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CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Jun. 30, 2015
Dec. 31, 2014
ASSETS    
Cash and cash equivalents $ 36,240 $ 53,099
Mortgage loans, net [1] 444,408 211,159
Property held-for-sale 9,018 1,316
Rental property, net 121 290
Receivable from servicer 3,538 1,340
Investment in affiliate 2,445 2,237
Prepaid expenses and other assets 6,068 3,317
Total Assets 501,838 272,758
Liabilities:    
Secured borrowings [1] 116,349 84,679
Borrowings under repurchase agreement 153,804 15,249
Management fee payable 441 258
Accrued expenses and other liabilities 2,794 1,292
Total liabilities $ 273,388 $ 101,478
Commitments and contingencies - see Note 7    
Equity:    
Preferred stock $.01 par value; 25,000,000 shares authorized, none issued or outstanding    
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 $ 152 $ 112
Additional paid-in capital 211,361 158,951
Retained earnings 7,279 2,744
Equity attributable to common stockholders 218,792 161,807
Noncontrolling interests 9,658 9,473
Total equity 228,450 171,280
Total Liabilities and Equity $ 501,838 $ 272,758
[1] 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.