrentFiscalYearEndDate', window );">Current Fiscal Year End Date</a></td>
<td class="text">--12-31<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityFilerCategory', window );">Entity Filer Category</a></td>
<td class="text">Non-accelerated Filer<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_EntityCommonStockSharesOutstanding', window );">Entity Common Stock, Shares Outstanding</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">15,909,634<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">10-Q<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Jun. 30,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalYearFocus', window );">Document Fiscal Year Focus</a></td>
<td class="text">2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_dei_DocumentFiscalPeriodFocus', window );">Document Fiscal Period Focus</a></td>
<td class="text">Q2<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_DocumentAndEntityInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_DocumentAndEntityInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>If the value is true, then the document is an amendment to previously-filed/accepted document.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CurrentFiscalYearEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>End date of current fiscal year in the format --MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CurrentFiscalYearEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gMonthDayItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalPeriodFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal period of the document report. For a first quarter 2006 quarterly report, which may also provide financial information from prior periods, the first fiscal quarter should be given as the fiscal period focus. Values: FY, Q1, Q2, Q3, Q4, H1, H2, M9, T1, T2, T3, M8, CY.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalPeriodFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:fiscalPeriodItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentFiscalYearFocus">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentFiscalYearFocus</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:gYearItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentPeriodEndDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented.  If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word "Other".</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation 12B<br><br><br><br> -Number 240<br><br><br><br> -Section 12b<br><br><br><br> -Subsection 1<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCentralIndexKey</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:centralIndexKeyItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCommonStockSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityCommonStockSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFilerCategory">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Indicate whether the registrant is one of the following: (1) Large Accelerated Filer, (2) Accelerated Filer, (3) Non-accelerated Filer, (4) Smaller Reporting Company (Non-accelerated) or (5) Smaller Reporting Accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFilerCategory</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:filerCategoryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation 12B<br><br><br><br> -Number 240<br><br><br><br> -Section 12b<br><br><br><br> -Subsection 1<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>45
<FILENAME>R18.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054178479776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings per share<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareTextBlock', window );">Earnings per share</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Note 12 &#8212; Earnings per share</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The following table sets forth the components of basic and diluted earnings per share ($ in thousands, except share and per share amounts):</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</div>
<table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Three&#160;months&#160;ended&#160;June&#160;30,&#160;2015</b></font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Six&#160;months&#160;ended&#160;June&#160;30,&#160;2015&#160;</b>&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Income</b></font><font style="font-size: 8pt;"><br /><font style="font-family: 'times new roman', times, serif;"><b>(Numerator)</b></font></font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Shares</b></font><font style="font-size: 8pt;"><br /><font style="font-family: 'times new roman', times, serif;"><b>(Denominator)</b></font></font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Per&#160;Share</b></font><font style="font-size: 8pt;"><br /><font style="font-family: 'times new roman', times, serif;"><b>Amount</b></font></font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Income</b></font><font style="font-size: 8pt;"><br /><font style="font-family: 'times new roman', times, serif;"><b>(Numerator)</b></font></font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Shares</b></font><font style="font-size: 8pt;"><br /><font style="font-family: 'times new roman', times, serif;"><b>(Denominator)</b></font></font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Per&#160;Share</b></font><font style="font-size: 8pt;"><br /><font style="font-family: 'times new roman', times, serif;"><b>Amount</b>&#160;&#160;</font></font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: center;" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: center;" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: center;" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: center;" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: center;" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Basic EPS</b></font></td>
<td>&#160;</td>
<td style="text-align:
 left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in; width: 509px;">Income attributable to common stockholders</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 126px;">5,436</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 126px;">15,237,739</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 126px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 125px;">9,076</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 125px;">14,129,162</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 125px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;">Allocation of earnings to participating restricted shares</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(17</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: right; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(31</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: right; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;">Income attributable to unrestricted common stockholders</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">5,419</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">15,237,739</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">0.36</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">9,045</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">14,129,162</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">0.64</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Effect of dilutive securities</b></font></td>
<td>&#160;</td>
<td
 style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;">Operating partnership units</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">223</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">624,106</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">398</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">624,106</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;">Restricted stock grants and Manager and director fee shares</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">17</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">47,789</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: right; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">31</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">48,051</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: right; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Diluted EPS</b></font></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;">Income attributable to common stockholders and dilutive securities</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">5,659</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">15,909,634</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">0.36</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">9,474</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black
 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">14,801,319</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">0.64</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for earnings per share.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1278-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 52<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>ZIP
<SEQUENCE>46
<FILENAME>0001571049-15-006713-xbrl.zip
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
begin 644 0001571049-15-006713-xbrl.zip
M4$L#!!0````(`,R$#4>IPAA7BP$!`"J$#``0`!P`86IX+3(P,34P-C,P+GAM
M;%54"0`#0`#-54``S55U>`L``00E#@``!#D!``#L7>MSHSBV_[Y5^S]X\WD=
M\[`QSG:RY;QZ,IMTLDEF[DS=>\NE@.(PB\$M(!WOK=J__4H\;,!```L,6#-3
M/6TDT'G\SM'KZ.C+WS\6>N\=(DLSC=,C_I@[ZD%#,57-F)\>_?)\W9>/_G[V
MYS]]^4N_W_L*#8B`#=6>8^'RWM6_^[^=/]X&K_?&Q^(Q=RSU_IN3!]QD('#\
MJ,?S)_@_4>Q-[_ZWU^\'GSH'%OX,?L?]@'#,;\K<)Y>FXBR@8??N,"FO&J[[
M0[/?2(M7JF:;J/>KWR;OMCDDGWI^<Y"E@M5?>U-G[EAVCQ?_VG.)X(8GO'0R
MDGH/=WX['R](UT[(GSTL`,,Z`7]\G!Z]V?;R9##X\>/'\1Q!8/?!'^#C6#$7
M+B^<)&+I>-5US?A7I#[YU+&)YK@F)PY(\0MF,:A.2E5M_4*XLC3P"M=5MS[]
M0W3K\I/)9."6KJM:6E)%_%%^\-O=[9/R!A>@KQF6#0PE0HN607N\OF:90X$?
M9[WAU0A>,$S#<!;)]54;#>S5$@YPI3ZN!9&FK-_[_*7H"Z[@[$2ICCRIVD%5
MQ70,&ZVB=2VH',_-]X%?2)0L]CF^+_+KUQR$L#FDO>>7DA>'T1=5J"6_@PL2
MJL,/Y2VY/BEQT1=]03/>H64GO^*5)7!C`$VQDM]QB\@K?/052U.27\`%2=7M
M)4JICTL27G"L_AR`Y?J=5V"]N#KT"Q)8QR4$#%;B.VY)PDL?>@9^?[L-&95C
MH]2JDP$N/2+^@YCAB>4:V"-\[;EF>0*0@DP=9AOO8(G,)42VAND,N0GW`X3Z
MTR-+6RSU];,W!%]/C[![Z@<^Z/C#4H\&@2>],`T;?MB])ZC8Q"%&')SB%VKJ
MZ9%?<3:U9O>O,TZ>_>SH,P+%9XZ;>?\]WR<_?X0Z<?L/`-FK9P0,"[AM6>>K
M<,GT0[-FMYIMZW"*_>:-=JLK=W#Q`CV1>11AGZ[9J\UO325/L(='/5><4>D%
MZ+FX^<?1&8?]FL0/94[Z,HB_O/F@!>>DXP@>J+C)CZ6N*9KMT=)3-5SN=7<^
MR$[R\W=TAC5QDLCDET%B>X20P19I@V1I8&!HIAJ2CNN+R1N>SQCW.7GS]J8T
M>+)Y?Q`!0#8B+G!G:2YF',\@T7Q(8)4C^Q)3$`8%'_IBJ'PM8#7^@AQN,"BM
M'T5/0(?WKT^VJ?S+A<H#TMXQ+0\Z4""12[.Q0O0>X^#H+`!0,BL,$9\@8HH'
MWJZ\7#P\0?2.I63,UX\]>15Q/U\1G)MH=>T89%*SMLW9(S#FT*UQIQG:PEDT
M'VP1X7A^)TU"&4"KS`>F2)H**8&R-@86T1JSJT)V=0<,,/=^EC>LYS=H:];4
MLJ"]^5[C._@4.TJ5R#X,*5NRW</ZGGJ1ED&TA*MO*1YV0`,_FSIS-LIL)"+D
MR`NT$.&M9XA8S7"Y#8C$YVSRVI#UC$E?Y.BO9U2+B)11;M<P47PPWW!4;'H.
MYB@:[RBV>YM)T=XFBB+ZXP_F7%KA7!J+)*^7$D:S;^;[-I`2GT>G-8]PZ2#E
M#5BPW?.:5#YJZ&MXOB^,JAJ!"*,^UF$_Y@PVRX[@8[.`-;LUC;D-T>(2OMC/
MJZ5?Q43V',__+;]2DP"P!8'=5O/"PJ"QYI(DSU!S4<'NTN#AH'K3]^5W6:V#
M]0Z]X$%!;JM?=4,[BO2K,932[5>YT>P2*@D+1$G/;^$<Z%<NPRX"+_&@Y0=`
M\!EAQ'\%5Z0V+S0;A"K43F)\>*C(8J8.7R3TN4I]$5/S7M2\;?]"4?N/(H/^
M#"T1&;R4\#R^0OP$\9?5#JP3>_L&Z<PT%AF\1!\9U[]?N1L'P$B8N"?`I1Y-
MEY['%NYOA;Y8P?I[4:FV?;37R,%7:\%PK1G`()N:CU"!V$.]Z-!Z<)M^`)9]
MZ7@3AJ1:%V[TM>U7:S9F@CE`+FX]/.5EF<&K&GB)W+,YFER"E=5%A&553^&<
M`:T:H$E8W/)!`BV%<P:T:H!V;2*HZ*;E(-A%I*5UFFEL,YA5`[.K[P[0G\VO
MY``E1,]OP)APA^C=<LGAH$#HQ^6D+,PT?@:^O;`9%A+EX*4"0LJWQQ)?_"1!
M'$&=6Q,8[KKAE'RX'19:VV9+ZHKK9Q*L9W&]<Q@DWSUG&-P!@R$)'A0&V<)B
M=W7+]NX.0<ML-;B!J\$=1`M;W*UA'MI!W+"U6H8;MO3:R*77YJ(&:.A7H#OP
M?'4'`9$%X>P<6)KEXN4"(+1RY;;$$SFH3A<D'=GZK4O-\D78$LADL[OQ,@7Y
M/E3,K/_Z$U8-P!/!U2U\A[KG:H*R&V/IV)9;P+<.)AD<AOJD=%89,O(AH^&S
M8YK(.,BY<WEDB(>##/$`D='YG#[MR;/36(SDV;]INOII;<=T3[LLFJ.UT1R-
MQ13=J(-1.Y#4T!W?D`3;BT'_X);(%0A3"TO"NC<>(188IL:&E]!2D+8DW3\I
MN\"/2,:)8&<8HE<3+;")IWZ@'7@LP_]Z6SFO$.H*4@MGV=A;D%IM*/QF&@R&
M)T6D<(@XY/C9-7PA>!M%DRW("<_CQUAO'NZ;C9_,W(9KZFO0^ZC/%3NDZKX@
M5)K@,K_>'W1@?`,+;PA&ABC/>(AR8RA$"._DR*_A#\=:!Y!UGLL0AWXJLG0V
M=QEW,41N(5*\<\\.3)=H&XZDFW2,Z/-&!6UO2W585*I2)>F_BDJ5#74[,M1M
M,019$":#!2W/Q*8_#9S^M!B$;).K,9M<#%1;8I[A:8JY@$_$FMT"4P'D2[';
M6*YA2SQ>;2#,35&&@.,WO*RES,!/"?QI=VQEH9[T<NLK3;!*6K+)W*!+L3Z%
M?(J(&>SW#/O09Z\^EEBM'?7Z^\9^FIR9`5`R@*F%I?J[F0_Y#\A\A191(]`[
M.]")2Z06K"=*EH$\"^0D>./^E?2);1N"N\/I"/5L?$L#`C>&"K'M$NU<:@@J
MMHE:BX4L7A@HLD`Q_0&0N@YG>X26C30%NWEW-]#OY-PZA#RWSL^.OI+)8G$@
M:>LK[B?L(`+N6;/);B+6B/:NJ0[PHO"#NLV&5]`!182RV0Y-E`Z-#B\B8`_1
MV5*FT6BBHC;,1C7&C(BN$5W#%^0`M.(GY$N!K%T5,SNB:4>?"IJ94MM,Z4!0
MWSTP2'?AI)RM#ZPIEF6R,5)E@37=":RI$X)T0<ARU[4<#C3!P.*L&"P28,&R
MXS4P.QZ#%TNGMX^T[@<)-)9_CP&M%J"QA'T,9M4N(+#X]V;&O[<5A.OPD*OO
M#F;YPEPL30/_])-,FHN%:;1HT3B3G5`2R3A?#"3E03)55<UV@X@>@*;>8'-=
M:C;0.P683!X9>,J#YQ':0#.@>@60@7UY2Z*Y<Z(FF3D&E_)P>0"H\8O:!4$2
M9HE!HSPT\)B0M(),7<>V=H/;0-#J%E2R6&308<<\6WK,LZV@BN3/":*3/`LF
M1<+Z2K\NA.-LI]+)XC@#.+E;;%X`4'OC!*H.5ID]`F/NY_+4#&WA+-J!ZGT'
ML>3WZX%\0VE#PX+NG@&T%?[@@\&_%OB'!<W@O]>=AL-S_Y1V()C_[YX!'$8'
MT`0#8#U`[M#0/%GW2>&-@6=73CBB.+<)Y$[:/VR';=26M']]P&E+_K6.M8K?
M'?#Y9)^97G-,CRCLG)E>^TTOI$AF>E687J&1'^OV*K*]ND:8K-_KN/&QCJ\K
MQL=Z/I:!=C<#8QEH&?A9!MHV9.'<6P9:!GN6@?:@,]`>@`&P#+2'GH&VK2!G
M&6@9!%@&6@8*EH&V'9DS#S(#[>$8$<M`RS+0,E,J:4IY+Z!FYE'-M=8,IIV!
M((-$-B3Z&!+]!$CT,21BSQ_\W*,D28AFNZ=R/Q3=<5<"_>W939&W0+3UAN_@
M*C]WDJ<!;Y[U@$S\67_YZPE_6H=30[TWX+-Y;3KH&BPT?84]%@&D4NN>QA;N
M"Z"^J*I"Q^Y3=$;#/[?F6$TY^'BDYL70`3H;NL.DIG<]AWU.ER88RB<>O/J.
M)RO/YE<$,>'H^0T8$^X0\UWFD@,#82OBU4FDY:@=R&U,V%XCX]5#BF2FUXZ0
M669[70F9/53CFUJS^]>4_=,6W).D88`!5Q-)0MJ4UBVDTC[J0@>6]<VTUW78
MN9F*_%!<TO7ZF@K/QG33)LYY9A5U645$ULPNFFT7`K.+VNQ"8';1-+M@B&<8
MW#<&$WRS*[0+B`@D%'8*OG+_G"QO9A]-M8]R\UQV1+U-\]R*CZ%WTR9*S'.9
M5;1KGLOLHIYY+K.+=LUSF5WL.L]EB&<8;,\\EZ&U??/<0[6/Z1Q!&`[B\N.B
MU\^;C6-7GV$6UG%0R7P<E&[CSNH2ZN`'0-`%_%=P13#/"\U6<*H59S%S4%HN
M'S5\X2!R]V`7@X33KBI/8IFA)1=:1.[9'$T.,:H\A7.&FURXD;#TY(/$30KG
M##>Y<'-M(JCHIN4@V$7@I/50:6P?%FJ`AGX%N@//5W<0$%D0SLZ!I7DYCRX`
M0BM7;DL\D8/J=&$ZAKU^ZU*S?!&V!#+9[&Z\3$&^#Q4SZ[_^A%4#\$1P=0O?
MH9=Y95UV8RP=VW(+^-;!)(/#4)^4SBI#1CYD-'QV3!,9!SEW+H\,\7"0(1X@
M,MB-\8VY,;ZQ&&')@[JNX9+Y=?P<*+8&]/C)SZ9CH6Q*F%#:CS36VX\<EBV*
M98MBV:+:EBVJL;U+GMB4IO<7M`)(NJ==ELVIM=F<&HLINB<'68:7!F=6:3<&
MJ68`83AMR\DH9A/U90!A5M&>DU',+NK+`,+LHCTGHYA=U)M]@=E&NTZE=,(^
M+C`CYL)-A>KHVP;""0G/GYP7"WYWR!KM._YC;2.QY^V`<PHS&T0G<E6%PK?3
M=8Z+INO$+PCA!NFDZPPP(B9C1)!WQ<AL?0WIU7<'R^C"7"Q-`__T`PK-Q<(T
MPI<3%0@`\/;!6W*7%W4PYF\Y2P.A&,>X*FBT733*(:+2VBQ1+&B)@MP02RQH
M6]WR[GN$=<-[EB;@V1N=8SA/G7G"X"/I>;&.Y9+<%8BI]<`>_+J$B@X05%N"
MX;UU"A'IA:]:3!)C'6-@.0);^F-@!D,&PUS^4RXZ,H\BEWXB?>\>BV%T.#!)
M>%YU(%/38;SOB!XZOG!([G(0)E6NER4A2N1GV-H8HCJ)*%[HBWS=B*+GHXI<
M\=)=2%&ZZ(9Y*8:IIF)J%S^59S:*IP%+E+!7Q,_N0/PYZ_NZT/?A\;E88=^7
MBJBRIUH8HEJ`J"KWLZOW4:SG:US/UWHOQ3#51$Q5[*>2;UA-&J$7W*AJ.D(J
MV'IJP@BZO,Z3_`C3.;/SJ,ZGJJH1YPGT!Z"I-]B!+C4;Z)W2?R:/S/X9%FK#
M0GO\PB.T@69`]0H@`P^<6G("-R<(DIECGH!IG]D^R<H!$.Q8Q%F8)6;G3-,'
M9]/?3(.T@TQ=QS[O!K>"H-4MS6>QR&R>(:$=/N$O_7[O%T.S>T_0#<OO]?K]
MX/F?_W3S'_Y_KG]]^`E^P,N1-)9_?X3?M;,[I%NK']K-?TB9-!Q-E.%PJ(Q&
M(^7Y_][.KJ[EX?CD;W_C)6DD\_+/$YD_O3K]B1]_D:73+U]/KX>G)WXC'C4.
M:9Y@T'K#SA3+U7^^\/(QG_EB<@L##H*RX#?Y1L(7?WFZW/J<9IE#@1^?X++B
M7YLM20P](67]7=4-5#P+5?[F+"`"MHE*-KWU/GEX"0USH1E)G\TKH,@G!E'J
MLSE?.B&&H\V2HH)R),OA6U_S<A\"H^"WGCSK2?R<7U;PBT$&K<1/!H4%OWFI
M(6Q>)DK\9E#XV3>)25[IKC^*6.L7<K#QRO49CW"N63;"YD^22O9\.W^$KQL'
M+]U=%7+O1V=N$J`>.239NS#1\OC+(*U!0N6F[`(3BH!^8ZCPXQ]P18F:L+=/
M;2L@Y!D!DF/N:;5X,75*!&"5>2U'/AZTZ-]R<ZU9"M!_AP!=><'`E!KO>_V^
M1T!:6U$U7&LZ1,%&%24R<(_7!XH"=>*GH-ISVPCK(]+HF1N90PHO3<4]YDO"
MRRF1PG/]?WHMAS]^%FO02W]%5Q>;SC?:?J2M@)`I+E%)Z;4.YI0(>`6Z!;VV
M(Y^/,[\!R#5^8E%D/\IXK)UD,CSIT"3DGT(2&:%V""&;:QRLMZFADO^10=T[
MT-WQG!U<[^`FX$XDS(]*3)H+I<R1CGK$=;L?(0.1G@H5;8%U=GK4%X_.1B(W
MF6!O]F50B#:JS!1(G)#-C"@)0ZX4,R%V4K?+Z]"'VT]?FZ9MF#;L2S,!(YSG
M^5%41:DDGM7(!^U[YS(U.Q;POYV20=IM:I\`?#(:=DH,:9>#98J!%^5AMRPB
M]:ZK;#B(TE!HHAPHW]Z4*83F^L?=[R.*,?YA:2>&II\>V<B!1X.V<"-TBALQ
M%RC%D22(301EQ4F)/QEL3N2Z>G%:@\KXB(P_.AOB?SBY>7S4.B(3N`DWE#HE
MA%)#,DF:2'7U/ON]KS4;#A.)YSLEAG)#,HD7QZ,FRJ'.(5ES'63CAV0U7VO8
M#6YR#<E&'"]VS%-3&)*-QT.NQ)!L\_0GJ*NO)K*`7L^")2_RT5%'(BD[T4IM
M/7+"\7)16@T;Z/[^G@:3%Z=IBU28<#$JHT24)9":''F!_Y1`[W1F8!K7R%P\
M0?2N*1#5!$M_Y3F=CO)4TEL@'XER3BIOC'=HN3==63?&]/55TS4,VYH`*8CC
M-9DIA'B+]B4II29083@<Y:-T':J'X!)HZM7'$AJ6>R&6_0:1>YUF/<(513[J
M\+,H.J-`.35A2YPDEZ*\1NF2?8I1E,J*Z:%X4VTZ9R-BE!RW,U_4L(!'<[*X
MNYSW<R-PMISE3^7\!!4\$U-)TO)];$H.C\[DH32.CJ5#-%5+:KU3V88P6OUL
MM5GTI\Q/.Z&;E-GJ[KJI:LF;#&]Y21S2E'5CUZZ:PFEC+'Z_*U+=4,Y.)H]A
M[=\^/)TCZ&*_GK$L/Q+2A9U$5?T,U.P;VB606EU(0WG*YU:ZK==:O0^]13^R
M5C7<@U::.S1IF40:[7\:-:SIN&*+.Z#-JLDUA`]@15:IZUF_BRW>)1&R"Z'4
MW.-PR!<B=*HH6,KJK09>-%TCNR;!>FGH43W#2F$2#5K-11I57NBM_X\GP]UX
MJ5WZN.HXBO':**MM"36V@KH;@Q3!(HHR3=$W</5:S"=ZDIU.\[;*R/$<S!8>
M)$%#J<X*,CJ;DL3L@(L,8AX0?(4(]^=NZKXJ#X+1(Z(:280R&-9W'H[GHWU3
MG(BR!%*<%N4G,"7O6^B5FM:1Y,DH.EKYG#)Z?-#SWSPO2KOP$4_"A0<+SL)Q
MO>\E?"5Y.6K:HQY&!RV?TT6/"VK:&`NQS9]B7+C*>3-U%2++2ZQ2CRU(O!P+
MN-NFI#R=%+$NCV/#]&PZ[S3#1/A9D'BF%FE.AN/8(9L8%64II!<"*,4GE!D4
M;DOXQE!TA^1W>#`1\3-3VT;:BV.3V=VSF9SRIQX<CWDO4"$+'V6HKU<>].Q%
MD-U(L';+H])<ZH7&75T2'HVDY(7&A%T2'NWLWD5'JEV2)>WLV$5'RUV2);7L
MTL6&ZET2(;44S<7F"5T2X8YYCG>?JK17=#LF#MY]]M1>T5'.Q%MLBM<E05).
M9%ML)DI?D-%=KSVML"2<P/B,+EH\5'FZH0@/T>5[[+;ND8LJU5TA?H#(S1U;
MB39"J6E#/`E'9]PQQT=.[N2@D"Y/I;53$T]NL35U[#<3:?^&*GW]^*F-0TS<
M?+LF,0]<;-<NFS`Z+)131TTLW%B64Z4&<N^]Y25G-VD6).?>L4EV;])3-$9$
M.6FJ3$ZA)9LF.MP<Y%'DIFI76YZ;O3E9?MM%99!%@7JJ_I4B]56[UCCEO""(
M$WF80;A'T8Y$TQ7W2!B)DXF\&]&UN.GBX@Z118/\N@6?0KZ;+N5!A^H<JE/K
M`D^22$X6D)SOG7Y(Y7@4RX&91D_.9,=!X+H7L'[_&E2D%@IX:QIS3-""A"V3
M7.GN[';=BC>AG=W".2;(S>7N+4?_`3[")#\CQ[*GY,.Y,@#)$RYG;JY4]KLG
M/O+=\URIS60I;_+A3HBOL,EU6QSYC7&4-]Q_1_=)+Z9N/)%C^>KVX3Z+A//N
MQ7V*?,Z4MGL!_'[$5\!]BN,F^PO:XBML<MT6Q\[N,V:,(L_GS+Z;4WS!@OZ-
MH9@+>+\DE^JD#;U%[WJ4Z1)1<;_<>!)U+"FTG)4DM_!M+I]`5QJ/RY+KYZJJ
M0:J"$,MV&2.A*'5TA2B*L<"&'-1YXO4K?(/).VYTA2B/A&0RX[24II<R-H>B
MF&5*R02[Y].\"G4`4XSNC(=:+T(47<$-8[G,4XAZA._0<*"%!7C_6K]-R^-1
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M"MG9I]0H>_5A+.E\K5+#K_M`/(<&?$TYL4IYE4-*X'>+D+*T4A\_%J25]"J:
M3=17B\G%=EXVK1>@B3:@Q\/Z::K@O,2$&V^/9_;-2/[0^T:27SYJ6YS$4]XG
M<8-GT1O_63I8G?;Z8W0AJC"-]!FDO(094PT]!NMPH4-12J>^6LJVMD(N\4SY
M![9P=POD*[@B>VK\YYGS$C(]U<G%GC(J[<`BY1XO[FEKI(PBA(;[DV]=$!KE
M93$8)P1!M"21J5*!-\H(\Q6E#9V)Y)2C=S?H9]`K#7>@]U+3'3LEKG0O$O8)
M*DOS7J2<0/-_06W^1M+MON/)XQQ^<XB-W+]N!7!6@N_MT%+.#2P5QV-QLF&C
M$(UTF=M!3<G,85<[X26A.N9\'><+#*:ONPDWD<3AI^RE44F;0?KZDSE>Y#\'
M9P:#_C9!X/>@&MEJ<O,J+LCBP?^S]Z=-;AM9HC#\^76$_P->77M&BD!1!'=*
M8T>4-H]\956-2NZY_4D!DLDJM$&`QE(E]J]_SCFY(`&"^U(@*V>Z6T42R.7D
MR;,O[I&]!XW,G;31VK(M@?#^UHWO\HYTK//*\/$C[.'"<7K"'KUZ/3JN_0;*
M/[+XJ^#&]=G5>$7;QCV[EG(BQ^*E[+#@?<NSFR_X'9M&,(A[)$S(F_WUR?.Q
M7)<33.#^-_UR-5:M8]^&\8)ZX'OVGC3S%O%ERRD&H0$:PPU]Q_B_'P/1X^^=
MR/A;O_O@GN]@T^G-&46W6.JO6MO*XOL;-`;=\^8:3C_K"[KNPI9MY4]@"S&W
M@+`1IU#X:M8A\V/`:?"(=+CC7/"+1K>]9)>;KWD5[BXN!J[\8:LJ/>_;KM^;
M\U7MM.8\!$"O1,X$I/+>&['1F]F?,4)2O7@)VNT]O5?FWSD&!K3ZO591%=YA
MR?GM7[LS*B+]-;P<_IUZ$0_%S2[/$3;8:#8[C8+]>\6J"GN(PB%C(W+"X8-P
M^)\0,:XB[Q;H-NT:OKN./"#A4ZQTZ_N,&RV<8P0ST.;R]O"MU[OB]+!%]X<P
M0O:_HNG[GL^PV%-@O94M/L><`#/37CZ&D;Q=;#:\QKHRSO).4F0X,'Q%=54^
MPM([62C7PF5D*Y6'!%OXPH+PGE`/)9RK<:Y=^8RP\3&.PFEF@50[KG8MLL\9
M9R7(?J/1ZQ6B-'9;=';N7T#FX[#$G(NY]CM'"3IL]/0HU:7KR9^<]O!X5<?$
M?=.%5MX]N&`IORZ@:9C^#EH$""QP1H"NZ<#WAE=CD+R/DP32!JC/Q2"LM[IR
MMH/&%<3$8!2OJFN_[U"W8H#@TA6M=?65BO?H5[]!S>[7N?EKKCF_?QP([4?P
M#SK^[X$V`N2NX9S#45&V/HJE"`3\/%INLL+RA#"L_'J,DVHOR`C"^><T+1D#
M=K#%E68K(X$E/]T8K:$D2'\-\PSS*GH<[M[J=S+E=ILUYD%,=YW7&#F&7-]S
M\F>O3S]7JI%__RY%8LH1F2K_?&8/]$LY67F;QDDXP25_8(/Y)3=Z)=]S`97F
M)!_LQ^NKM=RM)&@MV,[B9>]GGX=F<Q7>RGZ+JK=.Y@@/5\.[[;1ZYW+\ZX<0
M/BK29W3J]]2?WWB]4?+]33J(V=\I[OP>_D>EH!>^7X=V];K%D*JU]XZ,YW+T
MKY0;2]%:48YX-."\&^Z(7&;'E59ELX>[]T\+4.M3ACW"1?G&UAD&'=<#'$9W
M5'^!J^W%7L*$0X;?RR]L&-X&-,KBIG3[]DKF;7R'WM+)@>^`#4L,Z(]T]1\3
MTLH.<PP]LELH\J8F/]R*#I#%,F?5>OQMK(]K%5S\]ADLC4+1L-*]7$6W;B`B
M1&`'<>A[(_I`_@<6H_DB%SV"O%6L-W[GQ4,_C-.(?86=O_'W9C?]]3_\Y/74
MBI.9SWYYAF-<N+YW&[RR?#9.7EL/WBA\B%]9SFN+?DS([!)&DU=6`+`3WWH!
M;#=Y9=6GWU];$S>Z]0+Q81SB]X/0'UE.?9I8_YEX$U`+`O9@1>'$#?[3MN@;
MVXJ!1HQAPCL@&Q?QU!TRG"("*+^&M21P&O0M'$WV_3#TP^B5]7^X_1->#J-1
M]A0MX.*!#?[R8.&XSAA.]R]V`9M*[K0%XO<L&=ZI@9_]QVWR^G.8,,NQ_L.=
M3%__GU[#:;RV]#.TW&!D`>7S8BL<6U/M!!&D+Z<XQ(\_X-\C[UX">$-PUMI>
M4`K04X,E!Z+3J;\FX`!$#'A*P?-;Q-S$PL)IUMLPFM9LR[7^<*.9C]@VA&]"
M;J2WGB=W3.%FH_X:B9D;S-0WSNL7M@6XZ086+(=%P+C]&<"*HGLLF,6WF'3W
MTYL6PAE^@K&!?*0PI]6LVQ9FF1"J#SG#IYK<\`PL:GAG-7KBB<',\I+8@D4%
M%I`V!B>JVG?8UF4,HH'US]#Z].FM]5Q;M?PAOVQ7K<F57N@14*+D#L<7@PGY
M0SR)L47SXXIG],%KUE<80@#+>G!CN>TDM,9PF+['82)&CUP08X);RU4.$X(%
M/!R2NX19,()K342]N1Q</1559268LI.?>AP.4ZQ4,(V`D40>G`V2%`I^@`EM
M\3;.[7%20T=':[$`"9(Q\(\0*4_$+F`IN`OZ$9Z$JZ)_I1;GHZ$<D)\\CWAB
MN#6?78S="<X/%`RYUI#OT<9-NG`=8K@MA$)!8A?>F*J`T9KU);<,/A66T.=_
MP=[@M@'"`'+[S(T3:^S=,UP^GFB,E9)@G?!UQ(8(,.DHM>Y<>&S`\&=WQ&PK
MC.B-DF?AT3A[D@#A#H=LBK@S32/T5B:T)P"G=!6K\<:I[ULC+($:62X5$<1'
MA^$][#V_9&UE8CH,B,1#PG%\?$YN)TCN`#"?\Z>102:Y"^,Y^!0WE]S!4@O@
M",(DVV@>JT`D"07JQ+BF^2,'FN/#IB:IGWB%DT<_+K_JX63"(I1`K(GW'5X$
M3(6'0$3U7^K/9N=OXSUX8`!$-Y:PR'ZU1AYL)_%GN<4JQMI]'0O"%"'%XFE@
M%@636IE1@=..`M7C/T?:#<<3U1[@@Q7(2Z#3%4%J\G`,'P!L3K_6^UGBJ)AI
MR0[RUPSA2-1``P.>>LPU(CH,(/:W(=#9#RE/A"A21_'[XMW).-7"_A`)UM@D
M^SZ%4XD1T_].@;*/9[3J!P^.D6$(&?XR`$1U$0>(T"VC;W29OKS_^-4&81G(
M/H&-Q&C@/9:HA@:3C^C>._U>A[#&A1%&,/X\0QNQ_+X(+<E_G3&#&8,;RP=X
M!S<&976KZ7"F5)N7-:9&TL@)8E,#&@4:_6J`;C5*\6[$Z0`S@)#<^4A>?<1=
ME'0&*?!"8(Y(H</T]HZ^#%6-UJD;)0&+XCMO:EN:4)=5<;W.GK`^U:Y)TI,I
MOI;O33QB7/HP>#D]L29OY('4@(Q76[:M%N,"7$-<,1`R&$:],2.9D'@N"FFW
M+*`*Y&(:2>M*MU&S?KN\^/KE!JD4775!I^$K+F@NFG+IJ/`+@(;(+3[#>`,Z
M3Y8X$*RDC/AR$L4EMX0`G"V($RN-F``)H_!D)$_:TG3*JA->&$(G/1H]0ZI4
M`ZIFW:!D0>0&28TM?LQ)TMJQ:Q3>WA)27"`#HNQR4(W8-(R])*13*S`?@%_(
MN;XGDU(XC5;B*TKF'`_2`:\OA*"4K\"-]7@[&!094I1+LK=)SE#60/F+OO^)
MRV&`_Z,_FE]1'G<E+@)8U&.XC&0!9T5[6;QP]6,@-D*T+$P)1_<9Q+KE)W?Y
M^_^S9`UIB_+MK8_;GYM'>5,!C\GFK`LYJ0Q<E'K'C!8GP95;E[T.E<$CC7,<
MFJ]3$T!T'/_R_BJ'XUSW0&%O&O);A[6HA-4)[WN(&1(`T"3QN4`F*"&?)2@1
M<W-2H=Q!F"819EY:<O]P*%>!]8$-(E(Z.?-NE]\H/!B,![=$J#J_3]L2'[I2
M\(8-&`M7!OX+AS4!>-US_2'&I0.<<HJ.CK.H`\R1H;)%\C4B92J0$L.%C8"R
MG8!"LC`;Z10!XTW'<`W"!T1TQ#&4^WV>Q"MNJ\?C=='N<$\T0@84`Y7Z/84;
M1)(SWDCZ).P[^=N(1`$U@KE![)RFG6FT\L48N4[/;CA-VW$Z%L_4QI4-*7")
M&XWHZK7:3;O==JRWH%&#+FC]&=`^ETD2107BZIJ_E5<BA!DB0H5VQ-B$Q`(T
MO5C.!>#0A2-LNIR%J@5ZE(*I+W*<H,`4"!4$'D'2(R0E@-YE>HMLPUD"/^)/
M&#H)+[N!SB@;'=A]M[X,0#!FN]VVY"9S@"=)ZCMJ\#'+8,:E@%#1W1QGYA/=
MPDV2M.R.9;@BWHAHYJD/5X$8`'#'0)BUU*"`$D/X7^04U$*1WH!/8J%D<OO)
M:=?J=6)W,$V<X4^</Q^>9,HM,3RGZ9ZA%,ZE#?VH>2J4;UT+A+R6:[1U$0_?
M"EB"Y)SBV)$UBW;0F<0P#Q6YM]$<D-<"*D)`'I,M\`;T55`OY"V=@W/.L##R
MXB%9I/+`'S,.7+023DC^45>9R3*H4W>&^&T3U-TI[/L[/0M`_,EI]&HM:P+*
M/JR6'^)B,-(`9%<#,A$QW\/0?TO("8!JDZF@/@C%B-UB,A$7.]&(`_<*9!X/
MA68N`[6>NR^>-UY(W+S)!+?+8<*M`\WF4NM`_I6B?6=D?4GA7K7K'1SL"[M-
M?;Z:=SA?Q#@35L\YK=:EQICS8QL6O3Z+-JZ<UW]*Z1F)/%Y&@>-+2%2.-Z1(
M9WYJ]6H]>3?E"))J<3V0A/4<1U=J4N8>D#(WT;4AC\D0(_8:RK194+K)@/O)
M0S&?*Z\?0?<!&38[=EV-R#^8=[7D?^-$*&>69%3=C-L`E/Z1>43RKHT2-="U
M`BK;@CM9[O5`)PHA"V>GB5:)S!JPY`'-Z<J`R)EVDZ8@*:@K#(JK%'\A;I%L
MI$VAGQ@^'C'4-[C0I<$\N?/F3_,BXF72@!@B*55GRRFV/HEXTT>U9%2$/1=V
M:'8\^0GM@,0F96M9*EP-9I8J'4!L*USRL,`MM)85EB'40GS8PV1EL7`)A*+1
M7!BL%UF.T/FB>#/:&H9N?%>`L-/[.6=.(FN&KB2[O+X&F2K0-70+[`N_+T@T
MN)\"`W6*_+-\G62.U]:)+%):_O'^MG^>LW>UFAG:<H&H`,<[YB..]>'=<ECR
M_>077*\UU'J-:=QHGNN#YDHGCIUE*F%.C9'J82:TEHAQ(=SY.9Z8%^CFE4I0
M)$B7;-C=1MMN-I;JDDZ[8P-,E!"^0F/1-92O!8TA4Q/F]U8FV<^+ZV5"ND=V
MUIR]KT1@;SG:_<V9H5*I3:IEKA0ZN!V8"[NE)V"OU+_F7HGMG":T,C"!2%Q^
M)QD#S=DJ*+E8LS(`;?MX?466564W1*-A1B]UW)2F/)Q3"TN).0KEB#[`K6TW
MNAV[V^\N0"E=:11/T#@ZDNY#^29]Y`'T$%AI'D@T7=/NPS);G=8RS%^\:\=N
MUNMVL]E<LDN+N0!)X*GL<?:<$>129"]<CW:SUM=%9G47GI==3#43?J$T;!!N
M0!I$N[?V^!(%^X4NV6F[*Q%5R^6Y>&_:Y3E%7NZ?$Y\3=-Z4Q9P2CJ7\]DF$
MC8T<8T2\M4$#0,!?)1SH21X?]FKE/J1[(F9<`?$FZ/$4(>ZH\\B(=BM6(>W`
M`L(4KM^`HB9'PDOZKS30W*0:%\^91%</+L6;((1[P(U^&.$IPOVFE(]2B!O*
MD$,&$`FNQU1XWV40I!3+A&HXFC\_``2S]YSZQ?^%Y?A:M&H!XQ"J""O-Q(@K
M??\=&&1P2YN=>-2Y;%Y4?O]6EXKS`^]V<C*<-QNSP87\=BVW:G-I##U9%S0?
M!1THOYT1ZBILZD;\;KG#(<Q-/@4>'C$D>8PL*;RLG8_"HHH048&]XEZB6@>?
M*%\F'^5@_5F[P<BER^M<L`,2`F]NA5Z`!Y/QTZ*[)V(DZ?$]X!`1$0*R\I;0
M@O_A'H;,^W!S\?^DTPO$8]!NN*0Z43&N-MG,W"SOSB92Y_%`<`S9\F?<UHF`
MQACA-(IX?/H0M""?4T8/1%N,R`"Z%L>H&DFR-W:]*"\UP%BE!R3?D#`2!%.\
MRT:V%I@MB2174G!%%)5-;^2H-KR<^MR+JSFL*=P40YKE>M'R.\"I1][03428
MN'R73,48NRS$?@PU&J!Q^\YC]\(*2%L%D1ZV),-#$48+Z7S;N'@,8=LH"F.U
M_)%=CV5T3A$G\G5B0A]E@=*/4N3(2.$-EJ)W(U!IWX8C;TRW`P4%/>_E)B<D
M2%U<9126#_<FA']RXWRXO'F3CPX3\E24^DS:Z25=4^8F$%&XTW8Z]3VNU<\3
MV0Q(-2[;1?R2>[P/NOI94!`=E.'$2[CJG+/OH+LC"'6:`DP#Z4"8BV$QM]S<
M\K5!<^G[ELP&U@,*91I'43-83R-![DXW0N6W\>LH]!7=*9EA/<-@<![ARG6D
M+'5XF=N)0K(G[K_""%VL(A2T&'A]1W&):)?54I^S2*;,G41/DWLRVW?QM<R/
M%Y8`9>#Z1/CB.\:2FG5)5./W-&`RS;`0\LE7W._4'.6H#K6F(2KP25$FY?)K
MUOKJ%?78`XMD0.P`3<)6&FB.:&X;-13"4(AMHC%S4B[/&M.2H_(Y#'0O^:T7
MXFH:2Z.T",28L.0N1,/(T$6+GI<HVWILQ=YM0*R?!A[[*=,"L30.F,]:4X$@
MPL0?`N8/T1>`EX<GYX7"RX"T+49V"N>(]QP6^'<:)CPN8\CRFD$6N9!-!;L9
MTJ*]6#K),"2!^2-SO4PDU887C`O/2E==S64YAR0/(]RDO)`M]?>\]`A2XL3]
MBV56<\ZIXSB508T\/&D\IHQ(XC2H]:,<.N',&V-#>!0)ONIK_2[X_8I5%@5M
M`5DUN6`7O*-N[TBX)-<7,!8M+^+9E_PAY7D>4;$[[262(;C87?3+<K-"G@!E
M("-)GR0#D56*.:<8C#/V`7>YU[S$*48&B7NJA#1A+H*(*P9Z=$I65F7?%51R
MU0RS;64JTC7,,(0C.6C-E8(GZJ6P[:R\J+D;7KR(Z_K$%EWLDHM<2A@TVE1Z
MD5==_ZS02B-7:.4FG4Q$]HZ.<+I=4)S-0IYBX+J&\&:`A%7#17T3^(-E]<-7
MP.RXX.),O1(`6QNKGBR$_MN[O0.1U_<`F4::)A`+YP:(,C(N"[AGRO7SL2CU
MP<N&H-B-I5=@E;D@5S0]:";^(L[FF;9,:HSY<V5(CL5-X`%>'<0-_N)J/+#U
M)!7YLF]9A&-(TBO5^!CX/(;76!_8B%+(W_%T9.LCCD:*_EN]6I%N6WSW,6^D
M]-0K5'`%100J0",J3J#AW^8N7&[4``!@;11-+(3EP]21%_]ER?`:#,R1\D\@
MDZ4IJ.D[NAGP-5Q(R>2+U11#+0U+60-(NIR*<>9"W#;DTC"4O2(4<0/Q8<0+
M+Y'WE8PVQ#B`:*)[E!PK$?,F@S2*,2&P9BT:4KB;V8BX!_<V^^P6'ADSMB1:
MT=QZ0QK7P>2L?55L1&Q#$;?6VJC-LQO'X;!0';(\7%!F%:@(;C0LE,?-9XZW
M@'%O\RW*T`G/*Q:)Z:+FAY!0*5*<DJ]RV2^N-[I`>R2O)6EHIZ&=.P%)U@;/
M4I4,=3#T<SL(80[!T&)S&(4*-E++-.%^\A%6,N?\6G,_8$:<"-=Q$YX33&54
M*%$L(Z4RX4CDMCTP+/N$5%,H^3FRJ_OV-;\$]T;D[1I49BFV4C*L4#%C3$PF
M@LS'$K7+>$4'JIB'7U]0FP+:GNQ3@/EY@5YSA!+2?6X^P/`&.,PQ\_CN1K*J
M.UDFM+1;#,W,QW/S`"CN9TH>PHLA5;$1?EUB"?Z0@J?@U<&"HZA9[SR?SJ&J
MQU2(II_Z:2R*A$W#A,F:B2/<!09X93"R>1:V*PZ&9X'AMYPCD[_M028'B,,4
M7F;T8XEHE"P"1!7S$1[U!9Q=>-)R:8'\R6P.^(3N*U696$,<<I!EY1@&5+J-
M%^>58-7]X#G7NB:.&$7*"`.[`^E&1TQ1'=HP.R,.;`>AKXIN4<12UMK[.=#H
M$1M34/*`^>'#"\RK13Z8Y0C(^NL%^H=!$5IJ`Y*]/!N']S#,T1]+BII_F//)
M^([K7<N?RPC^$A50RVW.&+Z@_(6U4[68D@Q_I0!F`D?&^!<6D+)N<ERFR"<H
MV1AP8,*A3%=:!'3=`2O.RO)J=>&I.(X(\QB$X5\BB$*<B.3<,G1$5"*B`"Z>
M?I%&!=;(Y_O\SYOW\F^J=J^J'(_PL'@B=1:9LJAH/0\-Q\`Q$))8Y,^4["1+
MSZ*\4;8.CY=#J.G8B/Q2%=G/I[CK]D\A((@Y,ULHCU7'N'O^D`BR`P%"/@KK
M6L6/GRQE,+1S%82N"TEB9=2'DDG?"6'0XMVGL&[&?):G>@A_S5=!T6573'NB
MJ#5=0,72X<7`+0SPSN@.%7005`%A.64$T$Q.G=>E^*#X4H.*J"PNB:F3U3@=
M_$LT$'"Q2.8%)6+)CB92J<N5.];75@;#1>L=,B!4O+`8S\[EM:$YV?RI7<=5
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MT:]9&5O*[0GGIJLITPQQ@K6-#$3TA;`OQ?JBQ:*00;MJETJNOD"YVKIA.5V1
M\B;ZN;R)+X*WH7=JEDLHKFG*I"&D1D#?R?E`;0?)!6BD<L-3]L!38H516F]6
M621;V7CB'-Y9L$]JB$O9A?5:I_US1@MA74ZM`=]P*P@/9$T#,O&(DE(`;5F3
M0$]/^/,Z7_GDN5X\":#_%TLR:_M\D7!L%T7NZ4(M`TKI$*5"XQ>UK`)XG$EH
MW'N-12*&*;"&"?7KBY@;AP%Q$ZJAJZHZA6ER$8XOIL!"8$G#4!905[&\BCME
M&@G5MPKX2JFASL#W;GG*N%[CE9P(PR2E_LJ\-#QN`Y-QO4B6?PG">Y%L3IZ/
MQ/T+2[0$"XUF`X8&+5&W/DQ$2'&VRGP)9&G;BE7+5%$J:D"M[X0A4/4J@U/C
M3'@V924-\>A$),CE>+8J,\\/E+Y@]UZ8QC2>L-B!OLCNT<"+0]E994'5>:"L
M0Y@N&6%)KQ2/,_&&A(H`.[C?%*F0#O$XJ<B5M)*B*XA"))0)E9>SP6JU"88E
MAHG`-8Q0H;%<GXRI0Y&K@R5[XWF#,4!.G#?7?D%(P3X%Y'GBX3#*1U?J#"S9
MB7P9(TPR*RA2+&4$G;_9EC=>_%.<C2FN`R$>W@$C`%6):SUE('W(\M9S%?0P
M3CA*33"&D8KV@UQ>%GTAR"F7,_(1<D(^(II.+2O1%T;=8E!"08F'>E/B_C'>
M0!6;(%,E9:..2(G6F\G(GCA"X%'1CB)GE.P`6<4&B@>H69=Z08<[CT585);[
M('DEJQ@#$+WX#@/VR2BJ*G+`,F0S(*S'\=V;>/_FS7)$4>MP@.Q"*-735,@Z
MP"CFGDR#^6<I&XHOF"1&M4S.[F)1"@^@'0\C;T!!B)B-"YR?^=S;R0<BR`MF
MRBO1AQ(0VJBO#H3;V7]K74+8+5#]H@YR<660?3$YX+&JVX--S.34ZS_OSEWX
M&5PDX50\*+X8A`F(0Q)*)8`KP@AP]8+7=Y6+V`YV(.OYOICKEV=U_GF*WG3^
M68-C)(%XCP(JR&T7+@B!@%"PF]?Z@R.MXA!-1$11V>5?)J.E#S=R3R^L2!W/
M)B`ZY$Z_U\Q7QRZ9+><<^(2WTG(TST"&19HL^#]:W2K>`6PH3(1(TW@`&T8E
M$5!D-1Y,O,^*\=3FEO(RB?0/B*3FFIMK;J[YH:YY8]4UOYKC]CP)`5AU8`E2
M(8A`EGCP=XXVD"H.@@0&+997Y7I=>,,+%!GAY<$BZC4@2,SKK%^Z+C?@0YIL
M0@WK4-2"^QU%X0"+97`[B/:0$,!`P'*%Q6"`THI(KB##5`HB'RK-TF!A*)FA
M9(:258^2-5=1LC]+-!=%..)T*@.^L;80M8.$*QZ$DD00Z9'.T>PUK7R:"#(<
MYZP7%:,8)Z^^&P/'.L%8(X8F7\2_?Z6C6[(AI`D@WK^YNZ),5=?Z?R"_)$-O
M+'&:%'7>%(N;E.5-(D,'EILNK;5)80O8?@B;3KCW+D@`Y&B1K0[S3!_NQYA*
MJZ#I0EN8X.+"#B!:O"X8(]L$F=.IVH`K$STRJ)1N0X0]8&&PW,-K@Q`K[@=`
M56.&`=`+ZH]&0#:X-4C4_T6Y1FR"UIQM@5:?HT7+UCVWR0W6?5TZ+H933`!#
M!574VT&/70KL*WJUI'](V<>4,0S#UQD7V<@-@7=1()<DL-3",K%F+-%-69E+
M:'CG1KB8"!NV#&,+4TF1]LIQ-`-;M>+_*D0<#/E<F7`BG9984QLSU"]BUR=;
ML2)`+O<'6[*MNFC[3AG/H#^POU.>0Z:_0%0T?."WAWM](YW(43E"^EZ:F7%$
M!%;6AHC2'[A)-2]D3!>N.2,F*E0K:[@IK<]"2R.R&NB9(/":ZJ^"_4!=#\:U
M"P]9`X1C)'WTHO&2[O-_<WV5S[4)(RV0+.?%5C3+5;Q'=EE5,0!2E=2<PL:9
M9CR.NP#I(Z_CD+C?3<"581V[2-XR(@0;.`0C(F(,<QNL+^\_?J5Z\FF<Q=5@
MAQ1>+@O#A6133(&*F%N61H',5J/J@5@+2[3OUMI1>,++2+P#OHO'7"B4)6JQ
MR<VM)Z0ZE+&UQ=2H:56$(AQ*K7I4RRC$HPNQ:;./_=]0=)-!0EK\#'4`&(M"
MM=KR53-WV29.ZP9JJ2:@L!S,@92A385\OK)()UH\3"#T>#Z?:*"CPH^S3/"R
M(7*560"R?HAA,K$*\2'YU5;E70*9KIFU[DFH.0>:`";8;^?C6*1OTV&3.!PB
MF)"BB$)FN.P\?'/"`G!TG]`%LP6]\2Q[B?N19VK+/%D0SJ*@[/"3PC@TT<A+
M&XS"O;"PCV2N8FC\?M'Y3=-H&L9:*8(Q)I3KJ\"??)!J]#1&F=;(U3@^O^RE
MYB&DXZ181QGVZL=A`:NH]0*I$.$P6Q<*35A/^`Y;H1.Y-J*^H=?;TVN@E=;7
M+S>V]=OE[__/^L(`!.\YYGWZ])8KUAA@2HHK/#<?>XH;!>BL(HN<A."XGB9J
MU*RKP/K=#5(,.'6:97VZ9+,_BM5313,X^+!=H(K0Q9>H*VQ`+92I(8G%0\ES
M$2TN7EBD'LB9OO.F(LA.4)KFM!<GX'6P@`C?1F$<RT6KB50E#V1<I'70&*J?
M6:%ID>R/I'51RK=3(P*J;SL+2B:/DMBIS;LU80DI8;J5'`EI^6Y+L"F\#%ME
M\V+Q]'2&(:]AB@>`:J352@]":F3#ZYO3<G*K54C!*P1@#&EV]*))+Q5[*3:J
MXM83W7`DNU9A$!"]1#VL>9M=;4Q,R7<Z=JM>MQ[<.,LEQP<'H4@AHM";"XZ1
MWO<+JHBOND%R+IWK&U<#ICUF%$.,7&%16QTJW#(,;P.R-"F6D288NX,O8O$T
MXG:H;!8KIHT\+!W*?Y/!463S<:-H1C&L6;<=]EUT[%W2%0C>]2)9;@RC$G`%
MJ`+'ZV]'J>_\9%C`+6$1&495'QZLP0!WE"*K"D*)0$'.*56FJI9"E:%RB.R,
M3;"B?S3+08/+$0C:>R:*3\.*L8H>9Z.,=TZB*OS9OC@RN)9H?(XK08&2EN[%
M^DEY06&YQ<Q:87K#8<+A,,4,KIN,RBV2L*0B3U>6:K@B5'-K%'A.ED4T98C.
MT$B?Z$9QX@*KU4P)DS!B6A:"[_W%_-D%^J(O0/S1K`SB/@J9`8/^9=>G^17H
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M$GFQBC`*VK3L2I=<Z'DZ91#47.&=KW!.<,@,7[%H.JPS7!TCJ>.2%"H3:;PB
M&8S+S)+CYU+2\2T1P59"+@I9<B(475L`EX2P>G`ASSUG4BI89@9,B8;8?A*-
M;2CF<;H!W-J'"X7JAJN;OTB7R*]=+&?$,.S$%27RT79U00%JHA2^A17U>6=9
M,KZP458@4$Y)'AC>>)*Z43&B60AU\D^)FOHY.PWM9`Q/>-3M2N1]RK)GVO9A
MJ*S-/,JJ@FPFQ>U0\H1>C1JU/O(EDR$ID^,76:B41<LX@(P#:+<*+[F$5D.S
M#5?;NEREZ"58[,>+)J/`$X'%RC(C1+%\HKM-M>5%5K@>84`9W1C7S+/1A1B'
MZ<#X<"$4H=#,4!B5LH>XJ(H6L$PUUK.5Q9>%''P4?_-;RTNT:<SU?"^63=A5
MHV)-R9^$(^93<A?]4=+4F.NPW`*1M4<&3HD&SH1/C5)VZ*>\)$P4#I3Y1@]+
MXGTBQ980=!2AA9]@>M3V*=@(70T/`:K]\_'N,DR)EBK[,%-6O=3[T=Y(MA6;
MKTL8JVSI[\,0#5%%G+:EXC4P7@K.H30RM6Q6"58Y&YP&`YC1"0I3VQTR1QF/
MOS:\M%\0GWPL2\P/5@69D(+DSW@HAHR\T,0I0.D@G'A#7IJ?3<+;R)W"^5%P
MO5$4#$G=J8S)Y<U;J^G4+]`J+>I\C`1I%5*Q>WL;,5Y]@<C?4!(@4N!C$JY#
M,@/RUT29!/YAP'BA!#4$Q5Z2^3`+J!2-4$FLALM+Y-*3/5ACCPI_\-:SB@C3
M,*)&%350+00QDD$?E\4K(A97C(9GGRDS);:WE=^A11*5%Y8G0<)GE6U%$->L
MFZLBL37K"[L054MP]P6.E77JTNJG8X'Q%5M2S&?Q?H@8T;;'Y.`E!BD/%;>)
MQDV7;,_HJ^`NBC'0OJR.+EI(*0P,]3ZLU/$H&RE,O.N6YE%=9ZTR<"_6SC#G
MAZ!4)Y]7TH1;0FDE8M'J,8KGTUC1B(W=U$_F!LJ:7=X+LQBHDBJC01U@7D54
M\.79]%DOX-P[A5K/V&J8BN&07"0@EA41<DEK%1BNEJY652(ZT`E))BS\`'?D
M^Q0V?BP]R@A&D7(&A+($`!XI?X"'.7C,%YZ6S"NC7%2EL\MB=7G!Z7D^6O2%
M["8`!Q*C()'+&"D;EXS_<\LM+M56J?]B8/&8!@QO[K`S<33G0.41%Q+2W!C#
M1:I23/@@=E3F8"SU+.;16_-)4:2[[N6D6?PPCG>>19Z]]9-3K_4L("&^I-4_
M.=U:5WYC:]X:)#$`EG`.-B*_@?<T$K4.!4"B9!S"."1C`Z@6KRAW&_(O`X7"
MP'Y1+.FG=K]3:^96[&;^484^/[5:K5I+/I:)%_1\,A^`96LS-/J]6B<W0\GX
M#<>I-3(P<703D03H41(XH5?F1;L04LT6R!4_"P.WJ.@B`"H=[JZJ>J[:>5$;
MLI5MPY^HW<*(CZL@])LTQ1;I@"B-(EAUHBFM<YU/R^5`S(WQ(C(_YK@@A0"2
M`I<)8=*%@Y0RSF10&GVE"$*5LN>(#X6AX#7%I2^0!FTM[#\3`^.\'%@4';+6
M0T36WQ=>)"$G4^IYX,>]QQ[@354R%N@>B1^<6U.?BCG6#R1>^<,72;-4H4R+
M":"0%P5W'J;ACE2#!\`#WB$'>(=HY*"6SMDW=ZL),=W/9*IJT9<*W1]#8596
ME%("/XE7HU"D]&61MW1E)#$@&XMT7.B6*DV1T(:3I0^FRK*(<PA*%0M'LXH"
MY*3I0A;AI\@S,H=)VI&+_<E"SF(/XULNU'."^V)4D>M1]A"5\E3"O":?<\E2
MZUQ94#V$^!DEWK^5%8Y+89J5D0L^(&)Z*=[.C!0K\5-3%.8$4'-YS>7=$D*7
MR%Q=G]<@$\A/O<;)94K(QJU%,<=)#`))J<`:E6]3H7PB18)?6ELD`TC#-84/
MZN91U?@-4SJ\S#$M>#!>##9&EZDPP@ZP@LD#BW+\,PMC4:/@,LEO3*1#&TW?
M'FXE3`?).,VK[WGF#`K(D%*`N6][RL40W(D:B&#@$H!R[X[0?DR1GC.R`3`0
M_OMU:G('<H&OB?VR"<@@38C(Y660`A6D3H%$DZ2.GHH0GI2\(KET"A2D;MGH
M(AR/I8C"J`:PZ#=?%*=4="Y!4!M((Y>AC$D%V8>WHL*8(-_FY6J6YC,N.489
MK4"5^?Z2\9>`**ML(#)*`G\5QO_,M$-;%J6-9SQ,6;2C$CX5M$PHRNO)T81M
M(0=;0UT-==V6NLY14MY;6WDEA;&1)'I!536=13K9J"VUI)"28-HB](U[LGR6
M4^]DV$T:9#VYB;10*'#6@8U9SRDPOORNO2#3;S02^5Q%,81*2><D&%5I&<B)
MW%/F_T5CBJ<Y?8N6/V65$[=94]$T?ZI*)B]071X(CLI4004L?5K/_;:E+7*^
M=`U"#0:AN)MQCEYHOZA4<$,I#*7808DJ"EUHFH2G4[C!Z*@8)+Q_9@JWCT0J
M])E1`A;U8=1_H=P'PM0'M)+8W`<B)3`4+4`3\P6'C/6>96M(6VA(\(:H=9&+
M'4D"59DG\4#E6:$X0X[Q!TQ5'.1B,;`P`YQ,R91<(--&%,Y-^3CP[WLWHAKZ
M(O-,TQ\IFXC\F+R;](6XY`5ZX/)\#"XO!MFEENT:A'Z6LHP04LT',J[$N6:;
M"&[TA-*XE*$&,M0@'T$28^GB>3Y`H,*L9F[D7G'.BUD&T>M8#]%,]*X"A<AM
M+T>5#;TR]&J'\.6\65+YJ'B*E5Z-6WDW%KFUT*?+%18>Y,Q;C(A>%UE"U)Q?
MLTP!E:*/.\+&LPD)/^X@#J-!)BJ).<DL+)+I-&6+TQS2AM)`*I'PFFY-5K%<
ML2XJH+4U"[XV=\S<L?T$4Q;B+`J&@;GXC#GKC<Q.E3&7F:`K'9BY6DGS[OL:
MSZW6W"]Y2RH5:](,`Y1/2C9-.8RR:(K>ITQP_RSY,LO`EEQ,Z!F9<H(1\S7K
MD]H35J'0W2YS_A%DCME'5#BB>U:`1]YWHO2`?#,F?L>U&$!-_A\#T&(N<E#D
MZB`,_Q*5Y0QJ+^[$JI=$+2[JHEYK3I-20I&KBFI`NQ-H_S<'T3O/9ZO>AIVV
M5QR,LD.LL9*6'"O(#3$C8K3&^W6UF&@..59-K5YU<Z_Z:[S;D*_Z^66O>M59
M`3I1-6GE,+7NRD,(=UT+!JVL7DAKU8Z2-7;36K4;7J5@-6YV5XZS!GZO&$/D
MFZT>J%&.FI-5;S96DCYO^YNUQIN.@L!][E4FPAGL/6P`A.Q-]N`6J,/*8\QM
M@^7/SU?1*.%X+P@N760PX$;KRN,%KU^VZZT%[K8)_<H#]I9*X>SAOB(=VP$4
M@&GY@0_'!9KED%B]_#6@0!%-((+N82B>Q8-Z98#N1-N:,";L:UC.YW%@1)9&
M,CMM=-9>D:SP**^58%J,M]/$RN"VCSNT`^[R;JG225-;'X^UW2U8UU>>[486
MSKU@%:]NO1<RB"Z;76[\6B1]H<C&`W,VV46>HY.QW1M;NXBL-A9JES4(=P'%
MR!NJR,M=%K3K-5`U/FK:[;K!-)_=47DN`'Q-2K^(J?-"4KL+B,G=#O20XM_W
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M!0`+U:*S^)BR.L`#&<T?9_[R:C&7"J&UN?BK(/0YQ(!EP#XO2T?3T]-$]-5\
M@(=6]2AW<2B$Q&>4Y9[=?$1Q,92HJ\`+:F#5%:KZ/-4(D/H;[6>%VYI_7!8G
MYYY2%0Y))?ASQ2!YXCS/!L'T&@SJHCAZ7FE#O*/-\TX'"E]367%Z@*KKW=XE
M%U@C2N4)JG(<B@Z"/#].,57O/LL:E(U0Q[QZ`ZZ]T:VU>85T<Z7-E=X20O];
MJ,,1:;)B-'=]YNY8OC*`B#.C6,M<*)7KSRCGBW<#4(BNEV@9RU05K#27\;ZA
M%PW3">;'\N;F(VR(P[)*S(4J&R+F6\8J9VW581-XP6'2>W<(@V%=$MJGZK`#
M5PM7%?$R@^Z(DMY$M#N&P`?W7A3*NO.JB:>V5)6#DK4Z$@T!*+Q[!)(+WOLB
M0\<84Q6:2A(1%9`?BFX_%!$GX(>DA8-83X41](\:S5+<:YS+?R%JJD"NPE#U
MEJ28XS:9BGJ\65OGK'2PGH`I%I\5\O9H^R*4WL:=H',/_8L`GQ&;4))=&,VC
MDTVU"UCBJ6+APS1.0$0I`%;,*-X7]?LXJX#%\98DC)>(4M#`21<>B"&8AF!N
MW>]P7-9=A:?-*-*821!"TY&YO"0&8)X^;UN7!EIVFDA=RUKLB,87/!HW7]]3
M)Z\^M1DJ]*Q)%E3=4H1@D4ZF6@;G-YBOTY+%^V:5U>:SX(3,0@(6EX1((^%<
MX,WU58RAP;Q"#.85$XFWLVZI\"5E*"5:,H_6"9LGKY#M$[N\C40:-U`$&MK@
MK[GANW?(4!*-8BQPG\)[5]6NG[C?O0EVH,@5?,TQ9@HLIZ1SXE^H!23L=H:]
M@*C\%V:`>GCU16<K45:8M^2BLL>:1D*XGF-SHJL6FD9LD2M+)>A)]W+S98IY
MA'UA@=24J-`*()HW&<[TA#E>=4Z#!-E<)JCX4!8<1<2/YHH?BN:0)9D'B1)X
M&#>9\*5BP06I7.6KKBS4I=R@3)62:YC7G;+TA*P@KR)^PA0E*SIJ%?>SW4LI
MKPA[JG"01P6BTNXHPPFEBZ:8Z_=>QP5\1/4[H':DC+S*@BT@^1>YT7/I3SFE
MV1C&37W_78!TPT0'K8P;&\YA>.M^6]=,(R#80.=4=1]/U@`FG9+S/X\JZ`@E
M-'!OB1%I-3]1@\_5+\X+K4)1C#D+%66(8X'=XW"8QEF)G)*2R+$@O*6_&2IK
MJ.Q.0'H_81$A]&T4/O#*EG1)#!TQE'9+MLW+5#CUKI2^?T\G4U"S01VX2B/K
MC22U-_A5.HVMRV%B/<<'M99XOU^]N<$?M#9X+Z1_0QH+0>`NQUX,:Z;N8&A.
M=4'[N=7*=$LG#$+4T^5HY3T!.BUWT7WNOGC>>/'\S0LY`/R2\DYZM&ZR'F*G
M41+;*0`:SYG,CKRBJ5;.@LHMNM&(&R"XR(^'PTTKRS8S8KXKVG..PJEJ#""2
M@LJF4&H`]JG-ON653K(J)ZH1KNQ3S6?U6(&)8=D/YJL*Y.7`S9J4RB:*"Z$-
M$%BKQ^/$G>4431&M3JN,9*$HODER>HO%RVIZ>#"B(#`JO>L<C6$6AJ/N%O4D
M(SFX@\<$/!E>NH/6,E?]7Y7"$QVF1K(BE%[#,Q%]J:S/(=#TIN*L#JSGCT6]
M5B*FQ2!14+D:DC?2%+7]R%T[YJ7Y`,3PI:I8BFPLBJ@PF%XP+]>>#%T/(I9*
MADQY$^D"U8KVK>`,O/LGM79YN`LQ'(+LFE'Q^L%\O+27R]NNZPZ-@-Q[]RR@
MDLL!DZ5"`*E"M)ER3X+\I'>;1U<'?<E['QBSOXF=W3<7X3&$5`^\7%0Q.&<8
MRY;.Y,#ZW0U2M'SQAC(?+F_>2%2[S%#M1ND-?TZ1%%O/-17M\N;/G':&(UW4
M8;"OLC#@.RP,^$4O#!BC(_8M5;P/R0>2%)0ZS/I!+P/%I,8BV$\/OT5%!*-J
M(PJS$2UUQ(#S90>)N6&/8N\>6U3=S6(/VW?IPX\+L4=9>TGE/LD*)WG_YL8_
MG"4%?2UO^+.M=(KAB!YI=L^=%YR5R=7QL&(<@$?W)%[BLZS\X8I%T-"DT:@R
M_&X.,C`#J*JYVI2\=R9WI^M%O`5W7CFG9,9R!UA8'+AJ/!;1SJ(L)`\%+JYM
MQ+ALXGLLI6Z7^;5F$<0Q;PLGH*(5Y+T4SO6L%XP+/XQ$82S1#483)V`2*@TL
M(9_%2,BYV6CUIBEN0$1YJYTCHDGHJH"'O'NTT,-.1QI&`ZX&MXR!4M)3*-NQ
M:<`3-08G7+.^Q5:IZ)Z3D0J@T'O*92E0T<UU;M&4<>G`Q$<FX8B+?D!0ECXM
M0B"RZL5H!!&-\<BW:6<EF;V)C'V2+?6XLBZ>&S"@J70E>/E])>UBRRU.FDA[
M9]@U,+-]3+%G'=#14<WZ7V$2H9ATK"HJ2):$X=B+XD266T-(8CLOOKY$B89$
M)EP5AV?)*@.`R6E4*GX:@<\PW^V9[Q^N9+R(HCGF>_.G8*1]X)RDF7!5[&W(
MJYB+#E1O9<1B+?<*U5=&0ARQ.ZS\"VA-0!4CB>AXK:$S)Z.2J7%;'^EW(HQ>
MO9I0#+XW%!VL"=K\0MV&>+LQDX5%]]C$F#>/DC&5%C?5"EHL%$<9S2"YM0AA
M3T3L9"S6P'AM=`QCH[!,$6*&!&1NUF+JH\029]SJ=T<<]+4U4U#I<,<NL*79
MJY7(R>.9*9]`/PHDH*2%\BZ9(B(N:Y\I6XEEH:<>#_E7)EE5\XEH.('<'7*=
M5H874T@*9@*1&*-UQHY(,9T2'UVP:7VQRYG'./7]`E=8QC$PDB[$J-@C,HH.
M'ZK`)SP>.IZQB\55$38_\JO`NIQ&GF\U^GJ32+K-5!B43,S87O$"-X%]6UD4
M\<8UY(I08"'1&F&C'<FB4].-\@A;D7XE[I,JC\.9828NT>W22Z)3[S;9,Y*W
MI")!0X2!AJ8,L&%QN["X#VP0206SO9#/M2_J#>M28FDL%8ZWROJ'&'HI\A!D
MDH'":E@FBOI$AKB\GA6Y1EQ^N&-$P7Q0,*B3,@B!(B(_%FUH=<T#17.5K84U
M^X4152A-ZF=="?['Q_=Q3@N&6WP?BI"1PHNO28-@N)J`)Y-P`ZG(@1#BOPQR
MEJN5G9`UBRAV2IC?$@S??"&MG'D;*K_G(IN#6`75,D$:+S>EZ1[WH7\OJSGA
M_FR:!?LG$'7E=%DT`T"BSC`[-$+^G#6IEOT9\,T9_X0T!2'_FBM3+>7/115P
M"'2'HM4Y*'AGO-SZE:+#<SKF-D#+E3"G8)O"J:H=JI;5U&,F<Q&&D4KJ$$[5
MB,\HF@;36P)/5;:*P"#EA80WOZ2`-@WW0CG`/V9ZHB3=EYQ*._U676SHUHL3
M,EM,X&[+'&%@O<$HD_'HNLQQ5,D_>1_Y("7U4L)',M55#+2=]_<:UF)82R4A
M]%%)72OX2C,+L-:]7Q\GTS3S1\E'-)L*O^`D?V*>![=[BLO/[SWU.\'YB#CP
M4.V!\G5E#CG9G26^P\J7Y*D:>>@L@Q%D-Q<B=`L3>V@FZ7;"<GVH+L54])UH
M$OVN.HN*M#U%*`]$*%::9/*KD*J%,-+D5`48`/-SJ`;.0G5"6)VH+1`'53I)
MD9_<2QFZD/@M,A3IX*B+(D]F(.6&.P4?B=;]U\LTOKAUW>FK&RQ'-J:R8IFY
M_1H;.`*G^@KH_\8/AW_]^N,/_^7^Z_LKZ;&E+@+J5](DX<,7-O[EV5O^][?.
M'^^_U9UOO[O!-SRKK_7Z-_Z?KU??FO5OOZ>%[Y_]FB,NVA5=UUV6(RX%Q]UJ
MTE1**!81FB+I*B$\*TA(.>$110;RGO)&T5.^D")O"#1.3$O`=FH06X-9/570
M('D9AU@/A4@**A*QZAZHYQ=B?VG1K3#?JI",1D).S7J$BMRFTE1VE79<;`[O
MJM0K21)YIQ(872->6N*SSKS4T]C_A!2BF8<.DN<_\2?#-(:WXQ>OBC@P\NZ?
M.A84+@A`)`,/AZ7K`R/XY1GZ^EGT;`<J+!;4K__\&KU_P%`OR`$UC0$(\J_-
MX+B!N+<=B,1"?WE6?V8-F>^+,=7G*2;7\L\:W"()I7O,YA^Z_@4!$;E.DH23
MU_JSHX7&W1@DA5=6;YV&+7P4.6)NE`>&N8"<X67Q+ON?C.`JMLEQ1<`TOP`\
M:``B(%1G[<5\Q=3$;$6@?"9W<?:9G(R5A,FY',"-]]V`__'`?TUJ3[8D5,BR
M3U@ZG/2;8K'^BH#H91)5CS0*NGW!9^4%8,N.ZW`K$!Q0+F#@NZ`NP3(LLB<*
M_GD8?`(-2R.GS;J=?4#%ZW1@^/@K,*=H3G&G4Y2F*^TDG?Q)MJH.QY,A\-7"
M(`U=&AI0ILL$BJT5SB4*X#KP\$6$_!<]Q9O`H8+D!Y'U,O=L9I#*`NESD)SJ
M*%2%0S0X<PB<^9RK&6"0QB"-(30&9PRA,4A3!:0QA,;@C"$TB[6X`1SA;12F
MP>A"^J&&0\;&`,UU%+RR8_39.%'>H&:K+<-F9/I`T;,8><'0FV)TA`S$QDZV
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MG?Y>B<$A%:\-N,/E$U;#6GV[TS@8ESUGP-E.;S/3E($;P@VI2&\S6XX!'`*N
M9]>;1NO?'&Z=NMWJFYNZ.>`:#;N^H2>JN@K8W-(:M;9<W(>L[R+6P\@R"C<X
M;6VX[0^%!K%&5'=TT9$OLZ9O.*BN&;7K=K.W&WG9%`1G!L*^76_M9EM\X@!L
M."V[X6RDSAH0%JYQWVXV=A.NGCH$VZ`0=0P(=P!AVP&5<K/`A>T@L*'Y("<H
ME`>D5-\(<ZAIS9;,ELR6S)8V(;2;*&1EN9!!^!"YTU^>\7_Y(OS5X:J9N39;
M<F:WW2ZC?=NU'*4(P+:+.W!1C./![*D<V$&+:)CCVO=Q';?HQJ%!N`N1/]KI
MEAH8CS?];MDKY9C&YZAT-LLZ=20&"G3[2%TQ&&4PRF"4P:CU,6K=*BFGA56&
M*1\^I?1$$;X*:<D&Q\X;QRJ1QFR0[+R1S!`R@V.&D!DD.WDD,X3,X)@A9(?3
M>O<4&SI?5N:-Z!+A)EK?H'`LF@DM@4YU2V=T6W:]=<C2&5D`376!T&C8G0WS
MO<^MA$J[9?=;VY7..!<0-.IVI[=9BM.Y59'A"Z'6<;NMQ,!AWU&)>\@K+^8O
M6LBSJ6M;R2:W/X_MCE(+3MH\UW#UE(^YG4TS`"N]F\WS\BJ]G8VSY2J]F\US
MV"J]G<TSR_9&=+?2&%9DCF^6*7;R>8%=N]O<+4OG:>93-NUZVQ2?VJ(2$&AQ
M.Z8F/DW`@>K7,Q=U<[BU[?9F95L,W/A%M9N'*XEQS"*=6OJ99AIDP6@MH^"9
MI?,Y3MON-W<K8??$,R(;31"9=KL93QR"!@D-$CXZ!+>PI1L(%@I*;FR*WT-J
M^$N>+*@^*P?O%AW*SZ^?^W1WP)Q-J_MW:82NW^2.P7\CQBZHH4CL?;_@V7@6
M)>%9F+U@->NVA;D*-CW^-IQ,W0![D@S#V\#[-SSU4[W6M2:>[WMA0./\Y-3J
M\@L;GHRQ'*QWS_R9#6N*K%'*K)$'R,]0XAR&<1+#4[Z+)6.3$*>)&0T4PI^1
M18?B#LG0;WF!A=Y^_4N+?9^R(&8U<\SF!JP+FJ^`R^/0]\,'N@CD5(H9("+L
M/;DC5!^Z433#7WG)+%")//A]`K_?NK>,T!!VAG@JD??/ZS?68&:-F.\%?Z>`
MW3,`LYNDL>7&^'[N/M&;,IO#:CKT;<MZ_A/B>'(7IC$\$+]X]32/[L<?ML)K
M?I#$6']YQF.9GNW`!<6"^O6?7UM"&L`2UNXT!B#(OS:#XR*0[0V[Q4)_>59_
M9@V9[XLQU6<A:.#G,D.#Z56\=G"=HT.PTM%TQT]#-"AR8BCR.'F%^SZW/51P
M,>B\+)SX1+#Y<YK'Y7"<1]Z3[4UI$.>PB/-6"/TKT(54`H,N3QY=_@RFKC=:
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ML:$?QFG$ENSFW/)\FYW=\O`VV_^Y0:_CV,WNGK*DGR0`^RV[WMA36_(G"<"&
M8^[O#M2O"1JH`>#V`&RW[69O3W5PJJ)L+<M2_2.7&+7!01\MU_<0H^OTQNZ8
MKNZ[`+#5:H&JN5L%I"<.PG:_8S=V+")U,B`\\'T&`7;'^F\G`\D#54%P'-MI
M&Q#N`L)^SVYW-XLO,)4DJI]'?TJIV,NSZ&-FB<#/&)`9?DTL+QCZZ8A9L&]>
MK,$+<,W#.^N!67<A%FZV6O5:^V=KP`(V]H:>Z\,SL'P6)UB0(DQO[RQXC_V=
M>LG,FK#D+AS!$_?P.S-U'DR=A_5!<SE?>"%?R.0."XDW6UBFQ,/-(RY.HW"*
M:A+L\<%+`!5+:D'\U*XYJNI)<N<FUIT[`H1F`9:0(',I&QE471]51][]4P?.
MUPPO.9QZ#:?[NEASQ'(CK%4R3",VPG(C$0.495AHA-4LP/<X'=[E<7S`?(\!
M\>1X2K5-X%TOL?Y.07(`"@N@](9N$D94_\1B+M#JTGHG-#>5#0(0^E[`8KI?
M4W<V@;.(J:8)_JRN"7Y(X:`BGZY/;JW:=N&")>PVC+Q_L_DI8TM"HU%_'>6:
M3\GO`5-PZORC0:Z'4$U_6)]Z$@8>;;T$,&('A14!/T/03.';<0@$P*+"1_"_
MMR%N<N#&'J"7RIOP9WA,PS!`"D.%EX@K"J!96,7HGB:+2DK'U*R/P8\_J%8'
M^8-UXYCA?^A++(,TQ#(T0S>^L\8^7"%K#"A?L@,^RMCUHH4G1=5-X`K`>66E
MF,:P5H`4KWK#\%5X!(CD':.?\5OX&Z$#.#<,\=X!+1U041;"/0"&Y4["%'$%
M``(7>YBD!"$L"O4`Y)0DB`&C^6D[G(8"=<`;\E\OW7]]?R5-39]P+U_AFKWQ
MP^%?O_[XPW^E\<6MZTY??0$\>T]H]LZ+A>M*/4@SPX<O;/S+L[?\[V^=/]Y_
MJSO??G>#;\@DOM;KW_A_OEY]:]:_`0?)?__LUP,(Q@,4CDZ-:GT.$V:UU,5S
M&J^M+]DU)QQ-8-T!2_;%#<\)>ON7W<X).CHBD:2&["F-F9&KC`JP/Q4`!/?D
M(;2^O+_21?\[]QX9(7!J]_8V8K>(@R5Z0%W3`W0416$$L_Y<'WCX&^"?@LG"
M+[E)A-*`C^Y183@G(F!(Y"8D\@*V?1&[OJ&1AD;NCT8.?9#CO+$'ZD6[M26E
M[&=E83EQ+.'MB+CX(\P]D_;$"6,)*5RZC8:35KF*F;`.DD(UC`"LD><:8FJ(
MZ::%D;UX&L9:4T%#)(SM;KN2VNM6TAX1RC'JN8)2:(Z'+S)+\ZK#J@2W:_DA
MM\3]U+5A;S5+6\XF9;USB\%M[+J</BTG;\)9RTBC6W,^N%[T#V0CV7.9V:<"
MUIPS06$$P4!9=-HYB\Z'G*UP[`5N(-QV,%1*QE\ZY($<R%!.(WEN68@]QDKL
M6B'V\0+<XY9%(CZ^YPX\WR-B-)C!3NZ93[X[JJ6>&^+.8Y$;#>]FIBC[43#<
ME&0_1DGVU5'4_AF492N=KEAW[7QW>KCIGDB]NT_(%S+H.`61I8JUZ@Q*'!4E
M&@8E#$KD4:)Y`BBQA[X'*PZW[/`>^Z#.J:W)$[E;:Q8H_H<I4&S0!?[XGS1,
MV"@#SS3RABQ>@3Q>D+U`P75LQ0NPR[]89.JG&WR[&L!X]Y3\L@K'IFD29W"D
M^,CL8W+G!BM&F--%EB*YP<8GB(U_!N&&^%A]G#ERX<6\!?&B7FN0Q55N%9]!
M,RQ]*Z-9=5=6&%#@-J(5M?@4N4Y6?(=!"6ZB6Y:?<X/TBQ(0ET#H6%6(#C6M
MV9+9TB-LZ7'J7>3HA/1!=!M]6<)[[>(7U:WLOTWUA;.M[*^YOI\T0#K[`L@I
MU_O_\0<=$NVZ8S<WJ^)^F)+_)R@@:6YZ(R69+9DMG;&41.^^":.((GMBGEL*
ME&.:1L,[%_-C;B/&)N5]L1[Q0)QVT^[5SZ=^\Y:<^^![VHP5FZ.I2I7@3:[_
MC:Q2H,A`M0[`<3IV\XQJ^5?UKILS.NZE-_6[3'!JA8)3Z0S\4_8[F1!3X[,S
M(:8&)4R(J4$)$V+ZA$),92Z8=E9./LRT=0)G]^3NEPDS->ABPDP-OE44WTR8
MJ<'&ZF"C"3,]K2@*$V:Z8NSUVTB?T*;,EIY<",5Y!IINTQ;HW.(J3:"I"31=
M#H=&LVUW&IMU?C)AIB;,U&S);.DIR4CT[DF&F=H-$]5T\#UM%65J3L8$F>[O
M`'HMN],U^%3E/9DC,B&F5:OP>R:%8;_F&NW$U-"![YQ%2+5E&[M$-*NCIK%4
MOC<)X4?>=XY_,2J46,>&>;'WW5I<W-STWS0U_#?$U7S?DEBVP:2>BE@<FO[`
MQL3P.U8]MT'7\,DD,76Q#TG$ALPC5QJV21P.>:_#J3OCD>;8I'(XC%*6JUE=
M'$0\SFM;9YU-8DN4L_[##=Q;T7#1'8]A%.JT%S%<F4M7!^Z&.YU&X7=O`K]E
MQY[926K6M6R>DB_R[\76A+DQ"55N`B"/R<+B#F'7O#<&31RG@YAAK\K$G^5>
MP!7ZX0.L#X!';X>1;I_QL6LH?0_KC)GO4_],1*T(1;E(]=#D+4+SY;^G"]=\
MRP)L5XG=-MV8FXP`;K3]D46Q%XG%?=Z<TE!CZA&;,L)C>&T*6J-+>P#`N1Z,
M:Q<>LMY<7]FXFPD=`&F5DM=BH]9_I:-;WM,SQKU1]P78'VZ(9L8-Q-[$\]U(
M:Y]0LSZ'N78ZN9T!'%D.O!H\X%,)O1.-%@S%.Q!G/AO0S-^N8J/;6+M":2RY
MKR`_.=1'_(T\EKC1C'`=GYV$(RS#3ZW?Y3AQ:9]::K.-0X^\F$BF%2%%2_$>
M"YH'MS/&J\77"GKD,`62B<0(KBW_3:XO6S,HGHQ"LZR9ARVF1)];W!TG+EG[
M6R&3Q"5@@*NL-ZL*'P)<UCQL@#K$1N0P%W"C"QB#`N:-O:$+N)UJD3@6C[7)
MW0'ML@J.0-Q&8/6:K<.)*[D3AEVEL=%:&(N+!F@NKQ5_2N?XQ+]L6,C03]$0
MD[^IH@L'MK6&JQCZ*;VCFH37K!MME\,[-[AE,1?P9UE;3+%A[*X-0_"[#5/X
MV%LH3OT$?W%S\.(C259;#IV:=6F-V!#7(<&8)S*Y^1YH/M@E7/B8%8:%H8+L
M-S'8HDV7C0OK*!^WI`N*Q74BZH("0AU0-R`^2,F\`&\&']8=A&DBNCRM@48`
M*`&9!0W`UT&A^:XIIAV*R3BM5L9IT;_?:/;0)PY+>(C<Z2_/^+]E`9JK8CX/
M%*Q)T90?\:H2PF3!E:OC*7/!&&4[W"02HNDT]P2H(T:Z$K2^$"L`TD1)'4NZ
MD>WFQBA%LR)*)N&4/_@>&&@R*S`<15WAGG]A%Z#VX1U'PK\HJ&LK@[`$^K+[
MTOO9NK"<UL^[>G;W#)7/8?"H8''J!)?>#G#9#E_>DK5D#(+"8&_^ZG4VW*HU
MVD=&@D^+A,55]\-Z#I+5C+G1_H)[U@(18$3WV/BP'I#*KLLC0<FI(9SF2S0M
M\!UES4"7]OC4FX%^S,RA'X/+8'0YNL=(L/AK>"DMH?'-\(Z-4I]=C;6GU6@5
MZ!AZ3CV3J5MH)]<M],\@%ZRG3-2FI[(QCJP-FJL@Z\39YHTX\\V*R3Q!1G&K
M!=O^&51=6"5<=U2]?[N\>$_O7#@-&YYXQWSW@<P?41HG-C6;_ZE1:\B.]+7<
M&]8=W$0T:E@,,#F<>,/<X&B%"&Y11X?5^A<R&'483B8LHMZD9!6(960*K%7_
M46M:;UV#=@UOCVSK*F*WN([+9+X#J5U8G8N;)A])S@R!'9?;0('5GBZ38K?G
M#<;IR'%LLNX$#/<.VR`I^Z=Z!CL"9N:6U?VQ_%5XN#7W\'+7K8V3<-.Q.-QX
MH84BOH.#Y4:4##>$YXW/1ON3G$"S9#,NB4Y8<A>.C.G6>(LW`,Z?TY!?&117
M$*&$#>TJ\F!K<,VO(^\>-9MK4(W)%)DG7]Q33.3+Z==`$Q/(J!,:0.D$_:#E
M-('_2K<X"9.L(S)>3XVTS75(+ES?,C*Q?.A>1AGFQVVN(!O-3<A&>WNRP8&Z
M`]GPDAS54,>QD'[(W^$_+AK,\?1][JE&\L]G@'UA3`NYK(/0FJ8#'[B+\$_+
M:8ES$%!S+MU,7-Y="M9E:MC^Q.._PU@H$L,&63"$^3-QW,C/!Y2?NSGY63L/
M'G2BGXCA4D:&WB;Z#L3+U'<C($BDQR-M0P^<3(_@_C@N4EMH@4>#`Q#^HOL'
MT%%^=2&CECASL#$DZ%]L2'$]'&53[BGT/<1=AB$Y<0JD63`3'(L'^`U!)@=0
M1C/%3.%]O@0>!12ARS^P!@QI)KR>1B1Q)W<BWDAN\@&X1;8+]"Y&EHL11IPW
M%^,;\+R]L<<]K$JGD$%.$C3"YT6N0PH`D![+G)8[!J8?D'Q/80(3'AU&$5P)
M$OMI&,<>.G_4HN$4)C0R!THV=0RX-Q/>32.5FON^-FCF!;D'1D+<4.,H"4H=
M(CO*:?>`,.C6P\(5T718H?/2K0W811)>C,,4(_M`1$/R$N-UPO`ZBN9Q;^'Z
MW.)U^?/Z#8E^K4XF./+013U"3RU)1<K]U.S4ZDI(W==9GY/HL/^;<$[0^02T
M]);B)&Q@*ZXWX1P'F4\<TU78$]300#%-SH*`(!3F:O`\,,PM68IZBVH`&8BN
M#=$/&)2,NZ!X)O@W;RY`B6"`X3SWH7_/!99[-_+"--:1VP>2BP(0ER+@=Q*F
MA&T/M@4R"@I90+=CHK$#U&7A.M2LR_FXGOP"'D3VABN"U)-02C>Q'KU,\<KX
MW!Q>K`6%3(2T22##R&LRKD1D)@!6@<&7?)LPZY"Q$>7]DE`%Z./=>Z.4HL!1
ME>;[5JS(YC'R,@`5X'SGWL/O%K*@"$4W#_8*LP.#PFUE(IT21VT1C$;0PDV[
M'-0P6Q;/6EMP)S+]?3.-6]?5W[%!8I3R]6YMZ:U<=9<SI;R74\K?29_\6;+9
M[4'U%(20[:'S95$E@O-36ZJ$0F<#FJO`^AS><\M_H]0-2M8<$@C0@*.7OAC#
M$GRT3\,W,880(\?CQG$7-P],$B$([RKO*)HNTB0$&8'\I/!T2+R44AY`!R0Q
M@G,]3&H"02!@47SG36WK\O?_9ZGR9%_I[8]\I9**-NJO;YCOL\A6WSBO<R8;
MFZ=FY:6@:1CZI6D9R/)QT:`QPDFC$JIIJV,O@A7X'D/F'"S16!/-)>O)Y##D
M_EG8`LHY+[DC,9(Y>C'M1.6H"4BCD.1.N&,"9OT#A#:GR:4IW%`NL)Q0F(MJ
ML$X0!VBL>,Y*10#2LML8AEB.YB&U]'QXK'_N+'Y+75@!'+9^&B*6GI]3#G%R
M%BLWOTAKGLB1UQO$PP%+'ACC@IB:T<;E<`C:TB4BYJ2?Y'"138:YX1"N%!G\
M5*(07PEY4L)QS;HN+/0/-X8G+(WZ7JJ%/2_`X8\OEQH$7MC"N)<_!?@VO&5D
MK%1KX`O.^92<>OUGNBT<Z-*7Q[,:X)_<?<(,2F_D@41N+[R0A!A:MNA,>9*>
M:UOX\O[*^IC?!#>PP(!I@O'^^(2:C^3TDILM3IU<#G`;7%@TM\^JB`5A!I5'
M1:@I$3(_"!S$YW"21BX0JF@:4HSGAY0+\Y<3(+,@+MO6IT]OZ<#?I#,<K^SV
M:R>+R>&8?1E&N=L#XZ#"P;X+;<#ZJ5&O9UY(;H["Q$N0V]V`H<J40]/\JC4"
M2G;9$@-X'B@<8Z,0-(\L50>0BI.&<.`+*T2<AQZ1KEM^(]@*ZEK3,%G6.**H
M!D5X*&\Y\QVK1)Y1E@T+()@"]1D)2%Z0%]7Z]/'-U1>.+;">L?<=3=G2,0N7
M3"Y:E5?AVRJ8Z_`-YA:AA8>%B)?+SE4IRIWVSW+PN4PC&C#S%5C*4PR4!'.$
M13*N6BD]Q5<V\L9C``)2"YWV"`]K+MV%CRWICSNA:&3Q6UD)*>E-SIX4#F"=
M'V.5`YFS&&KYTA2#DG#6D(0287C0#:,3C=%)#M\G;"@<$'`#X3#'?CI,T@R'
M^![$')3DD2!L,RY%J3T^7OM!?FT<O=U9_D0QCQ@T8/0XS_+^<-Q+ED.)*F84
M^A;((QK4,24H#H<>(9N@C9Y^PY3+>XSWECM#A*-=X!HR3:ELXW*B"#T?/'LK
MQUX1(>$Q@@ZY8F"H3#QJG7?5!R-?'P`TOV'4783B7'1/M0'*F+\B$4C,-%%Q
MB7C$QR-L+DI$0#U$^,@-GS2R<TR5F+GBWYS7X'<WFKC`I?BR2>Z$H(<IGM:8
MB=1,M'D%R#OX$MTE43$E8XY8/(R\`28Z$Z$BZT@_9QWY(ES!UR0<?]68LV"#
MBX12)1-R84*110Y1D@L`G%(,$OR2!!$IHO@A6O11MDZC*&.D_%6/"H<&@J(2
M>9+OL7L98"&I9HE`I[-OR7>!NW^ZOK3UC$TDIQ$Q0&UA0Z!,0--@CKR0@10O
M*!RIJ@#"-^Y%7!6+.6V,IXQ'CJ8@2@%ZHM:"@@<)#$/.$+G33,X]P-#.X=S4
M>#Q4<&3QFQ[ZM&'APYF$4%YL*5T]?,D15;Q""Y:.=4WTGY&A680WS52\4SF4
MY3MV7GD0B.*ST2UGGUS9?(N7$C-@$S9?$F!.U\FD]0%()O`:67^UT+MLQ[6,
M?/[OG>>SW-JH*`"L/K[#FP84D?2.`$A9@9/Q36A?6*.0<8OZ!&O8$B\'H*`=
MFN`2CL<Q'X;?("ETI`G,*(SBP<)K7&8&D%0L7^-F6>XOIWX<U.@YRTD;D2K*
MP'^[C>`BBF4J$:ALU%SQWGBNB@FM<R[<43N%%=G2%*?!`)?]>*DP]_PGODC0
M!V#&^,6YIC$?0FX00-\U;QDOX&,D+F\'DH-E*Y<E[98YS`[30.<(TVM-<<Y_
MLTNFMW)^3W1H''-%VZ1LERU8G:93WWKU2/&S'0#ISSX@#SA=(%=O154Z]G7[
M:9X0H`_?&'7M$]IRIW\(VT^VXW=8,_#$SN&`"+\]U_K#_>Y-T@D^.H@LWDU-
MV=URWPY=%"S@$$X6[-5;4840X9+4HMR):YK<Z8*X>BNJT*'K;8C5L9/2G6TK
M'.?)@%*P3_<$JK>B"N'$1V%CRIUZ=-+\MGHKJM!Y&\+_!`_=$/Z*K*A".'$V
MA/^PK7^*NVSP3!!9G[#C9"':!;__!J#+#[IA'\M2G*(1K5&8#GR61ZLM^JAN
M.$.AB60C:R)9K]OU>GW)3/,+W2NHGBC<G7;3[M7GJZ`9N!\8WUN.W>EMUEKX
MW.%^B*D6'D"K=B!J,U^<<FV@;];;=R>@K]7^=T=8MS,BLVF?PE70W@Q23Q3L
MC:;=ZNP5R4\>[,<@,>U#D9CV8A)S_@WO#A$:8K+^%O8D-;%%)B9Y#=#P2@!W
MHJ!H,%1=7K1\\R1<EJM_1Z%ZDRDL'T-*J;Z>K"GW;S&"'KS\)?69Y;1:EUKT
MY8VJ06==#D4@?G$,GC(887I"Q(,`L7)Y%LK/@X\QQO'+^S\^OK6PHUF<97R)
M*DS44R8+%2U.$K$)92*M&5!8"&Z6.1L\27"6A7M&*ILI/R'/?(QEC#5N$0LM
MB&8J(D"4`G`1-'H6UC\^OH_U)*PRF%GX4`G<IFZ,ZXS"]/8N&YU2'$6A2-P!
M`'7*$SVRI0BXT,'Y,[V$#X?^R(.9O$%*37TP>'CJSE0A('P3:]V*QE?X$4Z+
MQ;DTD!RLV?=IR#O(\+=+\IMHB[F<'QF^C2F0N:J**DY4;IE/3&O($CR].$ZS
MP.[2X^(@%60W#GTLO"B>S\!!E1C%M^YTZGM#.E4Y@D!5"M.?+0N+Y:'.//N%
M+[B0+R#SB^;G$*UWP@"S5<,TXK'7E)2CDF6*1\NAD0&!\J+X@/ET'151K-+*
M])V4G)1857;I508#KYLA0V5O,>4GD,'4?#TRY/O!B\^V2)EA;P<`S2+*LH*Y
M4.[&6Q_IY"5'05M\?",_4LZ,R%P?+DL'H-3O5(OX5W1($8N:]4'F-"ZA!*6L
M=9X71QB.'C#.]7*+5KQP;M7B:NL;%D0N\#"#6C1?I;00=V:+U$W*L]5)>'XR
M?#\=\$)`6`]GU2`ZU-]<-,27VA"2#<A''#GYQ['VO5P_E=LA&HMIF7"J2%\4
M298TD#+[FAU9YM<=8TH%D3\[1W7@!8^DAG&*:<@SSC!&O-!/(!,F5+YIHI<"
MRHBLHKS\<<YT1(]>/!S>NBV;="#FG=NX/,DBM&22-+U%J<*2C^>&D#`BHB_V
MP7.W$`>S;KMY,,&2/;]D%,K.T,!3LRX)C*N?M$NV5;HE+(0T84(\$3?+B_#K
MJ4@870#C6"6WJ0=R4`=9156;*@&U7(/*Q<GOAPI0:2YVRCC*Y)P<Z]/O6^':
M8G]/E$E\+K9((8Q74D6!E/)[\LDN?$QW$:`S0.K7@:Y"[J@,QS#,=!-FNB(7
M*I0%Z;/T5+B]!2E:H&@R?XF':1*.QT1MGE3WQT.@JTF;.D"3QT>.GO\(@@F&
M^F3IB<@%7N+76K3/TXNH7W"$^]R(,%&=<,Q\A>*39-^27'S2M9153Q?$U5M1
MA0Z]-"CMRPG2JL,&I2UT@K;K#<GU+__E?L\*X%'G1EZ8@+IM7;ZTKH9)2/%J
M,LEMC7Z^:[M75ZQP;K=9R]&<CC)*&:RO38TNXY0DE^<.[R`I/AYOY>O%#BUV
M&C>:65R*ZB.TU4(V\W1O]]:^9E\"#Z>_M1-]4V_YWF[@RGWO`.`5=T(9LTIO
M16/5K=A^85O@/+W2VP;)5V/6CAO9$FOIW7;-V2C"Z>F@9L.@ID'-:J'FUSF+
MJHZ4S>HA94-K2WHV>*DU!M_GO!OV@J\NEE;[W/8_[=EMZ<B:WAJZW1OKI5:%
MM%R[.YPL4%#=6ANI;L<GNBTGZSQ[-IC>K/66I9\]06%@@0J5P\X*RJE.L]8]
M.^QLUQH&.]?1H@QV&NRL`':>GB+5J/7/#B^-(F44J;/>4M44J?;%)2A2V#)I
M034'HT-)=:-=ZYP=O04=JF?D@#/0H7I&2'U"R'EB*I1!SJ>`G*>H09V?B_08
M&I0IR[!FZ/G(N[<(RK\\0R@_6QM.'"H7<+=>64V,[IL'G(!5<_I]2UB).600
M(4VS`_S6@50&E7S85K/O9$=`L8@4TBAB-@D*Q8#-,LC#P!J2YCX]=10M(.9F
M.1$Z-M)"5B1);`*C`A;28">1':'X7I&VEL*^G`S+1T&6\`+^M%1]YQG*CIFI
M1R'I%V(K^IW)_BM^.]$KM*<$(W.9CGB9&JLOTR.D:?\OXUFHBS/4S6TUM_7I
MW=;FLMLZ7V$B7Z%&Y(&+>@!:@\FL,WPN"QWON[J`,,9O$7,3BVSELF7ZIT]O
M96&C$:.^TF&T;F:[;3TPFN-1$]H-!3'Y[X>HM"?;%<M6\(523("#/`'+EL%Z
MB+;"W>3%LN'P*&N4RWLR8RZ\WL9YS!AGN'#+ZC7L7>\&04K5K>";/Z_?T`(B
M=C%E$<(=W\F:1SN`?^5OP.G,O6++AO%TBZ@,"B]GE8JJ+BLR_D7K8$$/%F]?
M7%I1%8M*G,@:`,7Z`%H5`!L?F>O/RFMZ%%NYFAZKIEA`I8H%Z-9&D5M[Q,S?
MDMGGZM.>87YR9^O%O^&5'>-L$VZ2_;VG)J*G<2JGL<J3P9T]=B(]C9,YC556
M"']400RUB<%2C,I+3#A#UMR)I*?LT=$&%1:J?&ZGW_N6]-=LNX6F7)]#X3H^
M]8.J9/&1+;JDJ?*<YW4HI['*"J'.FS`8Y1!CJA<JREHM<X)]7L=P&JNL$+(8
M.G-:JZP0ZA@Z4_555@A99%Y##C7^O'YS7@`_C556""V>'@TY0F:1LG2C&T"&
M[K6R+FWD\U@"OHK5JG/:73E`NV<WG>9NBUAK,]4%`;7Q=)XT"``+^O6-HOK/
M#@2MEEUW.D<$P=X+-FX+`K7\GF.WML2"BM2LW!D$K?;&+:PWV<RATK&YL[UD
MV=L#=^=\C`YPEN[F1>NJFE[2[-O-UD9-MBN]'3B=3OM\MM.JVYW.1F),I;?3
M=^QV<_,LNZIN!R0LI[^1A+4W0KJ5S%^FV4A!O[U4T%_XYEK@VT2-W/!D-AE:
M3_9LVLZ&4M%N(#@W`#;;=K.Q$9TU`"Q/ZVQL)AL:*!HH[AN*W;;=VXPM&P`6
MJ6&GM9FU:1L0'$+-6G0DC5I[IR/=]/U2R-,@UBA,!SY;=*[+=.,-!]6+!';[
M=J^^42F=N2-]ZB!T.J!:;J0I&Q`60-CHVNVV`>$.(.RU[,YFYAH#P4)5E5;/
M[G9W$P^>.`B=A@,2UF[JTGH@,&5=CID`>":`6=1+/AP`0HH^\B!=8O_P1'28
MQU2_,(HH?8ZGVF.?:<JHMU7.KFA8+;IQ,VS[G7]G"N-0<NW(2J>8'^?&=];8
MAR.0F;4C\2Z?W\<`M$)N8BT[5NMR.*1<_5M_!JO`K,1_8?]=&"(<`P@#.,YA
M@HW,)VY"4>;8*?Q>I.4&`"'8P3VS9LR-8LP<]`)W.O5AA7"-M(;2__4RC2]N
M77?ZZAT;).^\>.B',<#D*XSPQ@^'?_WZXP__)1_YPGS<X+4;);.OB$XNK2@N
M>8V6"!^^L/$OS][RO[]U_GC_K>Y\^]T-OJ&9[FN]_HW_Y^O5MV;]V^]IX?MG
MOQX`HS'BX9'0>@4"EZ,]H37&G5M]2[,16.(P`#/A-*Q$.XY]D82*I51N#[VS
M3Y?>'C17:817E6P"A$Z8*LR0U"&=\8)A.&'XCY^.1"V0+-4X!A9/%07@X6@A
M-CZ9E-]#X"=/^15EVGA4U_J%VA9F`/<?)P%X.P")A:K<W^/F`L_)KHM$L/6$
M_\W>WB9FL73&+&JQ^ZSDWI6-L_6U6H+F,.>`"VD1TT+MJ9Z!EG/%`&5'FR7U
M#N3X^N4Q9[+!F=QXWX]\(GO(%7P"%[91!>2XI"I`1[YI%3F*"H#_+4*?121;
MG2JYJP08,SDWV_R-%'CIN8C'WH=:;O9'$H*SSZ#>JH3N(Y[$OFC'-B=J:,L9
M7PI#6TZ6MARY8T^AOI[3)#N^.A-\!JM^\V^%9M>H-^01_>$&[BVW+8P96X(8
MU4U!Z+6/F7^PW5N]OF8,3[SX>(!NM!TY4-XZR;Y/61"SS'[IX&U\)&S87RJ"
M8W?JC=W6<,!D#'4!FQOCPYZR/AK-]M[PX9`!0SL1.AJ1&I?E:D.6@7E[B.X<
MW]UK[S6X>XV]X-^_1>PVC&;[!\5J=/*K?B*.W:YWS9F<D$A#([Y+F37R8`06
M#!FYAZ7K@W;G#O].O=CC)5+#.*D:TIT3PA'1U5Q-$N<J!O)C)]A5`^;5YM?O
M!76*F#<9I%%,<D?%[NK%D?%F^=B7,4#,^F>XS<@__K!\[.LH'+,X!G1R_0IR
MZFHE+>YR$+L>PS%#\DXR3N=H<7DG"1W-`'1Y&S%E&3/!("98::U@I<#Z/?5G
M5H]W&+!Y"Q(>[6F1D9=ACY$DM%S+:5]@[*-N5G`ESEG/\46IF33JY8@I?W9>
MO^#ME/`E_F14L_ZD(-+LJ_S+MOZPY4VF/I<P]!7GXE,':>P%0'SAB+&IQ.V,
M5`N^^#7>HO80P3V+$[Y3D,WN>4PH_C)R9Q=)>`'_6.&413P,UL9V4!A3BLU?
M,'(T1HXGNUZ4SA:ZT0C#PD9>!.^%45RS+B<A:'+4*4)H=H@YVN9M\30VN4!X
M@>QW>V=Q)N:.QZ!)83=66[;=R.V5@]W5SS!A[H3V%#"8*78C`-1HX@4>P8WW
MKP$VETZG8918L-DX#`+F\RX9<MA1B`@?)M8PC2(8%=9&C6H(C>"LPAF3D)-/
MHIC+057RI&B.`S>0Q8Q1R-8X3=*(U:SW[O!.]MTH@RG[SH8IK3L$8`P9#]8%
M&5N.CE`3/]GX-\C%=[8<42*8Z'12-H%L7U(SU,00VG5!LPYQDY=IZLYBPDJX
MJ`,7=*J\(9>W@0DPAA2[30&BXY>B^YRDIN8`UL;-?(/:)PD<).5O$-,TY/P`
M2,7^3ET_MIQ:^V<DD&&*5H=P^!?OAA9K9!$?]9(9\@?JP<19RM#UARFWY>%'
M0&PBY3!JE&#"!M)Y%QB&BXSO`]#<:1I-PYA18R7Y,O5@NBO>`GLA?5ZQP@F#
M,WUE/7=?\"9,L%28[+GW0N1Y),@XAXR-8FL,YT:,"7O/45L"GBHR`1;-IR%>
M0JQ:C"X[%"`/RS6LDY=;,!8A-<#6T+@K6]8]1_8<IC)E#*9*`WSHA17C;:<K
M/R4CT7/7)\\VSX&A;!;LG>6"9.)A(RLW]K1H0^R"%:?`-[.-C&"9`K!C+P98
MRU/!+>)"<\^_X'D[SST!IC*XR\2>TJWEGER\3=6B#U`BH$P@#84062B'!U?$
M)9D_:S<UZ[?+RVO94XL%(\G*)V&<4*80B2-P:B`RXC"%[:K%).Y?N&@N[0YI
M300(;!]&N4?BB'$D%L2N;JS#DT')AQ8I9"`\ZFGDX?_"?0]',0#11]'R^>4+
M&IAW`H2UBK6OA2+$'*BY(-R5X1U>VOC.C<I1\^H:I&I*R\JCCVT]?\/7D`9P
M^WSOW[#R6X`\/T4_C&,AKG'D5B``@C6)^8JYU#8>@Q`'+Q<R'I;>0!<3N%":
MY.!:A$]C+X"#QIZ.*H,">\DQ@,8*9!#(^O8%W`UV@4378O?\]31"A":Q$X`7
MW')9L_`F-G8$8!2WC5(KP>/!B[%'9#R,O`&2M@$(^S:.PU`V'>*9\(:.(T"U
ME.P_P-!9\H!M&W4I4UZ9LNTCEYDR8C69>L!Y_Q1%>X`+D!84Y?\51@C6)3)Q
MZ5C4V]*%HXA3/]F6G-K486\3L@T7"YOA,>L66W!R49NN!6`5AXZX%S#6"D2*
M[\*'0.8`EJT]AY5E^%2SVO6?)>3*9"WJ$,BY%IQO=M,6SZC=P#B$JX0M/[D.
MEFM-2N05K>D)MPX"RQQPXBLF$7Q#HLH#@0U1\-X+?>HW#+_V:[V?Y757H_O>
MQ$NP8:'H5[CDCL$=0"*8966*$LF%?>,EX`I?;G\/GN_C28Z`KF)O1<S4C.6Y
MWX'RFW5,S1-C=?T'8?B717T")-4#JA)A^J9X#[,@B01&GF"_(>57Z72.;^_S
M/V_>R[\I45.I\B,DF5F'U1&UF`Q0_!K>%1<'_]P"]D::C`+R(:C1`;5T%;A8
MN@[13)+#21X;$&AN)5&O<^9:3K)57BL</ARA&\LLV64HBA<0Z+'/W!CY",PE
M<E1)?%$[)H1;,"_OCJO/S14(V+J1DQ<K$3GP/'D-2T=[M+CX0/[T=L@YE;6`
MPR11:#2G3$.0A(B^"B27(!6%#&[`ZL=P*1.R#C4RLC["++Q(/@_8S2^^E/BE
M`G#)/[JW<%MO\<+07/+R`\`]DHMMH'9#GT00%!K%'%_>?_P*`N1W03`IQS//
M)9:9`=](,^`[Q><E((1:K]&=M3@/R3]O%NP(3L\;I,)DN>6N5NDO*67&XQPO
MY,X7RK-RH]DF?_PA$UV?<Q&4I`.$H_I!-M75@8S4EO,_$38#T[P038%1R+4E
MF[E47P'0Q1$3U-X5P!.@@$262LFT0<"!IS,6`3H`5Q>5=@3BV2CE;SQW^%<:
MHT,5F>CP^J>I#EZH-R1GTF+D&B8@PWD`\TSAG!,H-L&=?4(?\`$$+MYC?6XG
MY1`E]&V\L'H_UZS/88)8I8:0=N';$#[90($*AC`IE!1ND)*C4%.01TI4:38_
M?QJ01(K['*83DF;O4?;!!N]",;5Q+R,V)JE'2%AN9L\#6B;E6X+=OQDHZ%G_
M['+-E#I(S*TF5DB;'6GVSMS30M?3A:>1:*J-W\F6B]9UY-WC]]<^L`Z^:"*,
M[)[3;X2`,2,:$_=&_%]1`F3^*A0HSMU`DE?ACB9W'LQ.L8TV$HF+<'PQ!0($
M>@O%^64VE8(JA`.0_$#FFB1SVMFBK@(G$VKT0G0A4F'1<1U(/-!-%Q1!-,W<
MPJT0]AR\WC".4KDY%=0T2.&8RWO!B/2@BJ9V/K=NE-*9V!\:Y4#=BJ134<Y-
M%%ZYPO*.*3YA+LA*J\2#]Q;GU_R0W#M'$A!19GJN9KV7<TERJ88<*3F+#(N4
MN"PMBH8>&'JP%3W(L.SOU(NX/@`,.F\,L[@5@6,R&5\X6R7;768F+7.@(>++
MM]$BEQFVI'$_/WI!<)%BZ]!-8V9S00X)"PC%'EKOZ%*1T14!OW`15*:*5`ZF
M3X8&=:6?/X2<-"V5Q\IM?T@_0*:(T9JH$SJ0>US/3R.2=4@&P:L;L7LO)LML
M9JZFK2T"ACJ'//!R.@R#T7!2;B61H`[TR`\M:&*8WUH#;D"J_*`?L^?D\)=<
M9G;ZK7I>\)Q?D3OD!!26(^RK!0<^X`XWE(D3T)9UFX*\[R/'$*;4.2_-BB"-
M%R21/??N5T`2=*L'1(:QBRL7V`SB/UY^LK()5\L$Y41D*SA6?B,%#'NN4W;$
M2D\P-:RZ)OP,+SB/*%XF>065P@QBM903P\F`Y%@R+TD7<TZLGM-(Y1XU/Y+3
MN"!N(=9A48V+>9%_`]\,=Y^(&944FVUL;_SHG&("3<3D,NC<J&09$S!IA)JC
M!$QF^5F+XR7+T+(T7%)%G^F:1[XP)WI0?%^;EJL;&>LM6Q"QAWN,_D,FH"IK
M)K,IUT'<.&94WY.F'\U17N,=6.H=,.#14)SDB0B][]Q'5:]UVC\CFW=J#?B#
MFVM]\FC_>?T&1,%(2KFH^$=H(5`^0Q4%01Y"?.7+^ZM\.,5#0*(B)1*"%"EB
M6:C$K.N-I(8KI*8P$:D:.?-#&DOC7<R4\F]Q(3T3^W&QY$B%2X,KR=>BY1J,
MR"/+!M%#$A(AMRF1J>2F\G72"G$+FN\U=W%QRH(?WTU@&VZ2RZCD(;D\=)?B
M(<@A((54G)B2,$GPI\#=X$+[#4""F\!4L]@M<1D^>79A..GZYH&\S5!=%&DN
M'*9Q`EN*9K90@GDASUS@>ID5,6=9T\.T2I0QU/FUNM9V0<T6]:%Q7*FZ83B2
M)XR$$0O">U$1&RXSTB'0+J>8ABDMA1N1ERR\0MH"%*41X\XX'<18?]#V0Q@&
M29"@'1'SV3T2%KS!681'YD0H+/`,,/3''\SU/=+U_;C$2H%!+P.*=<M,<IHY
M!U&=+&V(DR\%<Y=R;?9.O(@#YH7N1:;%>7-B9OG(><7SY1.4G6.YN"Q=>=YD
MPD:8<(-7$.1B?*I@!S%&"F.DV)0W1NZ(H:1K?8([@9S+T!^3S[$^<&1&.U'B
M6]ATPG*!QF0[#B[8=Y!N8@^#E_$CAPZ+D/SQ;^(4A"%$0/Y5%,Y</YE=C-'%
MP'\@>W`J')V!.\D9-7[#"`CK\E_N=]T%(`61K,K+;9CWHY(D2)&35NQ-/.Z[
M7#G;5ZK%5=.G^JH'9="(06AAZ(<WQD@99!`U:QDG`\'1H]B9*.]AXBPH4==4
M+J]@3U$OD/T&9,YFG:)18=(2UY87:^\7ID,)F`HHB`A]01;TPXT8L2Q-:+6M
M09J0;B>#<I*0KYR&DL!<>6*P<)2,">#Y?=4LA6IT:&HY>2>!BQYIC.!)/%+L
M,=Z*:I/L'0V%[+L:-W1E-6O9LD$_%KV-2_;SU?BMYF\3P[U%1>0&H[`PR0I&
MYYUOU%"':.U2X'XO.7E83<1RU*](I-;EPQNT,"@EFAK=WKYQ$75X<>JY%B\W
M&.%VP0TEJ@$1V4"$;R^KTE'&;#-N<#QX<J94"8BN(;0]<0A=+S/FK9GY6\Q(
MF<_NS:>B4)1B/BU#^`KF0D`7&0N?=JY&!GUO5&!;Z@"DOJ=B?LFWC6T;@*>3
M+ZB-$_U4K_4MD%A\$760K3LWR9WKCRF&`)YOR><IV+C1M[O]^I+3Y4L6OXL4
MTR*WI6P.#&.FU#PM)56+'I!<5CW)#5Y("Q]`E)!#>SRYE(>*3F6H:*Y>62A<
M8@WN$VLOUG>?.'$PY',5A$`JEBEQ-@]RWSA(2J0Q4502=R3)I&*B;S^UZS9`
MQI[/-+'I5F:75I"(+=+^!&&+40:EL$F9`,A_1G(JR`,1M'PFS((P&[R7M+Y<
M-E[6.8RWM2(7+4_Z6[326).`\E/+FC?S4.6_%KJ.:;ULOF-:L<AIX&DVRWJ2
M/0:.5T8H14@,2HA!:65Z`[(<R/XH0==YN=U`TB#??D&V;OO`+0`ER\/7L7_@
M`0"SI"7A''B\?[,+=_2O-$[DU-N![0CM!>7)X`)UZ-,F7EF]!;VP\1%UJ.OU
M7W'44`>93B\;*INJY)JXR)J^U,JE^)O$'JS,F_^%AG\EVKYH_8LZ99U==KW@
M99M8WN!E)2`EH?H01AE00:31/ZS1\3!'W`:1Q=O%J-$WZ[J7.\[-._D<&),,
MXIX(XL:KVT*>/=KNT*C2W*`M;U!IZ[H*WZ#/9+S,X!J.5]T+KJ:?`/H;G*LH
MSHG.B1O@G-ZL8<ECH*2&MP&6FRA=S]B=>/[LU4I`J-7&*:'R<^<%S2P^SJ.!
MN0?F'AC:6XGI#,X9VENA>["9"&XM[A;VK&P+`EV[[681:[+F*`5S[A*`[-[S
M<\$2-AJ'>I;F!M(ZVG"_[1%7LW=8+.O=N18(6JUEO=`JO__-<&%N(`T0[;;=
MZRYK1*@W!=W+:K:"Q9+9U\*%92#H.:V#[7]GRL7[HY72K;G%S+7'5L3XXR)'
MZ5:4?:L>4P>0'[9:C&CG>YC5.':WM8RP;G!D:VW,G-'FJVFTS0%5^H":=JO7
M,V=4Z3-J'Y[*'5;H+ZZHD74'W0II-GU_#VC#IRP_*MZLXLB8L^Z"FH[=;NZ&
M0&=\7,ODV6.>4JO3,4=T(C>JW;>;G=WDFC,^KJK<J%YGF:*YKR-:KTOOTPZ4
M6YJ/*P+F\`R*X7+-6K,Y_;XVQ/8-)'X"%TDXS>60*P3A8-L<DNO`K"Q?&1]H
M]IU:MYVE^)*%5Y<A8;7EEPA_*)$Y\>N5XF^N<L^".CY/&\4+B+TGJ&3_K34H
M%6,+(%W(=RL!*&QZ<.G[&^878/;`.,7T8.'8T:OT8#U13\L#F]'CLH9.M5*.
MJH.PU4PXJ@Q\,(5&MES!/@A4/WW$8N!5HHX,0"`4K;;*4Y"PX"-6F<)6;`GL
M>T@-3G@U*,PZPD]8=H87')"UJ"(/J]'39<"$16JR23T:>1$<R^65UE3'8JUG
M6^F:9<-F%FU:RE@O2U76,:2\V:6>1.0^P)AZI2RJ`4`O4_,SJFF<U1*>XI*?
M:ZGYG[Y^O,Z5NDRIOXAJ7E7:-L:VW'O7\WEC:"K.P/M4:E5[YH#DU"GU2VRN
M9ETFN:S5-?ICZ'F<6>JES%/SJ!EY1'7+RS/3LI1,WF@%(4>`:F@+*TOZ%*TY
MB.;E*D!CTR.J,8K%K0E&HN10[N;K/F-Y81M-9PS0IWL@($&-$@48/EY?(;W]
MP`91BI75,+`T#P`0I`FC]29VI<3]X2ZT'MPX7R#"70".$F@L\&@#C#;;91Z@
MZX%QSH5^2!HJ%GM:-+2B/*9"2:UK)&HBV[C'CI:BTLK<W>!4,Y^`:5L\\5(+
M+><9F,$H^RIK-K5N8N93+AFR-C(_92!]R9"3RJD84&V!3R:/T.01FN#28P<T
M^\LC1759TP0T&YS;#>>N]0AZ0J=5^$?%E0S*&93;%N6^HATG`RL6*M^$YI%R
M;O#/X-^V^/<;(9!6&&C3!`WUZKB8/[UB#%,.P%P,<S'*$O-,N8'CY#JU6WW=
M4;Q@[8B=_*%\&S'IK8@U?XU%6$,ZR+HY9Y7.F5F6/-1!F_\1%U.]]"FG77OB
M$#B!_+E#YDPUFKLMX,13QEK+8BVKFS&V#0/+F(#RKSI]4418N:U_D\K8;K3?
M9&)LD<ZT@AE5/5MF?^,),"\<T&G53.Y7U;&Y;PZHT@>T+%7<G,_CGX_3./@!
MF<2\<TTCZNTL2SS^:>USQ`42Q>,O\H20O"K)5XZSFVAACNCP><&G3GO._H3:
MNXE_U4E@/+\\)I/3:'(:GR#6%W#=`&I)FN,_<@DCF&8$J[8HEX0RF"BDAMK8
M:3F*6;_1'1N'ZCU(/P;#<,*^NM]+>I4>HL'HP]-MS\T[BSJYSJ(<_%;B?C?-
MNH_0[?UL0'.)7:Z_O/_X-9]=-TGCQ)HPEEA#%F$BJ15&MV[@_=L5J7:82BI2
M(^ESQ/Y.O8CQCK99,B9OM*U^PG2WD8?Y&X,4<-A-8-,NS-3G/4<]ZH9+3?-P
M28C-E*?@">0.Z0E*21+=-;$!=.D&;ED`B\-L;NH8C4VH![GDQ3]K-S5KS$;X
ME)K`_2X;WP$@>6OL;,ALX3&M8\TE$JBF48B=0?-=T)'6QF-LC(G?TG`+P"@/
MP8UCEMAB,CM;$?;SPVE$GNR#2%,%I`4"KEJ,RWG'KN?'N%2>&3RSW`R&U-0L
M1.0%B,G?,<55+B%.W"1-P@@[L_H>&_.MQ;Q]IR<:CR\&M4T#,-Y%/!SF8"]2
M]"?N#`>81@RW#S`C3B;60NG-<KFJ+2JV]P;(4:8_-EN5IX*,,-:SW^X$<U2Y
M_+!B'UNZJ@,5V=)#0NS%B?U/E5X84KH0-%\79+V#\$,:`DI4UM@+W&#H`=[3
M/=`O.M/SS>$=I(B\<;SU]<L-78W?+G__?]87!F^_Y]?HTZ>W"Y*S-[ATHF%H
MV=KSY,U<!W,=U@;-!T&;*33Z@K,G[_L%CP$M:V!MKXF%E,W_4[/649VN<>R?
MVK5&ULHZ8O&4858S\V?Y+ML8U!KAW#\Y';M5KY/<D;%_$1I+G&40BOSHM;=`
MCR2%V7@(+<#&&K$QPWHQ^H3$TF.L;>%[[L#S>:?L,!!%&#32,7!]JC$1WZ%<
M!K)3H?UW9+UC0T8U-)H.#^RT1BF72283&"("LN,E!7A0600%%%BD+"J"`P(L
M7)\6-,Z?)A8+`4A8!`JA?99"Q)",]4E&WFKU)(&SB(<2,B]G:7B98,0T"K"`
MP81T%L!?PESVW9T`XR61+H?]=RY=,B%H)G<N2H+P+=V$-)!"+XX]#6./\V6J
M^)*(1>%/*%+6=!-?9F%99A;1S2?OW0B+]<37+"*#B[&='-)VTLC93B3L+56M
MPA`M(^=L0K)6U%<!$C`%$(BR5`,W]H:B>[B?(F=G<PBXJ-B*I6JL6&N45C$,
M9:E#9ED1C"U(I%A0'VM@+"E8L0D<-_`S;`>B(Q2Y6)*C]PS6\1"YTU^>\7^/
MG"%8&BEWO"7E7//"ZXAK$/[$LGQ`+071J:^]5%KE:F1;GFLXX+1NC317]7&'
MS+V3.<0*+ND$\>IF=9;HVEB5A]?@Q(]UAU;5AO`>Y((T'N%^<"UR"<%<*Q,\
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M),QU1!.Y/4L`MUVAQ_D=SHVS8>$`^7Y##="V6\W-^H#O7K-SKQ#8MNC+/"B<
MMMUH=NUN<[-"(F<+CZ.NJ+KP4-5)^W:]N]U5V;[`Z3Y`L?TX"T'AM&RGT;>=
MSF;5R,X6'D=8T9%5J#TP4YKHTL>`?,I)#<=9;"OVLW5Q>=Z4]U/5NPQFYM[U
M"OML5C=P$QOBAK+5)D-KLM=S9T]5%U\\(:#MJ3+;4RF.>X+@JA[./6\ZYJ*:
MBWHN%_74M/-E^G@::!+$9LKYKG4"2^\%#2)KZVW1IF##0;7[!AK]B97"W!J`
MAQ@]UP5E*X/`R8+S,/A8KVUH8#+PRW>BL>M+VY&<$0`/?9^WLUJ<+#@/=9\[
MK2/`[S#VCI5`WUX$JZ@+QFS);,ELR6RI"CK@,>)RWH_'6/0L'/.""MX]%F`8
MIA&54J(=[R=6Y\<?3NVHSQ![S9;,ELR6CLP)JN5@O.(E,K'LN1LELM9M&GA)
MF<WO$4^ML;2GZFEA8*<!JG1]([-.I?=SAD2BV>^=S5X,NE5.E-\7^?ZBQ7U0
MO7)J4L%K?__A!NXMBT1U--&*>,S8TXL0V5>`R)/TVK>Z=K=WRGUGS]+Y?+[X
MMJ\@D2<)O%;/KK=/!X!/Y+(:9XR1.LV6S);,ELY'@SN&,^:=J&E]\#3I2A^K
MV9+9DMF2V=)Y.5[63XS.VAN4>./7T\I./&:N;7?:3R2(^!"CYV.R^_6^W6D>
M(P:Q`N`T,=E5A%_?;G5/'P%__*$2-[IE]^J.W7PJ22OG$Y7]DI@^?LY:G"UL
M7:;W-[M1'7K?W^=ZR)O^9@?H;];,]3?+8&\Q`CZ=Y!YZ>)T3X`HWP$`G!YUW
M'K8O!YG^'1OZ+F]0O"\XG6NO,0.:##17@769WJ9Q8C5+FOU:(\(J-K)<4!H%
MIH5CZR=0/AM9HSL;E4WL#.]Z(^R0*T9L]-2085X)A2%X9UML&0\?Q`L@?IC>
MM(8(;@P='IR$+=NM#XSMC8L:[#E_T`#]^SWU9QJM>F"6%\<IT+Q&W^[VZR+"
M#<E4F$8YFQK2-:26,CC."X`$S@@/X>EV_6?\!Q^89`B*,7/8_%OV[8Z!#@)1
M_3MU(]@]OD!-PV$HUYI&WCWV4J;#<(=9E^3">+(WNAO'X="CGN0/'F]Q&LL(
M/6K.KMJ)NV@(5.]10]-%2]D;,3XGBF/H\7*AE`>(QDK9Z;ZVOC#LV,TB0X(,
M==X'=6;N\`YIU.]AX"9W0,W>1.YHC#+E?[O!R&<SV_H]JMG6.S?PF&_]=S@>
MPV;ARYKU?[WH+^OJ-F(!/D(ND=_#NP"DWF`$E+'5;"\C^GDJ?^?Z8T'FO4C2
M3EBR'B0=KZ#VAL0:$KLA=&Z$Y^[?>]7XSPE"B_''=%\OC36"T="&O8`":P1X
MZ(<Q(T4?:>,8_@=DS3B'D#7K$@386R"QMRC`HLF@UZTUK(GG^Z+^:,P"#ZAB
MYH(F.OP34,-^[K$4#?'8V`G34K*''UBD6`%29"$J`Y4'6(NRIEX0)UZ2XH)<
M'S[=LQBE$BX<`WF?8G8Z/`>3]FIM->N?UV]PYDD8);<@9EM^"$C!:70N5$KT
MK,\,[@MMZ;K!_:T;WUT&(_SG_=\IK-K'1Z]#WQO.C/'],.B.P";T&N(?+`.[
MD;@,U5P?./\-]!%HH>\!`HT$/4$Y4%`4D$'#R(--`K&9N`E2JAD7#2-0TGGW
M='@"UA[#&W<@?4[3:'CG(C$%:1/O?.R-&)I;BWC*U7YIE9V`(H7*5,R?*T-L
MRTV0_*4XV,`-_L*D;(T<PH!O681C6.YPB"W'X"G?#89P$NS[D,%;'Q@L!7;R
MCDW#V$NLCS@:/@'+B*8A=S58SZ6*UZB__O#NXUOUT7G]@B^`7AF&]S`8T%)8
MJTW6!Z2_J9^0N9DH.7P%`,`&2Y&J43V$Y</4D1?_!<_[Q`.`7KO4)"U&#C02
MJ_,"6G=,(CLNI&3R6CG57HL@(P5W__7]U55T"_H$9W*N_YX;4`SU/JP6F(.Y
MM%H9VFUH]^Y(1(17?""SJ!>`B(E4$P@UT6B@3S-KP"C`,F+>9)!&,<9:U*Q%
M0Q(=CY%6(:'VB0?X(`C[9`LH4*&UB8JB0$+"?1O&1FP\,,X(4,,LL9$5#;W9
M2.5`E"GSR$@I3K.-(\F83&&92'8DSJ'NJXR0.0/DG7O/@"(!;0IP9T"V;E$8
M!%D*)4$D:!$;^XP*.0A1:Y22]XC<2B,0J3C%0G\]@!Z$QZF7N'X995I";'2E
MMAAJ9NC2(7%+0CN+P#"TR="F]8'#^Z6R.2Q"+0PI$>4)#F8\Y(?SOX!*!1`A
M`Z*#4M*Z"2<P#E(];EQ$BB0TP1Q)"],D3H!ZX62CE.@?O@0K\\)17OF%#;E`
M65/2OF&\J%BU1A@%4SBVR/+@4?KZ8D!Z-FX/I"NN84Y]=`C!N0SON!P8@'[L
M<QT3$.`"4&',/+X[&?X4D_J:;YA4L&&ZTZF/?^,.DH?P8N@#&[`F++D+R58Y
M=/UAZO-7!PN.HF;)?,VJ'I-T:?$S`EBFP*E0F;>F88*0='UR@\VE&L&%2!'@
MXF!$E2%;<KODSDT`W5.@RP/=PHMS490L?^+JVOH3"\L)?C=B;`+/X:(6<$T1
MBB'1"`]*/)G-(6W"XED=<:9A)*T2^!-^2;$74W<FP:J'@NAUDG)N\!(58$TF
MFHO:QM_?X,+>:@A]-<7_O0Q&'\F.`F"_!@P7?-OPX/TZX'3<X.Y@HR&8T(:U
M0?-5$0N*)+B\C1C_ZSD0QA$;>P$2=^:'#R^L:10B\\G""&3\08'H`&UR"[%A
M>=X)[\5ZQ$(QD(R84WS'%8GESV54=HE.HZBOSF4%N9V/G<L"WH`Q#_ELF4:3
M<?F,VW(>C\/<9%]>#I.:=9,C[47B#`..0-N*)AS*KG!GXC-WP/\X*&G?H/=@
MU!PL!9A9Q)`+X!MA^)=U[_HIL\2)2'8IWD,7*=5!A34O"",1\WW^Y\U[^?<8
M&>4@A3?1D#W"PW+'B=CAB-R;@0!D87'PSRV(%/D`%!&O#9O7XJ[GPUEBT@-K
M.C92S`I%<R-&Z$_GS&6"*\MH%F4ZPT-3H89HF?\[15<(<&WY**S+!'D;G64#
MX%RG49RZ&<TKHS@@JK0L&7QHO>=8AR*0]1Q?T5Q5ZB'\5?=9Y=,?)B[^]Z^\
M).@^N-&HX)&[<W5:(T/3<"@\";@N>!R90#BOM/!!*2#,!N!IY!5EW$6D-$X'
M_Q(Q#"[0!G8Q`VW!0L6(B(_0GCYF1A\[M[8R&"Y:[Y`!<:*H83<(4M>'KW@\
M)P5WM.NX:EM)PXH,V8J-\%5[&5W9C(-(&AF[$Y*^T6$89U)Z43XO,*QR*5WC
M<X+S`>/03EK&1TNV6RK0%\'AQ3E_`JIO;&0+,@@/9A1:NC$UA1?/S]Z$?L['
MH&RN&4C/@@K;Q20*8\$[>H3TV.2N&*:XL1(AB906'['0\$!A%L-AE"HA3?H)
MO$*+3NU%07V$L"?,/9X41#'V(O.:EK@0EE$5W:21B9]$IF1LS>7HWHO#:):]
M;4C1H9+GD%,B6F0HQ=W=]*NA3(8RK0^</Y5FKDEBKC)R*&>HDL1TL9O,%*XF
M*9&UM2#2*:U=F?@7TRZR(FCC>5(*6CHHQ=2-O)@;SS%JCH**"]/5E%F!*.S:
M"C(14R&T2O&TJ&USRNJGH[4H="8?7J!\:-VPG,Y#%2CZN0(47P3/0'?&3$\S
MC&N:4E0N:*Y-KZ5X><.B>P^1RXB7A\\.$:`V,J6AW%M3[EAAD2+<MO5;Q&[A
M>F<6@3B':Q9`Z98^P#X!*IWVSQG%`5`ZM09\PW5F'AF7!F00F((.C`Y57P8B
MYT*+_[Q^DXLL?BXT\K'K10CTOUB2V6-E5#6WON(<7]Y?<:^ASF7"AX#"L=TA
MD,^(Q2]J:G->G,D^W*D(J[6&*1!@F&QFPZ]N'`9$LY&6!PQ#C^$7])!>A..+
M*=`T6-*0!P%E(I467YC)TXA4M&-A[0D'OG=+:GML"_HO[0-`G=&&@..2M3\@
MHS0`(1;R?!#>\S>Y;3QQ_V*!-)V4F5@&#,T?W)B5A(F(4<Q6*=S"$F;"$A)+
MY,!$'`]`,T"#NC0;I5,Q(2;2$*N;3=E\1@T_$0ER.9Z-W@X`"O`C.E#Z@MU[
M81K+Q!P<&K0==H_F0!S*5@PU2"<#;I+"(Q<C>4Q8ZW3Y`Q;MIGB<5+V3C/MX
M.\F!G`[Q.%$\4#8U=!:0YUH9W`"Y,$0T\N".!G"#$H%K&#A`8[D^F=Z&(LX>
MI`G<3-&\")`3Y\UU-Q`%0%3AO@D>I:"\.*7NHI*=R)?1\9_9S)#>*)/9_,VV
MO/'BG^)L3'$="/'P#AQ*S%@E,>BJXP>X`/]`9+D:?X!%`AUQ_8\!4+=TDH7R
M&Q%CKVP"82Y)[M@:2[!3DHF`NY$[C#M\"W3R,O^W(%><C^<#@X3\030S9D@#
M`XRV!::+$@!*%&CK)^BAQ]?R/7?@^<*019E:(U(%-6H$PR8/&%8K!`H5Y"7R
MJ4B;!:*71IPLHD>V9EUR(82O_<YCD0O2!_<(48PNZ$4@)WCQ'<8`D\DL8ES@
MH!(L&'(VP[5.W._>Q/LWHVG2F*Y5.$!R+%3#:2ID"2#$<T^FP?RSE+[`%TP2
MF5HF9R<4R>5&(X!V/`05EV*O,%,-."OSN>^)#T20%\PJC3G,!2"T45_M":E5
MO6L-K;/_UKKTVVEB^6("P&/SJ"KH+\_0.,&B9VN#CP/J(@FG8@7S;$>LSZG7
M?]X,>&)L69J4!EL$N[W!RN+%5W]Y5G\&\I/OBS'59U$P%3]K(%3EVHLUV0$P
MKTL+LLN5U%0E]25U6]7#C=S3<VGT8W?B^;-75CR;`&?/'7RON5['#5_T[/B$
M-]'B+;@&!032Y*O_24,2KWBP">5T"N,6TC$>-H2Q(`043B5Y(JJ@B9X,25RC
MO*RYVN9JFZN]KZO=6'6UK^:X.H^QIHI'@CR(BY_%5?^=HP>DTH+`@.%AXNZC
M%*%=_M>%-[Q`D0YB_6C3!@57D)772#KX*G3Y`!_29!!X9NBB2`77+HK"`2:,
M<WN"]I`0M$"0<H7F/4"I1,2.DX$G!=$.E4^I^!OJ9:B7H5[5H%[-5=3KSQ*M
M1!&+.)W*<%JLJ9$DG&H$H20+1&ZD^RY[#2#GC0&*62S@.&>+>&0J<3XZN3%7
M+`V\&3$TD"+&_2L=W9)%($T`U?[-C?MEBK=URP(LJN+/B"N263266$QJ-PZ'
M7)@R@,7=(;-%S;HLY=VRF)4[\C"D\-X%/D\4FW@U?)5G[5B0D"H;H"%"6YC@
MU4*K'W'WS8(QLDV0\9G2D5T9.)]!I70;PA6/)7!R#Z\-PAI6:00Z&C,,+BV7
M9ZP("`6W[8QX)0>47L0F:,W9%FCU.>JS;-USF]Q@W=>EXZ*+?P)8*>B@J[DP
MQB[%315]0-*;HJQ=RK2%H<&,"V9DM,>;))!+DE1T5@$L9O"W9IC*'"C#.S?"
MQ41>#)PJMC`?#JFM'$<O16RH@O$K;Q#`+]UZ=\P?86KM1>SZ9.U51,?E'E/\
MEYRR,<6L\U1-55H/[JS^`E'.\('?&.X7C73"1L6VZ'MI*,81$=01I@Q%,@E7
MN`CSHL1TX9HS`J)"AC#J?N+RLB_<?BST+R*E@1Y9#Z]-T6]+>YA.(]>#<>W"
M0]8`H1M)+_;4"XH%M]Y<7^5S%\)("VC*^7D5G7(5OT%@J!PE*C<AE$3-;5H>
M^K.6OTUWT/'^A%_=[R;LYY!73+2!3-SO)NC'$.=-Y5D9E>#!-0Q&1"881H=;
M7]Y__(K>HB2-L]B.L>>+*C48LD*95YY"/\R&2:-`YM=022PL08/B$:IE0%Y$
ME(HG/'%$G>&[>,Q%+5GB$);@W7I"5D+)55L,B,3#(16'O459,->W)D3`@Z`S
M@/=!KD:!2`:J:#$<?]9N:M98%#K4ED\D6^;C8+(-HP9+C"2SIF/S_<)R,&M+
MAM<4,I#*HFUH\3"!T(?Y?*C8HL]3!IIF^:IE0^2;N<;`^S!4(U9A)B05VJKR
M0R`3S,('8%CQG3<%%(Y%V80)2VK6Q[%(,J7#)B&3FOD@%1'U@W#9>?CFV#'P
M3)_0!?.;/#Q`^1+WM<[4EGEZ$YQ%087@)X6Q4!,O$0"0@U'($=;\D.Q+#(W?
MZ^>7W6_M(*=I-`UC+7,:JQ7GEH,_^2!`Z!E8,B.+:TE\(=Z01^-X"/(X*1;D
MA$W[<5A`+T13TBJ`UV4(AO()%J:\\V)!JW-L=E>:M("AG1I%*I#K''">/"\#
MW`-2:7W]<F-;OUW^_O^L+PSPZSW'MT^?WG)M%6,<21N$Y^;#'Q%,L+=55)%3
M$!S7TZ2+FH6%P=T@Q9A'I[1U&*^"(\+%5&8_!Y<5I;X*$L67/J)=&4N2?<$2
M+RGF\U,XH![TX>(U1>*!C.D[1<43-T%QE9->G(!7R`$:?!N%<2P7K292Y0:0
M;Y%83V,@S\.<7!F5*1]+[J(PO>6I"H)KH<3L1HF@ID0_]6UG<;'DC!$[):*'
M,:!#:0&5#`E)^6Y+L"GFBKDC46N8GLXPY#5,\0!0C;12NT&(?$*4QZ7EY%:K
MD(*G-&,88W;TQ#E$10I^NFFLPE/))*%;8V:B[A'&R=!+,84TAE$.G2B'V.G8
MK7H]WZ<('QR$(E>$HE,N.$9ZWR^HH++(1XL%DP;E@%G-NF@C!SQ[S"B,%7G!
M`EL1KRXQ#&\#,M\H1I$F&-Z"+V)9)6)VJ,T5:RF-/"R1QW^3\4-D2'&C:$9A
ME+)8\1@0P..9V8N6PHTPH(&*0D3HQ,<5H(X9K[\=I1_SDV$!-R]%9&WD6"@*
M*<,=I>"C@DPB4)#S1Y7JI^7*9*@<(A-C$RP('<URT.!B!(+VGHF"JK!BK*_%
MF2>#1['6$A9QSO;%D<%%0U1PRU>"\B0MW8OUD_*"PG*+J8G"GH7#A$/0]0&"
M-QF56R1@24V9KBQ53D2HYM8H\)S,=6@KX)(!T2>Z49RXP&HU77T21DP+A/>]
MOY@_NT`W[@5(/YH:+^ZCD!0P[EP(E"4KT(4G$)'(``G`A=]]]R$61<6QLN1W
M:421NY<'E7"Z,\7T=2Z1BXAOF&3JSD0E*PT=;_$T`P004&MXB-`Y!3S@U5<`
MQ)I_1ED=Z.0HZHTGM`NH(=E`*2WDEIXXLT-JY)2?=\PO`LB-8U(AL*ZN@C,"
MU^(@Y9YQA`GW&.4FT+A=3.GZ(Z[0L.^N"K<6^T>S3`A<B_JOY;<Y,Y9/XRK:
M2K46>"^06:&]Q=,T/)%VJ%?QRP*K20CCW0:RLD?YR\ME+5[/7Y;H2P.A&?+(
MU[P0=YD5XN=4!HM7*(HVGZR@;J.X5^(Z*A.GFBQ_Z_*7M4`4+U:10D&-EEWB
MDBL\3YD,9AJ+V%;7-B<>9-8M9&EHIM+9JHZ%U)9#BHZ)M%"1I,4E8\G7<QG&
M^)8(\2HA$85T+!&3K2V`RSM8/;20MIRS&Q7,+P.F!$#LQTSMEJ*9H!7`DWVX
M1*A4N+J-BS2&_-K%<D8,8S1<47X:#507%,$ERDQ;6*T:91MA6&&CK%:9G)(<
M&92RPUN6,*)3"'5R\XAZU3D;#.UD#$]XU!)%)!C*:DS:]F$H14M)(A6D,BEN
MA[((]&JTJ-N1&Y:,1)FTOLB,J,Q6"_PHB]PBNNOD$Z;*70:C3PQU@"^D7>))
M_2%RZ=[PYBZ7/%;&.V21C()GY"6_+NM&:HD;5[RTZYJT-@CM*B4B&ATKO?2K
M2`6OE9%+8%S(4#**=SP8<<);"2BM(0P^<0A=J[Y/A918JH\9>"(`-FO7S*6@
M?&*S326>11:P[B^G#%Z,O^79QT*"PO1/?+C@6"\TGA(6G.PA+B6BN2G30_7L
M5/%E(><:)<_\UO+"9!ISI=J+25B5':_&:.'+-.I).&(^)1O1'\IRH9X5"B-7
M]^4N8F18:$U,^-0HX(9^R@MM1.%`V4KTP!K>TTML"4%',4;X":9'U9K"9=":
M_Q"@CCT?ERT#;6BIHFJ'15G44LE&XQX9,FR^+F$9LJ5O#0,.1"5AVI:*/L"(
M'SB'TFC*LEDE6.5L<!H,8$8G*.Q:=\BC9-SXVO#2?D%\\K%0*3]8%3)!NHD_
MXX$%,HY`DVJP`6XX\8:\0C:;A+>1.X7SHR#PQ3+Z$R<8AJ2N@A`O6W%Y\]9J
M.O4+-`&+N@XC05J%<*J:DO(J/$);EGZ*F&3<D&QN_#61%L\_#!A/C%=#4/0@
MV>JRD$#1M(ZD6[B\1"X]V2\O]JC0`V\3J(@P#2,J_U"SNT(8'EG/<5F\?EMQ
MQ6CE]9FR"6(K0OD=FO]0AV!Y$B0<1%J+5DY<L\Y[BL36K"_L0E2IP-T7.%;6
MC$:KJ(PEAU=L23&?Q?LA8D3;'I,/E1BD/%3<)EH273+THF.`^P/&0/NR*IMH
MCJ2@)E2_L#+#HVRD,/&N6YI'=9VURC"T6#O#G-&?4G)\7O</;LGH7VDL%ZT>
MH^@TC16-V-A-_61NH*Q;VKVP2(%&IZ+PU0'F-34%7Y[=G?5MS+U3J`2+;2&I
M^`G)10)B6=$8EY1'@>%JZ6I5):(#G9!DPL+H?D>.1F%0QT*)C&`4*<M[*%/2
M\4CY`SR2P&.^<&MD+A#E#RJ=798`RPM.S_.QCR]D?7$XD!@%B5R60]FX9&F?
M6VYQJ;9*11<#B\<T8'ASAYV)HSEO)0]JD)#F-A$N4I5BP@>QHS)O7JD;+X_>
MF@.(8K5UER+-XH=QO/,L\NRMGYQZK:<Z0_,.U=U:5WYC:ZX1)#$`EG`.-L5V
MTVCD%0")DC&HZR')V`"JQ2O*W8;\RT"A,#1=%,?YJ=WOU)JY%;N9,U*AST^M
M5JO6DH]EX@4]G\P'.]G:#(U^K];)S5`R?L-QLG[?$MV$VQ[=-P(G]#JB:)Y!
MJMD"N>)G85L6-44$0*5WVU4UD557'>H&Q*HE0%;&;F'$QU40^DU:1(MT0)3J
M$*PZT936N>9^Y7(@9G=X$5D!<UR0PNU(@<N$,.D]04H99S(HC;Y2!*&ZOG/$
MAV(^\)HFU&"Y5!JTM2#V3`R,\W)@473(FI$067]?>)&$G$RIYU$6]QY[@#=5
M(4Z@>R1^<&Y-5>SG6#^0>.5\7B3-4D4JS0%/\24*[CPFPAVI\N^`![QG!O`.
M4>9=+9VS;^[14MV\E4Q5+?I2H?MC*,PJ"'U0`C^)5Z-0)*5E4:YT920Q(!N+
M]!_HEBI-D="&DRGZ6D?Y1%&J6/AX5<@=)TT7LF0XA7F1.4S2CER@31;?%7L8
M3'*AGA/<%T-X7(]R840/>6D5S.1S+EEJ#>0*JH<0/Z-$]$'FE1E1"M.LC%SP
M`1'32_%V9J18B9^:HC`G@)K+:R[OEA"Z1.;J^KPFED!^:J=+GDM"-FXMBCE.
M8OQ%2@6_J)R8BIL3Z0C\TMHB\%X:KBE63S>/JE90F#[A9?YAP8/Q8K`Q>BZ%
M$7:`E38>6)3CGUD$B1H%ETGN6R(=VFCZ]G`K83I(QFE>?<\S9^YL]*2+><K%
M$-R)&HA@X!*`<N^.T'Y,894SL@$P$/[[=6I[!7*!KXG]LF7!($V(R.5ED`(5
MI-YA1).DCIZ*Z)F4O"*YU`44I&[9Z"(<CZ6(PJCFJVBI7!2G5"@L05`;2".7
MH0P`!=F'-ZK!<!S?YF55EF;G+3E&&31`E>+^DL&.@"BK;"`R6`%_%<;_S+1#
M6Q:E;&<\)E@TJQ$^%;1,*,KKR=&$;2$'6T-=#77=EKK.45+>XE9Y)86QD21Z
M054UG44ZV:@[K*20DF#:(NJ,>[)\EE/O9/1+&F2M<8FT4-QMUI^)6<\I"KW\
MKKT@TV\T$KE313&$2@?G)!A561?(B=Q3YO]%8XJG.7V+EC]EE1.W65/1-'^J
M2HTN4%T>=8W*5$$%+'U:SV2VI2UROMP*0@T&H?"7<8Y>:+^HQ&9#*0REV$&)
M*@I=:)J$I],!=NX>L4'"N^NE</M(I$*?&64[49<V_1=*-"!,?4`KB<U](%("
M0]$"-#%?<,A8[["TAK2%A@1OB%H7N=B1)%!5<1(/5%(3BC/D&'_`;,!!+A8#
MRPQ@;^SY*;E`IHTHG)OR<>#?]VY$-=-%FI>F/U+J#ODQ>7_9"W')"_3`Y<D/
M7%X,LDLMR_,+_8QWSN9O4@4#,J[$N59\"&[TA-*XE`X&,M0@'T$28RG=>3Y`
MH,(,8F[D7G'.BUD&T>M8CY1,]"KRA:!I+T>5#;TR]&I+".$US9LEE8^*YS/I
MU:&5=V.16PM]NEQAX;'&O*6$Z&V091_-^37+%%`I^K@C;$N9D/#C#N(P&F2B
MDIB3S,(B<TU3MCC-(6TH#:02":_IUF05RQ7KH@):6[,8:'/'S!W;3S!E(<ZB
M8!B8B\^8L][(5%`9<YD)NM*!F:O\,^^^K_%$9LW]DK>D4NDAS3!`R9MDTY3#
M*(NFZ-3(!/?/,AVS=&?)Q82>D2DGO)_W)[4GK/B@NUWF_"/('+./J'!$]ZP`
MC[SO1.D!^>8[_(YK,8":_#\&H,5<Y*#(U:R)NKG\BRY_H8QG<5$7]5ISFI02
MBEPE3P/:G4#[OSF(WGD^6_4V[+2]XF"4'6*-E;3D6$%NB!D1HS7>KZO%1'/(
ML6IJ]:J;>]5?X]V&?-7/+WO5J\X*T(D*12N'J757'D*XZUHP:&7U0EJK=I2L
ML9O6JMWPD@"K<;.[<IPU\'O%&"+M:_5`C7+4G*QZL[&2]'G;WZPUWG04!.YS
MKXH^F+&]APV`D+W)'MP"=5AYC+EML/SY^2H:)1SO!<&EBPP&W&A=>;S@M<)V
MO;7`W3:A7WG`WE+=F3W<5Z1C.X`","T_\.&X0+,<$JN7OP84**()1-`]#,6S
M>%"O#-"=:%L3QH1]#6OG/`Z,R-)(9J>-SMHKDA4>Y;423(OQ=II8&=SV<8=V
MP%W>'5,Z:6KKX[&VNP7K^LJSW<C"N1>LXO69]T(&T66SRXU?BZ0O%-EX8,XF
MN\AS=#*V>V-K%Y'5QE+CLM[?+J`8>4,5>;G+@G:]!JJ\1DV[73>8YK,[*L\%
M@*])Z1<Q=5ZU:7<!,;G;@1Y2_/N^1%4T8^Y!2WZ:>M2`;45WQP4A!JW.&#2R
MF312;1Q=25'6T/"I4\GV<*4*6EG!C=V9#U"373%F&H4\4(O"2'=G1OM1+/9%
M3)[OR-M>V+NQM'5>7J3LJ8Z[:Y.P1<H_IDH-[]@H13^K",G=1?P5%9OV0*6S
M]J.[XO%CG=+N^#[8Y<[QX&Q>/@POSFY$'R7L.-Q%GAWF,BJRPCA;%KW!NCG8
M-_P+BWF[2]>_5C4(3.N!0Y;+TD"NU7W(SM:47#-U$M?L#^/%.2<L]6X!QJPR
M6W@(4;*HZQOO^)(U8Y%M3G@U'`^;:HNJ@3+>@LJC^"&UL\X76,.F3;(&B\B)
M%L&F_@Q;;@^'Z=13E21$LRSN$15N9MDO9NC#XGBQ,PQFTMO):)/,M9DIQ(*6
M-[K17;`UZS/\F0:R&JR,X<`85E4>3NOP*0!8*(*<1:*4E;<=R+CY./-,F^J*
MYJJO#9K/(08#`[YY6:J7GOHE(IOF@R>TBD*YJT+A&3ZC#/+LKB-2BZ%$S0)>
MK`(KFE#YXJE&<M3?:)LJW,_\X[+*-O="JE!#JB6?JW?(D])YI@6FKF#`%,6H
M\RH6XAUMGG<Z4/B:RJJL`TQ=[_8NN<#Z2RH'3Y6Z4)0/9.5QBFEP]UE&GFR,
M.>:5$7#MC6ZMS4M]FTML+O':H/G?0E6+2),`H[D+,W>K\GGV(FJ+(A=S@4FN
M/Z,,*E[(7J&V7O!D+!,_L&Y;QM^&7C1,)YAMREM:C["#"\M*"A=J5H@(:AGY
MFS73ADW@E89)[]TA#(95/FB?JB4,7"9<5<2+]KDC2B$3L>,84![<>U$H2Z:K
MIH[:4E5&1]:D1]2RIV#I$4@G>-.+3!LC-E6@)TD]5/M\*-K34'R9@!\2$PYB
M/;%$4#QJ/$I1I'$NFX3HIP*Y"NK46U1BQMAD*HK,9HU]LWJX>CJC6'Q6D=JC
M[8O`=!MW@JXR]-8!?$9L0BEK832/3C95`F")IZI>#],X`3&D`%@QHWA?5,/C
MS`$6Q[MI,%YP24$#)UUX((9$&A*Y03^^<5DK$)YVHHAA)B4(_47FPA*K3R>R
MQ5H::-E=(O4KZP<CNC3P:-9\?4R=H/K4$Z?08"594+5*7?U%FI9J&IO?8+[.
M218OFU4FF\\B$W()"5%<VB$]@]/]-]=7,8;6\@HKF)=+1-W.>F?"EY3ADVC)
M,%HO9)[\0;9#[$@V$FG00`-H:(.XYDYOT\Y!22V*><`-"N]=571]XG[W)M@N
M(5<B-<=\*12;TK2)1Z%LG[#;&;:JH8)9F#/IX647C9=$(5[>,8H*!6MZ!F%W
MCI6)ID]HXK!%=BG53B>-RLT7]N4QZ84%4L^<0@W[:-[8-]-3S'B=-@T29#N9
MH#I#>6,40SZ:*Q<H6A>6Q.HG2JAAW/3!EXHE"J3*E*]3LE!#<H,R!4FN85XC
MR@+ZLQ*VBMP)DY*L@:B5BL]V+R6Y(NRI)D`>%8@NNZ,,)Y2&F6)VW'L=%_`1
M5:B?FF4R\L,*1H`$7V03SR4,Y53AXOW>>]_!D[1FES<?_*^7ZSH7]`+^-XQ*
M.WQAY,H-;OFCQAMQR/,3,->E`L/(3/>7W;N_3"-@'4!Q564>3];O)0V6<V*/
MJM\(E3=P;XDE:O4ZT5Z0JSV<%YB%6AIS9BY*",<"H\?A,(VS\C8EY8QCP0)*
M?UO0B&0M&B6]J^]!S<8]_1:%#\F=6+6A9X=$1PER;&KZP&M!$FH:FF9HV@9,
MD1=S<.I=*7'_GDZFH$R#"G"51M8;2=1N\*MT&EN7P\1ZC@]J/=M^OWIS@S]H
M?=I>2$^%-`*"D%V.L1C\2ZVLT$SJ@L9SJQ6SENX4/`]/EYV5'P0HHMQ%][G[
MXGGCQ?,W+^0`\$O*6[W1NLDJB,TO252G,&$\)3(G\KJ?6M$'*DKH1B-N9N!B
M/@*?&U"6;6;$?%=TC!R%4U4^7W9C+YE"B?[8.C7[EM<#R6J!J-ZLLG4RG]5C
M!7:!Q3&8K^ITEP,WZYLIN_PMA#9`8*TFA!-WEE,N14PWK3*2Y93X)LEA+18O
M:\[AP8BRN:CHKG,T\[+X.JQ(E\4_LX=+-3)([T&(QFC:CQ'+CQ$D-.2A$[RO
M=.DI&YYF;'%KV]>S'O2\1OV'RYLW$KFRBX[\3!#9/Z=(T:SG&C^[O/DSQ\IP
MI(LZ#/95UAIZA[6&ONBUAJA+\ELJHAN2D2@I<$`,)$8S#`7?Q"+&08\S0JI-
M3:G)URBJ](L!YRL940\2T5D>V.'=+/:P(X@^_+C@@,TZ5BG[4E:+P?LWUTEP
MEA1H:%X?L4539(_8X'/G!3?RR]7Q^"D<@+LX$R_Q6591:<4B:&C>E%HR2S<'
M&9@!^'JNW!5OQ\4]#'I=4%&6:N6<LBB?W`'6*G43+QZ+L"Y1:8K'/!77-F)<
M\/`]EE(#K?Q:LU"IF'>:$5#1:OQ="G]#5E[>A1]&HM:&*#"/SATYZICWO)>0
MS]Q&<FXV6KUI<J6(<#:U<T0T"5WE`\K;CPMM<72D833@:G!+1[#LRXY)`[S#
MBP8\4;9HPL606^R^AO9+Z;P!Z<=3-EV!BFZN&+PFN4@++SXR"4<\S@X(QM*G
MA5<H*XB($J/HM4/&7SNK\NA-I`-8=NGADHUX;L"`E-*5X!5]5?L,[.+!21.)
M.@P;$66"XA3;X`#=!)GK?X7\2,%W6*A,D"P)P[$7Q8FLX(*01!&#KP_K?/-"
M<D0F7!6,8,G$1<#D-"J5XHSKR[#;3=CM'ZYDM8B4.79[\Z=@G7W@E?<L2!E/
M$D*Q&4NABC86;V6@1BWW"A5I1-(;L3LL'PB(3"`1(XDP0*TK)"><DHUQ58BB
MD&2'<OEJ0L&&WE"TP:2SXE?H-L3[C$&Z++K'3HB\`X4,);&X)BNH+Z@Y5.!,
M.'@D?Q:Q>HD(&8G%&A@OL(J^?(I&$7YV)!ESLQ;S)^09.N-6OSOBH*^MF<="
MAS=V@1'-7JU$+1[&18&3^E$@R:3@)MYJ2X0%9#VX9#^2+.+&X[&-2F-5A2.(
M:A/(W2%W!<JH*O+289`S"2Y:>\V(.OM,>=?D\DWKBUW.+L:I[Q?XP#(>@>$$
M(08#'9$U=/A0!<[@\8BYC$$L3JW<_,BO`NMR&GF^U>CKG:;H-E-U,=+`L4?3
M!36Z'E$_,5[]GBPU"BPD3"-LM"-9=&JZS0)A*R++Q7U2.?:<_64"$MTNO:ZJ
M;(DN0UZH+1V\)V)APF6U!)\JY39,;1E3^\`&D50BVPLY6_NBWK`N)5ZJSKMO
ME:$,<?)2!%S*:$J%QP!9%.>)\'"9/*N-B=C[<,>(9OF@1%`#1A#T1.AA++K7
MZ=H%BM\J$!U+_8J>P$(Q4C_KBNX_/KZ/<YHNW-O[4'BK"B^^)BV!X6H"'C7+
M"Y&+8$\AXLO8+KE:V4!1,QYB@>7Y+<'PS1=`$,=,L.5A#HHJ;)68@_!)99O2
M](O[T+^712!P?S;-@F67B9YR2BQJ"",99YCJ$B%'SGI;RK+.^.:,?T(J@I!_
MS16FEC)PHYHW!$I#07H<%+RA3F[]2IGAP:MS&Z#E2IB3GZ]PJFJ'JM,EE:;/
M;*9AI*)7A94YXC.*7H/TEL!3%98K,$B99>'-+RF@3<.]4!Z!CYDN*(GU):?+
M3K]5%QNZ]>*$3!,3H`PRX0F8;3#*I#JZ+G,\5'),WGXV2$F%E/"1;'05RVSG
M#>"&F52%F1@G&[(3(5NMX"7-++),11@`L#Y.IFG6A5D^HME*^*4F*1-#6KD]
M4UQX?M>I-#K.1P2!QZ@-5!\)IDP*LI![?(=%LJA?\0@&&>((LO`[$;>%,<PT
MD^^)6LXV5XIBJ@]+=(A^5TW(1$Z"(HX'(@XK32WY54@%0AA?<@H!#("AR)0N
MOU!I$-8DZB#`095.4N0A]U)2+N2QB?0+.CAJN,2C.$F%X1DEQZ=O<Q$AFWK*
M="_;-;8[OZ;S^L)DXBO?6=;N\1V+AY''#\=XV?;L9<O!W+C4#`?;,/1MKOVS
MZH7$@[PS)J(W<4N$$F)]#H&T-7-\[8^\5X&D\0%FF41,2XTG=J.&I`PRV=R)
M[&ICWIL)`!!%6<LZC-"((F(@>L<DO;N([EZ1F?S>1!G*LZY-*X(>,+HBX+SR
MX2[$G%T*TX^*5TZ9Y(6.HV?D!)211L9)\8FGT`-*A)@"P%-AY"?)7E$M(-<5
M?LF;7R\@W9N27QG7)PVUE)W\12@>UZ)5W&4P>B_CYM_"9C[@7MZ+-+FOX1OV
M5O;D^XI8<(@("HY>KN_=!K\\PT`"%CW;@=R+V]"O__P:'8W`XR_(US6-X0;*
MOS:[Q!L4-M_N?HJ%_O*L_LP:,M\78ZK/4TQMXI\SFI9$$DKW&*P^=/T+`B*R
MMR0))Z_U9T<+K<HQ""^OK-XZY>;Y*'+$W"@/#/,R.&=]75J(?3^3$5S%-CFN
M")CF%X`'#4`$A.JLO9BOF":2K0ATX.0NSCZ3/[.2,#F7`[CQOAOP/Q[X.6O)
MEH1,._N$A4^)K11+#5<$1"^3J'JD4=#M"SXK+U]7=ER'6X'@@'(!`]\%W@W+
ML$@@$OSS,/@$[%XCI\VZG7U`*>!T8/CX*S"G:$YQIU.4BI]VDD[^)%M5A^/)
M$/AJ89"&+@T-*--E`L76UHXEIIEUX.%C&52R=&E);@2.@?H]LE[FGB6[0_Z9
MA3VRJG&(!F<.@3.?<UF3!FD,TAA"8W#&$!J#-%5`&D-H#,X80K-8BQO`$=Y&
M81J,+J03=#AD;`S07$?!*SM&GXT3Y0UJMMJR06S.'98%XF5=EE4$./;A6PPN
M,;+36=#1>[7]-K?";)R?UGP]0FT[>[_=E0,TFPV[W75V6\5:NZDP#!R[U^@^
M:1"T>AV[4V\^:1ATVG:GVSXB"-I[`D%[5Q"HY3?[3;O3WNXJ;+:;ZL*@T>[:
MW7[]8#!8FZM1.-!F/&TA6T;YP!T.0<R@`(J9QWC'ZHW9^SJGM(G,1?`[S-#\
MA&GLYPZRN0T1>R$07NP=<C_^4&78]>QVOU=5T%49</V>W:VW#.0VAERS9S>=
MRM[6"@/.Z3;M=KUA(+<%E6O9]7[G4)`[LBY+3\G03+V?`^]3,Y2!FB7;W5X8
MVTZ.TPZA4:_;TKN\MSD?<3].TVXT^F>SG4:O:_?Z9[2?KMUL;R385'L[C;KM
MM#=28"N]'V!EG?Y>B<$A5:\-N,/E$U;$6GV[TS@8ESUGP-E.;S/CE($;P@VI
M2&\S:XX!'`*N9]>;1NO?'&Z=NMWJFYNZ.>`:#;N^H2>JN@K8W-(:-=7__$/6
M]0K+<F#K`)ZAO<%I:\-M?R@TB#6B$J>+CGR9/7W#077-J%VWF[W=R,NF(#@S
M$/;M>FLWV^(3!V##:=D-9R-UUH"P<(W[=K.QFW#UU"'8!H6H8T"X`PC;#JB4
MFX4N;`>!G`CQDA1X_,S;$!PD<UZFY6<6@W^BP<"DUY]T>GTN-JZ0KQ6$#Y$[
M_>49_W?]D#K$R.V2:[>>\ACYR-LN[L#Y^<>#V5,YL(/F\YOCVO=Q'3?__]`@
MW"%=]'BG6VKK.-[TNP72EV,:GZ/2@?7KI+0/RCGPEE'T!J,,1AF,,ABU/D:M
M6[#AM+#*,.7#9[>=*,)7(4/2X-AYXU@E,BH-DITWDAE"9G#,$#*#9">/9(:0
M&1PSA.QP6N^>PM3F*UR\$0U@W$3KJA*.1:N5)="I;AY_MV776\?,XZ\>"!H-
MN[-AXNFY@:#=LONM[;+XSP4$C;K=Z6V6:[$+"'[\H8KE'/A"J`');BLY\;(6
MQX##4?.KZ*EB*I6%/#MK>%297+;-TYY63_F8V]DT&:G2N]D\1:C2V]DX<:?2
MN]D\G:;2V]D\R65O1'<KC6%%$NMF22LGGZ+4M;O-W1(&GF9J5].NMTT=G"V*
MDH`>MV.6U-,$'"A_/7-1-X=;VVYO5D'"P(U?5+MYN.S\8U8,U#)A--,@"T9K
M&07/++/(<=IVO[E;-:TGGIS5:(+(M-O->.(0-$AHD/#1(;B%-=U`L%#;;F-C
M_`&R5)<FDF*VJ6H@[<;)NY1]X`VP@]LO;,B\>WP\-MFG)YU]2NCC/_G6'HX.
MP4K'/1P_8<2@R(FAR.-D@.S[W';)^##H?$;-C-(\+H?C//*>;$,C@SB'19RW
M;A3-5L<&4NDU@RY/'EW^#*:N-UJ!+*K7UXKG!MQ::M#JR:.585\&<0S[,NAB
MV-<)=@4MZ0&:1A&<^))M'RP"?,M`LY)0<,=V-BR1>'[!\%@P]WC1\)6$0:=K
M]WLGC0?[NQ*M#2/YSJW79[=A=[?L>GLN.1']EMWO;W<=JID.T2QST6X/\EUN
M'+]C]?/)>>AT['[G?)I?];IVH[]15$FEM]-H;D3**KV7)F#:9N'2E=Y.N[EI
MU/S>".L>FRF6UFA_1*@Z^VV-]KB7MV]WG+TFQ3SN_87MM,Z''*W;\?'''TY@
M,T[3[K7.AXL[7;O;V:N,=7RAM5\QRMING@]E[7;M5OU\2)%3[]K-S6I[5'H_
MS?;Y2.`@YO5[YX-JW8[=Z9]#HNZ',&)#/XS3B"W9S;EE9#4[NV5,;+;_<X->
MQ[&;W3WELSU)`/9;=KVQIUZ63Q*`#<?<WQVH7Q,T4`/`[0'8;MO-WIXJ%E1%
MV5J63_1'&"6W[BVSLEBD]0[Z:%E9AQA=IS=VQ[0"W06`K58+5$W3T7>7),M^
MQVX\E:;(![[/(,#N6*GG9"!YJ.[(CNVT#0AW`6&_9[>[C]J9=N-T7CT'&/O4
M_P.#3=_,1"V0FSO&DM]`,IG"&.H=DP)\8BG`JZ5V_PS"@,OK=Q?B?,]WIX>;
M[HG$5W]B]\S/H,.M.0,%FRK&1AN4."I*-`Q*&)3(HT3S!%!B#WGV*PZW[/`>
M^Z#.J8S&$[E;:R;$_<,DQ!ET@3_^)PT3IC6EGT;>D,4KD,?3FM2[P\2[9RM>
M@%W^Q2*3KVOP[6H`XY$1926.3=,DUC+"DSL]03RY<X,5(\SI(DN1W&#C$\3&
M/X-P0WRL/LX<.=`_;T&\J-<:;2_(;++X#)PO_Y9&_!PF5L2&X6T`^QM988"F
M4$(K%SB1)9*JK1C-IEA'>>QZD47Y^]9S-XY9$I=5R2Z!T+&BW@XUK=F2V=(C
M;.EQXBMR=$+Z(+J-ODP973O8HKJ9Y-MX^\\VDYR/U&LXC6,LJ;H`F>\UMR5`
MSB6_O%UW[.9F.<.'23`_0?'(]]R!YWN)QXR,9+9DMG3.,A*]^R:,HO`!?HLM
MF)1%0#FF:32\<V-FN;<18Y/R*DR/>"!.NVGW-NNS?`((MHAO__C#X^UJ,U;\
M!`_G\-=_3S+$8@)PPX9IA&*!(@35.@#'Z=C-,\H=/Q!"F3.J_ADMB!<M6+FW
M"+C<V@A.P@7%3[(LIG)1K*6D2'7ZOSW&7I:`3;.$F^!4TY]FG>E,B*GQV9D0
M4X,2)L34H(0),7U"(:;GT8;KR=TO$V9JT,6$F1I\JRB^F3!3@XW5P4839GI:
M<10FS-1LR6SI[$,HSC/,=)LB-.<656G"3$V8Z3P<?OQ!AT2CV;8[6S9X,X&F
M)M#4;,ELZ2E(2?3N20::V@T3U73P/6T596I.Q@29[N\`>BV[TS7X5.4]F2/:
M.<1TY-UK:I4),@5XX+=9O=9U2Z^6EFO]2';W2S+\_D_J!HF7N.AQ_!@@7.'/
M,,@7?=UC`=?M3[9&.MY9G>W7.P;/^3XQ&HN'#^.AP)=1<F?]K9V-Y66'8[F#
M,$VL!-Z.X<)Y8V"$00+":N9YL;AOQ4ICX&5):$V8BPU^Z!U-N0W'],W;<#)U
M@YFZZ=W7L37)60<M-\:'L4::U:S;%I[L*QTU"YXI<[8$'!,<_DB5BZ7QJM'L
MH?D*EO`0N=-?GO%_RWRIJ]RS!_*KDN.3"#(A3.8'7>WZS%E.RW:XB=FRZ33W
M!*@C.J4)6E_<X)8H&?&VHCMY$1@WUCA*T:R(DDDXY0^^_SOUDIDU\N(A#)98
MD9LP2]%7N.=?V,6417C'D?0O\L!L);M)H"^[+[V?K0O+:?V\JQ%FSU#Y'`:/
M"A:G3G#I[0"7[?#E;1@GB,,C-MB;:6F=#;=`]3TR$GR"0[4B!M0B)6$&+[SO
M!4`&5MP/Z[D76#/F1ONSPZ\%(L"(^;:5!\:']8!4=ET>"4I.#>$TGTV]LO/$
M]EJ)KMO<#._8*/79U?B+,M9>2EMM;!I0G)H85R;-^,=K`G'XZ;7`OO/?[)+I
M.8X],+0W(2[XHV.N:!M9MFS!ZC2=^M:K7Z?^^$D"N7HKJM*QKYL3=$*`/GQR
MU]HGM.5._W"3-`)5)=OQ.U!53NT<#HCPVW.M/]SOWB2=D/HN`L*5KTW_<NBB
M6`%'<+)`K]Z**H0&EQ.T`.@''H+TG[C!2";:G22$J[>B"IVYGD<I3YW\$%I*
MTCA'`U`!@A6Y_NG"OWHKJA!&?,3169RC`]%)<]KJK:A"QVV(_M,[<T/T*[&B
M"F'$N1#]PP8MEC=ZE@;C9L>1:1F?PWLR(%B-%H_+V`!T^4$WS,'9IIOV9CE@
M6[765E,TLO27>MVNU^M+9EH<(KH74#U1N&]18M?`?1_XWG+L3F^SM,ASA_LA
MIEIX`*W:@:C-O*]^;:!OEI>X$]#72EW<$=;MC,ALFF&Q"MJ;0>J)@KW1M%N=
MO2+YR8/]&"2F?1@20^G"BXG,RBB.Y?$7&*GA_NO[JYO$3=+X:BPK#V"42WRP
M4',3JG',B-L2!?*(ZFV9^EH5/?&`2GAGZ\6+K!&M&IB;9'_O*1;A-$[E-%9Y
M,KBSQX"&TSB9TUAEA?#G"H0:+W"U0H*#I1@58TZNEWC_IB#0G*TX3<+Q.'MR
MM($9L<K'=OH1-&]]-]9+3>9,_)_#1"1JG/@Y5=*^OK''1:;ZG=F1G,8J*X0X
M;\)@I./%-/*"H3?ECC@5K,5)]7D=PFFLLD*H8FC,*:VR0HAC:$RU5UDA5)%6
M0ATS_KQ^<U[P/HU55@@KGAH!.4)I+&7FUNH$-UN9IZ?NM"XNEX"ONO6!VSV[
MZ6Q7]K0BU7!W!@&%`CA/&@2`!?WZLK"H\P=!JV77G<X105"-*LAZ#>2>8[>V
MQ()3+@2M@Z#5WC@,[B!5H#<HX*H8T)N296\/W.W.1:N*UP'.<D9%_II]N]G:
M*%"OTMN!T^FTSV<[K;K=Z6PDQE1Z.WW';C?7I,0__G`"&P(9R^EO)&/MC93N
M);9<-4U"Y_Y247]QNZ6M8Y\6J)$;GLPF0VLGUV[:SH9RT6X@.#<`-MMVL[%;
MA/?3!J"JY[1ADQ(#10/%?4.QV[9[ZS)F`\!R:MAI;69OV@8$A^R441XFO/V1
M;OK^-J'8*[7CK8*N:52GV[=[]=Y.1_K40>AT0+G<1X;&TP5AHVNW-^QS9T"X
M8U<&`\$\!!NMGMWM[B8>/'$0.@T')*Q]),1N)"+H&3MKYN$L*JZ*I1E&UVZ4
MS+YBR@RVJ@]-#L_YYO#,H5]]IRR]S=[>)NR@=,8L\*"K;?PQ^J@/\(^O=Q'3
M(N4F\,:=%BS-`&5'FR7C#.3X6[1,-V>"?]QXWX]\(GL(\G\"%[91!>3("E<=
M\:95Y"@J`/ZW"'T635'L.%5R5PDP9CV/L\VC,*A:FJJZ;%I2U<=@&$XT>@<B
MGDK$.N))[(MV5*U_C:$MAK:<`Q@?@[8\;M]YI\E+:.2[R<IOA6;7J#?D$?WA
M!J!L(SBL,6-+$*.Z<82]]C&#"+=[J]>7KWV]8XE7UD#J0(!NM%55/F$IL8BN
M6.S[E`5QOM?5Y+&P87_QA([=J3=V6\,!(RK5!6QNC`]["MUL--M[PX=#^OQV
M(G0T(O6KPN:C'MJF<`-5ZYO=WFM\UAI[P;]_B]AM&,WV#XK5Z.17_40<NUV?
M[ZOVY,^DPB(-C?@N9=;(@Q%8,&26&XRL2.R;=N<._TZ]V*.F=<,P3JJ&=.>$
M<$1TD\P-(W&N8B`_=I1\-6!>;7[]7E"GB'F301K%O$Y?M1#GXLAXLWSLRQ@@
M9OTSW/_(UU$X9G$,R.3Z%>33U<H[>,QCV*@*YCJ.\JPN)GQXX\9LE)D(/L`*
M+H/1.R]BPR2,\*/QLI^TEYWPTS]:7\_#3;>%W3)7-RX;\S',E2OAX0N3YH=0
MJV&8W#']PQK^>U^W8$K;IQI\,Q=R[E`V-TL?&!\,^AT7_>+5H0KGCGP[Q$Z8
M>U")N(JU[\'G-%]-EM<56X+=\9T;">FMVDAL,.>PF",\Z^MCCJ[++WX*!/+P
M-H`Y1Z6K&;L3SY^]6KE+M=8X)7Q\[KR@B<7'^;,TR/R4D=F008,YA@Q6'IF/
M[;X1EHUNNUD>97+$Z(<=QED8;]+HV]W^=A6+SJ=TUTE7;]L9%]1([;;=ZV[D
M,3Z[`EX]9[/<L<>NWK5X90N)\<=@Q*:,S,G62!B_5Q&R<RLCX-C=UF[-O9YV
M&8:&J6&Q/?":=JNW6[V#IPV_]N%O[F-TGM[^0(^6LWV(T?6+@67K]M%S\01`
M>9CT]U9GMU)K)P.^`V-BNV\W.Z80PR[50#J/6(2A8#/:(L)B:Y,2R>X4,,&R
M((I%P162B=3I__88;%$"-LU\,_+N?_Q!1J,@^->/1>%PN4C"J9A_'G0"6LWI
M]RVA)>;0$[`.",%G.;@4--1FW\F`3/8JZE(@K@5!H2BUE,$>!M;0-/?IJ2/I
M/&IN!Y"+>JW1QO8*&E"R_XK?3A-&SYT7UJ7O%_)78@H-]Q8I\Y8;,6N<^KX*
ME,>'K>2.65/88$B?8(_#._QN1H][P3"-(C:JZ6@J"]IL$4"GE[CY'`;W+$[8
MZ`O\;^0-X2\:\X:<*)?#Q+OWDID)P#,!>,9Q=6R7I[_4#:5G$QN7I\$<.OAK
MW5-.6+$"BWCO0H,X3QUQOH:)WI<:,]@VH#^WP)J+E3P,%CT]+/J-\"`+R=TT
MGD*].2[&`"\?PL2E&^0^6^0V4>\']OL(':W=4O53EJP=48X_]'L*2GS/MK!+
MEVU)=3M6>>_=UQ:A#,GEZP9YG5J0BHK6Z6S=8:TB\3H[QRLY[=H3A\!)!JSM
M+TBIL5W#U7.)T6H=KL?D,?M^K,/`,B;P@0VBU(UFEM,G3M!6C(`3_]UI_[F%
MB30V9A2/&6:S[]64W*2%`SJMF@GHV@73=NMZ\;2!MUF\L8%=OMO%P8%G(N$>
M(_ZHMS/O.C8D][^B-3C8XR_RS**VG,UJB1GP%0)83^O.5@QZ[=U$@<>+&#Q*
M[!'UZ:Y:&*$)(CSE(,(SCIDKPU4#H_FXPG^P.,%*N3(F,+8`!-:,N9$UAO5;
MY'"WL.E`(2APE[B^\M9W[]TH@*7$URRBE]^XL3>D^$(_A5%-:.!)AP8N<;@^
M@W4\1.[TEV?\WP-ZD,O<O:5:\?&6M)M3VZFOO51:9>6[ZYWF(59P22>(5_OL
M$)B'U^#$C_4PG0S-!=DEFNCX]T/T<EI,,-<*,=*B=G:O*43K>/XYG;#(3<+H
MQ3)J?IIH4L$EG1[FWJS*&W@LS'W'@G#B!09W#>XNPMU<JL/-?*I#%?"XM,6E
M06"#P$9L,)A[NIAKQ`:#NZ>*NR<I-F3GLN2$3@F#=FUCL,R-OO*!I::70E[2
M;C.9I9BE[&\I>YSNR-6:E]#UO35B)[^D]?[Z9AGCW\/I[Z>YW*&F-5LR6S);
M,ELZ>AK5NH&`"\)X\AU;Y;<R,[>N,G.YT<1RDR3R!BF/$4E"8(V321C`6L+A
M7W>A#SK)H]3_WS*'KI&5>K=;S<U*A?(Q?OSAL=,H]Y92G`'#:=N-9M?N-C<+
M?JY&6ND!X''4%547'BIAM&_7N]M<ELJDW.X/%$[+=AI]V^ELEGETMO`XPHJ.
MW?!F=W9*$UWZ?CATJ8-[.+:8".Y$'CIU<7G>U*7(TTC%C5I:=;GU$AY./7_O
MN;.G[,<73PAH>\KT>BK)W2<(KNKAW//F9BVBS$4]3<Q[(A?UU/3S91IY&F@2
MQ&;J^;GE3]JMIY*^>XC1]33H[0P")PO.P^!CO;:AB<G`+P>_OEW?L-35R0+P
MT/=Y.ZO%R8+S4/?Y^#U]]F;O6`GT[46PBCIAS);,ELR6S):JH`,>(R[G_7C,
MA@D:FT=8,<"[9_#R,(V\Q%O>LN3,#]ILR6S);,ELZ;S<BU=33!VBTC5NE`0L
MBN^\J94&7E)F\7O$4VML5JW[<3'PQQ]6[*;3`%6ZOI%9YPG>J4?=4K._47/Y
M2N_%H%OE1/E]$?`O6MP'NFMXJ3'>U93W&(WH;[VKZ=.+$-E7@,B3]-JWNG:W
M=SJUV9^(\_E\\6U?02)/$GBMGEUOGPX`G\AE-<X8(W6:+9DMF2V=CP9W#&>,
M*-ILTJ3-ELR6S);,EL[(];)^:K0PX)5[X]?3RDX\9JYM=]I/)(CX$*/G8[+[
M];[=:1XC!K$"X#0QV56$7]]N=9\(`A[Z/K?L7MVQFT\E9>5\8K*SKFE9&Z`M
MV_CHG8#>_YUZR>P/EMR%HX_45&@"$LG5@XCM@/&P'II[RTI[_US&WZ[&W^J]
M;[^G/G;Y:>6Z_Y1^_X7Y+JSHVHV2V5=L[.,.,5T]?C/3?[G\[L7?/GE)XK/+
M?[G?/WJ?_.$?;#+`+D$8;D*KF*81>V:-V-`#53C&PFF_UFN]1@:?M3>W;X@T
MZ]]NV'0>(J7?'QHB_?890^2WB-V&T>P#R.V`_VO#I%X%F-3;W]ZQ8<F]*?O^
M$[MU_?=!XHF-OP-(/,!-_QJE<?*;^QZ?=AHK=]_$W;<JL?VRYF`+FX:=W8Z>
M^(%N<L>_WK'$BR_CF"4\1@67MLY5)]@X_=Z.L+EQD<52@[W/*4X)'R@DYF,<
MIPS&T=9?"IZW<*+AA+KDK<TGM4D)"->1=P]@N08IA?8_MWD>I:-O_^/G#\]^
M[36<IN-T-*%A@]T<"`JE5,_IE'Q?A,(-@Y%'V\*BT6VTFXT]P.):1+^^=:=>
MXOJ7PR&6=/X3XV!O0A_>*ZZP<FC1:C?;;2>#Q,8[.B0X'@L_G':G7J\?%"CO
M6#R,O"DBU-681OK"1@Q>'AT;1:@-I^@L"A36XHI(K]&HO[ZZMFAIZBOGM04`
MLR):*ID>X8Z[EG,Q#J,+QQJ`MA%;7I"$(E80\X'@_9QUTG+'"8NR3J?P2"CI
M;JV@!<TU/-T4F'@0[K^^OY*W^A+T+WS,]?G]?NN',1M]"",$UE:0=[Y=IK<'
MNIR-3K/=!3Q<>P?%[:HX?0)*M3?KM-KM=GZO2Y8O=WJ=1L,[-V8PZY!)K1<4
M7OA3O7V=Y2C@0(^W\S]OWGV#17VC119T$:==JXNCWF)/AP/'P6GP88&B"$<4
M#AD;Q1^B<(),W0V&L-B]L.=]H8:^]XLV;+[1:U'G:8W\K;6+O>_[&#A0W#WH
M/%MOGO!%B?!7XR_`K+P@CR`?L;H_R/TKMEX=\XW3$Q=AS8WE99`9PB;^&EX.
M0?.)6+G^$^]-]M@C,,IPH]<KXL::&Y38<7E[&X'>#7BCDQ4$*.CB<0(_D)JY
M"B"/@AUEI,*1E&*3S16EA4\AK.LQ=KS:>(=+F]==FGEQ@=:_%.W?I+$7,-A\
M#)Q#7I2/P>5X[/D>K.E4SGN.-&Z\T8."Z>#6S#*0[!<FQ,*X]O\NC9#"LL@+
M1USF_LP>Z*=5</C`!O-6L$:OY/LBW_QX?;6NW-QN=#O=?E<S9JRU='GYUWOZ
MS>QM.)FZP:P*.V[VNYU6I\4O_X;KWW3;-\SWX=<;/:ZF`B!PFO5ZL]G<#`0E
M>RF3EJ[2!)@$D>)%DG6,EM)R2\7^;?K]CC,O^:R]R)UV^&;V9^!*^C#Z;X+9
MD79=;_9WV'79PB4DT#8R$<829?$^%2<FNG47;B)'P(7[FXWPYC-8"#Y\&<&:
MN.,`[H-Z1/"*2V`]H[SAEU^E4NAT_GA/0K&[KJL#=)3@LSMAG-.)S%HNJ.)/
M"$@.A&^TD*^S*7\T2]:EJ[NV]2C'#O<*C[T`FO[G'[`W1;&<*L+YUVOGGWL`
M8\ENJPW%-6"3A_2G,+C]RJ+)QP#IE7>/.GEP%"`2$V31O3>$[S\P]@4(#1J"
MIZZ'MH<`VQWX;UP?+08?PNB/,$IN@9ZBOK`WC?<2="Y:N[![B-6HKP7$=M>*
MOGU!*-$3?X#N/TDG*REGBQA*O2/,JUN"ZA"0KA-67@`X+TK`7/*]MGGW>[;Y
M-<&_$D9.8V<8X?_O'4X;WUZ\C*#A3-ZQ0:(NL9PF%D##'S\&<+%3!;DO#.2*
M<1A-8-WZJN*K(#,?B->+RANR<OT=4N(N,W)[DAAZNI!'P+\QD%\-^<]A\(A(
MOP>28T"_'=8_:=`?A-*W#;UY+'JS+NCW(N)PX&\MQ@=!ZOI?6,*=5Y<3#.*H
MHNZWT.)<?_9K.W.X[!<0$K?+3^,JD(>1H<IBQXVPX"PPR9=]O\3*WGSV:Z/?
M:W>;:N,;+O%Q=_;M@Q?`/`#G+VS(O'N,7XJY%GGMQLF[E&-"V5-OTRB",Q./
MK71'`*#ZK7[_Z<&I6?\:MOOOW%F\`:C:S6ZS_^1`U0%0]38%E=/M=CI/#E3`
M@-C0#V-@9YN@5;M)\3-/"U;`ZES_:_A;Q&!-T=<[-^C7-T0R0+&^4R'`;>=4
M*<.(?J=!D2,GN+.C,J]&I]OO58E['0=06W&O7K?1;SPY4&W%O9K]3JO[Y$"U
M'??JM^J-78CPJ4)K#_S+J7>;K?:N>(8?=-?[&Q:P,:C+KB]#A[[>16%Z>Z?B
MA_:BP*Z5X;?=^@IAP5,6<9TXN0Q&J"%/42U]QZ:`KAXIL#QZLAPI-M[7KS=)
MY&+J_(7O!<R:T-BYX-ZU%[361N!(`6Z@S_\9LW'J?_+N%X1K;;Z31K?6IMR5
M>(WUEZU#W\!<KL,-NUT<B[L#.HEQYT.)LDTL7(N^X+>P3=<+Z+*(R#J9(#=F
MT><P$4DYE*IQ&:/]ZT;5'H+?(D85#/[I,7]5!!'?95Y>;O1+OE]H1-,R@_"W
MM_`5^E0W-8`6"<[WV'L5>/XOSY(H9<]>5@@\I>K$L<%3$+M;_58^-'.?,*H0
M[/>'FIM8B)\B;NX"GX*J4^_T.N>$G)B.-(U*N(/S[0^W^/WC$H9NJR[DM'.'
M?9F,_+BP=YQVO]EX$L#?&^+OD>HT.O76DP#^WC!_C\!O=ING1W9DWO?2](,3
MD@KA`O0/=PH*6MP4<L8'LD^B5.\ZYWLB3:XZGPJ#;O4[C<,)ID_D-/9W.5I.
M[XRIU<9A-H^L.#0[O<-9%)[(:>SO;O3JS=Y)GP9]7%&N[(1$JS;\W^'.0P+K
M8()N-4YC?]?#:1Z2=3SN<9R84-65D6;F*![]6C3K[<.90![Y+$Y,GG(:G=X!
M.?A3.(L]:AK]WI%IU,+EKBX,].&?.G`WBB['04OJ6F#9@\T6]DA;.5Q$7BED
M6D\!,*LC\$IATVAVSQ\VJT/N2F'3?P)HLT:(73G>.(WS!\ZF$76ED&JV'PM2
M.T0\E9]YQWFL&[&Q)')<#N,XC>;Y0V9+%M.J=\X?-ENR&*??.G_8;,MCFIUM
M*.?)@6<O7*;=W`J1,!P:YGCG^=XM"X;L;1@G67PW/K87@\GR^I-=K0#K\L7L
ML.0=F&%9U=CZQFN6L,].0P0^@ZKYWZ!?+BLNOU,ZEXROGL>95KX([(J59:D1
MRUZ0EWUO-0[7,BI@,CH6M.8[E6GI'K:&]3!+?*$582%PFFL`)]NK+%XD;^!5
M<L<BK6AP,,J>75(>N6K0*<'\ME,H%KMZJQO<@"^8D^'O^P(O/.3&VA>`+TSN
MY*T;13.@XO]P_92J0X?9"X?/QU3TAZ]^V6)T8>&#ZT7TS,=@FB;Q.R\FV]>7
M?>7?'-P2NT7Y-MZI3NM>M00(9PLKO=K;RE+YK3.!U4:58K9$+*?^Q(&U$6:M
M?PN1JA4>(;EJC`;ZO8%J9;F?EBSWLW0M"Q:,T`,F&V(/>>#`WH1A\EY\FA0D
M=RE^O6[]LQ0N2[;\%("4NPR_7G?/&TA[H:]8V[;U1Z/USH!J-4)M=^LDR<T7
M4_O@#MF2VF%<7&VT+SZ']VM6D5VKHEN^U"S<,]%E97&MV:+LVY$=/'(ZR*+-
M[0B`C0K/[*\?!P5W'&-[&_7:W;)BWUO?C>//8:*>V:$*Z#PR6-[HEV<?PC`)
M8(8+YYN#;3F/A1U'`]\;YT@`;"``>^<'O\;1X-<X,_@1,#",QAM[0W?STIJK
M8=@NP+").-BH&QK8*"W'NPI\#J+@?`?`DP??%C1P.P`VOE'@<??L`+@Y$=P6
M@*US`^`N5'`[(#;Q&C<:_2H"<7^";J>*VSNZH#M??GHUD<<H\/,#WY:"[N8`
M;'QK8_W!LX/?=H+N-O#KG!G\=A5T-X=A\QMECA?[\6X.Q#_<!$/69^\6F;DV
M#IE<UT[S*V[\PG$N&JU%&]`7M\,6-N_!=;@M4,Q'X0DRA;T)HRA\\(+;M^[4
M'<(;^[(M[6XW:^;L9NOO8'_[W>02/^Y^R[%`NMGW:S7<RTZ==J/57T)$\DO?
MQQ:/?IA.N]DKU/W9<H^AC\WB(M>OX$$VFJW.,FY07/Q^MGG\F]ER.KVE"+OV
M/F7%5G1WW*`;9915=GV\HUW@3UZ\X67;V/_FJZT.K>[^U9A3AP2`GQAX]^87
MF,?7HKC?)0"W]020IP'B?;D.5H.X]_1`O'_O`@=SOI!K4>UJY4N[G@ZX]NE'
M6(6/#EI(L)=ZK_UT\'&_GH;55[[/KWSCR8%X7[Z(U2!VZD\/QOMW5ZQ#5MN/
M35:-G/[(;HO5/*4C>$KOB0%X;XZ--0B>\_0(WGZ='VO`N/'T8+Q_!\DZ3*7#
MF0H:<!=&SI:W*;I,WJ9).!XO="D<"G9[C(W""I%.JYYU9-H!!F<)QO6"*[`I
MF--N/D4PKC+$]KK=IPB6??IUL3ABN[=?['H3!B<(J[4(6A:?O<Y&3Q<@:Y.F
MEN-H36-/$2"K2B0ZO6;KI#>X9W+1;'=:S8T`LK*R1Q8G<C56B]];:LLC4(E6
MW<G7\-]LZ^<$M/4I2;W3:9X]T%;(RZU.MW_V,-B9("UI=;>_75==$G$Z/:=R
MJ%)Q::79;[9:9P^T51W@.LU6]8A,Y:6>9F-OF.,%(89D2H/9U4/`HOC.FV;V
MLC>S:Q<+.2Y-</[V.;R?)\NEW^_N76@`YM1R^U]_%U(JUOM6_Y:ZD1LD813/
M=[#>?Q6BA;O99%EEV[@6@`09>,@^A-%[=WBG8T:E#K!>Z[3GM[QJ"XLMOEK=
M@*OQ/]S(PY*`:/Y]X\;>TOYH=6>#O>\U.__7JX!=3&`U=]:GCV^NOBRR@2_?
M6QDJ4(WVF)K6$"CA&ZP@=AFO`O!5](6%U836%NBT&QAR=-(-X"=*)&#L_?<I
M"^)RQ7F_%1V+:6MERSC*,N%<?'*CN%$RH[K_[I!:(KV9Z;]P!\<=2[R8()VM
MYY,_%.?],1B&$^Z5H1_"H8LCB5(8VOK7TE+:G<,`:.,\B8H"")3_QD800O2_
MAJLP#GTO?"P4^BVBJB\?TF#D!;?K@087?L.B>P_+PL+>UM-RVWG%I6SW6T'G
MD/AS-.@X[7IW+?`4J[=>!B.Q:GQ#(\-8\FM/W1B/`#!M6+'9M:!66M!V.4CV
M!,0J8MV60.QO"46)JE_8,+QGT>QJ_,Z+V#!Y',R[C&''_PS7@]9U%(Y9',-'
MUU](WI<8G-;?\B'Q9/];+C;MTBE2Z9[E;?H*LB?(?%*07"'7_I[Z\W)MO5?R
M?5YDS3AJ063=GTR`!=[:HFQ985/'W:MB(7.ZS,H%ZH(Y*"XL)X@LP=(+P-*+
M$BR]`"R].)0,MN8)+U%*FA39Y)1H)7.;7PM"U^X,U;Z/P<V=&RVP7YTTP$B+
M:Y?805:!H@Q\-TDX_$N9@3YY$^^4;_\J+.OWYJ%6`H$L!UFS)P!UAE>\^U(0
MGS#,?H7?+?Y#9'FQ!>`*+=QIXK.1E826&UB>W+LU42-88Z!&R9V;X$M3`8:_
M4YB61?X,7K'<*&)N%..?0S>^HZ_@/SP]E&$3"AP^#-C%.$RCY,X*QU:C_C/^
MD\":1IB3&<GG!S/KX<X;WEG/O1?T<YQ.\,GGE_RC>PL0NB4W/<XU\NZQW/PH
MMBUO#-/.;$0&&`_V%*:)G./+^X]?K<3]3HOWB/_*G]Z&DRF\AQ-K'_\SMMZ$
M;C3"IS@C#:-L^[`=?/8N]$>`3H61_A-IT602!E:,*`>+&EG/WRQ8?9Q$WH`*
M;&Z_`ZS)#A)$<`OKBQ*!X-;S!R^YPP%&Z=3WN(CQ0NZR_!5M>]K6KJZM/^&Z
MQ=;S$"OR(R[@`<^R'^Z8/RK`SW(!PRP?;QGL0TSR`EX+`!V\?[.1;841O7"I
MO@)`B\,DF+TK`">P@+9-X21P47$**#)T?7@:<$>@H\6^#QF#UY][`GFF43A*
M^1O/'?[5(`S_LNZQS*D%0+!B))FK3E`=,4R'?S(79J<ER)DGJ9]X`&>F`!%0
M[7]:*V=0J[%DGY"&DX\3EU23^?670X\0M?'"ZOU<DY4-UJ6+NM1-A/9C'*=L
M]"Z-8'[>K8;S)OX]-OX@P6D!W][!:,B!/=]UPVDW-2EYLS4^\NZ^\38;:*18
MP^:U``"-?K=_+@#X&(P8Z%389D32Y@T@X71;50'$#I7E%VRNW6]VVB>ZN[W@
M>;O=ZW;/!`"[X7FSI6=#/2H@I(3<E))P'A:-7LGW-^D@!N$1]O[^'OY'N<L*
MWPLY65E3WO^=>LD,>2,(G$'"`?F6."UM9'.Y6LC,QR>T^`CJ>B/<#8,E[JW/
M_%*#4CY3ID6EKSMYKU+YTHZT^,W(Q.K]85G;EE/=_:U)!59O%/,RVH?;YQX;
MX<VOO?7LUUZG59W%[QL)VSPAJ[+[VQL2=H!%U_>RS\LHPI81"/,WL^P1T$C(
MD/(`VCMG!EG@2$P]Y;`3YA5I-?%O&%`4?PPX4=[/]:69%;OZPE"+'0)'T=D/
M/8,Q^/0,,+]9#^U#RM+`UR4>_HHF&E3`R-@!RC*]))]=DR_ESZ&-5'T=FKY_
M(#^E@_W`!A$HUS.GCR/)$Z.U'?)L&[Q&H3G;O9[M:M&O][2!OGDIU9.@E,TG
M3RF/<+"/1"E;3YY2'N)L#:7,YOQ?YMW>`7@N[UD$&@+]^(XR$42SM?,0.D'P
M_S9%.PS";.Z:M8OQ_>W:8YS_RK,P"')(DES`D<5E5]NH)3JMFEX%IS+'<3HX
M<G+RV'(BTC5$Y/00Y#&)2*_:1`0][,=:$.\L3=^=C;RQU-#8QA*H_:P<S",`
M^@F>\2%N^XICQC*LC;XYYZ/9ODK3ULT!G+C<M>J6.8::GH7LM.J<&X::'M4^
M5DUJ*N7E2]_'Y"0V*E^'2%_[S.#=K^[WIR)9.M10*6?!W`Q0IP?BQR!%K6>_
M=L\;R*OS^JJR^W,4:=JB9.C3`?%CW&*TY#;.&\K+KW%[5R)&E7]S.1<\J^W:
M]49K9#]N%9"W-!=QU6)V6O19A@KO!9Q"O+L:KTX4WF_1G9965KE\$7*)GRGG
MZ6JL1S=_##YY+#WPJI?'8F^TM+V8[_.S7=Z[GH]I4A\$M=U7L;UKWPT^NQ,F
M:DL$MYAJKA*U\->UDV+JZP1E[K[S(J9(UK(?8KT%/.0"YM,G\G@CGUL[,Z+`
M*@@XOT5AO*KV&C#I4K(W__VZN_UVX_HR`9H'\UY?K9W-D,>*K39\()`=1&#:
MWXW:%^0H$5-+A=5SVK/"EA^#>Q@$;R'5SOS*$X5YI9&C"`>2SNZV5!U5^#>?
M``P?HG""Z_:"%"!WQ7.7D0.S<1B)-V$8%K^#/^+$&QZ!*38[!8JYPW(/N>L]
M9F7`KMN-P^SZST"EPK/1>S<*8(@81U7B\M<0Q2P/:]ECWOH-&\(U2CP68\W'
M@Q\XFN7R<ORN*S[X[O>:CO-KTSG8[D'7R;!("0Q?0TT2%]4(CG74[9:3+\*\
MX1+WO;O]'F6_7C![;+$[3NG]%)EB=K3OQV.0D:X">DQB!3`!XG)7LN3$=59Q
M@A<U./R!-AI95XQ]+?LH8-CS)>[W#@(&9=L0E;7GQ^;%=[CG@4K6<8$'G\%?
MCH4'!1J^VWH/O/.#TN_][3Q//!+.$SC]X`7&:0JVGS2=%62[TUY&MA>O;6_[
MV3.A;G5;.^^G$(I69@8Y"%N=UXKJ&++9:':[3:T1_;K+V]N6]EIR`[?4<AI]
MI]/8;4MPK!&955Q?<%UN/LF=\;S!)3/''*R.SI+RF@=:]!Y.J&31R//66K`D
MB8(=CH\FMY2B5Z?1<NH=SK+WN_PC`F7?=^[P0"E89+@G$MBA,/##7UH6_!)O
MQOY-VJUNM]?G6]]BD?O>W_X+&+5Z];:ST_Y4SPA934[4*$,WZ#M16>^=._L#
MMG`'8_R3N>76Y\PD>YG>SF^OWBSY?C-/E%JA\++R3W*-LFXCSG!1[UW4FUH_
MC/7WM@PD7`R4,OX2KT3I9H\(A+7B_W^MUQJ-Q3#*;[8,+!HPOX9O&#KA3A%1
M&KUY(*S>VJJK@R;<81B=)$2<UO*KLV!O.<=%YD.!7<8P!+=OPHL,.,OH2J_K
MOEZ9V`)0&KMZMI>;;IUVKUUT\FVRI^4^7N475M$[6#IF?Q[^#7WVV\)M$5-J
MMI=YD<LW#P#;_/^UVO53/FI\-99^*&P;=`2]\\)I-WN%BEB+EO-K;M'744@%
M6-$7@,#!CK,`+#0N`%\ZSNJ;[8:3#\Y<N:K")M1&%:DH]E,[PC;F-K%Z52IT
M>GC'1BE>;=R<-.W\FZ[V5Q*(8;EO?*PZNY=]_/H??O)Z:L7)S&>_/'OP1N%#
M_,IR7ELXW$6")&0<1I-75@!W5GSK42FI5U:]UO:"U];$C6Z]`#Y.O[^VQB'^
MXM2GB?6?B3<!,A*P!PL.SPW^T[;H&]N*6>2-7V.MZ(1=Q%-WR'#\"`#XVO)9
M`A"A;T'&S[X?AGX8O;+^#^\3#B\#R<^>HKDO'MC@+P]6C8L$\3/\BUW`CI([
M;6WX/4N&=VK@9_]QF[S&\MKCT/?#!RRY2XH'+!(T(MA[<L>K+D<>[!++8</M
MH9J\KN_#0_H!61@X%UMN@F]XD:QYC#6YA]2YV1JY]`"]#X?!K&;=MO!$7N$Y
MO)SB8G[\P9P)@.$_W,GT]?]Q.O771=#P\W%][S;XY1DZJ9$-;`<M7()83K_^
M\VMK`#N`G0ZQK/DT!A#(OS:#XB*`[0U`8J&H45M#YOMB3/5YZHY&XK,&MTA"
MZ9ZA>\_U+PB(KV"T!-CZ:_W9D7Q6@(0_`H_Z+M`>!Z`0A[XW$@`5X_##$(M^
M(%L:#NZ/8,5!^!"YTU^>\7_Y$<-$^*B<BN_5^S?`O3=-^'*0Z,-.,FR@P(.7
MQ+ZS+U$0)#3!(>30+Y-1V88$;-2.8"][77$!<==8T38@7G"$^]R(X#ZSIP78
ML@4#%8`;%E"B^I:+OQ+\`Y\=1-9+_.XZ\@)TLONG"^'JK:A"9RZ%._W,OYP@
MI7J91&5<9`"0O8W"-!A=2$E@",+Z>+R0.I4R&/U`?#9.%$=NUQO``>D=;#)M
MR::F%C4`)CZ`LE/KXO*E=06J&[9LP,]+("I&=CIRX`((RM]:L<*YW2;AE(_^
MUG?CV+H4<N$H9;"^=A<'CU,2:)X[+VA>\?%X*\_&^6G-UR/$./5^HZD&:+6M
MB>?[(/]NM9#V1AO:[JU]S;X$'DY?P:-6K^^VEI^/=`-7[GL'`*^X$V\NG"6W
MHK'J5FR_L"UPGE[I;8/DJS%KQXULB;7T;KOF]#>>\$F@9L.@ID'-:J$FEW:&
M^/,8&X*Q6$?*9O60LE&OM<X.+_F[O8;C['7>M?&4K',5QM)JG]O^ISV[+1U9
MTUM#MWMCO;0^A_?D[%NDW1U.%BBH;JV-5+?C$]V64VN<'=%MUGIM(PRLH4+E
ML+."<JK3K'7/#CO;M8;!SG6T*(.=!CLK@)VGIT@U:OVSPTNC2)5AZ8\_&%7J
M;+94-56J?7$)JM0?[HP^&"UJB<+1KG7.CN*"%M4SDL`9:%$](Z8^(>0\,27*
M(.=30,Y3U*'.STEZ#!WJ)<5:9Y^WC4K'**FSCDD?>?<R(AVAO'X\.H?*!=RM
M5U83X_OF`2=@U9Q^WQ)68@X91DC3'`Y^S_)0R0=N-?M.!F**1J2@1A&T25`H
M1FR601X&UI`T]^FIHV@!,7=*EM"1D^9=F#WAU#%]8A.0%9"2!CNUO`G%$8M4
MMW@=EA!H^2A(&5[`GY9*\3RKP42EO$Z-N=\Q"[PP0LA2>J3G^M;4G=G6V/O.
M1E8$#)H_7#L*L;\06]%O4_9?\=N)7J[#Y"29:_8XUZRQ^IJ]T:]9BMOR`KA/
MJ^\:G%AR9Q75.&T(V!4E%A;,$#7K?YEUY]XS"V#J>@$,FA178^ZQN<?F'F?W
MN+GL'B=%9=7R*/7?&LSH9O'?W8#?LP$+&#R&USI\$-6%,%E7>S+2KB:,\5O$
MW,0BR_L'T.(Q@?C3I[>8XXOOC-@TC+TDC&K6)?^&E^/,CZFMSK8>&,V!Q"7Q
M\?J',!\5=8!5SN#O"<R-T[A4%"6VO$!?WAA00B,92DZ`#>9)&A&9`6,!$#!O
MA*.,4]]?F[:()E=KYZL7:U#\-_-''\((ZUA\85B_@HCI=11.$1@L?N?%`#HV
MNAKONSJ3F&,V7_8[7RAB_17N>6\[5"-8N+?FKGN3;B7T*L570583'"MX>%03
M//X:7J?1\,Z-&?P$LV.##?'%=>0-EU4SOX#=7I3L]@)V6_A>#IE-_/[[T$_Q
MZF%Y"TS0SWZBTB'S;XA:(PLW]8[%P\BC4IKXVUOXZC:,9J+Z/``)Z3Y,N'"`
M#2;`"B=78WERO-8)#.VSRV!T%;"OX8<PC3ZX$\^?B;,:LGB=LC&BSKGL5;*'
M`U1E*C(Y9I35'YVOD;^X?W5U*NILO!]><N3_?W%AR69)U@WCM8,N+A!"OA?\
M]6HL?OL$'ZSO]%4""_[E&>R>@4@P>B:^C4+D:W=),GWU\N7#PT/M^R#R:V%T
M^[)1KS=?XL\O\<%G:F@@I[D1J6PWML'@7]Y%N.G_HSHY.=\<^9/O#I@/+[B#
M;[F?7\XM^S+*S^%&0SD(_+EBS>*)EV-WF%S($9]90IAP:G4Y5!)J':?4*L<@
M`BU=Y(8`:"P'0*,J`&@L`4!C-P`TE@.@<0H`:&P/@.9R#&A6!0.:2P#0W`4#
MG.48X%0%`Y;3@!TPH/&MN?P*-*L!@.57H+D+`%K+`=`Z!0"T=J$!2Z]`LRI7
M8#D-V.$*.,NO@%.5*["<!NQT!=K+KT"[&@!8?@7:NP"@LQP`G5,`0&<7&K#T
M"C2K<@66TX`=KH"SG`LX5>$"RVG`#ER@\:V[_`ITJP&`Y5>@NPL`>LL!T#L%
M`/1VH0%+KT"S*E=@.0W8X0HXR]F@4Q4VN)P&[,0&^\NO0+\:`%A^!?J[`,"I
M+X<`_'X"(,BM<F,RL/06-*MR"Y:3@1UN@;-<&'2J(@PN)P,["(.`/ZOL@A4Q
M"ZVX!;N91E>8!IV*J,4K8+"3<7#I16A6Y2(LIP0[7(36<NMHJRK6T=82`+1V
ML8ZVEIN&6E4Q#2T'P`Y7H+5<+VY512]>#H`=].+6<J6@516E8#D`=E`*6LO%
MH595Q*'E`-A!'&HMYP*MJG"!Y0#8@0NTEW.!=E6X0'L)`-J[<('V<B[0K@H7
M6`Z`';A`>SD7:%>%"RP'P`Y<H+V<"[2KP@66`V`'+M!>S@7:5>$"RP&P`Q=H
M+^<"[:IP@>4`V(D+++6/MZMB'U\.@!WLX^WE]O%V5>SCRP&P@WV\O=PZVJZ*
M=70Y`':PCK976$?;E;&.KA"%=K".ME?8QMJ5L8VM@,%.\N!RVUB[,K:Q%3#8
M221T5LB$SDD(A<Y.4J&S0BQT3D(N='82#)T5DJ%S$J*ALY-LZ*P0#IV3D`Y+
M5YE;8L3B,(V&3`ZS3HAZMKCO$Q_@@VEA++CX\Z8`,K40Y]FO.Z8S_]?+W!8J
ML*>&OJ=JYHY6#VA-#C23J!=NE*A7O8-L/?OUTO>MB1NXM]3QV1HSL2-,@ITR
MRH2U1J+3LO@50(C[F5GL.SP1LY&$TY12;O#3PYTWI#:L,WK<"X9I%+%1!4'0
M?O;K/UB<X*G+Y<=6&#!KAOW6D1Q;MY&+0``4VFW]Q:D[^]G8KZI^I(^)8@AL
M/QW!0?WD=/MVK]ZC\_S):73M=KN/UX,_!W<KU]&6'GL']X$J]S<=^K9E:TUQ
M?2!]/(>:X6GB_2GTTZ6;@K?1Y=?YWHT\2M#V9#-GNGP>K.[YLW]\?!\_>_$:
MT226BQ^Z`4`?<&O`K#26<R1P7:UPX'NW-$TL[SB.4+-$<VG,?8ZH(3"U0H\]
MF`V>XU<RHTSX#E^@/A>?8\0).0X-]QG["2-,AFY\9XW]\*$P+]+`(4R,1"BV
M1B%.):GY$$X^5F1_&GD3-YIE-!#^?JZ1M[=A-*V]P)TPZS.B4>\"LW,7HMN&
M<E!GN:.@<S1'P4(91UMA3B[JY"2GK07!SG)'0>=HCH(E`&@<%@!+E<+.T1P%
M2P#0/"P`EFJ$G:,Y"I8`H'5(`#C+S<3.T<S$"P&@K;`83K8?`"PU$SM',Q,O
M`4#OL`!8:B9VCF8F7@*`_B$!T%AA&FL<SS2V$`3Z&HO1='N"P8JLPJ.9QI;!
MH)P4[@\&*]+*CF8:6P:#]H%AL"*S[&BFL64PZ!P8!BM2BYQ'9XKZ&@\$@Q79
M1<ZC\T5]C:M@D%>8/L$'_#:-+VY==_KJ+8O0O$0%52Z'?Z<>:&\?@Z]"I07-
MZW(X1,L/PU([E[%>(8FI%_3R(E@<)8)MI*Z/M5[X`]?NC&JS?"';$JJ_EPF]
M''ND))=55[F,OUV-J580KR'4RE?5<;Z!8E[X_M"E<);48VD^^[79;W;:7:K'
M4BGH;G+<@3L<HL$1QGCGC>$K+-1S'L?C=)OM>F.CXRF%QF%OCQO??4"[ROOO
M:&%BHZ_A&_8V]'WZ<(:7IH%VMO:!+\WZ0%W_<"\5:OS38_[H/$[CHE-O]3<Y
MC0(4#GHW<@=UF7QPO6AQ;:Z3`[W3[G<Z]<->A$40-`*!?J1`]_=%W-K=;O_`
M9_KT)(+]G8_3:]7['2,25.Q8NLU.OV5$@HJ<Q@6(:%W'R`2/`?NVTVDT'T\F
M0".%]TJ`TO)&\Z`L*6T+$A%L.1L?(?+U+F+L#WCW+GZ/=4./5+KVV:]B"^1B
MG\E/O%3PV&.1%0_OV"1OF8G9L'8;WK]\^_'_/OL58.]TG%:OWOFOE\67Y7`Q
MNT5FRS^.8++O4]\;>J*&JS7RX-<8=O++,RS36@*>9[_B#^4PXM/.C;K&9!)C
MM@$R7]$&D%ZXS)<%&+TL.Q`>9J*.)X"!X5EJ^%GO7#3K"O;B%_E9OO<RAZB`
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MONO9)J`RPK]W49&4C.,3`UG/R,1T#C[:UGJ.'7-,%C0+BJ?!V6!2SY"!M=7,
MLQ=_Z+7CB1;N6D[$EWBN53G*_:\BV`SHD!G0R9@!&0K\B-=$C^A>'AT"E#%+
M:MH<"L&ID%X0C!D486RYGN/3IX1[:-%$*'?F!M<`9A[!#*Z=;]X9D&&K[F5N
M["ZQ_G4+#+:)>@B1SV_P[D+*>M[&]?,]90GFYFY[H_E0=R5VA`E1.]XW0M;!
MGK!(?J)VHG/1C%@F+DUN'X=G"FP?`X!I8)^0!_2]>8&"D/GTV0CEH4J?JKA%
MT)('C*[SAWVIY#$4.7W40Q\I9#F!7"N!E%"@-(70>F7-YA")<TA-'")Q#FD#
MAQRO0#L<TC\+AQ0RJXK`!"@-&\P@I_,HCN.J!*Z</RZ,/\ZG/-M.C$+)HW>)
M!DAR;-R)J4&IN1/36`(YIP+M&""]AG-(RYR8$W((=V):P2$5.#&#R^40\.-D
M_B8F&Q'^)H;SQ\F59]N)N6TV>;3-B3D=?7`GIA4$4H43(S><0UKFQ)R00[@3
MTPH.J<")J60SE45^BE)']=?IP=:ML4=GF2H=42J190J:SD1V;YNF;=%@/AJ,
MYVJ^!\W0[Q7GA\5F@A/'5;JTJ61HY?AY1.OF"[?]+A%/L0<(@TC#^%1M-270
M(&/BV&1PWF9NAW_]P`9$K$)H8LTQHC2NMJ]$4:)'/1L94#"DW+A>P$/W:`('
M:<)W%F_(Q<\^);-*]#5L,^[HX0,^N4OP#G4N/D6U;O>.0$?K3J(JU`&0@[8*
MP0YBL:VU@55KJ5EX;H]LWQDA4X<,&1>T;1'S1R1EZ"%COBI,R&6D=5=*TIHS
MPX;QRX)/;T\<W5KH[\@8(@.52+SADLZ2]+8^$[.SQQ(CA3+"WB>PBDW5*3;(
M4RPG".@%:`<MZ/>DAYODF:"4#?9T5X6O0#]%GT=_-!8!VNK:P3B2>GQ%=/PR
M#=301BL.1%CR>!\:Y2U*:ALGH63=Y>+9;&/R/#/YNT,)9>13BR">PE/((F#3
M5[=TTS<SI_8,.W\)T-;Z2F=V#CJ?=Y(B>!.>41+GRI4F3U+-UIG4R$883\E]
MVBI[M2`V8G+IJ<;:.[^FQ2OON^_@Y-+;(UKT11#Z<I!O50ZG\RVR!0!#'YR:
M3D%-29PY-;61FLIHVB%J$J7/4Q/</L$.I%&2H]H*LAUC`Y&T=R"!\Z=O['[_
M2%`RCA<TZJMS(_;@UV7X!?#M'7\AD"9H`RGB8XOM$5TE9A)@)@L%(-M"8_\*
M*`1ZZ1N=#$PRCE_I\G7UJT:O(PP*KAKL4J7$JA$<@M_D__]02P,$%`````@`
MS(0-1YP\WNGA"0``]GX``!0`'`!A:G@M,C`Q-3`V,S!?8V%L+GAM;%54"0`#
M0`#-54``S55U>`L``00E#@``!#D!``#M76USXK86_MZ9_@=?^K6$L-G==C.;
M[9"0M,R0A<E+I_=31[&/0:V16$E.H+_^2L:0&&Q9@+&%;V<_9$/.D<YY'KT<
M';WP^9?9)'">@7%,R46C?7+:<("XU,-D=-%X?+AI_MSXY<OWWWW^3[/YQ^5=
MW^E2-YP`$<ZME/$Q>,X+%F/G^I_FM8<%9<[OB[*<]LG9R>G)>T?^]V$<,NZA
M^8].)QR%7#CMLQ^==Z?M#\[I^_/VQ_,//SG#6Z?95/4$F/S]A#@XTB["+QIC
M(:;GK=;+R\O)[(D%)Y2-6N].3\]:2\'&0O)\QG%"^N5L*=MN_7';OW?',$%-
M3+A`Q'W54L6DZ;4_??K4BOXJ13D^YY%^G[I(1$CEVN5D2JC?FDNQIOJHV7[7
M/&N?S+C74!@P&L`=^$Y4_;F83^&BP?%D&BBSH\_&#/R+!OIKUE0PGGX\.U7*
M/UQ1PFF`/23`NT2!<O1^#"!XPU%E/M[U$H:/&"#11'^AV8E+)RTETLHNHJ5,
M<U'@AD&$05\:DC`19@*(!][22%7>'O5%K8&ZB2H"A3]E21CB&B*0?<2?(J1#
MWAPA-&TI?%H0"+[\)$*L>=J.`?\A_OC/#N<14(N2`_0$053?GVL"K9+MND)\
MW"&>^G']+<3/*)"]CW?$%6)L+GOI[R@(06.VF?XZN1V6=!`Q=UF'_.\&L\D&
M'DNT>#B91*4UL8#)4M]G=)**[+)"NHL##F4>,#F"R0$LY-(Z.E4UHZ#AO``>
MC87\4^G<W5(F1F@$?8H('Y`[0,&U''^$CJ]L'8LYTC@:\_+.)EY>[?L-`L^G
MC*-`QTFZO,5\9#@8<W%F%Q=$H&#(Z!28P*`;@3=$K69@W:T8_/?%@+\Q]\L/
M9*4NR`'R*8`;:>X]L&?L`DM!5"-L(:8ZUV)4/QP0U1YY!BY4T,M[I./[.,"R
M8Z4U5)VTI;AF.A<#^]&FL6+(8(JP=SV;`N$@@X*!&`/+C=RT:A;R8N9N3-!/
M-A'4Q^A)MJ"<<?RM5.M+F?;=@QLR\+KP)#3VO962]E75.%+`7&\A"7_,(N"*
MX+Z#:<C<L5SQ=N0R$*(!QXR"5,VCH27=;[.@N-2E"B(R?E?FW0`,T5S-M+I5
M2IJXW:2D>V@6$I>:B'!=%H+WQJ/ER&\VNIKIV\V5(09F(76I(YZ@[M]C&DB[
MN,I6B+END-L4+M=:&6#XP.1(%5F2ETE*DZZP&65#G1)';;IIWVQY12<32HRH
MV!`]"AXV';1O'NQX'E[8,)2A=X]<H2F6"_DWINN&WGSEHR#*!`3[)LX[$`@3
M\*X1(YB,N)Q$PHD"6D5B/G:Q+N8W4#X*ZDQ`.(9ILT?<(%2[D$/*(KB%8/@I
M%"IJ>Z!?*7$I$1)#:<JH1P0PX-HE73$56-4$]H%H8\62TL#LFR%O,:$L\CR7
M\`W1VE*W"8I]LVHRD-\J2,Y5M6,EHW5KG;*T14Q>-SLV'XMJ](:-N;5V,N'+
M]]\M_Q5SGN)>[::I[,'`EX[0"3P2)+T1ZKS#+H<K-.4=_J2%IO*2,\9+HA=F
MQ*GNKZ`;VC-5RLYV)PT93(%)NLC(V/17C4HW(?(H6._9F6[;>`1C:6SLE@$W
M2\FCY&3E9OZPV:QBK_\92`A<.J(&'E-FM&H53HTF[N@[SUMB[0NWHX3KPE`-
M.V^ECHR,A(/V1<VKH35V0Y?UWY0UM37C)$F4,A@B)N:)C9/LWFJD5F$#R40S
M><PDS^\BNVDN].H\W>*LB[1[*_2S-(^)@$SOB^RJJ1RHFA\8(ARYJF0][!G"
MMB.=Y:-]B=TAHSYP'EDAFX'^J,^:J,TL9/MG7X8VFBI-YJ&$W#&@O^:9V8'"
M<I<P*D#I4\[5T4>YC)=>A=*QV$.YK+\$GS)8R#V@&?#KF6!(>H()8O.>Q(EO
MG3$_9*T5-HL2P-S<DM%%II:G_RK`*Z7G&JYFRYZ4L%#`Y$Q'L5"%'&Z:NKDJ
M/2#+]BUL5V[$+>P2"/C:[>$LC2-@-<5-"[N3'!Q?&Z&&B*1<A?"G&IP6V2TY
MLJ\;)%S8<X-]^[)LYVX'=$S[E6:SZ@#;5>KFY$U`7WAQ.U8I19:Z:952?\FI
M;-DZE!&R@S]CZ=3E_)&#UR.KV*4C%]7/T:YIVFRJ[TC[%%S^E9QMPZ`*=U6*
M(6W_07ZOZVCW8\3@$DG+$PE*=46:3M0\C_)35MN542/.=@"PV`O,J93*^43Y
MF-P;4F?@0565P6&.4LU(RX/(QJO-OR),U+`P(/<H@(%O=,E9HU0C2DT@*O;"
M=#&4=F'*P,4HHU^FBM60MB0,Q=[!+N@<_T0=,OLGLG#@WV""B-I%NJ)<_\B+
M3JV&1.IALO$.N!SYY3J!0Q<6/WLDOB;=C2_Y;'L[?,<":]@8=H6VV)OH&6\P
MK)NVU5L7QNHU8G4[V&(.?RZ5PT?B8;Y(K"A'54BGK'I]DZ)'%B&Z=RW]S0B<
M"BNZ]MSO`G?<+C[9/05DWQ=>`6AV>7KOHFO4B(J#>Y45L:D598"UZ`T'R."9
M%ESR-B::1V]2/-".^RW$;/&$V^LLH<OJY:E6F^$O@-R-3%\N6/GYORHVJET`
M+]K95?;*KMI7W7C`\$C&^Y'#\K,APS+TGZI;OD$`T9$PWM;G='<OMGXM8R^0
M[3MZO-'2U3N"-Y2I+(W1,Y:&!=2O(1@"EY^OK'2@2&3CYF]\,!P1LO7KQ[@9
M;$4>Z4Q=7G67L;TL5MFR>LPO8\V4+5\;BG)@*?*H9RHER\%`-H([(/0YLE+E
MU@9^XGW0>30UF/2U(DJM%;U[0YR?XZSB+%0:2JOL;-$K$]."RW[.91IS._#[
ME(P>@$UR'F[,5+&OR6])YN:9XBQP+%^!]#@/U2/_`]_L+<Y\W=IQ:P#7P2]`
MO6E?).4)RXR9*4^K-E09061AB/]VV##K?UD:M:$R%YK\P-V*`;5'I,LRW`F?
M`NP.?!^8_BD*\S)J1_46\-EW&VRX:J5=K$`A'M_B62P3[?KQ;0*9A>N`%+O-
MWJ',4?Q_(#CMK4K-`872N4W_5J.A'':HM[[AIF%ZJV(JY'T7=U,N9.RUNVGY
M3<L#0F2<7S%<5]00(N,1R/!YA,PK/KM?[TE\R597O?,:;/'%?JG:A[FTDUI5
MV5^;!TQ$9XNE"?%.C&0Y>N]"QG9?J>BX+@WE[*\R@1VN0OTHZE^<9H@5NJ&*
M`A?M:W7E2!V"<Z7>`[V$>!L/O(Z(=#C..1A<J5FE?W5AX<ZJ2W?(%2$*@OD=
M+`26D__K-GQU9.QB7Z4GAFSH)AO/Q%M!BY6O&>9!0U!T(T9YT\5J$0N+[[K=
MM0>DE_=OB]VRQ6;08N4;C87CFT"P(VX09KE?;U&:#54&LV4#??AQ=IN>9-]S
M"'H\.JLN_%\,@;=SZUTOY]\6:(SX/D^!?UY],;O\]7]02P,$%`````@`S(0-
M1ZIOR)TO)P``LL<"`!0`'`!A:G@M,C`Q-3`V,S!?9&5F+GAM;%54"0`#0`#-
M54``S55U>`L``00E#@``!#D!``#M75ESXSB2?M^(_0_>FM=UN:0ZNJMC>B?D
MJ\8;=DEKJWNFGQ0P"4GLH4@7#Y<UOWX!2I1($2<)""F78B)Z7#8`9N:'(Y$7
M_OJWET5X\HR3-(BC7]_TWKY[<X(C+_:#:/;KF]_&UZ<_O_G;__SG?_SUOTY/
M_WE^?WMR&7OY`D?9R1UI,PVP?_(]R.8G5_\^O?*#+$Y.?E^-==)[^_[MN[<?
M3LB/XWF>I#Y:_O?)()_E:7;2>__?)_UWO8\G[S[\TOOTR\=/)Z.[D]-3^ITP
MB/[UB%)\0NB*TE_?S+/LZ9>SL^_?O[]]>4S"MW$R.^N_>_?^K&SX9M7REY<T
MJ+7^_KYLVSO[Y]WM@S?'"W0:1&F&(F_;BP[#ZM?[_/GS6?%7TC0-?DF+_K>Q
MA[)"4E*Z3K@MZ+].RV:G]%>GO?[I^][;E]3?T$7:^-GF,]4!/IZM_OB&B@LE
M7A*'^!Y/3]8__G9_T^P61-F9'RS.UFW.4!B2+U$:?LF63_C7-VFP>`IQ^;MY
M@J=<%LOO4\H_4IK_0D<[ZT`-^1E'=-*<^GB*\C`S2%MS;$.4Q@L41'8(70W=
MB<YBB-,%7CSBQ"21M7&[4#@GQ"1>_HA/-XP;I),U>A=JHS@;&%TRZP$+FDJ"
M9(.C/U].Z:[Y[M/[=\4@%W&4QF'@HPS[#QGY+]V8T^'T8HZB&4YOHJMO>9`M
M?XM03O9F3#:7788IH;,$H^P4_8E>WGKQXJS@5WOD;HP,DQF*@G\76RN*?+(O
M!FD\?4IP2CY;_-;'&0K"-,,O68["5)T3_:&[L?*0+Q8H60ZG#\$L(@>DAZ)L
MX'EQ'F7D2!T1H7H!3B]7WQQKL]-N^&XLW<5)-D,S?!NCJ!Q:G6)F;S,$A73(
M-7P]?8KJW<W+J-]-2'T+4M)?/\)1NA%XC8+D&84YCJ?3@"Q.+T`AU<^20L'4
MGVF*X^V#:(W9J#I@-[)_(SK]=DM'Y%-A0'YJ/R]4!^QZPBT6058(@FS>Y(MT
MER/WDZ#\D#[AZD-V(_T2/V;:4[C:R=CG-29CK9<Q`C0VPEHO8P3HG[.LSMW(
MN<<A72E/*,F664(V4^11[4-_FY,-9(3,$1U]W!Q=7Y*J`W94N[+8*^[31"[+
M<G'[08*]+$ZF&.N+67G$_1"NL8C5AS1`^CG]SFC]G4'D7ZZ_<XV[:+FZ(W?5
MV1]3_"TGW[EZKIRY;;1S\4`%F3XFYWQ`U\`MH:E&+6F'R7W$+^FE@YJ_JQ5F
MMMBK?3FDAJTX8=YFBYOL%*6/Q74V3T]G"#V=40F>X3!+R]\4,CU]UUM;LOZR
M_O5D0Q-A%]^0']/R*R%ZQ&'Q[0F_\>3=2FPN*!ZCQ^WD$5%;-)ST=@$>)'6:
M4>*5HZTM"UJFNFD2+Q3$57XREA![$B<^3GY]0WKD*:$D?BHNR?1SA;7B%ZH<
MD2EY%1;=R&+",_K#]N]A3);HKV^(KHK=@;2:WD2M>XJC8JMX"91F&*O?I&\#
M0H&M2P#I!B8)G!P^N.CN&Z@=^BYKAE,&0,SVDY]M`,,SYPI0X4F;#1*/E]<&
MSN2R:ERW!E+=.V`;I0U38-#Z&M-;=T;$0H:>W9#=.<%I=E>S\C-`$W6;_&0%
M,Y;_H8D7=WFP<9+P4<+TT3E.Y+)#V)'B4FTV^70X..S07<K]@W.YWU-].\+^
M%4HB,D-2*0+L#I./AX,%EX,2E??.41F0R^?JTR,4^#?1!7H*,A1*P1'VFWPX
M'(QDC)10]9U#18VC<51<OZ7P--I.WA\.)"SB2QAZSF&XB3QRT4_Q)5[]_\V*
MTGD<$@+3%:OWY!2\CI/O*/$%(&F.-/GL$$*=RZP^7W#0;5)*N`ESOW#@)H70
MLRP)'O.,W@#',5OM$5YQ37Q@TGOG<#*T`)AW3S8E###7@(*EFS3-L7^9)Y01
MG`2Q_SOU(G[%WXN_B$T@"OTG/2OF+"?PJ_`*9W\8)?$TR&[C5(3AMM&D9\5H
MM6^@Z@R94(D:=G[R"Z*+_9FG*_?O..8H9EOWPQV*T*PXDZXQRQ#<<<1)SZ7*
MU!DZ`]Q#NJ4H,#(G-]_"LT8531RE10#9/2:B2H,,/^#D.?#P:H>YQUX\6V%:
M;#;"BX[=3T]Z+B]+QG:(?8@)CBWC,G@.?!SYHD-@TV;2<VFR,(9PC1^).>^L
M[D>UX5G5CQWM=C95OS>(_'/ZO>%T5/G>K<"%JCF"EE^U);D\_ZE&[STZ5?4%
MR#@/U=ERY7YE8OF`0CR<%LN6XS]EM'+H+=44=1.G)BMPKG=;TKZB!?FQ$C8E
M==#).ULRTTE=J1RI<ZYM*FS\.(@Y]J\:APZ>:W64!,\HPZ,0><5V*W?>,3LX
M=4NH+1K>]9O#C@&$V"<.T;XC7UGLLBY.?79M!*_`$!R3U,UH*%T0FS9.7=E=
MUD"5`S@^.5X`]?FR^A=)U)OZ('8"0NPK=:TXA;/"JL1)589F8]?Q<7I2ER,'
M+U*N,T!`8N1L(652I6,J#.,YSH)TD*8XVYJ1;T-/J#*(.SEU=[.G>U-)D+)@
M2^"W09:%>/`G>KD)9')FMG7K05:5+Y=T$X<#4[!?$CR+D^5U'E$OM$RTG-9N
M_;.JPA40#T?#6EFH[W`VC_V;Z!FOG`S#[Q%.TGGP-"*:"U4^9B(?CO(8;MRU
MG6V;K?BTMH+NL8\7Q5C#Z>;;G/7#;.O&\VK$PLSE!\Z"JE["<BH*\@_JF$M7
M@1@W447Q4+2,R89QX^,TMJQT687C-Z='`)V$:P?LNAC);P2"]"$.">6[Y@V1
M34UW+#=^3V.HM^(7CHN:3?XE3KTD6&]0!2]TQR+DB^)4=8>:]%P8F2P#+V;7
M1'H+\S`M-YQM2,5JZ[DH_(O7<4(W)\[AJM1WTG.19&3DL%7FKT3GDRUTAD\X
M0;1623$Q=+`1])ST[-B-]HB,A+L2EY],XS+*$V^.4DRVZ"*@J)@7A!/RXX:D
M<ID3!8U2Q\&IQ4B3G@O+A1'<6G);XOBS^U,OB3V,_?2:R(5J9[2<*)6`NI:C
M-,"D[\)X8NZ$4V:R1/:S\16ZN8L.I_>8LEV?6H),"IWND[X+0XR9M:C!XO8N
M[WX%KHO"C..!]RT/$LPV2@C#YQ6'F/0/VEJCP^8&8./6FL%LEN`97??5O9].
M.11>I33KJ[!N\Z+.5+M/^@=KT]%A<8.3\=R(4J4JJE!*E,JBS:1_D$87)A\;
ML4(PJ>RLVO,\)=R0&4#K8)6;\DTTV%1=U-GII(--^@=N5&G#\`9^]V853LK:
MZN+9(;]O9X!)_Z!-*.I,;J`U;CE1H^&\2$M'T9(7UJ8WRJ1_L-:4%IQNP#-N
M6%$EY@$7F<#5E):.0#)&G/0/UA#3D>L-P%TL-(>45]T_2-.--H\;7+M8;*3W
M^F&>T0==:'`!SWJ44B<IR_?0>JS)^X,TS73B=P.G53.-,DGGM)YIJ<#Y?R^V
M$Y,0L\:?O'\5AI[.,MC&&3C+S&SW#$9'?4'IF[>2#$W-4;IG::I]4)2IJ3'"
MGK,U]87)TE^TV#OLHKFC$$4T+4*2+5!MYCC)4Q,=CDF@S@^8F/*2+FD\>;VA
MJPQ.GCC%0H>7KME:[$!"^-O)WWJ`?EF@?^5CH)\G33X(8YM%79RF4C8G;_/@
MD!!O2\P#HA`59XL@4;_6QDYJY'YV<!8SUJ**-Q_B;@R,5I:R'972Z1N2$0AO
M0ZWU>:DG/0"I[6W$:'TW794J(BMD\VE);C2[N9/ZWIR)Q]"]^52#T1;VG7]K
MQ1"\7WU;BULX:0M=4SSM&'9MY.`*RHDSN`*Y%%L!!$2!MX64]4/)4.8BL+10
M9F%+`?%PU@-]X4MV\I1M+"6,[OEDJ7(#)PFJ($O^VL2VE:TL4/7#HB9(@;"W
M],*:]IK2AK+S:XL=7JFL.R*Z1;Z0`E!KY[;4\>Y,9@N^03`<D:,7-9%7V[DM
M^ZLH\EV"X53D&=!:M6/R%<D!6VMG*2%UOX=L@R,X*:=%5-'Y;GWG09+0V5:$
M?9XOMVW6H:`%/UNF(E_9`6#C<[925Y6/_B:\[&E@BWDPN^KKF$Q`-!O'LPJ>
MFG2/TRP)O.)59I7WM)CMW:1.6]\!>"8-C@3`8"H5"$\>]6(>JYC)+EN%SG?<
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M\C#N\N6-K5)==DV49K*,-]EE@@4-Z/@MQ=,\O`V>Q=4P=,9QEVEO'W$>OX#*
M/#4J_#VL4JE$^'+[N$NP-X:ED#<CU9M,74:HXCU&+U<O])J%5V>+J"(>IX>[
M5'F#EQ$N9[(Z3GM(HZUI;>ML6?4L6<N:]*T@DU:]LU8"K66.'KPY]O,0\Y)M
M]0;88ZZMEKAU;PB[3!UVABV7S4IQ9_JW"_(K&E\J"2YI,YS#C%U]L#4GBYAM
M,'Y"_D*I$"T-&-`8Q75*<%O`-.%G,OXCHPXD^,,A_-9S'NXQV?BF<;(@FA^7
M,F$>A,8(3I.>-9==TZJDQZ@MP+[&45?$=(9P^O)L9\@T.843-W&!$^J0*TA=
M%_HLG\F9XN1K7-[7BM<`!N1V\Y@]8"]/"$)XTZ%:PNR"J)4)\FBIH'!YCU<-
MRF*B]]C#P3-56@99T3DMD!9LXR#H<_H4;Y?;`A3I'<Y\CY#G)>0*3YBX#*;D
M5SCR1)?,5N,YR2;?QWSB<0LG.=G\BD#I_#J,OZ?4-$6#+L?Q.;Z(P[#XA[MM
M3ITL2X\>NY^-EH4&)V]2+(C!9DW^$>!0%"^K-8[35W_M39LFEW#BDXQ/^-J4
M'F37*$B*$K3[W*EX-+C-;P>U+XE$9"T8B]Q"B0RV-/#+9+%:'JKIE,MYJ<':
ME;*PZ!.[K;.R68()(I!FR:&UY^T3C._(+66>7E%'GN19>V9C-\Y2X4RHOV3/
M9M%6!:W@156>S*;`I<EF#^IJ!U#FK<NR;UB9>WMWTH?T0/!73OK>T4M_]-(?
MO?1'+_W12W]8_MJCE_Y'1/WHI3]ZZ>&X?(]>^H.#[$?UTM<LVG?Q<Z%+EMK)
M?1R&I!=-T;5G]E6EX$?UM&O(YW7.RCU-/:>>]SW.$?N3%%)M>9-\#7R_F!>B
MBZJ5[SEUP[^JJ5D5Z>O<+5?_M!I2POZ>4Z?_ZYJD%9%*PJ,<I;#U]VT=OPXB
M%-$"0]M`0O(3E0V1\C-.,PK8"*799:YD,&\UWM&&;M"&WA:!']NLSI!:NO*B
MK44EL:,K]7\%AG-5/L'HJ5*"I?92Q1%<6\B5D6D)+#QS^!ZA!6(&WQ?&UFW>
M+$HN\B39'DU"\ZEJ=Z?6;HT5U32;:G`(>CV^?S>./WZ^1,M4AFN+49Q:QEO#
MVXY1.)=J%MV?"-T_=X:9,XI3`[45F/F,PLG:8=%]]2U'X3C^0F^S.!G/4?3Y
M75?0E<9T:D.V,@54V;96QI=%U'6<8'H-RQ/<]ACF#>'4U&K\*!9P"2=UA7O7
M*\MQ%7]H8^.H#>#4/KDO:\<NQW".8[/U7)TF`.T+S&H.C_&R]VX**MMY(7._
MN+7D6W)".HISIZ9.<L(?B](=3?56@E]^$+N\2N`G?:QI."WKQ1H(>&\.^`HL
M]ZT9!V-?XBMG:(%+HBD+[4.@V2.Y-NVWATY7R^6Q?YP#8'P`SB<#R/<*`Y\<
M60%]ZT8:?ZW0"V:4/']ULI$5,V@M.GY]4]Y^<DUSL#6;8%;LJ7IGH!'QXIN-
M,FMP3`O#;(Z3+;V#R-\2.DA3+*QG+^]\L('G2JRY#S"C-4N>:<V2>#I=W=`1
MZ9P2/;XH'>>H:OJFDLI*4D1XMP%Z#,(B8.\.(VI3]2D@7I[0<BRDP=<X2LI_
MGJ,TV):O%_D:3'['P;77!/VRF[&Q;[B(<S.,+\]W8U!$AWT5WTCB?+GFNWAZ
MD#(H"XX3]P1PN3:*LF0B<84`1I_>D'H9I&LO%UTEJ^<C4WE4E4)WUU=J!30D
M,(J9^[&P!'(UM@PJO(OO!4J29>%WH85_B/)9$,S@1GH9UAS);6"=XA)D8ZW/
M*1BX*_-[\^/?`YP0^<V7M_@9A^H'L6``.]=KP.>Q6!9P[N,;.BN[6]HD7GU3
M5QG'TBV]S4DMP4F"LR*S\%;[?M&&=Y;O`W9X9_N&UIOH*<_2@N6>/,*2W\MM
M#*7N*I2@RF0/-';]5MCU(41/VL.NWPB;!'3*5NA\WPJ\=2^W`9+VP-NR!R=J
M?:4O,K3YP6-:O*(B@%#:UW%TY'X,GDI2@+-:#8>_N@RC5).\IA>_&B'I'*S*
MA&VW1-4&F/2L6)1AK5-U4<#9G8O*'-BG13KN\5-.#AZ4XL$LP5CV.KJDYZ1G
MQYZLAK@&%&PL%;@#LX8KM*KA->FY-!::Q(9R(CGYP+CU]UYG?4=#7&U^_Y>C
M*`O(.10\D]_3*I!H+0AU_[W.>,?P=!L>=DT$=%64'R]B_5B@_5B@_5B@_5B@
MW0#J0,SUQP+MQP+MQP+MAPC9P19HOT?13%:6;]/&CA=[KRI1E1=@*,AS;;:M
M++DAE165FA@%DH;G56PA:B#:@:[,X7GC[XC@%OE"*OU:.Z=>VYU)S%&T=LB%
M(V_THB;O:CNGCE8U>>^0"V<?WS'V4!,IC8N\%WO2!+V`.$O-V*XD?)J`D5VD
MJ_[=BSC-AM/"3<#&1=K'<:$8,Z@H<6FMP,]N*`11Y^YQ&H=YD7E-#D4R`$[5
M`1(,`,21:1PM"<ON*_K\%GEQ1.@+?$*2CZ;3(`S(3^V+^W!*156_,MA\1>0>
M4>JGY0;1(HWGS)#VV:/_0E5$C'DJ8P&":R+%WMM9_$Q604"/]P_T!PK@A\JI
M3GXUN<4S<L.DBY7G8V"T<N@Z4))_'3(V`X:56%5YKVC@6G=WF[@RV'-DUA3L
M#K&'(E7'5]Z6XK5NQ+[$(?J.$CQ.\C3[@JZHJ'O\F&19%R=F:M:L;.[A$K+!
M7''O"9UDDQLA6LZ%OF>$/$I)>KZL_D5FX%0>Q&%65XN=O15_<&[35>*D_KYF
M8]<Y5WI2ER,'+[FJ,T!0+*N6D+)^'HWG.`M6=\H[%*%9H2_?AI[P1!)W<IK@
MQ)[NS=-)R@*8)7+U+2<G[1W.YG&EC._P>X23=!X\C<B^3_Y-.!"L'.4QG)C*
M6UX4VS`'YV@:H641)SJ.U\\IGN<I-;ZDF(:JWY#K:T(XN8FVHA#@JS^8$QM]
M1Z!;<0DGZIY:16\V`<+7R,.KF@<"7'E=W!CU.\(G8L;$\QHF,]<$F*PKRSDQ
MX'=$8$LZG-<Q*HD!`J%76KDQQG>4_`[]I?@_.A?_5TS6I!<O\&V<B@"HM7.3
MYM,1@@8')0B?G+DW+N+%(BBTE11%/K59!]$,1UY0>CB.KQ<<TT-`O5[0U)M?
M33+(\?F"X_,%Q^<+;%:L/\X!]WXQ,)/!NF7S@>A2(2T*/HSP.+Z.\^0:+8)P
MN2['[]$B``(;IVIWF(DBJF\4:'(*?P'O,;O3?7E&)]F=D/Q[^T_T<^P1;(N8
M)OY,QN$O?GNH']"I;0G^5Y;>Z=)'J;GLFB>V'J-"P*K_ZP`>EXJ*B6L<C]8E
M=<B?@D7AIEW_8I0$'B^<U<30;L/MVSY59(IS$\9^`ZBO7EXR@O)ZJ-<.:2DQ
M6RD4>M0,DP<<ANR7@8V@*OS`:\=:+%TP[M&2W"T/5R]>F/OD)+J-HUF&D\7V
M3Y);E_Y8AW[A:B$],.$+6K1+M>\VHSF]>;6>^)WF0"E'*%>O)O'2U&!N%W<[
M>H>I+$>S%`A<R/:\;H'<G5TNX,;EN;>W&`,:=>7HB<EZP)=*Z`"GAX-X@3HE
MLN``1FL'D0!\Z7%F,IML5\F5S"O*IOHN1Y=LM`'@8^>(M7E#V"7<EFEM\QWN
M]LYHY<I=S12,0'8FO<LFI>?XV&LKQGW8>7<K:\NLNNSV3CROG*G'M-%RR0:C
M&]9WJCN4Y0G-ZA07F^%W<EJ!K^/IM\.'M5(RNU\M"A&=QTD2?R<*Y`5Z0AZA
M@K,6U#H[?=!=&08M?N"80>HDEZ]8:F9RU+LY=49U7#8-3N"8*G<(C4.:&9B@
M4!>KG8Y.J\EU1:O)"YQ,D#JI93H7+4;TD!5^+95,1_5!G%:IZXBCA"])>LE^
MK0Y[?P'C:'8XFAWVG\:VMOQ1WFC`I<3UQ6I^*)8+"0]@+C>[]$EMV^P.KL/V
M>6)6`P5>[+TQ6(#X%<S@`[#4\MK7S0^3Y[1T&A'/G_]L/)JT@P&@OAE+#I1F
M8P#QZ5K'"9,#.*'F=?)H?H5TX^)U<1U$SI:T"BHU'H`NE([0`#E5S&!DW9A_
M$:(T_1IGDF2JW6:`+%[U*=TT43)(MRK,\YZB.&L-`1FEE`2Z2[PU<_OJ:WU5
MF58;`C(0J<ETAWAK8<-%1<\+G&3!-/!D21GLQFY?)=`3+I\#T[9NNR6E[>1`
MF%<(.;2;=@'9JGQLJ3Q1JX+2/:9P=\D]D)+2O3[`FM)*$K:NA@W^1"_5V/1B
MRQI0F0OW9EDW-W6>F%.TN2VK$+]7>=-/G^O+N]+-S1/M7>2]0[PU-8X+]L=V
M$_QC2;.+B)6N$[Q"O#4=CQT<\P=&_"KUO`Z3WL'&H]29@&J,ZEA*%,Y=7(".
M"AM0@X3LAS+TX%S_M3&4,>;^%:I*,$/_&,QP#&8X!C,<@QE<0W(,9GA=L`!Q
M.QV#&8[!#,X,U`<2L,`FW?3ET)85U5'L`4=H$M.I\2`#:U(%:)I6$._!&J9=
MV"Q8L[.%6=I>_(`MJ[0+XT('8==)/SB3M(NH@XY3>TLZ'!,<O_I6+6-M.-TH
M30I*H?I@D`(<%*P8[1B$8Q#GTK^U$'=$FCF0V[J2YE#F,K?_TH/L"GB#["+/
MXNF4DYK><40W3TJU\E!UY-)$Q!(3S_,X:@.:K)N;"(16R*BP(DFVW:\O8^SH
M<:FC2^/HTG!NJ#VZ-)SK;$>7QM&E<71I'%T:Q_S,@SA.COF9^SI1COF9Q_Q,
MWALM'=]IV>\C.X"L8[(D+TVVK#VI\C6.NB*D,P0DRY<,(EV^3#^R;CD[S\HU
M9D_9>>^-.WZL)9'947[;9><UM%X6N0<2`='[`#`$0DG"!QL$`21YZ4.K,(A*
M\M*AQ$$XR6/J(N\=X@\N%,)):E+7"5XAWIKW5/]5!#L90OMX%D&>`F1`CEJE
M_7MV0G1:O(Q`92.0WY9>6&\C]#Z#>QQ!59(']#Q"WT4$$F_^,6_<?,+!V*[N
M@BBF.<!EEN+P>X23=!X\;9,4SY<CE&!A\JW&*),^'*/)K4)(D1YGUE20[>>&
MTR\Y2E!$^J7G.")2]`(4EO1Q5I%J]TD?CKU$@(XN2]84E2H1M7>)K^/D"GGS
MJ@:E`(ULB$G_8,*%=-F"^JY"M^(#?9>^2'/%!_H?C%B$;>!SB5,O"0I:AM/?
M41)0O9OFVI^C5,-C*1YFTC_@EW_DK)FP)$NWQX'W+0_20G;%/D!^DZ8X&Z2R
MW6&8W.-88?/L]H%)_V"JN)AEN@3_$["%;;^J2/^`*\/(&"M1_<GTDG[`R3/1
MKZ+9-2XVD>&4'9E-IIR"\M-RM$G_(`K"=.2PQ/!GYROS'D4S64CIMLU!&.(8
MK('1<`J:I&%OU59.XWD:LX,I8VCOAJ]?XY-'%];:N=MU&).B8:RHLP1%TMK3
M&4@,E,Z\;MA-]_<"^CVF;][Y3RC)EEF"HA1Y=/#4T:OH:W)&E)SQEIQ;A3P8
M65<'"3$/WAS[>4B.;0YQZ?FR]A=)RDRK\1PDU2A`P5D4;3D\[/P;-5YE*I3R
M(`!R=5KCS-E+=7B'<[15:),&_38;N\[MT1.Z'#AXV3Z=`8*BBUA"RKJ_=SS'
M69`61JD[%)';;7%G#CWQHQK"3DX3?-C3O7GOE[)@2^!?$CR+D^5U'OE!-)-)
MFM/:Z4OWJB+FTVXO$BQ]PM$?L4RJN\V<OEBO*DX&T7#*W=Q$Y+ZSLG06"XE^
MB8I1K%`)>MDIL>52@Q(S"R>3C4.G]'06]K-4Q$M9DY((7PNQ#4=@M"A+D`'1
MK6Q@9UVOVBH5UUB<+\5HZ?3I-^FL;QY-;!9LB9;Z7ZIN&_'#>IS6;@NDM9"Q
M@`]KZM0JL'QSWEV]$`TD%<]F41>W"9DM92YBQE[<6A)/<9H68\GV#V9;MXF5
M+43-Y0).X%EMEUO/!:%CJMG<;3VQ]D9C'B]PM%:Z5$=QDDWC,(CEX+":NWG^
MK#LX/%[L/<Z5X\L@#&:8EIB+_#7EE(Q*N--%G&:\W"#U`=PD&;;'1)\[./O;
M/?;B9YPLA]/+(,%>QD-0V-[M:VOM%Q&7&?<U$WG6!\=U%(^.Y*,C^9`<R88R
M65^-9Y?%&JP\34?>5Z9@!+(SZ54U*3UP2:YJ8MRC:4XMQ97;WHFCDS/U1$:Y
M)MFV1+LQ4*E)EM?<B7M36;`"JN'<A[5"PNWX/YV&*U58`P:*5J2MG108_=#Q
M9DDT-K5@7&(M1`W$W:4K<X"E@8G@E$+WJ^V<///$F<0<(^@.N7#DW295PJF/
M44W>.^0"VL?W'$ULQU=Y(.'$%0>G^SBGKO&JECR@-B**>P);*8LO,-MA=XR@
M:`+6P#K(L&*G+FW.G&_>#N5,P(XL!N.A%DI90+VU:)@Q3A;#Z>;2SYO$]5:'
MYE3FL+"7PEGG*,6U2`->Q(NHSR%ZC*4,[:5`5N/+([2D6MQ-]#!'"?/92MTA
M#LT[W(8_:]5"JX0\9+'WKTVQN]M@$:B4EF/T<E/DUAPB'):L/9!0J]9T$U$Z
M@F?FG.#%OB@/8*EHKMW8%RWNK!6V@E$%QU*A7IOX=6!54JAJ#X$RQ5[P2+9H
M_PDMZ6Q+4>3[13A/G$PQ=E5RH3@;Z-'A7\0+&IZWRE]($FH%HW2>+[=-1BO2
M!]]1XM\JQ-)T']QIM(V4_)1'OWH$3L=O.(C*,0(JQR!@4BZ@8GG&I/UP2E,C
M!,$\]4:@HGD,P,&XR^WR:\WBL_F0,$IEMYG+()^F;$3RLQ[FTUJ"``)]VHD2
M>!:>J_`>UIQKBI--L2U)WA!M[(FJ9%%VN=:H9"(5=7$6X:,F6PGI<#R1A<I[
MDZ8Y]B]SHJ//R-TXB/V5-6+U>Z*JK[1ZI@6GW4!."R9858YTQ0!H*C#%HGUS
ML!1R!`!:'KL2XRJ@BVOO>',]WER/-]=#OKF:F84K5LA7)#%&M7:O^[++8QE,
M6$I[CK<L1?XH1)'2$^8V/N>Z'F(#6YV3OC/KQYED4IQ`8JR<3BEXH=OW.,V2
MP,NP7^BD\@!Z5GNG!2!M+7[VO.#Q#P;0@JE+E"EI"F4[.]89D)I"A64X5_D-
M9=*]>:>E);N,W@%=%:E$\ANJX:T7?=%#.M%:8&#=&/^_>;C\F;X)7II4TR_T
M54AQ^39Q)Z?&*L8L;EJ2I?3;DO8U?DQRE"Q[G^F?RJ\7'Q<*7-K/::*6DLQ5
M6("SV8^#C!YS-Y$?/`=^CD+)2<UL;R>;"]J)S6,=3GY0@\)_!-F\",6BB1OS
MX&D<7T59H)"8HCF2K7J6RD<_%QM%*.7L@=$17((,1,FPCC:\JW%YCDCOQ/6&
M;HN>MEEF;`B;7(%!IK7/X>I;7KP=7[Y%F`ZS.4[&<Q0-"U[6NMI-M/("V_!E
M:9+@-@EN_^Y9.Q*$H_SMB^M_X&`VS[`_>,8)FN'BCU2-OD9!\CL*<Z$[$@J-
M;G,37\/D5Q*QM62S?7%):W<.I\7O.)=<!Y2X302U,7D="A).T=Q!6`R.?;8D
MUN68OV)"_1B]B,R)6@.YS7*UN17JR\%]A=["]U-E-AU$?B5PU'6IWF,8US&,
MZQC&=0SC.B!3[S&,ZQC&=0SC@C^3@-BCCV%<QS"NUQS&53(B412JS7Z,(*X=
MCN%8=I7WY9TYZCB":U>>8JG#B]]J+78@!UD[^5N/W;J-HQDM"[<IZ4,ID#P$
MR>WA-&JK.76;5DTQ[=8>3T!A6=!*4,!BIY6=:"PHNSR;83CA/A7:Z)P:3BN5
MEN0*N;2SI1K=2L4Q&&+GZ-0J;(`Y'ZPC!J`8AU'HX%UN;D9#Z85FT\;M.\]J
M:X,-3HV%O11(6==5'*'`E]3\E'5S&_1DR]FIPC6<"XB1YXI?:[01CUM[A797
M]`VG2@6.F8U?7_B+F%=KA72_YI35M;JZKNIR$]T&.%>#1[G_ZXSYT&+?6B'>
MUMP-HBA'X3WUR$?T$;=%G)N/$V)^Y/4%;=B1D8FRP(X#)^IK9/",@I#><*_7
M:4@VPBDDGW1;>AUD\*2"Q"1%C;N?0664D.2H*9NY+==N^T2I<EE*_B?WFX"H
M)MR.YZC@]DL2IZUK[7$'=%L.WNH";BV/<I+\['Z2M#X%Z7]^)TQN^.[9.!T8
MGW%;GQ[DB<"14CG-/KN+,,T?4_PM)W1>/5,[NNN`TCHYMRIAHIPN+H(_ZZ1(
MXS@9S5V$9/(%R%L&;,(/.V9REREY]"2G!X0X2@Y`:G!"#(YLDBAWJO#ZN`Y3
M%,A;&2"`48=F(0(2-F$2*W@>KQUBI=XO9GNWX7RBI:&$$+R8O$N:4D]4.=YS
M(\QV$*+RM$Z=7>KA.+@VE$GWKYV6KF/L&B*52!Y>E%T'T0,Y,-IB`.]P*$F\
MQ%Y([K2^0GT25@>G07F,J2[&HT$[&#@>,I05]Z95AC,U0,01O;++;BFB?A"B
M_/3N*A)NX(3P[1`HW="8[5T%ZBF+FXT2CQ<PB\D0.$#.'+,HP3N)"(F+.%++
M.&JT=1NHQUT);$B8U(/!@?/T:WJ^K/Y%<AZI#V(IV,_BZ:3'&YQB(U7JI'MA
ML[&M<#[E8TI3[G+PMGR!7'SM,`)R6MD#:T_//O(K-3;:N`VMY,SHND29-(.9
M]73_#?P`)4MY%I.TCZ6P2<NN&2XK)D(@#R/YQ5)\HY;'A@\#!SHEMN`L-.L0
M`CE^K&$)[]XT2H)G<@",0N05UT/IY8G=P7&$I]HZ8@/'9P@,2!L3Y0@MZ6%0
M/$*PMD)>HN5='&7S0>3_@9&*[55A%,>AGMK1)IJL`?0CK0E?!:*/<%+$B&F`
M6>_H.%ZS,WY-;N`8;4M:*U-M')]CFHRGOQ;E@SB.E&P-I1IG<.P;K"UD.+W'
M7IQTW&,YHTSZ3K.#C>RQ`M8`W3P<O5/?=YJ'K!^QJ<V=B5RIO6:&]YVF%"LC
MHLJ+]02A>I;E)EMV\YP8+2_,P4)GB$G?:7*Q%BZZ?(%/)2I*[W_%WXN_M-C]
MZOTG?4"1?NTWO293)K)]V+G$^2,9.HB*LN/8(T1D03FQ&B1Q%IO6&).^TTQ@
MK=6FS9@D6\:-L>PBCE*B.B5%)A!1F'#PC/UA5#%2J-G-Y.-,^D[-,/K+3Y>Y
M[<U=.1WJC'[Y$:68_./_`5!+`P04````"`#,A`U'@+:XX?IN``#*'08`%``<
M`&%J>"TR,#$U,#8S,%]L86(N>&UL550)``-``,U50`#-575X"P`!!"4.```$
M.0$``.6]^W/D-I(@_/M%?/\#;NXBQHZ0[&ZWVS,]^[@HO6SMJKLTDMJ[#L?%
M!$6B2IAAD662I6[-7_\A`3Z+Q),/H'VQ=V.U!"21B7PAD<C\U__S>1>C9YSE
M)$W^[0^OOWGU!X23,(U(LOVW/WQ\N#K]\Q_^S[__?__C7__GZ>E_G]W=H(LT
M/.QP4J#W=,R&X`A](L43NOSGZ65$BC1#/W-8Z/4W;[YY]<WWB/[X\'3(\BAX
M.4&KP_:0%^CUFQ/TW:O7;]&K[__R^H>_O/T3NGV/3D_A.S%)_O$8Y!C1=27Y
MO_WAJ2CV?_GVVT^?/GWS^3&+OTFS[;??O7KUYMMJX!_XR+]\SDEG]*<WU=C7
MW_[W^YO[\`GO@E.2Y$60A,TL`#,T[_6[=^^^97^E0W/REYS-OTG#H&"44JX+
M"4?`OTZK8:?PJ]/7WYV^>?W-YSSZ`]`@2V-\AS>(??XOQ<L>_]L?<K+;Q[!L
M]KNG#&^&UQ!GV;<P_]L$;X,"1P#_'<!__0/`_U_EKV^"1QS_`<'(CW?70G3>
M=6#Q2=_^.UIBA;<X(VETF=@M]6CVHFN^+X*L&+'JUOR%UOV0%D%LM>+6S(76
M^@';T;:>MQ1-J1[$=C1M9DZXUJ*_3F-"-A0$30T_W]#O=U:&/Q<XB7!4K0UF
M2K0E`\RT+%/^:=@!%H.Z3;,NGL'?/Y^"\7CUPYM7#!'ZB[]59FF54*$O2/%R
MG6S2;,>4]>HQ+[(@+"HP;.$,^-_^_.;=G[Y_\]/W/[[]_O7?M.%\^^\5^IW5
M9CA/#UF(C5#G.]!=6/#XMU=O7[_[X>U__'#]IQ_>Z"\,C!J%`J8;)Z<?[__P
M[[6YIO,0GXA:,]&OU=S_^Z]\+35JJZR[%T$65NND/RIP*T=\&Z;4UNZ+TPZ:
MFRS=C2%_M:QT#*F^U>:W$DF&8([#;[;I\[<1)A31U]_##\",WY^^>EU:\/]%
M?_4W_MT[O"7PN:3X$.SP`/M=_?CN[9]??_?=G_[TP[MW__GJW?=7WU__33A_
M`;;[Z?KUGUZ]^?[[=^_^_/KU^^]>__#3#_\I7E"?W4H.:\8A&.B"M<Q(>\12
M9F18@I7.*3]G07Q-5>OG_\0O*E4FGKBT[I*A(."><B!B(Q$=ZEPU*?=A4!>I
M-F$NCGG(`CB^W;_L'M/>_LA$HSO1I;HY1N&84\J_(S[`*_TR2'VE8ADB_5S\
M<7[(,LJ05R0/@_@7'&3TF'1!'4\=I2*<ZT*O2!`Y9IAR*.)C$0RF[E"$8+@7
MZD6U*4(-H]B1><W2%8EQ=DZ_MDVS(:.DL,+=Z>[]FV-T!`:*#4/5.*^TCV1;
M-)V;H3V9V;=)=[LTN2_2\!_W3P'=[O6A@"@=*$0#1T<&Q:'7(T=.Y`*Q68A-
M.T%\(FK-]$)EZ>^>RCU2;]U<'%B=%1\H6!/]U9GG4G$=(2`\_\/?O=)40Y17
MJJ@!LL_-&74D6==%&I[H0@.)4!`R"1_HEV,DW0>A8I%MPEP<LZ(?C."C5W$P
M9+B$HM"=Z%*;'*-PS"GUWQ$,\$J?#%)?J5"&2#^W1FE<]2OZF]Q$IQQ/=:E5
M^F@(]4K[U,4&>Z59!/NAU"W#F[$,]W"])N(?I='M`_'!AQE"3<53I<ERQE46
MI#9U=D2;9<IIFR!_9/@=\M-M$.R!W=Y^B^,BKW[#[M5:?%?^^F_W!;6>L)3U
MYHHD01(2NIXT)R:W:T:PEM9KAH@>,V4]#:4;5$]$U4R?;MELMG10$UKLYW(,
MN\IS7.02UAP46\%L5ZI1B$S/*V,#)%PV>MW/.'M,ZW2&J9=_?W_Y<.^-\I;S
MD%1K2QEH.>X_#_*G51+!?RY_.Y#G(*;BF:^*\R#+7DBR_3F(#\JCK!DP5PI;
M%]7>?0"=@`)ZSF4_M*:>H*!`U6S$IB\M3?,@&L(/N)DZ.5;[7O+;S)BM[G]"
MJP\7B/UP^=>/US^O;BX_/-R?H$>\)4D"&TCM,5_73.@V^8G.D*4'6#&:SOP+
M(QTD=3!,%-!R.O9]FA7;8(MOTB#)U\D=#N++O!@.$4K-C!B0:[]#AN(Q?U9C
M40R#3U""B\DEKFAE5,Z'2:W[GUWH_B]J0_;,S7]>&AGO/$6E+M!R&E6*8#G=
MUGSZ)QQ'FS3+@UC;7QR>[,H_%*%RS&$P#O&!"$:>TJ&G,'99+38*A]LLI4Y`
M\8*>9D7`QGO516&UW68L"9ZZJVTU#`X.8(7H5#2$E3,_1RHK4K]&)BA+RGI2
M!'').@1K1Y.%\UU[+0,(]84=AJ!FC$>NBO[R]Z6XSV/;Q_@I&CAH"7K61=0[
MNR^2'2US+Q`<ZQ<P=SC$]'#T&.,KNOI[G#V3$&<JJRV9Z>*5BQ")O@Q4`Q&,
M1-50I];.%@-@-Y3/A4%47B.Q]R\3H["G"X+3.`IVZ2$I$,O:RJG@UKB1!%$1
M2W#(+D+86^$24Y#K9Q+A[!OGQEPM/\+'1A+AJ?YO27-^F^%]0*++SWN<Y'B5
M1.OB"6<\'JWKP4MAN'+D%8CU?6$V')7C6024S4!\BA=>L25.F(_/&5(I0RH8
M1,J94ZS#A5+?6(,%E[Y,M+M$=.X."[G)C1S8K96],A<P^7A?O?7X?=+U#E/8
MN=<Z+(8ZB"XM>#<D>"0Q`>^8J@"6'_Z4QM1CR.$BH'@Q33W1AN?*R!D@?,QR
MK:G,+O`)#G,")D?P>G5V?7/]<'UYSR["X`[LX1=O3)XIKTK-GR&CNI%(R^2:
M(1"NC>0P6C(1\S37QAB1OWAGGB0LIF6KQ/RU8+XD#@\9CB[PHWY:9&N*L^S'
MSK)[28[\KPC^[(4QT5ON8YIEZ2>2;/TY'@VPASS%LL<;3ECY#N_IMCX%]$"V
MS3#+^30^%:G`N;8$:G1E8G&"FDFHF>65B3#'\*R6('1(J!."L@;)H)KHG1W1
M9%PMFZ+'M0LF'P5)L&7?OL+X-GB!\*.NH1F<Z\KB"!#IY7_4PQ`=A\J!7A@A
M<PPV%(/],`;.+)*,H:2F2<)-"P;HPC`[X*A[:F(1P]:OC.-W6D!=VRM=U'O1
M/SX/'8<->(R\]5NO;-=8;`<BY[$85><FS(BO]0)Y!DSM)*I@$<KS(5HG/V1[
M8:CDJ^41:XDPS!MFGV/%/H0"3:-]RS\52G<[4C`O%G+LTZ2@?CY.0@N#*0/E
MVDS*T>RE@#>C^1NA]GBO#.(XO,+V>'2*<NJ9?D@+C/[DG2G4X%,M`ZAFTB5?
M58^]T/+P"LOH3J<]^(_5E=6J*#+R>"A8^E"1TM,>J]SGV4V6$9Y\@)-8NRG?
M:,4C_;F0NJ6P<)9A?DDF>M@J52U#(%S;JV&T!A*"^*BJ4!P;>(*N\YPZ^5X9
M*E.$<AB&_O<WKUZC?9#QW.!_0=^]/7GUZA7\?Y3SFGC!H7A*,_)/')V@)$TP
M(@QWE&8H=5LNSYCG3,R8F&>7=1W+JGUF#\J/YSE[.]Y'8,AC:NHP.A6OD2@,
M"]1KN42]?GORW=LW)Y0%Z[\6Z#\.5,S>O"H[^(`?^?KUR7??T6%__KXU[`*'
M>/>(,_3F-1OZ?26:+/;B42E+%3_+'R</,_."L<\H8J56@O@V(-%U<A[L"3T8
MM]9E'/A40W1M'K60[@4!ZTD(9D%F>CGOI%-OU2N[.193R*(]A1Q\/L\[0ZC/
MOGKQ35W>7?*!71&0!$>70085*?)5&!YVAQ@:_5S@#0F)]FE/`Y*[9[8:2/:?
MC_!)J)J%OFK-0^7$K[TPM.,0Q.4L;VR=/E,JGK!J<J3+H(IQBDH?@FM[-XC4
MB&"*1SGT6JB5R`1'R(0MU[8$X9V!$_.C7N:)B!D73#8A"3T/0!>M`E/>T#97
MO7G.DDSZ"%C)S@?*!FE2T`7$\%ZY`N>%?=+`\6CYI!SICU$2,9H\`668RUP:
MG.LDC`]PM+U-,U8%L\5'#VEW&R1"9:A6K+[JGV&S))Z.0)^@&C@JH3N3\2D-
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M4?,QA4J3*XU-VOA^P).D.4YU(M0!Z=K*Z:$MSY?\<@Z"H[#]XH^`!BRN_<A&
MC[^=B+'MR4\&PH,<9HVST6!;><\.?%88^7[4T^`^W31CYX>\WEKL3G@B,!X9
M/L49:$B:O'Q\8XS2EW"F4["AJ:%R>IKKK</B*">%X8UYDA]UAB7*MR.<'5+>
M']YTF-#,2+D\M@F[:57]W5:L8\%Z4PTTKG=@\077MLV**,)F;`P*HJS=:IYU
MTO1.Y;"@H4L-S:,^.].2@O6E:Q_W%G^U,#^RY[U&/3O1OCIW#NRE?URK/I7H
M+Z?_KI,PW>&Z.;MI90G1=%>.A!B=8S;E(U$]5%(XPIFI56R.U,K*=V;!O.<@
MQOD=?L;)`7_`,@:3)_X)P+@VE6+T^J^\V*`31(?Y6A=<'YOK#^?K]Y?>*70%
MM^DE?$I9;4G5S%-'N22O]S@+"H.#GFBZ.]4L0J>OFOE(Q(?2DUTUV(,NJ_IH
M@-6OG\_0'V"\%P=3BYW@JT<9YF]NBY2YLFA/_99-&I/4(Y,I%1J%R91)S/*"
M7[:U,C65Q]-=F\@^.D(V*X=X91,-EH^G7OX[OOR$M4"U>R(R?OG.C;I`'K2,
M^;`PN#+BY2JH5V%GQ5OS_3#C'804=AQ]58[^FOG`'II"*3;@ML]MS<U?CDR+
M@"=FNR\F!G:[)R/+"3NKD,U786JTVU-=&^PN&L=LQ$N_7SMQ9T<OVQW;:^^^
MB77K<\V2!8O8"3FG@K;>J%U607T9"0QW18JDB`GB.CD/[*0;=.S-GB#V5L\#
M8V&(&7]BZ)FET&$[13$B)<\M>:.?LPK3Y?>MNR4*X;BV)1($^Q?@>5EPO!KL
M:YC4`*G+_[Z]_'#O7Z!4Q7B:>3%2KM,1H^#OGYELO/KAS2LF&?075$19F.DV
MR(J73N<@3?.B!6-I\Z*)6-^\\)`;FX...EPYBI=,B=>>X56&'M`IVG4Z8$V.
M692&!P`>0.&&V5#;TZ6Q]@G4/T,!3W!HQ4Z[.-;(!WD]J$.5;YP;7Q.A'#2^
M!A(YB=:`V/L]SIY)2)*M5'$,:DE=<*ZLJSZZ<G7"KBCJB2Y5RDQH'FL7=FN1
MUPA3Z9L^V4BE8B9'5:%M^CC[J7%&2:*.VV(BU=7_+?M8,]W@/&=UB>ERC#,-
M>_-=._\#"/5?+39#0/_XU3?)%($A?>+<U1>QE>9;YD&>6CBF6ATP=.-*W4FN
M`DG'2Q\.258#O+@/T5NRPXM"C>W6"0(-,<B"/%VE%DCX6AXO[@%PK>J'4.HQ
M3S5F/IZWKY>I@T!9^M+3:W(A5^E=)0A8:NE4Y)LTSZ\HPKSGWH$NJ%Q9FN1G
M>)-FF(]["#[C_/)SD05I%I$DR%ZN"[S+M<OF2A)NYUF"VY3HN<@J2*O^"K[W
M-0+.1<TG4?--],@^6J4&L,^>H,Z'$?ORB1^U=OTA;4FX?98^$_#+$/UGE9]7
MP">\,<L+"+1&"OR<TKRT<J1K+-7S&4[P9K`GC"*5:AB,:_=!C)Y`"NC0RHM`
M7Y6C_7I,I8_2K;8H2Q$:OS!]5=E.FQ;L$$7`6U=)00+-S$*9*"T;-2(%:#E=
M+Z<UPUWAKM:BAQ+5.GZ$5Q7YC5\,*''UZ&F`=*W4@N9I3"(6+T[F6[BY(S;%
MLAU60SL68$7ALR/I74[54&9M?*HYVI68?\"UXV)#$J6^\[6ET.R4N,%Y_A<4
M#@MLKZ\77'<E:7(ZU*[(.Y?#6G:TG!%;P7&D.W0]E>XD5\[*\=+-Y7>N=GK&
MOH@*E>MA2=/HH.?$7='9&6^<%-5B!7Z*K^T,-016QYT9$O'EM%+5D;2J-WD6
MY"0T]5J&@;CV3$2H]3)4JZZZ=<G5$\3&>E2%1Q<7]ONZC2ZKI5I)BT&A5:=N
ME"ZJ`DU]2,"Z9R0$)3*@*;Z46K-2P=1RB612Z4[!7)#X4.C7DA5-=^4*B='1
M42OE:`_\('T\RK]XKU1&HJGO^+$7&A$`(L\8Y3@\9+S_F#^:Q4B4=)P4N1@N
MITW^"Y/M$_WPBC)#L,4?#KM'G*TWO3**5FZ,&7#7[HTI*8X9OIJ/2@"(0X`'
M?/V6$/YY1&/1MW0?3LK*I%ZY3).Q0E"R0EE]]10],G\2%!O_E7]^DI5&T/*?
M;-2!<TU8*F;KZLBF8%WY8>;HC]1__KANXU$?[^NX4H-S\T)/`4:E]^M8!4XB
MJSJ.GIW\+UA-LZKGN=Z<!_G359Q^LGXS+H7EVKU3('K,P4T95ZJ_8`)B,QP7
M=;4GOXFAUMC'1:]Y8!$LI2G"T=G+QQQ'UTF=7;P*J2IE.G0H'\^T_/!$7W-X
ML30-L8;N/9@45*#1XPOZ"J`CDGS=U--$S1=.!'FZ[DHP+$NR\]7]3^CJ9OU?
M]^CJ;OT>K6\O[U8/UQ]^1*OSA^N?KQ^N+^^],7W32IGJ?F8Z$5M.#ZVBOQ_R
M`K1B_I#>82`RB7'GLNDAU43,UL#.L@;7AGDFPAZ+8^LSX)O7'T+]RW;Z9T-=
MYVM=&3>TS6K:MBZ=Z>_A7R$0EKWB2&LZ!O4WO/.IYI1Z+5]L1I&WKHM1W7[A
MJ%-U8Y5$Y^D.4I>9JC8HK6,&T$6='5.4>\<)=K'#`!R7W*$P4!N(-S5X1N,,
M<8_31X;S48$:B(*$;9PG+W1L6YUG+-)'Q3-8-B&HO'X5#7[79T0>%!TR4)@`
MF8HW22,_*OE8*01A61\;;6"MRSZD"6C/;L7751AF>(AC9$5%%)!<5O91(MD[
M[E&>8R[0<<7E>I(7;HXM;EPDCTH74S=D+MRL"_@8(]=2/WV-4R,(,:U$1`8_
M=(RMF.GX5MK2NMSI\L>`).#+K1-H%K/>4&^.$A^<-MW(E02"JVB4%*ECSH7!
MU0$,6G'2&<"FS1P/;HJ,$(*!["BT3:!=,B`5D7R?YJ020;IHZK$G!0EB>'T-
MH%Z\B(F9XPG77.6.38^)7M,*7W;,60Q/K4.D<3FE`EE.&UZ`%0O)H+E4G=@[
M<UW'MHX0Z:4"MO[LA4-EL6Z9R#L/WPPQDE;898"+%@PU0W]3\D_V\?7FBB1!
M`@4%67%D77=`"L.50Z!`K!=6;`T'-JLG(#;#"U,Y$B7*9?N`1&A3HQ8.H>;,
MINBPHM2J:/#AHC5/,ASD^`+S_[:BI.?!GA1!;'LS8P#9M4TR(L)`IA.;A+ZJ
MIG]-SXVM.Y$2A*\7(J.0AYNB\(G^!@/.K?N+/,=EHX&8!(\D]O,NPYS[=<N6
MF+&^2WF_Y?KV`F]PEN&JS\`JB5C]QA7;2%T3:PG=8=DV.V)HZH`26EU$"<2!
M5_?DD+PPUY,1H<(65YU%`-V4H1L,HNNR:-H((5#50[.7`.N0??^K=SC$Y!G2
M;J$N&Z_`C3-=&VX$TV48WP!QH<Q6<]%U@IK9"*:C:KX7%GLDPBW<6+9!/A=N
MUK']4<C547Y2;6Q4;2SI;&P'^2JV3X44O'+ZDX\1?E/Y5L;Z#85[0L7T,8E(
MSA\%0$X&W#'`!Z^39\R3.JX3?L<9728%T0GW3_8=%UD4$Q%(2[EU(%?7ETS-
M-<!A7`D>5?"=IUW,1*0N/<J[/J8=2$,/JCN"S88>8(+"@UR,F2BATIX'34KM
M2L[!Y:>\TJ[S*`U5ZL:$FLGE*1'N@0\XNFD.\Y4'6Q]M6W\;'RLR_)Y_$21C
M@FF>*4NXJ#6Y=:YLHDXWXK"+9^&FT92J2#)P\/RR@D]V0F89DK*2L"_ED9-N
MP&KD5[[,1TV"..XTCYG\*`(W/77\R]*?@Z%U0ER3R(QS1<+=K3&O)56E2*?X
MJFN_9C+B&2J<^@->OYYT0[KC5Y37'WZ^O&^_HG3SB'()<3#Q>":5P`5;#00O
MY=.F5?C;@608.FCF371.U[-1PG'6ED"-8.]FJ9P"&=OE)-96-V^%=;VX2[/!
MC:[K"8YYZ09!8L@6:H-`.]D)/:D1V:*38L0.9E7V_6-`9X4>N4ZZDB?O'*`G
M=HNV+@DQCEA[)E@+/>3=P`%PG9$M24IEET2W&4E"L@_B\S2.<<A^_=K4Z1GU
M+=>NSDA"#30<8N#XF8$U`0?N9R!1&R;[=0T5M<!ZY<Y,3IX*X7WP$J6?$I8P
M+U>`SKV8*61)MR/P6$%RZ+'\A./H*LT@9_X.!_%E#L5SK/V686C>>"\B9'5\
M&)A[NDFS4_90!*8C/M]/9T8;U98#4.7!HR<ZF?5>`US]=&U&X]?LY9?EZ$@%
MULS=D4FK&Z>G\W3GI;6^,=Z-&*A/;HP,=;F_<O36\*6KJKQU3.P1/GZJUY5G
MKST1)8,;NQPJ[K9.![JH+KZIIP(?6E69%3HY/N+)+A)W9*CTZ]LW8WG"S6JV
ME!+3W!IK/)C8>)0:8X+(PQ/)$8YY>9&L27YAESR1&,N\:HFV9\VF>FDLB_HQ
M,^Z>DW0<I7(0YMBH-(.UOJK<&ZK^[G"2/C-FA(=:Z\T=\&9<Z4AV&+/V,*;X
ME,LL[/%D$IZ6Z!#4P&2O'-%Z@SC8QCU9L1A*RU=A$^]]\57F(5(#)N<O\1E-
M:@\&SB!S'[_&9GQ/3Q1VJ9@>BDV<?FI7>LD:)@(WC\ZAW/7I";,TH<<7Q%YI
M9+E&K9>YE?R7R$%.L^,GTM+*I/EI5/27DODP,H5*]RN>I5#I$V>^C`9_4ZC&
M4:=)H2(U,;Z<%"I#L;%)H3*3&>>*I"Y=L&@*E>E770?D)B.>H<)I2H/\WE*H
MQI/N.(7JZOK#ZL.Y^T+T2\C#!#E4=B*XG+ZZH[X\=]76FYLTV3[@;'>!'[5;
M7@CGNW)6)`@-/.6JSL[4HX?!IP4=C6"X%]>*!KAT0_3TA%9=O`7;#+/@G1<7
MB;-BY,P-4@F1U,%12)";F\#K/#_`3>QZ<P]=QG`DT`G:-R_#`%T['#HHR_FR
MFL4:U?%Y3O3'S&CR.[\,D1:Z>8ENDA8>/AG3YF;C*S\9*UN'SUM:(+FK==VJ
M4G4ZEWXJ$"ZN_M1H28SR&FI1U&I_-;TAL[P''(54FLQLG6TO!:VPJFX#,R6"
M[B\`E]@V)[>!FKI#>">HISC<G$E&N!\B,*Z=#C%Z\@.*M^Z%'4*)W(%P<G4T
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MZNR'%H03Q&&@@7JJ'B3:CD3[P^4#.O]I]>''2W3]`;&TMM6'"_[#Y5\_7O^\
MNKG\\.`DEVT\*^KX"Q:\O9PPWQ_V>_[(,(AAA5=Q^NDZV:39CFD7V\187;"N
M_0%]]'OAO]9,+M$P%[4F^YJR.@+GC[>W-Y?OJ;BN;M#%]?WYS?K^X]TE6E^A
M.EV5"OG5^N[]ZN%Z_<$[HV[([5K6VXS5ERR0SJ,9M_0XIFN&.W/<M;SJ++Q?
M=+SL?`Y_]^+\KU@P4PZ\7R1D<CD,M*GW7,>>#3#)HF7_TQU^"#[C7,#8JH+F
MG>FN[4\?G8$:^]#)@@UQPO(CUW_,_0R;`B9X9QT$O*5;O'Z`L98]E('E@<L:
M^F/S3"N)!LZ1%R0/XS0_9%CBX`F]XU'?<7EX&TF@0=8&F/R.#/[5/*&$@]Y0
M]`<UH!TZB$N12.(Q?EA_8$YCJS8T/1;Z\LQI'N;7/2Y.(&'6&=$/69#D&YS!
MJPCZTT/:?3B^SD96$;&"[[)TB"5!>@5]2C!0&X17AGY(>T5"UIGO-4*FID:Z
M*0LO\P(8G>(.%'??JX-,1(Z?@_B`6[0HH69U81`I79JBCB2!FWUFBAB,@%=<
M]:M5Y!@-HZR`,4*]+!AU@YM"2)G"T5`%ZT'CTYGCRHLZ6GC/W,.?$?^[%RZ-
M8KWM5V3MZVJF:'BG0%9_;8,]*OXPQ#Q2CV*`<Y9D]:!@1%QOV#J>TCC"60Z1
M\.+%.KRL!=3UX5X7];X4E?/8ZX/6S#\B/E=R<'!^B#;:;[T`J\%F.^#K!Y.6
M)T>SW*GQH\6+6?!7-L0)G^E04$__#1#=`:=PCCU/=_LT@2O`U6=BG'\C!^:-
MQA.@>LQFI3IKQE'-1D=ZK-5D>VBFS20;N&#8L$E<>X]WCTU[=F4<L#?166!O
M`(5>I*Z5,HI^Y<,\B;D9KMX;/2SD''EP2\`VRW'\*HH(G(GID3`@T75R'NP)
M/1\*N5^J%N3`7&MC%:J])L7U>';1=$H25$YQ)C,+X>>=O='B4BU[H\.B2SXQ
M+P*2X.@RR!*2;',SHR.8[:[DE0"9_F-E/A!5(_VR0?9X>&.-Y'REJ`,E8:HE
MWP!!E-?.#'7FNK8Z1XCT7_=D[%CIHT%1+/T!4F<'`S+>V8\A;M)\'M=CI06?
MLG1>FE9Y1F8V0@K#625G.6*]E.GA%[=^68UI</+&@NCPGKQ@LIKQEI.DH^#"
M1;JC-L[4K`P#<6U?1*BI8DOH5S[4O^"2=+.TM+9LIQP$.F^H/W5-?]0NT#\P
MTWEHO(V$)#P.PQ`;YV&,O+<1>G'RXUU8-+VW\Q[F.NE?^=Q1#7N59I^"S";]
MUPB\:UUG3HZ!].'C)V60)#)\JPB@4`G+/S5IR1NZZ;L6C.$D8>2"=?_AS\=8
MVM`'_(G]Q4#;Z@#S(,5$BJHLER-_HL>8&5Y44UZPSC\Q0N8>)P1RW:#2&T\;
M)@P(R.X^(\]44=<UIECJ'$GR@A2',KS)FY>DV>+]V2<E`KP:WW<*J)&R;MJ>
MUTU+!773?$C-48NI;LZ.4D:M4WU7T=\/>5%U1QX.%+.%G%&5&+VO\Z&NL%'&
M[YC/N$S\'4>>_NU##0TR?X\N(^B!N+YLX=>4#"AJH"(*UHMHV?2D82-/'QG"
MW:P[A#_O<9)[E/`[,5/LT@//\R*UHQ:U';6@81/VB(K^*BS9Y*O5[?7YUXAB
M?XC9DQ->,5Y(2[^2@"?0/<I<X/&*9\E[:8VU@EO#MA:.^E0N&/?>8>J>YJ3`
M]SA[)B'FEN(.A^DV85"8T=!U#F=?ARN_<@$"RU1^T5?YS?WS"6)?+L6V_>T3
M5'\=E9^OJH6T%N"!I^N`O&VS$;8`SF8T;)S?+X`NSMSEI72>U-->2.$M9TGJ
MJG2FT;%FHNNX5QL%8:%!+YQAHQ6S1\%1JQ)KCK[ZWZ^^>?T#]''F08L)"SY-
M4&O6$BMO'$VA2&@%!8_E83D17F?;("'_++LW)WD:DXA7DX&VS:SW"_OG>E,^
M"08_M@S>RYJ9#FKA:3[FRJV;BE3'[-V&RRHV-I`9P[=AP_FMAHX:\([?Z<RX
MVSJ&=4J^^D)$KWF-_X`_%V?Q</5FJ:J:_/NN;?D,!)U%5MMU.>!CB'W-KP2U
MA6G)B$?=7L)J<>];'_#.PL\EMEJ.PDPRNV#P*0PA#@G7#'3M(<'&3H0$@K.`
MCPRI7JBF'HRJT3Y:;_5&R<^ZJEU:\$:;T$/RAH1!4O1796T]-:&ZMHG:R/="
M.\U$-,BROEHN>XP/NQTT@(!;_1;R08/\OH3BG4TR8W&]UZ,F_&U]+_P^S8IM
ML,6L@HJN)1!/=-$`5X3",7M5X\J23!ZI?.5&"/N*RG9A&IXPUL\2""YO^(5(
MJ=C$-S5KAPPK-N7/U;HV`JT&R/1_"#VQ1<WAC1J*70=!O^Z]Y7*DO-*6"M&2
M[SB#^#*',XSI06%@IKOWFP-(]'DMB!$?Y9-U4&^$XM&C8!=<L-`$43,Y,-?N
MO@I5&<]]"6$I*_PPQR_(<PPM4!+L7^]!+1;5;-^LYL_E1.\J(!F[FVX68QSP
MD<)PI=$5B!WS(0Q'O/1F:X*/:EYGQZ0*7V.[W/*?M>J7`W.M^E6HZK*DKZK?
M"K_GJMKMIKZ(@?<+&3LV^!?'T6)7+3.@PZM+/K:#5R*,YM=P5;&*GN$!#:1!
M;38D)M1:Y??A$XX.,5YO6J--;<7X#[GK13.>1/TG>?4HEN&=1*@"R[)$:\`G
MJ`(-LM*>YJ&%FHR9%+UGIN&D+T#(K`WB!%]T;34G(=H<<N>K&9Z%8!^AH$5Y
MF8TC%-20O+/0TPF9YFOAB21LV4*?I%2%2<3[R&YQ$HYK!F0$U&6!4!/4A\IO
MEO-Y^]8V!+UV/DZK=!ION[*"I^F>>\;FUI;5$+IK*VI,#'O.]]4N3DZ"L`W"
M.SMHQ_Y:-L^*]Q=\]((?"WM#)ICMRF()D>F]P:`#/;=`\HV1FAKIKKAB+6OC
M(0+CVDJ(T5-RFZ]:WPPE[[2X@N'TWBY)N6W)6]X8#H^W05:\/+0ZDIFG#2C@
MN$LB4"+8O_YD4Q";@]J3?%3@NCNHR#?0VC[W?#E)+H(^:-?*WXP,!HS\)9B)
M:9#?,^3;W1:],R@6S*Z9U6#*Z4N^@J_6L-YT'^VS-9^G>9$WS_IO@Q>KFZV1
M7W%VP!A+G/YC\';^91LDJN2$`>T6.JD`^VCVIN$?^?EF"N;Q4*+.VLNU/R^-
M_)QKTSJ>7%,+F:]V>'I*\0IZ'/]]A3\O4Y'AD,J'LXZNL[*\T0%Q$O%:M#)T
MNL,/P6?[*)\,A+L$$QE:`]6<Z6A$AWL>]=/8+46>AVJKG'+>B-P,"2S7%DN!
MJ"8S^FIE[+`K@L\>&@H=EM2M>Z[BQP6;EI0=N&YQQBR/J7X7SG>EW"4(];J5
M5)WAZ%CNOOFHUE4[)-7IBNUQQV?6VEP,R+4JEZ&HPWJ^*G$KO.KB>M[I<24G
MZG7_4;#A@D4]#H\Y_NU`3PJ7SS;A-.%\9\THQ`CU"U540Q$?ZZ,"5VV0O">!
M?'?<L9E]N1@A(-<*7(:B!N?YJK\MT<+/7CX,4O*A7DT7!1,NF#T9Y$^0W$7_
M`RV/GH,8UL/*R[S(9&PX]50+F+.D8$U4>_F`=`+/A80?6E-/>!&F%_1K^5^'
M(C@/QB'\@)NIWA@U([:5)S<;\*QU)9UVM<`@ON0UV36D3%A21`^@RSH[NBC+
MBE%"281RH@\R-C>N9:U^C\KSV"+6O;8Z+MSV@C9IAM)AY/TJW6,DN,I*/B92
M:Z]KR@YI[#K'T)`KY[NHZZ9`J"=4Y7!^,>J#WI@,HQ#&+ZX=QBY?2QET4(3.
M6(<L@YO<0P8M'@MXK5F/J;L].M$59@(C<T$TI<U=E-320=$%Y_K`K497'3?U
MZ0PP%[)?3C#5QC";<>N"$:\Z$Z.=J['>ET7&KRG5J!I]QK=TTTK-H1USM0#M
M+!QK189>8$G8:XU#8J?=&A9BP#R2[#DIT^H<5N5-.3>K$\B`/*QM+0#6;OE%
MF8:67^%1)W\I')<'?@6"?:^P'`Y-;KUPTR?'[(^#*8?N3O/&>*C]]JC>1>C<
M6[GM?IWA=21/>737$+OE7(.F;2U35E6MD57T3/(T>VF6J.L0Z`-TY0:8H-PK
M?MWT1.9FOIJ-JNE,!_GDRL])`Y!4H$,9<4,9)KM'>LYF?_7&]!OSN-3@FS*X
MM9GG?4&IEAQIYJ5P7)IY!8(]][(:[K^9M\;,+RMOB(:.E<_;J%)]$6+J&WMF
MY74$3VGE-:3.0<G<5@^QZZ9FJIF%UP/FO(BS`E5)Z=Q.C[_67.^M^BC<_2NK
M.X+[=`RY"1\[>"\R,F(NA.,Z5"Y!4/Q&Q"?1FQ@[S]^(C(F#*WAP.:'BO:R2
MZ`8'.<[OF-<1/,:XZH=S%B3_H*9Z%1;DF13$],QK"]Z5C;0GQS$/\X96<`3D
ML%`#[`35G:)*>*@!Z),\STPB>;\L9W9TI$A(+>LX>;`^,-_AG$00;0_BVRS=
MXZP!;75PUH+G\@"MB7"_]DP]#37S?!#%.3'=U_/\.6!;HJ5ST,X&4??KH&TB
ML,H#MX&T+GCSCK?`&'=X3U5?U6SUQ3(G7@^8L]MU353[P2\V#]43O?<-QF)*
M$BJ@.Z8LO'$'C!A5?B%NP*76IOYRA[,M!?YCEGXJGN#F/4@TQ$JHB;3@N33U
MF@CW$J_*:8C/0^5$'T1K-E2W'-603_3'V%OBI6/L\3#N?EE[$YE56GL#@5W.
MVM]F),UN,?W?B!YZXB#/6;=UE@H4_?W`+PHO<!YF9#_$/2+E;`S7E0]@08"^
MR]Z=Y[TW,`/._D0);#E:ZB%8LO-R<OP!?UK5>I8>)A+Z8XA;MP(C8_/&\%W'
M["T(<LSC%`1J8*`N$)^$?&Y"0#@L*>(71/+\`(VQ&J+D19!$01;Y=QU@*Q%:
MUP26XF!]>(#V(U!YXA#$\<L=O$G.6@52D^@R+\B.E3$,\J>K./V4P_NZD/[B
M(3W#YVD<\W]`2-/H/=P\'W;QD&XN$O8;Z+2^@ZH/-55)Z:=0_2W^JIY]#56?
M0P\I.L.H_B+ZE7W3&R]B26*V^Q*&'<)F%6$[Y4YQ35CV>'_#"(LKPA8I>L04
M3OEU]V\)ER+C'=Y3?!B5BN#Q$`>0N]P^HTU.6S\>)\ZJ-H6O&N?4F=86A)JK
M#!<`\A>"8[4E$)Z)Y8!<!IQ4*!Y+13,>L0D>*-K)<&LKSJ#!\P4F^Q-?,L5*
MJ<>.4?4KG*0E@\HXDHX`+AA`"O+BXH#+=+1DVUR=YV;>ICE`9R$C`Y2/.1CF
M(CH9U;-;^2>Y!QIH<HP[+ER092^`<YVYN>NDFC`_(RM+^W^\/4./+RC"=(E0
M+8R>L>EILSAX%&HRY7UYC,F0\1WD8I^]G`4Q='Z^?\*X^#%+#WNZ4.N@DC9<
MU\$D`P*(D[1/@)O+Z8C-1Q4`#^1^+OS;XK\1)&T'>8[+0T9,@D<2DZ&<%^<1
M)5,QT(HD&<J``Z&_3O8'>FYA>_17*$=#P-%[IK^O<P+L+/V(+SA_JF%#%,G[
M#0[N!'&`)Z@-$K5@>J`HYJ=+6V7\UB9$*PL%!8_IH4`YV2;L)B8IT"%)'^&M
M%B,08>OPQE,8+TQZ[T)L)6G!]+)R<]<;>IBCK/D4Y'BUS3`/GIMZ$`IHKOT&
M);(RUF^FH&:.!PI@/HPC>JPE<0X_9@WR037=.X=`CY?U:B+K,++]N^P:.K1)
MOL?A(:,NUC\M;+<A-!<7/4;("MEQO4&L_7=WO@?B-Q.^4%:PBRK]39(6#G+/
MI\50&3.,8)N[N/MQ>V$NM<(K"6.1M5<U+$2SWE0/9]C#&OO;!AUP3@M":*';
M+SL&LT#'U$^M^+,T]^IE:DS;^H5CW8OZ^7,?88>C4L.($/?K=L)`<M6E)+3%
MULW)8[B-MUT8PQBNL^<NY@20GT]XG)Y!06TP'JBQ)0A`!2U/8Q(Q*H",\PI3
M]"^$O2)W[D2,Y7SYHQD[MA_A6%`@K&IE4\X*"M6LDJ@J3P?_'.-JV'S`K?-A
M1Y+A[M$,$&J52F,UJR!=K0)65K%R+MSS$Z0EY;M.[3B-KMHNW9=IT&\Y-.V0
M:X:W01;QK-^T;C>NI(]O7LX(-:+A]]CKD`4?"Z2L!B".[NC_9@22S=C"66'@
MO*QQ\&+G#5G!=N4161*B]U"@`H,:.(@K50ZI*B/RXH'RG),0W:RS$F4"FJ,F
M"U,=WGA&8R1!ZAV-$`,7)Z+C\O]4A9&0*:WXH/-N0#-,;O89?VYO3,DCDXNA
M+AH,'K.<)40/],1"I(%WL&G"?`U*G,>:$%%)".Q_'XZ18F1X/V0C0Y.T[J/?
M@&_EZ\TM]PZ;Z+'.K9$N*"=-MK31E#6Q8V<E-A<BN^W9I3A/+\/FW:NL,6T=
M"EK139Z&T>YFQZ3WD5&!"O2^!=F/6Q5#EA;WKC+B9_NP1P!"SWR'U6>BG2`Q
M--5IJ**'1L]&!OS6E?O-O\*HY>5EQ/K;65J/+PC6R&+_`3?[4.:I>/ECSAU@
MS\[$PSRF/NT.,MB"_FOS_0_!CO[8BCY>I+N`:)>KT(#D+&JO@^2@,*6U,/%Q
M/7%R%Y#6WCAY"%IWUQ:MI_(<%-`ZB3\'?X]WCSC3U=H***X/1$+D>J]<^$!4
MCT2_\K'3:_0"9Y9G&'MLO#J*::-QG9"RM")'I^HHZHTITI,AK>.25(!&M#>A
M:$7:(MY/Z)'-=Y(J)T>H7PT0AJ,%I=LX%VX:A-R?TPP14=_8"##UXTRF(UCB
MW#:U5"W8"^%V;6?RFXFNK7P;A9X-N5T[$W;[15>&[_`8D]!?N]?C';V.!4>,
MLQROB_(^SE[:?Q%$+0;/!08071W'C)#NJ^EVRM1PC,/9H<Q\.Z6',^.]=,.X
MPCB!5%0'(+A6VX-(*1C085S`E+PF*E&X.]:>_\,3+@A_5]<D=MS$H;[OKX#@
MPOM7(G7,/7P"?Z3:3A2C<QP=\*?"R?G!9;J]N#EW?WHQQD9Y?I&@Z\<11D]#
M"`\Q6NK!6GW=D**(\>KOP>=K(M-:PAN"80`N+Y1$*/7:/;%Q"`:B:S*OJK)-
M6[7"Y=J)J(_&02GI721/G$FXH2SHWIG)),E:OG^DY(-&SH<$2&CDEXBFNG!(
MQ&@<<U$Y$I5#??)`])'@_79QYMSY,*:[>P]#?\E*A=/C)5]<"H54"WT)N4C/
MF`MV0Q)\7>"=49:*"5B7#H<9^K9Y8@`#,2#^G,HM-U]I"LUW?KD0T>5O!U*\
MO,?%4QI=LU1N4$_K3PFU!4]D?XLS*(E/_73=T*8^0%>131.4>YV,V%S$)Z-F
M]@FJYZ,&@$,+/06R#4K[>AAZQ`G>D+('.5T/A8B*IRP];)\0YM39<>H0_C)@
M>BK8//R8F@[.#:>U`$N#V:;2.Z(A;(1WK(7,>E.#-S&GPP#<MGP=1JGOJ%7C
MP"S6(SW(&++$(MV@M!81R(I.BR><H:)U&>+/^5T?O]J=SHQ0]>L0+Y4SC<:M
M8B%SD_YZ``^?_H,]+[MF;7JND]:UFZZ;8@33AY18#<2ER;$GB(-@O^"/-3D4
M>+?8@N.!SS(2;:BG/7_M':NZ'.,0:S8PYQN8IS';/A\R'<=+F8Y_8B&V2[8(
MR`K0D>?!GA1!7#;.^IB0(K^G.W6='.=NF=[&FW_`]66]#4GZK00XC#^B$DK5
MK.X$,4`GZ+Z4`\\3F">@1:,"#C`/G4.+1K3BA&#>"3VB!+P';?FY`=?2>=Z#
MM:3H)45;BHEK3='JJ[G>L.6"_T57&.EZ-<9PW;46,2:`@5IHP0&9X,)1@?+"
M$Y@`_R,D!P6_U!*9`'6'#47L^%_15\2*^:U#&)4#LHHB`N"#F+LBYS'EAN@J
MS<!9,0EIZ`%T&>+015E@MM8;U,RL3B%\+J*3$<SVPF1/@"M4AFEPY0Z[/U$0
M6^1:49%$C"<O&KC;4<W$*VA]>B+A$Z)_0B'?[0W=;7@Q[%>PQ$BBE<$3$W$>
MK836E?IG*DZE@GI7L#I@7&1*Z*$G5C?UO-()<*QLIL6O8_69I7>?KV"'T*!:
M.<+-"]5A)3BJ/`9]X;-6$[=EJP5Z\@EQ55%GE43TQ_JKMXW?"`LP\5QLP+OT
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M2][@O+".=0_I*OSM0#(\G#FG71%`&YZ[&QMMA/LW-7PJ*E)43D:B1%H_$C5&
M(,LFY*2ZEBE38BMQ]:=3JRD#*ZY>C+C7VE=8;;?PGH5Z'^V#!*B&(+YDG6EX
M2U@37T$;IDM?P0#Q'D-64]%1O()Y#D&,^/RR);,WWL(D&.\[<0E__(01R+7\
MA$"`)_<:Z,YBOK.\[;Q?GH*I)"L]!4,Q'GWAPCJ]F5RM\`DN+U&J)8NO2VZ<
MITH:K)=RN9NVBL8+'KS><-<94<&BNM<5;89VZ'B?'7*28"K;T'RH.@]<)ZO-
MAL2$BKUQKW6++[A/L[0@BHZ;WL!A<>P*$B1;-K`\>+DR*2'X5#AQUR_<@AWD
M$GGA'$V*ZL]!?&#^`L062$CV_'FN*++B0>*HK?1K9HY:BOZ"CV$@H89GNU\<
M@$EO<4;2B*>6?,"?V)^TPPZ:T)P]@-%%=KC38_G`A4]%?.Y)F7=V@NA\/F)A
M!38MIHTSU,FX@BP).A->`%&WF.1%QB6[;M_J19QE`JR/GL(0?VJ@CA$XG:"+
MD>R.:T>K_,K9"_2W"I(7D\B+*6CG+6B-R*"ODJI,V$8AH;,75$+RPN>8A@*F
M0@OM9<*9J#"N]^PH,K1.@UQ7$\X3$>>)/>>)DD0)Y0G">:*AAE^A'$L-H==C
MUE@]S*[H[G%,06W9\"?*P-34ZX2!QH!WTC)A%#G&*K\2*FJ#=1Z7FI8D-MHP
M+\F2STD6\QX.D])EA'H<(H\?$;8)E(NX+\1HS3))[L[Z4-##!2O%)LKERZ&&
MQ-!C1JV$`OT/^)+58T(2>8I/"Y(DD31GU606?^&X)"W@74";%K?EXX!T%L0G
M200:@[DP*ZA-!-G33T87O_S%44K#*&/(5&,LJP?/7CXF015(C'YB&EG'DYSN
M8R[\RBE)-:'.!*>S_0W$/^+<YUR(7'VURA0'.%5!0E5)BS!/\Q#&V.N<DS+3
MJ%TQ]?QP2B?76D(7=6J597_(/^QV0?:RWMR3;4(V)`R2HBP4`,M(Z8&+X%S4
MZUT<`C$`ZS2*:81^[Q#/9[/FU<U\U`!`%01G?>!GPEQ06QO.[@U-\A9-@H8F
M^Q*V7TZ8A2"H`W;&4K!@V@C=3^B=;-*EK3/'6=YU=^$]&T[_A>#OOG59&R*X
M/(>X3^WEV<.N2]K1;.?90,?(2)C&U\YHPQNBE\0QM!O6'L,%R7!(A_*,=H!-
MAWROWW=$.M_%`4R!4*_,5#F\>K'!>`=F^-,,V1`CMO@AM-R?:0PQ$;LE%:"\
MMVU^'#UTI$IXFM`0J1$O3#+,\F,$CH(DH;T]T>U;D2X*_><1Y=\%+H,[)UVU
M\NL6D].S-:R0U9^JIOGE8@^RDL8[ACX?C>=FH5_3D\SC*2Y,5'_9$AX6>##+
M*V_UJFM]7;-N1.!V%WY3,[$G-Y8"UA$JY6&^L0_4L)YA]-A8PS5OYBB$X30$
M(T9LN&\:Q!!:[.Y;3T<K?&IF]\?V&.`AB0;U,?3+)JG$2AWCD<O4@KW-Z8X8
M17.:":Y".>TE]W@*_N9;#*='8VD`YYC`"_."F7T8FNHZ;M-%0\`AO@9L!O9`
MKX=];P.6XYOW)"&[PTXOF#,\R94N.5[Z,;>4?_<C2&.X:&_TWR!_2'7@$',L
MR,_!9RD_2P6X.]FU+CQ&I<<J_.]^^<.&B_=.AP_RCY86'V*>Y?A^]2G(H@?Z
M%1-_L#O)E1X_7GHOT`%_1S#`-^=PD.A2Y3A$\04?SD(^]%F0XP@>C.`DY_UX
MLPP<$!9X.7MIQI0O@=F2FW4GT;B+PEG6X%I5ST180>M=+A#>NL%S<IF6)IZ1
MQ18\T.&\R$A8X(B]5C!ST(<G.SOT"U#I!Y6J<?S1DU^>NP46[!&.-]9*RE'R
ML(:$G6;.0[PY;C6O%?4V!.U_/F*;#&-R$@$.8H`\NO,<3P*&%H$_HJR^8-J0
M)$A8E_926B!6'<:'B#=\#5`!:7C?H(<G.KX9`P7K#]!EHTA11'+6<@.@IAD;
MWXEW!WF>ACRK^1,IGE#$;`7:,0')483I&OC74KK`-$.[('E!P6?,*@Q!%6V^
M!F]L^`C!G"@W\E@J/?*.15Y#M_TJ?WJH:ZFG_:BS(C43DZZGXF#8Z2/,1NTO
MH-8G(!VB/:[\#/>63_H-G_G'O'`MYB9?[YUU^9Z8ZB"21)A^,0)*157&E#<N
MRRPB*:\H,X,\?@$JC/W/S]3-J]].OY[\8&_R;>\/]&:$G$&?\2!`^25'RLPE
M"2O,]X.8^Q\$L9#$:8(?YF(X/H/I"N,[ZB5#]]E]0*+;C#KB9!_$9T$,'56N
MTNP]=:^WP19#156='#U;T$[JR%B309P^1$$A@`6G/@X-U>!0"8_U>*P@LL+&
MSO/4YR#%!N/V&U7W69#3(3G\"#?#,3MR4O<M;U,!9<`0U,L[<(;8UPSQ6#($
ME$3<50SA4?7ED8I"7!=FE):PUWO6.CA)#D%\APO>Y67%2NX:1;ZF_;+3P-C4
M1!QTPM"9W`D[*YVP<ES'"4/\2ZC^%%KY4R-Y$1*6!,C80'K"G*E&M'UD<6X"
MM"MU,3;AOGK89J>@Z].WQ^U+=@H8.P5M:K(,6O99SZ*#L^@V=?!P#L5FK>"'
MK<@ZJ8Q(TW%#NT>&*4@7CJPYVL?R(G15UTGCJ;9;\LS3CD._./6D:/<<,N?^
M^'RH@1_:=341U86MGCSN_?3QR#\\D1SAF.OVK-66B&D9J2O>)8:77KFEEA-Z
MXW8JSEI)`Y!VU9TSG.`-@0O!JHO!PU.6'K9/=2L#$T_;`KI+;]J*&+UK5@H$
M=2N,-7":SB@EI*8]BC<.\714Z-;$>FRH4/=+*4HJE.T/=[S-(V&=`+%'C=@F
MH4G+#X[-R%.7M_++S;57'DI7UEIS+-H`GNX@+RQ0K)(($@_W[&4K[#-D/%`F
MXZTM]4L)F<!TV`S>!/&!EO!L^@DK-E&PAE$UB!/4!E+V??6DV>LXM#MX<47G
MW($9P\JJEO"F?.R!X%*_BNP@:OPQQYM#?$.>+;K"&0%W?85K2@I#6:ZA(`X&
M,3A>>#I34:!!\<!1C&$@*S>2E!U5O;'9HP1`KZ:6!?<O)_A51\JZGN@]WG::
M5ZO,LQB`*ULL0TF<X=24.:Z&>V%A[9!IZNOF?+@W9E7);U(;JF*V!=^+MJ[]
M\G72A"#NPR<<'6)L5`C7$*IK$ZF-?._U9CNI@`7VVC';:K:H!*YS(V&VZ7JO
M/TUVW`/VOL!YF)$]^*KPMW/ZJVV:O9B\'K6"[:Q8@!TAC!@?#G@UL!,V!%7P
M?'NZ.H8QY,__[;G"`[%HK\SN?:L):&_U_R`9#&7AB/U]?:UJP0KC#(*0#ZPO
M.NXP=:/@41)UI(2?U2_7:P+.Q2VT&;H#D>IZ-CIBX777C_'B^>D4&)^V4(YG
MN5`WOGL=O8G5=4/6P4YZX^S'K:J%M`IO5,U%U5K)?$B3,5I&>-%B!-?E#:HA
M`7J'^O9T3Q7/C+B[5T%S(=?214D73_^4T312J'O1:2':/AP!)!4'S(Y2-TL6
M&#`[C-U('M/+@SNR$@+^G69[FVEW=CW>R>78]!QGD+G*5K0*?SN0#)Z7/F3T
MGQN<?4BK%_0XNDJS57Z!'XM['!XR4A!<3VCWQ#U/DR(+PN(0Q/'+'>8#RH39
M_`Z'F#Q#I&I5L,DY&=*FJC.5'XMV?;KV@PI]^2[758IW]2%X$E^M#='%H7IU
M[-50D"-8(&I6>-),[70S/T&==:)JH=7;B1PU2T5!@5J+]<+?\7[[.M3-*NHV
M&:9P45VE6344=>YF^$97_5".'ROVS?(D01C"4Q6ZT(NRA4,X=%$V:+#M@+MR
MHVQ)8:YY3U`'&FK`.7P#,349X#C8PO&%X#CJ*RHI@G,M54V]=YQZ"=Y"RD=%
M/S,4'7O+HX@C=:#'B+4_FLU<GP?YTU6<?LHO/^\QE,E[2,_P>1K'[!^>N=(&
M:_W]>=!&&[6\XTR7A]CZ4+5`>.3_B%&]QO^W/.91VU63,`2R;AA9.37#"L3T
M1C4M@OC_.>+]CL\6YIK=T9'"6*U_,?:V\AA^`2=J%44,">WH[#P?]_4D8DO*
M&4U=[02SC]+?5)_]`DXT4Y%SI3@*+)I1X!IY%$S/`<.GLB^4#-X>#$<IZE$'
MQS%:^HLQ='VKWK';J^(J(-G/07PPSD=?;F&_NR.C9`L6/Q]VSW[LW[`>Q!:T
MK#GU=A,809[ACT">J*R(%\QX9/;HS&=-IT'Z_'Z/=2J]ZN8,IU"J7XP=ZUCC
M]^DS*X]3O8.YHV=2.@M*<[DXPLF6\WLXU,G)O=@Q#U7K:#T&@Z6@<BW^I`XM
MS.N+><%J1O\R]<G"KF_WVU^X=WM,R,74P>0^%Z_Z?E\$6>'"\U(1LJIJ2#VK
M1[PE":OF2=W0X6+U$U'C,A$&/CRA!4XB,16^="]S4$LMX4@.J:@O4[?S?P[?
MDL\?L*H__GOP`]ND7#*X7WWV]Q?AEA!T!JQ]"6C;8/V[\.5[NFBY^/61(EI.
MEU_QCHG)MLE!S7EHXC;(BXN#J+FXU*SJ`77M6>NBW@NC5?-:6>U4,_*I".8B
M.MEA]8<)]L;$ES'9;8\86UCK85#/Z()SY4CHHVO+S@ZK.8S:$1U=;K:[U@^J
MASYS?L@RG!3E=\P?4VO#=/F0V@!Q+?9$Y>06>_KV?GH$RN4P?YY+C\"E]51Z
M4^]DUMK)X@GNHC*,]K"5$=W*D$/VZ[6TJ>@J7TH;RJU;P_GFU4/Z]MU%\)*K
M])2VJA:!],F`BM'6-*)O7D$&[=MW"&"X5U8S(/[FE=<.@8)QC9T".=>Z%=(?
MZ-K^K"6DQ@<$$6@?CW!B,F@*[0],:/_LB]#.2(`?G`CO9-PW]I`JYVJWPGSY
MVR&('](?,QP4.'MX"I)WKR:UOWH?\,D:ZY)$4\P9.)#T$B!XH@EZ]\H3L9^=
M+._\MMQ&`F!LQTVX?]+C_E5*#S]QFA\R/.F17PC7MV._A`!Z1_\6`/=2.AOJ
MS5"_PP`&."E"`4T`8-/`]#\(H!)HJT"`0IJ=NB;TIS2+X*X+VIKMFGC%C6D5
M-3O@'KDD6J30T6HGJ`*%&E@G+?5VXV$%ME&\86JQM1G#@W*"5:L+]@?3X[<F
M5-<G;VWD#4N(-XU0;F8I&6K_PL4:XP:E>:J@CHD?3("44<=?Y_$%,Z$=5_9]
M2&*M#Q-P"4EBLH7R.>=I7C0]=`&\RN1J0'!1UUV)5*_MX`$*9)4S$$SIM!&'
M6<Y+MULA%=5(A70*U#B/@[(6#,@5*B"O*`AGR;,SKN1NC&'+]2^><-4KNX5C
MU"-!I2_;F'O2)%M/%(45W+7DT`,WIM6]Y8$N8KVIVN'9I(19?L5;-T=%G+X$
MM)P<F`'\7<WQ-5=L'&N,,YXZ?.&!D'P(=KA:&:S3+*O,%*QW1<6%Z$OXW[]4
M,LO=M2LL+MW:Y3CZ#N<DHA:9!+%M+P\=4*X5N!S-/I?6H_WMSC$>M3UG/])O
M7NS<Y&BPI99=4?%D]7]+BMR:^KY9LYI5$E5Q7ARM6&]E4\G3@.A:`+60/F96
M-JD;&&IF(3[MA%4]IR>+E/XS;W[O4<C("O<6HMF7(;/Z?*TENMI,;=_8J@S,
M-!^YK:G[$X[A>W=P'NYM^-!I4!^8BPB+":J"&-]ZT[&%S7P$`$`P$0?A//(R
M`;+T5'9WN99(V_+1EC%8/3QAE-28M0*S+0S1$VPC//@\Y!@>?=*1$*5Y+%]Q
MYT\8\[)*?H1?C*57&(DQ%5UKA7,>9-D+2;:LM@]\+VT^9)+Y(87C,M-#@6#O
MA4,YG)<QXQHF;6D6+_QL"[Q6VVW&GN^BL,*0U]MRK%.FPJ\5QSU"L*<W_<K<
MT!%`9::&AO2-=DE*M7,?P)5W[?TUW[D@^1X<H?7&Q#<Q@.K223%"7NRMU&X)
M`$+M@V_+=ZE@T0G^F/A1!&AWI:Q-/MCV4VK;3W.@Q?"!`D45+=)-3VREQ)@<
M)UN%+O;F=`C@E5MC3B^E?V,L_@LFF%45#_G)CA[V;DCP2&)6)>$]#B`%+H+P
M*;P*I+J7#OB0)EGUS[,@)_D#)`B9ADZF^[#K",N4)!PL&<J=M!(2:UC&\M7X
M=!:%:<-#OS)@_MUF3<YJ>@]/)N8S!Z)Y]M+:>[8@P0WP<)J@`HRS?$XE>KW4
MM6888N,<WMM:D5KGWDIONQQP(35294HTI'NN6`I)+KQNU=,$,IC>J'4YXGH:
MV^F=Z_B]L%*XZLU=L&1>>72$ZXH,NO.PU0PLU>QAGRE89V7NC-$?.-RPF4.L
M[=,+O?&8=F-CWM@62PZ6EU"S8E\G'E#]XT\$9Y2.3R\W^)ENATUU-#VHWM@?
M%?)B"W2"Z@F^IKB9;;&9`=+97P?,W#[(]1=H6!;-"*AS5U\3=8E/U6)HW[+8
MK#98[RQ@L+L.&/HZV1^*G$G6:\N:)Q)0WNCA031ERI=/.$%L"GKM9Q:;&7H5
M*G\]I.`,[C,2XAS*&,,#@6>,=D'VCX$<('_,C)A7S6R+D%'=RM]WAH5))""<
M&XM!M/3E[3N_#B9F:%4HK!]SG/'G^83-0RE+S6.U4BIAY%+HGQT4\Z6>U1,R
MI5L9>S.=C7OCL8U[8R%S;[X<&R=&KT+E8Y(>2]\78=?>3&37WKB6N1$W-C?&
MM3`F_:ASVSD1Z622SS_!KA];'ZDB@Q&O+""\I"SO;VY\K*LQ!__I6;P)F6\Y
M>>6+'H@:KA[S(J,'`U-+J0;HVE[JH-S+32Q?3;2"&<T\]&LUTR_+:8,H-+*A
MO)EN$_)/K@>H%.9I3"+VVKR;UAP4:-.T1?TJ8-_[VCL[J\WC6M96E\&7D^&6
MOC$3Y$$-J@G-E9741K;G&383_9/C:5$=(\1Q\U$GDCR&)W7,M1%[.SNK<B7S
MUT.0%`0R89_I[S=IMF-)L3+_V.3`H?D1U_;:EC22BXCJX%N9]38TU`+GW,>=
M83M'G"R-&,:9[(`TPU7X'55VEK'4#@CGY\%!M#2XNYJ![@:*B?D01U6@=/G;
M@10OD&#/T<@<U40SYAB+0.D`Q]F73NZ"9F62-M!"3R`1XI*M4D!.BR,K4%1*
M1UG^;,.;=+H0D,EP.R\+?D5TB#^/XTRQ:#W`P9L-YC>2(/%EDR/JPN[V0?*"
M]E!AGIIF`N_HRDY6@/HWZ.&)P-.Z!#UBM*LB621!F+!KET<,M9%/$31GW10X
M.RV"S]1-+@Y9DO\+>DH_8;IC)W18&,!;7I+0,9B2%G_>XP1^D=/O1`>Z,E9T
MEM5BJ^&PJFMT1(YQ@G9\1PJ<E(LBL&(HTIP5U0/A$IT_PHKWU)K&B'J>%#A=
M]`GZ]$3")Q3$>4J7$<:'".?E)+[5F&E&OUX):FD==4%G#94SE6*$ZD)W5";B
M`RN417:8`L"YCM]@",W%NT`C9-7Z$N:C!@"J(;CW+D9CRW#+&MR*:KS[QXVC
M\+JN5!C3HX><EXO<D"1BVB06H0VC2@7:B@WX4<#`7(:%+_R,!=A:\7Q,V@&8
MU69#8D)_,GM\IP;DTB-3H7C,F]WQJ)D@>@+GSI4Q1:T=0&B5:3UT,0YJ.'[9
M<2U>5=IQ'48UC1#D./QFFSY_&V$"P8'OX0>0M>];,0'ZJ[_=X&T07T*,0E1M
MM:-5AJ8L;;"'E]U/;MA"*2$VQ)?G<Q*"#RI>,;7G8@?^(;/';KUYKE3K``*]
M,$G)#[X]4A/17JH[!(2WK_Q.]>^G(,,/V2$O?@PN@3]>:R9:*N<[J?HN1ZA7
M'KT<CMAX]&.`.C.<^^TCT5F=7B(F\J^_<^^K&^+2BGB0CL>P#;((TFS:V*$`
MU;@7`-\/;UQ'O,2UW-6R-;G';7QWI@?,1\];=A<F\;Y]O/$RVE%KW]3=#18$
MN*X3"`""PKD*0LQ?<^I>7PGGN[J[DB#45^F/!6K&0FY&B!$?OFPYVK&8K#.R
M)0FKE$62D.P=%_6TP(`%PH)!TCN[:%/)AO2632$8UN;EGMKG&*KKKA/\D%[1
M?;P*=B1^*2M$A9#Y:=J95!NF2V-C@/@Q<_&IB,Y%=#)Z2!%,1WP^:@#X]0QA
M)-)TQFF1GFX`TPW'-*MG^1/B&H%ARXW-^0Y#OG@JP]NO@)>I+"O]"T-!ME9"
MPBX9Y^EN1UB?Q_PAO:5,]!3DF/Z)[,#AJ7YQ"R_/=,[`DWS'Q5EY(@(INC"N
M.UT840LVZ+@*&*K!-[]B'W!^!)^)2@V^^PI?]M;1H.VATZ/ME-(E/`)/)%JN
M(AXSL4X[%T2'B]JEV1E'?=/E(5<'.:O:FD,@7*?@#J/5<_#")QP=8LP;T";;
M4WK:VJ&C\YWP?L]Y.JUD[[229<4;9VWAJ2"47+_:9IB5$-$/78LGN[#%,E0&
MY+\2]GJP'P4!3#%Y'^0%:\;31\A]O-IP2^3!ZJQ!,:B@^1&C5@J1T#JK),B5
M73$.8JO`^&5?9('K(VOB9[A:<]<LK(HO(>KW07'(X)+6X(V%!((?8>HCI)2!
MZFH\NI@C`W)LJ%J%#32-=IVY:;5R*=D]"5,/R8=!H'I`.$9D0'0A?R:[P^XL
MS;+T$[7;Y\$^".F73`+5FA!=AJFUD5;9EW(JJN>B:K('K1)'85IA]EAC%LZ%
MF758VAJYEKO*K[/:B9@[(>;5,QKJXU8?]2M6;2;,RDBUD22[\C6J0L=CKL2/
M8/CA;_00ZU_'MH,H)^C'+,T7;M$Z!1K\#R@]%'D1)'!:]-1J#W.:@=T>9#-G
M<I/&H/*R(!9*CL'II0?-KS/C`+)*_[V9XR3=9%KLSGLM!<-ZDC<FS(Q1+<['
M`BYU)8+5`RQX0W1?L*L/3%F(>D);RV.S%*(?9DV!M%(LZU=K=ZQW.0>!&A@>
MGE@-4>Y@.$G/0'OV,U9CTD>&GAIV'4(8F'D-(5RP^A=U$L%'A"4^T(_9=-48
MA.':P`L04SG),-37AAFRO=*R=I*-<L=Q9ETO!+.=U9,3(:/'9[[UL9#OC;PR
MFFQCEN.N*J?$,(-6--VU%NNC(THG\RSQU1P!GGOCG=(5,)26OAWF)E?'"9/.
MH0,S_3@>",QX[V+7C^?-ZHTP\!N=6.ON$CX$.[&]-CBSM^"XUK`2!)5G31CM
MW\MIW:VS")#T]LWZ7O$\#O+\0UI(#'4O%:<WQT4FVL#">\$T&(+8&.3)0VGM
M5:_XNMVGEVFL^.$)HP1$<)-FK"015$@CX2$.LN-[."C;UES8L9IP$<D+^H\#
MR9^@CU6!0*S*'CM'L_/.]/RD+*L&H*(L^)2C8!O`:!1F.`)(05@6"?8CATTD
M;,+4-8&DC9/VL]=R>1=>6P[,=ID=,(C,L#2=H=>E'O#*.;?%PI^K?:W5MZ[Q
M0X[(Z6N4L.W8!R^08>W7];Q82I17\4(1&2FRW]F8Z.XL9T;Z>/$BYO[.L8A.
MLGI/#+9JU0,B^9T'(JG#QUHV<XCUK460538YQ]2GV1`Z1]R@7JA1!!!<6D\A
M4CWOCM7H:8WTSX;:X^*/)=7&H9T41YUA>*5=.\K/."_XD?B0'X(X?F%]8='^
M\!B3$(5IMD\SMK(3[GN3'#T&X3^@F\A+Z7+S]C]E[6+HO8<9`#HSQR@G.P)>
M?9&V\A*^0=>=8LBLU')&>!6`B&PV<!0H7M`N^`=XZE2_,%^^K+W,/[<+7J#>
M<XYYJY,,Y6G,LOR><+Q'^1Z'0!9>,PF%+5Y\HN-PEK-&*<^P?$119(]:>(5F
MDK7(XI>;(5<K2E=#JE.L==WJ[\'G]GM0]I45U'32=SZ4,%RX(AJ(]3+>Z!34
M>29>%BQK37.8QS<U5JQ&V>I;M`Z+E$YE_W;N@UD@R/%P[XA9+%WP/B]X3`^4
MZV0;AU9^.&RZ^D/HOFDJCVD5'(`_,W?KE+!<.G@:B!JI!GK&F<WQLWLT,36&
MIV?H6WJ*>V:3G:B_*5'E&/GCX%J@,$(=GOGEZ^EJ':77IZERIO?_WD[@_[WU
MT?][:^'_`8^]=:0.9\6,W3ZOJ!I\3P]D\`]_'4`Q=AP)CQU`\=*M-=Y;[QW`
MMV,=P+?3:+CA-[J_X,#(]9-`\>G%;`<Y]2O9\DDVC/?&]3%"B=\@1`>/`GM&
MZV_)_Z[:C1<ZM.HW]D4]:^U+EO%3UIY8+9_!VJN*UM2?76_JS$*57V0)U56R
MGS'RBNJ*::>Z8J<Z-+!V#<F#9[&C43^#F/R^*AY=]>GVXKW3:-QX:>GM%BI&
M%?BHFI]S_V.<Z$I30*WD=OJ:L!^3?4"BNC+Y&>>M57%^*-+-1E#'1ZBPQWS&
MI9<SCCQFA6`YR*88/"J!HE6!.-AY"@?9NDO3TJ8NAE]JL1P%!<IQ"&:9_),?
M3D).!2A#U)Q./MYZ%'J:EB9M'TU6`?>DXIV>+0`BMJCFEQ<W@>Y1NGGC%8^U
M:@7K;*@_>V=<)0P7`2X-Q`8]%=\TVQ2(F:JMA5PVXPB2!>HM[<3R*WIUD_K:
MB#K@+(_$`ZUD+FJJ<)*FK"YXKB1)"H?:ZOGY^E-"SRA/9-^\/C][N0V@([JN
M+V<#VO5['S,R].,\T/VIH)^/(:>H`G*":C"M4A.0W,0A>>&E34.!!M&JQ3V$
MC%%^>,Q)1(*L5__-^3LH"\;7>]UIS/76SD,#<;WY\1!D04+GY6<XP1L2DB"N
MEJ#C1&C#<N%,&"!ZS)@MN5MO4#,9-;-K>77N6TR#)S6@VP;/QP9/,A>>QI[$
M"$1;'L7>`&<__`=3B17Z$8;B.HF*Z738N$JSRR!\:A^=3&(]1G!=!G<,"2!7
M/]TF/8B"0`"C>XOJA5<P+>I4.H\ZK<#;3`RH=V(6_L1H1N(N5%):9/`K`F.C
M`I0A%POY=U7=X`+G84;VP$'KS<]!1N`]$E3I.@MRV](9"IA^%-50(JZLA-""
M`,Q?P6`EZA"#XL4]U$BT:[2@6!UZA%$\B%&^#'?N>8SA:X-*)%I,/8DGL@I_
M.Y"<P)>8TJ"_@8<[JURE2M;9'4YM_9217_7%BQE-/+F/TP)?NCGP2_@"_5\]
M#PBMH;M1ZJ4C-"?U=/T#>)%V=[GVTUN:G$!'(>2N/Q6TN$V;=NW6?NFG!$?^
M.ES3:#HC=VP2-;><LU8U"%QO[OBMPFV0%2\/]$2<!R$@D9^]=/XBZ)\X:#'M
M@+MRWVQ)(>NY6(Y';`)JPSJ!0';WSPZ[,$ZX?3J>SQC&L'\-D>]Q\DMZ$X<6
MC\..YSI]#-9'I/<F`(:@7U)$!WGWTDM_^?[8:(U%7[=R_%-PVJHMN#GWRT**
M!$']7FE8"I:S5M=)F.YX?6_6>@^^1,EM4H13!L*5Y9&CU><S&(WJX:@:[UN!
M3HW=DEH)]58YYSR[NIUR8*XO\U6H&O"CKU4\M793Z[Y:9ROM,X>#A!X.`.X5
M%A<JZEV3#4US<>\\O/Q^T[MJ%*+#_"D89KSZ#7:?-*_@&N&%J)AEK)D7SK3W
M.'LF(4FV%*I%C4H1")?.MQBMP><5]5!@;@\K5AJBD]?H4&[WJ'2E/AJ=BEL4
M"10^!=F6GL$AX!7W</3+<U?(E-*!EPO4*%%O'=XO/]-C0FY@L*3S75@N!4*#
MHM$:C\H)_A@S&X2*%D*83_#"ONEPF]#0:;":_1U;EFYPGE.P02QSV,2AZT$`
M3F^^!"CUKF%:XYRZ<=-BXI>1TT5!:N*X=<,LLP;B5;Q<Y+X%.O\7N`+:!1F)
M7Q!=+*3&G:`X^/0"M1D#>%L0AO`0(:!?^`9!P7C6@XG=VQ>8*0LZBC]0X$7=
M<5F/LOD,A<ANF#X'NWV,3]">+G$7A`0RG]ER64EY:`Q-Z(=8X4NZ5+!;=%L`
M#.$!]@"%,2EKT8>'O*"'L<POFRW5"NJK)8E*6"[Z(8C2WY`$7].#KW;P30G'
M501.`\&^E`FN=M"O,`VQ>?X$XW2W4!J1T]R_!=_?M,^MI3$WC<8-PG`=A!,@
MI@B>7`Z[:4Z,KCTFC@(IYDQB$BB4<-F2;2*#Y#;-BDT:DU0L+H(VA@-SW;6(
M'$1D\!Q3CW,E'J,QD$=='#:V%'.3HJVED)7L*X$=\`6)R18JE:^2J+14\*56
M1LYY2OU+DQ.9`52GE<),D._E'1\PJF<C.KU.2V',U\Y(9""\L"Z38!W56,.I
MIGI6S8*`[<RX<!:L[6N0C4&[?3:L*S:5T9WVP_+(D#Q^G;G,E8&ZF)FI)ECR
M=,;:);RL-Q<DPV$ATG*"<\'09'?GL&%4^FS,QP'W\I%N=-,H)"YKL2.[QT.6
M,^_0'_,N92O%,5',4Q-<AJ^V&68_F$=8Q4"<EL"2H"8Y)]6#_8NV6F(45(/]
ML;8FF`@*_E(=M1O`T2^3J10O=1THA6S9M^S"V6Z]J8'JW"@>3W%QB=A?=J^#
M%83-X7W/;&QO>D^HN68(O#L358M%MQ_!'*\?"JW\\3;Y)7F?7#PD/]'_W/\1
M<>$]NJ/XX^WK7]Z^?_WFXH_49'=>U=!_TN,LW+`$(?.HTP2S4K\4`GG&:)<F
MQ5-^POSHXHG0H3A!4?#B22M;@8`)+U&'I6N2MXEG08X[H3*C^U,I(%]>$`ZA
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MC=3(#AMQ]Y[+*&Q;>B;21+SJ<%YY,;\=@JS`6=D4/<MPD+&2N6&0/[%?)=7]
M9N<?F,Z+X7XS3?#IAI*I>&)U8VJA]\,I,M<20I?(6$6XJ#W"/#)PV*+S=`>7
M8ORA;Y91KN&W8F<OS9A;WG1^]2G((E$]$FDRUW0?=ITF."4)975,V,Q3.%9$
MJ`T?M3\`B>3M@>5'$/N*R^HF"S&#CHLQ%PO:7Z[0\>L-O`73J:(P,,/)U<KQ
MHGNW%'0`>`W\T>5@600']Q2J5;<KB%!9@J6!\$'2GQ]V:9A9Q/<$0YPR`:>:
M55T8G.OR2#V`B)Q_!644W!TM-3!H^WADL\%0L=\]1^LSB.YY4<!9UEQ^G428
M6H&(DHLGSZ294?$'Z7P7NEJ!4%\'UL-1-=ZOPA`C$(HJA)P\+!R+B?1=(1E"
MLWILZ(?UTA$MH2W3D*L%3TXJGU'D,MY(7NS)O>3Q7W1^5IJ":+U#DL;!2'$N
MNG'[6G#N;3<Z%4W%90N*(L2(K_/\@*.+0T:2[2W.2!KQ.R;^^ZLTNR\5H<J"
M6T)U5C+5%/GAVQ0^$G$0B,,X*>^E3ZJ_@I&I('G067HTZA\.8#K8[8K["_B)
M-Y3P+2,)B@D^'"7`^E`G:YSTRFO;VHBN:]=A&G?`4Q-O8+:]N)@VQF8U\)(K
M3+<)^2>.OA"78@(W87%18IX'M!TUJ3_;G>3*<!\OO<=1S#6%`;X5E1TDNE0A
M#U'<`9/8E8H]GNY:P_;1D;&.K_5?!9NBI7R&=\0ZWO<?A_CES_2WWU=1A?Q'
M:$<HKI;9"VLH(+B(^2F1.F8:F(#^?()@3AWVRQ&?Y4_H;UJ\W`<`C?%IA0![
MNQ2`8%!_*DU0&VT_8G]Z8B:,_FG)F+4.N,*/V2'(7EZ_@S]5GV!?,'_BJ@;F
M\NY+!]5CIJOFH-?O@*/>-O<";)Y_KU]'(GDRA*4_EW\VV`WHC7+S6EKC>)_]
MNB'4%E+EE:&NA"[GI#Z0`E)1KI.(/)/H$,0F)YKAR:Y.-B)4>C?L,`Z.S,U(
MWXXZTEV1'GED6^*0J_Z+%$^L<`H4`'TB^X?T,BE(\6)W-#(%[_KH9$Z.P9*3
MY6!(8N7#_3UF63*`UC',;O<7[()<JG6]<YQ@EK-.QL>+[^6K5T;<BZ.9\;*]
M4?'#7"+O&CS$(J[O#S2N:"]_.U!I;/H=YVLH"?WP%"1KEIU>GJBN$WY?LEB"
M@NFZ7)N1!3=@\F2'$\07T6ISGB.V#'C@D:!R(2=52($DY6VP%T<[#W9`=6GL
MW.0OK1[F32NQTPV_/V7\7YALGPH<K:C8!%O,_@@A\*N`9#\'\4&_([`W"W:6
M,N,-!7S2[R>H6B\J%UR&A]@]$JP9L45[X6;ZO(5T)C<-Z!E&H*\HB:,TCN%Y
MY+[ZV]?>^+\^D5(CM<>;U8Z\<%@*$2C\N=ZPWYE<8;A8GLM+$3?;,:C]6;$@
MB?8_*[5_.4Y7^S^TM'^E_*\;Y0\+@^=.\]QTV%[C^+$M#VD1Q*S(-KC]6[_N
M@OP@T5VW&F/YUK]5S;Q#/=X&BS$Q=V'8%52.#DE4&<C2MPG;4A"T7N1^0UG]
M,VMLE9>U4:"RXR$A]"M\^7[=73G4]\K;,'?*?L$DL)@!Q]$PLF4A\`^8+O`A
M^*R=2F@&U5FNH2GRO8RR"H"X#$$)Y`11,"#H%)`71X71N/-3D!]IO5,PH8Z;
M;<77(YK7)ELH:%O71KFE&V#3JUH,QFV_:AEZ_79#R1:Q$L]-O268X%^.C05>
MO$MEC=>>CO#'DS+#1U!ION7RQ`*,_7),-(1/HZFU2O(FZ#D!99)XD:C;@$0F
MM6:5,%PDZ&H@IF@U6$Y",,NC*K(6B%68]%ZI0;$Q]K-'%6,M\!NNZKB'?:L1
M.\8<VC_!,0F.4V69M++B&I")93.SGKS[C#Q#A+;5*]R/?%]=R15F_&J*K7WY
M6,Y;ZXU]M?MA"$Z+Q8J0ZLE<*5GKC;=U[751>7^L,ZA<\0B$/\Z%-C)M75%N
M44\M^N5!R.5(7>Y5)D36PLVOZ<O:;N6CW^ODAN"#6MY[JDP?F`M/P@1503;#
MNJPOF%=/_:D[`0#<:X<YL*US-]@K^:HDN]X[^>7]C3$(MY3)(.ZR"@%^>!'&
M<BQT)TR%^`O((>FBM'H.2`S<?%4^95@L@4^UCB\V84]-X!D2.!I)+75R_5UV
M(/#GALX5>7,4="C"M#@TR>7W1W5F].U`>.G+3<_3%/9YT_'T)'VTUU9MH8ES
M5L]QZ8.U%BYVM40Y\,Y\*?6J66'X?GE!#\(Q&C@<74XG-4HU&G[Y.L?<KW1I
MCEC?D])K=S@O,A+"+1(,8_KCQRS-S2L?VGW%N==A2QR;$FT-O++?3^E,,)A^
M>0M3D:5135F#?)D+PO-)RB-.D>HI+_>^P2AQTK/\8V3)ON<.`<"/!U#J[?8^
M=SB(+W.J[/%U\DP_#IK_(3ODQ4/PF7<*"].=7A^><5]PTIMG+%'Z;^L:@.BV
MTP,,8"(.%#50$0.+2KB(`W;NE<Q+EVY;+2E=OKJ[O'[X&A4E><@\Y#%O_#,U
M?5K^40:$8)Y1^0VJ/C.@$>8T(@V-"D:C+G%`U;+PTE,:TZ.8$PT[M6I0.6&3
M:)[E7#;^V1NJU*\HR<[3I"#)@=J!-14,_G+[#--#=;D\NE965I^NGX2F?MN8
M3[EVWL:1J5^!GDG'5P#O:P2\BAJ0J(&)'AG04A,C!O8$58"]<N.F)="#5,<Z
M=\PF$!HM[VR\Q%B[:)=!EM`OY52%,6>0?X+ZV/#E-%L]4BT7A$,QY9["U07E
MPNG21_.81:N9X%F5+S!*,:UGHU^K^>X+Y=DC6BFK>JS[QVH6#"JTUV;<N9QA
M/E[769"34")V4H4E!^;:N*I058O>"6)S'`K<I`AR9"YO[[VS?%I<J67;=%AR
M.6G[F+2..-72P/#6J>\/Z6V04<-*]M3R)MM['!XR4A"<LX6K[.!DWW'U9F0"
M`AUS>0<DJH6Z](J;-R;T$-F!C!K0I=Q[\;)D!@J5,\M6O+BB$"7(OD.0=L#3
M/"UV`<34A'_'"9_@+0"L"#\;09R]SIF*F-+W.A-IF>74[P=<-&>=^AKY(3U/
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MBENPZ@EC(D@0/$:`.7AEE995$E69/S`&_B*R`L,%*,9]Q5E5E+'$F<AA.ZG+
M<D$)H];'RDP^)RI_&8JULA9YXMZV;&1$"<'?Y&3LYW;7=M\"/-/(F+P<RQ0"
MYNXFZX);HJGNLH[!N0[>J-'5N<\J9WTI-UIJ)"N$OH1;+0&'6MUK#;.GJ]!J
M*P3&0L#4RRT7J&O=M>&YLN,&"/=2R*D/W<W-6AW%##F$6CP]:'L^`EU!7'0@
M%%I:764(QHD;LAP%^D<B;]P.4S&7.AB&,CY9DAE_=G"!DW1'$D6:F?`XJ`_4
M983)!'6-U+/R(6QKOJWG,/7B;45?\-3WJ]97G"2B3<!WNG$&4TZVEL/!L$7Y
MIM<@T5,'C(LD3SWT!$E8`[YYR8J>7*R,QM"-0V[%/3+C9<:!RSG@1[T#ANJ.
M6"4U:,-U?2`V(,`QA_9ZD/2*8?#Y/N8MC$!;WRT]\;7ME"G7:YVM#5E^T5=4
M&2N4$<1EP@37.1W7N5]"HU7`7O?X/<&77!W,)R'2@*A40!&'6I?).9*>.AS?
M)!4,5MUI?<^+X^TL9+-.I'2I<.82")TC\61R-]EAN;QS'+H%4'GNVF<8[6_X
M=)0V((S&R;I*S=B@@?L\]T>!1:@BR\+RS@.90E:,C^:&@F*M!+344+6(:E$F
M>5V]8]G$7W1Q_I^<:)9.R$/?":%JQ:/$KN4I)TGK$BF6V=.[EJ?"*HH(+(:R
M#\<9,KF@F16KQPI%RNI,+NZP1<UE*@IR%)2Y6_`G&+U/"[I:$L3Q2Z.R<:W%
M?<OLFEOGJ*)&LZ@X:Q5_5'6)]\Q:)5&9`$-_JNJ[7>$RMF7BXMF`=^G=V9%#
MDEG$LZC*EH>K5F81_%P7"X6.&O?SZ!];CVYR2ICF6#G3R+.3I"EX9$\=OY)B
M1V@1I?-KKT(F._SR%+@Q54B.(/A0?*2'E,;QM,P+]^@NRABK8V2\<$'T&$Z[
MJL@@MRU8F/7PF./?#E3%73Y#W3%P:4SOFP9AN+Y;$B#62QZHAR$V#OW*1O:$
MQ?FUB6RC]`IZBG?)';O1[ZT^$^T[#M%T5Q<78G24?`9CJ7*FHYWPFA%Y=<+@
M\JUQRF$7Z2X@/>_15.`:0+ZIMC:*FGS'Q_NOY7J[9Z7JCK?.&3<*>]7JB.-R
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M\?8X.*S=!B]PZ7`1%+CR9BZ"E_=I4CRMDN@7'%A[Y#J@7>M#,S*(#X3E]!,$
M`&I7WDL/?ARJM5N/(CK?.W-@P=9FD15MGG8GROSRNKK*-@[##$-Q'I41(:<A
MDV7219VXX$7,>P1B^PJQ@"-6EP;TQD;JL:1>=$K&C\L+64O^'](S?!N0J<RE
M!F1?K*46$72-99&B1XP`AI?F<A2N5%2)YY92GZ&-#*4V-[MU>:'18YAF&C*L
MI>=D('VQH'*T=:66=5\%$%X:4SL<4<8F.)/7T2QF8U?5+&L=SQYZ\'^=E&]M
MF[[W^14V>Q-A!-?E8PA#`@A:I*^/JF>@ZZ1^_L[>N990X!'$],G^TA)W,V-.
ME4SUP(IC3A)P?AGF]&]/0;PI@]XD0[\=@HPNEKVA:K+]/7K],!E-VH5%1E"&
MU1R'"X,-R?*B&@730)+]>A]AHTJ4#R,L](BU+KP_/%(%"W7`<-2\-N;?O*#_
M2K;T:$/2Z.<@/BC/[.8`7=P-FJ(\$`ZNY[<?\9=:D(-`'`9B0)S?+DZ*<O-H
MORWD&7GF_M<&9U41$)+D!2D.Y9M4WN4];5>[='H%:,7ZPBM"4[YW=7\[EA5:
M][O/,(090SE[1%PBV)-B!ON;+@<L>(O5W**=ITE.'4[>`)NZF9@\XVB=/&1!
MD@?A$#655WY&P%W'3$Q)(;V%/4$=&*@"`@T*6F"\"J2,)<#'VS/`?Y=FQ19J
MRL4I'>V-<S**X_7NIBW8?<1K]CVE<ZV<!,D/@I%_>ZTK;2W>47S51"X'5"@'
M6SD)[G(8Q!0[8@41.18S9.+]Z)=1H0>('5=$CR_T%)$$24B8`]+\@?Z_C$%C
M414+@Z3#IL*$8^'8J5BU^^5IF=5ACK&,;FJ&K?.)W;&L,(?;(=,^T+]A%E_+
M+Y-(DN\L'FS-MO)OC^%;!AEQT(C!MDOVG'S!B@+E?-T[OFX,GW`E:,*M'I`T
M`5D6%37AUDB.,)0,!?Y<V)]+AH,JY+.N/`T-M98FV7?'R!*%.[TDC5VLJM`_
M7;,/4B38X`$9&B3(HA(DV)(YY6>:<_TYS@IJ5V_@"+8*?SN0#"*F[/RQP=DJ
M##/,ZF_]0G`\U*+(#HZYD(Y:[Q@)+C^(V!=1]4D(W%4?/4'-9Q'[KJUPSXYD
MY^JG5P2OP>+%:RP4^NL8#Q24U?W,;HX6P>@=QRC!6X@`CL=H"=T\BAJ5VK;7
M&_W_&^/!EQ^"^W(H/WB;06W&XN4AK7[ZB7[W*LT@9B-R[(U@6'K[-NL<=0@H
M/PCWT?R3J/H2E%&M?X;/(OI=!!\>=3R8"\-C\RVQR46%=+I!&4=Z7R$*E=FK
MGY\`:;AKS>E:>M>J7F"M.BO98.KL.&5#I,X9RUA")U`MU^S2CE6>OTY6FPV)
M"=7QHN"K8/3?7EL?:13?'Z,<6J`A=:4!WK^?7'C%"K9OO@`.7%!]PA5CRS9]
M@(U%]%GTI"/>))W[3KC)),.;D*.@0&%,=P\&#AR+ECT8,8_D-L;1%D>K_#R-
M8[K&+.A=EK4<(N$4^^..:A5CI)B?:$K@4,6Z`3_649YBV=*SROO.W2'ZBC)2
M!%_)\EY/0A=K5ZBA\R#+7N!BH):+ZB[4J4.OPOS8=Y?R^P06%."W;D(O/^]Q
MDHN\<,%@.]LI__)8H6M?[*,2]A@G<OQJ#7SD,,WI_W(-#?<KP,819>*(:O$M
MIGP&=RWX,\G9S1<7ST,245<SP\\$?V+>Y)YB\Q3DXWSG\6@KQ)3M5=':*SR\
M5TNY"W*$VYZ"1!@FD,LJR_(.!_%E3ID&EVXTP;GZN*P[VTYR#=<V1I2;9&[X
M&.)?0\WGICL;SX"4@<0G=9IR!GABCN>^P;-S2`1'HG3T'@,*,H3R[!CW+EZ]
MH()"`30)VG>7ZQ;&KA2`(07:&L%$ZF96$?13F/GY0_<)!I.G5Q#]E<VJ'YK/
MS246=@B91,RHF"OU`U^!&\5@1P%+O0!*4+"C/JB(/BUT-41/ZNPKHI4''79V
M6"?-QZ#Q#^%QA8?TMO0/^9H$:L(&E'4T;<RZQRB1^J#+3^OKI*-,6A]G4?GR
M\V67YC$R-3>^VA+6S1+FB5RUEG$E99:L-R!U5G1>-.!GR0D&1N.T=93L;K=5
M_&\"O;/.[G$<?TS@L?]M1A)HQQN?<:LUB3:2?6`A':6#X_*::TU/2W19B*\+
MU0M#Y<J6TVE3T4>5K;#=9NSV'QTXROL:Y<I-^GUH007+C]:-TOWR6&,J^$RB
M1\MB090]]%G'X8U*A7!#A<O/T&23JOV;--D6.-LU?Q*\4[&'97\'8[WN,=JS
M5H@-Z!-4?Q?!AT_ARZV_.WP,,YI4QU<+MOOK*3<+G[.,@;801T_W(,:*IQV^
MF9F`7*/XVE$5__X:A7GXRBE3\NAT6?D#C#@Z,7_*=2M<QGKY8?T-O\1CN#:X
M'K-P1&[HQ'^G/]/_/-*A]`__/U!+`P04````"`#,A`U'K\*9)!Y```!0B@0`
M%``<`&%J>"TR,#$U,#8S,%]P<F4N>&UL550)``-``,U50`#-575X"P`!!"4.
M```$.0$``.U]6W/C.)+N^XDX_Z%.[^M65UFN[NGJV-X-^=;C<UR6UG;U[#PI
M8!*2.4.1:EY<UOSZ`Y"BQ`NN)*@$68J)Z''9`(@O,Y$`$GGYC_]Z6_OO7G$4
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MWGKCTVEGOWN)\/*W']`_WMY3,G[\^?PC[?QO!7.F@7L=)%ZRO0V68;3.IOS#
M.SKLUX?;RMQ7$4;)>_0/]/:C$ZX_T"8?A*-\Z#3!RS"(0]]S48+="^133CR^
M8)S$ZK/C#]'3U.8H(L1XP8GG(-_$1&L#FIOV8T+^2SDW6]Z2-;S&7P.4DE6)
MW7:S%HS7RZ0O4?QRXX??8G/S9@S9P]1C\J$7%*QP?!M<_YF2)6,*@6CD;D!F
MT0H%WK^R54U6^@6*/?*Q>81C\EE-C:$P5K?)/J;K-8JVL^6CMPK(MN,@HIX<
M)TR)?@I6<T(VQ\,::U-QO&Z3_A)&R0JM\%V(`HVY5;MUF\(#1OYU3(5I&L=$
M]=SC1'TBK,[=IG.#O.@/Y*=XMKSQ`J(1/>3?DATYRO8;#1K)!NHVS:]$V1W6
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MG69<$LVH.UO5`<UHO`V.8JJW=&?)Z6_N-D!`/],3?+C<E$[P+DZ0Y\<)?DM2
MK7NP_M#'N"M<Y=]\TH;3;GB#-XG=T"TO%$5O@^I]Q[ZSE@I^W]T\C2;=B#3I
M@4KZZT<XBO'K8>MUH3!6KWNX]K)0'.\8D]98.JH#FKP!H_W]M;40JPYH['Y,
M=AJG?+7-/Z0_<?4ANQ_WM$6XW,G8YS6$L=++V`0TM':EE[$)Z"L_5N=^3N#:
M,B(;J!\+3(=M1&W`GJ\.VF16'O$X$]=8Q.I#]FP3:W\DUQW9F,6L]90%8YB]
M76H+,F\`L]:U#M<O\4!:TV0]T?M1E'\IP"NJB>@#_6?Z0'_V<X9D]^L[](Q]
M]K3+K_V?*V/EG3[\Y[MCS'".(R]TKX-V4ZWU/NJ<'Q.B_3O,NM3_2/-^"A/D
MMYIQJ>>1YDHN9JUFNN]W+)H2!83;T?30T^!<D^8\M0EYH"#14F43V!V91F6"
M1)_AP*7^`_EOZ0#=/'<R[ZK0J7S%I_Y,8211WN07"]'0TV=R_R3GM&(8GX+,
M!E^H=EU\S#6WT@1W5,@H'&/GQU7X^L'%'J'TV2?Z`YW]I_<?SW8^5?]&?K7(
MO_R`5Q[]8)#<HS5FS)?7=+$[_91Y-HVJ<T614XQ(?FPPK.H$MFOQ89,Y`[UW
M7CQ_S^ME%*ZUR5=,)90">1=&+HY^^X'T26,RQW"3F6;]HW#@DB")Z&.]B]_^
M']X*65!KNY@,E@=-)`43SH[,!7*GHKZ=C]OU<^ASJ%]ILS@?(-7K"`IJ3XY,
M[<LTHB!OO-A!_M\QBLB!ZHIL41S"\YHO/@V0!P(P!3O.0530C>?CZ)+,9!5&
M8@54:;GX:8!,8.,HZ/\)9@L(U^LPR"[MF>-&/$L3ZI5-5ZQX/Q!T7/P\6.Y(
M8!7,^NG(S"I@/9%A.6PI-UG\98`,J`$H2/TS$*GWEV[!'L%LN_AEP,2O(RFX
M\)<C<V%*)N/2"=WXB*>(*FT6GP=(]3J"@MJ_`,G\X7QP0WX32Z2^UGIQ]G&`
M+!"`*;CQ&90;^8I4YT>I_>)LB#=E(9S#58W-E`]U0TX=OAGC#C_PJ95D+%'\
MG!$YC=^O$-I0\?CI`_:3N/A-9@0JR<GNUXM2>,W>^7X>QI[$%*33O;4YJ#VJ
MW&M%8?[5AD"&(4UBUD2>"X5K&GI'\"TQN=#E[P&"^6>3?\71<WBPP1Z7DS3F
MBT8VD/^C(5.OR,^>!)-+%$5;<J;.`D<$#%;J#V2,XG..S6%5+*-@?,6';Q8<
M/-($S.;V`;)[Z3)8-'^^C7%(7#U`^BOV7;*AQ\@7<939'LB"ILM-WMSY]DM-
M3B;EI[%C\Y'0W9]'X09'21:Y(F!AM2F0Z4V?>XUI\RV=QV`<\R7O`3N8;`3/
M/KXA2!]Q].HY.&)P@]\8R-BFR@_AQ/FVS^,H129/;H-7'.=>IK=!.>"4R11.
M:R`+G`Y7^#/G6SF'M%?-([Q!GGO]ML%!C,G!:Y:\X"BGC$#?B;H!F?9T=9\$
M`M^R.B3V2AFYPPMC%]1EV7ZR?(.K[B95=F8Z+FON//1,M`G==HGP98\I+Z%/
M8,5YV@R%B[WJ$%!&1S-W?AV4X[A`E!'K2<&>%+!&'BV6R;E>0C6*:_\C=E(R
MT3S[!-_L>&BU.(,UWO"8P69=;>)C8]D#WJ21\X+(H6$58;Q+!*/"1E;/Q1FL
MV:8U:WE@QJ&"OZ``K3)0-QC/T9;>RT1&.4;SQ1FL"4>/LSP$Q@PYL.=@QXE2
M,M'*OI0=^$N_$AV35?HOSF"M/GH,5X9DS")DRYE*[2RU.(.U&>EQLS9Q8S8C
MP`N2,'<8_RV,WVMQ!FMO,G`JEJ`;Q][;ZBXL(B>L0<H`V\7@QK%%SXNI9F!E
M3]Z,UHLS6"N6A$E<*R0+QRCN3"4W8:D'0ZWI8@)ML6K!2Q:(<6CDJ>MZ^;3G
MR'-O@TNT\<BYH`18=':6=EY,H'V26G!;#=8X=/,#C5D/L%N$VI.[0[I.L[P7
M5WCI.9YH9Y9W7DQ@S5NM^*\&:QR7IR:!M$YBBPFLC:L5?]DPQG"Q^N(%890Y
M&R>8,$2T=NM-%Q-[;%HMS](L2&-=I;>!XZ=NEN4QRCB5))'WG";4N/<4WH<T
MQUE")DZFLE*0!C,?6$SL,9,9NX^U)<08](F,H!U>L!<3>XQP!AXR>1"-^1+5
MI0`ZTJ-6.>84]V'<4$(H/(NRF;K9I?.0EE[1=L(;8-!Q(LH01V%HJ:+-0[*G
M:?)"SCG_.JQDJ234.P)'C)B4``:T<5AF6#!OXSC59GO>"3B&Q#S+][#&88AA
M010GHU#L"1QN8I[Q56SCN."5;(LMMGV%WL!A*]VD0`T?=#2%<4G0V.X%O8`#
M9(QQGH%K'($:#8S279[3`SCHQC"G]YC&$:^AF6E*I1MP.(YA?E>!&8L#@75-
MHY'0<Q^[*^Q.X\O0IX]($6(E.Y1U`0[DZ1CHP0?%S_G3,2H5P$`F*%)\9,'+
M/[^?CX))C-,#P`KVB'P</^!7'*3X'JO,G=,#V,[%IRCO[8$+8Q2VK.)Q)*?+
M;$,40"+>_#@]H*U7?#:Q^<J'88JO@*D4"G"[:%L%;NY:0ANDVG+Q,/WN=D9V
M20;(9;E#EQ7G5ER7AR[0IJ9N"[."PUR6$[C7VRSD(\<F8&:I%;"12'O#K$Y]
M'&;_G?S2FH7T%*FJ7$7=@"U`VFR58!G#TKP,XRS.8X=*)1B<UP78ZJ/-70$.
M:%L^)T?1H0I<)922ORA5N@$;;T1<J/)-$0SP%47*.FJ"R%,OD:.W%O<X/8$-
M,NT9R,<#O8,RF4BG6ZJ^*.8;NS%TEA0]7O$QC.6E.USB.,XF3BLB"I^VJTVA
MLY^H,U*$`'J;,WB[*`@ANU\4[:#3G>@SL#']<3PS[ZU0*ARLMX7.;-*"BRP(
MO?GF'MW0?Q?&,<TMF8>-IP3G#G`8Q!=X&4:X5.3U^HT0BT#W`A1M;\FQ/=8.
M%^CQJ]"Y5;3O,SW38@QA!'OHN]5W@0.\%$86<GI`YV%I*1Q,'.-P7J'G&R^A
MTB\YQN6-H%.O:#.P.G5CKBB`B_$>)P>5U3%L3'LLZ$0MVOQOA7`<SBL5Z*I"
M`)V2I1N#RSE7NCNDP*WQ(G*]\(Z]0+'G"%C(;`^==46;E5P4_$I6PWEGKX.[
M\OPT$7J)<GI`)V#IS-82#D$YK.%P]F_86[T00%.B[=$*WZ?K9QS-E@VO2-DB
MUAH'.C&+MA1HH]O+QK#?@SFX=XM`QY58<R3HU"VF)$2$;R\C/5C48?U/:96M
M&S_\%H.YH+(FHQ>:W>@&X(Q*CH=T&N0:^.H1UEQLO\;8O0WV]L2IDWBO60H`
MEN5'`:^9#]@3TLUB&O_H;0;Z*-QC=2TIL-K9'.^D=I>1Y)F?NO](=_6&GL('
M[(2!X_FX<OU\"A5IJE(:M(?/`;OL]BUS/9',2J^*XH*,W8H_3Y9Z>$U-U4CN
M;*$U!G35PYYXVW3?T*6*C8Y3]V%`:5'UCZ9IY3&=&T<<Q)V@ZR8>C?]2,D#K
M`S/;V>_("RC59@%UNY\ME8II\CM!EW$\BG@HD6$<3EY7F$S6\1!'7[":0=>,
M/*H(U("/PR5LNJ8I$O^5@=K'"0>KS%U'=%05=(,N.7E4H9`08AR>9X1R$2;'
MHRN<_W^)5KM$VVK1RHJ#0!?`/*H`:9%E'`XH3<CSO/SKU0Z";@'<=@-"NYCK
M<5Y5>E21VWB'::+1JC:NVAW:);T+XW5Q0M]<%/G\-7"]./?4H9J4ZEF*Y%#P
M^S;(K^;N=9#PZH:9&AK:X]V\?+2CP3BN-4UJ\(OM[>FL5J"NZ]#03OG][$#Z
M-!C'5:J;K;NW]T9H[_SC'J>[TVHD#L,L*N3ZOL<G<,T/0,<&6"&:+6@V#F?E
M.=KN2#]U_DR]"&<IYPY'6=&;NJ0K=,R"059SWMH5"-#YAF=#JB-"0@=C-PO4
MHAC)4>*.'C-FD;?R@AV]`G<>>63M;FC%-]_'61!V?"82H`[#0@=$]"]<'8D#
M?>?L23W]%?ON31C1]Y\'C/SKF'I0Z2@IY@#0T1?'5U5<,G2_;]JFL2IOA=L2
M<$75Q.T/'>AQ5!TDI`+TW9%IX+HJK"UD)A3!=+DDUUVVNA"VAX[\Z(W/4M30
M+V=,OA:ZC,C?`P["UPPF?>N;+1\H=_Q"2+/M4675&Q@5.BZD5QDQ0)ONCV8V
M;"O=J-S;51XZY*3WC:@[>49L4-K[._1E4-+\`'1M8RL,2BUH9BR`&C@/ZV:W
M6\R6=V&P>L+1^@H_B\NAL[M`EU8VR%JV[(B`C\YP1.O2T#*HL^4C=M*(UH07
M2H6T+W35Y-[%0XD"T'8>3@+1O6`'Y.<T<EY0C*>K"&=N_9PCN*07=.7CWOBM
MB'T<EIFRSE-3!)P>BXF5%N!^=H<:[N[V%AM$@:7?;@-",G*A3)]]SYDM"119
M$4_%,183*TV\_>X67$I`&W;,O@[09`64JH$;?_&",/*2K4(2+H7>BXF5%EZ#
M0J-&@W%8;QA@2]7T]"2EU'%Q;J5YN%<AJ<'O;EVQ03ZZ$;(WN\KBW$K3LCGY
MZDX>8[XXD*5-"`EHL#/YO^L_4^\5^73-S<F6';IU_TZ!K.D,LSB'M1L?UU*G
M2QESV>]L$ZHI66]1M"7TRVJ!:TM3K?_B_'LR^"J3Q%R2O4TFHX\)BI)1B]'W
MY".M3!)S^?AR,;H.@(Y7C^EFXV?6+.07V:YN@V48K7-.*^0X4QMA<?X]>31K
M$*7/M'U'#2;*;Z9SY(GRN):;+<YA;<<Z3&*SN8YF%+F]2K4=I,RLM%R<PQI_
M3?"S`0CZ*<?<68&2@Z9YS_+Y%#X:@<NXT5UYL>.'<1IAE5*.'8=>G']/63%,
M4&LODE9Y=F95WI8T26T6<4%I6?9"FT7J;G]MAEJ<`Y<P-,'8YA-D6U*,0VUE
MMDSZ;H)=4<Q*N=GB$W!Y1/-RP(-II8/W06"KDOH4MEG_*F.,C-LMB-A?-@+(
MO-_Q;'GY@H(5CF\#>AM/MC:D_\X6X4OH$XK'^:ST\H#S^P,D!-_/ZTD25EIM
M:$^";B$UN6JTAL74K<T'VB-W<'+\-"]K&&1FJS=/]/XE[`><D+O)(@DK.1B&
MS=G2>^X73.L_B&YA];;`Z:VEG.%<CQ@P1F%4F;IDX\JF30T+M\$NBXR4K\)^
MP&FH6_)8!FD<5Y<'G"`OP&Y1\$G*:78'X$S3+5G,Q3*.Q%GSC'92CI:;`:>$
M;LG'&@+H"Z<ACR)FJ4LI-T7=@+,]M^2N!-$XW%%K)+D*UT0S"=C,;`^<N+DE
M?WE0C.7*!;[PW)$M)BLXKG++V3<&SJ&L?;4I3]S8T0B&<\V,B,W[^P/11C=A
M]`U%DI='G9&@$QJSF<E]@]2%-NQK;A,>(8&?TK*&<YI"GG"J6V%O,Q^P+S>R
M7"X$[PA&Z&%*\,!]Z4I/*U<IC<?)/5`S?Z][_"W[BWB;4>AO7_;D3A*D`G?@
M&Y9N&4/KLA:W97`5D[%;>ZO"U,QGQHK7!L>BE(%O%B_C/#IV&!$ZD7!WOAL@
MP#B,`TI$H$7QGBD1RD7P'C"A<^PE>%=D(%>)U*%H%62CR/RQ^_XT=$YA<]KI
M&)0R9OUHI?/,"/,^,E`@=?LVT)F!S8E'!=(XHF0'<T>"-83:=T?ZBX$P7$&D
MR)'\<V;1"@6[6F[3P"4'`"^F>4</WSFV1TYY1@?OH7QZY7GM*\_1LTOA6*3@
ML6-D?`"/GD[S/OBG/1$QN?#%`?BF/P7L562*XQR%T@.U^G.,.)):>4S7:Q1M
M9\M'CQR_EIZ#@F3J.&%*`\J)GO4]AY89.O85H#$#E0KUW$X0;GTB<JHL;;4!
M@!>LD.2\;5T5V.#7UA=R2EF1&WH6-J"^A)C&ELI8@L7`;:NU!N13$(DPOS&0
MN(J(PK#"<.<^>(D\E#3(:VW>X^38JKTT!;E*;S8&4.6'2>@=SH3]@!4WD[`<
MA2W#,?A5<8.\*#,ZE0Y^MP$A2YJ=_(Z]0O;3.9!;Y?@CZ@:P:EC345DUPG[`
MJT9"8L[ZD2$:_/KY2NTN^^"A?:&,HR^<0\78^);>Z:;N*TWV2`W4^SD].B_8
M36G)EE)KI0+Q'<<&6(*MYZRR3KL/#KR837"4ZS]D@#:#5PLTD,3;D2QP\Q1U
M*QQ`V!,$4]%+M*`S#L"*5YJ?RNK6&PAX)>MRA;-JM3$/?H5F"<:/_2!*OJFU
MYM@=`!97=2(JJXC3`WBY<`G*>\OEHAC\`GC`/CVRSA$-[*<!_RBO%'I\HPA[
M'DHF$G%7$(,)>TJZYA/E4<"-*5(6<$TK.A@'O]P.KFM%ZFRRT5YY$7:()-[@
MXY\+#W2>+:L^2AE?:"F_^.#%M)^TPJ;5:6"(S4UUPA7V*6V"W4:&WBR[,I+K
M(-65*H/7!J5,?\>W%.T^K742%?0"L>XT9J-FM^%W`[?(B.C+M;4(\0Q^E13Q
M^W,<9?K@V$NE_GV%=<+K`K!(ZE-162'</L#+0T!6SMH0(1G\PGA,GV/\9TI#
MLE\AGNGJWU?*T\WN`N&?5)N*DDL2KP]T,C(^63D+0X1D!`LC<^D+E_'!TPKM
M/:TV.T^KDVN?X8(T=&);)=NZ2O\!.O:IX@).)L;T;2N[!B/_^HW>Q[`"3Y7[
M`F?ST^&G#B;H1&%L9NX*.F:7:$4>"KH`I_'39IT8RCC2?]5/MNK:5](3.)]?
M&[TK1S2.N."#.:QL,)MM=A$<MX%#".R]XKF/@IW@BPZS^J,!)P)LY6S?"B5T
MVC&F5B_>"6+Z4*"FU45=@+,!ZFIU"11C^<1`5_@AH4$FFX5;U-1]]>(PVAZ@
M"]:U\AC`"0/;K&8=;,9B7DVNX3SDGV!67\.B+L`Y`777L`2*L6*MH&M8XDPO
M7;]*_8$3"+99NZJX"BGX9=!2L'^543^8\[I`)PYLPVP1%F/E<T$9G(?1!>X=
MS?$0/V`'>Z\T#4,1.W>!@G]6"J](%W[+$:%S`K81CPY0S17/-;FO/^"8IGM)
MO'V='$]U?U?I"IVU3W>C5\5DKH0M[,4<K^@>]H`W-"W+CDA;=<VOU!\ZL5^K
MV[<J,/`"M,Q5?;W&T8I,^_<H_):\4`,""A38JMH5.F6?[JI6Q01>&])4XDTO
MC/;)V7P4Q]E;8L:D??*W*QP[D9?!$RQPW:&@T^2U6>MM,.XE9=CY_>_QMQ+%
MHC`@/SJX=*U1WPITAX+.F-=&4MI@W$M*#P:^(V=#\;.L&O2X.X*<*#1*C(Z4
M(M_?9IDMHXIS^W6<>.O,H7=7I3*F;ZD.^<53>($O0]_/_Y%EL)/LJ;U\:Q@9
M6?J";J,K`M$-$<Y2&O[=P[Z::`C[`+D>:+)8!@':T\#0H0K%R56*]X5I#W?_
M6,IH[3&`'!<T&-\&TO!+[5)3\"LU!8?+96$*]@ZF8-V]\91UAH'B8GN!?)IT
MX?$%XX1<V=(-D2NM!#22(8:=BT8.;A0U/_=X;X--2HX*6=:S_TX1.7M3CKV2
MWR_#:)TQ3UD!MQ\4V`NPH\RT@=OCMGW$)`DP*GFXJ1(.R6T>\":-G!<4XRDA
M;G[+%9F"A1VA8T$U$R=(P=AX_3A,FL)]Q$X:><G.$UCI+J(^`+`V5&6G-BCH
MJPJ;KX2^:3Q;5I.;*C%4WA/815J+DTIHAG_)V`62;VAJB:246@)F*QM7@I.R
M8F=/3ODLJ3O48%.=M``Z_$@\FN\D2PRQV=DJ4>"Z.T_>)<9`BW$,64\X>QRS
M-%H]RXSBKM=B+.@#JN%D)5WH,`KSP7V8.5EC]X'\-_+H&T)&CXR(\<X_:ZNL
M[-L,!WU([BG_34M2#-^<4$1K;7`49SD90+:`86?U.)PEZI.B9;&<3#7YJ<J[
M:L<1!Y<1I#W.P1_&*B'-@?M,"ZB%R_)W7)P@SR=*Z8T^-!]]3<Y&5T]-&FK/
M+F27R1[G6*;8>YR%S/0(8&K%^D;,3X@JG6R+G[YY+!,PHQ6@YX(&F1EGY@8,
M*%X8VF\/>.[1FOQ8NK9?A6ODB9P_Y9T!_108G.)LG"HHALWE>>2]$ATT]U'N
MC?@%KY]Q).`LNP-P!@4U1G'<4'B`K'RHP4Y(=Q-%ILFZ`"<W:,,V!4C03S&&
MHBGG,^EBW+<!3FS09?V5,8PC3PW/UGVQ+?^%<R+2'P0HIT&G`U,KE,;6-<Q6
M6T8D/4`U&P/G/=#CE)S;>U!6W5B>7G#BY=Y.!\OWG>\(=UAQ)^"T!6R:-_=4
M*0@;CT-W7I+X>/H/]';KR;C$;`N=9T"5.]S)0Y]UF&SY/<(KFIHF#5PO6,D8
MPVD-'>.ORAK!]*&/,RU-<7=>@&\3O.89;#1&@`KB[VS-T<1HC-,P1Q.:NC79
M?L')2UA*,37[%M#W*F\SQQ%-&4<V!=%3D>H84$'];=C*/L=H0;5QWWS`+EYO
M<F/T?MJ<U<YL"Q7&WYV'0DC&=M.$C`F5F*-T%T_I3D3^D;VOW\9QBHF\ED[O
MBA9<V3!0H?OF5K0N6NB=W51@8I10Z;]$&R]!_BY`_6O@)?%CZ!/4=1.;R"ZL
M.Q94%+\YH6D%>1QI>=G02YDN9LN,#E33$NBNMN#PAUJ<V6SO:B\W8L169N<M
M5.74=;U\-KG2O/3)%]R;,*)JE7.L4.J[.(,Q>IDY9BA#A$[D*V3N;(,C1+.6
M9#*IPUI!S\49C%7,+&,E`*W,QCO?Q:21O<G!>Q^RP"4_[N$4"HJ<BBDR#IM;
MC+28P)C;S+"])>!QI/B=1Z&#L1O?$*+20S$-(Z?D4S\@*@VPF,#EIC&TNROC
MA,[ZR]8/>^,%#=JA9L^J5-\&Y&Z+8ZY24.R^F-AL&)1J`@V4XTC]NR]&&TZ=
M+!,3VP8F>M%6'6(Q&;I]4`>IG;E]IZM5A%=4897W/"KLR+^.J==JGA&"HP54
MNR\F0S8CZJ`$S_HK/.-G\="2TWS69C$9JJ6/"04\!6]/RODBC0DIB/#%6<V0
M?#.Z#:;+I>=[1"ZUU+1TL,5D^):\-IA'DO,WLWKG=NZKE!:1RQ/:YK:*>_PM
M^Y,P?XO2`(O)T.UVZCC!<_SR(Z6E\[_8[K)<\_R)]4993(9LPFL!ML^LO?WS
M_A'[9*A5UOPE]`D2;MA.^Q$7DR%;_SH"W\L'E%FPUUTCRQG78=.H]E^<#]5>
MJ`US+Q909D*I-6B6)N12DWFY\<R=,?6F8#WVM1YK<3Y4>V`GR'MIL-8VJ`SG
M8OLU0,6YV?UKI@A-2@AK_,7Y6*R+G<FPEZ0>[(_'RJB4KM<HVLZ6C]XJR`IL
M!$FS!L-5'LC_!!3(SR\*(=@$A94DNI[XE*@F"KO7&`$X]%Z[**<6LH%'^/HH
MH$%YDGBS<C/`$'Q-SG#,.54LX^"?-&2LVA`X.V>=!6)&@0?3,S5HD>HL?[VA
M<R5-/@EC641=@&/DF[1NZD7)]&UT9=_G5A9D&*FT`8IY[ZS<6$#`(F+%K."J
M*D8KH,AU)C4%!-]/UBH-M2\NOI^G)!4$NSE@!#F#P(SC&G_>H\@X>>R$`7`6
M>2/'.RVD`X_,ZYHTP)[@<SFGY-S>@[)*"QL*=[8N$OTS2Q<+IC\.78R"E>RN
MO&\#%:-N3I66D1@+30)2E12+-&52J15TA?DJ\04,.DQWV*:,+U[@K=.UE$>5
M=M`UX.L<8/.I,>51*,,OZ$V-8>5VT"7>%1E6GS)T)A5#SQ#?4.0^D:](MK!*
M.\CX;2/;6`.-L7!)&$59).>FN?8/Z?>G441%._-4O-@>VNR\%S,B'"@1N,J6
MXSX^!UZDO2$2;-'I"_NP=^I:@0;YJ8K5'BI2NW?6\BZJ'!K8:#974[MWDDQ0
MFJ-`AG-WMKVWP&HLKMO278BW?*JI4W*/MR[;C\YW("/+VXA(RUU)ER2CN(ZT
MIDKVGS^(?MX[8)[U(8^,ST!&O%L@CAR*0-^UQ(]I-Q@_H`33+"P;Y-$\XX'C
M;9"_*YY^$T;E.J*RMS:]T2#CW[O+2T?@T%FUV&+16O:#($7^`W5+I.'ATS4E
M)$]:C'X$,KC>D!`9I\<X\FX=0A&=<(WW'L&"S8S3`S+(WMR^)`!G9<(LMB:<
M!84B/$2.BR*R-4>!#+(WHPU:`(9.J67(_EZN5SX+#CA%MGA>'\C8?7-+7@C/
MRHQ;=*;ED(X+'&!"`0_YA?IZ>HG"=/6RCR[GK'O]@2`C\\TL_7:81Y-RB^QH
MN1]N,@U<ZI6[R7SE,$%!:$`QY4EEA)[]&L-`!NF;TQ&ZB*$3<?4L+D0_>FOJ
MW/,UQLO4O_->Q0E`=,:!#.\_@L#P((\CJ5<CC^4C7LFR>''[0`;UFY,$(3SP
M7%VF+I'TMO2$WJ[?Z-4:YWNJ*$Z1TP,R/-_D)9(+KL^L74<*GJV<EW<QLNJQ
ML<P#;65(090KMRU`]7CNM:$HCLX+A-4;`"@.5D1IW7M4'<^P'1FX,$OIUNG?
M+LFOJ%^SQ&VJS7!`T;3ZC-84%#'D@1=KY*(N0Y4Z5FF,`AROVY;+FC+#Q&U5
M,,<#)B>_91BMR2F""T,8X*$Q`G!(L":;FM89/:@V^D'=AT%7?NL,`5QPNS/#
M-;%"O_/WO1<(W./4.P/7[N[M?%`&./#0HDL<T0?E_&B=9X@M:H*1N=^'Q<TS
M*_\Q)=>LY^01.VGD)305S:Y#.?_;91ADY_,4^?[V`><-BBRT#]C!WBNE^C3)
M.L=9^1B!D%DQ/Z`H<CTY9,NP+?0;A9>>C)@!<IP()Q3_E;<DO\*!([IYMQH/
MN%IZG\+(P]M]L_V<2T^0);5W[90>_:6(XI<;/_P64_,>]<Y_"B_P9>C[V3_@
M-*SZM("#^.U2K%ID,^90F(0)\FU<$-.]+OB[AWV1E[W6.-#9"/J3.0908X=3
MP*J_QA=:92E-DQOD15G2XF/J2-X<H-(N6*D1140RY@392O_Q[&N$>H?9\[.V
ML5I:R77)19F+FKLYF26Q,!L;NRW4&Y9`.`34+`#R+D\=R?E$_H:_D`O=2WQ-
MGU^%QD!.8TL(6A6%,DEY("TTV3YZ;ZK<8#:UGA=L@,7M;NB."#Y5GV[NB'!V
M\D0X>2*</!%.G@C'\$08F=B<'!%.C@@G1X23(\+)$>'DB'!R1-!U1!BH6V)'
MZV'%]/TE?,U"Z0OR/H2^3WK1*/K^C+RJ,_A^G0DT*#3LDZU).AU)8(&]"HXH
M6?V+=LECH:O\;O("K`F*DD&^OE7H,G7=["E'M)?W\CU@-X-1"7>9J.,X>QJE
M3O;/7AUNV-^#=FL8EXR7J=K=TV8$SF<@1Q)@7XA1B;31*ACYJ>0Z*,LR8-#O
MY/36=GIK^T[>VFZ\``4T!^7!U3[.7]WG*$ZN4EEU!*7^`W]-4\4X<DF0/ITI
MC@#\;*;,S9;"8.<;&6O:EVE$";:;M_#!1+4[\.N8!G.:#R4:&$<1?<3">_[Q
M*?SI\Q7:QC*I:#$*\$M::^%H!W4<Q@P6YI\)YE\Z"PEG%."GM5Z$A`\5.H]W
M?T)R_6>*_*?P=WKGPM'3"PH^?^PJ,DIC`K^']2)`JL"A4W<K'SUNP@@[?ABG
M$6Y[_.`-`?SR9/P((L`)G;F[-^U!?J+0W-O@%<?)^G`"4W'?:#6>K9&C[:^H
M2I@'[N3!)5N1G#+[0QNK564`Z,>0UMS5-&TU0)NZYP"&>YI-#`_\A'`L02A;
M]SNKAE;,MZ@H!'#M:T,\;XG<7%Z`FA0`QE(E9"1RGK8EN6OQOPY3H<=*S_=6
M-+_)91@G!Y;2#W+F).X$9*75>*E1PC"."S;-LIYL\SS\AT4_^Q:01?7B;0YE
M'P2;FO(80#;<%F]T.I#&D+KB6(^T<-5O^GFD'7R5<Y50+UJ$>;8LZC,8B(EL
M#CB,L`=N`?/6H(?]L,N_[J$U+I!2W.UC(]DCV1J9(&6W[K69AW[8<O.`8\\E
M=/9HE4AI6)U"+ULS#?+YQQ8$,<11O`WW'3\W"&NK_D9BA6F5'32[,^T=YKJ3
M>._PPH!9GKCJG:&MI&I<:=XAU=&-8FG/DA<<';!.`_<`<AK'6%C32MX9VD3:
M1@KTT/5F&#V22:P$,,-TCY.=X_.3MF',U$EC/R.^&8W?6,M=6EL[_A7[5`P>
M*!/\%@JRTA_(_UE(.TV56,<#[>?$9.@EBJ*M%ZRR_(X41W@`P.&AJ`NP`[,J
MVR00H&VA;9?>(V(:M31Z`[L<&UQV.S30CCZF]3Y%MPRCF,UI87M@EV,5WLKF
M/PX_GM^SV+*8'+JHD.ZM*FR-*^\$["VLPU<AB.Z5UKO%>PJU;DFKE*P:A_E?
M>?&&GGYG2XD"5A\(V(BLJXNU@!6\_FFP15!I4NQ7>GP(E\O<\0"1SH10:5:0
M1;LLJB$7P2)5-Z'VSA=2].*NT@T@QG(_G?S>1:Z7=QYZ]OPLOO8+1G1^+KVR
M.FE$LY:3!O=A$!7_O$"Q%\M>^(Q]`_BF(F$=1Q&;1#]LX_V>$A?;'6ZZ?C.`
MLHA.<4_@JY!1#DN$B$N`D8C&86E1N]AT36/_8WF4IT)WZ!!/.0<EK!=C&S;_
M"RM!GF4=NSDZ!G3I6Y_F2-#!H8K,98N&/M91O!:4EM+^Q[]Z."*D?]G>X5?L
MJV\G@@&@0T./NJN(Z3#PD(P]N)+FC9N(U;<9E7&@@T:5>2N1#46LP]Y_]L!N
M@TV:Q!E]SN3QH/Q>T!&?NMR3"`$3X+@VDQ+$22O.3ZSP*.J1\Y.&/]'`\P@P
M,)ZW8OVN%[`+48^L/P"$?K"SQ^QUIQ+W:_([T,Y,QSR1FJ*7,7&%.9?D9&#<
MZ!0LS=*^T&Y1YIG-%BHE0HSB,&,XL!C6K*K&-C;+A:",)2X/:=G65R!>E]9*
M._V@-L#BS!*[:<]*0IT:XSC\9EETL4L3ZC[@34H.ABC&TU6$\V.C0&XD/1=G
ML"95#4:R)4$!WR@VBQ).-6XOSF`MHB8Y2['TN)"M\HS0J--Z<HWX7M)/=W-J
M^$XR49^JOIZJOIZJOIZJOIZJOIZJOIZJOIZJOK:))T'!2E:P8M]F&,E,N)M]
M&<?`748R*/+$$H=6P`_^%=(+N&/\\1[HA.4%WCI=2QE4:0?\,E^C/^?P4YOP
M*"Q-7]";&K?*[8`?T]6X59OP.+:LF@-`;GC_[Q0%B4?9\$I^3S?QPHZE_@BN
M,Q[T8W?G[-=M00_\Q;J&FUJ5J%/R@_@14M#+FE=J;48J"48=JHWWG-J4LZ2F
MR^Q]A,U5:1_HIV53/%4""KTIJ+"4:KD''(=^FF6@\]:8#(!C=?X*!K#F!=D\
MLR6H>_25.](#T]?`"0."SW-IF#=:+CW?(S^USUIM9I,Y)-:-;X-IX$[=5YHU
M/'X*I_LI%OOT;%EJK?`*U7GL[JE_JE0_?);WX"3M`_S&9(*DC,4H@VS#%3?&
MSH^K\/6#BSTJWI_H#Y3AGTI237ZUN,,K<L"D*HGWB,1H!?0VI$3[*KO8D^<R
MJ%]:YW/@OK_4FP`]KG!(UJ1K;:X&B,K.YX]]](W,^"E*X^1W=$T)>\:/E)!U
M`7J]8!&LJ5DD$Q^%4>:!8"1+=XYHAEE:;YWH68(BOMB6_R*S7"L/`IC`75-7
MM<(V='-W"9'T8;K9&#Q_C@ZGY-P&#VID*N"G%YQX^?7E"PK0*G-'O/,=H0H6
M=X)^M&#2O*F.I2!L-)KPM([(8JK4#^@9HX4F584S<)/G<2OAP#R+*+.2K5UU
MX(WB=#5'V^P&2ZZX#L$>X8LTIJ:A&-,0AML@P81_";D-[ZDH$`[]P:!>3SJ*
M23N@L%4!S<@+-1C?[CVW;Y"#\V0N`JG@=8%Z,.G(>Q&<<00=2S/9%_G<[3/K
M*/#O,/EQ)`(N19L(6%9J!?7.T9%O-03CR/M[CXDN<<(UIBEP!>RKM(.*7.O(
MP`:&X6=\O0S7:R]_`D"!2RB3>`&MI^D5+T]0#T^EB9$#R65Y8EJQMUKCG&*?
M>K(_Z'*!LP!/P5!'+?@X_H`H)NB!6YCA*C[:'QO%YK>F_'#16V7$?B0:UJ=5
MK&8!?@IOPC2Z06O/W^[RV#LTIX/`G*W:W=;8*#Z3FI93#:RC,)G9$&QK:815
MG\&V/PW=_'[\:%M+H[0D7-:4&29NJ_:2XT;;6EHXFLVFYFZB![6W#87^SP[E
M\!T5#=;?,.X818,[6P3]BA2H2P)S\7.G7KK4/X7S7?HF\B=OG?D:['XQCSR'
MYTIK8FCH"(>VA8=-88<V(QN0F;S:EA$9V0TU?H$H:&9CR(L>DEGTB'W_:[!!
MGDND.G"\#?(OD$\=UXW(A/`#XY<4,7U'\=Y;0#W@OWYS_-0E)["[,%@E.%H?
M_B2YS>J/9:4(*9Y+6E".^^9L-=>EU](VHT%ROK7,=Q*!@HQFXTE,RH`T]P&W
MRV"X695E.3\+DO1FNSS28S5U7`*J09I]6N?=F=T!X(&YZNTE>TUFM`9^.N82
MDB/^;`16F=/V*8XY1Y%&&^"76`Y)FP?3^J3MI#KW*,!H!?2FR22F@-YV/D$R
MDGK+C,3L]D"/C!P2,TV^W(F/XL6PJ@%4++J<'L#O?DJ:3`YAX!XB56!?4))&
M-$Q7G#B(WPGXE4[`)A6^UI#8&.!6GW"6"NTBC*+P&[D?7*(-<@@`CE)5ZPS\
MZ*;,0RU$XPM7*>H0:X:L5+L!9V?LN%X;6(R9,.WA<NC3<-T(^;I\KG4$?C3M
MRNDF&F,!+];PN@BUHYFL'I/LA4\EBE5]$.CTCAV%0`;-V/-G72*.;],Z>O68
MDU'K9-2"NX44=FV*C7KH2M[E6,V'8!>3S']</)2^LK$[`$<.\%BCQDAPVYM9
M_SU^6`"G)7`$`)\=;/8U9S]""YU$ES8;#]<N-XZT8%5,-'A%JDIY7:PRQXE=
MX@40K'K(N/11'-^'B21FJM[,*J-:E;I-JQIC\C;:0K-I7IPI,J/2T"J[EQ([
MZM.WTMLSG^E$E2/EAE;9I]0X4IL^M/\D.W\A3:9ZB:/$6WJ.+#*'W=@NJY&,
M-7P,-F7(Z3=#-7#Q#J43'&?>_$5D5WIJH$@3'M6:M*W/MJ\,U=-_H+>RYW&V
M_J:4PD)5(^L&E=>)2;JFEE&9OJDC4ZOW"75>T4E?Z/.JU`TJA5,77M6F#_L\
MK+>P?FJWL'XJT,)<[[LNK-+TQ_?*>]?!B^K,ICM^2S>JLY_-G<Z,W/+9?D%_
MQXA?=8'787%FT]6_2O/F^A/C&*%YM&/65YOL""+>JB`9GX_4$3PJ;#);Z`N`
M#-OPBZF5G"HF)Z>*DU.%RJHX.56<G"KLY.')J6*PK#PY55AP:^C7[CX`QPGV
MM/DG?[NL[C"F#@[-)#9W@=^"I29W&#L%BW`M#.[@QHFC6MQAS`X=6%6=O)7.
M"WT9W&$L!!V7U4_6N#589V^WR1NBK;W]HSFVPIZFFWG/*C&!L^7^.*IPX%8?
MS"X7BRICQ<=R/8P6'=U[D)6#^;NCG#`'@LY&:E!&N/@L?#?G@F"G/9PFEVD2
M+I><E`<=1X1R8]&7`0-`H4\*3'&X"(,V/)=U@_)Y:<=8%30]ND<>_ZGG":A4
MV>G%Y_3B8\]KP??]XC/0\*_3D\_IR>?TY&/#O?$41SMH$]$ICK;W.-KZ_P93
M5\HJ\YTLI$T3F)558.[#H"M_=8:PR_8F8[`NLAYKC5OF46&5^4PGDO%<8$^Q
MRZ<",'B+1;4F;>NS'9I;A34!5Y]:.5:4`JYLVE!ZBV6$\S%JRZW:]+\KYPJ@
MX*JNBZLT?2M?3?3+4E@5":5<EZ(4]62PTN;1*U,`12&QZ2F@^6&Z5N5T,E><
M8@+C',0C,O,NR9_Z"*UV=QT\O28V&0E:>GI-#O:`GX=IQOOB!2&-02Y"%6??
M`AS%+][F$*EXL9UG%!49V-5'64QLLAU46<FQO^N!L_$X?YCI;/E[BB(4D'[Q
M!0[PTG,\Y!?0.!I9M?MB8I-!0<1;7516GOK+`"K5JF_"Z!HY+^6SL0)G94,L
M)G8ZY<BYJX(,^J)@7_:%B4TO;"J*6H3$IO1TIMA[A6,G\C(<L^4?*/+H(8;F
M&KA`L<9KJGB8Q<2FUSE],9"CL_)%IZR^ILZ?J1=[=%*9!B._B6.<3&.97IM%
M#SA4T/S=/K"8V)F"1[XO=,=MTUO1<-*Z3&RR9NFK%!DV8U="DPKE$4>OY%@;
MK&YPIOYF2[;;.9%VA7-CR]$6$SL3^K!510>0A0C\9=!ZX0$%*YF;ZZ&-/8R5
M6'-*L+CJ&X344D?&<BM(<C<$@TGB`D[W%V5#MJZ\@*7<7;32#IS.U?DVK%-5
M4+T9GXX49?*`:25"EY`GV281"F+DT,'C7>3)L2-.=M.9T^D\E::C$'LBZPH0
MA?+HO&`W]<E&QIO<Q;;R%TF<2JOQ@"-9%-C"66EMT0[;RUX-J^R0H#P(<(1,
M:QYSMD$=W..1$ZDG>+,Q<$"-'J/DS`8/L6&7*WG!B1=G-HXO*"#7E>P6Y#OB
MLB7"3L"Q-&R:-Z]R4A#VE1/X/<*K,-K>I(%+KJ`R+G%:`T?)J+*'/WLK']ZF
M\08'?P]E/*DW`XYS464&8]ICJ`EP&Y!+1FZORQ8__1)E@/CD(N@%7'3.\%%%
M#'3@4;\<<-)SBK`?<)4["<.TN+P'9-5QY;!3WV!Q\!*C)7#%.RFAFWJ7#<)&
M=R)JY2X;Q\75"#FMH5.]M>"0`(F5YY3<*7Z_(5R_D8T]%J\D41?HN,Z6'!/!
M@?;Z8;_]1^$2QW$V#YGF8[:%CL]LP2@NCG$X[G".:'<*_M.RKM!1G,<QF57@
M#CQU0F6CWZDDX7-4LSET@C0E+O$>K-AP1A$>0?>;>1@ER]#W0CEK6<VA(EH-
ML)8'Q\K#T56*KSS?6V&:K2]P=[`IA));V&48)[P(/?4!H*L(MF"I/D#HHY2I
MC=H)R02VL^65%V$GX0F`L#UT4<(.2YB+9_@)+'G'$^"DEB<7@Y.+P5!=#`Q%
MMX_BS9\%RTZ^:`6_PUPNF<04T-O.]_;#54<M\IW;'NB5G4-BD>FZ.7$;#=A[
M(ZX:7WC-@5[7E=DBF#?TE0S`01WX^=VTG:P$:^"OL]J^[\`O[Q72"[ACO'8:
M6(H(-;?Y<CO@Q_$:_3F6R-J$1V&!;!7D`/Q8KL:MVH1'LH,=V;T:^-$=SK]Z
M^$79NGI8`[_>:_)*SO`#+*LN?7TX60._YW.HWKQPR&&,U<\:^!%>F4."^<-6
MFQN`GP7LD_O1_2P,%BTSHUAQM)XM]Z8,GB:MMK+_-9V9VI:!PD8[6CF9R@6*
M<<6W@^>Q)NIC_TLYDUU23-"7%7WNS=&6*I#;X/&%4([WCJ,SA/VOXOJ\94"$
M]H.0LOHQ"9U_[I-8WGEK3R7O(Z,7=%9J`PSEH()V.F4[+)4SF=T&%(/WRA1'
MGL.2\@!0*:\[<E8/H)5YWRQ)TP1K)6K)_@YH>\SC=B3OIDR3/9/]R=V@+17V
M&`6NF_EPA=$28Z@,*H>JL;/E9;BF/J$9ZAV/,_^R;//,YC[?S5VEMF^G@4%=
MH[)IT;.$6Y[X-(JH'3R;YL7VT&8W]>DW%+GJ[E(=OP%=;[@K<SFW7I/TL<OJ
M2-K/EC0F3>!U56UDC=N5`58P;M!UK):R2^B,56\&Z(W5I*>(YK;[8[4)*(;S
MP6+1M4E]]IQM-!O=DM/-AAYQ@N1J=T*1,434!=`-2XTSDLE#&X<,'6]D6IRG
MQ%6,\]T'M\;[R_AN9Y1&`W<ERVY!MW&<8O<J)=>^U1Q'7NCFUKG\]^3VEU\4
MF4;-=@-!IX(QPGF.5.D2`O2%MT]5IJV>@'W@>I4*'N`>]S++#"EG)TO*R9)R
MLJ0,V9)B1AIS*.0K$B_-2KOQ&E]X<(?-Y/9D.M`A<.<^"N[1&DO=-_OX''"*
MW88\M+S%M$,^;.E[P$0=>P[1U]GI1!XKPVH/G*JW+\:RQ8A'@5'$>&0$N2+;
MM\J.4[0#3@5\K!VG!'?@MHP]'.EN46L);.IJL$'"K?VDK7HK^+^IO_V%_/93
M8;&-?Z<58L6I+L6=@*U$#((W3=52!#:^)]S@YRA%T?;L,_U3,?-LXD)V2?L!
M6W"4.*8"8APO#$]>0O>/V\#U7CTW1;YD^V.V!PYU/,(VR(,]\/"W!JR_><E+
M9L6@L0\OWN8IO`X23R$V3G,DZ)A)+C\5V2]'-^S+4:'RI+>B:D/H>,@V?&)S
MO(EK%+<<VQ^4@8,RA_&B;#*#LZ66/QX1KO],R>H]5"6-9\D+CIY>4##+"+`[
M6=\&^8MJ'\*J.07H*%9#\F98F%L0\?O6OYH$^QOV5B\)=J<$+5KA[(_TTG.#
MO.@/Y*?"5SI;Y@@>'3R&I:-$9>B[+#MLYT@4HL^ULV7V.U[(S_%G`AUCW8OL
M`](2.H+4D/G:SP;'+IN*N_3P]Y@@?T)O(NNVUD#0$>2]*F)]4@P_;7?V?E>F
M5CP-W)(;-73^[I-;ULDMZ^269=^]_>26=7++.KEEG=RR3FY9)[>LXXA#003)
MAE-N-GZGK!K:@?MD*>\4M04!>R>M\T#,*3O]L>["8$6SXNW3^M#I2DK9<GL`
M>V(U*=VT/8EG;Z,7UB/RBXQ:@AP4M5;0,7+])J%H@AVX$TX)$!7@V;*4GDE^
M>I9V!G+.XK"*<Q)603'L<^WM?"8]R^[;0+M'J?&#S<L*B%&<0:UWFH$UNPW$
M:>8,SFE&GCAGES]SCCQ7DAU6U@W<A<H,JYK[O@KP4:@;(Z7,A^]TQ%4&/,!6
M.C'LP,V62FF\F8W'X`;#7-%\N-"O]4Q6WJ?T5+/;Y79I6FZ#.P^G:MQ5[C\&
MWP\FP[4H8&6^Z-:DF09!BOP'^JP>T.*1ZS`U[V[$_,@8G#?8A@#C9(+.7@U\
M7:DNS^DK\GQZ++_91;[U<8F1?!*ZO$&OYY@^B=9C[NWN&VCA:"39)XMFT"41
M>M\.RT`+QOT\;!4D2G!7>Z_,2/5[%,:M4P=R!X0NN="O^FA-DD+&_C)L&6N]
M_=/__$$(M*?961];&^,ST#4@[-S..(0JI/27P7K9W@;D1_R$WL#]:?<S.;A(
M*CC+"GII><*R*^]X5$,]IY3<Y>I!#QCYUS%A`[X-7HE04#%YBM(X(?/(RT+1
M27&.#MT&!79?%9.;<7[HC'84YM(<S1W9VVX(22_#@.B1E*B2V09'>=SW!5Z&
M$2ZO1O(#43>.5/9;C0KL[ZHE1F;@0EM>#2O)G4WY`@=XR:SC)ND!['W:00!8
M4(S98NO)IX^T"U^CB%IYX@VM1T<("%2SJ9@&4=39,4AA_^5UZ;[YUD?.N4_N
MHW2UAY%@;AJ]@;=3`?48>ZDZIE%LFG6XY%#N.2U$LM(/:./39!];_\F`C8+K
M]S@Y;/0"+E?:`>]F4L:P^5F',((*"E\#MSCP8[<@"X6WCV!]"FEY1X_69:27
MZ4?LI)&7>#C.B"9@>->A@>,M6LJ(`=3=3[Z?<[D*\(I^T`*]L']/>`HOP_4Z
M##(+XDOH$Z!20=(<"3A4PX1N40()[<]@*BK;3ZG7_&$9*$5<\SH!!7`8.2X(
M44%?ASGVMOJ,KY=+["2S(!/2.D5V%_]@117@KI3WU\!+>&Z)IH8'CB(1\Y5E
M@C,&>Q0GS-R7@CYIUNF25X7/,[5,`[=XH*)MZ%]XLF5F8."(&!VI,@886@OU
M<U'-R('=%E?56D_`L!CCE]4FM'$<.*H'K20_JN=GK7E&Y1UPY0,I?PCHB!L%
MEJH<1L4`02_!2H;(W'OA"@?AV@M:F"*Y_:&#9+I9(X6PH!4]D[',X\_.84W,
M4H6>4#$N^JQILE81WBA.@[7<DRSW;YE!074(J(@7'9:R%;@.PE%(!=FNHLPA
M"/D[BTE.JLK>U705*D41BI]D.PX.%6[379+,8(?>3HZ@>F9I$B<H<`F5.^F?
M^CA0@3L]*R$6S-Z\`LR=)7>6&-8-6N4<TG8XJ'@;$X>3+IBA]093)I148H&N
M0*MK^S3[$:B8E\[\;XJ3><+8F*.GYFN?IZ&>!FX>T1A5,^L*8_M;C`05'-.#
MM+1$#ZUW>CVO[(PWC7U8_\3"&PDJ1L:P`'5`/X"C3/X8H'E@J7:"CCWI9@!K
M8AF'A9OI@:#K?[>8P-@V%1FE]H:Q1S(*&P?'G*__7+68V&/J;,W;$I8>=^MC
MU4Y(GV/\9TH&O7ZE-A/@T*[Z=!1>1GE=(,H;5*<BK53`:`[L9BX@)F=U<$`,
M.[UA'92\1@"G!W2U``YSU%@YFA(`35SR3*2\/L`.Y`(>*3-U)+GU:\BD^4B9
M[:%SZXNXH\30<27(OZ*5CLDI)I:HVTH[Z!3Y6DJV/O.!I[O?PY%JU%I+X(3W
M#39(N`6>\MXLNZZPXQ,ZN0H5T5D=P/V:&UP1LZ\Q^U$HRT>:%($^2.3%)&FB
MDC#(3NV2LZJH'W2Z?;T3JP3)P'/IUU!)52RS/9!KL#*+.$87#I1AJ]]23)54
M\S;:@COU\EC"YB!S_J/0N[L*C/1%=ULJ)1!?;,M_D2AA]4&@G7WU5+(>+K`D
M]N8E0:J=FXVAL]MK\DK.\`,LJRI#[=[<A;6@*FV@,\YS:-I\66S,>A0*EFH<
MS_50M)57C)+V`4\XKVV#Y<(PEM$9R&#7<VDHZ$3S0M9QV*V$:MB'WGGDO1)M
M-O>1DUT$I"=?=@?PS.]JK&+SF0]I!*E<:AKN3J5.%*<+>(KT+@]F%13&<I8#
MVW7G:$N)<$6DM["B7:'MES!(7J:!^W>,5*R'"J.`YT47\5)B'%9#-XJC61US
M[D53N,9HB$*U(WAN\^[<;P(:AR]O@;,DY$_A!:;%RO05@7P0:,_.#I*@!FX<
MKIXLW4=S-3L$7;?]@3,*E%NHX?U!@`ZZ1)2I1RE!(8?\]S=A](BC5\]AAHZT
M&PC*L[2#>.@#A*[H=-3*GQ.K'*U$#%6%8W49H[+8W0;[8H9%D%),8/%8J3/$
M8F*5-4[&5EUHQ@H>05[GV7KI#^2G^!Y_R_[20G%7^R\F\,8Z,_JZB<M812)S
M(5@$+ID4C9K&[B$.C0.&L\RUQEA,@*UU>NM<&UN/]7Q@+/*781"3TVI>'X.<
M4;'WBMU94#)RJAGGY>,L)E;9^)26OBZ^0CP^'RDPZ`.=]C.*,?G'_P=02P,$
M%`````@`S(0-1U"V-?C!$P``"-```!``'`!A:G@M,C`Q-3`V,S`N>'-D550)
M``-``,U50`#-575X"P`!!"4.```$.0$``.T]77/;.)+O5W7_@>>G7-7(BNPD
M-TE-9DNVY417MN63E+V9IRV8!"7,4J`"D+:UO_[0X!=(@E^2DT#'5$U-9**[
M@>X&&]U`H_G;WYXWGO6(&2<^_7@R.GU]8F%J^PZAJX\G7Y;7@U]/_O;[O__;
M;_\Q&/QQ,;^QKGP[W&`:6+<"QB78L9Y(L+8F_QI,'!+XS/I[1,L:G9Z?OCY]
M8XF?RW7(N(-VOUCC<!7RP!J=_V*=O1Z]M5Z_^3!Z]^'M.^O^UAH,H!]NK_$&
M60%B*QS<H0WF6V3CCR?K(-A^&`Z?GIY.5PRC8(#^0L^GMK\9`J'7[\YAX!Z&
MH5W[;'.%711ZP<>3KR'RY#A/+,$IY1_07\_MJ$GP'.C3^:G/5@+D]6CXQ^W-
M0@XUH>L1^L\<]/,#\Q+X\R$T/R".$W!H=8(4005^.XP:4U"OANX?-X*P2I34
M`!/*`T3M;!"E0<<LCMZ_?S^4K0DHQ2L48*>2^/LA\ST\C,$2K)`/5@AM4RP7
M\0>)$3=(<0]>CP;GHP+*``5!-9IH9.0A##!/T&P_I`';Y07*L7VZ\A^'<2/T
M=I[OS0X9$_.]"B]N!<0W>40'$SV.:-"`XV=[K8>'%HT8"'W$/-"C1&T:;B@B
M-M?CR"9`&>51.+'U"*)!`RX4$.RVF&M5(ULTO/!@RRHZ$2V:7AAV*R?:NZ%H
MS;2P9=ANF)B(V7)NNL@.!OAYZR&*A*7:78N_4\GYE(8;/1$G8$-@;2B`!@(*
M,V*G>,U(,0(8-T2I'Z!`F,???T/;+:&N#X_A/?L`0UP*!`M^?)E/ZXR49">Q
MQ&/J3&A`@MU4D&,;2?[$(D(BM1!IQPYV"25R4,*P68/,Q"L_$76LB(:E$/EM
M6*20$`TY=F;T=_E;J(@+&A(#K%6,%8/H,#*"[>!MY-FA5]W!,"?A_45^Z5/N
M>\2!"7>!/#"EBS7&`8_D7=VL%_:9D/!"R`7'TKZ<W2UF-].K\7)R95V,;\9W
MEQ-K\7DR62Y^2CH6Y3T2%CE8XX"(H33)O0"LU\)Y>RU8K_(4_[//:DEE-G.G
MPF/<X"\4A<('A-6_J)4:6+U2WM0I9;$4_]Q.[H1"9M?6].YR=CNQ7J4D?VHE
MDO0EXNMKSW_B[12C`=?KYFU[W5R.%Y^MZYO9_RY^ZJ<@<"XDOD9TA?F43KZ&
M8F5MHZ8Z++VVWG70UN?QW:?)0KQ1UN1_ODR7?_99:3.V0I3\2W8D'*@+Q(D0
M_KW"7Z2F%G!ZQ?P7^%>$VY[/0X;%'RHEZ7`]`"W+=RU5JGW3PR+<;!#;S=P%
M65$1R=M(.+2VC.@(7=V+-\0F.'8$6L+J]?%K41\Q-5``S^A9*"5H;6.*?=/)
MK<^"%5KA&Q_16/3Y1WH)OR]*.$&R/,#JFQ3G&'D3#J9YS+GP5N]P$,E2UZ"5
MZ.AU4:*`:F&):R&)_(M%<=`WT5XCPOZ.O!#/W&M"14!`D#>E/&`RFHVG;!.0
M7N2CHLB!C/4(=,!2N`DEBV2D^B;^+\+'SYR7L>L2CZ`@L=*5K7J!GQ4%GL>W
M4$J@;V*^]#<;$L@9)CP/X2_"HH1IMA[6`>B%?5X4MD)"^B2V2J1O`K_"#[&)
MEK_T(GQ3%"'`]DU2<^S!RWF/6+!;,K&X(QOZY,D"5]&JE^C;\BHG\:TM$+`"
MA4+?Y+P(?/N?(N8`8>Z2%_V*,&P'/KO&J6/<"*:7_+N23PR$(#"1TM]E=L&)
MB5DN[I]=B/:TEN@YD;?Z0"_94O07H5@!X/1-?A/$J%A4^#UFBS5B.!)BZ:E>
MDJ6X+<&SMIA9'##[)L]%^,#QUU`P,WG,_-W24[T\2U%:AF?AQSZZL_%&@.\J
MVP#9+D"R":#=BFB+HU7%62F\:[\E8;U*:/=NYR[959";"DOTX.'"'H7:H!=\
M*<C+[U18KR+LWHD68ET9ZOIN&N@J<:XJ[':@>O&70KX6,79O=0+AA2IXY6^]
M=$LQ'F#T5GQQ+"%#"3624$7:`*,7<RD.K(Y:>BM\&4[(:"())D0LD802$$FH
M6F@+K%='*8AL%\KT5C6)%RV<:.E#JYJH:-,+OA1#EOWSW@I9/?(34T\>^/FN
MRI^#`T0\'N#G($P37KJCZ56SYQ&D]>HJ(F\M8_J]4UR[D\983,N<\O9#U2OP
M@#/+GTK,'V/&TM"<9B8M>A4T'&JF8NZM=*488GLTT@1B:9-6ON>E&+A"OM:H
MMQ)69^E9]00^JY!P8[";2/BLMQ)6)VI^*:Z%T,N[%-U6R;NWAEF3`*%=2EO`
MZ550"H$K\B9^ZJ)IRR>W;+:$U>ND%"^WVO3IZ^K:3M2C+GJI6H%+D7,7Q?1P
M6<[GIV3I*=KUHRVP7C6EV+HR-^:G)5/3941HFTMDB:2=UTQ[<+UN2L%U;2I-
MHI_^J@=VH7.KB?I`+^)2^!OM9/=U35`$-BJ)L,JZE^+7G`Q[:+X5F9V5I%@1
M0[TI1:EY*?8O<E)DEO?9=0UZF9;BTKQ,>VLHJTZC<L:S"4@O\E)H6G=FU5<S
M6Y6]6!&BM@/6ZT,3IS;JH[\O1N,!8>X-:0VM5TTI7&U[GMC7UZ:MO$?=U%/A
MU[S9^[RWOYY/8Y:P_CRK*Y9>7WNF&O\T>VKVL59!->UZ5=3F)O\4>"DU(K>L
M5#7J1=TB>;G'*T8A8;GB.+T>2"_WYB3G_W_S'/X'YG2.74O6]OH`!8H^GG"R
MV7I0$TP^6\OB2^BOYT%2"NT?@J/3YXV70`#AFB)C4G5%(<3])B3BDDSUI<<$
M$5^\!0'!?)B,_61X.#M"W%W9R6O()&8\]-"5&8&"/=/X$'.Z*Q^%U^!EN1DF
M];G$KZQJEV@0C/@LL*BV-&%5N;VHJN&-;TLR-2CPUR#!&\"CP>AL<#XZ?>9.
M-+`._:<<=>P_P>O6O[Z$8<N>$P3H\FV+SFH+"5;T*?O3(@ZQ%_#DR2`CU9;K
MFL)\=6/1H,6_!QF)KF/0U3IL,P@5+_GCD&'H2B>V&H>*F/XUR,AT'4FIP&*;
M4:1(\M<!4Z)<=[%-]QE6]'.0$>@Z@&(=QS;=)SCPXY"NB]4=6_6=(,E?W7IO
M*DK:QAAYC.6PP"*]!R,X>G?("%J:0J7WX-">Z^M>MAV-2F62$>DVN-H*J6UF
M18(#/[K9@OJJG*W$4,0Z0#'Z6J+=!N'3NWW&45^I=?\U4]+26LBX'K,<2WTU
MTO$##YB<EA#2"<?P'^V@(^=2ECW^()Z)P'D:X`U$/2<6BJ$^G@0L!-=30@EO
MC_C.4N(Y(8L+>5'B>7`#(8'E(AH4G8;0^HGYX3;IA`CR@CFKQ-T<VY@\`HUK
MYF\6F#T2&[.,GZIVE8.-+]YZQ'8Z'EP1@&J9B)S%(&EZB.I?"N;P`PE>AK/L
M!.-6O/VKJ,@VQL(:8,JQRF,3Y,'<9BK['NQ"]FRD*C&SFCBN!#X"IN7]>KF'
MF].;+!JS`39D_R7V.Z(=@2#N?`IU,*<TP$SXX='&Y]BV&8[Z33AO@OMVK(HN
MG)?A50R:8:&\*QS].Z5-1JP]QG'R_X4ZA,>5Y9U(I\#65,9D@#FET42/UJ3T
MLK]>-OM0.P:Y725<"0Q@**W@I:S>U2!'8`22<ZQKG\TQ]1]E=Y<^#V;N'#8U
MO?MHUV@G#%WR\S/V'`&_0)XBAH,)'<-TF./D=&XFS,$V9/9:3/_QBF$)I2Z6
M#8#'P*W,X7`QF[GR:LW2SRMRQFHGQ'[8QR"7L?-7&%DUP=78<>1FN>`,$6'Z
M+M&6"#:SD^*<NY")YR`BQR"EW+6L<M!3T6Q.E),;()R+77A"&Q4,*.T1!]%'
M-CX$R?,]M7,X&[G[TU[LGT;%>'8:KEJ"F\:D*PR-F"NPWM3P5@ME&$M)5@F'
MM))*ENJA#&-)C1BK6:J',HRE.>;$$7^2=&$C-:RU@S:,Q<D&LY50AX!^"M80
M["*ZJV2Q';1A+$*U6.@N1)ZWF^.OH7BKU`ROB:"W@<V/]+L18!AM\6#I7^!+
MW_.B/V`4&IE\(_*&"3':$0`:?Q+AT54)HP',,*;@NW=.Z.&9"PGY"VR'3#AJ
MT?)8Q6$7'-/8#5`0\IF;]VVJ^&P#;!R#6H^ZF,99S?)>Z(8)H?DS'I(!O5-8
MB_"=O7<G^+`6F,P.'_"T4N4(7D6IN?$S47:Q2@W??_0.$0.%3XA6CQ[;/FR8
MD$>Q0-Q[R):-MWCSH&Y6UD/EII_C;Q"A/RJH6L+GQ+BL8)"]03>>762H"<X@
MEFY($'AX_!=ZGA(-)Q7-!C'PB>$5')6'%+Z$JV&A$L`@)II-U`VATDCP+G9-
M03)G9V*.';S9`OS,G3U12+XF6S7*T#;'RA*:`HL)6_)[';V^P+E3"+-GYF:;
M7O)LC5]ZOEA82_N(+<%SZI$`/VQ]348\$QT@N/;^A9*@B;U:8(.8NX_WLL5B
M8^.D7#GLZ0LF$A;@C#B>=\"-<DBP#W)NXDJ,'\=\].:(]0A.-<#>Y0><G)$J
M'+?&..S]?-%(;K5B,B$LIRX8?[X$D1+4M<8X@B.QY(U4OOBEOJCQ8Y41(I2X
MPNS'1C53SD/L7(6P,MW+CB([>8>?9!._V,7;,85XI@NB08:H[=@7V/-$JP1?
M^YXCWKON`M`2,4@8JIF9A0&LU>"K51E5#GZ!H[=2'="-<2GV&O\%?$\T.:QW
M/DNM'B@2/4ECQ-2N'&LA^.^$9.(&0+(S$WU#5D3'%))JBT%./91!D4Z:1)#?
MS2@\-G$O(QWBE12@9NQ)@T'B3H^CTD&6-U^J($QBH]5;K(F1.R.:$R>K)XES
M89!G[A>Z103VR:A-MLB[B'Q'$6:I>]CZH\A.!,SQY;.T535-=<P8?%@;X(1O
MDX+$9U+C)\2<L9BTR)O#O6`(6<8;T+@N'?9EZ!Y!7*#7_8PFJL^"G4+DT!GQ
M8&%\\T1Y&*CJ(5U@BH5MD%^5C0+:Y5H06JTU"9/[X)KS0LVQH`S7,\3DS9U\
M0:)?HL?B$M$)R:!5X\ZG>W#;#>M'LJO^5V#].BKU2E=9VC>_E#<T@WO$@ZNP
MQ'9[#(,TK!NT6,YP7"VB`ZO56`:Q*T9U)6P*%"+%,CF9ZE?^)K@C6*Z2_:KL
MC<MRCN*4VR@CM[S%U0+%I.VO2\383DS&^`/G<^QGPU:R<&JAS%]R$^4HZ=+:
M?+(KPK=P>#!SRXKM@FN2AM//UT_I-@QX=*T`LFOF.<^B`<P<)Z(P4+`I0A^^
M)TDL12#MB7B*US)7BZ/J+AGW#V,V7Z<[=>J*^TP-8$;N+&$//<$WP5C(@T]H
M`CM&H[/2SE(ME$&+8Y4&-+L"+4`-V@<0?7MPS#BC>.E?^R&[1AL"J9C2!-J8
ME[9T6F,8I+Y*3ULIQK[TDQ.Z-.DT=V17<;UA;VI'X"=IKF=IPK<J$(/T#PO=
M-/TLQ2UZ)IMP<^$SYC_!I0>T138)=JI=:@?_S5RCE[MK=.DASN_\H/PFEUL,
MTI@<W,6H>N"%-N.&?E8S]#-3AR[7X4MP>&$WN[Q]4=5N$`N03J@::#GDL>Y8
MJQG2=+9@K!>MV,I!FLX6Z.!M:VV]-9"MXOH1P#V'W9\8L>HU1H5IYR!^EQ"E
MTMG1;]V/@\LP\%WW*A>@'43D"!;9BRC%O(4DFB&/@%WUB.)3B)CHS6>\?%BA
M3QFIQS`F(T0=<LYUO_;9!-EK_>YH-RPCF1W;7T/"94)QG*LH,Q3'O(F?&9MC
M7R^*0VF:LS\UYEM,__0U=P'*+0:M2+E+6<61:QL-&GRQIE;)K:X$,(P)Y=,O
M<?T`'2?54`:Q<\]\%W,N;QUHIE1%LT$,J.=88^K$-=Q`_HJQDO40]&=?33A'
ML+^3O?>5^SLU(`;I<HG91BPIY6)#I0:CMO]SJ1YB$:RHA],`9L[:6#O0>[0#
MZE,:99"W9*^$92:W,OL]O5%V0S:DPOG5`IK#TQ7F-B/Q#;DIA;&01ZU&U$"V
M/8Y!@2U0G+GRBGHN6[CX_/N?KC6G"V=C+.8+EUL,,M-3ZF#AS\#9NE(3H+CD
MU$,9Q,Y_A][N5]A92TL-?8+`MN2=-L$9Q-(U?F`B/-^-WL/.6C)>.=Q2HE,S
MJ$&,[9V4&UUZR#;J^"Q88[9<B]!4FKQ8EU,:78^*$BODLQ?("#ZD\R/P/V]\
MN@(/+5TTX&Y).2*J`3)HAN47O&@=CTH6%AV>9DAS'()X-L[<*M^THOW;S;Z7
MV\9,4K\BJ4=7':?TAN"PDMT.*#F_P8Q;]XF1+O.3M:C#_M&Y;6K]X/QM\>3\
M(*NB+,^#EN@YBA:@RK*^#O$^=,QY'9/O`MXGU_WE".6'(.!['.5:HJT1OK.;
M6ZMU2-Q[Q$EY,,PGKBMFYXQ"%1*[R%'EM5-5_R]%\1C,6I&=R%9=8>IO"&TW
M2VI0S)DG6MU%(R]SV`K8'-Z*(XWGJUN>R54,[T_!'"G(8OH;F58/J75^[!^-
M@\B:RU)R?L)0PF`+>_#2=`U:ZN<85`8U,>5.4Q0?C&E<E(_EJ_$5'=.]D`UB
MOCCGHQN4S>]&$<Z<-R"6O'Y7GAD8!>D=Y#1*R!5E;G*KJ[`,FG&+\,%G#JR1
MXIU)+6JY:HJ\G:#>'.^$=@Q>QQS#!\?2D>?W5+6-=6]9V\W16EZ+,[_`I.;C
M9(5Q%C=7*YIK7[]Z2;[P^)=KAO&M3X,UGU`'.^7:D?IV<SA8D.>:\>M;S1G]
M,OVP1_Z+'DN_Y?=`6J'5FX,783BV)$6SH+<>&D%D\32?TNP.C.J"50"\,'-I
MCE17WJ)-3@UK^@R-I@P.@[16R5F+.Z[Z`HV-"+6;2M].IQUY3*YIJ^6_VL*;
MPV&WVTD1?_O>;4JP7Y;[]E/[8/9G#,K7Z;.0]Q5*/4T#[=LP^NJK^/E_4$L!
M`AX#%`````@`S(0-1ZG"&%>+`0$`*H0,`!``&````````0```*2!`````&%J
M>"TR,#$U,#8S,"YX;6Q55`4``T``S55U>`L``00E#@``!#D!``!02P$"'@,4
M````"`#,A`U'G#S>Z>$)``#V?@``%``8```````!````I('5`0$`86IX+3(P
M,34P-C,P7V-A;"YX;6Q55`4``T``S55U>`L``00E#@``!#D!``!02P$"'@,4
M````"`#,A`U'JF_(G2\G``"RQP(`%``8```````!````I($$#`$`86IX+3(P
M,34P-C,P7V1E9BYX;6Q55`4``T``S55U>`L``00E#@``!#D!``!02P$"'@,4
M````"`#,A`U'@+:XX?IN``#*'08`%``8```````!````I(&!,P$`86IX+3(P
M,34P-C,P7VQA8BYX;6Q55`4``T``S55U>`L``00E#@``!#D!``!02P$"'@,4
M````"`#,A`U'K\*9)!Y```!0B@0`%``8```````!````I(')H@$`86IX+3(P
M,34P-C,P7W!R92YX;6Q55`4``T``S55U>`L``00E#@``!#D!``!02P$"'@,4
M````"`#,A`U'4+8U^,$3```(T```$``8```````!````I($UXP$`86IX+3(P
M,34P-C,P+GAS9%54!0`#0`#-575X"P`!!"4.```$.0$``%!+!08`````!@`&
+`!0"``!`]P$`````
`
end

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>47
<FILENAME>R4.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054165702320">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - Jun. 30, 2015 - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SalesRevenueNetAbstract', window );"><strong>INCOME</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeOperating', window );">Loan interest income</a></td>
<td class="nump">$ 10,793<span></span>
</td>
<td class="nump">$ 17,677<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestExpense', window );">Interest expense</a></td>
<td class="num">(2,269)<span></span>
</td>
<td class="num">(3,344)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestIncomeExpenseNet', window );">Net interest income</a></td>
<td class="nump">8,524<span></span>
</td>
<td class="nump">14,333<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherIncome', window );">Other income</a></td>
<td class="nump">232<span></span>
</td>
<td class="nump">446<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RevenuesNetOfInterestExpense', window );">Total income</a></td>
<td class="nump">8,756<span></span>
</td>
<td class="nump">14,779<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CostsAndExpensesAbstract', window );"><strong>EXPENSE</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_RelatedPartyManagementFeeExpense', window );">Related party expense - management fee</a></td>
<td class="nump">856<span></span>
</td>
<td class="nump">1,602<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_RelatedPartyLoanServicingFeeExpense', window );">Related party expense - loan servicing fees</a></td>
<td class="nump">851<span></span>
</td>
<td class="nump">1,507<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_LoanTransactionExpense', window );">Loan transaction expense</a></td>
<td class="nump">729<span></span>
</td>
<td class="nump">989<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfessionalFees', window );">Professional fees</a></td>
<td class="nump">356<span></span>
</td>
<td class="nump">741<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OtherExpenses', window );">Other expense</a></td>
<td class="nump">289<span></span>
</td>
<td class="nump">450<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_OperatingExpenses', window );">Total expense</a></td>
<td class="nump">3,081<span></span>
</td>
<td class="nump">5,289<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest', window );">Income before provision for income taxes</a></td>
<td class="nump">5,675<span></span>
</td>
<td class="nump">9,490<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxExpenseBenefit', window );">Provision for income taxes</a></td>
<td class="nump">16<span></span>
</td>
<td class="nump">16<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Consolidated net income</a></td>
<td class="nump">5,659<span></span>
</td>
<td class="nump">9,474<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest', window );">Less: consolidated net income attributable to the non-controlling interest</a></td>
<td class="nump">223<span></span>
</td>
<td class="nump">398<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetIncomeLoss', window );">Consolidated net income attributable to common stockholders</a></td>
<td class="nump">$ 5,436<span></span>
</td>
<td class="nump">$ 9,076<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareBasic', window );">Basic earnings per common share (in dollars per share)</a></td>
<td class="nump">$ 0.36<span></span>
</td>
<td class="nump">$ 0.64<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareDiluted', window );">Diluted earnings per common share (in dollars per share)</a></td>
<td class="nump">$ 0.36<span></span>
</td>
<td class="nump">$ 0.64<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic', window );">Weighted average shares - basic (in shares)</a></td>
<td class="nump">15,237,739<span></span>
</td>
<td class="nump">14,129,162<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding', window );">Weighted average shares - diluted (in shares)</a></td>
<td class="nump">15,909,634<span></span>
</td>
<td class="nump">14,801,319<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_LoanTransactionExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents costs of performing due diligence on existing loans under review for purchase.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_LoanTransactionExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_RelatedPartyLoanServicingFeeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to loan servicing fee expense as related party expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_RelatedPartyLoanServicingFeeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_RelatedPartyManagementFeeExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the amount related to management fee expense as related party expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_RelatedPartyManagementFeeExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CostsAndExpensesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CostsAndExpensesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 52<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=32703322&amp;loc=d3e4984-109258<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.23)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareDiluted">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.21)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1252-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 18<br><br><br><br> -Article 7<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 21<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareDiluted</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents the income or loss from continuing operations attributable to the economic entity which may also be defined as revenue less expenses from ongoing operations, after income or loss from equity method investments, but before income taxes, extraordinary items, and noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 940<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51673353&amp;loc=d3e41242-110953<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxExpenseBenefit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 9<br><br><br><br> -Subparagraph (a),(b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32639-109319<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(h))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Income Tax Expense (or Benefit)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6515339<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxExpenseBenefit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of the cost of borrowed funds accounted for as interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6450988&amp;loc=d3e26243-108391<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.9)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeExpenseNet">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The net amount of operating interest income (expense).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-04.10)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879574&amp;loc=d3e536633-122882<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeExpenseNet</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestIncomeOperating">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of operating interest income, including, but not limited to, amortization and accretion of premiums and discounts on securities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.1(e))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestIncomeOperating</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Net Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831255<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.19)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.18)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Other Comprehensive Income<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51831270<br><br><br><br>Reference 8: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 19<br><br><br><br> -Article 5<br><br><br><br>Reference 9: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetIncomeLossAttributableToNoncontrollingInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of Net Income (Loss) attributable to noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4J<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetIncomeLossAttributableToNoncontrollingInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OperatingExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Generally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OperatingExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherExpenses">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents a sum total of expenses not separately reflected on the income statement for the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.7)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.4,6)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherExpenses</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_OtherIncome">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Reflects the sum of all other revenue and income recognized by the entity in the period not otherwise specified in the income statement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-04.4)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879464&amp;loc=d3e573970-122913<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_OtherIncome</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfessionalFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>A fee charged for services from professionals such as doctors, lawyers and accountants. The term is often expanded to include other professions, for example, pharmacists charging to maintain a medicinal profile of a client or customer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 946<br><br><br><br> -SubTopic 225<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.6-07.2(a),(b),(c),(d))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6488393&amp;loc=d3e606610-122999<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 946<br><br><br><br> -SubTopic 225<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (k)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6488370&amp;loc=d3e13550-115849<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfessionalFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4K<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (a),(c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4J<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RevenuesNetOfInterestExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income after deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RevenuesNetOfInterestExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SalesRevenueNetAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SalesRevenueNetAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1505-109256<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_WeightedAverageNumberOfSharesOutstandingBasic">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7655603&amp;loc=d3e1448-109256<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Weighted-Average Number of Common Shares Outstanding<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6528421<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_WeightedAverageNumberOfSharesOutstandingBasic</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>48
<FILENAME>R12.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054418925424">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Unconsolidated affiliates<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract', window );"><strong>Investments in and Advances to Affiliates, Schedule of Investments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock', window );">Unconsolidated affiliates</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Note 6 &#8212; Unconsolidated affiliates</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">On December 5, 2014, the Company acquired a 40.5% interest in GA-E 2014-12, a Delaware trust, for $2.2 million. GA-E 2014-12 holds an economic interest in a single small-balance commercial loan secured by a commercial property in Portland, Oregon. At December 31, 2014, GA-E 2014-12 had a basis in the loan of $5.4 million. At June 30, 2015, GA-E 2014-12 had a basis in the loan of $5.6 million, and net income of $0.2 million for the three months ended, and $0.4 million for the six months ended June 30, 2015, of which 40.5% is the Company&#8217;s share. The Company accounts for this investment using the equity method.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Upon the closing of the Original Private Placement, the Company received a 19.8% equity interest in Thetis. At December 31, 2014, Thetis had total assets of $2.2 million and liabilities of $0.2 million. At June 30, 2015, Thetis had total assets of $2.8 million, liabilities of $0.3 million, and net income of $0.3 million for the three months ended, and $0.5 million for the six months ended June 30, 2015, of which 19.8% is the Company&#8217;s share. The Company accounts for its investment in Thetis using the equity method. Thetis is a privately held company and there is no public market for its securities.</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the information summarizing investments in and advances to majority-owned subsidiaries, other controlled companies, and other affiliates. It reflects specified information about ownership, financial results from, and financial position in such entities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 946<br><br><br><br> -SubTopic 320<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.12-14)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=50485924&amp;loc=d3e611322-123010<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InvestmentsInAndAdvancesToAffiliatesScheduleOfInvestmentsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>49
<FILENAME>R11.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054430239280">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Fair value of financial instruments<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresAbstract', window );"><strong>Fair Value Disclosures [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueDisclosuresTextBlock', window );">Fair value of financial instruments</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><b>Note 5 &#8212; Fair value of financial instruments</b></p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The following tables set forth the fair value of financial assets and liabilities by level within the fair value hierarchy as of June 30, 2015 and December 31, 2014 ($ in thousands):</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level&#160;1</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level&#160;2</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level&#160;3</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;">
<p style="margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Carrying</b><br /><b>Value</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Quoted&#160;prices</b><br /><b>in&#160;active</b><br /><b>markers</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Observable</b><br /><b>inputs&#160;other&#160;than</b><br /><b>Level&#160;1&#160;prices</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Unobservable</b><br /><b>inputs</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;">Not recognized on consolidated balance sheet at fair value (assets)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in; width: 729px;">Mortgage loans</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">444,408</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 157px;">&#8212;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 156px;">&#8212;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width:
 156px;">501,369</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;">Not recognized on consolidated balance sheet at fair value (liabilities)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in;">Borrowings under repurchase agreement</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">153,804</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">153,804</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in;">Secured borrowings</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">116,349</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">116,349</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td colspan="2"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level&#160;1</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level&#160;2</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Level&#160;3</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid;">
<p style="margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>December&#160;31,&#160;2014</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Carrying</b><br /><b>Value</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Quoted&#160;prices</b><br /><b>in&#160;active</b><br /><b>markers</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Observable</b><br /><b>inputs&#160;other&#160;than</b><br /><b>Level&#160;1&#160;prices</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Unobservable</b><br /><b>inputs</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;">Not recognized on consolidated balance sheet at fair value (assets)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align:
 left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in; width: 729px;">Mortgage loans</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">211,159</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 157px;">&#8212;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 156px;">&#8212;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">235,623</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -0.25in; padding-left: 0.25in;">Not recognized on consolidated balance sheet at fair value (liabilities)</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in;">Borrowings under repurchase agreement</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">15,249</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">15,249</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-left: 0.25in;">Secured borrowings</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">84,679</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">84,679</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8212;</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company has not transferred any assets from one level to another level during the three or six months ended June 30, 2015.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The carrying values of its cash and cash equivalents, related party receivables, accounts payable and accrued liabilities, related party payables and investments in the Manager and affiliate are equal to or approximate&#160;fair value. Property held-for-sale is measured at cost at acquisition and subsequently measured at the lower of cost or fair value less cost to sell on a nonrecurring basis. The fair value of property held-for-sale is generally based on estimated market prices from an independently prepared appraisal, an independent BPO, or management&#8217;s judgment as to the selling price of similar properties. No properties held-for-sale were measured at fair value at June 30, 2015.</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The fair value of mortgage loans is estimated using the Manager&#8217;s proprietary pricing model which estimates expected cash flows with the discount rate used in the present value calculation representing the estimated effective yield of the loan. The value of transfers of mortgage loans to real estate owned is estimated using BPOs.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The significant unobservable inputs used in the fair value measurement of the Company&#8217;s mortgage loans are the same
 as those used to calculate the acquisition price, including discount rates and loan resolution timelines. Significant changes to any of these inputs in isolation could result in a significant change to the fair value measurement. A decline in the discount rate in isolation would increase the fair value. An increase in the loan resolution timeline in isolation would decrease the fair value. The following table sets forth quantitative information about the significant unobservable inputs used to measure the fair value of the Company&#8217;s mortgage loans as of June 30, 2015:</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="width: 1238px;" nowrap="nowrap">
<p style="border-bottom: black 1pt solid; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Input</b></p>
</td>
<td style="width: 16px;" nowrap="nowrap">&#160;</td>
<td style="width: 313px;" nowrap="nowrap">
<p style="border-bottom: black 1pt solid; text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Range of Values</b></p>
</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top;">Equity discount rate &#8211; Re-performing loans</td>
<td>&#160;</td>
<td style="text-align: center; vertical-align: bottom;">8% - 14%</td>
</tr>
<tr style="background-color: white;">
<td style="vertical-align: top;">Equity discount rate &#8211; Non-performing loans</td>
<td>&#160;</td>
<td style="text-align: center; vertical-align: bottom;">10% - 18%</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top;">Cost of debt</td>
<td>&#160;</td>
<td style="text-align: center; vertical-align: bottom;">4.25%</td>
</tr>
<tr style="background-color: white;">
<td style="vertical-align: top;">Loan resolution timelines &#8211; Re-performing loans (in years)</td>
<td>&#160;</td>
<td style="text-align: center; vertical-align: bottom;">4 - 7</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="vertical-align: top;">Loan resolution timelines &#8211; Non-performing loans (in years)</td>
<td>&#160;</td>
<td style="text-align: center; vertical-align: bottom;">1.4 - 4</td>
</tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueDisclosuresAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueDisclosuresAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueDisclosuresTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 820<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=36462937&amp;loc=d3e19207-110258<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 30<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14172-108612<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6957238&amp;loc=d3e14064-108612<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 21<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13537-108611<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 16<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13504-108611<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 10<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13433-108611<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueDisclosuresTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>50
<FILENAME>R23.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054171759552">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debt (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfRepurchaseAgreements', window );">Schedule of details of repurchase agreement</a></td>
<td class="text"><table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-size: 8pt;">June&#160;30,&#160;2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-size: 8pt;">December&#160;31,&#160;2014</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">Maturity&#160;Date</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Maximum<br />borrowing<br />capacity</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Amount<br />outstanding</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying<br />value&#160;of<br />collateral</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Interest<br />rate</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Amount<br />outstanding</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying<br />value&#160;of<br />collateral</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Interest<br />rate</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; width: 361px;">November 24, 2015</td>
<td style="padding-bottom: 2.5pt; width: 16px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;">200,000</td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 16px;">&#160;</td>
<td style="padding-bottom: 2.5pt; width: 16px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;">153,804</td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 16px;">&#160;</td>
<td style="padding-bottom: 2.5pt; width: 16px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;">241,689</td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 16px;">&#160;</td>
<td style="padding-bottom: 2.5pt; width: 16px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;">4.00</td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 16px;">%</td>
<td style="padding-bottom: 2.5pt; width: 15px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 15px;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 125px;">15,249</td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 15px;">&#160;</td>
<td style="padding-bottom: 2.5pt; width: 15px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 15px;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 125px;">23,460</td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 15px;">&#160;</td>
<td style="padding-bottom: 2.5pt; width: 15px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 125px;">4.00</td>
<td style="text-align: left; padding-bottom: 2.5pt; width:
 15px;">%</td>
</tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ScheduleOfDebtSecuritizationTableTextBlock', window );">Schedule of securitization of notes</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The following table sets forth the original terms of all securitization notes at their respective cutoff dates as of June 30, 2015:</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">Issuing&#160;Trust/Issue&#160;Date</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">Security</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Original<br />Principal</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Interest<br />Rate</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; width: 502px;">Ajax Mortgage Loan Trust 2014-A/ October 2014</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 502px; vertical-align: top;">Class A notes due 2057<sup>(1)</sup></td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 236px;">45 million</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 219px;">4.00</td>
<td style="text-align: left; width: 15px;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class B-1 notes due 2057<sup>(2)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">8 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.19</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class B-2 notes due 2057<sup>(2)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">8 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.19</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Trust certificates<sup>(3)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">20.4 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Ajax Mortgage Loan Trust 2014-B / November 2014</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class A notes due 2054<sup>(1)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">41.2 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3.85</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class B-1 notes due 2054<sup>(2)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">13.7 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.25</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class B-2 notes due 2054<sup>(2)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">13.7 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.25</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Trust certificates<sup>(3)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">22.9 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align:
 top;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Ajax Mortgage Loan Trust 2015-A / May 2015</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class A notes due 2054<sup>(1)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">35.6 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3.88</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class B-1 notes due 2054<sup>(2)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">8.7 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.25</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class B-2 notes due 2054<sup>(2)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">8.7 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.25</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Trust certificates<sup>(3)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">22.8 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div align="left" style="widows: 1; text-transform: none; margin-top: 3pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 3pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">
<div style="width: 391px; font-size: 1pt; border-top: black 1pt solid;">&#160;</div>
</div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"></p>
<table align="center" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">(1)</td>
<td>The Class A notes are senior, sequential pay, fixed rate notes.</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<table align="center" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">(2)</td>
<td>The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. We have retained the Class B notes.</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<table align="center" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">(3)</td>
<td>The trust certificate issued by the trust and the beneficial ownership of the trust are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificate, we are entitled to receive any remaining amounts in the trust after the Class A notes and Class B notes have been paid in full.</td>
</tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_StatusOfMortgageLoansTableTextBlock', window );">Schedule of status of mortgage loans</a></td>
<td class="text"><table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Balances&#160;at&#160;June&#160;30,&#160;2015</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Balances&#160;at&#160;December&#160;31,&#160;2014</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Original&#160;balances&#160;at&#160;securitization<br />cutoff&#160;date</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">Class&#160;of<br />Notes</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying<br />value&#160;of<br />mortgages</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Bond<br />principal<br />balance</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying<br />value&#160;of<br />mortgages</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Bond<br />principal<br />balance</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Mortgage<br />UPB</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Bond<br />principal<br />balance</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-indent: 0in; width: 345px;">2014-A</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">58,313</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">41,681</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">58,905</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">44,016</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">81,405</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">45,000</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>2014-B</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">68,379</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">39,344</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">68,654</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">40,663</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">91,535</td>
<td style="text-align:
 left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">41,191</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">2015-A</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">53,116</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">35,324</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">75,835</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">35,643</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">179,808</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">116,349</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">127,559</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">84,679</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">248,775</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">121,834</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ScheduleOfDebtSecuritizationTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents tabular disclosure of debt securitization.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ScheduleOfDebtSecuritizationTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_StatusOfMortgageLoansTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents tabular disclosure of status of mortgage loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_StatusOfMortgageLoansTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfRepurchaseAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for repurchase agreements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(m)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfRepurchaseAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>51
<FILENAME>R19.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054376184672">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent events<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsAbstract', window );"><strong>Subsequent Events [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventsTextBlock', window );">Subsequent events</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Note 13 &#8212; Subsequent events</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Dividend Declaration</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">On August 3, 2015, the Company declared a dividend of $0.22 per share, to be paid on August 28, 2015, to stockholders of record as of August 14, 2015.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Management Fees</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">On July 28, 2015, we issued 29,790 shares of our common stock to the Manager in payment of 50% of the management fee due for the second quarter of 2015 in a private transaction. The management fee expense associated with these shares was recorded as an expense in the second quarter of 2015.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Directors&#8217; Retainer</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">On July 28, 2015, we issued each of Jonathan Bradford Handley, Jr., Daniel Hoffman, J. Kirk Ogren Jr. and John Condas 435 shares of our common stock in payment of half of their quarterly director fees for the second quarter of 2015.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Securitization</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-weight: normal;">On July 2, 2015, we closed on our fourth securitization. An aggregate of $87.2 million of senior securities and $15.9 million of subordinated securities were issued in private offerings to institutional investors with respect to $158.5 million UPB of mortgage loans.</font></div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>52
<FILENAME>R15.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054165893008">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Related party transactions<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsAbstract', window );"><strong>Related Party Transactions [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock', window );">Related party transactions</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Note 9 &#8212; Related party transactions</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Our consolidated statement of income included the following significant related party transactions ($ in thousands):</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center; padding-bottom: 0px;">&#160;</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;" colspan="7">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Three&#160;months&#160;ended&#160;June&#160;30,&#160;2015</b></p>
</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;" colspan="7">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Six&#160;months&#160;ended&#160;June&#160;30,&#160;2015</b></p>
</td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center; padding-bottom: 0px;">&#160;</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Amount</b></p>
</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Counterparty</b></p>
</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Consolidated&#160;Statement<br />of&#160;Income&#160;location</b></p>
</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="text-align: center; padding-bottom: 0px;" colspan="2">
<p style="border-bottom: black 1pt solid; text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Amount</b></p>
</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Counterparty</b></p>
</td>
<td style="padding-bottom: 0px;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: center; padding-bottom: 0px;">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Consolidated&#160;Statement<br />of&#160;Income&#160;location</b></p>
</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt; width: 202px;">Management fee</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">856</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 189px;">Thetis</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 251px;">Related party expense &#8211; management fee</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">1,602</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="width: 203px;">Thetis</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 235px;">Related party expense &#8211; management fee</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt;">Loan servicing fees</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">851</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td>Gregory</td>
<td>&#160;</td>
<td style="text-align: left;">Related party expense &#8211; loan servicing fees</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1,507</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td>Gregory</td>
<td>&#160;</td>
<td style="text-align: left;">Related party expense &#8211; loan servicing fees</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt;">Due diligence and related loan acquisition costs</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">1</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td>Gregory</td>
<td>&#160;</td>
<td style="text-align: left;">Loan transaction expense</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">19</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td>Gregory</td>
<td>&#160;</td>
<td style="text-align: left;">Loan transaction expense</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; text-indent: -13.5pt; padding-left: 13.5pt;">Expense reimbursements</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">-</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Aspen Yo</td>
<td>&#160;</td>
<td
 style="text-align: left;">Professional fees</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">Aspen Yo</td>
<td>&#160;</td>
<td style="text-align: left;">Professional fees</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Management Agreement</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">On July 8, 2014, the Company entered into a 15-year management agreement (the &#8220;Management Agreement&#8221;) with the Manager. Under the Management Agreement, the Manager implements the Company&#8217;s business strategy and manages the Company&#8217;s business and investment activities and day-to-day operations, subject to oversight by the Company&#8217;s board of directors. Among other services, the Manager, directly or through Aspen affiliates, provides the Company with a management team and necessary administrative and support personnel. The Company does not currently have any employees and does not expect to have any employees in the foreseeable future. Each of the Company&#8217;s executive officers is an employee or officer, or both, of the Manager or the Company&#8217;s Servicer.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Under the Management Agreement, the Company pays both a base management fee and an incentive fee to the Manager.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Base Management Fee equals 1.5% of our stockholders&#8217; equity per annum and calculated and payable quarterly in arrears. For purposes of calculating the management fee, the Company&#8217;s stockholders&#8217; equity means: (a) the sum of (i) the net proceeds from any issuances of common stock or other equity securities issued by the Company or the operating partnership (without double counting) since inception (allocated on a pro rata daily basis&#160;for such issuances during the fiscal quarter of any such issuance), and (ii) the Company&#8217;s and the operating partnership&#8217;s (without double counting) retained earnings calculated in accordance with U.S. GAAP at the end of the most recently completed fiscal quarter (without taking into account any non-cash equity compensation expense incurred in current or prior periods), less (A) any amount that the Company or the operating partnership pays to repurchase shares of common stock or OP Units since inception, (B) any unrealized gains and losses and other non-cash items that have affected consolidated stockholders&#8217; equity as reported in the Company&#8217;s financial statements prepared in accordance with U.S. GAAP, and (C) one-time events pursuant to changes in U.S. GAAP, and certain non-cash items not otherwise described above, in each case after discussions between the Manager and the Company&#8217;s independent directors and approval by a majority of the Company&#8217;s independent directors. As a result, the Company&#8217;s stockholders&#8217; equity, for purposes of calculating the management fee, could be greater or less than the amount of stockholders&#8217; equity shown on the Company&#8217;s consolidated financial statements. 50% of the base management fee is payable in shares of the Company&#8217;s common stock so long as the ownership of such additional number of shares by the Manager would not violate the 9.8% stock ownership limit set forth in the Company&#8217;s charter, and the balance is payable in cash. The common stock will be determined using the higher of the most recently reported book value or the average of the closing prices of our common stock on the NYSE on the five business days after the date on which the most recent regular quarterly dividend to holders of our common stock is paid. The Manager has agreed to hold any shares of common stock received by it as payment of the base management fee for at least three years from the date such shares of common stock are received by it.</div>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Manager is also entitled to an incentive management fee that is payable quarterly in arrears in cash in an amount equal to one-fourth of 20% of the dollar amount by which (i) the sum of (A) the aggregate cash dividends, if any, declared out of the REIT taxable income of the Company by the Company&#8217;s Board of Directors payable to the holders of the Company&#8217;s common stock and (B) the aggregate cash distributions, if any, declared out of the REIT taxable income of the operating partnership (without duplication) by the operating partnership payable to holders of
 OP Units (other than any OP Units held by the Company as a limited partner) annualized, or the Annualized Dividends and Distributions, in respect of such calendar quarter exceeds (ii) the product of (1) the book value per share of the Company&#8217;s common stock as of the end of each such quarter multiplied by the number of shares of the Company&#8217;s common stock and OP Units (other than any OP Units held by the Company as a limited partner) outstanding as of the end of such calendar quarter and (2) 8%. Notwithstanding the foregoing, no incentive fee will be payable to the Manager with respect to any calendar quarter unless its cumulative core earnings, as defined in the agreement, is greater than zero for the most recently completed eight calendar quarters, or the number of completed calendar quarters since the closing date of the Original Private Placement, whichever is less.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company also reimburses the Manager for all third-party, out-of-pocket costs incurred by the Manager for managing its business, including third-party diligence and valuation consultants, legal expenses, auditors and other financial services. The Company will not reimburse the Manager for lease costs or salaries and expenses of employees of the Manager. The reimbursement obligation is not subject to any dollar limitation. Expenses will be reimbursed in cash on a monthly basis.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company will be required to pay the Manager a termination fee in the event that the Management Agreement is terminated as a result of (i) a termination by the Company without cause, (ii) its decision not to renew the Management Agreement upon the determination of at least two thirds of the Company&#8217;s independent directors for reasons including the failure to agree on revised compensation, (iii) a termination by the Manager as a result of the Company becoming regulated as an &#8220;investment company&#8221; under the Investment Company Act of 1940 (other than as a result of the acts or omissions of the Manager in violation of investment guidelines approved by the Company&#8217;s board of directors), or (iv) a termination by the Manager if we default in the performance of any material term of the Management Agreement (subject to a notice and cure period). The termination fee will be equal to twice the combined base fee and incentive fees payable to the Manager during the 12-month period ended as of the end of the most recently completed fiscal quarter prior to the date of termination.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Servicing Agreement</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">On July 8, 2014, the Company entered into a 15-year servicing agreement (the &#8220;Servicing Agreement&#8221;) with the Servicer. The Company&#8217;s overall servicing costs under the servicing agreement will vary based on the types of assets serviced.</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</div>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Servicing fees range from 0.65% to 1.25% annually of UPB (or the fair market value or purchase price of REO the Company owns or acquires), and are paid monthly. The total fees incurred by us for these services depend upon the UPB and type of mortgage loans that Gregory services pursuant to the terms of the servicing agreement. The fees are determined based on the loan&#8217;s status at acquisition and do not change if a performing loan becomes non-performing or vice versa.</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company will also reimburse Gregory for all customary, reasonable and necessary out-of-pocket costs and expenses incurred in the performance of its obligations, including the actual cost of any repairs and renovations to REO properties. The total fees incurred by us for these services will be dependent upon the property value, previous UPB of the relevant loan, and the number of REO properties.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000;
 word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">If the Management Agreement has been terminated other than for cause and/or the Servicer terminates the servicing agreement, the Company will be required to pay a termination fee equal to the aggregate servicing fees payable under the servicing agreement for the immediate preceding 12-month period.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Trademark Licenses</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Aspen Yo has granted the Company a non-exclusive, non-transferable, non-sublicensable, royalty-free license to use the name &#8220;Great Ajax&#8221; and the related logo. The Company also has a similar license to use the name &#8220;Thetis.&#8221; The agreement has no specified term. If the Management Agreement expires or is terminated, the trademark license agreement will terminate within 30 days. In the event that this agreement is terminated, all rights and licenses granted thereunder, including, but not limited to, the right to use &#8220;Great Ajax&#8221; in its name will terminate. Aspen Yo also granted to the Manager a substantially identical non-exclusive, non-transferable, non-sublicensable, royalty-free license to use of the name &#8220;Thetis.&#8221;</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39603-107864<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39622-107864<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39549-107864<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39678-107864<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 850<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 6<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6457730&amp;loc=d3e39691-107864<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(k))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph b<br><br><br><br> -Article 3A<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>53
<FILENAME>R13.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054178531824">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Commitments and contingencies<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract', window );"><strong>Commitments and Contingencies Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock', window );">Commitments and contingencies</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Note 7 &#8212; Commitments and contingencies</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company regularly enters into agreements to acquire additional mortgage loans and mortgage-related assets, subject to continuing diligence on such assets and other customary closing conditions. There can be no assurance that the Company will acquire any or all of the mortgage loans identified in any acquisition agreement as of the date of these consolidated financial statements, and it is possible that the terms of such acquisitions may change.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">At June 30, 2015, we had commitments to purchase 158 re-performing mortgage loans secured by single and one-to-four family residences with aggregate UPB of $46.8 million and an estimated purchase price of $36.0 million.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Litigation, claims and assessments</p>
<p style="widows: 1; text-transform: none; text-indent: 40.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-weight: normal;">&#160;</font></p>
<p style="widows: 1; text-transform: none; text-indent: 40.5pt; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;"><font style="font-weight: normal;">From time to time, the Company may be involved in various claims and legal actions arising in the ordinary course of business. As of June 30, 2015, the Company was not a party to, and its properties were not </font><font style="font-weight: normal;">subject to, any pending or threatened legal proceedings that individually or in the aggregate, are expected to have a material impact on its financial condition, results of operations or cash flows.</font></p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CommitmentsAndContingenciesDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for commitments and contingencies.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6449706&amp;loc=d3e16207-108621<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 460<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51674963&amp;loc=d3e12565-110249<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 450<br><br><br><br> -SubTopic 20<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=25496072&amp;loc=d3e14435-108349<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.25)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 440<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6394976&amp;loc=d3e25287-109308<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CommitmentsAndContingenciesDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>54
<FILENAME>R14.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054178479776">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debt<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureAbstract', window );"><strong>Debt Disclosure [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtDisclosureTextBlock', window );">Debt</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Note 8 &#8212; Debt</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Repurchase agreement</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">On November 25, 2014, the Company entered into a repurchase facility pursuant to which a newly formed Delaware statutory trust wholly owned by the operating partnership, AJX Mortgage Trust I, the &#8220;Seller,&#8221; will acquire, from time to time, pools of mortgage loans that are primarily secured by first liens on one-to-four family residential properties from its affiliates and/or third party sellers. The facility was amended on May 13, 2015 to increase the transaction limit. These mortgage loans will generally be sold from time to time by the operating partnership as the &#8220;Guarantor&#8221; to the Seller pursuant to the terms of a mortgage loan purchase agreement by and between the Guarantor, as seller, and the Seller, as purchaser, in accordance with the terms thereof. Pursuant to the Master Repurchase Agreement (the &#8220;MRA&#8221;), these mortgage loans, together with the Seller&#8217;s 100% ownership interests in its wholly owned subsidiary, a newly formed Delaware limited liability company (&#8220;REO I&#8221;), and any future REO subsidiaries wholly owned by the Seller and certain other property of the Seller, will be sold by the Seller to Nomura Corporate Funding Americas, LLC, as Buyer, from time to time, pursuant to one or more transactions, not exceeding $200 million, with a simultaneous agreement by the Seller to repurchase such mortgage loans and other property, as provided in the MRA. The obligations of the Seller are guaranteed by the operating partnership. Repurchases under this facility carry interest calculated based on a spread to one-month LIBOR and are fixed for the term of the borrowing. The purchase price for each mortgage loan or REO is generally equal to 65% of the acquisition price for such asset or the then current BPO for the asset. The difference between the market value of the asset and the amount of the repurchase agreement is the amount of equity the Company has in the position and is intended to provide the lender some protection against fluctuations of value in the collateral and/or the failure by the Company to repay the borrowing at maturity. The Company has effective control over the assets associated with this agreement and therefore it is accounted for as a financing arrangement. The facility termination date is November 24, 2015.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Gregory services these mortgage loans and the REO properties pursuant to the terms of a servicing agreement by and among the Servicer, the Seller, REO I and any other REO Subsidiary, which servicing agreement has the same fees and expenses terms as the Company&#8217;s servicing agreement described under Note 9 &#8212; Related Party Transactions. The operating partnership as Guarantor will provide to the Buyer a limited guaranty of certain losses incurred by the Buyer in connection with certain events and/or the Seller&#8217;s obligations under the MLPA, following the breach of certain covenants by the Seller or an REO Subsidiary related to their status as a special purpose entity, the occurrence of certain bad acts by the Seller Parties, the occurrence of certain insolvency events of the Seller or an REO Subsidiary or other events specified in the Guaranty. As security for its obligations under the Guaranty, the Guarantor will pledge the Trust Certificate representing the Guarantor&#8217;s 100% beneficial interest in the Seller.&#160;While the Guaranty establishes a master netting arrangement, the arrangement does not meet the criteria for offsetting. The amount outstanding on the Company&#8217;s repurchase facility and the carrying value of the Company&#8217;s loans pledged as collateral are presented as gross amounts in the Company&#8217;s balance sheets at June 30, 2015 and December 31, 2014.&#160;The following table sets forth the details of the repurchase agreement ($ in thousands):</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-size: 8pt;">June&#160;30,&#160;2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="10" nowrap="nowrap"><font style="font-size: 8pt;">December&#160;31,&#160;2014</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">Maturity&#160;Date</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Maximum<br  />borrowing<br  />capacity</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Amount<br  />outstanding</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying<br  />value&#160;of<br  />collateral</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Interest<br  />rate</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Amount<br  />outstanding</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying<br  />value&#160;of<br  />collateral</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Interest<br  />rate</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt; width: 361px;">November 24, 2015</td>
<td style="padding-bottom: 2.5pt; width: 16px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;">200,000</td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 16px;">&#160;</td>
<td style="padding-bottom: 2.5pt; width: 16px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;">153,804</td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 16px;">&#160;</td>
<td style="padding-bottom: 2.5pt; width: 16px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;">241,689</td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 16px;">&#160;</td>
<td style="padding-bottom: 2.5pt; width: 16px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 16px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 126px;">4.00</td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 16px;">%</td>
<td style="padding-bottom: 2.5pt; width: 15px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 15px;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 125px;">15,249</td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 15px;">&#160;</td>
<td style="padding-bottom: 2.5pt; width: 15px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 15px;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 125px;">23,460</td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 15px;">&#160;</td>
<td style="padding-bottom: 2.5pt; width: 15px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left; width: 15px;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right; width: 125px;">4.00</td>
<td style="text-align: left; padding-bottom: 2.5pt; width: 15px;">%</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Secured borrowings</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">From the commencement of operations to June 30, 2015, the Company has completed three securitizations pursuant to Rule 144A under the Securities Act. The securitizations are structured as debt financings and not REMIC sales, and the loans included in the securitizations remain on the Company&#8217;s balance sheet as the Company is the primary beneficiary of the securitization trusts, which are variable interest entities (&#8220;VIEs&#8221;). The securitization VIEs are structured as pass through entities that receive principal and interest on the underlying mortgages and distribute those payments to the holders of the notes. The Company&#8217;s exposure to the obligations of the VIEs is generally limited to its investments in the entities. The notes that are issued by the securitization trusts are secured solely by the mortgages held by the applicable trusts and not by any of the Company&#8217;s other assets. The mortgage loans of the applicable trusts are the only source of repayment and interest on the notes issued by such trusts. The Company does not guarantee any of the obligations of the trusts under the terms of the agreement governing the notes or otherwise.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company&#8217;s securitizations are structured with Class A notes, Class B notes, and a trust certificate representing the residual interests in the mortgages. For each of the Company&#8217;s three securitizations, the Company has retained the Class B notes and the trust certificate. The Class A notes are senior, sequential pay, fixed rate notes. The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. If the Class A notes have not been redeemed by the payment date 36 months after issue, or otherwise paid in full by that date, an amount equal to the aggregate interest payment amount that accrued and would otherwise be paid to the Class B-1 and the Class B-2 notes will be paid as principal to the Class A notes on that date and each subsequent payment date until the Class A notes are paid in full. After the Class A notes are paid in full, the Class B-1 and Class B-2 notes will resume receiving their respective interest payment amounts and any interest that accrued but was not paid to the Class B notes while the Class A notes were outstanding. As the holder of the trust certificates, the Company is entitled to receive any remaining amounts in the trust after the Class A notes and Class B notes have been paid in full.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table sets forth the original terms of all securitization notes at their respective cutoff dates as of June 30, 2015:</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">Issuing&#160;Trust/Issue&#160;Date</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; vertical-align: bottom; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">Security</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Original<br  />Principal</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Interest<br  />Rate</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; width: 502px;">Ajax Mortgage Loan Trust 2014-A/ October 2014</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 502px; vertical-align: top;">Class A notes due 2057<sup>(1)</sup></td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 236px;">45 million</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 219px;">4.00</td>
<td style="text-align: left; width: 15px;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class B-1 notes due 2057<sup>(2)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">8 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.19</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class B-2 notes due 2057<sup>(2)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">8 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.19</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Trust certificates<sup>(3)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">20.4 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Ajax Mortgage Loan Trust 2014-B / November 2014</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class A notes due 2054<sup>(1)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">41.2 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3.85</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class B-1 notes due 2054<sup>(2)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">13.7 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.25</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class B-2 notes due 2054<sup>(2)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">13.7 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.25</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Trust certificates<sup>(3)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">22.9 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Ajax Mortgage Loan Trust 2015-A / May 2015</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class A notes due 2054<sup>(1)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">35.6 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">3.88</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class B-1 notes due 2054<sup>(2)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">8.7 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.25</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Class B-2 notes due 2054<sup>(2)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">8.7 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">5.25</td>
<td style="text-align: left;">%</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left; vertical-align: top;">Trust certificates<sup>(3)</sup></td>
<td>&#160;</td>
<td style="text-align: left;">$</td>
<td style="text-align: right;">22.8 million</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#8211;</td>
<td style="text-align: left;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<div align="left" style="widows: 1; text-transform: none; margin-top: 3pt; text-indent: 0px; font: 13px 'times new roman', times, serif; white-space: normal; margin-bottom: 3pt; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px;">
<div style="width: 391px; font-size: 1pt; border-top: black 1pt solid;">&#160;</div>
</div>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">(1)</td>
<td>The Class A notes are senior, sequential pay, fixed rate notes.</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">(2)</td>
<td>The Class B notes are subordinate, sequential pay, fixed rate notes with Class B-2 notes subordinate to the Class B-1 notes. We have retained the Class B notes.</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0px;"></td>
<td style="width: 0.25in;">(3)</td>
<td>The trust certificate issued by the trust and the beneficial ownership of the trust are retained by Great Ajax Funding LLC as the depositor. As the holder of the trust certificate, we are entitled to receive any remaining amounts in the trust after the Class A notes and Class B notes have been paid in full.</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.25in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">Servicing for the mortgage loans in 2014-A, 2014-B and 2015-A is provided by the Servicer at a servicing fee rate of 0.65% annually of UPB for re-performing loans and 1.25% annually of UPB for non-performing loans, and is paid monthly by us. The following table sets forth the status of the 2014-A, 2014-B and 2015-A notes held by others at the securitization cutoff date, at December 31, 2014 and at June 30, 2015 ($ in thousands):</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<table style="widows: 1; text-transform: none; text-indent: 0px; width: 100%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Balances&#160;at&#160;June&#160;30,&#160;2015</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Balances&#160;at&#160;December&#160;31,&#160;2014</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Original&#160;balances&#160;at&#160;securitization<br  />cutoff&#160;date</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">Class&#160;of<br  />Notes</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying<br  />value&#160;of<br  />mortgages</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Bond<br  />principal<br  />balance</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Carrying<br  />value&#160;of<br  />mortgages</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Bond<br  />principal<br  />balance</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Mortgage<br  />UPB</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="2" nowrap="nowrap"><font style="font-size: 8pt;">Bond<br  />principal<br  />balance</font></td>
<td style="text-align: center; padding-bottom: 1pt; font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-indent: 0in; width: 345px;">2014-A</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">58,313</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">41,681</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">58,905</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">44,016</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">81,405</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">45,000</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td>2014-B</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">68,379</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">39,344</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">68,654</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">40,663</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">91,535</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">41,191</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">2015-A</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">53,116</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">35,324</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#8212;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">75,835</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">35,643</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">179,808</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">116,349</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">127,559</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">84,679</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">248,775</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">121,834</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Company&#8217;s obligations under its secured borrowings are not fixed, and the payments on these borrowings are predicated upon cash flows received on the underlying mortgage loans.&#160; Accordingly, a projection of contractual maturities over the next five years is inapplicable.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21475-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.19,20,22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>55
<FILENAME>R16.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054178486064">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Stock based payments and director fees<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract', window );"><strong>Disclosure of Compensation Related Costs, Share-based Payments [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock', window );">Stock based payments and director fees</a></td>
<td class="text"><p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Note 10 &#8212; Stock-based payments and director fees</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Pursuant to the terms of the Management Agreement, the Company pays 50% of the base fee to the Manager in shares of its common stock with the number of shares determined based on the higher of the most recently reported book value or the average of the closing prices of our common stock on the NYSE on the five business days after the date on which the most recent regular quarterly dividend to holders of our common stock is paid. The Company paid the Manager a base fee for the quarter ended June 30, 2015 of $0.9 million of which the Company paid half, or $0.4 million, in 29,790 shares of its common stock. The shares issued to the Manager are restricted securities subject to transfer restrictions, and were issued in a private placement transaction on July 28, 2015.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">In addition, each of the Company&#8217;s independent directors receives an annual retainer of $50,000, payable quarterly, half of which is paid in shares of the Company&#8217;s common stock on the same basis as the stock portion of the management fee payable to the Manager and half in cash. The following table sets forth the Company&#8217;s stock-based management fees and independent director fees ($ in thousands&#160;except share amounts):</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>Management fees and director fees</b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><b>&#160;</b></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6">
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"><font style="font-size: 8pt;"><b>For&#160;the&#160;three&#160;months&#160;ended</b><br  /><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="6">
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"><font style="font-size: 8pt;"><b>For&#160;the&#160;six&#160;months&#160;ended</b><br  /><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number&#160;of</b><br  /><b>shares</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount&#160;of</b><br  /><b>expense</b><br  /><b>recognized<font style="font-family: 'times new roman', times, serif;"><sup>(1)</sup></font></b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number&#160;of</b><br  /><b>shares</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"><font style="font-size: 8pt;"><b>Amount&#160;of</b><br  /><b>expense</b><br  /><b>recognized<font style="font-family: 'times new roman', times, serif;"><sup>(1)</sup></font></b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 753px; text-align: left;">Management fees</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 16px; text-align: left;">&#160;</td>
<td style="width: 157px; text-align: right;">29,790</td>
<td style="width: 16px; text-align: left;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">441</td>
<td style="width: 16px; text-align: left;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 16px; text-align: left;">&#160;</td>
<td style="width: 156px; text-align: right;">55,877</td>
<td style="width: 15px; text-align: left;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">814</td>
<td style="width: 15px; text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="text-align: left; padding-bottom: 1pt;">Independent director fees</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">1,740</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">25</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">3,488</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">50</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">31,530</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">466</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">59,365</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">864</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<div align="left" style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">
<div style="width: 391.75px; font-size: 1pt; border-top-color: black; border-top-width: 1pt; border-top-style: solid;">&#160;</div>
</div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.25in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(1) All management fees and independent director fees are fully expensed in the period in which they are incurred.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The Director Plan is designed to promote the Company&#8217;s interests by attracting and retaining qualified and experienced individuals for service as non-employee directors. The Director Plan is administered by the Company&#8217;s board of directors. The total number of shares of common stock or other stock-based award, including grants of long term incentive plan (&#8220;LTIP&#8221;) units from the operating partnership, available for issuance under the Director Plan is 100,000 shares. At the closing of the Original Private Placement, the Company issued to each of its three independent directors restricted stock awards of 2,000 shares of its common stock, which are subject to a one-year vesting period.&#160;<font style="color: #231f20;">At the time of the IPO in February 2015, the Company added an additional independent director who was also granted a restricted stock award of 2,000 shares of&#160;</font>its&#160;<font style="color: #231f20;">common stock, subject to a one-year vesting period.</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #231f20; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The following table sets forth the activity in its restricted stock plan ($ in thousands, except&#160;share and&#160;per share amounts):</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Restricted Stock</p>
<p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<table align="center" style="font: 10pt/normal 'times new roman', times, serif; width: 100%; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; border-collapse: collapse; widows: 1; font-size-adjust: none; font-stretch: normal; -webkit-text-stroke-width: 0px;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number</b><br  /><b>of&#160;shares</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"><font style="font-size: 8pt;"><b>Per&#160;share</b><br  /><b>value</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"><font style="font-size: 8pt;"><b>Total&#160;cost</b><br  /><b>of&#160;grant</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"><font style="font-size: 8pt;"><b>Grant&#160;expense</b><br  /><b>recognized&#160;for&#160;the</b><br  /><b>three&#160;months&#160;ended</b><br  /><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;" colspan="2">
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; text-align: center; font-stretch: normal;"><font style="font-size: 8pt;"><b>Grant&#160;expense</b><br  /><b>recognized&#160;for&#160;the</b><br  /><b>six&#160;months&#160;ended</b><br  /><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="width: 549px;"><font style="font-size: 10pt;">July 8, 2014, Directors&#8217; Grants<sup>(1)</sup></font></td>
<td style="width: 16px;">&#160;</td>
<td style="width: 16px; text-align: left;">&#160;</td>
<td style="width: 157px; text-align: right;">6,000</td>
<td style="width: 16px; text-align: left;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">15.00</td>
<td style="width: 16px; text-align: left;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 16px; text-align: left;">$</td>
<td style="width: 157px; text-align: right;">90</td>
<td style="width: 16px; text-align: left;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">23</td>
<td style="width: 15px; text-align: left;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="width: 15px; text-align: left;">$</td>
<td style="width: 156px; text-align: right;">45</td>
<td style="width: 15px; text-align: left;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: white;">
<td style="padding-bottom: 1pt;"><font style="font-size: 10pt;">February 19, 2015 Director Grant<sup>(1)</sup></font></td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">2,000</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: right; padding-bottom: 1pt;">14.25</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">29</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">7</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 1pt; border-bottom-style: solid;">12</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="vertical-align: bottom; background-color: #cceeff;">
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">&#160;</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">8,000</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: right; padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">119</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">30</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="text-align: left; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">$</td>
<td style="text-align: right; border-bottom-color: black; border-bottom-width: 2.5pt; border-bottom-style: double;">57</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.25in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<div align="left" style="font: 13.33px/normal 'times new roman', times, serif; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; margin-top: 0px; margin-bottom: 0px; word-spacing: 0px; white-space: normal; widows: 1; -webkit-text-stroke-width: 0px;">
<div style="width: 391.75px; font-size: 1pt; border-top-color: black; border-top-width: 1pt; border-top-style: solid;">&#160;</div>
</div>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.25in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px 0px 0px 0.25in; color: #000000; text-transform: none; text-indent: -0.25in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">(1) Vesting period is one year from grant date.</p><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for compensation-related costs for equity-based compensation, which may include disclosure of policies, compensation plan details, allocation of equity compensation, incentive distributions, equity-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 40<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6418621&amp;loc=d3e17540-113929<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 50<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51659978&amp;loc=d3e25284-112666<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5444-113901<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Staff Accounting Bulletin (SAB)<br><br><br><br> -Number Topic 14<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>56
<FILENAME>R34.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054165907728">
<tr>
<th class="tl" colspan="2" rowspan="1"><div style="width: 200px;"><strong>Fair value of financial instruments (Details) - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Not recognized on consolidated balance sheet at fair value (assets)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Mortgage loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 444,408<span></span>
</td>
<td class="nump">$ 211,159<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Not recognized on consolidated balance sheet at fair value (liabilities)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDebtRepurchaseAgreements', window );">Borrowings under repurchase agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">153,804<span></span>
</td>
<td class="nump">15,249<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDebt', window );">Secured borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup>[1]</sup></td>
<td class="nump">$ 116,349<span></span>
</td>
<td class="nump">$ 84,679<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member', window );">Level 1 Quoted prices in active markets</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Not recognized on consolidated balance sheet at fair value (assets)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Mortgage loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Not recognized on consolidated balance sheet at fair value (liabilities)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDebtRepurchaseAgreements', window );">Borrowings under repurchase agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDebt', window );">Secured borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member', window );">Level 2 Observable inputs other than Level 1 prices</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Not recognized on consolidated balance sheet at fair value (assets)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Mortgage loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Not recognized on consolidated balance sheet at fair value (liabilities)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDebtRepurchaseAgreements', window );">Borrowings under repurchase agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 153,804<span></span>
</td>
<td class="nump">$ 15,249<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDebt', window );">Secured borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">116,349<span></span>
</td>
<td class="nump">84,679<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member', window );">Level 3 Unobservable inputs</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Not recognized on consolidated balance sheet at fair value (assets)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Mortgage loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 501,369<span></span>
</td>
<td class="nump">$ 235,623<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Not recognized on consolidated balance sheet at fair value (liabilities)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDebtRepurchaseAgreements', window );">Borrowings under repurchase agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDebt', window );">Secured borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember', window );">Carrying Value</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AssetsFairValueDisclosureAbstract', window );"><strong>Not recognized on consolidated balance sheet at fair value (assets)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MortgageLoansOnRealEstate', window );">Mortgage loans</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 444,408<span></span>
</td>
<td class="nump">$ 211,159<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LiabilitiesFairValueDisclosureAbstract', window );"><strong>Not recognized on consolidated balance sheet at fair value (liabilities)</strong></a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDebtRepurchaseAgreements', window );">Borrowings under repurchase agreement</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">153,804<span></span>
</td>
<td class="nump">15,249<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SecuredDebt', window );">Secured borrowings</a></td>
<td class="th" style="border-bottom: 0px;"><sup></sup></td>
<td class="nump">$ 116,349<span></span>
</td>
<td class="nump">$ 84,679<span></span>
</td>
</tr>
<tr><td colspan="4"></td></tr>
<tr><td colspan="4"><table class="outerFootnotes" width="100%"><tr class="outerFootnote">
<td style="vertical-align: top;" valign="top">[1]</td>
<td style="vertical-align: top;" valign="top">Mortgage loans includes $179,808 and $127,559 of loans at June 30, 2015 and December 31, 2014, respectively, transferred to securitization trusts that are variable interest entities ("VIEs"); these loans can only be used to settle obligations of the VIEs. Secured 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.). See Note 8-Debt.</td>
</tr></table></td></tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AssetsFairValueDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AssetsFairValueDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LiabilitiesFairValueDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LiabilitiesFairValueDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MortgageLoansOnRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Total carrying amount of mortgage loans as of the balance sheet date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph (SX 210.5-04.(c) Schedule IV)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27047687&amp;loc=d3e5864-122674<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-29.6)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6589523&amp;loc=d3e617274-123014<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MortgageLoansOnRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuredDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.9-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6876686&amp;loc=d3e534808-122878<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 944<br><br><br><br> -SubTopic 210<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.7-03.16)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6879938&amp;loc=d3e572229-122910<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 19, 20, 22<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecuredDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SecuredDebtRepurchaseAgreements">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Carrying value, as of the balance sheet date, of securities sold under agreements to repurchase where the transferor maintains effective control over the assets, accounting for them as secured debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.4-08.(m)(1)(i))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26873400&amp;loc=d3e23780-122690<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 860<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 51<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51816387&amp;loc=d3e101761-111710<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SecuredDebtRepurchaseAgreements</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel1Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel2Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByFairValueHierarchyLevelAxis=us-gaap_FairValueInputsLevel3Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>57
<FILENAME>R21.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054178935152">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Mortgage loans (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_MortgageLoansAbstract', window );"><strong>Mortgage Loans [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock', window );">Schedule of contractually required payments and estimated cash flows expected to be collected</a></td>
<td class="text"><table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;">Three&#160;months&#160;ended</font></td>
<td style="font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;">Six&#160;months&#160;ended</font></td>
<td style="font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;">Period&#160;from&#160;inception&#160;to</font></td>
<td style="font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;">June&#160;30,&#160;2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;">June&#160;30,&#160;2015</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center; font-weight: bold;" colspan="6"><font style="font-size: 8pt;">December&#160;31,&#160;2014</font></td>
<td style="padding-bottom: 1pt; font-weight: bold;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Re-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Non-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Re-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Non-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Re-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Non-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; width: 345px;">Contractually required principal and interest</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">332,571</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">31,827</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">486,603</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">65,675</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">393,657</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">257,790</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">Non-accretable yield</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(132,557</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td
 style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(18,598</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(198,704</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(38,317</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(173,502</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(184,096</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">Expected cash flows to be collected</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">200,014</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">13,229</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">287,899</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">27,358</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">220,155</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">73,694</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 1pt;">Accretable yield</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(49,626</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(4,185</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(73,680</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(8,038</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(60,495</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(22,071</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt;">Fair value at acquisition</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">150,388</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">9,044</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">214,219</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">19,320</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">159,660</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">51,623</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_AccretableYieldTableTextBlock', window );">Schedule of accretable yield</a></td>
<td class="text"><table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;"></font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Three&#160;months&#160;ended</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Six&#160;months&#160;ended</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; font-weight: bold;" colspan="6" nowrap="nowrap"><font style="font-size: 8pt;">Period&#160;from&#160;inception&#160;to</font></td>
<td style="font-weight: bold;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="6" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>December&#160;31,&#160;2014</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Re-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Non-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Re-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Non-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Re-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Non-performing</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 345px;">Balance at beginning of period</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">74,045</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">22,604</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">54,940</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">20,686</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width:
 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">&#8211;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">&#8211;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">Accretable yield additions</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">49,626</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">4,185</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">73,680</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">8,038</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">60,495</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">22,071</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">Accretion</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(7,739</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(3,054</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(12,688</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(4,989</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(5,555</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(1,385</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="padding-bottom: 2.5pt;">Balance at end of period</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">115,932</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">23,735</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">115,932</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">23,735</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">54,940</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">20,686</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PastDueFinancingReceivablesTableTextBlock', window );">Schedule of carrying value of mortgage loans and related UPB by delinquency status</a></td>
<td class="text"><table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="10">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>June&#160;30,&#160;2015</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="10">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>December&#160;31,&#160;2014</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number&#160;of</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Carrying</b><br /><b>value</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Unpaid</b><br /><b>principal</b><br /><b>balance</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Number&#160;of</b><br /><b>loans</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Carrying</b><br /><b>value</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2">
<p style="text-align: center; margin: 0px; font: 10pt 'times new roman', times, serif; font-stretch: normal;"><font style="font-size: 8pt;"><b>Unpaid</b><br /><b>principal</b><br /><b>balance</b></font></p>
</td>
<td style="padding-bottom: 1pt;"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="width: 345px;">Current</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 157px;">1,123</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">209,046</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 157px;">267,983</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 157px;">439</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">72,727</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">$</td>
<td style="text-align: right; width: 156px;">94,993</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">30</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">406</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">66,969</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">87,292</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">237</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">36,954</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">53,739</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;">60</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">194</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">29,611</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">39,647</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">99</td>
<td style="text-align:
 left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">13,849</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">17,766</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;">90</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">534</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">77,407</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">107,345</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">352</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">53,987</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">76,691</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="padding-bottom: 1pt;">Foreclosure</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">362</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">61,375</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">94,021</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">212</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">33,642</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">55,384</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt;">Mortgage loans</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">2,619</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">444,408</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">596,288</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">1,339</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">211,159</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">298,573</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_AccretableYieldTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents tabular disclosure of accretable yield.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_AccretableYieldTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents tabular disclosure of contractually required payments and estimated cash flows expected to be collected.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ContractuallyRequiredPaymentsAndEstimatedCashFlowsExpectedToBeCollectedTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_MortgageLoansAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_MortgageLoansAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PastDueFinancingReceivablesTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of financing receivables that are past due but not impaired, financing receivables that are 90 days past due and still accruing, and financing receivables on nonaccrual status.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 7<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=d3e5111-111524<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 310<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 7A<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49124121&amp;loc=SL6953401-111524<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PastDueFinancingReceivablesTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>58
<FILENAME>R26.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054170108928">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Earnings per share (Tables)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerShareAbstract', window );"><strong>Earnings Per Share [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock', window );">Components of basic and diluted earnings per share</a></td>
<td class="text"><table align="center" style="widows: 1; text-transform: none; text-indent: 0px; width: 90%; border-collapse: collapse; font: 10pt 'times new roman', times, serif; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: bottom;">
<td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Three&#160;months&#160;ended&#160;June&#160;30,&#160;2015</b></font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="10" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Six&#160;months&#160;ended&#160;June&#160;30,&#160;2015&#160;</b>&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td style="text-align: center;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Income</b></font><font style="font-size: 8pt;"><br /><font style="font-family: 'times new roman', times, serif;"><b>(Numerator)</b></font></font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Shares</b></font><font style="font-size: 8pt;"><br /><font style="font-family: 'times new roman', times, serif;"><b>(Denominator)</b></font></font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Per&#160;Share</b></font><font style="font-size: 8pt;"><br /><font style="font-family: 'times new roman', times, serif;"><b>Amount</b></font></font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Income</b></font><font style="font-size: 8pt;"><br /><font style="font-family: 'times new roman', times, serif;"><b>(Numerator)</b></font></font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Shares</b></font><font style="font-size: 8pt;"><br /><font style="font-family: 'times new roman', times, serif;"><b>(Denominator)</b></font></font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
<td style="border-bottom: black 1pt solid; text-align: center;" colspan="2" nowrap="nowrap"><font style="font: 8pt 'times new roman', times, serif; font-stretch: normal;"><b>Per&#160;Share</b></font><font style="font-size: 8pt;"><br /><font style="font-family: 'times new roman', times, serif;"><b>Amount</b>&#160;&#160;</font></font></td>
<td style="text-align: center; padding-bottom: 1pt;" nowrap="nowrap"><font style="font-size: 8pt;">&#160;</font></td>
</tr>
<tr style="vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: center;" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: center;" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: center;" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: center;" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: center;" colspan="2">&#160;</td>
<td>&#160;</td>
<td>&#160;</td>
<td colspan="2">&#160;</td>
<td>&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Basic EPS</b></font></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in; width: 509px;">Income attributable to common stockholders</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">$</td>
<td style="text-align: right; width: 126px;">5,436</td>
<td style="text-align: left; width:
 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 126px;">15,237,739</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 126px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="width: 16px;">&#160;</td>
<td style="text-align: left; width: 16px;">&#160;</td>
<td style="text-align: right; width: 125px;">9,076</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 125px;">14,129,162</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="width: 15px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
<td style="text-align: right; width: 125px;">&#160;</td>
<td style="text-align: left; width: 15px;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;">Allocation of earnings to participating restricted shares</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(17</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: right; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">(31</td>
<td style="text-align: left; padding-bottom: 1pt;">)</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: right; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;">Income attributable to unrestricted common stockholders</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">5,419</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">15,237,739</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">0.36</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">9,045</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">14,129,162</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">0.64</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Effect of dilutive securities</b></font></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;">Operating partnership units</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">223</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td
 style="text-align: right;">624,106</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">398</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">624,106</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;">Restricted stock grants and Manager and director fee shares</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">17</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">47,789</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: right; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">31</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: left;">&#160;</td>
<td style="border-bottom: black 1pt solid; text-align: right;">48,051</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: right; padding-bottom: 1pt;">&#160;</td>
<td style="text-align: left; padding-bottom: 1pt;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td>&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: white; vertical-align: bottom;">
<td style="text-align: left;"><font style="font: 10pt 'times new roman', times, serif; font-stretch: normal;"><b>Diluted EPS</b></font></td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
<td>&#160;</td>
<td style="text-align: left;">&#160;</td>
<td style="text-align: right;">&#160;</td>
<td style="text-align: left;">&#160;</td>
</tr>
<tr style="background-color: #cceeff; vertical-align: bottom;">
<td style="text-align: left; padding-bottom: 2.5pt; text-indent: -0.25in; padding-left: 0.25in;">Income attributable to common stockholders and dilutive securities</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">5,659</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">15,909,634</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">0.36</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">9,474</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">14,801,319</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
<td style="padding-bottom: 2.5pt;">&#160;</td>
<td style="border-bottom: black 2.5pt double; text-align: left;">$</td>
<td style="border-bottom: black 2.5pt double; text-align: right;">0.64</td>
<td style="text-align: left; padding-bottom: 2.5pt;">&#160;</td>
</tr>
</table><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerShareAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerShareAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Tabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>59
<FILENAME>R49.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054171886784">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Subsequent events (Details Textuals) - USD ($)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">3 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Aug. 03, 2015</div></th>
<th class="th"><div>Jul. 02, 2015</div></th>
<th class="th"><div>Jul. 28, 2015</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices', window );">Stock issued in lieu of management fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">31,530<span></span>
</td>
<td class="nump">59,365<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ManagementFeePercentPaidInShares', window );">Percent of management fee payment in shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Senior securities issued in private offerings to institutional investors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 51,529<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember', window );">Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Senior securities issued in private offerings to institutional investors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 40<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent events</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Senior securities issued in private offerings to institutional investors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 87,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_SubordinatedSecuritiesIssuedDuringPeriodValue', window );">Subordinated securities issued in private offerings to institutional investors</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">158,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleOfStockConsiderationReceivedOnTransaction', window );">UPB of mortgage loans</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 158,500<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent events | Common Stock</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees', window );">Number of shares issued in payment of half of their quarterly director fees</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">435<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent events | Common Stock | Manager</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices', window );">Stock issued in lieu of management fee</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">29,790<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ManagementFeePercentPaidInShares', window );">Percent of management fee payment in shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">50.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember', window );">Subsequent events | Dividend declared</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SubsequentEventLineItems', window );"><strong>Subsequent Event [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear', window );">Dividend declared date</a></td>
<td class="text">Aug.  03,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableAmountPerShare', window );">Dividends payable, amount per share</a></td>
<td class="nump">$ 0.22<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendPayableDateToBePaidDayMonthAndYear', window );">Dividend paid date</a></td>
<td class="text">Aug. 28,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear', window );">Dividend record date</a></td>
<td class="text">Aug. 14,  2015<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ManagementFeePercentPaidInShares">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage paid in shares management fee due for the fourth quarter of 2014 in a private transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ManagementFeePercentPaidInShares</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of common stock issued in payment of half of their quarterly director fees for the first quarter of 2015.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_NumberOfSharesIssuedInPaymentOfDirectorsFees</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_SubordinatedSecuritiesIssuedDuringPeriodValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents value of subordinated securities issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_SubordinatedSecuritiesIssuedDuringPeriodValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendPayableDateToBePaidDayMonthAndYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the declared dividend will be paid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendPayableDateToBePaidDayMonthAndYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableAmountPerShare">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The per share amount of a dividend declared, but not paid, as of the financial reporting date.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableAmountPerShare</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableDateDeclaredDayMonthAndYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the dividend to be paid was declared, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableDateDeclaredDayMonthAndYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsPayableDateOfRecordDayMonthAndYear">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date the holder must own the stock to be entitled to the dividend, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsPayableDateOfRecordDayMonthAndYear</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SaleOfStockConsiderationReceivedOnTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash received on stock transaction after deduction of issuance costs.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SaleOfStockConsiderationReceivedOnTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesIssuedForServices">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of shares issued in lieu of cash for services contributed to the entity. Number of shares includes, but is not limited to, shares issued for services contributed by vendors and founders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesIssuedForServices</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Detail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_ManagerMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_ManagerMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DividendsAxis=us-gaap_DividendDeclaredMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DividendsAxis=us-gaap_DividendDeclaredMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>60
<FILENAME>R41.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054171216272">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debt (Details Textuals) - USD ($)<br> $ in Millions</strong></div></th>
<th class="th" colspan="1">1 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1"></th>
</tr>
<tr>
<th class="th"><div>Nov. 25, 2014</div></th>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_PercentageOfGuarantorsBeneficialInterest', window );">Percentage of guarantors beneficial interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_AgreementAxis=ajx_RepurchaseAgreementMember', window );">Master Repurchase Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_MinorityInterestOwnershipPercentageByParent', window );">Ownership interests in subsidiary</a></td>
<td class="nump">100.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_PercentageOfPurchasePriceForEachMortgageLoan', window );">Percentage of purchase price for each mortgage loan</a></td>
<td class="nump">65.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest Rate</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Mortgage loans | Master Repurchase Agreement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis', window );">Variable rate basis of borrowing</a></td>
<td class="text">One-month LIBOR<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo', window );">Percentage of purchase price for each mortgage loan or REO</a></td>
<td class="nump">65.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Mortgage loans | Master Repurchase Agreement | Maximum</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentFaceAmount', window );">Loan amount</a></td>
<td class="nump">$ 200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Mortgage loans | Re-performing loans | 2014-A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan', window );">Servicing fees percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.65%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Mortgage loans | Re-performing loans | 2014-B</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan', window );">Servicing fees percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.65%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Mortgage loans | Re-performing loans | 2015-A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan', window );">Servicing fees percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">0.65%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Mortgage loans | Non-performing loans | 2014-A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan', window );">Servicing fees percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Mortgage loans | Non-performing loans | 2014-B</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan', window );">Servicing fees percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember', window );">Mortgage loans | Non-performing loans | 2015-A</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan', window );">Servicing fees percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1.25%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the percentage of acquisition purchase price for each mortgage loan or real estate owned.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_PercentageOfAcquisitionPriceOfAssetAsPurchasePriceForEachMortgageLoanOrReo</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_PercentageOfGuarantorsBeneficialInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of guarantors beneficial interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_PercentageOfGuarantorsBeneficialInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_PercentageOfPurchasePriceForEachMortgageLoan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of purchase price for each mortgage loan.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_PercentageOfPurchasePriceForEachMortgageLoan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage related to servicing fee rate of unpaid principal balance for mortgage loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ServicingFeeRateOfUnpaidPrincipalBalanceForMortgageLoan</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentDescriptionOfVariableRateBasis">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The reference rate for the variable rate of the debt instrument, such as LIBOR or the US Treasury rate and the maturity of the reference rate used, such as three months or six months LIBOR.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentDescriptionOfVariableRateBasis</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentFaceAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Face (par) amount of debt instrument at time of issuance.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 8<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=34725769&amp;loc=d3e28878-108400<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 835<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6451184&amp;loc=d3e28551-108399<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentFaceAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateStatedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_MinorityInterestOwnershipPercentageByParent">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The parent entity's interest in net assets of the subsidiary, expressed as a percentage.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_MinorityInterestOwnershipPercentageByParent</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_AgreementAxis=ajx_RepurchaseAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_AgreementAxis=ajx_RepurchaseAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LongtermDebtTypeAxis=us-gaap_MortgagesMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RangeAxis=us-gaap_MaximumMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RangeAxis=us-gaap_MaximumMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=ajx_ReperformingMortgageLoansOnRealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=ajx_ReperformingMortgageLoansOnRealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrustA2014Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrustA2014Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrust2014BMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrust2014BMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrustA2015Member">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LegalEntityAxis=ajx_AjaxMortgageLoanTrustA2015Member</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentAxis=ajx_NonperformingMortgageLoansOnRealEstateMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentAxis=ajx_NonperformingMortgageLoansOnRealEstateMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>61
<FILENAME>R5.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054165776336">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - Jun. 30, 2015 - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th"><div>Total</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract', window );"><strong>CASH FLOWS FROM OPERATING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProfitLoss', window );">Consolidated net income</a></td>
<td class="nump">$ 9,474<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract', window );"><strong>Adjustments to reconcile net income to net cash from operating activities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ShareBasedManagementFeeAndCompensationExpense', window );">Stock-based management fee and compensation expense</a></td>
<td class="nump">921<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_NonCashInterestIncomeAccretion', window );">Non-cash interest income accretion</a></td>
<td class="num">(11,850)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_GainLossOnSaleOfProperties', window );">Loss on sale of property</a></td>
<td class="nump">9<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_Depreciation', window );">Depreciation of property</a></td>
<td class="nump">1<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AmortizationOfFinancingCosts', window );">Amortization of prepaid financing costs</a></td>
<td class="nump">435<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract', window );"><strong>Net change in operating assets and liabilities</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets', window );">Prepaid expenses and other assets</a></td>
<td class="num">(3,186)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_IncreaseDecreaseInReceivableFromServicer', window );">Receivable from servicer</a></td>
<td class="num">(2,198)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities', window );">Undistributed income from investment in affiliate</a></td>
<td class="num">(275)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities', window );">Accrued expenses and other liabilities</a></td>
<td class="nump">1,685<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations', window );">Net cash from operating activities</a></td>
<td class="num">(4,984)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract', window );"><strong>CASH FLOWS FROM INVESTING ACTIVITES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireLoansReceivable', window );">Purchase of mortgage loans and related balances</a></td>
<td class="num">(233,626)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1', window );">Principal paydowns on mortgage loans</a></td>
<td class="nump">7,260<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireHeldForSaleRealEstate', window );">Purchase of property held-for-sale and related balances</a></td>
<td class="num">(2,794)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromSaleOfPropertyHeldForSale', window );">Proceeds from sale of property held-for-sale</a></td>
<td class="nump">357<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DistributionFromAffiliate', window );">Distribution from affiliate</a></td>
<td class="nump">67<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale', window );">Renovations of rental property and property held for sale</a></td>
<td class="num">(139)<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations', window );">Net cash from investing activities</a></td>
<td class="num">(228,875)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract', window );"><strong>CASH FLOWS FROM FINANCING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfLongTermDebt', window );">Proceeds from repurchase agreement</a></td>
<td class="nump">153,841<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfSecuredDebt', window );">Proceeds from sale or issuance of secured notes</a></td>
<td class="nump">35,213<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_RepaymentsOnRepurchaseAgreement', window );">Repayments on repurchase agreement</a></td>
<td class="num">(15,286)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RepaymentsOfSecuredDebt', window );">Repayments on secured notes</a></td>
<td class="num">(3,543)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceInitialPublicOffering', window );">Sale of common stock, net of offering costs</a></td>
<td class="nump">51,529<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsMinorityInterest', window );">Distribution to non-controlling interest</a></td>
<td class="num">(213)<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsOfDividendsCommonStock', window );">Dividends paid on common stock</a></td>
<td class="num">(4,541)<span></span>
</td>
</tr>
<tr class="reu">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations', window );">Net cash from financing activities</a></td>
<td class="nump">217,000<span></span>
</td>
</tr>
<tr class="rou">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease', window );">NET CHANGE IN CASH AND CASH EQUIVALENTS</a></td>
<td class="num">(16,859)<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">CASH AND CASH EQUIVALENTS, beginning of period</a></td>
<td class="nump">53,099<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsAtCarryingValue', window );">CASH AND CASH EQUIVALENTS, end of period</a></td>
<td class="nump">36,240<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SupplementalCashFlowInformationAbstract', window );"><strong>SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_InterestPaid', window );">Cash paid for interest</a></td>
<td class="nump">$ 2,544<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxesPaid', window );">Cash paid for income taxes</a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract', window );"><strong>SUPPLEMENTAL DISCLOSURE OF NONCASH INVESTING AND FINANCING ACTIVITIES</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale', window );">Transfer of loans to rental property or property held for sale</a></td>
<td class="nump">$ 4,965<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_TransferOfRentalPropertyToPropertyHeldForSale', window );">Transfer of rental property to property held for sale</a></td>
<td class="nump">168<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssued1', window );">Issuance of common stock for management fees</a></td>
<td class="nump">$ 814<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_DistributionFromAffiliate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>This element represents cash distribution from affiliates to the parent.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_DistributionFromAffiliate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_IncreaseDecreaseInReceivableFromServicer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents increase decrease in Receivable from servicer during reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_IncreaseDecreaseInReceivableFromServicer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents increase decrease in undistributed income from investment in managed entities during reporting period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_IncreaseDecreaseInUndistributedIncomeFromInvestmentInManagedEntities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_NonCashInterestIncomeAccretion">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount related to accretion of non-cash interest income during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_NonCashInterestIncomeAccretion</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash outflow related to renovation of plants whether by repairs during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_PaymentsForRenovationCostOfRentalPropertyAndPropertyHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_RepaymentsOnRepurchaseAgreement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents repayments on repurchase agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_RepaymentsOnRepurchaseAgreement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ShareBasedManagementFeeAndCompensationExpense">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents the non-cash amount related to share based management fee and compensation expense during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ShareBasedManagementFeeAndCompensationExpense</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Value of loans transferred to rental property or property held-for-sale in noncash transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_TransferOfLoansToRentalPropertyOrPropertyHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_TransferOfRentalPropertyToPropertyHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents transfer of rental property to property held for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_TransferOfRentalPropertyToPropertyHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AmortizationOfFinancingCosts">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 225<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (SX 210.5-03.8)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=26872669&amp;loc=d3e20235-122688<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 8<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AmortizationOfFinancingCosts</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsAtCarryingValue">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=28358313&amp;loc=d3e6676-107765<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3044-108585<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsAtCarryingValue</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 830<br><br><br><br> -SubTopic 230<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49171198&amp;loc=d3e33268-110906<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_Depreciation">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives. Includes production and non-production related depreciation.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_Depreciation</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_GainLossOnSaleOfProperties">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The difference between the carrying value and the sale price of real estate or properties that were intended to be sold or held for capital appreciation or rental income. This element refers to the gain (loss) included in earnings and not to the cash proceeds of the sale. This element is a noncash adjustment to net income when calculating net cash generated by operating activities using the indirect method.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_GainLossOnSaleOfProperties</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxesPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 25<br><br><br><br> -Subparagraph (f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxesPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the aggregate amount of accrued expenses and other operating obligations not separately disclosed in the statement of cash flows.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInAccruedLiabilitiesAndOtherOperatingLiabilities</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInOperatingCapitalAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInOperatingCapitalAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_InterestPaid">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The amount of cash paid for interest during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4297-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 25<br><br><br><br> -Subparagraph (e)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_InterestPaid</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 26<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 26<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3574-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInInvestingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 24<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3521-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3602-108585<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 25<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3536-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperations</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsCommonStock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsCommonStock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsOfDividendsMinorityInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of cash outflow in the form of ordinary dividends provided by the non-wholly owned subsidiary to noncontrolling interests.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsOfDividendsMinorityInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireHeldForSaleRealEstate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow from the acquisition of a piece of land held for sale, anything permanently fixed to it, including buildings, structures on it, and so forth.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireHeldForSaleRealEstate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireLoansReceivable">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for the purchase of loan receivable arising from the financing of goods and services.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireLoansReceivable</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceInitialPublicOffering">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from entity's first offering of stock to the public.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceInitialPublicOffering</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfSecuredDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from amounts received from issuance of long-term debt that is wholly or partially secured by collateral. Excludes proceeds from tax exempt secured debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfSecuredDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Cash inflow related to a loan origination (the process when securing a mortgage for a piece of real property), lease origination, and principal collections.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 12<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromLoanAndLeaseOriginationsAndPrincipalCollections1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromSaleOfPropertyHeldForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow from the sale of formerly productive land held for sale, anything permanently fixed to it, including buildings, structures on it, and so forth.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 12<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3179-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromSaleOfPropertyHeldForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProfitLoss">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51664549&amp;loc=SL4569616-111683<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4K<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591552-111686<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1A<br><br><br><br> -Subparagraph (a),(c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=18733093&amp;loc=SL4573702-111684<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 810<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 55<br><br><br><br> -Paragraph 4J<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=35736750&amp;loc=SL4591551-111686<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProfitLoss</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfLongTermDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow for debt initially having maturity due after one year or beyond the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfLongTermDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RepaymentsOfSecuredDebt">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 15<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3291-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RepaymentsOfSecuredDebt</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssued1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The fair value of stock issued in noncash financing activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 5<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4332-108586<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4304-108586<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 4<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4313-108586<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssued1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SupplementalCashFlowInformationAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SupplementalCashFlowInformationAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>62
<FILENAME>R10.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054162782848">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Real estate assets, net<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateAbstract', window );"><strong>Real Estate [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RealEstateDisclosureTextBlock', window );">Real estate assets, net</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Note 4 &#8212; Real estate assets, net</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Real estate held for use</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">As of June 30, 2015, the Company had two REO properties having an aggregate carrying value of $0.1 million held for use as rentals. Both of these properties had been rented.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Real estate held-for-sale</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">As of June 30, 2015, the Company classified 54 REO properties having an aggregate carrying value of $9.0 million as real estate held for sale as they do not meet its residential rental property investment criteria.</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Dispositions</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">During the three-months ended June 30, 2015, the Company disposed of two held-for-sale residential properties and recognized a loss of $7,000. During the six-months ended June 30, 2015, the Company disposed of three held-for-sale residential properties and recognized a loss of $9,000.</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RealEstateDisclosureTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The entire disclosure for certain real estate investment financial statements, real estate investment trust operating support agreements, real estate owned, retail land sales, time share transactions, as well as other real estate related disclosures.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 970<br><br><br><br> -SubTopic 360<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.12-28)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6590653&amp;loc=d3e638233-123024<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 11<br><br><br><br> -Article 9<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph c<br><br><br><br> -Subparagraph Schedule III<br><br><br><br> -Article 5<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 10<br><br><br><br> -Subparagraph 4<br><br><br><br> -Article 9<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 6<br><br><br><br> -Subparagraph a<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RealEstateDisclosureTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>63
<FILENAME>R27.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054159607056">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Organization and basis of presentation (Details Textuals)<br> $ / shares in Units, $ in Thousands</strong></div></th>
<th class="th" colspan="1"></th>
<th class="th" colspan="4">1 Months Ended</th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr>
<th class="th">
<div>Jul. 08, 2014 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Feb. 28, 2015 </div>
<div>USD ($) </div>
<div>shares</div>
</th>
<th class="th">
<div>Dec. 16, 2014 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Sep. 30, 2014 </div>
<div>USD ($) </div>
<div>Loan</div>
</th>
<th class="th">
<div>Aug. 01, 2014 </div>
<div>USD ($) </div>
<div>$ / shares </div>
<div>shares</div>
</th>
<th class="th">
<div>Jun. 30, 2015 </div>
<div>USD ($)</div>
</th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_OrganizationAndBasisOfPresentationLineItems', window );"><strong>Organization And Basis Of Presentation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">40.50%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Net proceeds from initial public offering | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 51,529<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned', window );">Percentage of outstanding OP units owned</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">96.10%<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder', window );">Percentage of outstanding OP owned by an unaffiliated holder</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3.90%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_ThetisAssetManagementLlcMember', window );">Thetis Asset Management LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_OrganizationAndBasisOfPresentationLineItems', window );"><strong>Organization And Basis Of Presentation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">19.80%<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_LittleAjaxIiLlcMember', window );">Little Ajax II LLC</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_OrganizationAndBasisOfPresentationLineItems', window );"><strong>Organization And Basis Of Presentation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="nump">82.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">95.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_RedemptionOfOwnership', window );">Redemption of ownership and other transactions</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">82.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_PercentageOfRemainingPartnershipInterest', window );">Remaining partnership interest</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">18.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireEquityMethodInvestments', window );">Acquisition of equity interests | $</a></td>
<td class="nump">$ 48,800<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_AggregatePurchasePriceOfRealEstateAssets', window );">Aggregate purchase price | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 11,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates', window );">Value of participation interest | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_GregoryFundingLlcMember', window );">Gregory</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_OrganizationAndBasisOfPresentationLineItems', window );"><strong>Organization And Basis Of Presentation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EquityMethodInvestmentOwnershipPercentage', window );">Ownership percentage</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5.00%<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_NumberOfLoans', window );">Number of loans | Loan</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">43<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_SaleOfStockAxis=us-gaap_PrivatePlacementMember', window );">Initial private offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_OrganizationAndBasisOfPresentationLineItems', window );"><strong>Organization And Basis Of Presentation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction', window );">Number of shares sold in private offering</a></td>
<td class="nump">8,213,116<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement', window );">Number of units Class A Units of operating partnership</a></td>
<td class="nump">453,551<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed', window );">Description of operating partnership units redeemed</a></td>
<td class="text"><div>The &#8220;OP Units&#8221; are redeemable on a 1-for-1 basis into shares of its common stock after one year of ownership.&#160;</div><span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_NumberOfAdditionalSharesClosedForSale', window );">Number of additional shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">263,570<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_NumberOfOperatingUnitsClosedForSale', window );">Number of operating units</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">14,555<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit', window );">Purchase price per share and per OP Unit | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfPrivatePlacement', window );">Net proceeds from the private placement | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 128,400<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_SaleOfStockAxis=ajx_SecondPrivatePlacementMember', window );">Second Private Placement</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_OrganizationAndBasisOfPresentationLineItems', window );"><strong>Organization And Basis Of Presentation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction', window );">Number of shares sold in private offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">2,725,326<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement', window );">Number of units Class A Units of operating partnership</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">156,000<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit', window );">Purchase price per share and per OP Unit | $ / shares</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 15.00<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ProceedsFromIssuanceOfPrivatePlacement', window );">Net proceeds from the private placement | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 41,200<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="rh">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_SaleOfStockAxis=us-gaap_IPOMember', window );">Initial public offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_OrganizationAndBasisOfPresentationLineItems', window );"><strong>Organization And Basis Of Presentation [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues', window );">Number of shares sold in initial public offering</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">5,276,797<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany', window );">Number of shares sold in initial public offering by company</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">3,976,464<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders', window );">Number of shares sold in initial public offering by selling stockholders</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">1,300,333<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_StockIssuedDuringPeriodValueNewIssues', window );">Net proceeds from initial public offering | $</a></td>
<td class="text">&#160;<span></span>
</td>
<td class="nump">$ 53,900<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_AggregatePurchasePriceOfRealEstateAssets">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents aggregate purchase price of real estate assets.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_AggregatePurchasePriceOfRealEstateAssets</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_NumberOfAdditionalSharesClosedForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of additional shares of common stock which are closed for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_NumberOfAdditionalSharesClosedForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_NumberOfLoans">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of loans.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_NumberOfLoans</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:integerItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_NumberOfOperatingUnitsClosedForSale">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents number of operating units closed for sale.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_NumberOfOperatingUnitsClosedForSale</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_OrganizationAndBasisOfPresentationLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_OrganizationAndBasisOfPresentationLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of outstanding operating partnership units owned.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwned</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of outstanding operating partnership units owned by an unaffiliated holder.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_PercentageOfOutstandingOperatingPartnershipUnitsOwnedByUnaffiliatedHolder</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_PercentageOfRemainingPartnershipInterest">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents percentage of remaining partnership interest.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_PercentageOfRemainingPartnershipInterest</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents purchase Price Per Share and Per Operating Partnership Unit.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_PurchasePricePerShareAndPerOperatingPartnershipUnit</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:perShareItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_RedemptionOfOwnership">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents redemption of ownership and other transactions.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_RedemptionOfOwnership</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents stock issued during period shares new issues by company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_StockIssuedDuringPeriodSharesNewIssuesByCompany</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents stock issued during period shares new issues by selling stockholders.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_StockIssuedDuringPeriodSharesNewIssuesBySellingStockholders</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EquityMethodInvestmentOwnershipPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The percentage of ownership of common stock or equity participation in the investee accounted for under the equity method of accounting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 323<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (a)(1)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6382943&amp;loc=d3e33918-111571<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EquityMethodInvestmentOwnershipPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Description of partners' capital account units redeemed during the year. Units represent shares of ownership of the general, limited, and preferred partners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph (SAB TOPIC 4.F)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187171-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 16<br><br><br><br> -Subparagraph a, b<br><br><br><br> -Article 6<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PartnersCapitalAccountDescriptionOfUnitsRedeemed</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of units sold in a private placement of each class of partners' capital account. Units represent shares of ownership of the general, limited, and preferred partners.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 5<br><br><br><br> -Subparagraph (SAB TOPIC 4.F)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187171-122770<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 04<br><br><br><br> -Paragraph 16<br><br><br><br> -Subparagraph a, b<br><br><br><br> -Article 6<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PartnersCapitalAccountUnitsSoldInPrivatePlacement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the acquisition of a controlling interest in another entity or an entity that is related to it but not strictly controlled (for example, an unconsolidated subsidiary, affiliate, joint venture or equity method investment).</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Investing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6516133<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireBusinessesAndInterestInAffiliates</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PaymentsToAcquireEquityMethodInvestments">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash outflow associated with the purchase of or advances to an equity method investments, which are investments in joint ventures and entities in which the entity has an equity ownership interest normally of 20 to 50 percent and exercises significant influence.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 13<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3213-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PaymentsToAcquireEquityMethodInvestments</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ProceedsFromIssuanceOfPrivatePlacement">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The cash inflow associated with the amount received from entity's raising of capital via private rather than public placement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Financing Activities<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6513228<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 14<br><br><br><br> -Subparagraph (a)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=56944662&amp;loc=d3e3255-108585<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ProceedsFromIssuanceOfPrivatePlacement</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>The number of shares issued or sold by the subsidiary or equity method investee per stock transaction.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SaleOfStockNumberOfSharesIssuedInTransaction</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodSharesNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Number of new stock issued during the period.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodSharesNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:sharesItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_StockIssuedDuringPeriodValueNewIssues">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Equity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6928386&amp;loc=d3e21463-112644<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 505<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.3-04)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=27012166&amp;loc=d3e187085-122770<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 29, 30, 31<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_StockIssuedDuringPeriodValueNewIssues</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_ThetisAssetManagementLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_ThetisAssetManagementLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_LittleAjaxIiLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_LittleAjaxIiLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_GregoryFundingLlcMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_RelatedPartyTransactionsByRelatedPartyAxis=ajx_GregoryFundingLlcMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_SaleOfStockAxis=us-gaap_PrivatePlacementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_SaleOfStockAxis=us-gaap_PrivatePlacementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_SaleOfStockAxis=ajx_SecondPrivatePlacementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_SaleOfStockAxis=ajx_SecondPrivatePlacementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_SaleOfStockAxis=us-gaap_IPOMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_SaleOfStockAxis=us-gaap_IPOMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>64
<FILENAME>FilingSummary.xml
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<XBRL>
<?xml version='1.0' encoding='UTF-8'?>
<FilingSummary>
  <Version>3.2.0.727</Version>
  <ProcessingTime/>
  <ReportFormat>html</ReportFormat>
  <ContextCount>171</ContextCount>
  <ElementCount>243</ElementCount>
  <EntityCount>1</EntityCount>
  <FootnotesReported>true</FootnotesReported>
  <SegmentCount>59</SegmentCount>
  <ScenarioCount>0</ScenarioCount>
  <TuplesReported>false</TuplesReported>
  <UnitCount>8</UnitCount>
  <MyReports>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R1.htm</HtmlFileName>
      <LongName>001 - Document - Document and Entity Information</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/DocumentAndEntityInformation</Role>
      <ShortName>Document and Entity Information</ShortName>
      <MenuCategory>Cover</MenuCategory>
      <Position>1</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R2.htm</HtmlFileName>
      <LongName>002 - Statement - CONSOLIDATED BALANCE SHEETS</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/ConsolidatedBalanceSheets</Role>
      <ShortName>CONSOLIDATED BALANCE SHEETS</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>2</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R3.htm</HtmlFileName>
      <LongName>003 - Statement - CONSOLIDATED BALANCE SHEETS (Parentheticals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/ConsolidatedBalanceSheetsParentheticals</Role>
      <ShortName>CONSOLIDATED BALANCE SHEETS (Parentheticals)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>3</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R4.htm</HtmlFileName>
      <LongName>004 - Statement - CONSOLIDATED STATEMENTS OF INCOME (Unaudited)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/ConsolidatedStatementOfIncomeUnaudited</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF INCOME (Unaudited)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>4</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R5.htm</HtmlFileName>
      <LongName>005 - Statement - CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/ConsolidatedStatementOfCashFlowsUnaudited</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>5</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R6.htm</HtmlFileName>
      <LongName>006 - Statement - CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/ConsolidatedStatementsOfChangesInEquityUnaudited</Role>
      <ShortName>CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Unaudited)</ShortName>
      <MenuCategory>Statements</MenuCategory>
      <Position>6</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R7.htm</HtmlFileName>
      <LongName>007 - Disclosure - Organization and basis of presentation</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/OrganizationAndBasisOfPresentation</Role>
      <ShortName>Organization and basis of presentation</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>7</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R8.htm</HtmlFileName>
      <LongName>008 - Disclosure - Summary of significant accounting policies</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/SummaryOfSignificantAccountingPolicies</Role>
      <ShortName>Summary of significant accounting policies</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>8</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R9.htm</HtmlFileName>
      <LongName>009 - Disclosure - Mortgage loans</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/MortgageLoans</Role>
      <ShortName>Mortgage loans</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>9</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R10.htm</HtmlFileName>
      <LongName>010 - Disclosure - Real estate assets, net</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/RealEstateAssetsNet</Role>
      <ShortName>Real estate assets, net</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>10</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R11.htm</HtmlFileName>
      <LongName>011 - Disclosure - Fair value of financial instruments</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/FairValueOfFinancialInstruments</Role>
      <ShortName>Fair value of financial instruments</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>11</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R12.htm</HtmlFileName>
      <LongName>012 - Disclosure - Unconsolidated affiliates</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/UnconsolidatedAffiliates</Role>
      <ShortName>Unconsolidated affiliates</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>12</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R13.htm</HtmlFileName>
      <LongName>013 - Disclosure - Commitments and contingencies</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/CommitmentsAndContingencies</Role>
      <ShortName>Commitments and contingencies</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>13</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R14.htm</HtmlFileName>
      <LongName>014 - Disclosure - Debt</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/Debt</Role>
      <ShortName>Debt</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>14</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R15.htm</HtmlFileName>
      <LongName>015 - Disclosure - Related party transactions</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/RelatedPartyTransactions</Role>
      <ShortName>Related party transactions</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>15</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R16.htm</HtmlFileName>
      <LongName>016 - Disclosure - Stock based payments and director fees</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFees</Role>
      <ShortName>Stock based payments and director fees</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>16</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R17.htm</HtmlFileName>
      <LongName>017 - Disclosure - Income taxes</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/IncomeTaxes</Role>
      <ShortName>Income taxes</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>17</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R18.htm</HtmlFileName>
      <LongName>018 - Disclosure - Earnings per share</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/EarningsPerShare</Role>
      <ShortName>Earnings per share</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>18</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R19.htm</HtmlFileName>
      <LongName>019 - Disclosure - Subsequent events</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/SubsequentEvents</Role>
      <ShortName>Subsequent events</ShortName>
      <MenuCategory>Notes</MenuCategory>
      <Position>19</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R20.htm</HtmlFileName>
      <LongName>020 - Disclosure - Summary of significant accounting policies (Policies)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/SummaryofsignificantaccountingpoliciesPolicies</Role>
      <ShortName>Summary of significant accounting policies (Policies)</ShortName>
      <MenuCategory>Policies</MenuCategory>
      <Position>20</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R21.htm</HtmlFileName>
      <LongName>021 - Disclosure - Mortgage loans (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/MortgageloansTables</Role>
      <ShortName>Mortgage loans (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/MortgageLoans</ParentRole>
      <Position>21</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R22.htm</HtmlFileName>
      <LongName>022 - Disclosure - Fair value of financial instruments (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsTables</Role>
      <ShortName>Fair value of financial instruments (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/FairValueOfFinancialInstruments</ParentRole>
      <Position>22</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R23.htm</HtmlFileName>
      <LongName>023 - Disclosure - Debt (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/DebtTables</Role>
      <ShortName>Debt (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/Debt</ParentRole>
      <Position>23</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R24.htm</HtmlFileName>
      <LongName>024 - Disclosure - Related party transactions (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/RelatedpartytransactionsTables</Role>
      <ShortName>Related party transactions (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/RelatedPartyTransactions</ParentRole>
      <Position>24</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R25.htm</HtmlFileName>
      <LongName>025 - Disclosure - Stock based payments and director fees (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesTables</Role>
      <ShortName>Stock based payments and director fees (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFees</ParentRole>
      <Position>25</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R26.htm</HtmlFileName>
      <LongName>026 - Disclosure - Earnings per share (Tables)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/EarningspershareTables</Role>
      <ShortName>Earnings per share (Tables)</ShortName>
      <MenuCategory>Tables</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/EarningsPerShare</ParentRole>
      <Position>26</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R27.htm</HtmlFileName>
      <LongName>027 - Disclosure - Organization and basis of presentation (Details Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/Organizationandbasisofpresentationdetailstextuals</Role>
      <ShortName>Organization and basis of presentation (Details Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/OrganizationAndBasisOfPresentation</ParentRole>
      <Position>27</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R28.htm</HtmlFileName>
      <LongName>028 - Disclosure - Summary of significant accounting policies (Details Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/SummaryOfSignificantAccountingPoliciesDetailsTextuals</Role>
      <ShortName>Summary of significant accounting policies (Details Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/SummaryofsignificantaccountingpoliciesPolicies</ParentRole>
      <Position>28</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R29.htm</HtmlFileName>
      <LongName>029 - Disclosure - Mortgage loans (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/MortgageLoansDetails</Role>
      <ShortName>Mortgage loans (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/MortgageloansTables</ParentRole>
      <Position>29</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R30.htm</HtmlFileName>
      <LongName>030 - Disclosure - Mortgage loans (Details 1)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/Mortgageloansdetails1</Role>
      <ShortName>Mortgage loans (Details 1)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/MortgageloansTables</ParentRole>
      <Position>30</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R31.htm</HtmlFileName>
      <LongName>031 - Disclosure - Mortgage loans (Details 2)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/MortgageLoansDetails2</Role>
      <ShortName>Mortgage loans (Details 2)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/MortgageloansTables</ParentRole>
      <Position>31</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R32.htm</HtmlFileName>
      <LongName>032 - Disclosure - Mortgage loans (Details Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/Mortgageloansdetailstextuals</Role>
      <ShortName>Mortgage loans (Details Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/MortgageloansTables</ParentRole>
      <Position>32</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R33.htm</HtmlFileName>
      <LongName>033 - Disclosure - Real estate assets, net (Details Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/RealEstateAssetsNetDetailsTextuals</Role>
      <ShortName>Real estate assets, net (Details Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/RealEstateAssetsNet</ParentRole>
      <Position>33</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R34.htm</HtmlFileName>
      <LongName>034 - Disclosure - Fair value of financial instruments (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsDetails</Role>
      <ShortName>Fair value of financial instruments (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsTables</ParentRole>
      <Position>34</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R35.htm</HtmlFileName>
      <LongName>035 - Disclosure - Fair value of financial instruments (Details 1)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsDetails1</Role>
      <ShortName>Fair value of financial instruments (Details 1)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/FairvalueoffinancialinstrumentsTables</ParentRole>
      <Position>35</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R36.htm</HtmlFileName>
      <LongName>036 - Disclosure - Unconsolidated affiliates (Details Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/Unconsolidatedaffiliatesdetailstextuals</Role>
      <ShortName>Unconsolidated affiliates (Details Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/UnconsolidatedAffiliates</ParentRole>
      <Position>36</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R37.htm</HtmlFileName>
      <LongName>037 - Disclosure - Commitments and contingencies (Detail Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/Commitmentsandcontingenciesdetailtextuals</Role>
      <ShortName>Commitments and contingencies (Detail Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/CommitmentsAndContingencies</ParentRole>
      <Position>37</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R38.htm</HtmlFileName>
      <LongName>038 - Disclosure - Debt (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/DebtDetails</Role>
      <ShortName>Debt (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/DebtTables</ParentRole>
      <Position>38</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R39.htm</HtmlFileName>
      <LongName>039 - Disclosure - Debt (Details 1)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/DebtDetails1</Role>
      <ShortName>Debt (Details 1)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/DebtTables</ParentRole>
      <Position>39</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R40.htm</HtmlFileName>
      <LongName>040 - Disclosure - Debt (Details 2)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/DebtDetails2</Role>
      <ShortName>Debt (Details 2)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/DebtTables</ParentRole>
      <Position>40</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R41.htm</HtmlFileName>
      <LongName>041 - Disclosure - Debt (Details Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/DebtDetailsTextuals</Role>
      <ShortName>Debt (Details Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/DebtTables</ParentRole>
      <Position>41</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R42.htm</HtmlFileName>
      <LongName>042 - Disclosure - Related party transactions (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/RelatedpartytransactionsDetails</Role>
      <ShortName>Related party transactions (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/RelatedpartytransactionsTables</ParentRole>
      <Position>42</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R43.htm</HtmlFileName>
      <LongName>043 - Disclosure - Related party transactions (Details Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/RelatedPartyTransactionsDetailsTextuals</Role>
      <ShortName>Related party transactions (Details Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/RelatedpartytransactionsTables</ParentRole>
      <Position>43</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R44.htm</HtmlFileName>
      <LongName>044 - Disclosure - Stock based payments and director fees (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails</Role>
      <ShortName>Stock based payments and director fees (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesTables</ParentRole>
      <Position>44</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R45.htm</HtmlFileName>
      <LongName>045 - Disclosure - Stock based payments and director fees (Details 1)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesDetails1</Role>
      <ShortName>Stock based payments and director fees (Details 1)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesTables</ParentRole>
      <Position>45</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R46.htm</HtmlFileName>
      <LongName>046 - Disclosure - Stock based payments and director fees (Details Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/StockBasedPaymentsAndDirectorFeesDetailsTextuals</Role>
      <ShortName>Stock based payments and director fees (Details Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/StockbasedpaymentsanddirectorfeesTables</ParentRole>
      <Position>46</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R47.htm</HtmlFileName>
      <LongName>047 - Disclosure - Income taxes (Details Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/IncomeTaxesDetailsTextuals</Role>
      <ShortName>Income taxes (Details Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/IncomeTaxes</ParentRole>
      <Position>47</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R48.htm</HtmlFileName>
      <LongName>048 - Disclosure - Earnings per share (Details)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/EarningspershareDetails</Role>
      <ShortName>Earnings per share (Details)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/EarningspershareTables</ParentRole>
      <Position>48</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <HtmlFileName>R49.htm</HtmlFileName>
      <LongName>049 - Disclosure - Subsequent events (Details Textuals)</LongName>
      <ReportType>Sheet</ReportType>
      <Role>http://www.great-ajax.com/role/SubsequentEventsDetailsTextuals</Role>
      <ShortName>Subsequent events (Details Textuals)</ShortName>
      <MenuCategory>Details</MenuCategory>
      <ParentRole>http://www.great-ajax.com/role/SubsequentEvents</ParentRole>
      <Position>49</Position>
    </Report>
    <Report>
      <IsDefault>false</IsDefault>
      <HasEmbeddedReports>false</HasEmbeddedReports>
      <LongName>All Reports</LongName>
      <ReportType>Book</ReportType>
      <ShortName>All Reports</ShortName>
    </Report>
  </MyReports>
  <Logs>
    <Log type="Info">In ''CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)'', column(s) 1 are contained in other reports, so were removed by flow through suppression.</Log>
  </Logs>
  <InputFiles>
    <File>ajx-20150630.xml</File>
    <File>ajx-20150630_cal.xml</File>
    <File>ajx-20150630_def.xml</File>
    <File>ajx-20150630_lab.xml</File>
    <File>ajx-20150630_pre.xml</File>
    <File>ajx-20150630.xsd</File>
  </InputFiles>
  <SupplementalFiles/>
  <BaseTaxonomies/>
  <HasPresentationLinkbase>true</HasPresentationLinkbase>
  <HasCalculationLinkbase>true</HasCalculationLinkbase>
</FilingSummary>

</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>65
<FILENAME>R38.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054364751984">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Debt (Details) - Master Repurchase Agreement - USD ($)<br> $ in Thousands</strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
<th class="th" colspan="1">12 Months Ended</th>
</tr>
<tr>
<th class="th"><div>Jun. 30, 2015</div></th>
<th class="th"><div>Dec. 31, 2014</div></th>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentLineItems', window );"><strong>Debt Instrument [Line Items]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentMaturityDate', window );">Maturity Date</a></td>
<td class="text">Nov. 24,  2015<span></span>
</td>
<td class="text">Nov. 24,  2015<span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DebtInstrumentMaximumBorrowingCapacity', window );">Maximum borrowing capacity</a></td>
<td class="nump">$ 200,000<span></span>
</td>
<td class="nump">$ 200,000<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCarryingAmount', window );">Amount outstanding</a></td>
<td class="nump">153,804<span></span>
</td>
<td class="nump">15,249<span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentCollateralAmount', window );">Carrying value of collateral</a></td>
<td class="nump">$ 241,689<span></span>
</td>
<td class="nump">$ 23,460<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_DebtInstrumentInterestRateStatedPercentage', window );">Interest rate</a></td>
<td class="nump">4.00%<span></span>
</td>
<td class="nump">4.00%<span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_DebtInstrumentMaximumBorrowingCapacity">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Represents amount related to maximum borrowing capacity of debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_DebtInstrumentMaximumBorrowingCapacity</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentCarryingAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of long-term debt before deduction of unamortized discount or premium. Includes, but is not limited to, notes payable, bonds payable, commercial loans, mortgage loans, convertible debt, subordinated debt and other types of debt, with initial maturities beyond one year or the normal operating cycle, if longer.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 20<br><br><br><br> -Article 5<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 03<br><br><br><br> -Paragraph 16<br><br><br><br> -Article 9<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentCarryingAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>credit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentCollateralAmount">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Amount of assets pledged to secure a debt instrument.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 942<br><br><br><br> -SubTopic 470<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -Subparagraph (d)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6479336&amp;loc=d3e64711-112823<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentCollateralAmount</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:monetaryItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>debit</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentInterestRateStatedPercentage">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Contractual interest rate for funds borrowed, under the debt agreement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22(a)(1))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentInterestRateStatedPercentage</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>num:percentItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>instant</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentLineItems">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentLineItems</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_DebtInstrumentMaturityDate">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Date when the debt instrument is scheduled to be fully repaid, in CCYY-MM-DD format.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 210<br><br><br><br> -SubTopic 10<br><br><br><br> -Section S99<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (SX 210.5-02.22(a)(2))<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6877327&amp;loc=d3e13212-122682<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_DebtInstrumentMaturityDate</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_AgreementAxis=ajx_RepurchaseAgreementMember">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Details</a><div><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_AgreementAxis=ajx_RepurchaseAgreementMember</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td></td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td></td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>XML
<SEQUENCE>66
<FILENAME>R20.htm
<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="report.css">
<script type="text/javascript" src="Show.js">/* Do Not Remove This Comment */</script><script type="text/javascript">
							function toggleNextSibling (e) {
							if (e.nextSibling.style.display=='none') {
							e.nextSibling.style.display='block';
							} else { e.nextSibling.style.display='none'; }
							}</script>
</head>
<body>
<span style="display: none;">v3.2.0.727</span><table class="report" border="0" cellspacing="2" id="idm140054161013472">
<tr>
<th class="tl" colspan="1" rowspan="2"><div style="width: 200px;"><strong>Summary of significant accounting policies (Policies)<br></strong></div></th>
<th class="th" colspan="1">6 Months Ended</th>
</tr>
<tr><th class="th"><div>Jun. 30, 2015</div></th></tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_AccountingPoliciesAbstract', window );"><strong>Accounting Policies [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock', window );">Cash and cash equivalents</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Cash and cash equivalents</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Highly liquid investments with an original maturity of three months or less when purchased are considered cash equivalents. The Company maintains cash and cash equivalents at insured banking institutions. Certain account balances exceed Federal Deposit Insurance Corporation (&#8220;FDIC&#8221;) insurance coverage and, as a result, there is a concentration of credit risk related to amounts on deposit in excess of FDIC insurance coverage.</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_OrganizationalExpensesPolicyTextBlock', window );">Organizational expenses</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Organizational expenses</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Organizational expenses are expensed as incurred or when they become reimbursable. Organizational expenses consisted mainly of legal fees.</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_OfferingCostsPolicyTextBlock', window );">Offering costs</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Offering costs</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Costs associated with the Company&#8217;s completed offering of shares of common stock have been netted against, and are reflected as a reduction in additional paid-in capital.</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_EarningsPerSharePolicyTextBlock', window );">Earnings per share</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Earnings per share</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Basic earnings per share is computed by dividing consolidated net income attributable to common stockholders by the weighted average common stock outstanding during the period. The Company treats unvested restricted stock issued under its stock-based compensation plan, which are entitled to non-forfeitable dividends, as participating securities and applies the two-class method in calculating basic earnings per share. Diluted earnings per share is computed by dividing consolidated net income attributable to common stockholders by the weighted average common stock outstanding for the period plus other potentially dilutive securities, such as stock grants, shares that would be issued in the event that OP Units are redeemed for shares of common stock of the Company and shares issued in respect of the stock-based portion of the base fee payable to the Manager and directors&#8217; fees.</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy', window );">Stock-based payments</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Stock-based payments</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Management Agreement (as defined below) provides for the payment to the Manager of a management fee. The Company pays half of the management fee in cash, and half of the management fee in shares of the Company&#8217;s common stock, which are issued to the Manager in a private placement and are restricted securities under the Securities Act. Shares issued to the Manager are determined based on the higher of the most recently reported book value or the average of the closing prices of our common stock on the NYSE on the five business days after the date on which the most recent regular quarterly dividend to holders of our common stock is paid. Management fees paid in common stock are expensed in the quarter incurred and recorded in equity at quarter end.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Pursuant to the Company&#8217;s 2014 Director Equity Plan (the &#8220;Director Plan&#8221;), the Company may make stock-based awards. The Company has issued to each of the independent directors restricted stock awards of 2,000 shares of its common stock, which are subject to a one-year vesting period. In addition, each of the Company&#8217;s independent directors receives an annual retainer of $50,000, payable quarterly, half of which is paid in shares of the Company&#8217;s common stock on the same basis as the stock portion of the management fee payable to the Manager, and half in cash. Stock-based expense for the directors&#8217; annual retainer is expensed as earned, in equal quarterly amounts during the year, and recorded in equity at quarter end.</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_DirectorsFeesPolicyTextBlock', window );">Directors' fees</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Directors&#8217; fees</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The expense related to directors&#8217; fees is accrued and reflected in stockholders&#8217; equity in the period in which it is incurred.</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy', window );">Management fee and expense reimbursement</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Management fee and expense reimbursement</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Under the management agreement with the Manager, the Company pays a quarterly base management fee based on its stockholders&#8217; equity and a quarterly incentive management fee based on its cash distributions to its stockholders. Manager fees are expensed in the quarter incurred and the portion payable in common stock is included in stockholders&#8217; equity at quarter-end. See &#8220;Note 9 &#8212; Related party transactions.&#8221;</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ServicingFeesPolicyTextBlock', window );">Servicing fees</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Servicing fees</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Under the servicing agreement, Gregory receives servicing fees ranging from 0.65% &#8211; 1.25% annually of unpaid principal balance (&#8220;UPB&#8221;) (or the fair market value or purchase price of REO that the Company owns or acquires). Gregory is reimbursed for all customary, reasonable and necessary out-of-pocket costs and expenses incurred in the performance of its obligations, including the actual cost of any repairs and renovations undertaken on the Company&#8217;s behalf. The total fees incurred by the Company for these services will be dependent upon the UPB and type of mortgage loans that Gregory services, property values, previous UPB of the relevant loan, and the number of REO properties. The agreement will automatically renew for successive one-year terms, subject to prior written notice of non-renewal. In certain cases, the Company may be obligated to pay a termination fee. The Management Agreement will automatically terminate at the same time as the servicing agreement if the servicing agreement is terminated for any reason. See &#8220;Note 9 &#8212; Related party transactions.&#8221;</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_FairValueOfFinancialInstrumentsPolicy', window );">Fair value of financial instruments</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Fair value of financial instruments</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A fair value hierarchy has been established which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value:</p>
<p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.75in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<table align="center" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;">&#183;</font></td>
<td><b>Level 1</b>&#160;&#8212; Quoted prices in active markets for identical assets or liabilities.</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.75in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<table align="center" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;">&#183;</font></td>
<td><b>Level 2</b>&#160;&#8212; Observable inputs other than Level 1 prices, such as quoted prices for similar assets and liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: -0.25in; margin: 0px 0px 0px 0.75in; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<table align="center" style="widows: 1; text-transform: none; margin-top: 0px; text-indent: 0px; width: 100%; font: 10pt 'times new roman', times, serif; margin-bottom: 0px; letter-spacing: normal; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;" border="0" cellspacing="0" cellpadding="0">
<tr style="vertical-align: top;">
<td style="width: 0.5in;"></td>
<td style="width: 0.25in;"><font style="font-family: symbol;">&#183;</font></td>
<td><b>Level 3</b>&#160;&#8212; Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.</td>
</tr>
</table>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The degree of judgment utilized in measuring fair value generally correlates to the level of pricing observability. Assets and liabilities with readily available actively quoted prices or for which fair value can be measured from actively quoted prices generally will have a higher degree of pricing observability and a lesser degree of judgment utilized in measuring fair value. Conversely, assets and liabilities rarely traded or not quoted will generally have little or no pricing observability and a higher degree of judgment utilized in measuring fair value. Pricing observability is impacted by a number of factors, including the type of asset or liability, whether it is new to the market and not yet established, and the characteristics specific to the transaction.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Property held-for-sale is measured at cost at acquisition and subsequently measured at the lower of cost or fair value less cost to sell on a nonrecurring basis. The fair value of property held-for-sale is generally based on estimated market prices from an independently prepared appraisal, an independent broker price opinion (&#8220;BPO&#8221;), or management&#8217;s judgment as to the selling price of similar properties.</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_IncomeTaxPolicyTextBlock', window );">Income taxes</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Income taxes</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company intends to elect REIT status upon the filing of its 2014 income tax return, and has conducted its operations in order to satisfy and maintain eligibility for REIT status. Accordingly, the Company does not believe it will be subject to U.S. federal income tax from the year ended December 31, 2014 forward on the portion of the Company&#8217;s REIT taxable income that is distributed to the Company&#8217;s stockholders as long as certain asset, income and stock ownership tests are met. If after electing to be taxed as a REIT, the Company subsequently fails to qualify as a REIT in any taxable year, it generally will not be permitted to qualify for treatment as a REIT for U.S. federal&#160;income tax purposes for the four taxable years following the year during which qualification is lost. The Company may also be subject to state or local income or franchise taxes.</div>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</div>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Thetis TRS, GAJX Real Estate LLC and any other TRS that the Company forms, will be subject to U.S. federal and state income taxes. On January 13, 2015, the Company applied for a private letter ruling from the Internal Revenue Service that would allow it to exclude its proportionate share of gross income from the Manager if it held its interest in the Manager through the operating partnership. If the Company receives such a ruling, it expects that it will hold its interest in the Manager through the operating partnership, instead of through Thetis TRS; however, there is no assurance that such a ruling will be issued. Income taxes are provided for using the asset and liability method. A provision for income taxes of $16,400 was recorded for both the three- and six-month periods ended June 30, 2015. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted rates expected to apply to taxable income in the years in which management expects those temporary differences to be recovered or settled. The effect on deferred taxes of a change in tax rates is recognized in income in the period in which the change occurs. Subject to the Company&#8217;s judgment, it reduces a deferred tax asset by a valuation allowance if it is &#8220;more&#8211;likely-than-not&#8221; that some or all of the deferred tax asset will not be realized. Tax laws are complex and subject to different interpretations by the taxpayer and respective governmental taxing authorities. Significant judgment is required in evaluating tax positions, and the Company recognizes tax benefits only if it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authority.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company evaluates tax positions taken in its consolidated financial statements under the interpretation for accounting for uncertainty in income taxes. As a result of this evaluation, the Company may recognize a tax benefit from an uncertain tax position only if it is &#8220;more-likely-than-not&#8221; that the tax position will be sustained on examination by taxing authorities.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company&#8217;s tax returns remain subject to examination and consequently, the taxability of the distributions and other tax positions taken by the Company may be subject to change. Distributions to stockholders generally will be taxable as ordinary income, although a portion of such distributions may be designated as long-term capital gain or qualified dividend income, or may constitute a return of capital. The Company will furnish annually to each stockholder a statement setting forth distributions paid during the preceding year and their U.S. federal income tax treatment.</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy', window );">Mortgage loans</a></td>
<td class="text"><p style="font: bold 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Mortgage loans</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Purchased mortgage loans are initially recorded at the purchase price, net of any acquisition fees or costs at the time of acquisition and are considered asset acquisitions. As part of the determination of the purchase price for mortgage loans, the Company uses a discounted cash flow valuation model to model expected cash flows, and which considers alternate loan resolution probabilities, including liquidation or conversion to real estate owned. Observable inputs to the model include current interest rates, loan amounts, status of payments and property types. Unobservable inputs to the model include discount rates, forecast of future home prices, alternate loan resolution probabilities, resolution timelines, the value of underlying properties and other economic and demographic data.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Under ASC 310-30, acquired loans may be aggregated and accounted for as a pool of loans if the loans being aggregated have some degree of credit quality deterioration since origination and have common risk characteristics. A pool is accounted for as a single asset with a single composite interest rate and an aggregate expectation of cash flows. Re-performing mortgage loans have been determined to have common risk characteristics and are accounted for as a single loan pool for loans acquired within each three-month fiscal quarter. Similarly, non-performing mortgage loans have been determined to have common risk characteristics and are accounted for as a single non-performing pool for loans acquired within each three-month fiscal quarter. Under ASC 310-30, the Company estimates cash flows expected to be collected, adjusted for expected prepayments and defaults expected to be incurred over the life of the loan pool. The Company determines the excess of the loan pool&#8217;s contractually required principal and interest payments over the expected cash flows as an amount that should not be accreted, referred to as the non-accretable yield. The difference between expected cash flows and the purchase price (at acquisition) or the present value of the expected cash flows is referred to as the accretable yield, which represents the amount that is expected to be recorded as interest income over the remaining life of the loan pool. For the three- and six-months ended June 30, 2015, the Company recognized no provision for loan loss. For the three- and six-months ended June 30, 2015, the Company accreted $10.8 million and $17.7 million, respectively, into interest income with respect to its loan portfolio. As of June 30, 2015, the Company&#8217;s loan portfolio had a UPB of $596.3 million and a carrying value of $444.4 million&#160;and at December 31, 2014, a UPB of $298.6 million and carrying value of $211.2 million, which excludes one loan in which it holds a 40.5% beneficial interest through an equity method investee.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0px; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Generally, the Company acquires loans at a discount associated with some degree of credit impairment. The Company elects to aggregate certain pools of loans with common risk characteristics and accrue interest income thereon at a composite interest rate, based on expectations of cash flows to be collected for the pool. Expectations of pool cash flow are reviewed quarterly. Adjustments to a pool&#8217;s prospective composite interest rate or an allowance for impairment are made to the extent revised expectations differ from original estimates.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">For loans that do not qualify for pool aggregation treatment, including performing loans that are not purchased at discounts resulting from credit-related issues, interest is recognized using the simple-interest method on daily balances of the principal amount outstanding, adjusted for the amortization or accretion of the loan premium or discount over the contractual life of the loan.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Accrual of interest on individual loans is discontinued when management believes that, after considering economic and business conditions and collection efforts, the borrower&#8217;s financial condition is such that collection of interest is doubtful. The Company&#8217;s policy is to stop accruing interest when a loan&#8217;s delinquency exceeds 90 days. All interest accrued but not collected for loans that are placed on non-accrual status or subsequently charged-off are reversed against interest income. Income is subsequently recognized on the cash basis until, in management&#8217;s judgment, the borrower&#8217;s ability to make periodic principal and interest payments returns and future payments are reasonably assured, in which case the loan is returned to accrual status.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">An individual loan is considered to be impaired when, based on current events and conditions, it is probable the Company will be unable to collect all amounts due (both principal and interest) according to the contractual terms of the loan agreement. Impaired loans are carried at the present value of expected future cash flows discounted at the loan&#8217;s effective interest rate, the loan&#8217;s market price, or the fair value of the collateral if the loan is collateral dependent.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">For individual loans, a troubled debt restructuring is a formal restructuring of a loan where, for economic or legal reasons related to the borrower&#8217;s financial difficulties, a concession that would not otherwise be considered is granted to the borrower. The concession may be granted in various forms, including providing a below-market interest rate, a reduction in the loan balance or accrued interest, an extension of the maturity date, or a combination of these. An individual loan that has had a troubled debt restructuring is considered to be impaired and is subject to the relevant accounting for impaired loans.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">The allowance for loan losses is established through a provision for loan losses charged to expenses. The allowance is an amount that management believes will be adequate to absorb probable losses on existing loans that may become uncollectible, based on evaluations of the collectability of loans.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">&#160;</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;">Purchased non-performing loans that are accounted for as individual loans are recorded at fair value, which is generally the purchase price. Interest income is recognized on a cash basis and loan purchase discount is accreted to income in proportion to the actual principal paid. Loans are tested quarterly for impairment and impairment reserves are recorded to the extent the fair market value of the underlying collateral falls below net book value.</p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="letter-spacing: -0.3pt;">&#160;</font></p>
<p style="font: 10pt/normal 'times new roman', times, serif; margin: 0px; color: #000000; text-transform: none; text-indent: 0.5in; letter-spacing: normal; word-spacing: 0px; white-space: normal; widows: 1; font-stretch: normal; -webkit-text-stroke-width: 0px;"><font style="letter-spacing: -0.3pt;">W</font>hile<font style="letter-spacing: 0.55pt;">&#160;</font>the Compa<font style="letter-spacing: -0.4pt;">n</font>y gene<font style="letter-spacing: -0.05pt;">r</font><font style="letter-spacing: -0.45pt;">a</font>l<font style="letter-spacing: -0.2pt;">l</font>y<font style="letter-spacing: 1pt;">&#160;</font>intends<font style="letter-spacing: 1.75pt;">&#160;</font>to<font style="letter-spacing: 1pt;">&#160;</font>hold<font style="letter-spacing: 1.4pt;">&#160;</font>its<font style="letter-spacing: 1.45pt;">&#160;</font>assets<font style="letter-spacing: 0.7pt;">&#160;</font>as<font style="letter-spacing: 0.5pt;">&#160;</font>long-te<font style="letter-spacing: 0.2pt;">r</font>m<font style="letter-spacing: 2.3pt;">&#160;</font>i<font style="letter-spacing: -0.4pt;">n</font><font style="letter-spacing: -0.15pt;">v</font>estments,<font style="letter-spacing: 2.3pt;">&#160;</font>it m<font style="letter-spacing: -0.4pt;">a</font>y s<font style="letter-spacing: -0.15pt;">e</font>ll certain of<font style="letter-spacing: 1.4pt;">&#160;</font>its loans in o<font style="letter-spacing: -0.15pt;">r</font>der to<font style="letter-spacing: 1pt;">&#160;</font>man<font style="letter-spacing: -0.2pt;">a</font>ge its<font style="letter-spacing: 1.45pt;">&#160;</font>inte<font style="letter-spacing: -0.15pt;">r</font>est&#160;<font style="letter-spacing: -0.05pt;">r</font><font style="letter-spacing: -0.3pt;">a</font>te<font style="letter-spacing: 1.45pt;">&#160;</font>risk and<font style="letter-spacing: 1.45pt;">&#160;</font>liquidity needs, meet other ope<font style="letter-spacing: -0.05pt;">r</font><font style="letter-spacing: -0.3pt;">a</font>ting object<font style="letter-spacing: -0.15pt;">iv</font>es and ad<font style="letter-spacing: -0.2pt;">a</font>pt &#160;to<font style="letter-spacing: 1pt;">&#160;</font>ma<font style="letter-spacing: -0.15pt;">r</font>ket conditions.&#160;<font style="letter-spacing: 0.2pt;">&#160;</font>The timing and<font style="letter-spacing: 1.45pt;">&#160;</font>impact of<font style="letter-spacing: 1.4pt;">&#160;</font>futu<font style="letter-spacing: -0.15pt;">r</font>e s<font style="letter-spacing: -0.45pt;">a</font>les of <font style="letter-spacing: 1.4pt;"></font>loans, if a<font style="letter-spacing: -0.4pt;">n</font>y, cannot be p<font style="letter-spacing: -0.15pt;">r</font>edicted with a<font style="letter-spacing: -0.4pt;">n</font>y<font style="letter-spacing: 1pt;">&#160;</font>certainty. &#160;Since<font style="letter-spacing: 0.2pt;">&#160;</font>the Company&#160;<font style="letter-spacing: -0.15pt;">e</font>xpects<font style="letter-spacing: 0.7pt;">&#160;</font>th<font style="letter-spacing: -0.3pt;">a</font>t its assets<font style="letter-spacing: 0.7pt;">&#160;</font>will<font style="letter-spacing: -0.3pt;">&#160;</font>gene<font style="letter-spacing: -0.05pt;">r</font><font style="letter-spacing: -0.45pt;">a</font>l<font style="letter-spacing: -0.2pt;">l</font>y<font style="letter-spacing: 1pt;">&#160;</font>be&#160;<font style="letter-spacing: 0.2pt;">f</font>inanced, it&#160;<font style="letter-spacing: -0.15pt;">e</font>xpects<font style="letter-spacing: 0.7pt;">&#160;</font>th<font style="letter-spacing: -0.3pt;">a</font>t a<font style="letter-spacing: 0.55pt;">&#160;</font>signi<font style="letter-spacing: 0.2pt;">f</font>icant portion of<font style="letter-spacing: 1.4pt;">&#160;</font>the<font style="letter-spacing: 1pt;">&#160;</font>proceeds from s<font style="letter-spacing: -0.45pt;">a</font>les of<font style="letter-spacing: 1.4pt;">&#160;</font>its assets<font style="letter-spacing: 0.7pt;">&#160;</font>(if a<font style="letter-spacing: -0.4pt;">n</font>y), p<font style="letter-spacing: -0.15pt;">r</font>ep<font style="letter-spacing: -0.4pt;">a</font>yments<font style="letter-spacing: -0.05pt;">&#160;</font>and scheduled amortiz<font style="letter-spacing: -0.3pt;">a</font>tion will<font style="letter-spacing: -0.3pt;">&#160;</font>be used to<font style="letter-spacing: 1pt;">&#160;</font><font style="letter-spacing: -0.15pt;">r</font>ep<font style="letter-spacing: -0.4pt;">a</font>y<font style="letter-spacing: 1.4pt;">&#160;</font>b<font style="letter-spacing: -0.45pt;">a</font>lances under its <font style="letter-spacing: 0.2pt;">f</font>inancing sou<font style="letter-spacing: -0.15pt;">r</font>ces.</p><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_ResidentialPropertiesPolicyTextBlock', window );">Residential properties</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Residential properties</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Property is recorded at cost if purchased, or at fair value of the asset less estimated selling costs if obtained through foreclosure by the Company. Property that is currently unoccupied and actively marketed for sale is classified as held-for-sale. Property held-for-sale is carried at the lower of cost or fair market value. Net unrealized losses due to changes in market value are recognized through a valuation allowance by charges to income.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">No depreciation or amortization expense is recognized on properties held-for-sale, while holding costs are expensed as incurred. Rental property is property not held-for-sale. Rental properties are intended to be held as long-term investments but may eventually be held-for-sale. Depreciation is provided for using the straight-line method over the estimated useful lives of the assets of three to 27.5 years.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">With respect to residential rental properties not held-for-sale, the Company performs an impairment analysis using estimated cash flows if events or changes in circumstances indicate that the carrying value may be impaired, such as prolonged vacancy, identification of materially adverse legal or environmental factors, changes in expected ownership period or a decline in market value to an amount less than cost. This analysis is performed at the property level. These cash flows are estimated based on a number of assumptions that are subject to economic and market uncertainties including, among others, demand for rental properties, competition for customers, changes in market rental rates, costs to operate each property and expected ownership periods.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">If the carrying amount of a held-for-investment asset exceeds the sum of its undiscounted future operating and residual cash flows, an impairment loss is recorded for the difference between estimated fair value of the asset and the carrying amount. The Company generally estimates the fair value of assets held for use by using BPOs. In some instances, appraisal information may be available and is used in addition to BPOs.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company performs property renovations to maximize the value of the property for its rental strategy. Such expenditures are part of its initial investment in a property and, therefore, are capitalized as part of the basis of the property. Subsequently, the residential property, including any renovations that improve or extend the life of the asset, are accounted for at cost. The cost basis is depreciated using the straight-line method over an estimated useful life of three to 27.5 years. Interest and other carrying costs incurred during the renovation period are capitalized until the property is ready for its intended use. Expenditures for ordinary maintenance and repairs are charged to expense as incurred.</p>
<div style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_SegmentReportingPolicyPolicyTextBlock', window );">Segment information</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Segment information</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The Company&#8217;s primary business is acquiring, investing in and managing a portfolio of mortgage loans. The Company operates in a single segment focused on non-performing mortgages and re-performing mortgages.</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl custom" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_ajx_EmergingGrowthCompanyPolicyTextBlock', window );">Emerging growth company</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Emerging growth company</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Section 107 of the Jumpstart Our Business Startups Act (the &#8220;JOBS Act&#8221;) provides that an emerging growth company can take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. In other words, an emerging growth company can delay the adoption of certain accounting standards until those standards would otherwise apply to private companies. The Company has elected to take advantage of the benefits of this extended transition period. Its consolidated financial statements may, therefore, not be comparable to those of companies that comply with such new or revised accounting standards.</div><span></span>
</td>
</tr>
<tr class="ro">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_PriorPeriodReclassificationAdjustmentDescription', window );">Reclassifications</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Reclassifications</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">The December 31, 2014 amounts included in the delinquency table in Note 3 &#8211; Mortgage loans have been reclassified from delinquent to current to reflect a correction of an error in the presentation of the disclosure that is immaterial to the consolidated financial statements taken as a whole. Such reclassifications did not affect cash flows, net revenues, net income, total assets, total liabilities or total equity.</div><span></span>
</td>
</tr>
<tr class="re">
<td class="pl " style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="top.Show.showAR( this, 'defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock', window );">Recently issued accounting standards</a></td>
<td class="text"><p style="widows: 1; text-transform: none; text-indent: 0px; margin: 0px; font: bold 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">Recently issued accounting standards</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">In January 2014, FASB issued Accounting Standards Update (&#8220;ASU&#8221;) 2014-04, Troubled Debt Restructurings by Creditors. It provides that if a repossession or foreclosure has occurred, and a creditor is considered to have received physical possession of residential real estate property collateralizing a consumer mortgage loan, upon either (1) the creditor obtaining legal title to the residential real estate property upon completion of a foreclosure or (2) the borrower conveying all interest in the residential real estate property to the creditor to satisfy that loan through completion of a deed in lieu of foreclosure or through a similar legal agreement. Additionally, the amendment requires disclosure of both (1) the amount of foreclosed residential real estate property held by the creditor and (2) the recorded investment in mortgage loans collateralized by residential real estate property that are in the process of foreclosure. The amended guidance may be applied using either a prospective transition method or a modified retrospective transition method and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2014, with early adoption permitted. We adopted this standard in the first quarter of 2015 and it did not have a material impact on our financial statements.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">In May 2014, the FASB issued ASU 2014-09 Revenue from Contracts with Customers. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services<font style="color: #1f497d;">.&#160;</font><font style="font-family: 'times new roman', times, serif;">While ASU 2014-09 specifically references contracts with customers, it may apply to certain other transactions such as the sale of real estate or equipment.&#160;</font>ASU 2014-09 may be applied using either a full retrospective or a modified retrospective approach and is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016, and early adoption is not permitted.&#160;<font style="font-family: 'times new roman', times, serif;">On April 29, 2015, the FASB proposed a one-year deferral of the effective date for ASU 2014-09.&#160;</font>The Company is evaluating the impact of this amendment on its financial position and results of operations.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">In February 2015, the FASB issued ASU 2015-02 Amendments to the Consolidation Analysis. These amendments: (1) modify the evaluation of whether limited partnerships and similar legal entities are variable interest entities (&#8220;VIEs&#8221;) or voting interest entities; (2) eliminate the presumption that a general partner should consolidate a limited partnership; (3) affect the consolidation analysis of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related party relationships; and (4) provide a scope exception from consolidation guidance for reporting entities with interests in legal entities that are required to comply with or operate in accordance with requirements that are similar to those in Rule 2a-7 of the Investment Company Act of 1940 for registered money market funds. ASU 2015-02 is effective for interim and annual reporting periods beginning after December 15, 2015. The Company is evaluating the impact of this amendment on its financial position and results of operations.</p>
<p style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">&#160;</p>
<div style="widows: 1; text-transform: none; text-indent: 0.5in; margin: 0px; font: 10pt 'times new roman', times, serif; white-space: normal; letter-spacing: normal; color: #000000; word-spacing: 0px; -webkit-text-stroke-width: 0px; font-stretch: normal;">In April 2015, the FASB issued ASU 2015-03 Interest &#8211; Imputation of Interest. The amendments in this update require that debt issuance costs be presented in the balance sheet as a direct deduction from the carrying amount of a debt liability, consistent with debt discounts. This guidance is effective for interim and annual reporting periods beginning after December 15, 2015, with early adoption permitted. This guidance may be adopted retrospectively or under a modified retrospective method where the cumulative effect is recognized at the date of initial application. The Company is evaluating the impact of this amendment on its financial position and results of operations.</div><span></span>
</td>
</tr>
</table>
<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_DirectorsFeesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for directors fee incurred.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_DirectorsFeesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_EmergingGrowthCompanyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for emerging growth company.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_EmergingGrowthCompanyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_OfferingCostsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for offering costs incurred pursuant to offering of shares.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_OfferingCostsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_OrganizationalExpensesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for organizational expenses.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_OrganizationalExpensesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ResidentialPropertiesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for residential properties.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ResidentialPropertiesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_ajx_ServicingFeesPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for servicing fee received.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">ajx_ServicingFeesPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>ajx_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_AccountingPoliciesAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- References</a><div><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_AccountingPoliciesAbstract</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_CashAndCashEquivalentsPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for cash and cash equivalents, including the policy for determining which items are treated as cash equivalents. Other information that may be disclosed includes (1) the nature of any restrictions on the entity's use of its cash and cash equivalents, (2) whether the entity's cash and cash equivalents are insured or expose the entity to credit risk, (3) the classification of any negative balance accounts (overdrafts), and (4) the carrying basis of cash equivalents (for example, at cost) and whether the carrying amount of cash equivalents approximates fair value.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 305<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 05<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6375392&amp;loc=d3e26790-107797<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 230<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6367179&amp;loc=d3e4273-108586<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6506951<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Glossary Cash Equivalents<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6507016<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Financial Reporting Release (FRR)<br><br><br><br> -Number 203<br><br><br><br> -Paragraph 02-03<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher SEC<br><br><br><br> -Name Regulation S-X (SX)<br><br><br><br> -Number 210<br><br><br><br> -Section 02<br><br><br><br> -Paragraph 1<br><br><br><br> -Article 5<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_CashAndCashEquivalentsPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_EarningsPerSharePolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -Subparagraph (c)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3550-109257<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 260<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6371337&amp;loc=d3e3630-109257<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_EarningsPerSharePolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_FairValueOfFinancialInstrumentsPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for determining the fair value of financial instruments.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 825<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=49121117&amp;loc=d3e13279-108611<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 820<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 60<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=7493716&amp;loc=d3e21868-110260<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_FairValueOfFinancialInstrumentsPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_IncomeTaxPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for income taxes, which may include its accounting policies for recognizing and measuring deferred tax assets and liabilities and related valuation allowances, recognizing investment tax credits, operating loss carryforwards, tax credit carryforwards, and other carryforwards, methodologies for determining its effective income tax rate and the characterization of interest and penalties in the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 19<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32840-109319<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 30<br><br><br><br> -Section 05<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6423966&amp;loc=d3e40913-109327<br><br><br><br>Reference 4: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 954<br><br><br><br> -SubTopic 740<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6491622&amp;loc=d3e9504-115650<br><br><br><br>Reference 5: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 17<br><br><br><br> -Subparagraph (b)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6907707&amp;loc=d3e32809-109319<br><br><br><br>Reference 6: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 25<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32247-109318<br><br><br><br>Reference 7: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 740<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 45<br><br><br><br> -Paragraph 28<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=37586315&amp;loc=d3e32280-109318<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_IncomeTaxPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the lending, securitization, sales, transfers and servicing practices for mortgage banking activities.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 948<br><br><br><br> -SubTopic 310<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6490322&amp;loc=d3e48700-111005<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_LoansAndLeasesReceivableMortgageBankingActivitiesPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for the recognition of fees for investment advise, research, administrative and investment account management services provided to customers by broker dealers. This fee is generally based on the net assets of the fund or the account.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 940<br><br><br><br> -SubTopic 605<br><br><br><br> -Section 25<br><br><br><br> -Paragraph 2<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51660367&amp;loc=d3e44416-110987<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ManagementAndInvestmentAdvisoryFeesPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy pertaining to new accounting pronouncements that may impact the entity's financial reporting. Includes, but is not limited to, quantification of the expected or actual impact.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_NewAccountingPronouncementsPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_PriorPeriodReclassificationAdjustmentDescription">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for reclassifications that affects the comparability of the financial statements.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 205<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6359566&amp;loc=d3e326-107755<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_PriorPeriodReclassificationAdjustmentDescription</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_SegmentReportingPolicyPolicyTextBlock">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for segment reporting.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_SegmentReportingPolicyPolicyTextBlock</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="top.Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">- Definition</a><div><p>Disclosure of accounting policy for stock option and stock incentive plans. This disclosure may include (1) the types of stock option or incentive plans sponsored by the entity (2) the groups that participate in (or are covered by) each plan (3) significant plan provisions and (4) how stock compensation is measured, and the methodologies and significant assumptions used to determine that measurement.</p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 1<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5047-113901<br><br><br><br>Reference 2: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 235<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 3<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=51655414&amp;loc=d3e18780-107790<br><br><br><br>Reference 3: http://www.xbrl.org/2003/role/presentationRef<br><br><br><br> -Publisher FASB<br><br><br><br> -Name Accounting Standards Codification<br><br><br><br> -Topic 718<br><br><br><br> -SubTopic 10<br><br><br><br> -Section 50<br><br><br><br> -Paragraph 2<br><br><br><br> -Subparagraph (b),(f)<br><br><br><br> -URI http://asc.fasb.org/extlink&amp;oid=6415400&amp;loc=d3e5070-113901<br><br><br><br></p></div>
<a href="javascript:void(0);" onclick="top.Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>us-gaap_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>nonnum:textBlockItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
</div>
</body>
</html>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
